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<CITY>WILMINGTON
<STATE>DE
<ZIP>19809
<PHONE>3027614200
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<STREET1>1717 ARCH ST 47TH FL
<CITY>PHILADELPHIA
<STATE>PA
<ZIP>19103
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<FORMER-CONFORMED-NAME>BELL ATLANTIC FINANCIAL SERVICES INC
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<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>

<PAGE>


AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 9, 2001

                                                REGISTRATION NO. 333-___________
--------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

                                    FORM S-4
                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933


         VERIZON COMMUNICATIONS INC.        VERIZON GLOBAL FUNDING CORP.
           (Exact Name of Registrants as Specified in Their Charters)



           Delaware                                    Delaware
  (State or other jurisdiction of            (State or other jurisdiction of
  incorporation or organization)              incorporation or organization)

               4813                                        4813
   (Primary Standard Industrial                (Primary Standard Industrial
   Classification Code Number)                 Classification Code Number)

           23-2259884                                   51-0272912
  (I.R.S. Employer Identification No.)      (I.R.S. Employer Identification No.)


     1095 Avenue of the Americas              3900 Washington Street, 2nd Floor
     New York, New York  10036                Wilmington, Delaware  19802
     (212) 395-2121                           (302) 761-4200
        (Address, including zip code, and telephone number, including area
               code, of Registrants' principal executive offices)

                       -----------------------------------
                 Please address a copy of all communications to:

              David S. Kauffman                         Janet M. Garrity
Vice President and Associate General Counsel        President and Treasurer
         VERIZON COMMUNICATIONS INC.              VERIZON GLOBAL FUNDING CORP.
         1095 Avenue of the Americas           3900 Washington Street, 2nd Floor
          New York, New York 10036                 Wilmington, Delaware 19802
               (212) 395-6174                           (302) 761-4200
    (Name, address, including zip code, and telephone number, including area
                          code, of agent for service)

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: As soon as
practicable after expiration of the exchange offer described herein.

<PAGE>

If the securities being registered on this form are being offered in connection
with the formation of a holding company and there is compliance with General
Instruction G, check the following box. [ ]

If this form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. [ ]

If this form is a post-effective amendment filed pursuant to Rule 462(d) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]

<TABLE>
<CAPTION>

                                        CALCULATION OF REGISTRATION FEE

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

-------------------------------------------------------------------------------------------------------------------------
                                                      Proposed Maximum        Proposed Maximum
   Title of each Class of         Amount to be            Offering               Aggregate               Amount of
 Securities to be Registered       Registered        Price per Unit (1)      Offering Price (1)      Registration Fee
-------------------------------------------------------------------------------------------------------------------------
<S>                              <C>                <C>                      <C>                     <C>
    6 3/4% Notes due 2005        $1,000,000,000     100%
-------------------------------------------------------------------------------------------------------------------------
    7 1/4% Notes due 2010        $2,000,000,000     100%
-------------------------------------------------------------------------------------------------------------------------
    7 3/4% Notes due 2030        $2,000,000,000     100%
-------------------------------------------------------------------------------------------------------------------------
                                                                               $5,000,000,000           $1,250,000
-------------------------------------------------------------------------------------------------------------------------
Support Agreement between        $5,000,000,000                                       (2)                   (3)
Verizon Communications Inc.
and Verizon Global Funding
Corp.
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

(1)  Determined pursuant to Rule 457(f) under the Securities Act of 1933, solely
     for the purpose of calculating the registration fee.
(2)  No separate consideration will be received for the Support Agreement.
(3)  Pursuant to Rule 457(n) under the Securities Act of 1933, no registration
     fee is payable with respect to the Support Agreement.

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


 THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES
   AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL
    FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
   STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A)
        OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT
          SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING
                  PURSUANT TO SAID SECTION 8(A), MAY DETERMINE.



<PAGE>

The information in this prospectus is not complete and may be changed. We may
not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer
to sell these securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not permitted.

Subject to Completion, dated July 9, 2001

PROSPECTUS

$5,000,000,000 OF NOTES OF

VERIZON GLOBAL FUNDING CORP.                         [LOGO]

SUPPORTED AS TO PAYMENT OF PRINCIPAL AND INTEREST BY

VERIZON COMMUNICATIONS INC.

OFFER TO EXCHANGE

$1,000,000,000 6 3/4% NOTES DUE 2005 THAT HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE "SECURITIES ACT") FOR ANY AND ALL OUTSTANDING 6 3/4%
NOTES DUE 2005
$2,000,000,000 7 1/4% NOTES DUE 2010 THAT HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT FOR ANY AND ALL OUTSTANDING 7 1/4% NOTES DUE 2010
$2,000,000,000 7 3/4% NOTES DUE 2030 THAT HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT FOR ANY AND ALL OUTSTANDING 7 3/4% NOTES DUE 2030

                          SUMMARY OF THE EXCHANGE OFFER

         This prospectus and the accompanying Letter of Transmittal relate to
the proposed offer by Verizon Global Funding Corp. (the "Company" or "Verizon
Global Funding") to exchange up to:

     o   $1,000,000,000 6 3/4% Notes due 2005 that have been registered under
         the Securities Act for any and all outstanding 6 3/4% Notes due 2005
         (the "6 3/4% Notes");

     o   $2,000,000,000 7 1/4% Notes due 2010 that have been registered under
         the Securities Act for any and all outstanding 7 1/4% Notes due 2010
         (the "7 1/4% Notes"); and

     o   $2,000,000,000 7 3/4% Notes due 2030 that have been registered under
         the Securities Act for any and all outstanding 7 3/4% Notes due 2030
         (the "7 3/4% Notes").

         The new notes, which are referred to as the "exchange notes," will be
freely transferable. The outstanding notes, which are referred to as the
"restricted notes," have certain transfer restrictions.

         The restricted notes are, and the exchange notes will be, unsecured and
unsubordinated obligations of the Company that are supported as to payment of
principal and interest on an unsecured and unsubordinated basis by Verizon
Communications Inc. ("Verizon Communications"), Verizon Global Funding's
corporate parent.

<PAGE>

o    The exchange offer expires at 5:00 p.m. New York City time on ______, 2001,
     unless extended.

o    All restricted notes that are tendered and not withdrawn will be exchanged
     promptly upon consummation of the exchange offer.

o    There should be no United States federal income tax consequences to holders
     of restricted notes who exchange restricted notes for exchange notes
     pursuant to the exchange offer.

o    Holders of restricted notes do not have any appraisal or dissenters' rights
     in connection with the exchange offer.

o    Restricted notes not exchanged in the exchange offer will remain
     outstanding and be entitled to the benefits of the indenture under which
     they were issued, but except under limited circumstances will not have
     further exchange or registration rights.

o    The Company does not intend to apply for listing of the exchange notes on
     any securities exchange or to arrange for them to be quoted on any
     quotation system.

o    Each holder of restricted notes wishing to accept the exchange offer must
     deliver the restricted notes to be exchanged, together with the Letter of
     Transmittal that accompanies this prospectus and any other required
     documentation, to the exchange agent identified in this prospectus.
     Alternatively, a holder may effect a tender of restricted notes by
     book-entry transfer into the exchange agent's account at the Depository
     Trust Company ("DTC"). All deliveries are at the risk of the holder. You
     will find detailed instructions concerning delivery in the "Exchange Offer"
     section of this prospectus and in the accompanying Letter of Transmittal.

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

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THE EXCHANGE NOTES OR DETERMINED IF
THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

YOU SHOULD READ THIS ENTIRE PROSPECTUS AND THE ACCOMPANYING LETTER OF
TRANSMITTAL AND RELATED DOCUMENTS AND ANY AMENDMENTS OR SUPPLEMENTS CAREFULLY
BEFORE MAKING YOUR DECISION TO PARTICIPATE IN THE EXCHANGE OFFER.

                The date of this prospectus is __________, 2001.

<PAGE>

                              [Inside Front Cover]

     YOU SHOULD RELY ONLY ON THE INFORMATION PROVIDED OR INCORPORATED BY
REFERENCE IN THIS PROSPECTUS. NEITHER THE COMPANY NOR VERIZON COMMUNICATIONS HAS
AUTHORIZED ANYONE ELSE TO PROVIDE YOU WITH DIFFERENT INFORMATION. YOU SHOULD NOT
ASSUME THAT THE INFORMATION IN THIS PROSPECTUS IS ACCURATE AS OF ANY DATE OTHER
THAN THE DATE ON THE FRONT OF THIS PROSPECTUS. NEITHER THE DELIVERY OF THIS
PROSPECTUS OR THE ACCOMPANYING LETTER OF TRANSMITTAL, NOR ANY EXCHANGE MADE
PURSUANT TO THIS PROSPECTUS SHALL UNDER ANY CIRCUMSTANCES CREATE AN IMPLICATION
THAT THE INFORMATION CONTAINED IN THIS PROSPECTUS IS CORRECT AS OF ANY
SUBSEQUENT DATE.

     THE EXCHANGE OFFER IS NOT BEING MADE TO, NOR WILL TENDERS OF RESTRICTED
NOTES BE ACCEPTED FROM, HOLDERS OF RESTRICTED NOTES IN ANY JURISDICTION IN WHICH
THE EXCHANGE OFFER OR ITS ACCEPTANCE IS UNLAWFUL.

                        NOTICE TO NEW HAMPSHIRE RESIDENTS

     NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER RSA 421-B WITH THE STATE OF NEW HAMPSHIRE NOR THE
FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE
STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE NEW HAMPSHIRE SECRETARY OF
STATE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT
MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS
AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE NEW HAMPSHIRE SECRETARY
OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR
RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS
UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR
CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.

     EACH BROKER-DEALER THAT RECEIVES EXCHANGE NOTES FOR ITS OWN ACCOUNT
PURSUANT TO THE EXCHANGE OFFER MUST ACKNOWLEDGE THAT IT WILL DELIVER A
PROSPECTUS IN CONNECTION WITH ANY RESALE OF SUCH EXCHANGE NOTES. THE LETTER OF
TRANSMITTAL STATES THAT BY SO ACKNOWLEDGING AND BY DELIVERING A PROSPECTUS, A
BROKER-DEALER WILL NOT BE DEEMED TO ADMIT THAT IT IS AN "UNDERWRITER" WITHIN THE
MEANING OF THE SECURITIES ACT. THIS PROSPECTUS, AS IT MAY BE AMENDED OR
SUPPLEMENTED FROM TIME TO TIME, MAY BE USED BY A BROKER-DEALER IN CONNECTION
WITH RESALES OF EXCHANGE NOTES RECEIVED IN EXCHANGE FOR RESTRICTED NOTES WHERE
SUCH RESTRICTED NOTES WERE ACQUIRED BY SUCH BROKER-DEALER AS A RESULT OF
MARKET-MAKING ACTIVITIES OR OTHER TRADING ACTIVITIES. THE COMPANY HAS AGREED
THAT, FOR A PERIOD OF 90 DAYS AFTER THE EXPIRATION DATE (AS DEFINED BELOW), IT
WILL MAKE THIS PROSPECTUS AVAILABLE TO ANY BROKER-DEALER FOR USE IN CONNECTION
WITH ANY SUCH RESALE. SEE "PLAN OF DISTRIBUTION" BELOW.

                                      iii
<PAGE>

                                TABLE OF CONTENTS

                                                                          Page
                                                                          ----

Where You Can Find More Information......................................  iv
Special Note Regarding Forward-Looking Statements........................   v
Summary..................................................................   1
         Verizon Communications..........................................   1
         Verizon Global Funding..........................................   2
         The Exchange Offer..............................................   2
Ratios of Earnings to Fixed Charges......................................   6
Use of Proceeds..........................................................   6
Exchange Offer...........................................................   7
Description of the Notes and the Support Agreement.......................  20
Book-Entry, Delivery and Form............................................  32
U.S. Federal Income Tax Consequences.....................................  36
Plan of Distribution.....................................................  41
Legal Matters............................................................  42
Experts..................................................................  42

                       WHERE YOU CAN FIND MORE INFORMATION

     Verizon Communications files annual, quarterly and special reports, proxy
statements and other information with the Securities and Exchange Commission.
You may read and copy any of these documents at the Securities and Exchange
Commission's public reference room in Washington, D.C. Please call the
Securities and Exchange Commission at 1-800-SEC-0330 for further information.
Verizon Communications' Securities and Exchange Commission filings are also
available to the public on the Securities and Exchange Commission's web site at
http://www.sec.gov.

     In this prospectus, we "incorporate by reference" some information Verizon
Communications files or has filed with the Securities and Exchange Commission,
which means that we disclose important information to you by referring you to
those documents. The information incorporated by reference is considered to be
part of this prospectus, and later information that Verizon Communications files
with the Securities and Exchange Commission will automatically update and
supersede this information. We incorporate by reference the documents listed
below and any future filings made by Verizon Communications with the Securities
and Exchange Commission under Section 13(a), 13(c), 14, or 15(d) of the
Securities Exchange Act of 1934 (the "Exchange Act") until all of the notes have
been sold:

o    Verizon Communications' Annual Report on Form 10-K for the year ended
     December 31, 2000;

o    Verizon Communications' Quarterly Report on Form 10-Q for the quarter ended
     March 31, 2001; and

                                       iv
<PAGE>

o    Verizon Communications' Current Reports on Form 8-K dated March 28, 2001,
     April 25, 2001, May 9, 2001 and June 5, 2001.

     You may request a copy of these filings, at no cost, by writing or
telephoning us at the following address or phone number:

     Investor Relations
     Verizon Communications Inc.
     1095 Avenue of the Americas, 36th Floor
     New York, New York 10036
     Telephone: (212) 395-1525

                SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

     In this prospectus and in the information incorporated in this prospectus
by reference, we have made forward-looking statements. These statements are
based on our estimates and assumptions and are subject to risks and
uncertainties. Forward-looking statements include the information concerning our
possible or assumed future results of operations. Forward-looking statements
also include those preceded or followed by the words "anticipates," "believes,"
"estimates," "hopes" or similar expressions. For those statements, we claim the
protection of the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995.

     The following important factors, along with those discussed in the
information incorporated by reference, could affect future results and could
cause those results to differ materially from those expressed in the
forward-looking statements:

o    materially adverse changes in economic conditions in the markets served by
     us or by companies in which we have substantial investments;

o    material changes in available technology;

o    an adverse change in the ratings afforded our debt securities by nationally
     accredited ratings organizations;

o    the final outcome of federal, state and local regulatory initiatives and
     proceedings, including arbitration proceedings, and judicial review of
     those initiatives and proceedings, pertaining to, among other matters, the
     terms of interconnection, access charges, universal service, and unbundled
     network element and resale rates;

o    the extent, timing, success and overall effects of competition from others
     in the local telephone and intraLATA toll service markets;

o    the timing and profitability of our entry into the in-region long-distance
     market;

                                       v
<PAGE>


o    our ability to combine former Bell Atlantic and GTE operations, satisfy
     regulatory conditions and obtain revenue enhancements and cost savings;

o    the profitability of our entry into the nationwide broadband access market;

o    the ability of Verizon Wireless to combine operations and obtain revenue
     enhancements and cost savings;

o    our ability to convert our ownership interest in Genuity Inc. into a
     controlling interest consistent with regulatory conditions, and Genuity's
     ensuing profitability; and

o    changes in our accounting assumptions that may be required by regulatory
     agencies, including the Securities and Exchange Commission, or that result
     from changes in the accounting rules or their application, which could
     result in an impact on earnings.












                                       vi
<PAGE>

                                     SUMMARY

     The following summary contains basic information about Verizon Global
Funding, its parent, Verizon Communications, and this exchange offer. It may not
contain all the information that is important to you in making your investment
decision and the information contained in this summary is qualified in its
entirety by the more detailed information appearing elsewhere in this prospectus
or incorporated by reference in this prospectus. "The Exchange Offer" and the
"Description of the Notes and the Support Agreement" sections of this prospectus
contain more detailed information regarding the terms and conditions of the
exchange offer and the exchange notes. Certain capitalized terms used in this
prospectus summary are defined elsewhere in this prospectus.

                             Verizon Communications

     Verizon Communications is one of the world's leading providers of
communications services. Verizon Communications was formerly known as Bell
Atlantic Corporation. We began doing business as Verizon Communications on June
30, 2000, when Bell Atlantic merged with GTE Corporation in a transaction
accounted for as a pooling-of-interests. Each of Bell Atlantic and GTE was a
leader in the telecommunications and information industries. We are a Fortune 10
company with more than 260,000 employees and approximately $65 billion of annual
revenues. In this section of the prospectus, references to "we" and "us" refer
to Verizon Communications and its consolidated subsidiaries.

     Our subsidiaries are, collectively, the largest providers of wireline and
wireless communications in the United States, with nearly 112 million access
line equivalents and more than 27 million wireless customers. Our global
presence extends to over 40 countries in the Americas, Europe, Asia and the
Pacific.

     We provide domestic telecommunications wireline services through our
subsidiaries in 31 states and the District of Columbia. These services consist
principally of advanced wireline voice and data services, including voice and
data transport, enhanced and custom calling features, network access, directory
assistance, private lines and public telephones. We also provide customer
premises equipment distribution, data solutions and systems integration, billing
and collections and Internet access services. We currently own about 63 million
access lines in the United States and serve about 33 million households. We also
have approximately 5.2 million long distance customers nationwide. Verizon
Online, our Internet service provider, has about 950,000 subscribers, and we
have approximately 720,000 Digital Subscriber Line customers.

     We provide domestic wireless communications services through our 55% owned
subsidiary, Verizon Wireless. Verizon Wireless is the leading wireless
communications provider in the United States in terms of the number of
subscribers and network coverage. Verizon Wireless has the largest customer base
of any U.S. wireless provider, with more than 27 million wireless subscribers,
and offers wireless voice and data services across the most extensive wireless
network in the United States. Approximately

                                       1
<PAGE>

240 million people reside in areas of the United States in which Verizon
Wireless has Federal Communications Commission ("FCC") licenses to offer
wireless services. Verizon Wireless provides digital coverage in almost every
major U.S. city. Its broad network coverage, digital technology, widespread
distribution channels and operating and financial strength position it to take
advantage of the growing demand for wireless voice and data services.

     We also hold a substantial investment portfolio in wireline and wireless
partnerships and joint ventures in the Americas (including Puerto Rico), Europe,
Asia and the Pacific. These investments represent a mix of mature and start-up
businesses where, in conjunction with local partners and management, we seek to
capitalize on our core competencies and to enhance shareholder returns.

     We are the world's largest publisher of telephone directories. Our
directory publishing and electronic commerce operations consist of domestic and
international publishing businesses, including print directories and
Internet-based shopping guides, as well as website creation and other electronic
commerce services. We have publishing and electronic commerce operations in the
United States, Europe, Asia and Latin America and produce approximately 150
million telephone directories annually.

     Our principal executive offices are located at 1095 Avenue of the Americas,
New York, New York 10036, and our telephone number is (212) 395-2121.

                             Verizon Global Funding

     Verizon Global Funding was established to provide financing to Verizon
Communications and some of its subsidiaries, other than Verizon Communications'
domestic telephone company subsidiaries. Verizon Global Funding does not engage
in any separate business activities. Verizon Global Funding will raise funds
through the offering of the notes and may lend the net proceeds to Verizon
Communications and/or one or more of its subsidiaries. All of the notes will be
supported as to payment of principal and interest by Verizon Communications, as
described under "Description of the Notes and the Support Agreement."

     Verizon Global Funding is a wholly owned, indirect subsidiary of Verizon
Communications and was incorporated in Delaware in November 1983. The principal
executive offices of Verizon Global Funding are located at 3900 Washington
Street, 2nd floor, Wilmington, Delaware 19802, and its telephone number is (302)
761-4200.

                                         The Exchange Offer

Exchange Notes                           $1,000,000,000 6 3/4% Notes due
                                         2005, $2,000,000,000 7 1/4% Notes due
                                         2010 and $2,000,000,000 7 3/4% Notes
                                         due 2030, all of which have been
                                         registered under the Securities Act.
                                         For more details, see "Exchange Offer--
                                         Terms of the Exchange Offer."

                                       2
<PAGE>

The Exchange Offer                       We are offering to issue the exchange
                                         notes in exchange for a like principal
                                         amount of outstanding restricted notes,
                                         in each case of the same series, that
                                         we issued on December 12, 2000 and
                                         February 7, 2001. We are offering to
                                         issue the exchange notes to satisfy our
                                         obligations contained in the
                                         registration rights agreements we
                                         entered into when we sold the
                                         outstanding restricted notes in
                                         transactions pursuant to Rule 144A and
                                         Regulation S under the Securities Act.
                                         The outstanding restricted notes were
                                         subject to transfer restrictions that
                                         will not apply to the exchange notes so
                                         long as you are acquiring the exchange
                                         notes in the ordinary course of your
                                         business, you are not participating in
                                         a distribution of the exchange notes
                                         and you are not an affiliate of ours.

Maturity Date                            Each exchange note will mature on the
                                         same date as the restricted note for
                                         which it is being exchanged.

Interest Payment Dates                   Each exchange note will bear interest
                                         accruing at the same rates and payable
                                         at the same times as the restricted
                                         note for which it is being exchanged.

Support Agreement                        The exchange notes are supported as to
                                         payment of principal and interest by
                                         Verizon Communications under a Support
                                         Agreement which is more fully described
                                         under the heading "Description of the
                                         Notes and the Support Agreement."

Ranking                                  The notes will be the senior unsecured
                                         obligations of Verizon Global Funding
                                         and will rank equally with all of
                                         Verizon Global Funding's other
                                         unsecured and unsubordinated debt.
                                         Except as described in this prospectus
                                         under the heading "Description of the
                                         Notes and the Support Agreement,"
                                         Verizon Communications' support
                                         obligations will rank equally with all
                                         of its other unsecured and
                                         unsubordinated debt.

Optional Redemption                      The Company may redeem the exchange
                                         notes at any time or from time to time
                                         at the redemption price described under
                                         the heading "Description of the Notes
                                         and the Support Agreement--Optional
                                         Redemption" plus accrued and unpaid
                                         interest, if any, on the principal
                                         amount being redeemed to the date of
                                         redemption.


                                       3
<PAGE>

Certain Covenants                        The indenture governing the exchange
                                         notes contains covenants that, among
                                         other things, limit Verizon Global
                                         Funding's ability to create liens on
                                         its assets and limits the ability of
                                         each of Verizon Global Funding and
                                         Verizon Communications to merge or
                                         consolidate with another company or to
                                         transfer substantially all of its
                                         assets. For more details, see
                                         "Description of the Notes and the
                                         Support Agreement--Restrictions on
                                         Verizon Global Funding" below.

Use of Proceeds                          Neither the Company nor Verizon
                                         Communications will receive any
                                         proceeds from the issuance of the
                                         exchange notes.

Denominations and Issuance of
Exchange Notes                           The exchange notes will be issued in
                                         book-entry form and will be represented
                                         by global certificates deposited with a
                                         custodian for, and registered in the
                                         name of a nominee of, DTC.
                                         Beneficial ownership of the exchange
                                         notes will be shown on, and transfers
                                         will be effected only through, records
                                         maintained by DTC and its direct and
                                         indirect participants and any such
                                         interest may not be exchanged for
                                         certificated exchange notes except in
                                         limited circumstances. See "Book-Entry,
                                         Delivery and Form" below.
Tenders, Expiration Date,
  Withdrawal                             The exchange offer will expire at 5:00
                                         P.M., New York City time, on _______,
                                         2001, unless it is extended. To tender
                                         your outstanding restricted notes you
                                         must follow the detailed procedures
                                         described under the heading "Exchange
                                         Offer--Procedures for Tendering"
                                         including special procedures for
                                         certain beneficial owners and
                                         broker-dealers. If you decide to
                                         exchange your outstanding restricted
                                         notes for exchange notes, you must
                                         acknowledge that you do not intend to
                                         engage in, and have no arrangement
                                         with any person to participate in, a
                                         distribution of the exchange notes. If
                                         you decide to tender your outstanding
                                         notes pursuant to the exchange offer,
                                         you may withdraw them at any time
                                         prior to 5:00 p.m., New York City
                                         time, on the expiration date.

Federal Income Tax                       Your exchange of outstanding restricted
                                         notes for exchange notes pursuant to
                                         the exchange offer will not be a
                                         taxable event for U.S. federal income
                                         tax purposes. See "U.S. Federal Income
                                         Tax Consequences--Consequences of the
                                         Exchange."

                                       4
<PAGE>

Exchange Agent                           First Union National Bank is the
                                         exchange agent for the exchange offer.

Failure to Exchange Your
Outstanding Restricted Notes
and Trading Market                       If you fail to exchange your
                                         outstanding restricted notes for
                                         exchange notes in the exchange offer,
                                         your outstanding restricted notes will
                                         continue to be subject to transfer
                                         restrictions and you will not have any
                                         further rights under the registration
                                         rights agreement relating to such
                                         restricted notes, including any right
                                         to require us to register your
                                         outstanding restricted notes or to pay
                                         any additional interest relating to a
                                         registration default. To the extent
                                         that outstanding restricted notes are
                                         tendered and accepted in the exchange
                                         offer, your ability to sell untendered,
                                         and tendered but unaccepted,
                                         outstanding restricted notes could be
                                         adversely affected. There may be no
                                         trading market for the outstanding
                                         restricted notes. There can be no
                                         assurance that an active public market
                                         for the exchange notes will develop or
                                         as to the liquidity of any market that
                                         may develop for the exchange notes, the
                                         ability of holders to sell the exchange
                                         notes, or the price at which holders
                                         would be able to sell the exchange
                                         notes. For more details, see the
                                         sections "Consequences of a Failure to
                                         Exchange Restricted Notes" and "Absence
                                         of a Public Market" under the heading
                                         "Exchange Offer."





                                       5
<PAGE>

                       RATIOS OF EARNINGS TO FIXED CHARGES

     The following table shows Verizon Communications' ratio of earnings to
fixed charges for the periods indicated:

     Three Months
    Ended March 31,                      Years Ended December 31,
         2001                       2000     1999     1998     1997
--------------------------------------------------------------------------------
         3.33                       4.47     4.98     3.81     3.74

     For all periods, the ratios reflect the merger of Bell Atlantic and GTE as
if it occurred as of the beginning of the earliest period presented, in
accordance with pooling-of-interests accounting rules.

     For these ratios, "earnings" have been calculated by adding fixed charges
to income before income taxes and extraordinary charges, and "fixed charges"
include interest expense, preferred stock dividend requirements, capitalized
interest and the portion of rent expense representing interest.

     The ratio for the three months ended March 31, 2001 includes special items
that resulted in a net pretax loss of $(279) million, and the ratios for the
years ended December 31, 2000, 1999, 1998 and 1997 include net pretax gains
(losses) of $6,116 million, $981 million, $(2,552) million and $(1,803) million,
respectively. Excluding those special items, the ratio for the three months
ended March 31, 2001 would have been 3.58, and the ratios for the years ended
December 31, 2000, 1999, 1998 and 1997 would have been 3.68, 4.68, 4.43 and
4.29, respectively. The 2001 special items relate to Bell Atlantic/GTE
merger-related charges and a change in accounting for derivatives, creating
mark-to-market adjustments. The 2000 and 1999 special items pertain to gains on
sales of assets, net of asset impairments and other charges, Bell Atlantic/GTE
merger-related charges, pension settlements and the gain on the mark-to-market
of exchangeable notes. The 1998 and 1997 special items pertain to asset
impairments and other charges, net of gains on sales of assets, Bell
Atlantic/NYNEX Corporation merger-related charges, pension settlements and
retirement incentive program costs. Sales of assets included wireline and
wireless properties, GTE Government Systems and the gain associated with the
merger of BC TELECOM Inc. and TELUS Corporation. Asset impairments included
costs associated with exiting businesses.

                                 USE OF PROCEEDS

     Neither the Company nor Verizon Communications will receive any cash
proceeds from the issuance of the exchange notes. As consideration for the
exchange notes, the Company will receive in exchange an equivalent principal
amount of outstanding restricted notes, the terms of which are identical to the
terms of the exchange notes, except that the exchange notes will be registered
under the Securities

                                       6
<PAGE>

Act, freely transferable and issued free of any covenants regarding exchange and
registration rights.

     The Company will retire and cancel the restricted notes surrendered in
exchange for the exchange notes. Accordingly, the issuance of the exchange notes
under the exchange offer will not result in any change in the outstanding
aggregate indebtedness of the Company.

                                 EXCHANGE OFFER

REASON FOR THE EXCHANGE OFFER

     The Company initially sold the restricted notes in a series of private
offerings. The 6 3/4% Notes, the 7 1/4% Notes and $1,000,000,000 of the 7 3/4%
Notes were sold on December 12, 2000 to Chase Securities Inc., J.P. Morgan
Securities Inc., Morgan Stanley & Co. Incorporated, M.R. Beal & Co., Bear,
Stearns & Co. Inc., Credit Suisse First Boston Corporation, Deutsche Bank
Securities Inc., UBS Warburg LLC and Utendahl Capital Partners, L.P. An
additional $1,000,000,000 of the 7 3/4% Notes were sold on February 2, 2001 to
Chase Securities Inc. and Morgan Stanley & Co. Incorporated. All of such
purchasers are collectively referred to as the "Initial Purchasers." These sales
were all effected pursuant to agreements among the Company, Verizon
Communications as support provider, and the Initial Purchasers. The Initial
Purchasers subsequently resold or were permitted to resell the restricted notes:

     -   to qualified institutional buyers in accordance with the provisions of
         Rule 144A under the Securities Act, and

     -   outside the United States in accordance with the provisions of
         Regulation S under the Securities Act.

     In connection with the private offerings of the restricted notes, the
Company, Verizon Communications as support provider, and the Initial Purchasers
in each case entered into a Registration Rights Agreement (collectively, the
"Registration Rights Agreements"), in which the Company agreed, among other
things:

     -   to file a registration statement relating to an exchange offer for the
         restricted notes, with the SEC, on or before July 10, 2001;

     -   use its reasonable best efforts to cause the exchange offer
         registration statement to be declared effective under the Securities
         Act on or before September 23, 2001;

     -   upon the effectiveness of the exchange offer registration statement, to
         offer the holders of the restricted notes the opportunity to exchange
         their

                                       7
<PAGE>

         restricted notes in the exchange offer for a like principal amount of
         exchange notes;

     -   to keep the exchange offer open for not less than 30 days, or longer,
         if required by applicable law, after notice of the exchange offer is
         mailed to holders of restricted notes; and

     -   to use its reasonable best efforts to consummate the exchange offer on
         or before October 23, 2001.

     The Company also agreed, in each case, under certain circumstances:

     -   to use its reasonable best efforts to file a shelf registration
         statement relating to the offer and sale of the restricted notes by the
         holders of the restricted notes;

     -   to use its reasonable best efforts to cause such shelf registration
         statement to be declared effective; and

     -   to use its reasonable best efforts to keep such shelf registration
         statement effective for two years after the shelf registration
         statement becomes effective or until the restricted notes covered by
         the shelf registration statement have been sold or cease to be
         outstanding.

     The exchange offer being made by this prospectus is intended to satisfy the
Company's exchange and registration obligations under each of the Registration
Rights Agreements discussed above. If the Company fails to fulfill such
obligations, holders of outstanding restricted notes are entitled to receive
additional interest at the rate of 0.25% per annum for so long as the Company
fails to fulfill such obligations. The rate for additional interest will not
exceed 0.25% per annum. After the Company has cured all defaults of its
registration and exchange obligations, the accrual of additional interest on the
restricted notes will cease, and the interest rate for each series of restricted
notes will revert to its original rate.

     For a more complete understanding of your exchange and registration rights,
please refer to the Registration Rights Agreement relating to the series of
restricted notes which you hold, which is included as an exhibit to the
registration statement relating to the exchange notes.

TRANSFERABILITY OF THE EXCHANGE NOTES

     Based on certain no-action letters issued by the staff of the SEC to others
in unrelated transactions, the Company believes that a noteholder may offer for
resale, resell or otherwise transfer any exchange notes without compliance with
the registration and prospectus delivery requirements of the Securities Act,
unless the noteholder


                                       8
<PAGE>

     -   is acquiring the exchange notes other than in the ordinary course of
         business;

     -   is participating, intends to participate or has an arrangement or
         understanding with any person to participate, in a distribution of the
         exchange notes;

     -   is an "affiliate" of the Company, as defined in Rule 405 under the
         Securities Act; or

     -   is an Initial Purchaser who acquired restricted notes directly from the
         Company in the initial offering to resell pursuant to Rule 144A,
         Regulation S or any other available exemption under the Securities Act.

     In any of the foregoing circumstances, a noteholder

     -   will not be able to rely on the interpretations of the staff of the
         SEC, in connection with any offer for resale, resale or other transfer
         of exchange notes; and

     -   must comply with the registration and prospectus delivery requirements
         of the Securities Act, or have an exemption available, in connection
         with any offer for resale, resale or other transfer of the exchange
         notes.

     The Company is not making this exchange offer to, nor will it accept
surrenders of restricted notes from, holders of restricted notes in any state in
which this exchange offer would not comply with the applicable securities laws
or "blue sky" laws of such state.

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

TERMS OF THE EXCHANGE OFFER

     The restricted notes were issued in three different series. As of the date
of this prospectus, the aggregate principal amount of the notes in each series
has not been reduced. In the exchange offer, restricted notes of each series
will be exchanged for exchange notes with terms which are otherwise identical to
the terms of the restricted notes for which they are being exchanged, except
that the exchange notes will be registered under the Securities Act, freely
transferable and issued free of any covenants regarding exchange and
registration rights.

                                       9
<PAGE>

     Upon the terms and subject to the conditions set forth in this prospectus
and in the accompanying Letter of Transmittal, the Company will accept all
restricted notes validly tendered and not withdrawn prior to 5:00 p.m. New York
City time on _________, 2001, the date that the exchange offer expires. This
date and time may be extended. See "Expiration Date; Extensions; Amendments"
below. After authentication of the exchange notes by the trustee under the
indenture governing the notes or an authenticating agent, the Company will issue
and deliver $1,000 principal amount of exchange notes in exchange for each
$1,000 principal amount of outstanding restricted notes accepted in the exchange
offer. Holders may tender some or all of their restricted notes pursuant to the
exchange offer in denominations of $1,000 and integral multiples thereof.

     The form and terms of the exchange notes are identical in all material
respects to the form and terms of the outstanding restricted notes, except that:

     -   the offering of the exchange notes has been registered under the
         Securities Act;

     -   the exchange notes will not be subject to transfer restrictions; and

     -   the exchange notes will be issued free of any covenants regarding
         exchange and registration rights.

     The exchange notes will be issued under and entitled to the benefits of the
indenture that governs the restricted notes.

     In connection with the issuance of the restricted notes, the Company
arranged for the restricted notes to be issued and transferable in book-entry
form through the facilities of DTC, acting as a depositary. The exchange notes
will also be issuable and transferable in book-entry form through DTC.

     This prospectus, together with the accompanying Letter of Transmittal, is
initially being sent to all registered holders of restricted notes as of the
close of business on ______, 2001. The exchange offer for restricted notes is
not conditioned upon any minimum aggregate principal amount being tendered.
However, the exchange offer is subject to certain customary conditions which may
be waived by the Company, and to the terms and provisions of the Registration
Rights Agreements. See "Conditions to the Exchange Offer" below.

     The exchange agent is First Union National Bank, which also serves as
trustee under the indenture that governs the notes. The Company will be deemed
to have accepted validly tendered restricted notes when, as and if the Company
has given oral or written notice thereof to the exchange agent. The exchange
agent will act as agent of the tendering holders for the purpose of receiving
exchange notes from the Company and as agent of the Company for the purpose of
delivering exchange notes to such holders. See "Exchange Agent" below.

                                       10
<PAGE>

     If any tendered restricted notes are not accepted for exchange because of
an invalid tender or the occurrence of certain other events set forth in this
prospectus, certificates for any such unaccepted restricted notes will be
returned, at the Company's cost, to the tendering holder as promptly as
practicable after the expiration of the exchange offer.

     Holders who tender restricted notes in the exchange offer will not be
required to pay brokerage commissions or fees or, subject to the instructions in
the Letter of Transmittal, transfer taxes with respect to the exchange of
restricted notes pursuant to the exchange offer. The Company will pay all
charges and expenses, other than certain applicable taxes, in connection with
the exchange offer. See "Solicitation of Tenders; Fees and Expenses" below.

EXPIRATION DATE; EXTENSIONS; AMENDMENTS

     The exchange offer will expire at 5:00 p.m. New York City time on ____,
2001 unless the Company, in its sole discretion, extends the exchange offer. The
Company may extend the exchange offer at any time and from time to time by
giving oral or written notice to the exchange agent and by timely public
announcement.

     The Company reserves the right, in its sole discretion, to amend the terms
of the exchange offer in any manner. If any of the conditions set forth below
under "Conditions to the Exchange Offer" has occurred and has not been waived by
the Company, the Company expressly reserves the right, in its sole discretion,
by giving oral or written notice to the exchange agent, to:

     -   delay acceptance of, or refuse to accept, any restricted notes not
         previously accepted;

     -   extend the exchange offer;

     -   terminate the exchange offer; or

     -   amend the exchange offer.

     Any such delay in acceptance, extension, termination or amendment will be
followed as promptly as practicable by oral or written notice thereof by the
Company to the registered holders of the restricted notes. If the exchange offer
is amended in a manner determined by the Company to constitute a material
change, the Company will promptly disclose such amendment in a manner reasonably
calculated to inform the holders of such restricted notes, and the Company will
extend the exchange offer to the extent required by law. If the exchange offer
is terminated, federal law requires that the Company promptly either exchange or
return all restricted notes that have been tendered.

                                       11
<PAGE>

     The Company will have no obligation to publish, advise, or otherwise
communicate any delay in acceptance, extension, termination or amendment of the
exchange offer other than by making a timely press release. The Company may also
publicly communicate these matters in any other appropriate manner of its
choosing.

INTEREST ON THE EXCHANGE NOTES

     Interest on the exchange notes will accrue from the last interest payment
date on which interest was paid on the restricted notes surrendered in exchange
therefor. The exchange notes will bear interest at the same rates, and such
interest will be payable on the same dates, as the rates and interest payment
dates relating to the restricted notes surrendered in exchange therefor.
Assuming that the exchange offer is consummated prior to October 23, 2001, as
anticipated, interest on the exchange notes will first become payable beginning
on December 1, 2001.

PROCEDURES FOR TENDERING

     Only a holder of record of restricted notes or a DTC participant listed on
a DTC securities position listing with respect to the restricted notes may
tender its restricted notes in the exchange offer.

     To tender restricted notes in the exchange offer, registered holders of
certificated restricted notes must complete, sign and date the Letter of
Transmittal, or a facsimile thereof, in accordance with the instructions
contained in this prospectus and in the Letter of Transmittal. The holder should
then mail or otherwise deliver the Letter of Transmittal, or such facsimile,
together with the restricted notes to be exchanged and any other required
documentation, to the exchange agent, at the address set forth in this
prospectus and in the Letter of Transmittal. Holders of restricted notes that
are DTC participants may follow the procedures for book-entry transfer as
provided for below under "Book-Entry Transfer" and in the Letter of Transmittal.

     To be effective, a tender must be made prior to the expiration of the
exchange offer.

     Any beneficial owner whose restricted notes are registered in the name of a
broker, dealer, commercial bank, trust company or other nominee and who wishes
to tender restricted notes in the exchange offer should contact such registered
holder promptly and instruct such registered holder to tender on such beneficial
owner's behalf. If a beneficial owner wishes to tender on its own behalf, such
beneficial owner must, prior to completing and executing the Letter of
Transmittal and delivering its restricted notes, either make appropriate
arrangements to register ownership of the restricted notes in its own name or
obtain a properly completed bond power from the registered holder of such
restricted notes. This transfer of record ownership may take considerable time.
Delivery of documents to DTC in accordance with DTC's procedures will NOT
constitute delivery to the exchange agent.

                                       12
<PAGE>

     The tender by a holder of restricted notes will constitute an agreement
between such holder, the Company and the exchange agent in accordance with the
terms and subject to the conditions set forth herein and in the Letter of
Transmittal. If less than all the restricted notes held by a holder of
restricted notes are tendered, a tendering holder should fill in the amount and
series of restricted notes being tendered in the specified box in the Letter of
Transmittal. The entire amount of restricted notes delivered to the exchange
agent will be deemed to have been tendered unless otherwise indicated.

     The Letter of Transmittal includes representations by the tendering holder
to the Company that, among other things:

     -   any exchange notes received by the tendering holder will be acquired in
         the ordinary course of its business;

     -   the tendering holder has no arrangement or understanding with any
         person to participate in the distribution of the exchange notes; and

     -   the tendering holder is not an "affiliate," as defined in Rule 405
         under the Securities Act, of the Company, or, if it is an affiliate,
         that it will comply with the registration and prospectus delivery
         requirements of the Securities Act to the extent applicable.

     A Letter of Transmittal of a broker-dealer that receives exchange notes for
its own account in exchange for restricted notes that were acquired by it as a
result of market-making or other trading activities must also include an
acknowledgment that the broker-dealer will deliver a copy of this prospectus in
connection with the resale of such exchange notes. By so acknowledging and by
delivering a prospectus, such broker-dealer will not be deemed to admit that it
is an "underwriter" within the meaning of the Securities Act. See "Plan of
Distribution."

     The method of delivery of restricted notes and Letters of Transmittal and
all other required documents or transmittal of an Agent's Message, as described
below under "Book-Entry Transfer," to the exchange agent is at the election and
risk of the holders of restricted notes. Instead of delivery by mail, it is
recommended that holders of restricted notes use an overnight or hand delivery
service. In all cases, sufficient time should be allowed to ensure delivery to
the exchange agent prior to the expiration of the exchange offer. No Letters of
Transmittal or restricted notes should be sent to the Company.

     Signatures on a Letter of Transmittal or a notice of withdrawal described
in "Withdrawal of Tenders" below must be guaranteed by a member firm of a
registered national securities exchange or of the National Association of
Securities Dealers, Inc., a commercial bank or trust company having an office or
correspondent in the United States or an "eligible guarantor institution" within
the meaning of Rule 17Ad-15 under the Exchange Act (each, an "Eligible
Institution"), unless such Letter of Transmittal or notice is being submitted

                                       13
<PAGE>

     -   by a registered holder who has not completed the box entitled "Special
         Registration Instructions" or the box entitled "Special Delivery
         Instructions" in the Letter of Transmittal; or

     -   for the account of an Eligible Institution.

     If a Letter of Transmittal is signed by a person other than the registered
holder, it must be accompanied by appropriate bond powers which authorize such
person to tender the restricted notes on behalf of the registered holder, in
either case signed as the name of the registered holder or holders appears on
the restricted notes. If a Letter of Transmittal or any restricted notes or bond
powers are signed or endorsed by trustees, executors, administrators, guardians,
attorneys-in-fact, officers of corporations or others acting in a fiduciary or
representative capacity, such persons should so indicate when signing, and
unless waived by the Company, submit evidence satisfactory to the Company of
their authority to so act with such Letter of Transmittal.

     All questions as to the validity, form, eligibility, acceptance and
withdrawal of the tendered restricted notes will be determined by the Company in
its sole discretion, which determination will be final and binding. The Company
reserves the absolute right to reject restricted notes not properly tendered or
any restricted notes the Company's acceptance of which would, in the opinion of
counsel for the Company, be unlawful. The Company also reserves the absolute
right to waive any irregularities or conditions of tender as to particular
restricted notes. The Company's interpretation of the terms and conditions of
the Exchange Offer, including the instructions in the Letter of Transmittal,
will be final and binding on all parties. Unless waived, any defects or
irregularities in connection with tenders of restricted notes must be cured
within such time as the Company shall determine.

     Although the Company intends to notify tendering holders of defects or
irregularities with respect to tenders of restricted notes, neither the Company,
the exchange agent nor any other person will be under any duty or obligation to
do so, and no person will incur any liability for failure to give such
notification. Restricted notes will not be validly tendered until such
irregularities have been cured or waived. Any restricted notes received by the
exchange agent that the Company determines are not properly tendered or the
tender of which is otherwise rejected by the Company will be returned by the
exchange agent to the tendering holder or other person specified in the
appropriate Letter of Transmittal as soon as practicable following the
expiration of the exchange offer.

     The Company reserves the right in its sole discretion:

     -   to purchase or make offers for any restricted notes that remain
         outstanding subsequent to the expiration of the exchange offer;

     -   to terminate the exchange offer, as set forth in "Conditions to the
         Exchange Offer" below; and

                                       14
<PAGE>

     -   to the extent permitted by applicable law, to purchase restricted notes
         during the pendency of the exchange offer in the open market, in
         privately negotiated transactions or otherwise.

     The terms of any such purchases or offers may differ from the terms of the
exchange offer.

BOOK-ENTRY TRANSFER

     The Company understands that the exchange agent will make a request
promptly after the date of this prospectus to establish accounts with respect to
the restricted notes at DTC for the purpose of facilitating the exchange offer.
Any financial institution that is a participant in DTC's system may make
book-entry delivery of restricted notes by causing DTC to transfer such
restricted notes into the Exchange Agent's DTC account in accordance with DTC's
Automated Tender Offer Program procedures for such transfer. The exchange for
tendered restricted notes will only be made after a timely confirmation of a
book-entry transfer of the restricted notes into the exchange agent's account,
and timely receipt by the exchange agent of an Agent's Message.

     The term "Agent's Message" means a message, transmitted by DTC to, and
received by, the Exchange Agent and forming part of the confirmation of a
book-entry transfer, which states that DTC has received an express
acknowledgment from a participant tendering restricted notes and that such
participant has received a Letter of Transmittal and agrees to be bound by the
terms of the Letter of Transmittal and the Company may enforce such agreement
against the participant. Delivery of an Agent's Message will also constitute an
acknowledgement from the tendering DTC participant that the representations
contained in the Letter of Transmittal and described under "Procedures for
Tendering" above are true and correct.

GUARANTEED DELIVERY PROCEDURES

     Holders who wish to tender their restricted notes and:

     -   whose restricted notes are not immediately available,

     -   who cannot deliver their restricted notes, the Letter of Transmittal or
         any other required documents to the exchange agent prior to the
         expiration of the exchange offer, or

     -   who cannot complete the procedure for book-entry transfer on a timely
         basis,

     may effect a tender if:

     1.  the tender is made through an Eligible Institution;

                                       15
<PAGE>

     2.  prior to the expiration of the exchange offer the exchange agent
         receives from such Eligible Institution a properly completed and duly
         executed Notice of Guaranteed Delivery by facsimile transmittal,
         overnight courier, mail or hand delivery; and

     3.  certificate(s) representing all tendered restricted notes in proper
         form for transfer, together with a properly completed and executed
         Letter of Transmittal, or a facsimile thereof and all other documents
         required by the Letter of Transmittal, or confirmation of a book-entry
         transfer into the exchange agent's account at DTC of restricted notes
         delivered electronically, are received by the exchange agent within
         three business days after the expiration of the exchange offer.

     A Notice of Guaranteed Delivery must state:

     -   the name and address of the holder;

     -   if the restricted notes will be tendered by their registered holder,
         the certificate number or numbers of such restricted notes;

     -   the principal amount of such restricted notes tendered;

     -   that the tender is being made thereby; and

     -   that the holder guarantees that, within three business days after the
         expiration of the exchange offer, a Letter of Transmittal or facsimile
         thereof, together with the certificate(s) representing the restricted
         notes to be tendered in proper form for transfer and any other
         documents required by the Letter of Transmittal, or confirmation of a
         book-entry transfer into the exchange agent's account at DTC of
         restricted notes delivered electronically, will be deposited by the
         Eligible Institution with the exchange agent.

     Forms of the Notice of Guaranteed Delivery will be available from the
exchange agent upon request.

WITHDRAWAL OF TENDERS

     Except as otherwise provided herein, tenders of restricted notes may be
withdrawn at any time prior to the expiration of the exchange offer by delivery
of a written or facsimile transmission notice of withdrawal to the exchange
agent at its address set forth in this prospectus.

     Any such notice of withdrawal must:

                                       16
<PAGE>

     -   specify the name of the person having deposited the restricted notes to
         be withdrawn;

     -   identify the restricted notes to be withdrawn, including the series,
         the principal amount of such restricted notes, and the certificate
         number or numbers or, in the case of restricted notes transferred by
         book-entry transfer, the name and number of the account at DTC to be
         credited;

     -   be signed by the depositor of the restricted notes in the same manner
         as the original signature on the Letter of Transmittal by which such
         restricted notes were tendered, including any required signature
         guarantee, or be accompanied by documents of transfer sufficient to
         permit the registrar to register the transfer of such restricted notes
         into the name of the party withdrawing the tender or, in the case of
         restricted notes transferred by book-entry transfer, be transmitted by
         DTC and received by the exchange agent in the same manner as the
         Agent's Message transferring the notes; and

     -   specify the name in which any such restricted notes are to be
         registered, if different from that of the depositor of the restricted
         notes.

     All questions as to the validity, form and eligibility of such withdrawal
notices will be determined by the Company, whose determination shall be final
and binding on all parties. Any restricted notes so withdrawn will be deemed not
to have been validly tendered for purposes of the exchange offer, and no
exchange notes will be issued with respect thereto unless the restricted notes
so withdrawn are validly retendered. Any restricted notes that have been
tendered but are not accepted for exchange will be returned to the holder
thereof without cost to such holder, or removed from the Exchange Agent's
account at DTC and returned to the accounts at DTC from which they were
tendered, as soon as practicable after withdrawal, rejection of tender or
termination of the exchange offer. Properly withdrawn restricted notes may be
retendered by following one of the procedures described above under "Procedures
for Tendering" at any time prior to the expiration of the exchange offer.

CONDITIONS TO THE EXCHANGE OFFER

     The Company will not be required to accept for exchange, or to issue
exchange notes for, any restricted notes, and may terminate or amend the
exchange offer before the acceptance of such restricted notes if, in the
Company's judgment, any of the following conditions has occurred:

     -   the exchange offer, or the making of any exchange by a holder of
         restricted notes, violates applicable law or the applicable
         interpretations of the SEC staff;

                                       17
<PAGE>

     -   any action or proceeding shall have been instituted or threatened in
         any court or by or before any governmental agency or body with respect
         to the exchange offer; or

     -   there has been adopted or enacted any law, statute, rule or regulation
         that can reasonably be expected to impair the ability of the Company to
         proceed with the exchange offer.

     See "Expiration Date; Extensions; Amendments" above for a discussion of
possible Company actions if any of the foregoing conditions occur.

     The foregoing conditions are for the sole benefit of the Company. They may
be asserted by the Company regardless of the circumstances giving rise to any
such condition or may be waived by the Company in whole or in part at any time
and from time to time in its sole discretion. The failure by the Company at any
time to exercise any of the foregoing rights will not be deemed a waiver of any
such right, and each such right will be deemed an ongoing right which may be
asserted at any time and from time to time.

EXCHANGE AGENT

     First Union National Bank has been appointed as exchange agent for the
exchange offer. Requests for assistance and requests for additional copies of
this prospectus or of the Letter of Transmittal should be directed to the
exchange agent addressed as follows:

          BY MAIL, OVERNIGHT DELIVERY OR HAND DELIVERY:

          First Union National Bank
          Corporate Trust Reorganization Department
          1525 West W.T. Harris Boulevard
          Charlotte, North Carolina 28288-1153
          Attention:  Marsha Rice

          BY FACSIMILE TRANSMISSION:

          (704) 590-7628

          INFORMATION OR CONFIRMATION BY TELEPHONE:

          (704) 590-7413

SOLICITATION OF TENDERS; FEES AND EXPENSES

     The principal solicitation pursuant to the exchange offer is being made by
the Company by mail and through the facilities of DTC. Additional solicitations
may be

                                       18
<PAGE>

made by officers and regular employees of the Company and its affiliates in
person or by telephone, facsimile transmission, electronic communication or
similar methods.

     The Company has not retained any dealer-manager in connection with the
exchange offer and will not make any payments to brokers, dealers or other
persons soliciting acceptances of the exchange offer. The Company will, however,
pay the exchange agent reasonable and customary fees for its services and will
reimburse the exchange agent for its reasonable out-of-pocket costs and expenses
incurred in connection with the exchange offer. The Company will indemnify the
exchange agent for all losses and claims incurred by it as a result of the
exchange offer. The Company may also pay brokerage houses and other custodians,
nominees and fiduciaries the reasonable out-of-pocket expenses incurred by them
in forwarding copies of this prospectus, the Letter of Transmittal and related
documents to the beneficial owners of the restricted notes and in handling or
forwarding tenders for exchange.

     The Company will pay all expenses incurred in connection with the exchange
offer, including fees and expenses of the trustee, accounting and legal fees,
including the expense of one counsel for the holders of the restricted notes,
and printing costs.

     The Company will pay any transfer taxes applicable to the exchange of
restricted notes pursuant to the exchange offer. If, however, a transfer tax is
imposed for any reason other than the exchange of restricted notes pursuant to
the exchange offer, then the amount of any such transfer tax, whether imposed on
the registered holder thereof or any other person, will be payable by the
tendering holder.

ACCOUNTING TREATMENT

     The exchange notes will be recorded at the same carrying value as the
restricted notes, as reflected in the Company's accounting records on the date
of the exchange. Accordingly, no gain or loss for accounting purposes will be
recognized by the Company as a result of the consummation of the exchange offer.
The expense of the exchange offer will be amortized by the Company over the term
of the exchange notes.

CONSEQUENCES OF A FAILURE TO EXCHANGE RESTRICTED NOTES

     Following consummation of the exchange offer, assuming the Company has
accepted for exchange all validly tendered restricted notes, the Company will
have fulfilled its exchange and registration obligations under the Registration
Rights Agreements.

     All untendered restricted notes outstanding after consummation of the
exchange offer will continue to be valid and enforceable debt obligations of the
Company, entitled to the benefit of the support agreement of Verizon
Communications, subject to the restrictions on transfer set forth in the
indenture governing the notes.

                                       19
<PAGE>

     Holders of such restricted notes will only be able to offer for sale, sell
or otherwise transfer untendered restricted notes as follows:

     -   to the Company, although the Company has no obligation to purchase
         untendered restricted notes except if they are called for redemption in
         accordance with the provisions of the indenture governing the notes;

     -   pursuant to a registration statement that has been declared effective
         under the Securities Act, although the Company will have no obligation,
         and does not intend, to file any such registration statement;

     -   for so long as the restricted notes are eligible for resale pursuant to
         Rule 144A under the Securities Act, to a person reasonably believed to
         be a qualified institutional buyer, or QIB, within the meaning of Rule
         144A, that purchases for its own account or for the account of a QIB to
         whom notice is given that the transfer is being made in reliance on the
         exemption from the registration requirements of the Securities Act
         provided by Rule 144A;

     -   pursuant to offers and sales that occur outside the United States to
         non-U.S. persons in transactions complying with the provisions of
         Regulation S under the Securities Act; or

     -   pursuant to any other available exemption from the registration
         requirements of the Securities Act.

     To the extent that restricted notes are tendered and accepted in the
exchange offer, the liquidity of the trading market for untendered restricted
notes could be adversely affected.

ABSENCE OF A PUBLIC MARKET

     Although holders of exchange notes who are not "affiliates" of the Company
within the meaning of the Securities Act may resell or otherwise transfer their
exchange notes without compliance with the registration requirements of the
Securities Act, there is no existing market for the exchange notes, and there
can be no assurance as to the liquidity of any markets that may develop for the
exchange notes, the ability of holders of exchange notes to sell their exchange
notes or the prices at which holders would be able to sell their exchange notes.
Future trading prices of the exchange notes will depend on many factors,
including, among other things, prevailing interest rates, Verizon
Communications' operating results and the market for similar securities.

               DESCRIPTION OF THE NOTES AND THE SUPPORT AGREEMENT

                                       20
<PAGE>

     Verizon Global Funding previously issued the restricted notes, and will
issue the exchange notes, under an indenture among Verizon Global Funding,
Verizon Communications and First Union National Bank, as trustee. The indenture
provides for the issuance from time to time of debt securities in an unlimited
dollar amount and an unlimited number of series. As used in this "Description of
the Notes and the Support Agreement," the term "notes" refers to and includes
the restricted notes and the exchange notes. The terms of the restricted notes
and the exchange notes are identical, except that the exchange notes will be
registered under the Securities Act, freely transferable and issued free of any
covenants regarding exchange and registration rights.

     Verizon Communications has agreed to make all payments required under the
notes if Verizon Global Funding defaults with respect to those payments under
the indenture, as described under "Description of the Support Agreement."

     We have summarized selected provisions of the indenture, the support
agreement and the notes below. This is a summary and it is not complete. It does
not describe all exceptions and qualifications contained in the indenture and
the support agreement or all of the terms of the notes. You should read the
indenture, the support agreement and the notes for provisions that may be
important to you. In the summary below, we have included references to articles
and section numbers of the indenture so that you can easily locate these
provisions. Copies of the indenture are available for review at the corporate
trust office of the trustee and may also be obtained from us upon request.

GENERAL

     The Notes

     o   Verizon Global Funding has previously issued $1,000,000,000 of 6 3/4%
         Notes, $2,000,000,000 of 7 1/4% Notes and $2,000,000,000 of 7 3/4%
         Notes. Each of the 6 3/4% Notes, the 7 1/4% Notes and the 7 3/4% Notes
         were issued as a separate series and the exchange notes being issued
         with respect to such notes will be issued as separate series as well.

     o   We may create and issue additional notes with the same terms as any
         series of the notes so that the additional notes will form a single
         series with the previously issued notes.

     o   The 6 3/4% Notes will mature on December 1, 2005, the 7 1/4% Notes will
         mature on December 1, 2010 and the 7 3/4% Notes will mature on December
         1, 2030.

     o   The restricted notes were, and the exchange notes will be, denominated
         in United States dollars; and Verizon Global Funding will make payments
         of principal, interest and any premium on the notes in United States
         dollars.

                                       21
<PAGE>

     o   The restricted notes were, and the exchange notes will be, issued in
         increments of $1,000.

     o   Verizon Global Funding may redeem the 6 3/4% Notes, the 7 1/4% Notes
         and the 7 3/4% Notes in whole or in part at any time prior to their
         stated maturity at the redemption prices to be determined using the
         procedure as described below under "Optional Redemption."

     o   The restricted notes were, and the exchange notes will be, initially
         issued in the form of one or more registered global notes and will be
         deposited with, or on behalf of, DTC, as depositary, and registered in
         the name of DTC's nominee. In each case, the notes will be without
         coupons. A description of DTC's procedures with respect to the global
         notes is set forth under "Book-Entry, Delivery and Form" below.

     Interest

     Interest on each exchange note will accrue from, and including, the
immediately preceding interest payment date to which interest has been paid or
duly provided for with respect to such note or the restricted note to which it
relates, to, but excluding, the next interest payment date or the maturity date,
as the case may be. We will refer to each of these periods as an "interest
period."

     Interest on the 6 3/4% Notes will accrue at a rate of 6 3/4% per year,
interest on the 7 1/4% Notes will accrue at a rate of 7 1/4% per year, and
interest on the 7 3/4% Notes will accrue at a rate of 7 3/4% per year. Verizon
Global Funding will pay interest on these notes on June 1 to holders of record
on the preceding May 15, and on December 1 to holders of record on the preceding
November 15. Interest on these notes will be computed on the basis of a 360-day
year of twelve 30-day months.

     Payment

     Verizon Global Funding will make payments on notes in book-entry form
through the trustee to the depositary or its nominee. See "Book-Entry, Delivery
and Form." In the case of notes in certificated form, Verizon Global Funding
will make payment of principal or any premium, at the maturity of each note in
immediately available funds upon presentation of the note at the corporate trust
office of the trustee in the Borough of Manhattan, The City of New York, or at
any other place as Verizon Global Funding may designate. Payment of interest on
notes in certificated form due at maturity will be made to the person to whom
payment of the principal of the note will be made. Payment of interest due on
notes in certificated form other than at maturity will be made at the corporate
trust office of the trustee or, at Verizon Global Funding's option, may be made
by check mailed to the address of the person entitled to receive payment as the
address appears in the security register, except that a holder of $1,000,000 or
more in aggregate principal amount of notes in certificated form may, at Verizon
Global Funding's option, be entitled to receive interest payments on any
interest payment date other than at maturity by wire transfer of

                                       22
<PAGE>

immediately available funds if appropriate wire transfer instructions have been
received in writing by the trustee at least 15 days prior to the interest
payment date. Any wire instructions received by the trustee will remain in
effect until revoked by the holder.

     If any payment date falls on a day that is not a business day, the payment
will be made on the next business day as if made on the date the payment was
due. In that event, no interest will accrue on the amount payable for the period
from and after the payment date. "Business day" means any day, other than a
Saturday or Sunday, that is neither a legal holiday nor a day on which
commercial banks are authorized or required by law, regulation or executive
order to close in The City of New York.

     Paying Agent and Registrar

     The trustee will initially act as paying agent and registrar. Verizon
Global Funding may change the paying agent or registrar without prior notice to
the holders of the notes, and Verizon Global Funding may act as paying agent or
registrar.

     Sinking Fund

     The notes will not be subject to any sinking fund.

RANKING

     The notes will be unsecured and unsubordinated obligations of Verizon
Global Funding and will rank equally with all of its other unsecured and
unsubordinated debt. Except as described below under "Description of the Support
Agreement," the obligations under the support agreement will be unsecured and
unsubordinated obligations of Verizon Communications and will rank equally with
all of its other unsecured and unsubordinated debt.

RESTRICTIONS ON VERIZON GLOBAL FUNDING

     Liens on assets

     If Verizon Global Funding mortgages, pledges or otherwise subjects to any
lien the whole or any part of any property or assets which it now owns or
acquires in the future, then Verizon Global Funding will secure the notes and
any other of its obligations which may then be outstanding and entitled to the
benefits of a covenant similar in effect to this covenant to the same extent and
in the same proportion as the debt or other obligation that is secured by that
mortgage, pledge or other lien. The notes will remain secured for the same
period as the other debt remains secured. Exceptions to this requirement include
the following:

     o   purchase-money mortgages or liens;

                                       23
<PAGE>

     o   liens on any property or asset that existed at the time when Verizon
         Global Funding acquired that property or asset;

     o   any deposit or pledge to secure public or statutory obligations;

     o   any deposit or pledge with any governmental agency required to qualify
         Verizon Global Funding to conduct its business, or any part of its
         business, or to entitle Verizon Global Funding to maintain
         self-insurance or to obtain the benefits of any law relating to
         workmen's compensation, unemployment insurance, old age pensions or
         other social security;

     o   any deposit or pledge with any court, board, commission or governmental
         agency as security related to the proper conduct of any proceeding
         before it; or

     o   any mortgage, pledge or lien on any property or asset of any of Verizon
         Global Funding's affiliates, including, without limitation, Verizon
         Communications, even if the affiliate may have acquired that property
         or asset from Verizon Global Funding.

     (section 1004)

     Limitation on merger, consolidation and sales of assets

     Neither Verizon Global Funding nor Verizon Communications may consolidate
with or merge into any other entity or convey, transfer or lease substantially
all of its properties and assets to any person, and neither Verizon Global
Funding nor Verizon Communications may permit any person to consolidate with or
merge into it or convey, transfer or lease substantially all of its properties
and assets to it, unless:

     o   in case Verizon Global Funding or Verizon Communications consolidates
         or merges into another person or conveys, transfers or leases
         substantially all of its properties and assets to another person, the
         successor assumes by supplemental indenture the obligations of its
         predecessor;

     o   after giving effect to the transaction, there is no default under the
         indenture; and

     o   if, as a result of any consolidation or merger or conveyance, transfer
         or lease described in this covenant, properties or assets of Verizon
         Global Funding would become subject to any lien which would not be
         permitted by the asset lien restriction described above without equally
         and ratably securing the notes as described above, Verizon Global
         Funding or such successor person, as the case may be, will take the
         steps as are necessary effectively to secure the notes equally and
         ratably with, or prior to, all indebtedness secured by those liens as
         described above.

                                       24
<PAGE>

     In case Verizon Global Funding or Verizon Communications consolidates or
merges into another person or conveys, transfers or leases substantially all of
its properties and assets to another person, that person will be Verizon Global
Funding's or Verizon Communications' successor, and Verizon Global Funding will
be relieved of all obligations under the notes and the indenture or Verizon
Communications will be relieved of all obligations under the support agreement
and the indenture, as the case may be. (sections 801 and 802)

REGISTRATION OF TRANSFER AND EXCHANGE

     Notes in book-entry form may be transferred or exchanged only through a
participating member of DTC. See "Book-Entry, Delivery and Form." Registration
of transfer of notes in certificated form will be made at Verizon Global
Funding's office or agency maintained for that purpose, which will initially be
the corporate trust office of the trustee in the Borough of Manhattan, The City
of New York. Notes are exchangeable without charge, except reimbursement of
taxes, if any.

     Registration of transfer

     Holders of notes may present their securities for registration of transfer
at the office of one or more security registrars designated and maintained by
Verizon Global Funding. (section 305)

     The registrar and the trustee may require a holder, among other things, to
furnish appropriate endorsements and transfer documents, and Verizon Global
Funding may require a holder to pay any taxes and fees required by law or
permitted by the indenture.

     Verizon Global Funding will not be required to register the transfer of, or
exchange, notes under the following conditions:

     o   Verizon Global Funding will not be required to register the transfer
         of, or exchange, any notes during a period beginning at the opening of
         business 15 days before the day of the mailing of a notice of
         redemption of notes selected for redemption and ending at the close of
         business on the day of mailing of the relevant notice of redemption.

     o   Verizon Global Funding will not be required to register the transfer
         of, or exchange, any notes selected for redemption, in whole or in
         part, except the unredeemed portion of any notes being redeemed in
         part.

     (section 305)

     Exchange

                                       25
<PAGE>

     Verizon Global Funding may at any time exchange notes issued as one or more
global notes for an equal principal amount of notes of the same series in
certificated form. In this case Verizon Global Funding will deliver to the
holders new notes in certificated form in the same aggregate principal amount as
the global securities being exchanged. (section 305)

     Notwithstanding the above, Verizon Global Funding will not be required to
exchange any note if, as a result of the exchange, it would or would reasonably
be likely to suffer adverse consequences under any United States law or
regulation. (section 305)

GLOBAL NOTES

     Verizon Global Funding will register the global notes in the name of the
depositary for the global notes or the nominee of the depositary, and the global
notes will be delivered by the trustee to the depositary for credit to the
accounts of the holders of beneficial interests in the notes.

     Neither Verizon Global Funding nor 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 in a global note or for maintaining, supervising or reviewing any
records relating to these beneficial ownership interests. See "Book-Entry,
Delivery and Form."

DEFEASANCE

     The indenture permits us to discharge or "defease" certain of our
obligations on any series of notes at any time. Provided that we satisfy the
requirements contained in the indenture regarding defeasance, we may defease the
notes of any series by depositing with the trustee sufficient cash or government
securities to pay all sums due on that series. (sections 402-404)

PAYMENTS OF UNCLAIMED MONEYS

     Money deposited with the trustee or any paying agent for the payment of
principal, interest or any premium on any note that remains unclaimed for two
years will be repaid to Verizon Global Funding at its request, unless the law
requires otherwise. If this happens and you want to claim this money, you must
look to Verizon Global Funding and not to the trustee or paying agent. (section
409)

EVENTS OF DEFAULT, NOTICES, AND WAIVER

     Events of default

     An "event of default" regarding the notes of a series is any one of the
following events:

                                       26
<PAGE>

     o   failure to pay interest on a note of a series, including any additional
         interest required to be paid as described below under "Exchange
         Offer--Reason for the Exchange Offer," for 90 days after payment is
         due;

     o   failure to pay principal or any premium on any note of a series when
         due by declaration, when called for redemption or otherwise;

     o   failure to perform, or breach of, any covenant or warranty in the notes
         of a series or in the indenture and applicable to the notes of that
         series or in the board resolutions under which the notes of that series
         are issued by Verizon Global Funding or Verizon Communications for 90
         days after notice to Verizon Global Funding and Verizon Communications
         by the trustee or by holders of at least 25% in principal amount of the
         outstanding notes of that series; and

     o   certain events of bankruptcy, insolvency and reorganization of Verizon
         Global Funding or Verizon Communications.

     (section 501)

     If an event of default applicable to the notes of a series occurs and is
continuing, either the trustee or the holders of at least 25% in principal
amount of the outstanding notes of that series may declare the principal of all
the notes of that series, together with any accrued interest on the notes of
that series, to be immediately due and payable by notice in writing to Verizon
Global Funding and Verizon Communications. If it is the holders of notes who
give notice of that declaration of acceleration to Verizon Global Funding and
Verizon Communications, then they must also give notice to the trustee. (section
502)

     In order for holders of notes of a series to initiate proceedings for a
remedy under the indenture, the holders of 25% in principal amount of the
outstanding notes of that series must first give notice to Verizon Global
Funding and Verizon Communications as provided above, must request that the
trustee initiate a proceeding in its own name and must offer the trustee a
reasonable indemnity against costs and liabilities. If the trustee still refuses
for 60 days to initiate the proceeding, and no inconsistent direction has been
given to the trustee by holders of a majority of the outstanding notes of that
series, the holders may initiate a proceeding as long as they do not adversely
affect the rights of any other holders. (section 507)

     The holders of a majority in principal amount of the outstanding notes of a
series may rescind a declaration of acceleration relating to that series if
Verizon Global Funding or Verizon Communications has paid or deposited with the
trustee a sum sufficient to pay the amounts set forth in the applicable
provisions of the indenture and all events of default relating to that series,
besides the failure to pay principal due solely because of the declaration of
acceleration, have been cured or waived. (section 502)

                                       27
<PAGE>

     If Verizon Global Funding defaults on the payment of any installment of
interest with respect to a series of notes and fails to cure the default within
90 days, or if Verizon Global Funding defaults on the payment of principal with
respect to a series of notes when it becomes due, then the trustee may require
Verizon Global Funding to pay all amounts due to the trustee with respect to
such series, with interest on the overdue principal, interest or any premium
payments, in addition to the expenses of collection. (section 503)

     Notices

     The trustee is required to give notice to holders of the notes of a series
of a default with respect to that series, which remains uncured or has not been
waived, that is known to the trustee, within 90 days after the default has
occurred. In the event of a default described in the third bullet point under
"Events of Default," the trustee shall not give notice to the holders of notes
of that series until at least 60 days after the occurrence of such default. The
trustee may withhold the notice if and so long as the board of directors, the
executive committee or a trust committee of directors and/or responsible
officers of the trustee in good faith determine that the withholding of notice
is in the interest of the holders, except that the trustee may not withhold the
notice in the case of a default in the payment of principal, interest or any
premium on any of the notes. (section 602)

     Waiver

     The holders of a majority in principal amount of the outstanding notes of a
series may waive any past default or event of default relating to the series
except a default in the payment of principal, interest or premium on the notes
or a default relating to a covenant or provision that cannot be modified or
amended without the consent of each affected holder. (section 513)

RIGHTS AND DUTIES OF THE TRUSTEE

     The holders of a majority in principal amount of outstanding notes of a
series may direct the time, method and place of conducting any proceeding for
any remedy available to the trustee with respect to that series or exercising
any trust or other power conferred on the trustee with respect to that series.
The trustee may decline to follow that direction if it would involve the trustee
in personal liability or would be illegal. (section 512) During a default, the
trustee is required to exercise the standard of care and skill that a prudent
man would exercise under the circumstances in the conduct of his own affairs.
(section 601) The trustee is not obligated to exercise any of its rights or
powers under the indenture at the request or direction of any of the holders of
notes unless those holders have offered to the trustee reasonable security or
indemnity. (section 603)

     The trustee is entitled, in the absence of bad faith on its part, to rely
on an officer's certificate of Verizon Global Funding or Verizon Communications
before taking action under the indenture. (section 603)

SUPPLEMENTAL INDENTURES


                                       28
<PAGE>

     Supplemental indentures not requiring consent of holders

     We may, without the consent of any holder of the notes, enter into
supplemental indentures for specified purposes, including to cure any ambiguity
or inconsistency in the indenture or in the notes or make any other provisions
with respect to matters or questions arising under the indenture or the support
agreement, as long as the interests of the holders of the notes are not
adversely affected in any material respect. (section 901)

     Supplemental indentures requiring consent of holders

     With the consent of the holders of more than a majority in principal amount
of the outstanding notes of a series, the indenture permits Verizon Global
Funding, Verizon Communications and the trustee to supplement or modify in any
way the terms of the indenture with respect to that series or the rights of the
holders of the notes of that series. However, without the consent of each holder
of all of the notes affected by that modification, Verizon Global Funding,
Verizon Communications and the trustee may not:

     o   reduce the principal of or premium on or change the stated final
         maturity of any note;

     o   reduce the rate of or change the time for payment of interest on any
         note;

     o   reduce or alter the method of computation of any amount payable upon
         redemption, repayment or purchase of any note by Verizon Global Funding
         (or the time when the redemption, repayment or purchase may be made);

     o   make the principal or interest on any note payable in a currency other
         than that stated in the note or change the place of payment;

     o   impair the right of any holder of notes to sue for payment of the
         principal, interest or premium on a note that would be due and payable
         at the maturity of that note or upon redemption;

     o   modify any provisions of the support agreement except as described
         under "Supplemental indentures not requiring consent of holders" above;
         or

     o   reduce the percentage of principal amount of the outstanding notes of a
         series required to supplement the indenture or to waive any of its
         provisions.

     (section 902)

OPTIONAL REDEMPTION

     The notes of each series will be redeemable as a whole or in part, at the
option of Verizon Global Funding at any time, at a redemption price equal to the
greater of (1) 100% of their principal amount or (2) the sum of the present
values of the remaining scheduled

                                       29
<PAGE>

payments of principal and interest thereon discounted to the date of redemption
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 25 basis points for the 6 3/4% Notes, 30 basis
points for the 7 1/4% Notes or 35 basis points for the 7 3/4% Notes, plus, in
each case, accrued and unpaid interest on the principal amount being redeemed to
the redemption date.

     "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("Remaining Life") of the series of notes to be redeemed that
would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such notes.

     "Comparable Treasury Price" means (1) the average of five Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five Reference Treasury Dealer Quotations,
the average of all such quotations.

     "Independent Investment Banker" means Chase Securities Inc., J.P. Morgan
Securities Inc. or Morgan Stanley & Co. Incorporated or, if such firms are
unwilling or unable to select the Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Trustee.

     "Reference Treasury Dealer" means (1) Chase Securities Inc., J.P. Morgan
Securities Inc. and Morgan Stanley & Co. Incorporated and their respective
successors, provided, however, that if any of the foregoing ceases to be a
primary U.S. Government securities dealer in New York City (a "Primary Treasury
Dealer"), Verizon Global Funding will substitute another Primary Treasury Dealer
and (2) any other Primary Treasury Dealer selected by the Independent Investment
Banker after consultation with Verizon Global Funding.

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

     "Treasury Rate" means, with respect to any redemption date, (1) the yield,
under the heading which represents the average for the immediately preceding
week, appearing in the most recently published statistical release designated
"H.15(519)" or any successor publication which is published weekly by the Board
of Governors of the Federal Reserve System and which establishes yields on
actively traded United States Treasury securities adjusted to constant maturity
under the caption "Treasury Constant Maturities," for the maturity corresponding
to the Comparable Treasury Issue (if no maturity is within three months before
or after the Remaining Life, yields for the two published maturities most
closely corresponding to the Comparable Treasury Issue will be determined and
the

                                       30
<PAGE>

Treasury Rate will be interpolated or extrapolated from the yields on a straight
line basis, rounding to the nearest month) or (2) if that release (or any
successor release) is not published during the week preceding the calculation
date or does not contain those yields, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
that redemption date. The Treasury Rate will be calculated on the third Business
Day preceding the redemption date.

     Generally, Verizon Global Funding must send a notice of redemption to the
holders of the series of notes to be redeemed at least 30 days but not more than
60 days prior to the redemption date. (section 1104) If less than all the notes
of a series are being redeemed, the trustee will select the notes to be redeemed
using a method it considers fair. (section 1103) After the redemption date,
holders of redeemed notes will have no rights with respect to the notes except
the right to receive the redemption price and any unpaid interest to the
redemption date. (section 1106)

DESCRIPTION OF THE SUPPORT AGREEMENT

     Under a support agreement, dated as of October 31, 2000, Verizon
Communications has agreed to:

     o   own directly or indirectly all of Verizon Global Funding's voting
         capital stock issued and outstanding at any time;

     o   make sure that Verizon Global Funding maintains at all times a positive
         tangible net worth, as determined in accordance with generally accepted
         accounting principles;

     o   provide Verizon Global Funding with any funds it needs to make any
         timely payment of principal, interest or any premium on the notes, if
         it cannot obtain funds from other sources on commercially reasonable
         terms.

     Verizon Global Funding and Verizon Communications cannot terminate the
support agreement until all of the debt supported by the support agreement
(including the notes) has been paid in full. Verizon Global Funding and Verizon
Communications cannot amend the support agreement in any way that adversely
affects your rights unless you consent in writing.

     If Verizon Global Funding fails or refuses to take timely action to enforce
Verizon Global Funding's rights under the support agreement or if Verizon Global
Funding defaults in the timely payment of principal, interest or any premium,
you have the right to proceed directly against Verizon Communications to enforce
the rights under the support agreement or to obtain payment of the defaulted
principal, interest or premium owed to you. However, in no event will you have
recourse to or against the stock or assets of Verizon Services Corp., Telecom
Corporation of New Zealand Limited or any operating telephone company

                                       31
<PAGE>

which may from time to time be owned directly or indirectly by Verizon
Communications. Except for the exclusion of this stock and assets from recourse,
Verizon Communications' obligations under the support agreement rank equally
with its other unsecured and unsubordinated debt.

     As of March 31, 2001, Verizon Communications' net assets not subject to the
exclusion described in the preceding paragraph had a book value of approximately
$66.7 billion. Verizon Communications is a holding company, and therefore, its
right and the right of its creditors (including the holders of the notes), to
realize upon the assets of any subsidiary of Verizon Communications, whether
following any liquidation or reorganization of that subsidiary, or otherwise, is
subject to prior claims of creditors of each such subsidiary, except to the
extent that claims of Verizon Communications itself as a creditor of a
subsidiary may be recognized.

CONCERNING THE TRUSTEE

     Verizon Global Funding, Verizon Communications and their affiliates
maintain banking relationships in the ordinary course of business with First
Union National Bank, the trustee under the indenture. The trustee is acting as
the exchange agent for the exchange offer. The trustee also serves as trustee or
paying agent for various debt issues by Verizon Global Funding and other
affiliates of Verizon Communications.

                          BOOK-ENTRY, DELIVERY AND FORM

THE GLOBAL NOTES

     The restricted notes are represented by one or more permanent global
certificates in definitive, fully registered form without interest coupons.
Except as described under "Certificated Notes," the exchange notes initially
will be represented by one or more permanent global certificates in definitive,
fully registered form and

     -   will be deposited with, or on behalf of, DTC, and registered in the
         name of Cede & Co., as DTC's nominee, or

     -   will remain in the custody of the trustee pursuant to a FAST Balance
         Certificate Agreement between DTC and the trustee.

DEPOSITARY PROCEDURES

     The descriptions of the operations and procedures of DTC, Euroclear and
Clearstream described below are provided solely as a matter of convenience.
These operations and procedures are solely within the control of these
respective settlement systems and are subject to change by them from time to
time. Neither Verizon Global Funding nor Verizon Communications take any
responsibility for these operations or

                                       32
<PAGE>

procedures, and investors are urged to contact the relevant system or its
participants directly to discuss these matters.

     DTC has advised Verizon Global Funding that it is:

     o   a limited purpose trust company organized under the laws of the State
         of New York;

     o   a "banking organization" within the meaning of the New York Banking
         Law;

     o   a member of the Federal Reserve System;

     o   a "clearing corporation" within the meaning of the Uniform Commercial
         Code, as amended; and

     o   a "clearing agency" registered under Section 17A of the Securities
         Exchange Act of 1934.

     DTC has advised Verizon Global Funding that it was created to hold
securities for its participants and to facilitate the clearance and settlement
of securities transactions between its participants through electronic
book-entry changes to the accounts of its participants, which eliminates the
need for physical transfer and delivery of certificates. DTC's participants
include securities brokers and dealers, banks and trust companies, clearing
corporations and certain other organizations. Indirect access to DTC's system is
also available to other entities such as banks, brokers, dealers and trust
companies; these indirect participants clear through or maintain a custodial
relationship with a participant in DTC, either directly or indirectly. Investors
who are not DTC participants may beneficially own securities held by or on
behalf of DTC only through participants or indirect participants in DTC.

     DTC has also advised Verizon Global Funding that pursuant to procedures
established by DTC:

     o   upon deposit of each global note representing exchange notes, DTC will
         credit the accounts of participants in DTC with an interest in such
         global note; and

     o   ownership of the exchange notes will be shown on, and the transfer of
         ownership of the exchange notes will be effected only through, records
         maintained by DTC, with respect to the interests of participants in
         DTC, and the records of participants and indirect participants in DTC,
         with respect to the interests of persons other than participants in
         DTC.

     The laws of some jurisdictions may require that certain purchasers of
securities take physical delivery of the securities in definitive form.
Accordingly, the ability to transfer

                                       33
<PAGE>

interests in the exchange notes represented by a global note to these persons
may be limited. In addition, because DTC can act only on behalf of its
participants, who in turn act on behalf of persons who hold interests through
participants, the ability of a person having an interest in exchange notes
represented by a global note to pledge or transfer that interest to persons or
entities that do not participate in DTC's system, or to otherwise take actions
in respect of that interest, may be affected by the lack of a physical
definitive security in respect of the interest.

     So long as DTC or its nominee is the registered owner of a global note, DTC
or the nominee, as the case may be, will be considered the sole owner or holder
of the notes represented by the global note for all purposes under the
indenture. Except as provided below, owners of beneficial interests in a global
note:

     o   will not be entitled to have exchange notes represented by the global
         note registered in their names;

     o   will not receive or be entitled to receive physical delivery of
         certificated exchange notes; and

     o   will not be considered the owners or holders of exchange notes under
         the indenture for any purpose, including with respect to the giving of
         any direction, instruction or approval to the trustee under the
         indenture.

     Accordingly, each holder owning a beneficial interest in a global note must
rely on the procedures of DTC and, if the holder is not a participant or an
indirect participant in DTC, on the procedures of the DTC participant through
which the holder owns its interest, to exercise any rights of a holder of
exchange notes under the indenture or the global note. Verizon Global Funding
understands that under existing industry practice, if it requests any action of
holders of exchange notes, or a holder that is an owner of a beneficial interest
in a global note desires to take any action that DTC, as the holder of the
global note, is entitled to take, then DTC would authorize its participants to
take the action and the participants would authorize holders owning through
participants to take the action or would otherwise act upon the instruction of
such holders. Neither Verizon Global Funding nor the trustee will have any
responsibility or liability for any aspect of the records relating to, or
payments made on account of, exchange notes by DTC, or for maintaining,
supervising or reviewing any records of DTC relating to the exchange notes.

     Payments with respect to the principal of, and premium, if any, additional
interest, if any, and interest on, any exchange notes represented by a global
note registered in the name of DTC or its nominee on the applicable record date
will be payable by the trustee to or at the direction of DTC or its nominee in
its capacity as the registered holder of the global note representing those
exchange notes under the indenture. Under the terms of the indenture, Verizon
Global Funding and the trustee may treat the persons in whose names the exchange
notes, including the global notes, are registered as the owners of the exchange
notes for the purpose of receiving payment on the exchange notes and for any and
all other purposes whatsoever. Accordingly, none of Verizon Global Funding,
Verizon

                                       34
<PAGE>

Communications nor the trustee has or will have any responsibility or liability
for any aspect of DTC's records or any records of any participant or indirect
participant in DTC relating to, or payments (including principal, premium, if
any, additional interest, if any, and interest) made on account of, any
beneficial interest in a global note of any series, or for maintaining,
supervising or reviewing any of DTC's records or the records of any participant
or indirect participant in DTC relating to the ownership of any such beneficial
interest. Payments by the participants and the indirect participants in DTC to
the owners of beneficial interests in a global note will be governed by standing
instructions and customary industry practice and will be the responsibility of
the participants or the indirect participants and DTC.

     Transfers between participants in DTC will be effected in accordance with
DTC's procedures, and will be settled in same-day funds. Transfers between
participants in Euroclear or Clearstream will be effected in the ordinary way in
accordance with their respective rules and operating procedures.

     Subject to compliance with any transfer restrictions that may be applicable
to any of the notes, cross-market transfers between the participants in DTC, on
the one hand, and Euroclear or Clearstream participants, on the other hand, will
be effected through DTC in accordance with DTC's rules on behalf of Euroclear or
Clearstream, as the case may be, by its respective depositary. These
cross-market transactions, however, will require delivery of instructions to
Euroclear or Clearstream, as the case may be, by the counterparty in that system
in accordance with the rules and procedures and within the established
deadlines, Brussels time, of that system. If the transaction meets its
settlement requirements, Euroclear or Clearstream, as the case may be, will
deliver instructions to its respective depositary to take action to effect final
settlement on its behalf by delivering or receiving interests in the relevant
global notes in DTC, and making or receiving payment in accordance with normal
procedures for same-day funds settlement applicable to DTC. Euroclear
participants and Clearstream participants may not deliver instructions directly
to the depositaries for Euroclear or Clearstream.

     Because of time zone differences, the securities account of a Euroclear or
Clearstream participant purchasing an interest in a global note from a
participant in DTC will be credited, and any crediting will be reported to the
relevant Euroclear or Clearstream participant, during the securities settlement
processing day, which must be a business day for Euroclear and Clearstream,
immediately following the settlement date of DTC. Cash received in Euroclear or
Clearstream as a result of sales of interest in a global note by or through a
Euroclear or Clearstream participant to a participant in DTC will be received
with value on the settlement date of DTC but will be available in the relevant
Euroclear or Clearstream cash account only as of the business day for Euroclear
or Clearstream following DTC's settlement date.

     Although DTC, Euroclear and Clearstream have agreed to the above procedures
to facilitate transfers of interests in the global notes among participants in
DTC, Euroclear and Clearstream, they are under no obligation to perform or to
continue to perform the procedures, and the procedures may be discontinued at
any time. None of Verizon Global

                                       35
<PAGE>

Funding, Verizon Communications nor the trustee will have any responsibility for
the performance by DTC, Euroclear or Clearstream or their respective
participants or indirect participants of their respective obligations under the
rules and procedures governing their operations.

     Certificated Notes

     If:

     o   DTC notifies Verizon Global Funding that it is at any time unwilling or
         unable to continue as a depositary or DTC ceases to be registered as a
         clearing agency under the Securities Exchange Act of 1934 and a
         successor depositary is not appointed within 90 days; or

     o   Verizon Global Funding executes and delivers to the trustee a company
         order to the effect that the global notes will be exchangeable,

the global notes will be exchangeable for notes in certificated form with the
same terms and of an equal aggregate principal amount with respect to each
series, in increments of $1,000. The certificated notes will be registered in
such names as DTC instructs the trustee. Verizon Global Funding expects that
instructions may be based upon directions received by DTC from participants with
respect to ownership of beneficial interests in global notes. Upon the issuance
of certificated notes, the trustee is required to register the certificated
notes in the names instructed by DTC and cause the certificated notes to be
delivered to the registered holders.

     None of Verizon Global Funding, Verizon Communications nor the trustee will
be liable for any delay by DTC or any participant or indirect participant in DTC
in identifying the beneficial owners of the related notes, and each of those
persons may conclusively rely on, and will be protected in relying on,
instructions from DTC for all purposes, including with respect to the
registration and delivery, and the respective principal amounts, of the notes to
be issued.

                      U.S. FEDERAL INCOME TAX CONSEQUENCES

         The following is a summary of certain U.S. federal income tax
consequences of the acquisition, ownership and disposition of exchange notes as
of the date hereof. Except where noted, this summary deals only with exchange
notes that are acquired in connection with this exchange offer and held as
capital assets and does not deal with special situations. In addition, it does
not represent a detailed description of the U.S. federal income tax consequences
applicable to you if you are subject to special treatment under the U.S. federal
income tax laws, including if you are one of the following:

                                       36
<PAGE>

         o        a dealer in securities or currencies,

         o        a financial institution,

         o        an insurance company,

         o        a tax exempt organization,

         o        a person holding the exchange notes as part of a hedging,
                  integrated or conversion transaction, constructive sale or
                  straddle,

         o        a trader in securities that has elected the mark-to-market
                  method of accounting for your securities,

         o        a person liable for alternative minimum tax,

         o        or a U.S. person whose "functional currency" is not the U.S.
                  dollar.

         If a partnership holds the exchange notes, the tax treatment of a
partner will generally depend upon the status of the partner and the activities
of the partnership. If you are a partner of a partnership holding the exchange
notes, you should consult your tax advisors.

         The discussion below is based upon the provisions of the Internal
Revenue Code of 1986, as amended, and regulations, rulings and judicial
decisions as of the date of this prospectus. Those authorities may be changed,
perhaps retroactively, so as to result in U.S. federal income tax consequences
different from those discussed below.

         IF YOU ARE CONSIDERING THE ACQUISITION OF EXCHANGE NOTES, YOU SHOULD
CONSULT YOUR OWN TAX ADVISORS CONCERNING THE FEDERAL INCOME TAX CONSEQUENCES TO
YOU AND ANY CONSEQUENCES ARISING UNDER THE LAWS OF ANY OTHER TAXING JURISDICTION
 .

CONSEQUENCES OF THE EXCHANGE

         The exchange of restricted notes for exchange notes pursuant to the
exchange offer will not constitute a taxable event to holders. Consequently, no
gain or loss will be recognized by a holder upon receipt of an exchange note,
the holding period of the exchange note will include the holding period of the
restricted note and the basis of the exchange note will be the same as the basis
of the restricted note immediately before the exchange.

                                       37
<PAGE>

         IN ANY EVENT, PERSONS CONSIDERING THE EXCHANGE OF RESTRICTED NOTES FOR
EXCHANGE NOTES SHOULD CONSULT THEIR OWN TAX ADVISORS CONCERNING THE UNITED
STATES FEDERAL INCOME TAX CONSEQUENCES IN LIGHT OF THEIR PARTICULAR SITUATIONS
AS WELL AS ANY CONSEQUENCES ARISING UNDER THE LAWS OF ANY OTHER TAXING
JURISDICTION.


CONSEQUENCES TO U.S. HOLDERS

         The following is a summary of certain U.S. federal tax consequences
that will apply to you if you are a U.S. holder of exchange notes.

         Certain consequences to "non-U.S. holders" of exchange notes, who are
beneficial owners of exchange notes and who are not U.S. holders, are described
under "Consequences to Non-U.S. Holders" below.

         "U.S. holder"  means a beneficial owner of an exchange note that is:

         o        a citizen or resident of the United States,

         o        a corporation or partnership created or organized in or under
                  the laws of the United States or any political subdivision of
                  the U.S.,

         o        an estate the income of which is subject to U.S. federal
                  income taxation regardless of its source, or

         o        a trust that (1) is subject to the supervision of a court
                  within the United States and the control of one or more U.S.
                  persons or (2) has a valid election in effect under applicable
                  U.S. Treasury regulations to be treated as a U.S. person.

Payments of Interest

         Except as set forth below, interest on an exchange note will generally
be taxable to you as ordinary income from domestic sources at the time it is
paid or accrued in accordance with your method of accounting for tax purposes.

Amortizable Bond Premium

         If you purchased a restricted note for an amount in excess of the sum
of all amounts payable on the note after the purchase date other than stated
interest, you will be considered to have purchased the note at a "premium". You
generally may elect to amortize the premium over the remaining term of the
exchange note on a constant yield method as an offset to interest when
includible in income under your regular accounting method. If you do not elect
to amortize bond premium, that premium will decrease the gain or increase the
loss you would otherwise recognize on disposition of the exchange note. Your
election to amortize premium on a constant yield method will also apply to all
debt obligations held or subsequently acquired by you on or after the first day
of the first taxable year to which the election applies. You may not revoke the
election without the consent of the Internal Revenue Service. You should consult
your own tax advisor before making this election.

                                       38
<PAGE>

Market Discount

         If you purchased a restricted note for an amount that is less than its
stated redemption price at maturity, the amount will be treated as "market
discount" for U.S. federal income tax purposes, unless that difference is less
than a specified de minimis amount. Under the market discount rules, you will be
required to treat any payment, other than stated interest, on, or any gain on
the sale, exchange, retirement or other disposition of an exchange note as
ordinary income to the extent of the market discount that you have not
previously included in income and are treated as having accrued on the exchange
note at the time of its payment or disposition. In addition, you may be required
to defer, until the maturity of the exchange note or its earlier disposition in
a taxable transaction, the deduction of all or a portion of the interest expense
on any indebtedness attributable to the exchange note.

         Any market discount will be considered to accrue ratably during the
period from the date of acquisition to the maturity date of the exchange note,
unless you elect to accrue on a constant yield interest method. You may elect to
include market discount in income currently as it accrues, on either a ratable
or constant yield interest method, in which case the rule described above
regarding deferral of interest deductions will not apply. Your election to
include market discount in income currently, once made, applies to all market
discount obligations acquired by you on or after the first taxable year to which
your election applies and may not be revoked without the consent of the Internal
Revenue Service. You should consult your own tax advisor before making this
election.


Sale, Exchange and Retirement of Exchange Notes

         Upon the sale, exchange, retirement or other disposition of an exchange
note, you will recognize gain or loss equal to the difference between the amount
you realize upon the sale, exchange, retirement or other disposition (less an
amount equal to any accrued stated interest that you did not previously include
in income, which will be taxable as such) and the adjusted tax basis of the
exchange note. Except as described above with respect to market discount, that
gain or loss will be capital gain or loss. Capital gains of individuals derived
in respect of capital assets held for more than one year are eligible for
reduced rates of taxation. The deductibility of capital losses is subject to
limitations.

CONSEQUENCES TO NON-U.S. HOLDERS

         The following is a summary of certain U.S. federal income tax
consequences that will apply to you if you are a non-U.S. holder of exchange
notes. This summary does not represent a detailed description of the federal
income tax consequences to you in light of your particular circumstances. In
addition, it does not deal with non-U.S. holders that are subject to special
treatment under the U.S. federal income tax laws (including if you are a
controlled foreign corporation, passive foreign investment company or foreign
personal holding company or a corporation that accumulates earnings to avoid
federal income tax or in certain circumstances, a U.S. expatriate).

                                       39
<PAGE>

U.S. Federal Withholding Tax

         The 30% U.S. federal withholding tax will not apply to any payment of
principal or interest on the exchange notes provided that:

         o        you do not actually, or constructively, own 10% or more of the
                  total combined voting power of all classes of our voting stock
                  within the meaning of the Internal Revenue Code and applicable
                  U.S. Treasury regulations,

         o        you are not a controlled foreign corporation that is related
                  to us through stock ownership,

         o        you are not a bank whose receipt of interest on the exchange
                  notes is described in section 881(c)(3)(A) of the Internal
                  Revenue Code, and,

         o        (a) you provide your name and address on an Internal Revenue
                  Service Form W-8BEN (or other applicable form), and certify,
                  under penalty of perjury, that you are not a U.S. person or
                  (b) you hold the exchange notes through certain foreign
                  intermediaries or certain foreign partnerships, and you
                  satisfy the certification requirements of applicable U.S.
                  Treasury regulations. Special certification rules apply to
                  certain non-U.S. holders that are entities rather than
                  individuals.

         If you cannot satisfy the requirements described above, payments of
interest made to you will be subject to the 30% U.S. federal withholding tax,
unless you provide us with a properly executed (1) Internal Revenue Service Form
W-8BEN (or other applicable form) claiming an exemption from, or reduction in,
withholding under the benefit of an applicable tax treaty or (2) Internal
Revenue Service Form W-8ECI (or successor form) stating that interest paid on an
exchange note is not subject to withholding tax because it is effectively
connected with your conduct of a trade or business in the United States.

         The 30% U.S. federal withholding tax will not generally apply to any
gain that you realize on the sale, exchange, retirement or other disposition of
the exchange notes.

U.S. Federal Estate Tax

         Your estate will not be subject to U.S. federal estate tax on exchange
notes beneficially owned by you at the time of your death, provided that you are
not a U.S. citizen or resident (as specially defined for U.S. federal estate tax
purposes) and (1) you do not own 10% or more of the total combined voting power
of all classes of our voting stock (within the meaning of the Internal Revenue
Code and the U.S. Treasury regulations) and (2) interest on the exchange note
would not have been, if received at the time of your death, effectively
connected with the conduct by you of a trade or business in the United States.

U.S. Federal Income Tax

         If you are engaged in a trade or business in the United States and
interest on the exchange notes is effectively connected with the conduct of that
trade or business, you will be subject to U.S. federal income tax on that
interest on a net income basis in the same manner as if you were a U.S. person
as defined under the Internal Revenue Code, although that interest income will
be exempt from the 30% U.S. federal withholding tax. In addition, if you are a
foreign corporation, you may be subject to a branch profits tax equal to 30% (or
lower applicable treaty rate) of your earnings and profits for the taxable year,
subject to certain adjustments.

                                       40
<PAGE>

         Any gain realized on the disposition of an exchange note generally will
not be subject to U.S. federal income tax unless

         o        the gain is effectively connected with the conduct of a trade
                  or business in the United States by you, or

         o        you are an individual who is present in the United States for
                  183 days or more in the taxable year of that disposition, and
                  other conditions are met.

INFORMATION REPORTING AND BACKUP WITHHOLDING

U.S. Holders

         In general, information reporting requirements will apply to certain
payments of principal, interest and premium paid on exchange notes and to the
proceeds of sale of an exchange note made to you, unless you are an exempt
recipient, such as a corporation. A backup withholding tax will apply to those
payments if you fail to provide a taxpayer identification number, a
certification of exempt status, or fail to report in full dividend and interest
income.

Non-U.S. Holders

         In general, you will not be subject to backup withholding and
information reporting with respect to payments that we make to you provided that
we do not have actual knowledge that you are a U.S. person and we have received
from you the statement described above under "Consequences to Non-U.S.
Holders-U.S. Federal Withholding Tax."

         In addition, you will not be subject to backup withholding or
information reporting with respect to the proceeds of the sale of an exchange
note within the United States or conducted through U.S.-related financial
intermediaries, if the payor receives the statement described above and does not
have actual knowledge that you are a U.S. person, as defined under the Internal
Revenue Code, or you otherwise establish an exemption.

         Any amounts withheld under the backup withholding rules will be allowed
as a refund or a credit against your U.S. federal income tax liability provided
the required information is furnished to the Internal Revenue Service.

                                       41
<PAGE>

                              PLAN OF DISTRIBUTION

     Each broker-dealer that receives exchange notes for its own account
pursuant to the exchange offer must acknowledge that it will deliver a
prospectus in connection with any resale of such exchange notes. This
prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of exchange notes or market-making
activities or other trading activities. The Company has agreed that, for a
period of 90 days after the Expiration Date, it will make this prospectus, as
amended or supplemented, available to any broker-dealer for use in connection
with any such resale. In addition, until _________, 2001, all dealers effecting
transactions in the exchange notes may be required to deliver a prospectus.

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

     For a period of 90 days after the Expiration Date, the Company will
promptly send additional copies of this prospectus, and any amendment or
supplement to this prospectus, to any broker-dealer that requests such documents
in the Letter of Transmittal.

     The Company has agreed to pay all expenses incident to the exchange offer,
including the expense of one counsel for the holders of the restricted notes,
other than commissions or concessions of any broker-dealers and will indemnify
the holders of the restricted notes, including any broker-dealers, against
certain liabilities, including liabilities under the Securities Act.

                                       42
<PAGE>

                                  LEGAL MATTERS

     The validity of the notes as supported by the support agreement have been
passed upon for Verizon Global Funding and Verizon Communications by William P.
Barr, Executive Vice President and General Counsel of Verizon Communications. As
of April 30, 2001, Mr. Barr beneficially owned approximately 11,825 shares of
Verizon Communications common stock and had options to purchase an aggregate of
994,800 shares of Verizon Communications common stock.

                                     EXPERTS

     The consolidated financial statements and financial statement schedule of
Verizon Communications Inc. as of December 31, 2000 and for the year then ended,
included in Verizon Communications' Annual Report on Form 10-K filed on March
23, 2001, and incorporated by reference in this prospectus, have been audited by
Ernst & Young LLP, independent auditors, as set forth in their report which is
also included therein and incorporated by reference herein. Such consolidated
financial statements are incorporated by reference herein in reliance upon such
report given on the authority of such firm as experts in accounting and
auditing.

     The consolidated financial statements and financial statement schedule of
Verizon Communications Inc. as of December 31, 1999 and for the two years in the
period ended December 31, 1999, included in Verizon Communications' Annual
Report on Form 10-K filed on March 23, 2001, and incorporated by reference in
this prospectus, have been audited by PricewaterhouseCoopers LLP, independent
accountants, other than the financial statements of GTE Corporation (a wholly
owned subsidiary of Verizon Communications) which were audited by Arthur
Andersen LLP, independent public accountants, as set forth in their reports
which are also included therein and incorporated by reference herein. Such
consolidated financial statements are incorporated by reference herein in
reliance upon such report given on the authority of such firm as experts in
accounting and auditing.










                                       43
<PAGE>

                           $5,000,000,000 OF NOTES OF
                          VERIZON GLOBAL FUNDING CORP.

              SUPPORTED AS TO PAYMENT OF PRINCIPAL AND INTEREST BY

                           VERIZON COMMUNICATIONS INC.

                                OFFER TO EXCHANGE

    $1,000,000,000 6 3/4% NOTES DUE 2005 THAT HAVE BEEN REGISTERED UNDER THE
        SECURITIES ACT FOR ANY AND ALL OUTSTANDING 6 3/4% NOTES DUE 2005

    $2,000,000,000 7 1/4% NOTES DUE 2010 THAT HAVE BEEN REGISTERED UNDER THE
        SECURITIES ACT FOR ANY AND ALL OUTSTANDING 7 1/4% NOTES DUE 2010

    $2,000,000,000 7 3/4% NOTES DUE 2030 THAT HAVE BEEN REGISTERED UNDER THE
        SECURITIES ACT FOR ANY AND ALL OUTSTANDING 7 3/4% NOTES DUE 2030

                                     [LOGO]

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

                                   PROSPECTUS

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

                                   JULY , 2001


<PAGE>

                                     PART II

                     INFORMATION NOT REQUIRED IN PROSPECTUS

ITEM 20. INDEMNIFICATION OF DIRECTORS AND OFFICERS

     Section 145 of the Delaware General Corporation Law ("DGCL") permits a
corporation to indemnify any of its directors or officers who was or is a party
or is threatened to be made a party to any third party proceeding by reason of
the fact that such person is or was a director or officer of the corporation,
against expenses (including attorney's fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by such person in connection with
such action or proceeding, if such person acted in good faith and in a manner
such person reasonably believed to be in or not opposed to the best interests of
the corporation, and, with respect to any criminal action or proceeding, had no
reason to believe that such person's conduct was unlawful. In a derivative
action, i.e., one by or in the right of the corporation, the corporation is
permitted to indemnify directors and officers against expenses (including
attorney's fees) actually and reasonably incurred by them in connection with the
defense or settlement of an action or suit if they acted in good faith and in a
manner that they reasonably believed to be in or not opposed to the best
interests of the corporation, except that no indemnification shall be made if
such person shall have been adjudged liable to the corporation, unless and only
to the extent that the court in which the action or suit was brought shall
determine upon application that the defendant directors or officers are fairly
and reasonably entitled to indemnity for such expenses despite such adjudication
of liability.

     Article 7 of the Verizon Communications Restated Certificate of
Incorporation, and Article 8 of the Verizon Global Funding Restated Certificate
of Incorporation, makes mandatory the indemnification expressly authorized under
the DGCL, except that the Verizon Communications Restated Certificate of
Incorporation only provides for indemnification in derivative actions, suits or
proceedings initiated by a director or officer if the initiation of such action,
suit or proceeding was authorized by the Board of Directors.

     Pursuant to Section 7.8 of the Amended and Restated Agreement and Plan of
Merger dated as of April 21, 1996 by and between NYNEX Corporation ("NYNEX") and
Bell Atlantic Corporation ("Bell Atlantic"), Bell Atlantic agreed for a period
of six years following the effective time of the merger to (a) cause NYNEX to
maintain in effect the provisions regarding indemnification of officers and
directors contained in the NYNEX Certificate of Incorporation and Bylaws and the
certificates of incorporation and bylaws of each of its subsidiaries or in
director, officer or employee indemnification agreements of NYNEX and its
subsidiaries, (b) maintain in effect and cause NYNEX to maintain in effect
current policies of directors' and officers' liability insurance and fiduciary
liability insurance with respect to claims arising prior to the effective time
of the merger, and (c) indemnify, and cause NYNEX to indemnify, the directors
and officers of Bell Atlantic and NYNEX, respectively, to the fullest extent
permitted under their respective certificates of incorporation and bylaws and
applicable law. In addition, Bell Atlantic agreed to unconditionally and
irrevocably guarantee for the benefit of such directors, officers and employees
the obligations of NYNEX under its indemnification arrangements.

     Pursuant to Section 7.8 of the Amended and Restated Agreement and Plan of
Merger dated as of July 27, 1998, by and among GTE Corporation ("GTE"), Bell
Atlantic, and a wholly


                                      II-1
<PAGE>

owned subsidiary of Bell Atlantic, Bell Atlantic agreed for a period of six
years following the effective time of the merger to (a) cause GTE to maintain in
effect the provisions regarding indemnification of officers and directors
contained in the GTE charter and bylaws and the charters and bylaws of each of
its subsidiaries or in director, officer or employee indemnification agreements
of GTE and its subsidiaries, (b) maintain in effect and cause GTE to maintain in
effect current policies of directors' and officers' liability insurance and
fiduciary liability insurance with respect to claims arising prior to the
Effective Time, and (c) indemnify, and cause GTE to indemnify, the directors and
officers of Bell Atlantic and GTE, respectively, to the fullest extent permitted
under their respective charters and bylaws and applicable law. In addition, Bell
Atlantic agreed to unconditionally and irrevocably guarantee for the benefit of
such directors, officers and employees the obligations of GTE under its
indemnification arrangements.

     Verizon Communications has succeeded to the obligations of Bell Atlantic
described in the two immediately preceding paragraphs.

     The Certificate of Incorporation of each of Verizon Communications and
Verizon Global Funding limits the personal liability of directors to the
corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director to the fullest extent permitted by the Delaware General
Corporation Law.

     The directors and officers of Verizon Communications and Verizon Global
Funding are insured against certain liabilities, including certain liabilities
arising under the Securities Act, which might be incurred by them in such
capacities and against which they cannot be indemnified by Verizon.

ITEM 21. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

     See Exhibit Index on Page E-1

ITEM 22. UNDERTAKINGS

     The undersigned registrants hereby undertake:

     (a) to respond to requests for information that is incorporated by
         reference into the prospectus pursuant to Item 4, 10(b), 11, or 13 of
         this form, within one business day of receipt of such request, and to
         send the incorporated documents by first class mail or other equally
         prompt means. This includes information contained in documents filed
         subsequent to the effective date of the registration statement through
         the date of responding to the request;

     (b) to supply by means of a post-effective amendment all information
         concerning a transaction, and the company being acquired involved
         therein, that was not the subject of and included in the registration
         statement when it became effective; and

     (c) that, for purposes of determining any liability under the Securities
         Act of 1933, each filing of the registrant's annual report pursuant to
         Section 13(a) or 15(d) of

                                      II-2
<PAGE>

         the Securities Exchange Act of 1934 that is incorporated by reference
         in the registration statement shall be deemed to be a new registration
         statement relating to the securities offered therein, and the offering
         of such securities at that time shall be deemed to be the initial bona
         fide offering thereof.











                                      II-3
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, Verizon
Communications Inc. has duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of New
York, State of New York, on the 9th day July, 2001.

                                        VERIZON COMMUNICATIONS INC.

                                        By: /s/ Frederic V. Salerno
                                            -----------------------
                                            (Senior Executive Vice President and
                                            Chief Financial Officer/Strategy and
                                            Business Development)

Pursuant to the requirements of the Securities Act of 1933, as amended, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated:

<TABLE>
<CAPTION>

             SIGNATURE                              TITLE                                DATE
<S>                                     <C>                                     <C>

                 *
------------------------------------               Director                          July 9, 2001
          James R. Barker

                 *
------------------------------------               Director                          July 9, 2001
           Edward H. Budd

                 *
------------------------------------               Director                          July 9, 2001
         Richard L. Carrion

                 *
------------------------------------               Director                          July 9, 2001
         Robert F. Daniell

                 *
------------------------------------               Director                          July 9, 2001
          Helene L. Kaplan

                 *
------------------------------------   Director, Chairman and Co-Chief               July 9, 2001
           Charles R. Lee              Executive Officer (co-principal
                                              executive officer)

                 *
------------------------------------               Director                          July 9, 2001
          Sandra O. Moose

                 *
------------------------------------               Director                          July 9, 2001
          Joseph Neubauer

                 *
------------------------------------               Director                          July 9, 2001
         Thomas H. O'Brien

                 *
------------------------------------               Director                          July 9, 2001
         Russell E. Palmer

                 *
------------------------------------               Director                          July 9, 2001
           Hugh B. Price


                                      II-4
<PAGE>

                 *
------------------------------------   Director, President and Co-Chief              July 9, 2001
         Ivan G. Seidenberg            Executive Officer (co-principal
                                              executive officer)

                 *
------------------------------------               Director                          July 9, 2001
         Walter V. Shipley

                 *
------------------------------------               Director                          July 9, 2001
            John W. Snow

                 *
------------------------------------               Director                          July 9, 2001
          John R. Stafford

                 *
------------------------------------               Director                          July 9, 2001
          Robert D. Storey

                 *                        Senior Vice President and
------------------------------------   Controller (principal accounting              July 9, 2001
        Lawrence R. Whitman                        officer)

</TABLE>


*  By /s/ Frederic V. Salerno
      -----------------------
      Individually and as attorney-in-fact
      (principal financial officer)


                                      II-5
<PAGE>


                                   SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, Verizon
Global Funding Corp. has duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of
Wilmington, State of Delaware, on the 9th day of July, 2001.

                                             VERIZON GLOBAL FUNDING CORP.

                                             By: /s/ Janet M. Garrity
                                                 --------------------
                                                 Janet M. Garrity
                                                 (President and Treasurer)

Pursuant to the requirements of the Securities Act of 1933, as amended, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated:

<TABLE>
<CAPTION>
             SIGNATURE                              TITLE                                DATE
<S>                                    <C>                                         <C>

                 *                         Chief Financial Officer                   July 9, 2001
------------------------------------  (principal financial officer and
         Robert S. Fitzmire             principal accounting officer)

                                      Director, President and Treasurer              July 9, 2001
                 *                      (principal executive officer)
------------------------------------
          Janet M. Garrity

                 *
------------------------------------               Director                          July 9, 2001
        William F. Heitmann


                 *
------------------------------------               Director                          July 9, 2001
         David S. Kauffman
</TABLE>



*  By /s/ Janet M. Garrity
      --------------------
      Janet M. Garrity
      Individually and as attorney-in-fact


                                      II-6

<PAGE>

EXHIBIT
  NO.            DESCRIPTION
--------         ------------------------------------------------------------

  3.1            Certificate of Incorporation of Verizon Global Funding Corp.*

  3.2            Certificate of Incorporation of Verizon Communications Inc., as
                 amended (previously filed as an Exhibit to Verizon
                 Communication Inc.'s Annual Report on Form 10-K for the year
                 ended December 31, 2000)

  3.3            By-laws of Verizon Global Funding Corp.*

  3.4            By-laws of Verizon Communications Inc. (previously filed as an
                 Exhibit to Verizon Communication Inc.'s Annual Report on Form
                 10-K for the year ended December 31, 2000)

  4.1            Indenture among Verizon Global Funding Corp., Verizon
                 Communications Inc. and First Union National Bank, as Trustee,
                 dated as of December 1, 2000*

  4.2            Form of 6 3/4% Notes*

  4.3            Form of 7 1/4% Notes*

  4.4            Form of 7 3/4% Notes*

  4.5            Exchange and Registration Rights Agreement, dated December 12,
                 2000 by and among Verizon Global Funding Corp., Verizon
                 Communications Inc., Chase Securities Inc., J.P. Morgan & Co.,
                 Morgan Stanley Dean Witter, M.R. Beal & Co., Bear, Stearns &
                 Co. Inc., Credit Suisse First Boston, Deutsche Banc Alex.
                 Brown, UBS Warburg LLC and Utendahl Capital Partners, L.P.*

  4.6            Exchange and Registration Rights Agreement, dated February 7,
                 2001 by and among Verizon Global Funding Corp., Verizon
                 Communications Inc., J.P. Morgan & Co. and Morgan Stanley Dean
                 Witter*

  5              Opinion and Consent of William P. Barr, Esq.*

  12             Statement of Verizon Communications Inc. Consolidated
                 Computation of Ratio of Earnings to Fixed Charges (previously
                 filed as an Exhibit to Verizon Communication Inc.'s Annual
                 Report on Form 10-K for the year ended December 31, 2000 and


<PAGE>

                 as an Exhibit to Verizon Communication Inc.'s Current Report on
                 Form 8-K dated May 9, 2001)

  23.1           Consent of Ernst & Young LLP*

  23.2           Consent of PricewaterhouseCoopers*

  23.3           Consent of Arthur Andersen LLP*

  23.4           Consent of William P. Barr, Esq. (contained in opinion filed as
                 Exhibit 5)

  24.1           Powers of Attorney of Verizon Global Funding Corp.*

  24.2           Powers of Attorney of Verizon Communications Inc.*

  25             Statement of Eligibility of Trustee on Form T-1*

  99.1           Form of Letter of Transmittal*

  99.2           Form of Notice of Guaranteed Delivery*

*        Filed herewith.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>file002.txt
<DESCRIPTION>CERTIFICATE OF INCORPORATION
<TEXT>

<PAGE>

                                                                     EXHIBIT 3.1


                      RESTATED CERTIFICATE OF INCORPORATION
                                       OF
                          VERIZON GLOBAL FUNDING CORP.



         1. The name of the corporation is VERIZON GLOBAL FUNDING CORP.

         2. The address of its registered office in the State of Delaware is
1209 Orange Street in the city of Wilmington, County of New Castle. The name of
its registered agent at such address is The Corporation Trust Company.

         3. The nature of the business or purposes to be conducted or promoted
is to engage in any lawful act or activity for which corporations may be
organized under the General Corporation Law of Delaware.

         4. The total number of shares of all classes of stock which the
corporation shall have authority to issue is one share of Common Stock without
par value.

         5. The business and affairs of the corporation shall be managed under
the direction of the Board of Directors.

         6. Election of directors need not be by written ballot unless the
by-laws of the corporation shall so provide.

         7. The Board of Directors is expressly authorized from time to time to
make, alter or repeal the by-laws of the corporation.

         8. To the fullest extent that the General Corporation Law of the State
of Delaware, as it exists on the date hereof or as it may hereafter be amended,
permits the limitation or elimination of the liability of directors, no director
of the corporation


<PAGE>

shall be liable to the corporation or its stockholders for monetary damages for
breach of fiduciary duty as a director. No amendment to or repeal of this
Article shall apply to or have any effect on the liability or alleged liability
of any director of the corporation for or with respect to any acts or omissions
of such director occurring prior to such amendment or repeal.

         9. The corporation reserves the right to amend, alter, change or repeal
any provision contained in this certificate of incorporation, in the manner now
or hereafter prescribed by statute, and all rights conferred upon stockholders
herein are granted subject to this reservation.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.3
<SEQUENCE>3
<FILENAME>file003.txt
<DESCRIPTION>BY-LAWS
<TEXT>

<PAGE>

                                                                     EXHIBIT 3.3


                                     BY-LAWS
                                       OF
                          VERIZON GLOBAL FUNDING CORP.
                            (a Delaware Corporation)

                                    ARTICLE I
                            Meetings of Stockholders

         SECTION 1.01. Place of Meeting. All meetings of the stockholders of the
corporation shall be held at such place within or without the State of Delaware
as shall be designated by the board of directors (or by an officer or
stockholders call in a meeting pursuant to Section 1.03) in accordance with
Section 1.02 or Section 1.03.

         SECTION 1.02. Annual Meeting. The board of directors shall fix the
date, place and time of the annual meeting of the stockholders to be held for
the purpose of electing directors and transacting such other business as may
properly be brought before the meeting.

         SECTION 1.03. Special Meetings. Special meetings of the stockholders of
the corporation, for any purpose or purposes for which meetings may lawfully be
called, may be called at any time by the chairman or any co-chairman of the
board, by the President (or such officer as may be duly authorized to exercise
the duties ordinarily exercised by the president), or by stockholders owning a
majority of the stock upon written notice to the Secretary, which written notice
shall state the purpose or purposes of the meeting and designate the date, time
and place of the meeting. It shall be the duty of the secretary to fix the date,
place and time of such meeting in accordance with such notice (but subject to
the express terms of these by-laws) and to give due notice thereof pursuant to
Section 1.04.

         SECTION 1.04. Notice of Meetings. Written notice of the place, date and
hour of every meeting of the stockholders, whether annual or special, shall be
given to each stockholder of record entitled to vote at the meeting not less
than ten nor more than sixty days before the date of the meeting. Every notice
of a special meeting shall state the purpose or purposes thereof.

         SECTION 1.05. Quorum and Manner of Acting. The holders of a majority of
the shares issued and outstanding (not including treasury stock) and entitled to
vote thereat, present in person or represented by proxy, shall constitute a
quorum at any meeting of the stockholders for the transaction of business except
as otherwise provided by statute, the certificate of incorporation or these
by-laws. When a quorum is present or represented at any meeting, the vote


<PAGE>

of a majority of the shares present in person or represented by proxy and voting
on the question shall decide any question brought before such meeting, unless
the question is one upon which, by express provision of an applicable statute or
these by-laws, a different vote is required, in which case such express
provision shall govern and control the decision of such question.

                                   ARTICLE II
                               Board of Directors

         SECTION 2.01. Powers. The business and affairs of the corporation shall
be managed under the direction of its board of directors; and all powers of the
corporation, except those specifically reserved or granted to the stockholders
by statute, the certificate of incorporation or these by-laws, are hereby
granted to and vested in the board of directors.

         SECTION 2.02. Number and Term of Office. The board of directors shall
consist of not less than one nor more than ten directors. At each annual meeting
of stockholders, directors shall be chosen for a term of one year. Each director
shall hold office until the director's successor shall have been elected and
qualified, except in the event of the director's earlier death, resignation or
removal. All directors of the corporation shall be natural persons, but need not
be residents of Delaware or stockholders of the corporation.

         SECTION 2.03. Vacancies. Vacancies and newly created directorships
resulting from any increase in the authorized number of directors elected by all
of the stockholders may be filled by a majority of the directors then in office,
although less than a quorum, or by a sole remaining director, and the directors
so chosen shall hold office until the next annual election and until their
successors are duly elected and shall qualify, except in the event of the
director's earlier death, resignation or removal.

         SECTION 2.04. Resignations. Any director of the corporation may resign
at any time upon written notice to the corporation. Such resignation shall take
effect at the date of the receipt of such notice or at any later time specified
therein and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective.

         SECTION 2.05. Organization. At every meeting of the board of directors,
the following person shall preside: (i) the chairman or co-chairman of the
board, or (ii) in the case of a vacancy in, or the nonexistence of, the offices
of chairman and co-chairmen of the board or the absence of an elected chairman
or co-chairman of the board, the president, or (iii) in the case of a vacancy
in, or the nonexistence of, the offices of chairman and co-chairmen of the board
and president or the absence of an elected chairman or co-chairman of the board
and president, a chairman chosen by a majority of the directors present shall
preside. The secretary or, in the absence of the secretary, an assistant
secretary or, in the absence of the secretary and the assistant secretaries, any
person appointed by the chairman of the meeting shall act as secretary.



                                       2
<PAGE>

         SECTION 2.06. Place of Meeting. The board of directors may hold its
meetings, both regular and special, at such place or places within or without
the State of Delaware as the board of directors may from time to tune determine
or as may be designated in the notice calling the meeting.

         SECTION 2.07. Annual Meeting. A meeting of the board of directors for
the election of officers and the transaction of general business shall, unless a
different time or place is designated by the board, be held following each
annual meeting of stockholders at the place of the annual meeting of
stockholders, and no notice of such meeting shall be necessary to the newly
elected directors in order legally to constitute the meeting if a quorum shall
be present.

         SECTION 2.08. Regular Meetings. Regular meetings of the board of
directors may be held without notice at such time and place as shall be
designated from time to time by resolution of the board of directors. If the
date fixed for any such regular meeting is a Saturday, Sunday or legal holiday
under the laws of the State where such meeting is to be held, then the meeting
shall be held on the next succeeding business day or at such other time as may
be determined by resolution of the board of directors. At such meetings the
directors shall transact such business as may properly be brought before the
meeting.

         SECTION 2.09. Special Meetings. Special meetings of the board of
directors may be called by the chairman or any co-chairman of the board or by
the president (or such officer as may be duly authorized to exercise the duties
ordinarily exercised by the president). Notice of each such meeting shall be
given to each director by telephone (in which case notice shall be given at
least 24 hours before the time of the meeting), sent by telegram or similar
method (in which case notice shall be given at least 48 hours before the time of
the meeting) or sent by first-class mail (in which case notice shall be given at
least five days before the meeting). Each such notice shall state the time and
place of the meeting to be so held, but no such notice shall be required to
state the purpose or purposes for which the meeting is called nor the matters to
be considered at such meeting.

         SECTION. 2.10. Quorum, Manner of Acting and Adjournment. At all
meetings of the board, a majority of the directors in office shall constitute a
quorum for the transaction of business and the vote of a majority of the
directors present at any meeting at which there is a quorum present shall be the
act of the board of directors, except as may be otherwise specifically provided
by statute, these by-laws or the certificate of incorporation. If a quorum shall
not be present at any meeting of the board of directors, the directors present
thereat may adjourn the meeting from time to time, without notice other than
announcement at the meeting, until a quorum shall be present. Any action
required or permitted to be taken at any meeting of the board of directors or of
any committee thereof may be taken without a meeting, if all members of



                                       3
<PAGE>

the board or committee, as the case may be, consent thereto in writing and the
writing or writings are filed with the minutes of proceedings of the board or
committee.

         SECTION 2.11. Committees of the Board. The board of directors may, by
resolution adopted by a majority of the whole board, designate two or more of
its number to constitute an Executive Committee. The Executive Committee, except
as otherwise expressly provided by resolution of the board, shall have and may
exercise all the powers and authority of the board of directors in the
management of the business and affairs of the corporation to the extent
permitted by law, including the power and authority to declare a dividend. The
board of directors may, by resolution adopted by a majority of the whole board,
designate from time to time such other committees of the board of directors as
it shall deem necessary or appropriate. The board may designate one or more
directors as alternate members of any committee, who may replace any absent or
disqualified member at any meeting of the committee. In the absence or
disqualification of a committee member, and in the absence or disqualification
of the alternate or alternates designated for such member, if any, the committee
member or members thereof present at any meeting and not disqualified from
voting, whether or not constituting a quorum of the committee, may unanimously
appoint another director to act at the meeting in the place of any such absent
or disqualified member. A majority of committee members, or in their absence
alternates designated in the manner described in this section, shall constitute
a quorum. The vote of a majority of committee members present and voting, or in
their absence alternates designated in the manner described in this section,
shall be the act of the committee provided that there is a quorum present.

         Each committee of the board shall have such duties, power and
authority, not inconsistent with these by-laws, as may from time to time be
established by resolution of the board of directors.

                                   ARTICLE III
                           Notice - Waivers - Meetings

         SECTION 3.01. Notice, What Constitutes. Whenever, under the provisions
of the statutes of Delaware or the certificate of incorporation or these
by-laws, notice is required to be given to any director or stockholder, it shall
not be construed to mean personal notice, but such notice may be given in
writing, by mail, addressed to such director or stockholder at his or her
address as it appears on the records of the corporation, with postage thereon
prepaid, and such notice shall be deemed to be given at the time when the same
shall be deposited in the United States mail. Notice to directors may also be
given in accordance with Section 2.09 hereof.

         SECTION 3.02. Waivers of Notice. Whenever any notice is required to be
given under the provisions of the certificate of incorporation or these by-laws,
or by statute, a waiver thereof



                                       4
<PAGE>

in writing, signed by the person or persons entitled to such notice, whether
executed before or after the action or event required to be stated in the
notice, shall be deemed equivalent to the giving of such notice. Neither the
business to be transacted at, nor the purpose of, any regular or special meeting
of the stockholders, directors, or members of a committee need be specified in
any written waiver of notice of such meeting.

         Attendance of a person, either in person or by proxy, at any meeting
shall constitute a waiver of notice of such meeting, except where a person
attends a meeting for the express purpose of objecting, at the beginning of the
meeting, to the transaction of any business because the meeting was not lawfully
called or convened.

         SECTION 3.03. Conference Telephone Meetings. Members of the board of
directors, or of any committee of the board of directors, may participate in a
meeting of such board or committee by means of conference telephone or similar
communications equipment by means of which all persons participating in the
meeting can hear each other, and such participation in a meeting shall
constitute presence in person at such meeting.

                                   ARTICLE IV
                                    Officers

         SECTION 4.01. Number, Qualifications and Designation. The officers of
the corporation shall be (i) one or more of any of the following: a chairman or
a vice-chairman of the board or a president or a vice president (or such other
officer as may be duly authorized to exercise the duties, respectively,
ordinarily exercised by the president or vice president), (ii) a secretary,
(iii) a treasurer, and (iv) such other officers as may from time to time be
elected by the board of directors or appointed in accordance with the provisions
of Section 4.03 hereof. One person may hold more than one office. Officers may
be, but need not be, directors or stockholders of the corporation.

         SECTION 4.02. Election and Term of Office. The officers of the
corporation, except those appointed by delegated authority pursuant to Section
4.03 hereof, shall be elected by the board of directors for such terms as may be
specified by the board, and each such officer shall hold such office until such
officer's successor shall have been elected and qualified, or until such
officer's earlier death, resignation or removal. Any officer may resign at any
time by giving written notice to the corporation. Such resignation shall take
effect at the date of receipt of such notice or at any later time specified
therein and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective.

         SECTION 4.03. Subordinate Officers, Employees and Agents. The board of
directors may from time to time appoint such subordinate officers, employees or
other-agents as it deems necessary, who shall hold such positions for such terms
and shall exercise such powers and



                                       5
<PAGE>

perform such duties as are provided in these by-laws, or as the board of
directors may from time to time determine. The board of directors may delegate
to any officer or committee of the board the power to appoint or remove
subordinate officers and to retain, appoint or remove employees or other agents,
or committees thereof, and to prescribe the authority and duties, not
inconsistent with these by-laws, of such subordinate officers, committees,
employees or other agents.

         SECTION 4.04. Chairman of the Board. The chairman or co-chairmen of the
board shall preside at all meetings of the board of directors and shall perform
such other duties as may from time to time be assigned to him or her by the
board of directors.

         SECTION 4.05. The President. The president, if one shall be elected by
the board of directors, shall have such authority and perform such duties as
usually appertain to that office in business corporations; preside at meetings
of the board of directors in the absence of the chairman or a co-chairman of the
board; and perform such other duties as may from time to time be assigned to him
or her by the board of directors.

         SECTION 4.06. The Treasurer. The treasurer, or an assistant treasurer,
if one shall be elected by the board of directors or appointed by delegated
authority pursuant to Section 4.03 hereof, shall have or provide for the custody
of the funds and other property of the corporation and shall keep or cause to be
kept full and accurate accounts of receipts and disbursements in books belonging
to the corporation; collect and receive, or provide for the collection and
receipt of, moneys earned by or in any manner due to or received by the
corporation; deposit all funds in his or her custody as treasurer in such banks
or other places of deposit as the board of directors may from time to time
designate; whenever so required by the board of directors, render an account
showing his or her transactions as treasurer and the financial condition of the
corporation; and, in general, discharge such other duties as may from time to
time be assigned to him or her by the board of directors or the chairman or a
co-chairman of the board.

         SECTION 4.07. The Secretary. The secretary, or an assistant secretary,
shall attend all meetings of the stockholders and of the board of directors and
shall record the proceedings of the stockholders and of the directors and of
committees of the board in a book or books to be kept for that purpose; see that
notices are given and records and reports properly kept and filed by the
corporation as required by law; be the custodian of the seal of the corporation
and attest or cause to be attested documents on behalf of the corporation under
its seal; and, in general, perform all duties as may from time to time be
assigned to him or her by the board of directors or the chairman or a
co-chairman of the board.

         SECTION 4.08. Other Officers. Officers other than those elected by the
board of directors pursuant to Section 4.01 shall have such authority and
duties, not inconsistent with these by-laws, as may be provided by resolution of
the board of directors.



                                       6
<PAGE>

         SECTION 4.09. Salaries. The salaries of the officers of the corporation
elected by the board of directors shall be fixed from time to time by, or
pursuant to authority delegated by, the board of directors.

         SECTION 4.10. Voting of Stock. Unless otherwise ordered by the board of
directors, the chairman or a co-chairman of the board or the president shall
have full power and authority, on behalf of the corporation, to attend and to
act and vote, in person or by proxy, at any meeting of the stockholders of any
company in which the corporation may hold stock, and at any such meeting shall
possess and may exercise any and all of the rights and powers incident to the
ownership of such stock which, as the owner thereof, the corporation might have
possessed and exercised if present. The board of directors, by resolution
adopted from time to time, may confer like powers upon any other person or
persons.

                                    ARTICLE V
                             Certificates for Stock

         SECTION 5.01. Issuance. Each stockholder shall be entitled to a
certificate certifying the number of shares of stock of the corporation owned by
such stockholder upon his or her request therefor.

         SECTION 5.02. Stock Certificates. Stock certificates of the corporation
shall be in such form as may be approved by the board of directors. The stock
record books and the blank stock certificate books shall be kept by the
secretary or by any agency designated by the board of directors for that
purpose.

                                   ARTICLE VI
   Indemnification of Directors, Officers and Other Authorized Representatives

         SECTION 6.01. Indemnification of Authorized Representatives in Third
Party Proceedings. The corporation shall indemnify any person who was or is an
"authorized representative" of the corporation (which shall mean for purposes of
this Article a director or officer of the corporation) and who was or is a party
or is threatened to be made a party to any "third party proceeding" (which shall
include for purposes of this Article any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative, other than an action by or in the right of the corporation) by
reason of the fact that such person was or is an authorized representative of
the corporation, against expenditures (which shall include for purposes of this
Article attorneys' fees), judgments, penalties, fines and amounts paid in
settlement actually and reasonably incurred by such person in connection with
such third party proceeding if such person acted in good faith and in a manner
such person reasonably believed to be in, or not opposed to, the best interests
of the corporation and, with respect to any criminal



                                       7
<PAGE>

third party proceeding (including any action or investigation which could or
does lead to a criminal third party proceeding), had no reasonable cause to
believe such conduct was unlawful. The termination of any third party proceeding
by judgment, order, settlement, conviction or upon a plea of nolo contendere or
its equivalent shall not of itself create a presumption that the authorized
representative (i) did not act in good faith and in a manner which such person
reasonably believed to be in, or not opposed to, the best interests of the
corporation or, (ii) with respect to any criminal third party proceeding, had
reasonable cause to believe that such conduct was unlawful.

         SECTION 6.02. Indemnification of Authorized Representatives in
Corporate Proceedings. The corporation shall indemnify any person who was or is
an authorized representative of the corporation and who was or is a party or is
threatened to be made a party to any "corporate proceeding" (which shall include
for purposes of this Article any threatened, pending or completed action or suit
by or in the right of the corporation to procure a judgment in its favor and any
investigative proceeding by the corporation) by reason of the fact that such
person was or is an authorized representative of the corporation, against
expenses actually and reasonably incurred by such person in connection with the
defense or settlement of such corporate action if such person acted in good
faith and in a manner reasonably believed to be in, or not opposed to, the best
interests of the corporation, except that no indemnification shall be made in
respect of any claim, issue or matter as to which such person shall have been
adjudged to be liable for negligence or misconduct in the performance of such
person's duty to the corporation unless and only to the extent that the Court of
Chancery or the court in which such corporate proceeding was pending shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, such authorized representative is
fairly and reasonably entitled to indemnity for such expenses which the Court of
Chancery or such other court shall deem proper.

         SECTION 6.03. Mandatory Indemnification of Authorized Representatives.
To the extent that an authorized representative of the corporation has been
successful on the merits or otherwise in defense of any third party or corporate
proceeding or in defense of any claim, issue or matter therein, such person
shall be indemnified against expenses actually and reasonably incurred by such
person in connection therewith.

         SECTION 6.04. Determination of Entitlement to Indemnification. Any
indemnification under Section 6.01, 6.02 or 6.03 hereof (unless ordered by a
court) shall be made by the corporation only as authorized in the specific case
upon a determination that indemnification of the authorized representative is
proper in the circumstances because such person has either met the applicable
standard of conduct set forth in Section 6.01 or 6.02 or has been successful on
the merits or otherwise as set forth in Section 6.03 and that the amount
requested has been actually



                                       8
<PAGE>

and reasonably incurred. Such determination shall be made: (1) by the board of
directors by a majority vote of a quorum consisting of directors who were not
parties to such third party or corporate proceeding, or (2) if such a quorum is
not obtainable or, even if obtainable; a majority vote of such a quorum so
directs, by independent legal counsel in a written opinion, or (3) by the
stockholders.

         SECTION 6.05. Advancing Expenses. Expenses actually and reasonably
incurred in defending a third party or corporate proceeding shall be paid on
behalf of an authorized representative by the corporation in advance of the
final disposition of such third party or corporate proceeding and within 30 days
of receipt by the Secretary of (i) an application from such authorized
representative setting forth the basis for such application, and (ii) if
required by law at the time such application is made, an undertaking by or on
behalf of the authorized representative to repay such amount if it shall
ultimately be determined that such person is not entitled to be indemnified by
the corporation under this Article. The financial ability of such authorized
representative to make such repayment shall not be a prerequisite to the making
of an advance.

         SECTION 6.06. Employee Benefit Plans. For purposes of this Article,
references to "other enterprises" shall include employee benefit plans;
references to "fines", shall include any excise taxes assessed on a person with
respect to an employee benefit plan; and references to "serving at the request
of the corporation" shall include any service as a director, officer, employee
or agent of the corporation which imposes duties on, or involves services by,
such director, officer, employee, or agent with respect to an employee benefit
plan, its participants, or beneficiaries; and a person who acted in good faith
and in a manner he or she reasonably believed to be in the interest of the
participants and beneficiaries of an employee benefit plan shall be deemed to
have acted in a manner "not opposed to the best interests of the corporation" as
referred to in this Article.

         SECTION 6.07. Score of Article. The indemnification and advancement of
expenses provided by or granted pursuant to this Article shall (i) not be deemed
exclusive of any other rights to which those seeking indemnification or
advancement of expenses may be entitled under any statute, agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in an
official capacity and as to action in another capacity while holding such
office, (ii) unless otherwise provided when authorized or ratified, continue as
to a person who has ceased to be an authorized representative and (iii) inure to
the benefit of the heirs, executors and administrators of such a person.

         SECTION 6.08. Reliance on Provisions. Each person who shall act as an
authorized representative of the corporation shall be deemed to be doing so in
reliance upon the rights of indemnification and advancement of expenses provided
by this Article.



                                       9
<PAGE>

         SECTION 6.09. Insurance. The corporation may purchase and maintain
insurance on behalf of any person who is or was an authorized representative
against any liability asserted against such person and incurred by such person
in any such capacity, or arising out of such person's status as such, whether or
not the corporation would have the power to indemnify such person against such
liability under the provisions of this Article or otherwise.

                                  ARTICTLE VII
                               General Provisions

         SECTION 7.01. Contracts. The board of directors may, by resolution,
authorize any officer or officers, including the chairman or any co-chairman of
the board, or any agent or agents to enter into any contract or to execute or
deliver any instrument on behalf of the corporation and such authority may be
general or confined to specific instances. Any officer so authorized may, unless
the authorizing resolution otherwise provides, delegate such authority to one or
more subordinate officers, employees or agents, and such delegation may provide
for further delegation.

         SECTION 7.02. Checks, Notes, etc. A11 checks, notes and evidences of
indebtedness of the corporation shall be signed by such person or persons as the
board of directors may from time to time designate.
         SECTION 7.03 Corporate Seal. The corporate seal shall have inscribed
thereon the name of the corporation, the year of its organization and the words
"Corporate Seal, Delaware". The seal may be used by causing it or a facsimile
thereof to be impressed or affixed or in any other manner reproduced.

         SECTION 7.04. Fiscal Year. The fiscal year of the corporation shall
begin on the first day of January of each year and shall end on the last day of
December of each year.

         SECTION 7.05. Amendment of By-laws. To the extent permissible under
Delaware law and the articles of incorporation of the corporation, these by-laws
may be altered, amended or repealed, or new by-laws may be adopted, by the board
of directors at any meeting by majority vote of the directors in office.


                                       10
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>file004.txt
<DESCRIPTION>INDENTURE
<TEXT>

<PAGE>

                                                                     EXHIBIT 4.1

                                                                [CONFORMED COPY]







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





                          VERIZON GLOBAL FUNDING CORP.,
                                     Issuer


                                       and


                          VERIZON COMMUNICATIONS, INC.,


                           First Union National Bank,
                                     Trustee


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

                                    INDENTURE

                          Dated as of December 1, 2000

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



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


<PAGE>

                          VERIZON GLOBAL FUNDING CORP.
                                       and
                           VERIZON COMMUNICATIONS INC.

         Reconciliation and tie showing the location in the Indenture dated as
of December 1, 2000 of the provisions inserted pursuant to Sections 310 to
318(a), inclusive, of the Trust Indenture Act of 1939.

Trust Indenture Act Section                               Indenture Section
---------------------------                               -----------------
Section 310    (a)(1)...................................................609
               (a)(2)...................................................609
               (a)(3)........................................Not Applicable
               (a)(4)........................................Not Applicable
               (b)......................................................608
                  ...................................................610(d)
               (c)...........................................Not Applicable
Section 311    (a)........................................613(a) and 613(c)
               (b)........................................613(b) and 613(c)
               (c)...........................................Not Applicable
Section 312    (a)......................................................701
                  ...................................................702(a)
               (b)...................................................702(b)
               (c)...................................................702(c)
Section 313    (a)...................................................703(a)
               (b)...................................................703(b)
               (c)........................................703(a) and 703(b)
               (d)...................................................703(d)
Section 314    (a)......................................................704
               (b)...........................................Not Applicable
               (c)......................................................102
               (c)(1)...................................................102
               (c)(2)...................................................102
               (c)(3)........................................Not Applicable
               (d)...........................................Not Applicable
               (e)......................................................102
Section 315    (a)...................................................601(a)
               (b)......................................................602
                  ................................................703(a)(7)
               (c)...................................................601(b)
               (d)...................................................601(c)
               (d)(1).............................................601(a)(1)
               (d)(2).............................................601(c)(2)
               (d)(3).............................................601(c)(3)
               (e)......................................................514
Section 316    (a)(1)(A)........................................502 and 512
               (a)(1)(B)................................................513
               (a)(2)........................................Not Applicable
               (b)......................................................508
Section 317    (a)(1)...................................................503
               (a)(2)...................................................504
               (b).....................................................1003
Section 318    (a)......................................................107

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

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


<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                              <C>
PARTIES...........................................................................................................1
RECITALS..........................................................................................................1


                                    ARTICLE I

               DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101.   Definitions........................................................................................1
SECTION 102.   Compliance Certificates and Opinions..............................................................12
SECTION 103.   Form of Documents Delivered to Trustee............................................................12
SECTION 104.   Acts of Holders...................................................................................13
SECTION 105.   Notices, Etc., to Trustee, Company and Parent.....................................................15
SECTION 106.   Notice to Holders; Waiver.........................................................................15
SECTION 107.   Conflict with Trust Indenture Act.................................................................16
SECTION 108.   Effect of Headings and Table of Contents..........................................................16
SECTION 109.   Successors and Assigns............................................................................16
SECTION 110.   Separability Clause...............................................................................16
SECTION 111.   Benefits of Indenture.............................................................................17
SECTION 112.   Governing Law.....................................................................................17
SECTION 113.   Non-Business Day..................................................................................17
SECTION 114.   Immunity of Incorporators, Stockholders, Officers and Directors...................................17
SECTION 115.   Certain Matters Relating to Currencies............................................................18
SECTION 116.   Language of Notices, Etc..........................................................................18


                                   ARTICLE II

                                 SECURITY FORMS

SECTION 201.   Forms of Securities...............................................................................18
SECTION 202.   Support Agreement.................................................................................19
SECTION 203.   Form of Trustee's Certificate of Authentication...................................................19
SECTION 204.   Securities in Global Form.........................................................................20
SECTION 205.   Legends...........................................................................................20


                                   ARTICLE III

                                 THE SECURITIES

SECTION 301.   Title; Payment and Terms..........................................................................23
SECTION 302.   Denominations and Currencies......................................................................27
SECTION 303.   Execution, Authentication, Delivery and Dating....................................................28
SECTION 304.   Temporary Securities and Exchange of Securities...................................................29
SECTION 305.   Registration, Registration of Transfer and Exchange...............................................33
</TABLE>


                                      -i-

<PAGE>

<TABLE>
<CAPTION>
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SECTION 306.   Additional Provisions Applicable to Transfer and Exchange of Restricted Securities................37
SECTION 307.   Form of Certificate to be Delivered in Connection with Transfers to Institutional Accredited
                     Investors...................................................................................38
SECTION 308.   Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S.........40
SECTION 309.   Mutilated, Destroyed, Lost and Stolen Securities and Coupons......................................41
SECTION 310.   Payment of Interest; Interest Rights Preserved....................................................42
SECTION 311.   Persons Deemed Owners.............................................................................44
SECTION 312.   Cancellation......................................................................................44
SECTION 313.   Computation of Interest...........................................................................45
SECTION 314.   Currency and Manner of Payments in Respect of Securities..........................................45
SECTION 315.   Appointment and Resignation of Currency Determination Agent.......................................48


                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

SECTION 401.   Option to Effect Legal Defeasance or Covenant Defeasance..........................................48
SECTION 402.   Legal Defeasance and Discharge....................................................................48
SECTION 403.   Covenant Defeasance...............................................................................49
SECTION 404.   Conditions to Legal or Covenant Defeasance........................................................50
SECTION 405.   Satisfaction and Discharge of Indenture...........................................................51
SECTION 406.   Survival of Certain Obligations...................................................................52
SECTION 407.   Acknowledgment of Discharge by Trustee............................................................52
SECTION 408.   Application of Trust Moneys.......................................................................52
SECTION 409.   Repayment to the Company or Parent; Unclaimed Money...............................................53
SECTION 410.   Reinstatement.....................................................................................53


                                    ARTICLE V

                                    REMEDIES

SECTION 501.   Events of Default.................................................................................54
SECTION 502.   Acceleration of Maturity; Rescission and Annulment................................................55
SECTION 503.   Collection of Indebtedness and Suits for Enforcement by Trustee...................................56
SECTION 504.   Trustee May File Proofs of Claim..................................................................57
SECTION 505.   Trustee May Enforce Claims Without Possession of Securities or Coupons............................58
SECTION 506.   Application of Money Collected....................................................................58
SECTION 507.   Limitation on Suits...............................................................................59
SECTION 508.   Unconditional Right of Holders to Receive Principal (and Premium, if any) and Interest, if any....59
SECTION 509.   Restoration of Rights and Remedies................................................................59
SECTION 510.   Rights and Remedies Cumulative....................................................................60
SECTION 511.   Delay or Omission Not Waiver......................................................................60
SECTION 512.   Control by Holders................................................................................60
</TABLE>


                                      -ii-

<PAGE>

<TABLE>
<CAPTION>
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                                                                                                               ----
<S>                                                                                                              <C>
SECTION 513.   Waiver of Past Defaults...........................................................................60
SECTION 514.   Undertaking for Costs.............................................................................61
SECTION 515.   Waiver of Stay or Extension Laws..................................................................61
SECTION 516.   Judgment Currency.................................................................................61


                                   ARTICLE VI

                                   THE TRUSTEE

SECTION 601.   Certain Duties and Responsibilities...............................................................62
SECTION 602.   Notice of Defaults................................................................................63
SECTION 603.   Certain Rights of Trustee.........................................................................63
SECTION 604.   Not Responsible for Recitals or Issuance of Securities............................................64
SECTION 605.   May Hold Securities...............................................................................65
SECTION 606.   Money Held in Trust...............................................................................65
SECTION 607.   Compensation and Reimbursement....................................................................65
SECTION 608.   Disqualification; Conflicting Interests...........................................................66
SECTION 609.   Corporate Trustee Required; Different Trustees for Different Series; Eligibility..................66
SECTION 610.   Resignation and Removal; Appointment of Successor.................................................66
SECTION 611.   Acceptance of Appointment by Successor............................................................68
SECTION 612.   Merger, Conversion, Consolidation or Succession to Business.......................................69
SECTION 613.   Preferential Collection of Claims Against Company.................................................69
SECTION 614.   Authenticating Agents.............................................................................69


                                   ARTICLE VII

            HOLDERS' LISTS AND REPORTS BY TRUSTEE, COMPANY AND PARENT

SECTION 701.   Company and Parent to Furnish Trustee Names and Addresses of Holders..............................71
SECTION 702.   Preservation of Information; Communications to Holders............................................71
SECTION 703.   Reports by Trustee................................................................................72
SECTION 704.   Reports by Company and Parent.....................................................................73


                                  ARTICLE VIII

                  CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

SECTION 801.   Company and Parent May Consolidate, Etc., Only on Certain Terms...................................74
SECTION 802.   Successor Corporation Substituted.................................................................75


                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

SECTION 901.   Supplemental Indentures Without Consent of Holders................................................75
</TABLE>


                                      -iii-

<PAGE>

<TABLE>
<CAPTION>
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<S>                                                                                                              <C>
SECTION 902.   Supplemental Indentures With Consent of Holders...................................................77
SECTION 903.   Execution of Supplemental Indentures..............................................................78
SECTION 904.   Effect of Supplemental Indentures.................................................................78
SECTION 905.   Conformity With Trust Indenture Act...............................................................78
SECTION 906.   Reference in Securities to Supplemental Indentures................................................78


                                    ARTICLE X

                                    COVENANTS

SECTION 1001.   Payment of Principal (and Premium, if any) and Interest, if any..................................79
SECTION 1002.   Maintenance of Office or Agency..................................................................79
SECTION 1003.   Money for Securities Payments To Be Held in Trust................................................80
SECTION 1004.   Lien on Assets...................................................................................81
SECTION 1005.   Waiver of Certain Covenants......................................................................82
SECTION 1006.   Payment of Additional Amounts....................................................................82



                                   ARTICLE XI

                            REDEMPTION OF SECURITIES

SECTION 1101.   Applicability of This Article....................................................................85
SECTION 1102.   Election to Redeem; Notice to Trustee............................................................85
SECTION 1103.   Selection by Trustee of Securities to Be Redeemed................................................85
SECTION 1104.   Notice of Redemption.............................................................................86
SECTION 1105.   Deposit of Redemption Price......................................................................87
SECTION 1106.   Securities Payable on Redemption Date............................................................87
SECTION 1107.   Securities Redeemed in Part......................................................................88
SECTION 1108.   Tax Redemption; Special Tax Redemption...........................................................88


                                   ARTICLE XII

                                  SINKING FUNDS

SECTION 1201.   Applicability of This Article....................................................................91
SECTION 1202.   Satisfaction of Sinking Fund Payments With Securities............................................91
SECTION 1203.   Redemption of Securities for Sinking Fund........................................................92


                                  ARTICLE XIII

                        MEETINGS OF HOLDERS OF SECURITIES

SECTION 1301.   Purposes for Which Meetings May Be Called........................................................92
SECTION 1302.   Call, Notice and Place of Meetings...............................................................92
SECTION 1303.   Persons Entitled to Vote at Meetings.............................................................93
SECTION 1304.   Quorum; Action...................................................................................93
</TABLE>


                                      -iv-

<PAGE>

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                              <C>
SECTION 1305.   Determination of Voting Rights; Conduct and Adjournment of Meetings..............................94
SECTION 1306.   Counting Votes and Recording Action of Meetings..................................................94
</TABLE>



EXHIBITS

EXHIBIT A             Support Agreement.

EXHIBIT B             Form of Certificate To Be Delivered to Euroclear or
                      Clearstream by a Beneficial Owner of Securities, in Order
                      to Receive a Definitive Bearer Security in Exchange for an
                      Interest in a Temporary Global Security or to Exchange an
                      Interest in a Temporary Global Security for an Interest in
                      a Permanent Global Security.

EXHIBIT C             Form of Certificate To Be Given to the Appropriate Trustee
                      by Euroclear or Clearstream Regarding the Exchange of a
                      Temporary Global Security for Definitive Securities or for
                      a Portion of a Permanent Global Security.

EXHIBIT D             Form of Certificate To Be Delivered to Euroclear or
                      Clearstream by a Beneficial Owner of Securities, in Order
                      to Receive Payment on a Temporary Global Security.

EXHIBIT E             Form of Certificate To Be Given to the Appropriate Trustee
                      by Euroclear or Clearstream Regarding Payment on a
                      Temporary Global Security.


                                      -v-

<PAGE>

         INDENTURE, dated as of December 1, 2000, among VERIZON GLOBAL FUNDING
CORP., a corporation duly incorporated and existing under the laws of Delaware
and having its principal office at 3900 Washington Street, 2nd Floor,
Wilmington, Delaware, 19802 (hereinafter called the "Company"), VERIZON
COMMUNICATIONS INC., a corporation duly incorporated and existing under the laws
of Delaware and having its principal executive office at 1095 Avenue of the
Americas, New York, New York (hereinafter called "Parent") and First Union
National Bank, a banking association organized and existing under the laws of
the United States of America, as Trustee (hereinafter called the "Trustee").

                             RECITALS OF THE COMPANY

         The Company deems it necessary to issue from time to time for its
lawful purposes securities (hereinafter called the "Securities") evidencing its
unsecured indebtedness and has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of the Securities,
unlimited as to principal amount, to have such titles, to bear such rates of
interest, to mature at such time or times and to have such other provisions as
shall be fixed as hereinafter provided.

         Parent has duly authorized the execution and delivery of this Indenture
and has deemed it appropriate to enter into a Support Agreement, dated October
31, 2000 (the "Support Agreement"), with the Company, the form of which is
attached as Exhibit A and made a part hereof, in which Parent agreed to assure
the timely payment of the principal of, interest and premium, if any, on the
Securities provided that no Holder of Securities shall have recourse to the
stock or assets of Verizon Services Corp., Telecom Corporation of New Zealand
Limited or any operating telephone company which may from time to time be owned
directly or indirectly by Parent.

         All things necessary to make this Indenture a valid agreement, in
accordance with its terms, have been done, and the Company proposes to do all
things necessary to make the Securities, when executed by the Company and
authenticated and delivered by the Trustee hereunder and duly issued by the
Company, the valid obligations of the Company as hereinafter provided.

                   NOW, THEREFORE, THIS INDENTURE WITNESSETH:

         For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, the Company and Parent covenant and agree
with the Trustee, for the equal and proportionate benefit of all Holders of the
Securities or series thereof, as follows:

                                   ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101. Definitions.

         For all purposes of this Indenture and all Securities issued hereunder,
except as otherwise expressly provided or unless the context otherwise requires:



                                       1
<PAGE>

                  (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;

                  (3) all accounting terms not otherwise defined herein have the
         meanings assigned to them in accordance with generally accepted
         accounting principles in the United States, and the term "generally
         accepted accounting principles" with respect to any computation
         required or permitted hereunder shall mean such accounting principles
         as are generally accepted in the United States at the date or time of
         such computation; and

                  (4) the words "herein", "hereof" 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 Article Three and Article Six, are
defined in those Articles.

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

         "Affected Security" has the meaning specified in Section 1108(b).

         "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 meanings correlative to the
foregoing.

         "applicants" has the meaning specified in Section 702(b).

         "Authenticating Agent" means any Person authorized to authenticate and
deliver Securities on behalf of the Trustee for the Securities of any series
pursuant to Section 614.

         "Authorized Newspapers" means a newspaper customarily published at
least once a day for at least five days in each calendar week and of general
circulation in New York City and in London and, to the extent the Securities are
listed on the Stock Exchange and the Stock Exchange shall so require, in
Luxembourg or, if it shall be impracticable in the opinion of the Trustee for
the Securities of the appropriate series to make such publication, in another
capital city in Western Europe. Such publication (which may be in different
newspapers) is expected to be made in the Eastern edition of The Wall Street
Journal, in the London edition of the Financial Times and in the Luxemburger
Wort.

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



                                       2
<PAGE>

         "Board of Directors", when used with reference to the Company or
Parent, means either the board of directors or any duly authorized committee of
that board or any director or directors and/or officer or officers to whom that
board or committee shall have duly delegated its authority, of the Company or
Parent, as the case may be.

         "Board Resolution", when used with reference to the Company or Parent,
means (1) a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company or Parent, as the case may be, to have been duly
adopted by its Board of Directors and to be in full force and effect on the date
of such certification, or (2) a certificate signed by the director or directors
or officer or officers to whom the Board of Directors of the Company or Parent
shall have duly delegated its authority, and delivered to the Trustee for the
Securities of any series.

         "Business Day" means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which commercial banks are authorized or
required by law, regulation or executive order to close in The City of New York;
provided, however, that, with respect to Securities not denominated in Dollars,
the day is also not a day on which commercial banks are authorized or required
by law, regulation or executive order to close in the Principal Financial Center
of the country issuing the Foreign Currency or currency unit or, if the Foreign
Currency or currency unit is euro, the day is also a day on which the
Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET)
System is open; provided, further, with respect to LIBOR Securities, that the
day is also a London Business Day.

         "Certificate of a Firm of Independent Public Accountants" means a
certificate signed by any firm of independent public accountants of recognized
standing selected by the Company. The term "independent" when used with respect
to any specified firm of public accountants means such a firm which (1) is in
fact independent, (2) does not have any direct financial interest or any
material indirect financial interest in the Company, Parent or in any other
obligor upon the Securities of any series or in any affiliate of the Company,
Parent or of such other obligor, and (3) is not connected with the Company,
Parent or such other obligor or any affiliate of the Company, Parent or of such
other obligor, as an officer, employee, promoter, underwriter, trustee, partner,
director or person performing similar functions, but such firm may be the
regular auditors employed by the Company and Parent. Whenever it is herein
provided that any Certificate of a Firm of Independent Public Accountants shall
be furnished to the Trustee for Securities of any series, such Certificate shall
state that the signer has read this definition and that the signer is
independent within the meaning hereof.

         "Clearstream" means Clearstream Banking S.A., or its successor.

         "Code" means the Internal Revenue Code of 1986, as amended, and the
regulations thereunder.

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



                                       3
<PAGE>

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

         "Company Request" and "Company Order" mean a written request or order
signed in the name of the Company or Parent, as the case may be by (1) the
Chairman of the Board, a Vice Chairman of the Board, the President, the Chief
Financial Officer or a Vice President (any reference herein to a Vice President
of the Company or Parent, as the case may be, shall be deemed to include any
Vice President of the Company or Parent, as the case may be, whether or not
designated by a number or a word or words added before or after the title "Vice
President"), and by the Treasurer, an Assistant Treasurer, the Controller, an
Assistant Controller, the Secretary or an Assistant Secretary of the Company or
(2) by any two Persons designated in a Company Order previously delivered to the
Trustee for Securities of any series by any two of the foregoing officers and
delivered to the Trustee for Securities of any series.

         "Component Currency" has the meaning specified in Section 314(e).

         "Conversion Event" means the unavailability of any Foreign Currency or
currency unit due to the imposition of exchange controls or other circumstances
beyond the Company's control.

         "Corporate Trust Office" means the office of the Trustee for Securities
of any series at which at any particular time its corporate trust business shall
be administered, which office of the Trustee at the date of the execution of
this Indenture, is located at 123 South Broad Street, Corporate Trust
Administration PA 1249, Philadelphia PA 19109.

         "corporation" includes corporations, limited liability companies,
associations, companies and business trusts.

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

         "Covenant Defeasance" has the meaning specified in Section 403.

         "Currency Determination Agent", with respect to Securities of any
series, means, unless otherwise specified in the Securities of any series, a New
York Clearing House bank designated pursuant to Section 301 or Section 315.

         "Defaulted Interest" has the meaning specified in Section 310.

         "Definitive IAI Security" has the meaning specified in Section 201.

         "Definitive Securities" means Securities issued in certificated (as
opposed to global) form.

         "Depositary" means, with respect to the Securities of any series
issuable or issued in the form of a Global Security, the Person designated as
Depositary by the Company pursuant to Section 301 until a successor Depositary
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter "Depositary" shall mean or include each Person who



                                       4
<PAGE>

is then a Depositary hereunder, and if at any time there is more than one such
Person, "Depositary" as used with respect to the Securities of any such series
shall mean the Depositary with respect to the Securities of that series.

         "Determination Notice" has the meaning specified in Section 1108(b).

         "Dollars" and the sign "$" mean the currency of the United States of
America as at the time of payment is legal tender for the payment of public and
private debts.

         "Election Date" has the meaning specified in Section 314(e).

         "Euroclear" means Morgan Guaranty Trust Company of New York, Brussels
office, or its successor, as operator of the Euroclear system.

         "Event of Default" has the meaning specified in Section 501.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended,
as in force at the date as of which this Indenture was executed; provided,
however, that in the event the Securities Exchange Act of 1934 is amended after
such date, "Exchange Act" means, to the extent required by any such amendment,
the Securities Exchange Act of 1934 as so amended.

         "Exchange Date" has the meaning specified in Section 304.

         "Exchange Securities" shall mean Securities issued in a transaction
which has been registered under the Securities Act in exchange for Restricted
Securities.

         "Foreign Currency" means a currency issued and actively maintained as a
country's recognized unit of domestic exchange by the government of any country
other than the United States and such term shall include the euro.

         "Global Exchange Agent" has the meaning specified in Section 304.

         "Global IAI Security" has the meaning specified in Section 201.

         "Global Securities" means Securities issued in global (as opposed to
certificated) form.

         "Government Obligations" means securities which are (i) direct
obligations of the government which issued the currency in which the Securities
of a particular series are payable (except as provided in Sections 314(b) and
314(d), in which case with respect to Securities for which an election has
occurred pursuant to Section 314(b), or a Conversion Event has occurred as
provided in Section 314(d), such obligations shall be issued in the currency or
currency unit in which such Securities are payable as a result of such election
or Conversion Event) or (ii) obligations of a Person controlled or supervised by
or acting as an agency or instrumentality of the government which issued the
currency in which the Securities of such series are payable (except as provided
in Sections 314(b) and 314(d), in which case with respect to Securities for
which an election has occurred pursuant to Section 314(b), or a Conversion Event
has occurred as provided in Section 314(d)), such obligations shall be issued in
the currency or currency unit in which such Securities are payable as a result
of such election or Conversion Event), the



                                       5
<PAGE>

payment of which is unconditionally guaranteed by such government, which, in
either case, are full faith and credit obligations of such government payable in
such currency and are not callable or redeemable at the option of the issuer
thereof.

         "Holder", when used with respect to any Security, means in the case of
a Registered Security the Person in whose name a Security is registered in the
Security Register, and in the case of a Bearer Security the bearer thereof and,
when used with respect to any coupon, means any bearer thereof.

         "IAI" has the meaning specified in Section 201.

         "IAI Securities" means the collective reference to Global IAI
Securities and Definitive IAI Securities.

         "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 shall include the terms of
a particular series of Securities established as contemplated by Section 301.

         "Indexed Security" means any Security as to which the amount of
payments of principal, premium, if any, and/or interest, if any, due thereon is
determined with reference to the rate of exchange between the currency or
currency unit in which the Security is denominated and any other specified
currency or currency unit, to the relationship between two or more currencies or
currency units, to the price of one or more specified securities or commodities,
to one or more securities or commodities exchange indices or other indices or by
other similar methods or formulas, all as specified in accordance with Section
301.

         "interest", when used with respect to an OID Security which by its
terms bears interest only after Maturity, means interest payable after Maturity.

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

         "Issue Date" means the date on which the Securities of a particular
series are originally issued under this Indenture.

         "Judgment Date" has the meaning specified in Section 516.

         "Legal Defeasance" has the meaning specified in Section 402.

         "LIBOR" means, with respect to any series of Securities, the rate
specified as LIBOR for such Securities in accordance with Section 301.

         "LIBOR Currency" means the currency specified pursuant to Section 301
as to which LIBOR will be calculated or, if no currency is specified pursuant to
Section 301, Dollars.

         "LIBOR Security" means any Security which bears interest at a floating
rate calculated with reference to LIBOR.



                                       6
<PAGE>

         "London Business Day" means, with respect to any LIBOR Security, a day
on which commercial banks are open for business, including dealings in the LIBOR
Currency, in London.

         "mandatory sinking fund payment" has the meaning specified in Section
1201.

         "Market Exchange Rate" with respect to any Foreign Currency or currency
unit on any date means, unless otherwise specified in accordance with Section
301, the noon buying rate in The City of New York for cable transfers in such
Foreign Currency or currency unit as certified for customs purposes by the
Federal Reserve Bank of New York for such Foreign Currency or currency unit.

         "Maturity", when used with respect to any Security, means the date on
which the principal (or, if the context so requires, in the case of an OID
Security, a lesser amount or, in the case of an Indexed Security, an amount
determined in accordance with the specified terms of that Security) of that
Security becomes due and payable as therein or herein provided, whether at the
Stated Maturity or by declaration of acceleration, call for redemption, request
for redemption, repayment at the option of the Holder, pursuant to any sinking
fund or otherwise.

         "Mortgage" means and includes any mortgage, pledge, lien, security,
interest, conditional sale or other title retention agreement or other similar
encumbrance.

         "Notice of Default" has the meaning specified in Section 501(3).

         "Officers' Certificate", as when used with reference to the Company or
Parent, means a certificate signed by the Chairman of the Board, a Vice Chairman
of the Board, the Chief Executive Officer, the President, the Chief Financial
Officer or a Vice President (any reference herein to a Vice President of the
Company or Parent, as the case may be, shall be deemed to include any Vice
President of the Company or Parent, as the case may be, whether or not
designated by a number or a word or words added before or after the title "Vice
President"), and by the Treasurer, an Assistant Treasurer, the Controller, an
Assistant Controller, the Secretary or an Assistant Secretary of the Company or
Parent, as the case may be, and delivered to the Trustee for the Securities of
any series.

         "OID Security" means a Security which provides for an amount (excluding
any amounts attributable to accrued but unpaid interest thereon) less than the
principal amount thereof to be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 502.

         "Opinion of Counsel", means, for purposes of Section 1108, a written
opinion of independent legal counsel of recognized standing and, for all other
purposes hereof, means a written opinion of counsel, who may be an employee of
or counsel to the Company or Parent or may be other counsel satisfactory to the
Trustee for the Securities of any series.

         "optional sinking fund payment" has the meaning specified in Section
1201.

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



                                       7
<PAGE>

                  (1) Securities theretofore cancelled by the Trustee for such
         Securities or delivered to such Trustee for cancellation;

                  (2) Securities or portions thereof for whose payment or
         redemption money in the necessary amount and in the required currency
         or currency unit has been theretofore deposited with the Trustee for
         such Securities or any Paying Agent (other than the Company or any
         other obligor upon the Securities) in trust or set aside and segregated
         in trust by the Company or any other obligor upon the Securities (if
         the Company or any other obligor upon the Securities shall act as its
         own Paying Agent) for the Holders of such Securities; provided,
         however, that, if such Securities or portions thereof are to be
         redeemed, notice of such redemption has been duly given pursuant to
         this Indenture, or provision therefore satisfactory to such Trustee has
         been made; and

                  (3) Securities which have been paid pursuant to Section 309 or
         in exchange for or in lieu of which other Securities have been
         authenticated and delivered pursuant to this Indenture, other than any
         such Securities in respect of which there shall have been presented
         proof satisfactory to the Trustee for such Securities that any such
         Securities are held by bona fide holders in due course;

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, (a) Securities
owned by the Company, Parent or any other obligor upon the Securities or any
Affiliate of the Company, Parent or such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
for such Securities shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which such
Trustee knows to be so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of such Trustee the pledgee's right so to act
with respect to such Securities and that the pledgee is not the Company, Parent
or any other obligor upon the Securities or any Affiliate of the Company, Parent
or of such other obligor, (b) the principal amount of an OID Security that shall
be deemed to be Outstanding for such purposes shall be the amount of the
principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration pursuant to Section 502 and (c)
the principal amount of a Security denominated in a Foreign Currency or currency
unit that shall be deemed to be outstanding for such purposes shall be
determined in accordance with Section 115.

         "Parent" has the meaning specified in the first paragraph of this
instrument.

         "Paying Agent" means First Union National Bank or any other Person
authorized by the Company to pay the principal of (and premium, if any) or
interest, if any, on any Securities of any series on behalf of the Company.

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



                                       8
<PAGE>

         "Place of Payment" when used with respect to the Securities of any
particular series, means the place or places where the principal of (and
premium, if any) and interest, if any, on the Securities of that series are
payable, as contemplated by Section 301.

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by that
particular Security, and, for the purposes of this definition, any Security
authenticated and delivered under Section 309 in lieu of a mutilated, destroyed,
lost or stolen Security or a Security to which a mutilated, destroyed, lost or
stolen coupon appertains shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Security or the Security to which the
mutilated, destroyed, lost or stolen coupon appertains, as the case may be.

         "Principal Financial Center" means, unless otherwise specified in
accordance with Section 301:

                  (1) the capital city of the country issuing the Foreign
         Currency or currency unit, except that with respect to Dollars,
         Australian dollars, Canadian dollars, Deutsche marks, Dutch guilders,
         South African rand and Swiss francs, the "Principal Financial Center"
         will be The City of New York, Sydney and Melbourne, Toronto, Frankfurt,
         Amsterdam, Johannesburg and Zurich, respectively, or

                  (2) the capital city of the country to which the LIBOR
         Currency relates, except that with respect to Dollars, Canadian
         dollars, Deutsche marks, Dutch guilders, Portuguese escudos, South
         African rand and Swiss francs, the "Principal Financial Center" will be
         The City of New York, Toronto, Frankfurt, Amsterdam, London,
         Johannesburg and Zurich, respectively.

         "Private Placement Legend" has the meaning specified in Section 205.

         "QIB" means any "qualified institutional buyer" (as defined in Rule
144A under the Securities Act).

         "Redemption Date", when used with respect to any Security to be
redeemed in whole or in part, means the date fixed for such redemption by or
pursuant to this Indenture.

         "Redemption Price", when used with respect to any Security to be
redeemed, means, unless otherwise specified in such Security, an amount, in the
currency or currency unit in which such Security is denominated or which is
otherwise provided for pursuant hereto, equal to the principal amount thereof
(and premium, if any, thereon) together with accrued interest, if any, to the
Redemption Date.

         "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 Interest Payment
Date on the Registered Securities of any series, means the date, if any,
specified for that purpose as contemplated by Section 301.



                                       9
<PAGE>

         "Regulation S" means Regulation S under the Securities Act.

         "Regulation S Global Security" has the meaning specified in Section
201.

         "Regulation S Legend" has the meaning specified in Section 205.

         "Regulation S Restricted Period" means with respect to any series of
Securities the 40 consecutive days beginning on and including the later of (A)
the day on which any Regulation S Securities of such series are offered to
persons other than distributors (as defined in Regulation S under the Securities
Act) and (B) the date on which any such Securities are originally issued.

         "Regulation S Security" has the meaning specified in Section 201.

         "Resale Restriction Termination Date" shall have the meaning specified
in Section 306.

         "Responsible Officer", when used with respect to the Trustee for any
series of Securities, means the chairman or vice chairman of the board of
directors, the chairman or vice chairman of the executive committee of the board
of directors, the president, any vice president (whether or not designated by a
number or a word or words added before or after the title "vice president"), the
secretary, any assistant secretary, the treasurer, any assistant treasurer, the
cashier, any assistant cashier, any trust officer or assistant trust officer,
the controller or any assistant controller or any other officer of such Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

         "restricted period" has the meaning specified in Section 303.

         "Restricted Securities" shall mean Securities of any series that are
offered and sold in a transaction that was not registered under the Securities
Act.

         "Restricted Securities Legend" means the Private Placement Legend set
forth in clause (A) of Section 205 or the Regulation S Legend set forth in
clause (B) of Section 205, as applicable.

         "Rule 144A Securities" has the meaning specified in Section 201.

         "Rule 144A Global Security" has the meaning specified in Section 201.

         "Securities" means securities evidencing unsecured indebtedness of the
Company authenticated and delivered under this Indenture, including any Exchange
Securities.

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

         "Security Custodian" means the custodian with respect to any Global
Security (as appointed by the Depositary), or any successor Person thereto, and
shall initially be the Trustee.



                                       10
<PAGE>

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

         A "series" of Securities means all Securities denoted as part of the
same series authorized by or pursuant to a particular Board Resolution.

         "Special Record Date" for the payment of any Defaulted Interest on the
Registered Securities of any series means a date fixed by the Trustee for such
series pursuant to Section 310.

         "Stated Maturity", when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified
in such Security or a coupon representing such installment of interest as the
fixed date on which the principal of such Security or such installment of
principal or interest is due and payable.

         "Stock Exchange" unless specified otherwise with respect to any
particular series of Securities, means the Luxembourg Stock Exchange.

         "Substitute Date" has the meaning specified in Section 516.

         "Support Agreement" has the meaning specified in the third paragraph of
this instrument.

         "Support Obligations" means the obligations of Parent under the Support
Agreement.

         "Trustee" means the Person named as the "Trustee" in the first
paragraph of this instrument and, subject to the provisions of Article Six
hereof, shall also include its successors and assigns as Trustee hereunder. If
there shall be at one time more than one Trustee hereunder, "Trustee" shall mean
each such Trustee and shall apply to each such Trustee only with respect to
those series of Securities with respect to which it is serving as Trustee.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended
by the Trust Indenture Reform Act of 1990, as in force at the date as of which
this Indenture was executed; provided, however, that in the event the Trust
Indenture Act is amended after such date, "Trust Indenture Act" means, to the
extent required by any such amendment, the Trust Indenture Act of 1939 as so
amended.

         "United States" means, unless otherwise specified with respect to
Securities of any series, the United States of America (including the States and
the District of Columbia), its territories, its possessions (which include, at
the date of this Indenture, Puerto Rico, the U.S. Virgin Islands, Guam, American
Samoa, Wake Island and the Northern Mariana Islands) and other areas subject to
its jurisdiction.

         "United States Alien" has the meaning specified in Section 1006.

         "United States person" has the meaning specified in Section 1108(b).

         "Yield to Maturity", when used with respect to any OID Security, means
the yield to maturity, if any, set forth on the face thereof.



                                       11
<PAGE>

SECTION 102. Compliance Certificates and Opinions.

         Upon any application or request by the Company or Parent to the Trustee
for any series of Securities to take any action under any provision of this
Indenture, the Company or Parent, as the case may be, shall furnish to such
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 is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

                  (1) a statement that each individual signing such certificate
         or opinion has read such condition or covenant and the definitions
         herein relating thereto;

                  (2) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (3) a statement that, in the opinion of each such individual,
         he has made such examination or investigation as is necessary to enable
         him to express an informed opinion as to whether or not such condition
         or covenant has been complied with; and

                  (4) a statement as to whether, in the opinion of each such
         individual, such condition or covenant has been complied with.

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 or Parent 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 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 or Parent, as the case may be, stating
that the information with respect to such factual matters is in the possession
of the Company or Parent, as the case may be, unless such counsel



                                       12
<PAGE>

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, 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 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 agent duly
appointed in writing. If Securities of a series are issuable as Bearer
Securities, any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given by Holders 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 called and held in accordance with the provisions of Article
Thirteen, 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 delivered to the Trustee
for the appropriate series of Securities and, where it is hereby expressly
required, to the Company or Parent or both of them. 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 601) conclusive in favor of the
Trustee for the appropriate series of Securities and the Company and Parent and
any agent of such Trustee or the Company or Parent, 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 1306.

         The Company may at its discretion set a record date for purposes of
determining the identity of Holders of Registered Securities entitled to vote or
consent to any action by vote or consent authorized or permitted under this
Indenture, but the Company shall have no obligation to do so. If not set by the
Company prior to the first solicitation of Holders of Registered Securities of a
particular series made by any Person in respect of any such action, or, in the
case of any such vote, prior to such vote, the record date for any such action
or vote shall be 30 days prior to the first solicitation of such vote or
consent. Upon the fixing of such a record date, those persons who were Holders
of Registered Securities at such record date (or their duly designated proxies),
and only those persons, shall be entitled with respect to such Registered
Securities to take such action by vote or consent or to revoke any vote or
consent previously given, whether or not such persons continue to be Holders
after such record date.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by the certificate of any notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution



                                       13
<PAGE>

thereof. Where such execution is by an officer of a corporation or association
or a member of a partnership, or an official of a public or governmental body,
on behalf of such corporation, association, partnership or public or
governmental body or by a fiduciary, such certificate or affidavit shall also
constitute sufficient proof of his authority.

         (c) The fact and date of the execution by any Person of any such
instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner which the Trustee for the appropriate series
of Securities deems sufficient.

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

         (e) The principal amount and serial numbers of Bearer Securities held
by any Person, and the date of holding the 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, wherever situated, if such
certificate shall be deemed by the Trustee for such Securities 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 such Trustee to be satisfactory. The Trustee for such Securities 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, (2) such Bearer Security is
produced to such Trustee by some other Person, (3) such Bearer Security is
surrendered in exchange for a Registered Security, or (4) such Bearer Security
is no longer Outstanding. The principal amount and serial numbers of Bearer
Securities held by any Person, and the date of holding the same, may also be
proved in any other manner which the Company and the Trustee for such Securities
deem sufficient.

         (f) Subject to Section 115, in determining whether the Holders of the
requisite principal amount of Outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver under this
Indenture, the principal amount of an OID 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 would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 502 at the time the taking of such action by the Holders of such
requisite principal amount is evidenced to the Trustee for such Securities.

         (g) 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, omitted or suffered to be done by the Trustee for such
Securities, the Security Registrar, any Paying Agent or the Company or Parent in
reliance thereon, whether or not notation of such action is made upon such
Security.



                                       14
<PAGE>

SECTION 105. Notices, Etc., to Trustee, Company and Parent.

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

                  (1) the Trustee for a series of Securities by any Holder or by
         the Company or Parent shall be sufficient for every purpose hereunder
         if made, given, furnished or filed in writing to or with such Trustee
         at its Corporate Trust Office, Attention: Corporate Trustee
         Administration Department, or if sent by facsimile transmission, to a
         facsimile number provided by the Trustee, with a copy mailed, first
         class postage prepaid to the Trustee addressed to it as provided above,
         or

                  (2) the Company or Parent by such Trustee or by any Holder
         shall be sufficient for every purpose hereunder (except as provided in
         paragraphs (3), (4) and (5) of Section 501) if in writing and mailed,
         first class postage prepaid, addressed in the case of the Company to it
         at the address of its principal office specified in the first paragraph
         of this instrument or at any other address previously furnished in
         writing to such Trustee by the Company, or if sent by facsimile
         transmission, to a facsimile number provided to the Trustee by the
         Company, with a copy mailed, first class postage prepaid, to the
         Company addressed to it as provided above, and with a copy to Parent,
         and addressed in the case of Parent to it at the address specified in
         the first paragraph of this instrument or at any other address
         previously furnished in writing to such Trustee by Parent, or if sent
         by facsimile transmission, to a facsimile number provided to the
         Trustee by Parent, with a copy mailed, first class postage prepaid, to
         Parent addressed to it as provided above, and with a copy to the
         Company.

SECTION 106. Notice to Holders; Waiver.

         Where this Indenture provides for notice to Holders of any event, (1)
such notice shall be sufficiently given (unless otherwise herein expressly
provided) to Holders of Registered Securities if in writing and mailed, first
class postage prepaid, to each Holder 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 (unless otherwise herein expressly
provided) to Holders of Bearer Securities who have filed their names and
addresses with the Trustee for such purpose within the previous two years if in
writing and mailed, first class postage prepaid, to each such Holder at his
address as so filed not later than the latest date and not earlier than the
earliest date prescribed for the giving of such notice, or to all other Holders
of Bearer Securities if published in an Authorized Newspaper on a Business Day
at least twice, the first such publication to be not earlier than the earliest
date, and the second such publication to be not later than the latest date,
prescribed herein 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



                                       15
<PAGE>

provided herein. Any notice mailed in the manner prescribed by this Indenture
shall be deemed to have been given whether or not received by any particular
Holder. In 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 to Holders of
Registered Securities by mail, then such notification as shall be made with the
approval of the Trustee for such Securities shall constitute a sufficient
notification for every purpose hereunder.

         In case by reason of the suspension 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 made with the
approval of the Trustee for such Securities shall constitute sufficient notice
to such Holders for every purpose hereunder. Neither the failure to give notice
by publication to Holders of Bearer Securities as provided above, nor any defect
in any notice so published, shall affect the sufficiency of any notice to
Holders of Registered Securities given as provided herein.

         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 shall be filed with the Trustee for such
Securities, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

SECTION 107. Conflict with Trust Indenture Act.

         If any provision hereof limits, qualifies or conflicts with the duties
imposed by any of Sections 310 through 317, inclusive, of the Trust Indenture
Act through the operation of Section 318(c) thereof, such imposed duties shall
control. Until such time as this Indenture shall be qualified under the Trust
Indenture Act, this Indenture, the Company, Parent and the Trustee shall be
deemed for all purposes hereof to be subject to and governed by the Trust
Indenture Act to the same extent as would be the case if this Indenture were so
qualified on the date hereof.

SECTION 108. 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 109. Successors and Assigns.

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

SECTION 110. Separability Clause.

         In case any provision in this Indenture or in the Securities or coupons
or in the Support Agreement 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.



                                       16
<PAGE>

SECTION 111. Benefits of Indenture.

         Nothing in this Indenture or in the Securities or in any coupons
appertaining thereto, expressed or implied, shall give to any Person, other than
the parties hereto, any Paying Agent, any Security Registrar 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.

SECTION 112. Governing Law.

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

SECTION 113. Non-Business Day.

         Unless otherwise stated with respect to Securities of any series, in
any case where any Interest Payment Date, Redemption Date or Stated Maturity of
a Security of any particular series shall not be a Business Day at any Place of
Payment with respect to Securities of that series, then (notwithstanding any
other provision of this Indenture or of the Securities or coupons) payment of
principal of (and premium, if any) and interest, if any, with respect to such
Security need not be made at such Place of Payment on such date, but may be made
on the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date or Redemption Date, or at the
Stated Maturity, provided that no interest shall accrue for the period from and
after such Interest Payment Date, Redemption Date or Stated Maturity, as the
case may be.

SECTION 114. Immunity of Incorporators, Stockholders, Officers and Directors.

         No recourse shall be had for the payment of the principal of (and
premium, if any), or the interest, if any, on any Security or coupon of any
series, or for any claim based thereon, or upon any obligation, covenant or
agreement of this Indenture or the Support Agreement, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company, Parent or of any successor corporation, either directly or indirectly
through the Company, Parent or any successor corporation, whether by virtue of
any constitution, statute or rule of law or by the enforcement of any assessment
of penalty or otherwise; it being expressly agreed and understood that this
Indenture, the Support Agreement and all the Securities and coupons of each
series are solely corporate obligations, and that no personal liability whatever
shall attach to, or is incurred by, any incorporator, stockholder, officer or
director, past, present or future, of the Company, Parent or of any successor
corporation, either directly or indirectly through the Company, Parent or any
successor corporation, because of the incurring of the indebtedness hereby
authorized or under or by reason of any of the obligations, covenants or
agreements contained in this Indenture, the Support Agreement or in any of the
Securities or coupons of any series, or to be implied herefrom or therefrom; and
that all such personal liability is hereby expressly released and waived as a
condition of, and as part of the consideration for, the execution of this
Indenture and the issuance of the Securities and coupons of each series.



                                       17
<PAGE>

SECTION 115. Certain Matters Relating to Currencies.

         Subject to Section 314, each reference to any currency or currency unit
in any Security, or in the Board Resolution or supplemental indenture relating
thereto, shall mean only the referenced currency or currency unit and no other
currency or currency unit.

         The Trustee shall segregate moneys, funds and accounts held by the
Trustee in one currency or currency unit from any moneys, funds or accounts held
in any other currencies or currency units, notwithstanding any provision herein
which would otherwise permit the Trustee to commingle such amounts.

         Whenever any action or Act is to be taken hereunder by the Holders of
Securities denominated in a Foreign Currency or currency unit, then for purposes
of determining the principal amount of Securities held by such Holders, the
aggregate principal amount of the Securities denominated in a Foreign Currency
or currency unit shall be deemed to be that amount of Dollars that could be
obtained for such principal amount on the basis of a spot rate of exchange
specified to the Trustee for such series in an Officers' Certificate for such
Foreign Currency or currency unit into Dollars as of the date the taking of such
action or Act by the Holders of the requisite percentage in principal amount of
the Securities is evidenced to such Trustee.

SECTION 116. Language of Notices, Etc.

         Any request, demand, authorization, direction, notice, consent or
waiver required or permitted under this Indenture shall be in the English
language, and any published notice may also be in an official language of the
country of publication.

                                   ARTICLE II

                                 SECURITY FORMS

SECTION 201. Forms of Securities.

         The Registered Securities, if any, of each series and the Bearer
Securities, if any, of each series and related coupons shall be in such form or
forms (including global form) as shall be established by or pursuant to a Board
Resolution of the Company or in one or more indentures supplemental hereto, in
each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by 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 be
required by this Indenture or any indenture supplemental hereto or to comply
with any law, with any rule or regulation made pursuant thereto, with any rules
of any securities exchange, automated quotation system or clearing agency or to
conform to usage, as may, consistently herewith, be determined by the officers
executing such Securities or coupons, as evidenced by their execution of such
Securities or coupons.

         Unless determined differently as contemplated by the preceding
paragraph, Restricted Securities of a series offered and sold to QIBs in the
United States of America in reliance on



                                       18
<PAGE>

Rule 144A ("Rule 144A Securities") shall be issued in the form of one or more
permanent Global Securities, without interest coupons, bearing appropriate
legends as set forth in Section 205 (each, a "Rule 144A Global Security").

         Unless determined differently as contemplated by the second preceding
paragraph, Restricted Securities of a series offered and sold outside the United
States of America in reliance on Regulation S (each, a "Regulation S Security")
shall be issued in the form of one or more permanent Global Securities, without
interest coupons, bearing appropriate legends as set forth in Section 205 (each,
a "Regulation S Global Security").

         Unless determined differently as contemplated by the third preceding
paragraph, Restricted Securities of a series offered, sold and initially issued
to institutional "accredited investors" (as defined in Rules 501(a)(1), (2), (3)
and (7) under the Securities Act) who are not QIBs ("IAIs") in the United States
of America without registration under the Securities Act shall be issued as
Definitive Securities, without interest coupons, bearing appropriate legends as
set forth in Section 205, (each, a "Definitive IAI Security"). Upon such
issuance, the Trustee shall register such Institutional Accredited Investor
Securities in the name of the beneficial owner or owners of such Securities (or
the nominee of such beneficial owner or owners) and deliver the certificates for
such Institutional Accredited Investor Securities to the respective beneficial
owner or owners.

         Unless determined differently as contemplated by the fourth preceding
paragraph, Restricted Securities of a series resold to IAIs who are not QIBs, in
the United States shall be issued in the form of one or mare permanent Global
Securities, without interest coupons, bearing appropriate legends as set forth
in Section 205 (each, a "Global IAI Security")

         Unless otherwise specified as contemplated by Section 301, Bearer
Securities shall have interest coupons attached.

         The Securities and coupons, if any, 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 executing such Securities or coupons, as evidenced by
their execution thereof.

SECTION 202. Support Agreement.

         Holders of Securities and the Trustee are entitled to the benefits of
the Support Agreement.

SECTION 203. Form of Trustee's Certificate of Authentication.

         The Certificate of Authentication on all Securities shall be in
substantially the following form:


                  "This is one of the Securities of the series designated
         therein described in the within-mentioned Indenture.




                                       19
<PAGE>

                                       [Trustee],
                                       as Trustee


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

SECTION 204. Securities in Global Form.

         If any Security of a series is issuable in global form, such Security
may provide that it shall represent the aggregate amount of Outstanding
Securities 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 reduced or increased to reflect exchanges and transfers. Any endorsement
of a Security in global form to reflect the amount, or any increase or decrease
in the amount, of Outstanding Securities represented thereby shall be made by
the Trustee and in such manner as shall be specified in such Security. Any
instructions by the Company with respect to a Security in global form, after its
initial issuance, shall be in writing but need not comply with Section 102.

         Global Securities may be issued in either registered or bearer form and
in either temporary or permanent form.

SECTION 205. Legends.

         Unless determined differently as provided in Section 201, Global
Securities shall bear the following legend on the face thereof:


         "UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
         OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW
         YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
         TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
         IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
         AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
         OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
         OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
         OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
         OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
         WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
         SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
         SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
         RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE
         HEREOF."



                                       20
<PAGE>

         Unless determined differently as provided in Section 201,

                  (A) each Rule 144A Global Security (and each Definitive
Security issued upon the transfer of all or a portion of the beneficial interest
in such Global Security), each Definitive IAI Security and each Global IAI
Security (and each Definitive Security issued upon the transfer of all or a
portion of the beneficial interest in such Global Security) shall bear the
following legend (the "Private Placement Legend") on the face thereof:


         "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY
         STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
         PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
         PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
         REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
         SUCH REGISTRATION.

         THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, ON ITS OWN
         BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
         SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR
         TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO
         YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST
         DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER
         OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE
         COMPANY, OR VERIZON COMMUNICATIONS INC., (B) PURSUANT TO A REGISTRATION
         STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
         (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO
         RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES
         IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE
         SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
         A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
         TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS
         AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
         REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL
         ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR
         (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN
         ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED
         INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A MINIMUM PRINCIPAL
         AMOUNT OF $250,000 OF SECURITIES, FOR INVESTMENT PURPOSES AND NOT WITH
         A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
         VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE
         EXEMPTION



                                       21
<PAGE>

         FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO
         THE COMPANY'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR
         TRANSFER PURSUANT TO CLAUSES (D), (E) AND (F) TO REQUIRE THE DELIVERY
         OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
         SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE
         REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.";
         and

                  (B) each Regulation S Global Security (and each Definitive
Security issued upon the transfer of all or a portion of the beneficial interest
in such Global Security) shall bear the following legend (the "Regulation S
Legend") on the face thereof:


         "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE
         OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR
         BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.
         BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS NOT A
         U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND
         IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE
         WITH REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"), (2) BY ITS
         ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
         SECURITY, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE")
         WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF
         AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY
         WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
         ONLY (A) TO THE COMPANY, OR VERIZON COMMUNICATIONS INC., (B) PURSUANT
         TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
         SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR
         RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT
         REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN
         RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT
         OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
         GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D)
         PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES
         WITHIN THE MEANING OF REGULATION S, (E) TO AN INSTITUTIONAL ACCREDITED
         INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER
         THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT,
         OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN
         EACH CASE IN A TRANSACTION INVOLVING A MINIMUM PRINCIPAL AMOUNT OF THE
         SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO
         OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION
         OF THE SECURITIES ACT OR (F) PURSUANT



                                       22
<PAGE>

         TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
         THE SECURITIES ACT, SUBJECT TO THE COMPANY'S AND THE TRUSTEE'S RIGHT
         PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E)
         OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
         AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND IN THE CASE
         OF THE FOREGOING CLAUSE (E), A CERTIFICATE OF TRANSFER IN THE FORM
         APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED
         BY THE TRANSFEROR TO THE COMPANY AND THE TRUSTEE. THIS LEGEND WILL BE
         REMOVED AFTER 40 CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER
         OF (A) THE DAY ON WHICH THE SECURITIES ARE OFFERED TO PERSONS OTHER
         THAN DISTRIBUTORS (AS DEFINED IN REGULATION S) AND (B) THE DATE OF THE
         CLOSING OF THE ORIGINAL OFFERING. AS USED HEREIN, THE TERMS "OFFSHORE
         TRANSACTION," "UNITED STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN
         TO THEM BY REGULATION S UNDER THE SECURITIES ACT."; and

                  (C) each Definitive IAI Security and each Global IAI Security
(and each Definitive Security issued upon the transfer of all or a portion of
the beneficial interest in such Global Security) shall also bear the following
additional legend on the face thereof:


         IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
         REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
         SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER
         COMPLIED WITH THE FOREGOING RESTRICTIONS.

         Upon the transfer, exchange or replacement of Securities not bearing a
Restricted Securities Legend, the Securities Registrar shall deliver Securities
that do not bear a Restricted Securities Legend. Upon the transfer, exchange or
replacement of Securities bearing a Restricted Securities Legend, the Securities
Registrar shall deliver only Securities that bear a Restricted Securities Legend
unless (i) such Securities are exchanged for Exchange Securities (ii) such
Securities are sold under an effective registration statement or (iii) there is
delivered to the Securities Registrar an Opinion of Counsel to the effect that
neither such legend nor the related restrictions on transfer are required in
order to maintain compliance with the provisions of the Securities Act.



                                       23
<PAGE>

                                  ARTICLE III

                                 THE SECURITIES

SECTION 301. Title; Payment and Terms.

         The aggregate principal amount of Securities which may be authenticated
and delivered and Outstanding under this Indenture is unlimited. The Securities
may be issued up to the aggregate principal amount of Securities from time to
time authorized by or pursuant to Board Resolutions of the Company.

         The Securities may be issued in one or more series, each of which shall
be issued pursuant to a Board Resolution of the Company. There shall be
established in one or more Board Resolutions of the Company or pursuant to one
or more Board Resolutions of the Company and, subject to Section 303, set forth
in, or determined in the manner provided in, an Officer's Certificate of the
Company, or established in one or more supplemental indentures hereto, prior to
the issuance of Securities of any series all or any of the following, as
applicable (each of which, if so provided, may be determined from time to time
by the Company with respect to unissued Securities of that series and set forth
in the Securities of that series when issued from time to time):

                  (1) the title of the Securities of that series (which shall
         distinguish the Securities of that series from all other series of
         Securities);

                  (2) any limit upon the aggregate principal amount of the
         Securities of that series which may be authenticated and delivered
         under this Indenture (except for Securities authenticated and delivered
         upon registration of transfer of, or in exchange for, or in lieu of,
         other Securities of that series pursuant to Section 304, 305, 306, 309,
         906 or 1107);

                  (3) whether Securities of that series are to be issuable as
         Registered Securities, Bearer Securities or both (and, if Bearer
         Securities are to be issued, whether such Bearer Securities shall have
         interest coupons attached) and, if other than as provided herein, any
         restrictions on the exchange of one form of Securities for another and
         on the offer, sale and delivery of the Securities in either form;

                  (4) the date or dates (or manner of determining the same) on
         which the principal of the Securities of that series is payable (which,
         if so provided in such Board Resolutions, may be determined by the
         Company from time to time and set forth in the Securities of the series
         issued from time to time);

                  (5) the rate or rates (or the manner of calculation thereof)
         at which the Securities of that series shall bear interest (if any),
         the date or dates from which such interest shall accrue, the Interest
         Payment Dates on which such interest shall be payable (or manner of
         determining the same) and the Regular Record Date for the interest
         payable on any Registered Securities on any Interest Payment Date and
         the extent to which, or the



                                       24
<PAGE>

         manner in which, any interest payable on a temporary Global Security on
         an Interest Payment Date will be paid if other than in the manner
         provided in Section 310;

                  (6) the place or places where, subject to the provisions of
         Section 1002, the principal of (and premium, if any) and interest, if
         any, on Securities of that series shall be payable, any Registered
         Securities of that series may be surrendered for registration of
         transfer, any Securities of that series may be surrendered for
         exchange, and notices and demands to or upon the Company in respect of
         the Securities of that series and this Indenture may be served;

                  (7) the period or periods within which (or manner of
         determining the same), the price or prices at which (or manner of
         determining the same), the currency or currency unit in which, and the
         terms and conditions upon which Securities of that series may be
         redeemed, in whole or in part, at the option of the Company, and any
         remarketing arrangements with respect to the Securities of that series;

                  (8) the obligation, if any, of the Company to redeem, repay or
         purchase Securities of that series pursuant to any sinking fund or
         analogous provisions or at the option of a Holder thereof, and the
         period or periods within which (or manner of determining the same), the
         price or prices at which (or manner of determining the same), the
         currency or currency unit in which, and the terms and conditions upon
         which, Securities of that series shall be redeemed or purchased, in
         whole or in part, pursuant to such obligation;

                  (9) if the currency in which the Securities of that series
         shall be issuable is Dollars, the denominations in which any Registered
         Securities of that series shall be issuable, if other than
         denominations of $1,000 and any integral multiple thereof, and the
         denominations in which any Bearer Securities of that series shall be
         issuable, if other than the denomination of $5,000;

                  (10) if other than the principal amount thereof, the portion
         of the principal amount of Securities of that series which shall be
         payable upon a declaration of acceleration of the Maturity thereof
         pursuant to Section 502;

                  (11) any Events of Default and covenants of the Company and/or
         Parent with respect to the Securities of that series, whether or not
         such Events of Default or covenants are consistent with the Events of
         Default or covenants set forth herein;

                  (12) if a Person other than First Union National Bank is to
         act as trustee for the Securities of that series, the name and location
         of the Corporate Trust Office of such trustee;

                  (13) if other than Dollars, the currency or currency unit in
         which payment of the principal of (and premium, if any) or interest, if
         any, on the Securities of that series shall be made or in which the
         Securities of that series shall be denominated and the particular
         provisions applicable thereto in accordance with, in addition to or in
         lieu of the provisions of Section 314;


                                       25
<PAGE>

                  (14) if the principal of (and premium, if any) and interest,
         if any, on the Securities of that series are to be payable, at the
         election of the Company or a Holder thereof, in a currency or currency
         unit other than that in which such Securities are denominated or stated
         to be payable, in accordance with provisions in addition to or in lieu
         of, or in accordance with the provisions of, Section 314, the period or
         periods within which (including the Election Date), and the terms and
         conditions upon which, such election may be made, and the time and
         manner of determining the exchange rate between the currency or
         currency unit in which such Securities are denominated or stated to be
         payable and the currency or currency unit in which such Securities are
         to be so payable;

                  (15) the designation of the original Currency Determination
         Agent, if any;

                  (16) if the Securities of such series are issuable as Indexed
         Securities, the manner in which the amount of payments of principal,
         premium, if any, and interest, if any, on that series shall be
         determined;

                  (17) if the Securities of that series do not bear interest,
         the applicable dates for purposes of Section 701;

                  (18) if other than as set forth in Article Four, provisions
         for the satisfaction and discharge of this Indenture with respect to
         the Securities of that series;

                  (19) the date as of which any Bearer Securities of that series
         and any Global Security representing Outstanding Securities of that
         series shall be dated if other than the date of original issuance of
         the first Security of that series to be issued;

                  (20) the application, if any, of Sections 1006 and 1108 to the
         Securities of that series;

                  (21) if other than as provided in Article II and this Article
         III, whether the Securities of the series shall be issued in whole or
         in part in the form of a Global Security or Securities and, in such
         case, the Depositary and Global Exchange Agent, if any, for such Global
         Security or Securities, whether such global form shall be permanent or
         temporary and, if applicable, the Exchange Date;

                  (22) if other than as provided in Article II and this Article
         III, if Securities of the series are to be issuable initially in the
         form of a temporary Global Security, the circumstances under which the
         temporary Global Security can be exchanged for Definitive Securities
         and whether the Definitive Securities will be Registered Securities
         and/or Bearer Securities and will be in global form and whether
         interest in respect of any portion of such Global Security payable in
         respect of an Interest Payment Date prior to the Exchange Date shall be
         paid to any clearing organization with respect to a portion of such
         Global 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 if other than as provided in this Article Three;



                                       26
<PAGE>

                  (23) the extent and manner, if any, to which payment on or in
         respect of Securities of that series and/or the Support Obligations
         will be subordinated to the prior payment of other liabilities and
         obligations of the Company or Parent, as the case may be;

                  (24) the extent, if any, to which payments by Parent under the
         Support Agreement will be net of taxes, duties, assessments or other
         governmental charges imposed or levied by or on behalf of any
         governmental taxing authority;

                  (25) whether the Company shall enter into an exchange and
         registration rights agreement with respect to the Securities of the
         series and if so, the terms thereof;

                  (26) the forms of the Securities of that series; and

                  (27) any other terms of that series (which terms shall not be
         inconsistent with the provisions of this Indenture).

         Except as provided in or pursuant to Section 205, all Securities of any
particular series and the coupons appertaining to any Bearer Securities of such
series shall be substantially identical except as to denomination, rate of
interest, Stated Maturity and the date from which interest, if any, shall
accrue, and except as may otherwise be provided in or pursuant to such Board
Resolutions and set forth in such Officer's Certificate relating thereto or
provided in or pursuant to any supplemental indenture hereto. The terms of such
Securities, as set forth above, may be determined by the Company from time to
time if so provided in or established pursuant to the authority granted in Board
Resolutions. All Securities of any one series need not be issued at the same
time, and unless otherwise provided, a series may be reopened for issuance of
additional Securities of such series.

         Prior to the delivery of a Security of any series in any such form to
the Trustee for the Securities of such series for authentication, the Company
shall deliver to such Trustee the following:

                  (1) The Board Resolutions of the Company by or pursuant to
         which such form of Security has been approved and, if applicable, the
         supplemental indenture by or pursuant to which such form of Security
         has been approved;

                  (2) An Officers' Certificate of the Company dated the date
         such Certificate is delivered to such Trustee stating that all
         conditions precedent provided for in this Indenture relating to the
         authentication and delivery of Securities in such forms have been
         complied with; and

                  (3) An Opinion of Counsel stating that (i) Securities in such
         forms, together with any coupons appertaining thereto, when (a)
         completed by appropriate insertions and executed and delivered by the
         Company to such Trustee for authentication in accordance with this
         Indenture, (b) authenticated and delivered by such Trustee in
         accordance with this Indenture within the authorization as to aggregate
         principal amount established from time to time by the Board of
         Directors of the Company, and (c) sold in the manner specified in such
         Opinion of Counsel, will be the legal, valid and binding obligations of
         the Company and (ii) the Support Agreement is the legal, valid and
         binding obligation of

                                       27
<PAGE>

         Parent, in each case subject to the effects of applicable bankruptcy,
         reorganization, fraudulent conveyance, moratorium, insolvency and other
         similar laws generally affecting creditors' rights, to general
         equitable principles, to an implied covenant of good faith and fair
         dealing and to such other qualifications as such counsel shall conclude
         do not materially affect the rights of Holders of such Securities.

SECTION 302. Denominations and Currencies.

         Unless otherwise provided with respect to any series of Securities as
contemplated by Section 301, any Registered Securities of a series shall be
issuable in denominations of $1,000 and any integral multiple thereof, and any
Bearer Securities of a series shall be issuable in the denomination of $5,000,
or the equivalent amounts thereof in the case of Registered Securities and
Bearer Securities denominated in a Foreign Currency or currency unit.

SECTION 303. Execution, Authentication, Delivery and Dating.

         The Securities and any related coupons shall be executed on behalf of
the Company by its Chairman of the Board, a Vice Chairman of the Board, its
President, its Chief Financial Officer or one of its Vice Presidents. The
officer executing the same shall also certify that the Support Agreement
endorsed thereon is a true and complete copy of the manually executed Support
Agreement. Such Support Agreement shall constitute an integral part of each such
Security, and the Holder of each such Security shall be entitled to rely on the
obligations of Parent set forth in such Support Agreement. The signature of any
of these officers on the Securities may be manual or facsimile.

         Securities and coupons 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 of any series together with
any coupons appertaining thereto, executed by the Company, to the Trustee for
the Securities of such series for authentication, together with a Company Order
for the authentication and delivery of such Securities, and such Trustee, in
accordance with the Company Order, shall authenticate and deliver such
Securities; provided, however, that, during the "restricted period" (as defined
in Section 1.163-5(c)(2)(i)(D)(7) of the United States Treasury Regulations), no
Bearer Security shall be mailed or otherwise delivered to any location in the
United States; and provided, further, that a Bearer Security may be delivered
outside the United States in connection with its original issuance only if the
Person entitled to receive such Bearer Security shall have furnished to the
Trustee for the Securities of such series a certificate substantially in the
form set forth in Exhibit B to this Indenture. If any Security shall be
represented by a permanent Global Security, then, for purposes of this Section
and Section 304, the notation of a beneficial owner's interest therein upon
original issuance of such Security or upon exchange of a portion of a temporary
Global Security shall be deemed to be delivery in connection with the original
issuance of such beneficial owner's interest in such permanent Global Security.
Except as permitted by Section 309 or 310, the Trustee for the Securities of a
series shall not authenticate and deliver any Bearer



                                       28
<PAGE>

Security unless all appurtenant coupons for interest then matured other than
matured coupons in default have been detached and cancelled. If all the
Securities of any one series are not to be issued at one time and if a Board
Resolution relating to such Securities shall so permit, such Company Order may
set forth procedures acceptable to the Trustee for the issuance of such
Securities, including, without limitation, procedures with respect to interest
rate, Stated Maturity, date of issuance and date from which interest, if any,
shall accrue.

         Notwithstanding any contrary provision herein, if all Securities of a
series are not to be originally issued at one time, it shall not be necessary to
deliver the Board Resolution, Officers' Certificate and Opinion of Counsel
otherwise required pursuant to Sections 102 and 301 at or prior to the time of
authentication of each Security of such series if such documents are delivered
at or prior to the authentication upon original issuance of the first Security
of such series to be issued.

         Each Registered Security shall be dated the date of its authentication,
and, unless otherwise specified as contemplated by Section 301, each Bearer
Security shall be dated as of the date of original issuance of the first
Security of such series to be issued.

         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 herein manually executed by the Trustee for such Security
or on its behalf pursuant to Section 614, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder.

         In case any Securities shall have been authenticated, but not
delivered, by the Trustee or the Authenticating Agent for such series then in
office, any successor by merger, conversion or consolidation to such Trustee, or
any successor Authenticating Agent, as the case may be, may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee or successor Authenticating Agent had itself
authenticated such Securities.

         Each Depositary designated pursuant to Section 301 for a Global
Security in registered form must, at the time of its designation and at all
times while it serves as Depositary, be a clearing agency registered under the
Exchange Act and any other applicable statute or regulation.

SECTION 304. Temporary Securities and Exchange of Securities.

         (a) Pending the preparation of permanent Securities of any particular
series, the Company may execute, and upon Company Order the Trustee for the
Securities of such series shall authenticate and deliver, in the manner
specified in Section 303, temporary Securities which are printed, lithographed,
typewritten, photocopied or otherwise produced, in any denomination, with like
terms and conditions as the permanent Securities of like series in lieu of which
they are issued in registered form or, if authorized, in bearer form with one or
more coupons or without coupons, and having endorsed thereon the text of the
Support Agreement, and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities may
determine, as evidenced by their execution of such Securities.



                                       29
<PAGE>

Any such temporary Securities may be in global form, representing such of the
Outstanding Securities of such series as shall be specified therein.

         Except in the case of temporary Bearer Securities in global form (which
shall be exchanged only in accordance with the provisions of Section 304(b)), if
temporary Securities of any particular series are issued, the Company will cause
permanent Securities of that series to be prepared without unreasonable delay.
After the preparation of such permanent Securities, the temporary Securities of
such series shall be exchangeable for such permanent Securities and of a like
Stated Maturity and with like terms and provisions upon surrender of the
temporary Securities of such series, together with all unmatured and matured
coupons in default, if any, at the office or agency of the Company in a Place of
Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any particular series,
the Company shall execute and (in accordance with a Company Order delivered at
or prior to the authentication of the first permanent Security of such series)
the Trustee for the Securities of such series or the Global Exchange Agent shall
authenticate and deliver in exchange therefor a like principal amount of
permanent Securities of authorized denominations of the same series and of a
like Stated Maturity and with like terms and provisions having endorsed thereon
the text of the Support Agreement; provided, however, unless otherwise specified
pursuant to Section 301, no permanent Bearer Security shall be delivered in
exchange for a temporary Registered Security; and provided, further, that a
permanent Bearer Security shall be delivered in exchange for a temporary Bearer
Security only in compliance with the conditions set forth in Section 304(b).
Until exchanged as hereinabove provided, the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as
permanent Securities of the same series and with like terms and conditions,
except as to payment of interest, if any, authenticated and delivered hereunder.

         Any temporary Global Security and any permanent Global Security shall,
unless otherwise provided therein, be delivered to a Depositary designated
pursuant to Section 301.

         (b) Without unnecessary delay but in any event not later than the date
specified in or determined pursuant to the terms of any such temporary Global
Security (the "Exchange Date"), the Securities represented by any temporary
Global Security of a series of Securities issuable in bearer form may be
exchanged for Definitive Securities (subject to the second succeeding paragraph)
or Securities to be represented thereafter by one or more permanent Global
Securities, without interest coupons. On or after the Exchange Date such
temporary Global Security shall be surrendered by the Depositary to the Trustee
for such Security, as the Company's agent for such purpose, or the agent
appointed by the Company pursuant to Section 301 to effect the exchange of the
temporary Global Security for Definitive Securities (the "Global Exchange
Agent"), and following such surrender, such Trustee or the Global Exchange Agent
(as authorized by the Trustee as an Authenticating Agent pursuant to Section
614) shall (1) endorse the temporary Global Security to reflect the reduction of
its principal amount by an equal aggregate principal amount of such Security,
(2) endorse the applicable permanent Global Security, if any, to reflect the
initial amount, or an increase in the amount of Securities represented thereby,
(3) manually authenticate such Definitive Securities or such permanent Global
Security, as the case may be, (4) subject to Section 303, deliver such
Definitive Securities to the Holder thereof or, as the case may be, deliver such
permanent Global Security to the Depositary to be held outside the United States
for the accounts of Euroclear and Clearstream, for credit to the respective
accounts at



                                       30
<PAGE>

Euroclear and Clearstream, designated by or on behalf of the beneficial owners
of such Securities (or to such other accounts as they may direct) and (5)
redeliver such temporary Global Security to the Depositary, unless such
temporary Global Security shall have been cancelled in accordance with Section
312 hereof; provided, however, that, unless otherwise specified in such
temporary Global Security, upon such presentation by the Depositary, such
temporary Global Security shall be accompanied by a certificate dated the
Exchange Date or a subsequent date and signed by Euroclear as to the portion of
such temporary Global Security held for its account then to be exchanged for
Definitive Securities or one or more permanent Global Securities, as the case
may be, and a certificate dated the Exchange Date or a subsequent date and
signed by Clearstream, as to the portion of such temporary Global Security held
for its account then to be exchanged for Definitive Securities or one or more
permanent Global Securities, as the case may be, each substantially in the form
set forth in Exhibit C to this Indenture. Each certificate substantially in the
form of Exhibit C hereto of Euroclear or Clearstream, as the case may be, shall
be based on certificates of the account Holders listed in the records of
Euroclear or Clearstream, as the case may be, as being entitled to all or any
portion of the applicable temporary Global Security. An account holder of
Euroclear or Clearstream, as the case may be, desiring to effect the exchange of
interest in a temporary Global Security for an interest in Definitive Securities
or one or more permanent Global Securities shall instruct Euroclear or
Clearstream, as the case may be, to request such exchange on its behalf and
shall deliver to Euroclear or Clearstream, as the case may be, a certificate
substantially in the form of Exhibit B hereto and dated no earlier than 15 days
prior to the Exchange Date. Until so exchanged, temporary Global Securities
shall in all respects be entitled to the same benefits under this Indenture as
Definitive Securities and permanent Global Securities of the same series
authenticated and delivered hereunder, except as provided in the fourth
succeeding paragraph.

         The delivery to the Trustee for the Securities of the appropriate
series or the Global Exchange Agent by Euroclear or Clearstream of any
certificate substantially in the form of Exhibit C hereto may be relied upon by
the Company and such Trustee or the Global Exchange Agent as conclusive evidence
that a corresponding certificate or certificates has or have been delivered to
Euroclear or to Clearstream, as the case may be, pursuant to the terms of this
Indenture.

         On or prior to the Exchange Date, the Company shall deliver to the
Trustee for the Securities of the appropriate series or the Global Exchange
Agent Definitive Securities in aggregate principal amount equal to the principal
amount of such temporary Global Security, executed by the Company. At any time
on or after the Exchange Date, upon 30 days' notice to the Trustee for the
Securities of the appropriate series or the Global Exchange Agent by Euroclear
or Clearstream, as the case may be, acting at the request of or on behalf of the
beneficial owner, a Bearer Security represented by a temporary Global Security
or a permanent Global Security, as the case may be, may be exchanged, in whole
or from time to time in part, for Definitive Securities without charge and such
Trustee or the Global Exchange Agent shall authenticate and deliver, in exchange
for each portion of such temporary Global Security or such permanent Global
Security, an equal aggregate principal amount of Definitive Securities of the
same series of authorized denominations and with like terms and provisions as
the portion of such temporary Global Security or such permanent Global Security
to be exchanged, which, unless the Securities of the series are not issuable
both as Bearer Securities and as Registered Securities, as contemplated by
Section 301, shall be in the form of Bearer Securities or



                                       31
<PAGE>

Registered Securities, or any combination thereof, as shall be specified by the
beneficial owner thereof; provided, however, that definitive Bearer Securities
shall be delivered in exchange for a portion of the temporary Global Security or
the permanent Global Security only in compliance with the requirements of the
second preceding paragraph. On or prior to the thirtieth day following receipt
by the Trustee for the Securities of the appropriate series or the Global
Exchange Agent of such notice with respect to a Security, or, if such day is not
a Business Day, the next succeeding Business Day, the temporary Global Security
or the permanent Global Security, as the case may be, shall be surrendered by
the Depositary to such Trustee, as the Company's agent for such purpose, or the
Global Exchange Agent to be exchanged in whole, or from time to time in part,
for Definitive Securities without charge following such surrender, upon the
request of Euroclear or Clearstream, as the case may be, and such Trustee or the
Global Exchange Agent shall (1) endorse the applicable temporary Global Security
or the permanent Global Security to reflect the reduction of its principal
amount by the aggregate principal amount of such Security, (2) in accordance
with procedures acceptable to the Trustee cause the terms of such Security and
coupons, if any, to be entered on a Definitive Security, (3) manually
authenticate such Definitive Security and (4) if a Bearer Security is to be
delivered, deliver such Definitive Security outside the United States to
Euroclear or Clearstream, as the case may be, for or on behalf of the beneficial
owner thereof, in exchange for a portion of such permanent Global Security.

         Unless otherwise specified in such temporary Global Security or
permanent Global Security, any such exchange shall be made free of charge to the
beneficial owners of such temporary Global Security or permanent Global
Security, except that a Person receiving Definitive Securities must bear the
cost of insurance, postage, transportation and the like in the event that such
Person does not take delivery of such Definitive Securities in person at the
offices of Euroclear or Clearstream. Definitive Securities in bearer form to be
delivered in exchange for any portion of a temporary Global Security or a
permanent Global Security shall be delivered only outside the United States.

         Until exchanged in full as hereinabove provided, any such temporary
Global Security or permanent Global Security shall in all respects be entitled
to the same benefits under this Indenture as permanent Securities of the same
series and with like terms and conditions, except as to payment of interest, if
any, authenticated and delivered hereunder. Unless otherwise specified as
contemplated by Section 301, interest payable on such temporary Global Security
on an Interest Payment Date for Securities of such series shall be payable to
Euroclear and Clearstream on such Interest Payment Date upon delivery by
Euroclear and Clearstream to the Trustee for the Securities of the appropriate
series or the Global Exchange Agent in the case of payment of interest on a
temporary Global Security with respect to an Interest Payment Date occurring
prior to the applicable Exchange Date of a certificate or certificates
substantially in the form set forth in Exhibit D to this Indenture, for credit
without further interest on or after such Interest Payment Date to the
respective accounts of the Persons who are the beneficial owners of such Global
Security on such Interest Payment Date and who have, in the case of payment of
interest on a temporary Global Security with respect to an Interest Payment Date
occurring prior to the applicable Exchange Date, each delivered to Euroclear or
Clearstream, as the case may be, a certificate substantially in the form set
forth in Exhibit E to this Indenture.



                                       32
<PAGE>

         Any Bearer Security issued as a Definitive Security authenticated and
delivered by the Trustee for the Securities of the appropriate series or the
Global Exchange Agent in exchange for a portion of a temporary Global Security
or a permanent Global Security shall not bear a coupon for any interest which
shall theretofore have been duly paid by such Trustee to Euroclear or
Clearstream or by the Company to such Trustee in accordance with the provisions
of this Section 304.

         With respect to Exhibits B, C, D and E to this Indenture, the Company
may, in its discretion and if required or desirable under applicable law,
substitute one or more other forms of such exhibits for such exhibits, eliminate
the requirement that any or all certificates be provided, or change the time
that any certificate may be required, provided that such substitute form or
forms or notice of elimination or change of such certification requirement have
theretofore been delivered to the Trustee with a Company Request and such form
or forms, elimination or change is reasonably acceptable to the Trustee.

SECTION 305. Registration, Registration of Transfer and Exchange.

         The Company shall cause to be kept at the Corporate Trust Office of the
Trustee for the Securities of each series a register (the register maintained in
such office being herein sometimes referred to as the "Security Register") in
which, subject to such reasonable regulations as it may prescribe (including,
without limitation, such regulations as may be necessary or appropriate to
confirm compliance with applicable laws and regulations), the Company shall
provide for the registration of Registered Securities and of transfers of
Registered Securities. The Trustee for the Securities of each series is hereby
initially appointed "Security Registrar" for the purpose of registering
Registered Securities and transfers of Registered Securities of such series as
herein provided.

         Upon surrender for registration of transfer of any Registered Security
of any particular series at the office or agency of the Company in a Place of
Payment for that series, the Company shall execute, and the Trustee for the
Securities of that series shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Registered Securities of
any authorized denominations, and of a like Stated Maturity and of a like series
and aggregate principal amount and with like terms and conditions having
endorsed thereon the text of the Support Agreement.

         Notwithstanding anything to the contrary, Restricted Securities and
beneficial interests therein shall only be transferred in a transaction
registered under the Securities Act or pursuant to an applicable exemption
therefrom and only in accordance with Section 306.

         In connection with the transfer or exchange of a Definitive IAI
Security for a beneficial interest in a Global Security, upon receipt by the
Trustee of such Definitive IAI Security, duly endorsed or accompanied by
appropriate instruments of transfer in accordance with Section 306(a), the
Trustee shall cancel such Definitive IAI Security and cause, or direct the
Securities Custodian to cause, in accordance with the standing instructions and
procedures existing between the Depositary and the Securities Custodian, the
aggregate principal amount of Securities represented by the applicable Global
Security to be increased accordingly. If no Global Securities are then
outstanding, the Company shall issue and the Trustee shall authenticate, upon



                                       33
<PAGE>

written order of the Company in the form of an Officers' Certificate, a new
Global Security in the appropriate principal amount, having endorsed thereon the
text of the Support Agreement. The Trustee shall deliver copies of each
certification and instruction received by it to the Depositary and, upon receipt
thereof, the Securities Custodian shall reflect on its books and records the
date and an increase in the principal amount of such Global Security in an
amount equal to the principal amount of the Definitive IAI Security so
transferred or exchanged.

         In connection with the exchange of a portion of a Definitive IAI
Security for a beneficial interest in a Global Security, the Trustee shall
cancel such Definitive IAI Security, and the Company shall execute, and the
Trustee shall authenticate and deliver, to the transferring Holder a new
Definitive IAI Security representing the principal amount not so transferred.

         The transfer and exchange of Global Securities or beneficial interests
therein shall be effected through the Depositary, in accordance with this
Indenture (including applicable restrictions transfer set forth herein, if any)
and the procedures of the Depositary therefore. A transferor of a beneficial
interest in a Global Security shall deliver a written order given in accordance
with the Depositary's procedures containing information regarding the
participant account of the Depositary to be credited with a beneficial interest
in such Global Security or another Global Security and such account shall be
credited in accordance with such order with a beneficial interest in the
applicable Global Security and the account of the Person making the transfer
shall be debited by an amount equal to the beneficial interest in the Global
Security being transferred.

         If the proposed transfer is a transfer of a beneficial interest in one
Global Security which is a Restricted Security to a beneficial interest in
another Global Security which is a Restricted Security, the Registrar shall
reflect on its books and records the date and an increase in the principal
amount of the Global Security to which such interest is being transferred in an
amount of the Global Security to which such interest is being transferred in an
amount equal to the principal amount of the interest to be so transferred, and
the Registrar shall reflect on its books and records the date and a
corresponding decrease in the principal amount of Global Security from which
such interest is being transferred.

         Except as otherwise provided herein, at the option of the Holder,
Registered Securities of any particular series may be exchanged for other
Registered Securities of any authorized denominations, and of a like Stated
Maturity and of a like series and aggregate principal amount and with like terms
and conditions, having endorsed thereon the text of the Support Agreement, upon
surrender of the Registered Securities to be exchanged at such office or agency.
Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee for such Securities shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive. Except
as otherwise specified pursuant to Section 301, Registered Securities may not be
exchanged for Bearer Securities.

         Notwithstanding any other provision of this Section or Section 304,
unless and until it is exchanged in whole or in part for Registered Securities
issued in the form of Definitive Securities, a Global Security representing all
or a portion of the Registered Securities of a series may not be transferred
except as a whole by the Depositary for such series to a nominee of such
Depositary or by a nominee of such



                                       34
<PAGE>

Depositary to such Depositary or another nominee of such Depositary or by such
Depositary or any such nominee to a successor Depositary for such series or a
nominee of such successor Depositary.

         At the option of the Holder, Bearer Securities of any series may be
exchanged for Registered Securities of the same series of any authorized
denominations and of a like aggregate principal amount and with like terms and
provisions having endorsed thereon the text of the Support Agreement, upon
surrender of the Bearer Securities to be exchanged at any office or agency of
the Company in a Place of Payment for that 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
(or to the Trustee for the Security in case of matured coupons in default) 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
such 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 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 of the Company in a Place of Payment for that series
located outside the United States. Notwithstanding the foregoing, in case a
Bearer Security of any series is surrendered at any such office or agency in
exchange for a Registered Security of the same series and with like terms and
conditions having endorsed thereon the text of the Support Agreement after the
close of business at such office or agency on or after (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 proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date or proposed date for 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, will 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 will be payable only to the Holder of such coupon when due in accordance
with the provisions of this Indenture.

         Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee for such Securities shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to
receive.

         If at any time the Depositary for Securities of a series in registered
form notifies the Company that it is unwilling or unable to continue as
Depositary for the Securities of such series or if at any time the Depositary
for the Securities of such series shall no longer be eligible under Section 303,
the Company shall appoint a successor Depositary with respect to the Securities
for such series. If (i) a successor Depositary for the Securities of such series
is not appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such ineligibility or (ii) the Company delivers to
the Trustee for Securities of such series in registered



                                       35
<PAGE>

form a Company Order stating that the Securities of such series shall be
exchangeable, the Company's election pursuant to Section 301 shall no longer be
effective with respect to the Securities for such series and the Company will
execute, and the Trustee, upon receipt of a Company Order for the authentication
and delivery of definitive Securities of such series, will authenticate and
deliver Securities of such series in definitive form in an aggregate principal
amount equal to the principal amount of the Global Security or Securities
representing such series in exchange for such Global Security or Securities.

         The Company may at any time and in its sole discretion determine that
the Registered Securities of any series issued in the form of one or more Global
Securities shall no longer be represented by such Global Security or Securities.
In such event the Company will execute, and the Trustee, upon receipt of a
Company Order for the authentication and delivery of definitive Registered
Securities of such series, will authenticate and deliver, Registered Securities
of such series in definitive form and in an aggregate principal amount equal to
the principal amount of the Global Security or Securities representing such
series in exchange for such Global Security or Securities.

         If specified by the Company pursuant to Section 301 with respect to a
series of Securities in registered form, the Depositary for such series of
Securities may surrender a Global Security for such series of Securities in
exchange in whole or in part for Securities of such series of like tenor and
terms having endorsed thereon the text of the Support Agreement and in
definitive form on such terms as are acceptable to the Company and such
Depositary. Thereupon the Company shall execute, and the Trustee shall
authenticate and deliver, without service charge, (i) to each Person specified
by such Depositary a new Security or Securities of the same series, of like
tenor and terms having endorsed thereon the text of the Support Agreement and of
any authorized denomination as requested by such Person in aggregate principal
amount equal to and in exchange for such Person's beneficial interest in the
Global Security; and (ii) to such Depositary a new Global Security of like tenor
and terms having endorsed thereon the text of the Support Agreement and in a
denomination equal to the difference, if any, between the principal amount of
the surrendered Global Security and the aggregate principal amount of Securities
delivered to Holders thereof.

         Upon the exchange of a Global Security for Securities in definitive
form, such Global Security shall be cancelled by the Trustee. Registered
Securities issued in exchange for a Global Security pursuant to this Section
shall be registered in such names and in such authorized denominations as the
Depositary for such Global Security, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee in writing. The
Trustee shall deliver such Registered Security to the persons in whose names
such Securities are so registered.

         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 entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration of transfer or exchange.

         Every Security presented or surrendered for registration of transfer or
exchange shall (if so required by the Company or the Trustee for such Security)
be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the



                                       36
<PAGE>

Security Registrar for such series 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 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, 906 or 1107 not involving any transfer.

         The Company shall not be required (i) to issue, register the transfer
of or exchange Securities of any series during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of
Securities of that series selected for redemption under Section 1104 and ending
at the close of business on (A) if Securities of the series are issuable only as
Registered Securities, the day of the mailing of the relevant notice of
redemption and (B) if Securities of the series are issuable as Bearer
Securities, 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 as a whole or in part, except the unredeemed
portion of any Security being redeemed in part, or (iii) to exchange any Bearer
Security so selected for redemption except that such a Bearer Security may be
exchanged for a Registered Security of that series and like tenor; provided,
however, that such Registered Security shall be simultaneously surrendered for
redemption.

         Furthermore, notwithstanding any other provision of this Section 305,
the Company will not be required to exchange any Securities if, as a result of
the exchange, the Company would or would be reasonably likely to suffer adverse
consequences under any United States law or regulation.

SECTION 306. Additional Provisions Applicable to Transfer and Exchange of
Restricted Securities.

         (a) Notwithstanding anything to the contrary, the following provisions
shall apply with respect to any proposed transfer of Rule 144A Securities or
Institutional Accredited Investor Securities prior to the date which is two
years after the later of the date of its original issue and the last date on
which the Company or any Affiliate of the Company was the owner of such
Securities (or any predecessor thereto) (the "Resale Restriction Termination
Date"):

                  (A) a transfer of a Rule 144A Security or an IAI Security or a
         beneficial interest therein to a QIB shall be made upon the
         representation of the transferee, in the form of an assignment on the
         reverse of the certificate, that it is purchasing the Security for its
         own account or an account with respect to which it exercises sole
         investment discretion and that it and any such account is a "qualified
         institutional buyer" within the meaning of Rule 144A, and is aware that
         the sale to it is being made in reliance on Rule 144A and acknowledges
         that it has received such information regarding the Company as such
         transferee has requested pursuant to Rule 144A or has determined not to
         request such information and that it is aware that the transferor is
         relying upon its



                                       37
<PAGE>

         foregoing representations in order to claim the exemption from
         registration provided by Rule 144A;

                  (B) a transfer of a Rule 144A Security or an IAI Security or a
         beneficial interest therein to an IAI shall be made upon receipt by the
         Trustee or its agent of a certificate substantially in the form set
         forth in Section 307 from the proposed transferee and, if requested by
         the Company or the Trustee, the delivery of an opinion of counsel,
         certification and/or other information satisfactory to each of them;
         and

                  (C) a transfer of a Rule 144A Security or an IAI Security or a
         beneficial interest therein to a Non-U.S. Person shall be made upon
         receipt by the Trustee or its agent of a certificate substantially in
         the form set forth in Section 308 from the proposed transferor and, if
         requested by the Company or the Trustee, the delivery of an opinion of
         counsel, certification and/or other information satisfactory to each of
         them.

         (b) Notwithstanding anything to the contrary, the following provisions
shall apply with respect to any proposed transfer of a Regulation S Security
prior to the expiration of the Regulation S Restricted Period:

                  (A) a transfer of a Regulation S Security or a beneficial
         interest therein to a QIB shall be made upon the representation of the
         transferee, in the form of assignment on the reverse of the
         certificate, that it is purchasing the Security for its own account or
         an account with respect to which it exercises sole investment
         discretion and that it and any such account is a "qualified
         institutional buyer" within the meaning of Rule 144A, and is aware that
         the sale to it is being made in reliance on Rule 144A and acknowledges
         that it has received such information regarding the Company as such
         transferee has requested pursuant to Rule 144A or has determined not to
         request such information and that it is aware that the transferor is
         relying upon its foregoing representations in order to claim the
         exemption from registration provided by Rule 144A;

                  (B) a transfer of a Regulation S Security or a beneficial
         interest therein to an IAI shall be made upon receipt by the Trustee or
         its agent of a certificate substantially in the form set forth in
         Section 307 from the proposed transferee and, if requested by the
         Company or the Trustee, the delivery of an opinion of counsel,
         certification and/or other information satisfactory to each of them;
         and

                  (C) a transfer of a Regulation S Security or a beneficial
         interest therein to a Non-U.S. Person shall be made upon receipt by the
         Trustee or its agent of a certificate substantially in the form set
         forth in Section 308 hereof from the proposed transferor and, if
         requested by the Company or the Trustee, receipt by the Trustee or its
         agent of an opinion of counsel, certification and/or other information
         satisfactory to each of them.

         After the expiration of the Regulation S Restricted Period, interests
in a Regulation S Security may be transferred without requiring certification
set forth in Section 307, Section 308 or any additional certification.

         (c) The Company shall deliver to the Trustee an Officer's Certificate
setting forth the Resale Restriction Termination Date and the Regulation S
Restricted Period.



                                       38
<PAGE>

         The Securities Registrar shall retain copies of all letters, notices
and other written communications received pursuant to Section 205 or this
Section 306. The Company shall have the right to inspect and make copies of all
such letters, notices or other written communications at any reasonable time
upon the giving of reasonable written notice to the Securities Registrar.

SECTION 307. Form of Certificate to be Delivered in Connection with Transfers to
             Institutional Accredited Investors.


                                                         [Date]

[Trustee]
Attention:  Corporate Trust Services Division

Dear Sirs:

         This certificate is delivered to request a transfer of $______
principal amount of the ___________ Notes due 20__ (the "Securities") of Verizon
Global Funding Corp. (the "Company").

         Upon transfer, the Securities would be registered in the name of the
new beneficial owner as follows:

         Name:
              ------------------------------------

         Address:
                 ---------------------------------

         Taxpayer ID Number:
                            ----------------------

         The undersigned represents and warrants to you that:

         1. We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the
"Securities Act")) purchasing for our own account or for the account of such an
institutional "accredited investor" at least $250,000 principal amount of the
Securities, and we are acquiring the Securities not with a view to, or for offer
or sale in connection with, any distribution in violation of the Securities Act.
We have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risk of our investment in the Securities
and we invest in or purchase securities similar to the Securities in the normal
course of our business. We and any accounts for which we are acting are each
able to bear the economic risk of our or its investment.

         2. We understand that the Securities have not been registered under the
Securities Act and, unless so registered, may not be sold except as permitted in
the following sentence. We agree on our own behalf and on behalf of any investor
account for which we are purchasing Securities to offer, sell or otherwise
transfer such Securities prior to the date which is two years after the later of
the date of original issue and the last date on which the Company or any
affiliate of the Company was the owner of such Securities (or any predecessor
thereto) (the "Resale Restriction Termination Date") only (a) to the Company,
(b) pursuant to a registration statement



                                       39
<PAGE>

which has been declared effective under the Securities Act, (c) in a transaction
complying with the requirements of Rule 144A under the Securities Act, to a
person we reasonably believe is a qualified institutional buyer under Rule 144A
(a "QIB") that purchases for its own account or for the account of a QIB and to
whom notice is given that the transfer is being made in reliance on Rule 144A,
(d) pursuant to offers and sales that occur outside the United States within the
meaning of Regulation S under the Securities Act, (e) to an institutional
"accredited investor" within the meaning of Rule 501(a)(1), (2), (3) or (7)
under the Securities Act that is purchasing for its own account or for the
account of such an institutional "accredited investor," in each case in a
minimum principal amount of Securities of $250,000 or (f) pursuant to any other
available exemption from the registration requirements of the Securities Act,
subject in each of the foregoing cases to any requirement of law that the
disposition of our property or the property of such investor account or accounts
be at all times within our or their control and in compliance with any
applicable state securities laws. The foregoing restrictions on resale will not
apply subsequent to the Resale Restriction Termination Date. If any resale or
other transfer of the Securities is proposed to be made pursuant to clause (e)
above prior to the Resale Restriction Termination Date, the transferor shall
deliver a letter from the transferee substantially in the form of this letter to
the Company and the Trustee, which shall provide, among other things, that the
transferee is an institutional "accredited investor" (within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring
such Securities for investment purposes and not for distribution in violation of
the Securities Act. Each purchaser acknowledges that the Company and the Trustee
reserve the right prior to any offer, sale or other transfer prior to the Resale
Termination Date of the Securities pursuant to clauses (d), (e) or (f) above to
require the delivery of an opinion of counsel, certifications and/or other
information satisfactory to the Company and the Trustee.


                                       TRANSFEREE:
                                                  ----------------------------

                                       BY
                                         ---------------------------------------

                                       Signature Medallion Guaranteed

SECTION 308. Form of Certificate to be Delivered in Connection with Transfers
             Pursuant to Regulation S.


                                                           [Date]

[Trustee]
Attention:  Corporate Trust Services Division


             Re:   Verizon Global Funding Corp.
                   _____% Notes due 20__(the "Securities")

Ladies and Gentlemen:



                                       40
<PAGE>

         In connection with our proposed sale of $________ aggregate principal
amount of the Securities, we confirm that such sale has been effected pursuant
to and in accordance with Regulation S under the United States Securities Act of
1933, as amended (the "Securities Act"), and, accordingly, we represent that:

         (a) the offer of the Securities was not made to a person in the United
States;

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

         (c) no directed selling efforts have been made in the United States in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S,
as applicable; and

         (d) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act.

         In addition, if the sale is being made during a restricted period, we
represent that the sale is not being made to a United States person or for the
account or benefit of a United States person.

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

         Very truly yours,

         [Name of Transferor]



         By:
            ----------------------------

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

         Authorized Signature                  Signature Medallion Guaranteed



SECTION 309. Mutilated, Destroyed, Lost and Stolen Securities and Coupons .

         If (i) any mutilated Security or a Security with a mutilated coupon
appertaining thereto is surrendered to the Trustee for such Security or the
Company and the Trustee for a Security receive evidence to their satisfaction of
the destruction, loss or theft of any Security or coupon and (ii) there is
delivered to the Company and such Trustee such security or indemnity as may be



                                       41
<PAGE>

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 such Trustee that such Security
or coupon has been acquired by a bona fide purchaser, the Company shall execute
and upon its request such Trustee shall authenticate and deliver, in lieu of any
such destroyed, lost or stolen Security or in exchange for such mutilated
Security, or in exchange for the Security to which a mutilated, destroyed, lost
or stolen coupon appertains (with all appurtenant coupons not mutilated,
destroyed, lost or stolen) a new Security of the same series and in a like
principal amount and of a like Stated Maturity and with like terms and
conditions, having endorsed thereon the text of the Support Agreement, and
bearing a number not contemporaneously outstanding with coupons corresponding to
the coupons, if any, appertaining to such mutilated, destroyed, lost or stolen
Security or to the Security to which such mutilated, destroyed, lost or stolen
coupon appertains.

         In case any such 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
(without surrender thereof except in the case of a mutilated Security or coupon)
if the applicant for such payment shall furnish to the Company and the Trustee
for such Security such security or indemnity as may be required by them to save
each of them harmless, and in case of destruction, loss or theft, evidence
satisfactory to the Company and such Trustee and any agent of any of them of the
destruction, loss or theft of such Security and the ownership thereof; provided,
however, that the principal of (and premium, if any) and interest, if any, on
Bearer Securities shall, except as otherwise provided in Section 1002, be
payable only at an office or agency located outside the United States and,
unless otherwise specified as contemplated by Section 301, any interest on
Bearer Securities shall be payable only upon presentation and surrender of the
coupons appertaining thereto.

         Upon the issuance of any new Security under this Section, 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 all fees and expenses of the Trustee for such Security)
connected therewith.

         Every new Security of any series, with its coupons, if any, issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security or in
exchange for any mutilated Security, or in exchange for a Security to which a
mutilated, destroyed, lost or stolen coupon appertains shall constitute an
original additional contractual obligation of the Company, whether or not the
destroyed, lost or stolen Security and its coupons, if any, or the destroyed,
lost or stolen coupon shall be at any time enforceable by anyone, and each such
new Security shall be at any time enforceable by anyone, and each such new
Security shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of the same series and their
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.



                                       42
<PAGE>

SECTION 310. Payment of Interest; Interest Rights Preserved.

         Interest on any Registered Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall, if so provided in
such Security, be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest payment.

         Unless otherwise provided with respect to the Securities of any series,
payment of interest may be made at the Corporate Trust Office or, at the option
of the Company (i) in the case of Registered Securities, may be made by check
mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register, or (ii) in the case of Bearer Securities, upon
presentation and surrender of the appropriate coupon appertaining thereto or by
transfer to an account maintained by the payee with a bank located outside the
United States. Notwithstanding the foregoing, a Holder of $1,000,000 or more in
aggregate principal amount of Securities of any series in definitive form,
whether having identical or different terms and provisions, having the same
Interest Payment Dates will, at the option of the Company, be entitled to
receive interest payments, other than at Maturity, by wire transfer of
immediately available funds if appropriate wire transfer instructions have been
received in writing by the Trustee for the Securities of such series at least 15
days prior to the applicable Interest Payment Date. Any wire instructions
received by the Trustee for the Securities of such series shall remain in effect
until revoked by the Holder.

         Unless otherwise provided or contemplated by Section 301, interest, if
any, payable on any Interest Payment Date with respect to a permanent Global
Security will be paid to each of Euroclear and Clearstream with respect to that
portion of such permanent Global Security held for its account by the
Depositary. Each of Euroclear and Clearstream will in such circumstances credit
the interest received by it in respect of such permanent Global Security to the
accounts of the beneficial owners thereof.

         Any interest on any Registered Security of any particular series which
is payable, but is not punctually paid or duly provided for, on any Interest
Payment Date (herein called "Defaulted Interest") shall forthwith cease to be
payable to the registered Holder on the relevant Regular Record Date by virtue
of having been such Holder; and such Defaulted Interest may be paid by the
Company or Parent, at its election in each case, as provided in clause (1) or
(2) below:

                  (1) The Company or Parent may elect to make payment of any
         Defaulted Interest to the Persons in whose names the Registered
         Securities of that series (or their respective Predecessor Securities)
         are 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 or Parent, as the case may be, shall
         notify the Trustee for the Registered Securities of such series in
         writing of the amount of Defaulted Interest proposed to be paid on each
         Registered Security of that series and the date of the proposed
         payment, and at the same time the Company or Parent, as the case may
         be, shall deposit with such Trustee an amount of money in the currency
         or currency unit in which the Securities of such series are payable
         (except as otherwise specified pursuant to Section 301 for the
         Securities of such series and except as provided in Sections 314(b) and
         314(d)), equal to the aggregate amount proposed to be paid in respect
         of such



                                       43
<PAGE>

         Defaulted Interest or shall make arrangements satisfactory to such
         Trustee for such deposit prior to the date of the proposed payment,
         such money when deposited to be held in trust for the benefit of the
         Persons entitled to such Defaulted Interest as in this clause provided.
         Thereupon such Trustee shall fix a Special Record Date for the payment
         of such Defaulted Interest which shall not be 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 such Trustee of the notice of
         the proposed payment. Such Trustee shall promptly notify the Company
         and Parent of such Special Record Date and, in the name and at the
         expense of the Company or Parent, as the case may be, 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 each Holder of Registered Securities of that series at his address
         as it appears in the Security Register not less than 10 days prior to
         such Special Record Date. Such Trustee may, in its discretion, in the
         name and at the expense of the Company or Parent, as the case may be,
         cause a similar notice to be published at least once in a newspaper
         published in the English language, customarily on each Business Day and
         of general circulation in New York, 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 Persons in whose names the
         Registered Securities of that series (or their respective Predecessor
         Securities) are registered on such Special Record Date and shall no
         longer be payable pursuant to the following clause (2).

                  (2) The Company or Parent may make payment of any Defaulted
         Interest on Registered Securities of any particular series in any other
         lawful manner not inconsistent with the requirements of any securities
         exchange on which the Registered Securities may be listed, and upon
         such notice as may be required by such exchange, if, after notice is
         given by the Company to the Trustee for the Securities of such series
         of the proposed manner of payment pursuant to this clause, such manner
         of payment shall be deemed practicable by such Trustee.

         Subject to the foregoing provisions of this Section 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 311. Persons Deemed Owners.

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



                                       44
<PAGE>

         Title to any Bearer Security and any coupons appertaining thereto shall
pass by delivery. The Company, Parent, the Trustee for such Security and any
agent of the Company, Parent or such Trustee may treat the bearer of any Bearer
Security and the bearer of any coupon as the absolute owner of such Bearer
Security or coupon for the purpose of receiving payment thereof or on account
thereof and for all other purposes whatsoever, whether or not such Security or
coupon be overdue, and neither the Company, Parent, such Trustee nor any agent
of the Company, Parent or such Trustee shall be affected by notice to the
contrary.

         None of the Company, Parent, 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 312. Cancellation.

         All Securities and coupons surrendered for payment, redemption,
registration of transfer or exchange, or delivered in satisfaction of any
sinking fund payment, shall, if surrendered to any Person other than the Trustee
for such Securities, be delivered to such Trustee and, in the case of Registered
Securities and matured coupons, shall be promptly cancelled by it. All Bearer
Securities and unmatured coupons so delivered to the Trustee for such Securities
shall be cancelled by such Trustee. The Company may at any time deliver to the
Trustee for Securities of a series 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 promptly cancelled
by such Trustee. Notwithstanding any other provision of this Indenture to the
contrary, in the case of a series, all the Securities of which are not to be
originally issued at one time, a Security of such series shall not be deemed to
have been Outstanding at any time hereunder if and to the extent that,
subsequent to the authentication and delivery thereof, such Security is
delivered to the Trustee for such Security for cancellation by the Company or
any agent thereof upon the failure of the original purchaser thereof to make
payment therefor against delivery thereof, and any Security so delivered to such
Trustee shall be promptly cancelled by it. 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 this Indenture. All cancelled
Securities and coupons held by the Trustee for such Securities shall be disposed
of by such Trustee in accordance with its standard procedures and a certificate
of disposition evidencing such disposition of Securities and coupons shall be
provided to the Company by such Trustee. In the case of any temporary Global
Security, which shall be disposed of if the entire aggregate principal amount of
the Securities represented thereby has been exchanged, the certificate of
disposition shall state that all certificates required pursuant to Section 304
hereof, substantially in the form of Exhibit C hereto (or in the form of any
substitute exhibit as provided in the last paragraph of Section 304), to be
given by Euroclear or Clearstream, have been duly presented to the Trustee for
such Securities by Euroclear or Clearstream, as the case may be. Permanent
Global Securities shall not be disposed of until exchanged in full for
definitive Securities or until payment thereon is made in full.



                                       45
<PAGE>

SECTION 313. Computation of Interest.

         Except as otherwise specified as contemplated by Section 301 for
Securities of any particular series, interest on the Securities of each series
shall be computed on the basis of a 360-day year of twelve 30-day months.

SECTION 314. Currency and Manner of Payments in Respect of Securities.

         Unless otherwise specified in accordance with Section 301 with respect
to any series of Securities, the following provisions shall apply:

         (a) Except as provided in paragraphs (b) and (d) below, the principal
of, premium, if any, and interest on Securities of any series denominated in a
Foreign Currency or currency unit will be payable by the Company in Dollars
based on the equivalent of that Foreign Currency or currency unit converted into
Dollars in the manner described in paragraph (c) below.

         (b) It may be provided pursuant to Section 301 with respect to
Registered Securities of any series denominated in a Foreign Currency or
currency unit that Holders shall have the option, subject to paragraph (d)
below, to receive payments of principal of, premium, if any, and interest on
such Registered Securities in such Foreign Currency or currency unit by
delivering to the Trustee (or to any duly appointed Paying Agent) for the
Registered Securities of that series a written election, to be in form and
substance satisfactory to such Trustee (or to any such Paying Agent), not later
than the close of business on the Election Date immediately preceding the
applicable payment date. If a Holder so elects to receive such payments in such
Foreign Currency or currency unit, such election will remain in effect for such
Holder until changed by such Holder by written notice to the Trustee (or to any
such Paying Agent) for the Registered Securities of that series; provided,
however, that any such change must be made not later than the close of business
on the Election Date immediately preceding the next payment date to be effective
for the payment to be made on such payment date; and provided, further, that no
such change or election may be made with respect to payments to be made on any
Registered Security of such series with respect to which an Event of Default has
occurred, the Company has exercised any defeasance, satisfaction or discharge
options pursuant to Article Four or notice of redemption has been given by the
Company pursuant to Article Eleven. If any Holder makes any such election, such
election will not be effective as to any transferee of such Holder and such
transferee shall be paid in Dollars unless such transferee makes an election as
specified above; provided, however, that such election, if in effect while funds
are on deposit with respect to the Registered Securities of such series as
described in Section 404 or Section 405, will be effective on any transferee of
such Holder unless otherwise specified pursuant to Section 301 for such
Registered Securities. Any Holder of any such Registered Security who shall not
have delivered any such election to the Trustee (or to any duly appointed Paying
Agent) for the Registered Securities of such series not later than the close of
business on the applicable Election Date will be paid the amount due on the
applicable payment date in Dollars.

         (c) With respect to any Registered Securities of any series denominated
in a Foreign Currency or currency unit and payable in Dollars, the amount of
Dollars so payable will be determined by the Currency Determination Agent based
on the highest indicative quotation in The City of New York selected by the
Currency Determination Agent at approximately 11:00



                                       46
<PAGE>

A.M., New York City time, on the second Business Day preceding the applicable
payment date. Such selection shall be made from among the quotations appearing
on the bank composite or multi-contributor pages of the Reuters Monitor Foreign
Exchange Service or, if not available, the Telerate Monitor Foreign Exchange
Service, for three (or two if three are not available) major banks in New York
City. The first three (or two) such banks selected by the Currency Determination
Agent which are offering quotes on the Reuters Foreign Exchange Service, as the
case may be, shall be used. If such quotations are unavailable from either such
foreign exchange service, such selection shall be made from the quotations
received by the Currency Determination Agent from no more than three nor less
than two recognized foreign exchange dealers in The City of New York selected by
the Currency Determination Agent and approved by the Company (one of which may
be the Currency Determination Agent) for the purchase by the quoting dealer, for
settlement on such payment date, of the aggregate amount of the Foreign Currency
or currency unit payable on such payment date in respect of all Registered
Securities denominated in such Foreign Currency or currency unit and for which
the applicable dealer commits to execute a contract. If fewer than two such bid
quotations are available at 11:00 a.m., New York City time, on the second
Business Day preceding the applicable payment date, such payment will be based
on the Market Exchange Rate as of the second Business Day preceding the
applicable payment date. If the Market Exchange Rate for such date is not then
available, payments shall be made in the Foreign Currency or currency unit. All
currency exchange costs associated with any payment in Dollars on any such
Registered Securities will be borne by the Holder thereof by deductions from
such payment.

         (d) If a Conversion Event occurs with respect to a Foreign Currency or
currency unit in which Registered Securities of any series are payable, then
with respect to each date for the payment of principal of, premium, if any, and
interest on the Registered Securities of that series occurring after the last
date on which such Foreign Currency or currency unit was used, the Company may
make such payment in Dollars. The Dollar amount to be paid by the Company to the
Trustee for the Registered Securities of such series and by such Trustee or any
Paying Agent for the Registered Securities of such series to the Holders of such
Registered Securities with respect to such payment date shall be determined by
the Currency Determination Agent on the basis of the Market Exchange Rate as of
the second Business Day preceding the applicable payment date or, if such Market
Exchange Rate is not then available, on the basis of the most recently available
Market Exchange Rate, or as otherwise established pursuant to Section 301 with
respect to such Securities. Any payment in respect of such Registered Security
made under such circumstances in Dollars will not constitute an Event of Default
hereunder.

         (e) For purposes of this Indenture the following terms shall have the
following meanings:

                  A "Component Currency" shall mean any currency which is a
         component currency of any currency unit.

                  "Election Date" shall mean, for the Registered Securities of
         any series, the date specified pursuant to Section 301(14).



                                       47
<PAGE>

         (f) Notwithstanding any other provisions of this Section 314, the
following shall apply: (i) if the official unit of any Component Currency is
altered by way of combination or subdivision, the number of units of that
currency as a component shall be divided or multiplied in the same proportion,
(ii) if two or more Component Currencies are consolidated into a single
currency, the amounts of those currencies as components shall be replaced by an
amount in such single currency equal to the sum of the amounts of the
consolidated Component Currencies expressed in such a single currency, (iii) if
any Component Currency is divided into two or more currencies, the amount of
that original Component Currency as a component shall be replaced by the amounts
of such two or more currencies having an aggregate value on the date of division
equal to the amount of the former Component Currency immediately before such
division and (iv) in the event of an official redenomination of any currency
(including, without limitation, a currency unit), the obligations of the Company
to make payments in or with reference to such currency on the Registered
Securities of any series shall, in all cases, be deemed immediately following
such redenomination to be obligations to make payments in or with reference to
that amount of redenominated currency representing the amount of such currency
immediately before such redenomination.

         (g) All determinations referred to in this Section 314 made by the
Currency Determination Agent shall be in its sole discretion and shall, in the
absence of manifest error, be conclusive for all purposes and irrevocably
binding upon the Holders of the applicable Securities. The Currency
Determination Agent shall promptly give written notice to the Trustee for the
Securities of such series of any such decision or determination. The Currency
Determination Agent shall promptly give written notice to the Trustee of any
such decision or determination. The Currency Determination Agent shall have no
liability for any determinations referred to in this Section 314 made by it.

         (h) The Trustee for the Securities of a particular series shall be
fully justified and protected in relying and acting upon information received by
it from the Company and the Currency Determination Agent with respect to any of
the matters addressed in or contemplated by this Section 314 and shall not
otherwise have any duty or obligation to determine such information
independently.

SECTION 315. Appointment and Resignation of Currency Determination Agent.

         (a) If and so long as the Securities of any series (i) are denominated
in a currency unit or a currency other than Dollars or (ii) may be payable in a
currency unit or a currency other than Dollars, or so long as it is required
under any other provision of this Indenture, then the Company shall maintain
with respect to each such series of Securities, or as so required, a Currency
Determination Agent. The Company shall cause the Currency Determination Agent to
make the necessary foreign exchange determinations at the time and in the manner
specified pursuant to Section 301 for the purpose of determining the applicable
rate of exchange and for the purpose of converting the issued currency or
currency unit into the applicable payment currency or currency unit for the
payment of principal (and premium, if any) and interest, if any, pursuant to
Section 314.

         (b) No resignation of the Currency Determination Agent and no
appointment of a successor Currency Determination Agent pursuant to this Section
shall become effective until the



                                       48
<PAGE>

acceptance of appointment by the successor Currency Determination Agent as
evidenced by a written instrument delivered to the Company and the Trustee of
the appropriate series of Securities accepting such appointment executed by the
successor Currency Determination Agent.

         (c) If the Currency Determination Agent shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of the
Currency Determination Agent for any cause, with respect to the Securities of
one or more series, the Company, by a Board Resolution, shall promptly appoint a
successor Currency Determination Agent or Currency Determination Agents with
respect to the Securities of that or those series (it being understood that any
such successor Currency Determination Agent may be appointed with respect to the
Securities of one or more or all of such series and that at any time there shall
only be one Currency Determination Agent with respect to the Securities of any
particular series).

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

SECTION 401. Option to Effect Legal Defeasance or Covenant Defeasance.

         The Company or Parent may, at the option of their respective Boards of
Directors evidenced by a Board Resolution set forth in an Officers' Certificate,
at any time, with respect to the Securities of any series, elect to have either
Section 402 or 403 be applied to all of the Outstanding Securities of that
series upon compliance with the conditions set forth below in this Article Four.

SECTION 402. Legal Defeasance and Discharge.

         Upon the Company's or Parent's exercise under Section 401 of the option
applicable to this Section 402, the Company shall be deemed to have been
discharged from its obligations with respect to all Outstanding Securities of
the particular series on the date the conditions set forth below are satisfied
(hereinafter, "Legal Defeasance"). For this purpose, such Legal Defeasance means
that the Company shall be deemed to have paid and discharged all the obligations
relating to the Outstanding Securities of that series and the Securities of that
series shall thereafter be deemed to be "outstanding" only for the purposes of
Section 406, Section 408 and the other Sections of this Indenture referred to
below in this Section 402, and to have satisfied all of its other obligations
under such Securities and this Indenture and cured all then existing Events of
Default (and the Trustee, on demand of and at the expense of the Company, shall
execute proper instruments acknowledging the same), except for the following
which shall survive until otherwise terminated or discharged hereunder: (a) the
rights of Holders of outstanding Securities of the particular series and
coupons, if any, of such series to receive payments in respect of the principal
of, premium, if any, and interest, if any, on such Securities when such payments
are due or on the Redemption Date solely out of the trust created pursuant to
this Indenture; (b) the Company's obligations with respect to such Securities
concerning issuing temporary Securities of that series, or, where relevant,
registration of such Securities, mutilated, destroyed, lost or stolen Securities
of that series and the maintenance of an office or agency for payment and money
for Security payments held in trust; (c) the rights, powers, trusts, duties and
immunities of



                                       49
<PAGE>

the Trustee for the Securities of that series, and the Company's obligations in
connection therewith; and (d) this Article Four and the obligations set forth in
Section 406 hereof.

         Subject to compliance with this Article Four, the Company or Parent may
exercise its option under Section 402 notwithstanding the prior exercise of its
option under Section 403 with respect to the Securities of a particular series.

SECTION 403. Covenant Defeasance.

         Upon the Company's or Parent's exercise under Section 401 of the option
applicable to this Section 403, the Company shall be released from any
obligations under the covenants contained in Sections 704, 801 and 1004 hereof
with respect to the Outstanding Securities of the particular series on and after
the date the conditions set forth below are satisfied (hereinafter, "Covenant
Defeasance"), and the Securities of that series shall thereafter be deemed not
"Outstanding" for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed "Outstanding" for all other purposes
hereunder (it being understood that such Securities shall not be deemed
outstanding for accounting purposes). For this purpose, such Covenant Defeasance
means that, with respect to the Outstanding Securities of that series, the
Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply shall not constitute a
default or Event of Default under subsection 501(3) but, except as specified
above, the remainder of this Indenture and the Securities of that series shall
be unaffected thereby.

SECTION 404. Conditions to Legal or Covenant Defeasance.

         The following shall be the conditions to the application of either
Section 402 or Section 403 to the outstanding Securities of a particular series:

         (a) the Company or Parent must irrevocably deposit, or cause to be
irrevocably deposited, with the Trustee for the Securities of that series, in
trust, for the benefit of the Holders of the Securities of that series, cash in
the currency or currency unit in which the Securities of that series are payable
(except as otherwise specified pursuant to Section 301 for the Securities of
that series and except as provided in Sections 314(b) and 314(d), in which case
the deposit to be made with respect to Securities for which an election has
occurred pursuant to Section 314(b), or a Conversion Event has occurred as
provided in Section 314(d), shall be made in the currency or currency unit in
which the Securities of that series are payable as a result of such election or
Conversion Event), Government Obligations or a combination thereof in such
amounts as will be sufficient, in the opinion of an internationally recognized
firm of independent public accountants, to pay the principal of, premium, if
any, and interest, if any, due on the outstanding Securities of that series and
any related coupons at the Stated Maturity, or on the applicable Redemption
Date, as the case may be, with respect to the outstanding Securities of that
series and any related coupons;



                                       50
<PAGE>

         (b) in the case of Legal Defeasance, the Company or Parent as the case
may be, shall have delivered to the Trustee for the Securities of that series an
Opinion of Counsel in the United States reasonably acceptable to such Trustee
confirming that, subject to customary assumptions and exclusions, (1) the
Company or Parent, as the case may be, has received from, or there has been
published by, the U.S. Internal Revenue Service a ruling or (2) since the Issue
Date, there has been a change in the applicable U.S. federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel in the
United States shall confirm that, subject to customary assumptions and
exclusions, the Holders of the Outstanding Securities of that series will not
recognize income, gain or loss for U.S. federal income tax purposes as a result
of such Legal Defeasance and will be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the
case if such Legal Defeasance had not occurred;

         (c) in the case of Covenant Defeasance, the Company or Parent, as the
case may be, shall have delivered to the Trustee for the Securities of that
series an Opinion of Counsel in the United States reasonably acceptable to such
Trustee confirming that, subject to customary assumptions and exclusions, the
Holders of the Outstanding Securities of that series will not recognize income,
gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to such tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

         (d) no Event of Default or event which with the giving of notice or the
lapse of time, or both, would become an Event of Default with respect to the
Securities of that series shall have occurred and be continuing on the date of
such deposit and no Event of Default under Section 501(4) or Section 501(5)
shall have occurred and be continuing on the 91st day after such date;

         (e) such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under any material agreement or
instrument to which the Company or Parent is a party or by which the Company or
Parent is bound;

         (f) the Company or Parent, as the case may be, shall have delivered to
the Trustee for the Securities of that series an Officers' Certificate and an
Opinion of Counsel in the United States (which opinion of counsel may be subject
to customary assumptions and exclusions) each stating that all conditions
precedent provided for or relating to the Legal Defeasance or the Covenant
Defeasance, as the case may be, have been complied with.

SECTION 405. Satisfaction and Discharge of Indenture.

         This Indenture will be discharged and will cease to be of further
effect as to all Securities of any particular series issued hereunder when
either (i) all Securities of that series theretofore authenticated and delivered
and all coupons, if any, appertaining thereto (except (A) coupons appertaining
to Bearer Securities surrendered for exchange for Registered Securities and
maturing after such exchange, whose surrender is not required or has been waived
as provided in Section 305, (B) lost, stolen or destroyed Securities or coupons
of such series which have been replaced or paid as provided in Section 309, (C)
coupons appertaining to Securities called for redemption and maturing after the
relevant Redemption Date, whose surrender is not required as provided in Section
1106 and (D) Securities and coupons of such series for whose payment



                                       51
<PAGE>

money has theretofore been deposited in trust and thereafter repaid to the
Company or Parent or discharged from such trust, as provided in the last
paragraph of Section 1003) have been delivered to the Trustee for the Securities
of that series for cancellation or (ii) (A) all Securities of that series and
any coupons appertaining thereto not theretofore delivered to Trustee for
cancellation are due and payable by their terms within one year or have become
due and payable by reason of the making of a notice of redemption and the
Company or Parent has irrevocably deposited or caused to be deposited with such
Trustee as trust funds in trust an amount of cash in any combination of currency
or currency unit in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series
and except as provided in Sections 314(b) and 314(d), in which case the deposit
to be made with respect to Securities for which an election has occurred
pursuant to Section 314(b) or a Conversion Event has occurred as provided in
Section 314(d), shall be made in the currency or currency unit in which such
Securities are payable as a result of such election or Conversion Event)
sufficient to pay and discharge the entire indebtedness on such Securities and
coupons not theretofore delivered to the Trustee for the Securities of that
series for cancellation for principal, premium, if any, and accrued and unpaid
interest, if any, to the Stated Maturity or Redemption Date, as the case may be;
(B) no Event of Default or event which with the giving of notice or the lapse of
time, or both, would become an Event of Default shall have occurred and be
continuing on the date of such deposit and no Event of Default under Section
501(4) or Section 501(5) shall have occurred and be continuing on the 91st day
after such date; (C) the Company or Parent has paid, or caused to be paid, all
sums payable by it under this Indenture; and (D) the Company or Parent, as the
case may be, has delivered irrevocable instructions to the Trustee for the
Securities of that series under this Indenture to apply the deposited money
toward the payment of such Securities and coupons at the Stated Maturity or the
Redemption Date, as the case may be. In addition, the Company must deliver an
Officers' Certificate and an Opinion of Counsel to the Trustee for the
Securities of that series stating that all conditions precedent to satisfaction
and discharge have been satisfied.

SECTION 406. Survival of Certain Obligations.

         Notwithstanding the satisfaction and discharge of this Indenture and of
the Securities of a particular series referred to in Sections 401, 402, 404, or
405, the respective obligations of the Company, Parent and the Trustee for the
Securities of a particular series under Sections 303, 304, 305, 306, 307, 308,
310, 312, 407, 408, 409, 410, and 508, Article Six, and Sections 701, 702, 1002,
1003 and 1006, shall survive with respect to Securities of that series until the
Securities of that series are no longer outstanding, and thereafter the
obligations of the Company, Parent and the Trustee for the Securities of a
particular series with respect to that series under Sections 407, 408, 409, and
410 shall survive. Nothing contained in this Article Four shall abrogate any of
the obligations or duties of the Trustee of any series of Securities under this
Indenture.

         Notwithstanding the satisfaction of the conditions set forth in
Sections 404 or 405 with respect to all the Securities of any series not payable
in Dollars, upon the happening of any Conversion Event the Company shall be
obligated to make the payments in Dollars required by Section 314(d) to the
extent that the Trustee is unable to convert any Foreign Currency or currency
unit in its possession pursuant to Sections 404 or 405 into the Dollar
equivalent of such Foreign Currency or currency unit, as the case may be. If,
after the deposits referred to in Sections 404 or 405 have been made, (x) the
Holder of a Security is entitled to, and does, elect



                                       52
<PAGE>

pursuant to Section 314(b) to receive payment in a currency or currency unit
other than that in which the deposit pursuant to Sections 404 or 405 was made,
or (y) a Conversion Event occurs as contemplated in Section 314(d), then the
indebtedness represented by such Security shall be fully discharged to the
extent that the deposit made with respect to such Security shall be converted
into the currency or currency unit in which such Security is payable. The
Trustee shall return to the Company any non-converted funds or securities in its
possession after such payments have been made.

SECTION 407. Acknowledgment of Discharge by Trustee.

         Subject to Section 410, after (i) the conditions of Section 404 or 405
have been satisfied with respect to the Securities of a particular series, (ii)
the Company or Parent has paid or caused to be paid all other sums payable
hereunder by the Company and Parent and (iii) the Company has delivered to the
Trustee for the Securities of that series an Officers' Certificate and an
Opinion of Counsel, each stating that all conditions precedent referred to in
clause (i) above relating to the satisfaction and discharge of this Indenture
have been complied with, the Trustee for the Securities of that series upon
written request shall acknowledge in writing the discharge of all of the
Company's and Parent's obligations under this Indenture except for those
surviving obligations specified in this Article Four.

SECTION 408. Application of Trust Moneys.

         All money and Government Obligations deposited with the Trustee for the
Securities of a particular series pursuant to Section 404 or 405 in respect of
the Securities of that series shall be held in trust and applied by it, in
accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any Paying Agent as the Trustee may
determine, to the Holders of the Securities and all related coupons of all sums
due and to become due thereon for principal, premium, if any, and interest, if
any, but such money need not be segregated from other funds except to the extent
required by law.

         The Company shall pay and indemnify the Trustee for the Securities of a
particular series against any tax, fee or other charge imposed on or assessed
against the Government Obligations deposited pursuant to Section 404 or 405 with
respect to the Securities of that series or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of outstanding Securities of that series.

SECTION 409. Repayment to the Company or Parent; Unclaimed Money.

         The Trustee and any Paying Agent for a series of Securities shall
promptly pay or return to the Company upon Company Order any cash or Government
Obligations held by them at any time that are not required for the payment of
the principal of, premium, if any, and interest, if any, on the Securities and
all related coupons for Securities of that series for which cash or Government
Obligations have been deposited pursuant to Section 404 or 405.

         Any money deposited with the Trustee or any Paying Agent for the
Securities of any series, or then held by the Company, in trust for the payment
of the principal of (and premium, if any) and interest, if any, on any Security
of any particular series and all related coupons appertaining thereto and
remaining unclaimed for two years after such principal (and premium, if



                                       53
<PAGE>

any) and interest, if any, has become due and payable shall, unless otherwise
required by mandatory provisions of applicable escheat, or abandoned or
unclaimed property law, be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trusts; and the Holder of
such Security and all related coupons shall, thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of
such 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 such Trustee or such Paying Agent, before being required to make
any such repayment may give written notice to the Holder of such Security in the
manner set forth in Section 106, 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, any unclaimed balance of such money then remaining
will, unless otherwise required by mandatory provisions of applicable escheat,
or abandoned or unclaimed property law, be repaid to the Company, as the case
may be.

SECTION 410. Reinstatement.

         If the Trustee or Paying Agent for a series of Securities is unable to
apply any cash or Government Obligations, as applicable, in accordance with
Section 402, 403, 404 or 405 by reason of any legal proceeding or by reason of
any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company's and
Parent's obligations under this Indenture and the Securities of that series
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 402, 403, 404 or 405 until such time as the Trustee or Paying Agent for
that series is permitted to apply all such cash or Government Obligations in
accordance with Section 402, 403, 404 or 405; provided, however, that if the
Company or Parent has made any payment of principal, premium, if any, and
interest, if any, on any Securities and any related coupons because of the
reinstatement of its obligations, the Company or Parent as the case may be,
shall be subrogated to the rights of the Holders of such Securities and such
coupons to receive such payment from the cash or Government Obligations, as
applicable, held by such Trustee or Paying Agent.

                                   ARTICLE V

                                    REMEDIES

SECTION 501. Events of Default.

         "Event of Default" wherever used herein with respect to any particular
series of Securities means any one of the following events and such other events
as may be established with respect to the Securities of such series as
contemplated by Section 301 (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary 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 installment of interest upon
         any Security of that series and any related coupon when it becomes due
         and payable, and continuance of such default for a period of 90 days;
         or



                                       54
<PAGE>

                  (2) default in the payment of the principal of (or premium, if
         any, on) any Security of that series at its Maturity or default in the
         deposit of any sinking fund payment when and as due by the terms of any
         Security of that series; or

                  (3) default in the performance of, or breach of, any covenant
         or warranty of the Company or Parent in respect of any Security of that
         series contained in this Indenture or in such Securities (other than a
         covenant or warranty a default in whose performance or whose breach is
         elsewhere in this Section specifically dealt with) or in the applicable
         Board Resolutions under which such series is issued as contemplated by
         Section 301 and continuance of such default or breach for a period of
         90 days after there has been given, by registered or certified mail, to
         the Company and Parent by the Trustee for the Securities of such series
         or to the Company, Parent and such Trustee by the Holders of at least
         25% in principal amount of the Outstanding Securities of that 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

                  (4) the Company or Parent shall commence any case or
         proceeding seeking to have an order for relief entered on its behalf as
         debtor or to adjudicate it as bankrupt or insolvent or seeking
         reorganization, liquidation, dissolution, winding-up, arrangement,
         composition or readjustment of its debts or any other relief under any
         bankruptcy, insolvency, reorganization, liquidation, dissolution,
         arrangement, composition, readjustment of debt or other similar act or
         law of any jurisdiction, domestic or foreign, now or hereafter
         existing; or the Company or Parent shall apply for a receiver,
         custodian or trustee (other than any trustee appointed as a mortgagee
         or secured party in connection with the issuance of indebtedness for
         borrowed money of the Company or Parent) of it or for all or a
         substantial part of its property; or the Company or Parent shall make a
         general assignment for the benefit of creditors; or the Company or
         Parent shall take any corporate action in furtherance of any of the
         foregoing; or

                  (5) an involuntary case or other proceeding shall be commenced
         against the Company or Parent with respect to it or its debts under any
         bankruptcy, insolvency or other similar law now or hereafter in effect
         seeking the appointment of a trustee, receiver, liquidator, custodian
         or similar official of the Company or Parent or any substantial part of
         either's property; and such case or other proceeding (A) results in the
         entry of an order for relief or a similar order against either the
         Company or Parent or (B) shall continue unstayed and in effect for a
         period of 60 consecutive days; or

                  (6) any other Event of Default provided in the Security or the
         Board Resolution with respect to Securities of that series.

SECTION 502. Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default with respect to any particular series of
Securities and any related coupons occurs and is continuing, then and in every
such case either the Trustee for the Securities of such series or the Holders of
not less than 25% in principal amount of the Outstanding Securities of that
series may declare the entire principal amount (or, in the case of (i) OID
Securities, such lesser amount as may be provided for in the terms of that
series or



                                       55
<PAGE>

(ii) Indexed Securities, the amount determined in accordance with the specified
terms of those Securities) of all the Securities of that series, to be due and
payable immediately, by a notice in writing to the Company and Parent (and to
such Trustee if given by Holders), and upon any such declaration of acceleration
such principal or such lesser amount, as the case may be, together with accrued
interest and all other amounts owing hereunder, shall become immediately due and
payable, without presentment, demand, protest or notice of any kind, all of
which are hereby expressly waived.

         At any time after such a declaration of acceleration has been made and
before a judgment or decree for payment of the money due has been obtained by
the Trustee for the Securities of any series as hereinafter in this Article
provided, the Holders of a majority in principal amount of the Outstanding
Securities of that series, by written notice to the Company, Parent and such
Trustee, may rescind and annul such declaration and its consequences if:

                  (1) the Company or Parent has paid or deposited with such
         Trustee a sum sufficient to pay in the currency or currency unit in
         which the Securities of such series are payable (except as otherwise
         specified pursuant to Section 301 for the Securities of such series and
         except as provided in Sections 314(b) and 314(d)):

                           (A) all overdue interest on all Securities of that
                  series and any related coupons;

                           (B) the principal of (and premium, if any, on) any
                  Securities of that series which have become due otherwise than
                  by such declaration of acceleration and interest thereon from
                  the date such principal became due at a rate per annum equal
                  to the rate borne by the Securities of such series (or, in the
                  case of (i) OID Securities, the Securities' Yield to Maturity
                  or (ii) Indexed Securities, the rate determined in accordance
                  with the specified terms of those Securities), to the extent
                  that the payment of such interest shall be legally
                  enforceable;

                           (C) to the extent that payment of such interest is
                  lawful, interest upon overdue interest at a rate per annum
                  equal to the rate borne by the Securities of such series (or,
                  in the case of (i) OID Securities, the Securities' Yield to
                  Maturity or (ii) Indexed Securities, the rate determined in
                  accordance with the specified terms of those Securities); and

                           (D) all sums paid or advanced by such Trustee
                  hereunder and the reasonable compensation, expenses,
                  disbursements and advances of such Trustee, its agents and
                  counsel and all other amounts due to such Trustee under
                  Section 607;

                  and

                  (2) all Events of Default with respect to the Securities of
         such series, other than the nonpayment of the principal of Securities
         of that series which has become due solely by such acceleration, have
         been cured or waived as provided in Section 513. No



                                       56
<PAGE>

         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 interest upon any
         Security of any series and any related coupons when such interest
         becomes due and payable and such default continues for a period of 90
         days; or

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

the Company will, upon demand of the Trustee for the Securities of such series,
pay to it, for the benefit of the Holders of such Securities and coupons, the
whole amount then due and payable on such Securities and coupons for principal
(and premium if any) and interest, if any, with interest upon the overdue
principal (and premium, if any) and, to the extent that payment of such interest
shall be legally enforceable, upon any overdue installments of interest at a
rate per annum equal to the rate borne by such Securities (or, in the case of
(i) OID Securities, the Securities' Yield to Maturity or (ii) Indexed
Securities, the rate determined in accordance with the specified terms of those
Securities); and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of such Trustee,
its agents and counsel and all other amounts due to such Trustee under Section
607.

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

         If an Event of Default with respect to Securities of any particular
series occurs and is continuing, the Trustee for the Securities of such series
may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of that series by such appropriate judicial
proceedings as such 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 in aid of the exercise of any power granted herein, 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 relating to the Company, Parent or any other obligor upon
the Securities of any series or the property of the Company, Parent or of such
other obligor or their creditors, the Trustee for the Securities of such series
(irrespective of whether the principal (or, if the Securities of such series are
(i) OID



                                       57
<PAGE>

Securities or (ii) Indexed Securities, such amount as may be due and payable
with respect to such Securities pursuant to a declaration in accordance with
Section 502) of any Security of such series shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether
such Trustee shall have made any demand on the Company or Parent for the payment
of overdue principal or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise

                  (i) to file and prove a claim for the whole amount of
         principal (or, if the Securities of such series are (i) OID Securities
         or (ii) Indexed Securities, such amount as may be due and payable with
         respect to such Securities pursuant to a declaration in accordance with
         Section 502) (and premium, if any) and interest, if any, owing and
         unpaid in respect of the Securities of such series and any related
         coupons and to file such other papers or documents as may be necessary
         or advisable in order to have the claims of such Trustee (including any
         claim for the reasonable compensation, expenses, disbursements and
         advances of such Trustee, its agents and counsel and all other amounts
         due to such Trustee under Section 607) and of the Holders of the
         Securities of such series and any related coupons allowed in such
         judicial proceeding;

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

                  (iii) unless prohibited by law or applicable regulations, to
         vote on behalf of the Holders of the Securities of such series in any
         election of a trustee in bankruptcy or other person performing similar
         functions;

and any receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) in any such judicial proceeding is hereby authorized by each Holder of
Securities and coupons to make such payments to such Trustee, and in the event
that such Trustee shall consent to the making of such payments directly to the
Holders of Securities and coupons, to pay to such Trustee any amount due to it
for the reasonable compensation, expenses, disbursements and advances of such
Trustee, its agents and counsel, and any other amounts due such Trustee under
Section 607.

         Nothing herein contained shall be deemed to authorize the Trustee for
the Securities of any series to authorize or consent to or accept or adopt on
behalf of any Holder of a Security or coupon any plan of reorganization,
arrangement, adjustment or composition affecting the Securities of such series
or the rights of any Holder thereof, or to authorize the Trustee for the
Securities or coupons of any series to vote in respect of the claim of any
Holder in any such proceeding, except as aforesaid, for the election of a
trustee in bankruptcy or other person performing similar functions.

SECTION 505. Trustee May Enforce Claims Without Possession of Securities or
             Coupons.

         All rights of action and claims under this Indenture or the Securities
or coupons of any series may be prosecuted and enforced by the Trustee for the
Securities of any series without the possession of any of the Securities or
coupons of such series or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by such Trustee shall be brought



                                       58
<PAGE>

in its own name as trustee of an express trust, and any recovery of judgment
shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of such Trustee, its agents and counsel and all other
amounts due to such Trustee under Section 607, be for the ratable benefit of the
Holders of the Securities and coupons of such series in respect of which such
judgment has been recovered.

SECTION 506. Application of Money Collected.

         Any money collected by the Trustee for the Securities of any series
pursuant to this Article with respect to the Securities or coupons of such
series shall be applied in the following order, at the date or dates fixed by
such Trustee and, in case of the distribution of such money on account of
principal (or premium, if any) or interest, if any, upon presentation of the
Securities or coupons of such series, 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 such Trustee under
         Section 607;

                  SECOND: To the payment of the amounts then due and unpaid upon
         the Securities and coupons of such series for principal of (and
         premium, if any) and interest, if any, on such Securities 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
         amounts due and payable on such Securities and coupons for principal
         (and premium, if any) and interest, if any, respectively; and

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

SECTION 507. Limitation on Suits.

         No Holder of any Security of any particular series or any related
coupons 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) an Event of Default with respect to that series shall have
         occurred and be continuing and such Holder shall have previously given
         written notice to the Trustee for the Securities of such series of such
         default and the continuance thereof;

                  (2) the Holders of not less than 25% in principal amount of
         the Outstanding Securities of that series shall have made written
         request to the Trustee for the Securities of such series 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 such Trustee
         reasonable indemnity against the costs, expenses and liabilities to be
         incurred in compliance with such request;

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



                                       59
<PAGE>

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

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

SECTION 508. Unconditional Right of Holders to Receive Principal (and Premium,
             if any) and Interest, if any.

         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 (and premium, if any) and (subject to
Section 310) interest, if any, on such Security on the respective Stated
Maturities expressed in such Security or coupon (or, in the case of redemption,
on the Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such
Holder.

SECTION 509. Restoration of Rights and Remedies.

         If the Trustee for the Securities of any series or any Holder of a
Security or 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 such Trustee or to such Holder,
then and in every such case the Company, such Trustee and the Holders of
Securities or coupons 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 such Trustee and such Holders shall
continue as though no such proceeding had been instituted.

SECTION 510. Rights and Remedies Cumulative.

         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 309, no right or remedy herein conferred upon or reserved
to the Trustee for the Securities of any series or to the Holders of Securities
or coupons is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, 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 for the Securities of any series or
of any Holder of any Security of such series to exercise any right or remedy
accruing upon any Event of Default with respect to the Securities of such series
shall impair any such right or remedy or constitute a



                                       60
<PAGE>

waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to such Trustee for the Securities or
coupons of any series or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by such Trustee or by the Holders, as the
case may be.

SECTION 512. Control by Holders.

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

                  (1) such direction shall not be in conflict with any rule of
         law or with this Indenture and could not involve the Trustee in
         personal liability; and

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

SECTION 513. Waiver of Past Defaults.

         The Holders of not less than a majority in principal amount of the
Outstanding Securities of any particular series and any related coupons may on
behalf of the Holders of all the Securities of that series waive any past
default hereunder with respect to that series and its consequences, except:

                  (1) a default in the payment of the principal of (or premium,
         if any) or interest, if any, on any Security of that series; or

                  (2) a default with respect to 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 that 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. Undertaking for Costs.

         All parties to this Indenture agree, and each Holder of any Security or
coupon by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for the
Securities or coupons of any series for any action taken or omitted by it as
Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys' fees, against any party
litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this
Section shall not apply to any suit instituted by (i) the Company or Parent or
(ii) the Trustee for the



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<PAGE>

Securities of any series, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 10% in principal amount of the
Outstanding Securities of any particular series or to any suit instituted by any
Holder of any Security or coupon for the enforcement of the payment of the
principal of (or premium, if any) or interest, if any, on any Security of such
series or the payment of any coupon on or after the respective Stated Maturities
expressed in such Security or coupon (or, in the case of redemption, on or after
the Redemption Date).

SECTION 515. Waiver of Stay or Extension Laws.

         The Company and Parent each covenants (to the extent that it may
lawfully do so) that 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 and
Parent each (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee for any
series of Securities, but will suffer and permit the execution of every such
power as though no such law had been enacted.

SECTION 516. Judgment Currency.

         If, for the purpose of obtaining a judgment in any court with respect
to any obligation of the Company hereunder or under any Security or any related
coupon, it shall become necessary to convert into any other currency or currency
unit any amount in the currency or currency unit due hereunder or under such
Security or coupon, then such conversion shall be made by the Currency
Determination Agent at the Market Exchange Rate as in effect on the date of
entry of the judgment (the "Judgment Date"). If pursuant to any such judgment,
conversion shall be made on a date (the "Substitute Date") other than the
Judgment Date and there shall occur a change between the Market Exchange Rate as
in effect on the Judgment Date and the Market Exchange Rate as in effect on the
Substitute Date, the Company agrees to pay such additional amounts, if any, as
may be necessary to ensure that the amount paid is equal to the amount in such
other currency or currency unit which, when converted at the Market Exchange
Rate as in effect on the Judgment Date, is the amount due hereunder or under
such Security or coupon. Any amount due from the Company under this Section 516
shall be due as a separate debt and is not to be affected by or merged into any
judgment being obtained for any other sums due hereunder or in respect of any
Security or coupon. In no event, however, shall the Company be required to pay
more in the currency or currency unit due hereunder or under such Security or
coupon at the Market Exchange Rate as in effect on the Judgment Date than the
amount of currency or currency unit stated to be due hereunder or under such
Security or coupon so that in any event the Company's obligations hereunder or
under such Security or coupon will be effectively maintained as obligations in
such currency or currency unit, and the Company shall be entitled to withhold
(or be reimbursed for, as the case may be) any excess of the amount actually
realized upon any such conversion on the Substitute Date over the amount due and
payable on the Judgment Date.



                                       62
<PAGE>

                                   ARTICLE VI
                                   THE TRUSTEE

SECTION 601. Certain Duties and Responsibilities.

         (a) Except during the continuance of an Event of Default with respect
to the Securities of any series for which the Trustee is serving as such,

                  (1) such Trustee undertakes to perform such duties and only
         such duties as are specifically set forth in this Indenture, and no
         implied covenants or obligations shall be read into this Indenture
         against such Trustee; and

                  (2) in the absence of bad faith on its part, such Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions furnished to such Trustee and conforming to the requirements
         of this Indenture; but in the case of any such certificates or opinions
         which by any provisions hereof are specifically required to be
         furnished to such Trustee, such Trustee shall be under a duty to
         examine the same to determine whether or not they conform to the
         requirements of this Indenture.

         (b) In case an Event of Default with respect to a series of Securities
has occurred and is continuing, the Trustee for the Securities of such series
shall exercise such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs.

         (c) No provision of this Indenture shall be construed to relieve the
Trustee for Securities of any series from liability for its own grossly
negligent action, its own grossly negligent failure to act, or its own willful
misconduct, except that:

                  (1) this Subsection shall not be construed to limit the effect
         of Subsection (a) of this Section;

                  (2) such Trustee shall not be liable for any error of judgment
         made in good faith by a Responsible Officer, unless it shall be proved
         that the Trustee was negligent in ascertaining the pertinent facts;

                  (3) such Trustee shall not be liable with respect to any
         action taken, suffered or omitted to be taken by it in good faith in
         accordance with the direction of the Holders of a majority in principal
         amount of the Outstanding Securities of any particular series,
         determined as provided in Section 512, relating to the time, method and
         place of conducting any proceeding for any remedy available to such
         Trustee, or exercising any trust or power conferred upon such Trustee,
         under this Indenture with respect to the Securities of that series; and



                                       63
<PAGE>

                  (4) no provision of this Indenture shall require the Trustee
         for any series of Securities 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.

         (d) Whether or not therein expressly so provided, every provision of
this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee for any series of Securities shall be
subject to the provisions of this Section.

SECTION 602. Notice of Defaults.

         Within 90 days after the occurrence of any default hereunder with
respect to Securities of any particular series, the Trustee for the Securities
of such series shall give to Holders of Securities of that series, in the manner
set forth in Section 106, notice of such default known to such Trustee, unless
such default shall have been cured or waived; provided, however, that, except in
the case of a default in the payment of the principal of (or premium, if any) or
interest, if any, on any Security of that series, or in the deposit of any
sinking fund payment with respect to Securities of that series, such Trustee
shall be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of directors and/or
Responsible Officers of such Trustee in good faith determines that the
withholding of such notice is in the interest of the Holders of Securities of
that series and related coupons; and provided, further, that in the case of any
default of the character specified in Section 501(3) with respect to Securities
of that series no such notice to Holders shall be given until at least 60 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 that series.

SECTION 603. Certain Rights of Trustee.

         Except as otherwise provided in Section 601:

                  (a) the Trustee for any series of Security may rely and shall
         be protected in acting or refraining from acting upon any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         discretion, consent, order, bond, debenture or other paper or document
         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 Company Order
         and any resolution of the Board of Directors of the Company may be
         sufficiently evidenced by a Board Resolution;

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



                                       64
<PAGE>

                  (d) such Trustee may consult with counsel and the written
         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) such Trustee shall be under no obligation to exercise any
         of the rights or powers vested in it by this Indenture at the request
         or direction of any of the Holders of Securities of any series pursuant
         to this Indenture for which it is acting as Trustee, unless such
         Holders shall have offered to such 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) such 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, discretion,
         consent, order, bond, debenture or other paper or document, but such
         Trustee, in its discretion, may make such further inquiry or
         investigation into such facts or matters at it may see fit, and, if
         such Trustee shall determine to make such further inquiry or
         investigation, it shall be entitled to examine the books, records and
         premises of the Company, personally or by agent or attorney; and

                  (g) such 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 such 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.

SECTION 604. Not Responsible for Recitals or Issuance of Securities.

         The recitals contained herein and in the Securities, except the
Trustee's certificates of authentication thereof, and the Support Agreement, and
in any coupons shall be taken as the statements of the Company or Parent, as the
case may be, and neither the Trustee for any series of Securities, nor any
Authenticating Agent assumes any responsibility for their correctness. The
Trustee for any series of Securities makes no representations as to the validity
or sufficiency of this Indenture or of the Securities of any series or the
Support Agreement or coupons. Neither the Trustee for any series of Securities
nor any Authenticating Agent shall be accountable for the use or application by
the Company of Securities or the proceeds thereof.

SECTION 605. May Hold Securities.

         The Trustee for any series of Securities, any Authenticating Agent,
Paying Agent, Security Registrar or any other agent of the Company or such
Trustee, in its individual or any other capacity, may become the owner or
pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal
with the Company with the same rights it would have if it were not such Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other agent.

SECTION 606. Money Held in Trust.

         Money held by the Trustee for any series of Securities in trust
hereunder need not be segregated from other funds except as provided in Section
115 and except to the extent required



                                       65
<PAGE>

by law. The Trustee for any series of Securities shall be under no liability for
interest on any money received by it hereunder except as otherwise agreed with
the Company or Parent, as the case may be.

SECTION 607. Compensation and Reimbursement.

         The Company and Parent jointly and severally agree:

                  (1) to pay to the Trustee for any series of Securities from
         time to time reasonable compensation in Dollars for all services
         rendered by it 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 for any series of Securities in Dollars upon its
         request for all reasonable expenses, disbursements and advances
         incurred or made by such Trustee in accordance with any provision of
         this Indenture (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 its gross negligence
         or bad faith; and

                  (3) to indemnify such Trustee and its agents in Dollars for,
         and to hold them harmless against, any loss, liability or expense
         incurred without gross negligence or bad faith on their part, arising
         out of or in connection with the acceptance or administration of this
         trust, including the costs and expenses of defending themselves against
         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 and
Parent under this Section the Trustee for any series of Securities shall have a
lien prior to the Securities upon all property and funds held or collected by
such Trustee as such, except funds held in trust for the payment of principal of
(and premium, if any) or interest, if any, on particular Securities.

SECTION 608. Disqualification; Conflicting Interests.

         The Trustee for the Securities shall be subject to the provisions of
Section 310(b) of the Trust Indenture Act during the period of time required
thereby. Nothing herein shall prevent the Trustee from filing with the
Commission the application referred to in the penultimate paragraph of Section
310(b) of the Trust Indenture Act. In determining whether the Trustee has a
conflicting interest as defined in Section 310(b) of the Trust Indenture Act
with respect to the Securities of any series, there shall be excluded Securities
of any particular series of Securities other than that series. To the extent
permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a
conflicting interest by virtue of being a trustee under the Indenture dated as
of May 1, 1968 between Bell Telephone Company of Pennsylvania and Fidelity Bank,
National Association (as trustee) or the Indenture dated as of October 1, 1992
among Bell Atlantic Financial Services, Inc., Bell Atlantic Corp. and Fidelity
Bank, National Association (as trustee), each as in effect from time to time.



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<PAGE>

SECTION 609. Corporate Trustee Required; Different Trustees for Different
             Series; Eligibility.

         There shall at all times be a Trustee hereunder which shall be

                  (i) a corporation organized and doing business under the laws
         of the United States of America, any state thereof, or the District of
         Columbia, authorized under such laws to exercise corporate trust
         powers, and subject to supervision or examination by Federal or State
         authority, or

                  (ii) a corporation or other Person organized and doing
         business under the laws of a foreign government that is permitted to
         act as Trustee pursuant to a rule, regulation, or other order of the
         Commission, authorized under such laws to exercise corporate trust
         powers, and subject to supervision or examination by authority of such
         foreign government or a political subdivision thereof substantially
         equivalent to supervision or examination applicable to United States
         institutional trustee, having a combined capital and surplus of at
         least $50,000,000. If such corporation publishes reports of condition
         at least annually, pursuant to law or to requirements of the aforesaid
         supervising or examining authority, then for the purposes of this
         Section, the combined capital and surplus of such corporation shall be
         deemed to be its combined capital and surplus as set forth in its most
         recent report of condition so published. None of the Company, Parent or
         any Person directly or indirectly controlling, controlled by, or under
         the common control of the Company or Parent shall serve as Trustee for
         the Securities. If at any time the Trustee shall cease to be eligible
         in accordance with the provisions of this Section, it shall resign
         immediately in the manner and with the effect hereunder specified in
         this Article.

SECTION 610. Resignation and Removal; Appointment of Successor.

         (a) No resignation or removal of the Trustee for the Securities of any
series and no appointment of a successor Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 611.

         (b) The Trustee for the Securities of any series may resign at any time
with respect to the Securities of such series by giving written notice thereof
to the Company and Parent. If the instrument of acceptance by a successor
Trustee required by Section 611 shall not have been delivered to the Trustee for
the Securities of such series 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 the
Securities of such series.

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

         (d) If at any time:



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<PAGE>

                  (1) the Trustee for the Securities of any series shall fail to
         comply with Section 310(b) of the Trust Indenture Act pursuant to
         Section 608 hereof after written request therefor by the Company or by
         any Holder who has been a bona fide Holder of a Security of such series
         for at least six months, unless the Trustee's duty to resign is stayed
         in accordance with the provisions of Section 310(b) of the Trust
         Indenture Act, or

                  (2) such Trustee shall cease to be eligible under Section 609
         and shall fail to resign after written request therefor by the Company
         or by any such Holder, or

                  (3) such Trustee shall become incapable of acting or shall be
         adjudged a bankrupt or insolvent or a receiver of such Trustee or of
         its property shall be appointed or any public officer shall take charge
         or control of such Trustee or of its property or affairs for the
         purpose of rehabilitation, conservation or liquidation, then, in any
         such case, (i) the Company by a Board Resolution may remove such
         Trustee or (ii) subject to Section 514, any Holder 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 such Trustee and the
         appointment of a successor Trustee.

         (e) If the Trustee for the Securities of any series shall resign, be
removed or become incapable of acting, or if a vacancy shall occur in the office
of Trustee for the Securities of any series for any cause, the Company, by a
Board Resolution, shall promptly appoint a successor Trustee with respect to the
Securities of such series and shall comply with the applicable requirements of
Section 611. 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 such 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 611, become the successor
Trustee for the Securities of such series and supersede the successor Trustee
appointed by the Company. If no successor Trustee for the Securities of such
series shall have been so appointed by the Company or the Holders and shall have
accepted appointment in the manner required by Section 611, and if such Trustee
is still incapable of acting, any Holder 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 in the
manner and to the extent provided in Section 106. Each notice shall include the
name of the successor Trustee with respect to the Securities of that series and
the address of its Corporate Trust Office.

SECTION 611. Acceptance of Appointment by Successor.

         (a) Every such successor Trustee appointed hereunder with respect to
the Securities of any series shall execute, acknowledge and deliver to the
Company and Parent and to the



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<PAGE>

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 of the retiring Trustee;
but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder.

         (b) In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company,
Parent, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series 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, each 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 and 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 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 and each 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 any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all 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 such 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 Subsections (a) or (b) of this Section, as the case may be.

         (d) No successor Trustee shall accept its appointment unless at the
time of such acceptance such successor Trustee for the Securities of any series
shall be qualified and eligible under this Article.



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<PAGE>

SECTION 612. Merger, Conversion, Consolidation or Succession to Business.

         Any corporation into which the Trustee for the Securities of any series
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
Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of such Trustee, shall be the successor of
such Trustee hereunder, provided such corporation shall be otherwise qualified
and eligible under this Article, 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 or the
Authenticating Agent for such series then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee or Authenticating
Agent, as the case may be, may adopt such authentication and deliver the
Securities so authenticated with the same effect as if such successor Trustee or
successor Authenticating Agent had itself authenticated such Securities.

SECTION 613. Preferential Collection of Claims Against Company.

         The Trustee is subject to Section 311(a) of the Trust Indenture Act,
excluding any creditor relationship listed in Section 311(b) of the Trust
Indenture Act. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the Trust Indenture Act to the extent indicated.

SECTION 614. Authenticating Agents.

         From time to time the Trustee for the Securities of any series may, in
its sole discretion, appoint one or more Authenticating Agents with respect to
the Securities of such series, which may include the Company or any Affiliate of
the Company, with power to act on the Trustee's behalf and subject to its
discretion in the authentication and delivery of Securities of such series in
connection with transfers and exchanges under Sections 304, 305, 306 and 1107 as
fully to all intents and purposes as though such Authenticating Agent had been
expressly authorized by those Sections of this Indenture to authenticate and
deliver Securities of such series. For all purposes of this Indenture, the
authentication and delivery of Securities of such series by an Authenticating
Agent for such Securities pursuant to this Section shall be deemed to be
authentication and delivery of such Securities "by the Trustee" for the
Securities of such series. Any such Authenticating Agent shall at all times be a
corporation organized and doing business under the laws of the United States or
of any State, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by Federal or State authority. If such Authenticating
Agent publishes reports of condition at least annually pursuant to law or the
requirements of such supervising or examining authority, then for the purposes
of this Section the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time an Authenticating Agent for any
series of Securities shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.



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<PAGE>

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

         Any Authenticating Agent for any series of Securities may resign at any
time by giving written notice of resignation to the Trustee for such series and
to the Company. The Trustee for any series of Securities may at any time
terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company in the manner set
forth in Section 105. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time any Authenticating Agent for any series of
Securities shall cease to be eligible under this Section, the Trustee for such
series may appoint a successor Authenticating Agent, shall give written notice
of such appointment to the Company and shall give written notice of such
appointment to all Holders of Securities of such series in the manner set forth
in Section 106. 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.

         The Trustee for the Securities of each series agrees to pay to any
Authenticating Agent for such series from time to time reasonable compensation
for its services, and such Trustee shall be entitled to be reimbursed for such
payments, subject to Section 607.

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

         "This is one of the Securities of the series designated therein
described in the within-mentioned Indenture."

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

By                                            By
   ---------------------------                   ---------------------------
   As Authenticating Agent                       Authorized Officer





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<PAGE>

                                  ARTICLE VII
            HOLDERS' LISTS AND REPORTS BY TRUSTEE, COMPANY AND PARENT

SECTION 701. Company and Parent to Furnish Trustee Names and Addresses of
             Holders.

         With respect to each particular series of Securities, the Company and
Parent will furnish or cause to be furnished to the Trustee for the Securities
of such series,

                  (a) semiannually, not more than 15 days after each Regular
         Record Date relating to that series (or, if there is no Regular Record
         Date relating to that series, on June 30 and December 31), a list, in
         such form as such Trustee may reasonably require, containing all the
         information in the possession or control of the Company or Parent or
         any of its Paying Agents other than such Trustee as to the names and
         addresses of the Holders of that series as of such dates,

                  (b) on semi-annual dates on each year to be determined
         pursuant to Section 301 if the Securities of such series do not bear
         interest, a list of similar form and content, and

                  (c) at such other times as such Trustee may request in
         writing, within 30 days after the receipt by the Company or Parent 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,

excluding from any such list names and addresses received by such Trustee in its
capacity as Security Registrar for the Securities of such series, if so acting.

SECTION 702. Preservation of Information; Communications to Holders.

         (a) The Trustee for each series of Securities shall preserve, in as
current a form as is reasonably practicable, the names and addresses of Holders
of the Securities of such series contained in the most recent lists furnished to
such Trustee as provided in Section 701 and the names and addresses of Holders
of the Securities of such series received by such Trustee in its capacity as
Security Registrar for such series, if so acting. The Trustee for each series of
Securities may destroy any list relating to such series of Securities furnished
to it as provided in Section 701 upon receipt of a new list relating to such
series so furnished.

         (b) If three or more Holders of Securities of any particular series
(hereinafter referred to as "applicants") apply in writing to the Trustee for
the Securities of any such series, and furnish to such Trustee reasonable proof
that each such applicant has owned a Security of that series for a period of at
least six months preceding the date of such application, and such application
states that the applicants desire to communicate with other Holders of
Securities of that series with respect to their rights under this Indenture or
under the Securities of that series and is accompanied by a copy of the form of
proxy or other communication which such applicants propose to transmit, then
such Trustee shall, within five Business Days after the receipt of such
application, at its election, either



                                       72
<PAGE>

                           (i) afford such applicants access to the information
                  preserved at the time by such Trustee in accordance with
                  Section 702(a), or

                           (ii) inform such applicants as to the approximate
                  number of Holders of Securities of that series whose names and
                  addresses appear in the information preserved at the time by
                  such Trustee in accordance with Section 702(a), and as to the
                  approximate cost of mailing to such Holders the form of proxy
                  or other communication, if any, specified in such application.

         If any such Trustee shall elect not to afford such applicants access to
that information, such Trustee shall, upon the written request of such
applicants, mail to each Holder of Securities of that series whose name and
address appears in the information preserved at the time by such Trustee in
accordance with Section 702(a), a copy of the form of proxy or other
communication which is specified in such request, with reasonable promptness
after a tender to such Trustee of the material to be mailed and of payment, or
provision for the payment, of the reasonable expenses of mailing, unless within
five days after such tender, such Trustee shall mail to such applicants and file
with the Commission, together with a copy of the material to be mailed, a
written statement to the effect that, in the opinion of such Trustee, such
mailing would be contrary to the best interests of the Holders of Securities of
that series or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If the Commission, after opportunity
for a hearing upon the objections specified in the written statement so filed,
shall enter an order refusing to sustain any of such objections or if, after the
entry of an order sustaining one or more of such objections, the Commission
shall find, after notice and opportunity for hearing, that all the objections so
sustained have been met and shall enter an order so declaring, such Trustee
shall mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such tender;
otherwise such Trustee shall be relieved of any obligation or duty to such
applicants respecting their application.

         (c) Every Holder of Securities of each series or coupons, by receiving
and holding the same, agrees with the Company, Parent and the Trustee for the
Securities of such series that neither the Company, Parent nor such Trustee, nor
any agent of either of them shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the Holders
of the Securities of such series in accordance with Section 702(b), 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 702(b).

SECTION 703. Reports by Trustee.

         (a) If required by applicable law, within 60 days after May 15 of each
year, the Trustee for the Securities of each series shall mail to each Holder of
the Securities of such series entitled to receive reports pursuant to Section
704(3), a brief reported dated as of such date that complies with Section 313(a)
of the Trust Indenture Act. The Trustee for the Securities of each series shall
also comply with Sections 313(b), 313(c) and 313(d) of the Trust Indenture Act.

         (b) At the time that the Trustee for the Securities of each series
mails such a report to the Holders of Securities of such series, each such
Trustee shall file a copy of that report with the



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<PAGE>

Commission and with each stock exchange on which the Securities of that series
are listed. The Company shall provide notice to the appropriate Trustee when the
Securities of any series are listed on any stock exchange.

SECTION 704. Reports by Company and Parent.

         The Company and Parent will:

                  (1) file with the Trustee for the Securities of such series,
         within 15 days after the Company or Parent, as the case may be, 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 or
         Parent 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 or Parent is not required to file information, documents or
         reports pursuant to either of said Sections, then it will file with
         such 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 for the Securities of such series
         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 or
         Parent with the conditions and covenants of this Indenture as may be
         required from time to time by such rules and regulations;

                  (3) transmit by mail to all Holders of Securities of each
         series within 30 days after the filing thereof with the Trustee for the
         Securities of such series, such summaries of any information, documents
         and reports required to be filed by the Company or Parent, as the case
         may be pursuant to paragraphs (1) and (2) of this Section as may be
         required by rules and regulations prescribed from time to time by the
         Commission; and

                  (4) deliver to the Trustee, on or before April 15 in each
         year, an Officer's Certificate signed by at least one of the principal
         executive officer, principal financial officer or principal accounting
         officer of such entity, stating whether or not to the knowledge of the
         signers thereof the Company or Parent, as appropriate, is in default in
         the performance and observance of any of the terms, provisions and
         conditions of this Indenture (without regard to any period of grace or
         requirement of notice provided hereunder) and, if the Company or
         Parent, as appropriate, shall be in default, specifying all such
         defaults and the nature and status thereof of which the signers may
         have knowledge.



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<PAGE>

                                  ARTICLE VIII

                  CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

SECTION 801. Company and Parent May Consolidate, Etc., Only on Certain Terms.

         Neither the Company nor Parent shall consolidate with or merge into any
other Person or convey, transfer or lease its properties and assets
substantially as an entirety to any Person, and neither the Company nor Parent
shall permit any Person to consolidate with or merge into it or convey, transfer
or lease its properties and assets substantially as an entirety to it, unless:

                  (1) in case the Company or Parent 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 Person
         formed by such consolidation or into which the Company or Parent is
         merged or the Person which acquires by conveyance or transfer the
         properties and assets of the Company or Parent substantially as an
         entirety shall expressly assume, by an indenture supplemental hereto,
         executed and delivered to the Trustee for each series of Securities, in
         form satisfactory to each such Trustee, the due and punctual payment of
         the principal of (and premium, if any) and interest, if any, (including
         all additional amounts, if any, payable pursuant to Sections 516 or
         1006) on all the Securities and any related coupons and the performance
         of every covenant of this Indenture on the part of the Company to be
         performed or observed and, in the case of Parent the due and punctual
         performance of the Support Agreement and the performance of every
         covenant of this Indenture on the part of Parent to be performed or
         observed;

                  (2) immediately after giving effect to such transaction, no
         Event of Default with respect to any series of Securities, and no event
         which, after notice or lapse of time, or both, would become an Event of
         Default with respect to any series of Securities, shall have happened
         and be continuing;

                  (3) the Company or Parent, as the case may be, has delivered
         to the Trustee for each series of Securities an Officers' Certificate
         and an Opinion of Counsel each stating that such consolidation, merger,
         conveyance or transfer and such supplemental indenture comply with this
         Article and that all conditions precedent herein provided for relating
         to such transaction have been complied with; and

                  (4) if, as a result of any such consolidation or merger or
         such conveyance, transfer or lease, properties or assets of the Company
         would become subject to any Mortgage which would not be permitted by
         Section 1004 without equally and ratably securing the Securities as
         provided therein, the Company or such successor corporation or Person,
         as the case may be, shall take such steps as shall be necessary
         effectively to secure the Securities equally and ratably with (or prior
         to) all indebtedness secured thereby pursuant to Section 1004.



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<PAGE>

SECTION 802. Successor Corporation Substituted.

         Upon any consolidation of the Company or Parent with, or merger of the
Company or Parent into, any other Person, or any conveyance or transfer or lease
of the properties and assets of the Company or Parent substantially as an
entirety in accordance with Section 801, the successor Person formed by such
consolidation or into which the Company or Parent is merged or to which such
conveyance or transfer is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company or Parent, as the case may be,
under this Indenture with the same effect as if such successor Person had been
named as the Company or Parent, as the case may be, herein and thereafter,
except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture, the Securities, the Support
Agreement and any related coupons and, in the event of any such consolidation,
merger, conveyance or transfer, the Company or Parent as the predecessor
corporation may thereupon or at any time thereafter be dissolved, wound up, or
liquidated.

                                   ARTICLE IX

                             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 a Board Resolution, the Parent and the Trustee for
the Securities of any or all series, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to
such Trustee, for any of the following purposes:

                  (1) to evidence the succession of another corporation to the
         Company or Parent, and the assumption by any such successor of the
         covenants of the Company or Parent herein and in the Securities or the
         Support Agreement; or

                  (2) to add to the covenants of the Company or Parent, for the
         benefit of the Holders of all or any particular series of Securities
         and any related coupons (and, if such covenants are to be for the
         benefit of fewer than all series of Securities, stating that such
         covenants are being included solely for the benefit of such series), or
         to surrender any right or power herein conferred upon the Company or
         Parent; or

                  (3) to add any additional Events of Default with respect to
         any or all series of Securities (and, if any such Event of Default
         applies to fewer than all series of Securities, stating each series to
         which such Event of Default applies); or

                  (4) to add to or to 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 or any premium or interest on Bearer Securities, to permit
         Bearer Securities to be issued in exchange for Registered Securities,
         to permit Bearer Securities to be issued in exchange for Bearer
         Securities of other authorized denominations, to provide for the
         issuance of uncertificated Securities of any series in addition to or
         in place of any certificated Securities and to make all appropriate



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<PAGE>

         changes for such purposes; provided, however, that any such action
         shall not adversely affect the interests of the Holders of Securities
         of any series or any related coupons in any material respect; or

                  (5) to change or eliminate any of the provisions of this
         Indenture, provided, however, that any such change or elimination shall
         become effective only when there is no Security Outstanding of any
         series created prior to the execution of such supplemental indenture
         which is entitled to the benefit of such provision; or

                  (6) to evidence and provide for the acceptance of appointment
         hereunder of a Trustee other than First Union National Bank as Trustee
         for a series of Securities 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 609; or

                  (7) 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 611(b); or

                  (8) to add to the conditions, limitations and restrictions on
         the authorized amount, form, terms or purposes of issue, authentication
         and delivery of Securities, as herein set forth, other conditions,
         limitations and restrictions thereafter to be observed; 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
         Section 401; provided, however, that any such action shall not
         adversely affect the interests of the Holders of Securities of such
         series and any related coupons or any other series of Securities in any
         material respect; or

                  (10) to add to or change or eliminate any provisions of this
         Indenture as shall be necessary or desirable in accordance with any
         amendments to the Trust Indenture Act; or

                  (11) to issue and establish the form and terms of any series
         of Securities; or

                  (12) to cure any ambiguity, to correct or supplement any
         provision herein which may be inconsistent with any other provision
         herein, to convey, transfer, assign, mortgage or pledge any property to
         or with the Trustee for the Securities of any series or to surrender
         any right or power herein conferred upon the Company or Parent, or to
         make any other provisions with respect to matters or questions arising
         under this Indenture or the Support Agreement, provided such action
         shall not adversely affect the interests of the Holders of Securities
         of any particular series in any material respect.



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<PAGE>

SECTION 902. Supplemental Indentures With Consent of Holders.

         The Company, when authorized by a Board Resolution, Parent and the
Trustee for the Securities of any or all series 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 such Securities and any
related coupons under this Indenture, but only with the consent of the Holders
of more than a majority in aggregate principal amount of the Outstanding
Securities of each series of Securities then Outstanding affected thereby, in
each case by Act of said Holders of Securities of each such series delivered to
the Company and the Trustee for Securities of each such series; provided,
however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Security affected thereby:

                  (1) change the Stated Maturity of the principal of, or any
         installment of principal of or interest on, any Security, or reduce the
         principal amount thereof or the rate of interest thereon, if any (or,
         in the case of OID Securities, reduce the rate of accretion of original
         issue discount), or any premium payable upon the redemption thereof, or
         change any obligation of the Company to pay additional amounts pursuant
         to Section 1006 (except as contemplated by Section 801(1) and permitted
         by Section 901(1)) or reduce the amount of the principal of an OID
         Security that would be due and payable upon a declaration of
         acceleration of the Maturity thereof, or provable in bankruptcy, or, in
         the case of Indexed Securities, reduce the amount payable in accordance
         with the terms of those Securities upon a declaration of acceleration
         of Maturity thereof, or provable in bankruptcy, pursuant to Section
         502, or change the Place of Payment, or the currency or currency unit
         in which any Security or the principal or interest thereon 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 impair any right of
         Holders of Securities hereunder to require the Company to repay or
         purchase Securities at their option; or reduce or alter the method of
         computation of any amount payable upon redemption, repayment or
         purchase of any Securities by the Issuer (or the time when such
         redemption, repayment or purchase may be made); or

                  (2) reduce the percentage in principal amount of the
         Outstanding Securities of any particular 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

                  (3) modify any of the provisions of this Section or Section
         513 or 1006, 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 Security affected thereby;
         provided, however, that this clause shall not be deemed to require the
         consent of any Holder of a Security or coupon with respect to changes
         in the references to "the Trustee" and concomitant changes in this
         Section and Section 1006, or the deletion of this proviso, in
         accordance with the requirements of Sections 609, 61l(b), 901(6) and
         901(7).



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<PAGE>

                  (4) except as provided in Section 901(12), modify any of the
         provisions of the Support Agreement.

A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included 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 under this Section 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.

         In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee for any series of Securities
shall be entitled to receive, and (subject to Section 601) 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 for any series of Securities may, but shall not be obligated to, enter
into any such supplemental indenture which affects such Trustee's own rights,
liabilities, 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 Securities theretofore or thereafter authenticated and delivered hereunder
and of any coupons appertaining thereto shall be bound thereby.

SECTION 905. Conformity With Trust Indenture Act.

         Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act as then in effect.

SECTION 906. Reference in Securities to Supplemental Indentures.

         Securities of any particular series authenticated and delivered after
the execution of any supplemental indenture pursuant to this Article may, and
shall if required by the Trustee for the Securities of such series, bear a
notation in form approved by such Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of any
series and any related coupons so modified as to conform, in the opinion of the
Trustee for the Securities of such series and the Board of Directors of both
Company, to any such supplemental indenture may be prepared and executed by the
Company, with the text of the Support Agreement endorsed thereon and such
Securities may be authenticated and delivered by such Trustee in exchange for
Outstanding Securities of such series and any related coupons.



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<PAGE>

                                    ARTICLE X

                                    COVENANTS

SECTION 1001. Payment of Principal (and Premium, if any) and Interest, if any.

         The Company agrees, for the benefit of each particular series of
Securities, that it will duly and punctually pay in the currency or currency
unit in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such series and except
as provided in Sections 314(b) and 314(d)) the principal of (and premium, if
any) and interest, if any, on that series of Securities in accordance with the
terms of the Securities of such series, any coupons appertaining thereto and
this Indenture. Unless otherwise specified as contemplated by Section 301 with
respect to any series of Securities, any interest due on Bearer Securities on or
before Maturity shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they
severally mature. The interest, if any, due in respect of any temporary or
permanent Global Security, together with any additional amounts payable in
respect thereof, as provided in the terms and conditions of such Security, shall
be payable, subject to the conditions set forth in Section 1006, only upon
presentation of such Security to the Trustee thereof for notation thereon of the
payment of such interest.

SECTION 1002. Maintenance of Office or Agency.

         If Securities of a series are issuable only as Registered Securities
the Company will maintain in each Place of Payment for that series an office or
agency where Securities of that series may be presented or surrendered for
payment, an office or agency where Securities of that series may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Company with respect to the Securities of that series and this
Indenture may be served. If Securities of a series are issuable as Bearer
Securities, the Company will maintain (A) an office or agency (which may be the
same office or agency) in a Place of Payment for that series in the United
States where any Registered Securities of that series may be presented or
surrendered for payment, where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may be
surrendered for exchange, where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served and
where Bearer Securities of that series and related coupons may be presented or
surrendered for payment in the circumstances described in the following
paragraph (and not otherwise), (B) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series which is located outside the
United States, an office or agency where Securities of that series and related
coupons may be presented and surrendered for payment; provided, however, that if
the Securities of that series are listed on the Stock Exchange or any other
stock exchange located outside the United States and such stock exchange shall
so require, the Company will maintain a Paying Agent for the Securities of that
series in Luxembourg or any other required city located outside the United
States, as the case may be, so long as the Securities of that series are listed
on such exchange, and (C) subject to any laws or regulations applicable thereto,
in a Place of Payment for that series located outside the United States an
office or agency where any Registered Securities of that series may be
surrendered for



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<PAGE>

registration of transfer, where Securities of that series may be surrendered for
exchange and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served. The Company will
give prompt written notice to the Trustee for the Securities of that series of
the location, and any change in the location, of any such office or agency. If
at any time the Company shall fail to maintain any such required office or
agency in respect of any series of Securities or shall fail to furnish the
Trustee for the Securities of that series with the address thereof, such
presentations (to the extent permitted by law), and surrenders of Securities of
that series may be made and notices and demands may be made or served at the
Corporate Trust Office of such Trustee, except that Bearer Securities of that
series and the related coupons may be presented and surrendered for payment at
the offices specified in the Security, and the Company hereby appoints the same
as their agent to receive such respective presentations, surrenders, notices and
demands.

         No payment of principal (and premium, if any) or interest, if any, on
Bearer Securities shall be made at any office or agency of the Company 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.
Payments will not be made in respect of Bearer Securities or coupons
appertaining thereto pursuant to presentation to the Company or its designated
Paying Agents within the United States. Notwithstanding the foregoing, payment
of principal of (and premium, if any) and interest, if any, on any Bearer
Security denominated and payable in Dollars will be made at the office of the
Company's Paying Agent in the United States, if, and only if, payment in Dollars
of the full amount of such principal, premium or interest, as the case may be,
at all offices or agencies outside the United States maintained for that purpose
by the Company in accordance with this Indenture is illegal or effectively
precluded by exchange controls or other similar restrictions and the Company has
delivered to the Trustee an Opinion of Counsel to that effect.

         The Company may also from time to time designate one or more other
offices or agencies (in or outside the Place of Payment) where the Securities of
one or more series may be presented or surrendered for any or all of the
purposes specified above in this Section 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 such purpose. The Company will give prompt written
notice to the Trustee for the Securities of each series so affected of any such
designation or rescission and of any change in the location of any such office
or agency.

         If and so long as the Securities of any series (i) are denominated in a
currency other than Dollars or (ii) may be payable in a currency other than
Dollars, or so long as it is required under any other provision of the
Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, a Currency Determination Agent.

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 particular series of Securities and any related coupons, it will,
on or before each due date of the principal of (and premium, if any) or
interest, if any, on any of the Securities of that series, segregate and hold in
trust for the benefit of the Persons entitled thereto a sum in the currency or



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<PAGE>

currency unit in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series
and except as provided in Sections 314(b) and 314(d)) sufficient to pay the
principal (and premium, if any) and interest, if any, so becoming due until such
sums shall be paid to such Persons or otherwise disposed of as herein provided,
and will promptly notify the Trustee for the Securities of such series of its
action or failure so to act.

         Whenever the Company shall have one or more Paying Agents for any
particular series of Securities and any related coupons, it will, prior to each
due date of the principal of (and premium, if any) or interest, if any, on any
such Securities, deposit with a Paying Agent for the Securities of such series a
sum (in the currency or currency unit described in the preceding paragraph)
sufficient to pay the principal (and premium, if any) and interest, if any, 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 for the
Securities of such series) the Company will promptly notify such Trustee of its
action or failure so to act.

         The Company will cause each Paying Agent for any particular series of
Securities other than the Trustee for the Securities of such series to execute
and deliver to such Trustee an instrument in which such Paying Agent shall agree
with such Trustee, subject to the provisions of this Section, that such Paying
Agent will:

                  (1) hold all sums held by it for the payment of the principal
         of (and premium, if any) or interest, if any, on Securities of that
         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
         herein provided;

                  (2) give such Trustee notice of any default by the Company (or
         any other obligor upon the Securities) in the making of any payment of
         principal (or premium, if any) and interest, if any, on Securities of
         that series; and

                  (3) at any time during the continuation of any such default,
         upon the written request of such Trustee, forthwith pay to such Trustee
         all sums so held in trust by such 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 for the
Securities of any series all sums held in trust by the Company or such Paying
Agent, such sums to be held by such Trustee upon the same trusts as those upon
which such sums were held by the Company or such Paying Agent; and, upon such
payment by any Paying Agent to such Trustee, such Paying Agent shall be released
from all further liability with respect to such money.

SECTION 1004. Lien on Assets.

         If at any time the Company mortgages, pledges or otherwise subjects to
any lien the whole or any part of any property or assets now owned or hereafter
acquired by it, except as hereinafter provided in this Section 1004, the Company
will secure the then-Outstanding Securities, and any other obligations of the
Company which may then be outstanding and entitled



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to the benefit of a covenant similar in effect to this covenant, equally and
ratably with the indebtedness or obligations secured by such mortgage, pledge or
lien, for as long as any such indebtedness or obligation is so secured. The
foregoing covenant does not apply to the creation, extension, renewal or
refunding of purchase-money mortgages or liens or other liens to which any
property or asset acquired by the Company is subject as of the date of its
acquisition by the Company; or to the making of any deposit or pledge to secure
public or statutory obligations or with any governmental agency at any time
required by law in order to qualify the Company to conduct its business or any
part thereof or in order to entitle it to maintain self-insurance or to obtain
the benefits of any law relating to workmen's compensation, unemployment
insurance, old age pensions or other social security; or with any court, board,
commission or governmental agency as security incident to the proper conduct of
any proceeding before it. Nothing contained in this Indenture prevents an
Affiliate, including without limitation Parent, from mortgaging, pledging or
subjecting to any lien any property or assets, whether or not acquired by such
Affiliate from the Company.

SECTION 1005. Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with any
covenant or condition set forth in Section 1004, if before or after the time for
such compliance the Holders of more than 50% in principal amount of the
Outstanding Securities of each series of Securities affected by the omission
shall, in each case by Act of such Holders, either waive such compliance in such
instance or generally waive compliance with such covenant or condition, but no
such waiver shall extend to or affect such covenant 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 for the Securities of
each series with respect to any such covenant or condition shall remain in full
force and effect.

SECTION 1006. Payment of Additional Amounts.

         If specified pursuant to Section 301, the provisions of this Section
1006 shall be applicable to Securities of any series.

         The Company will, subject to the exceptions and limitations set forth
below, pay to the Holder of any Security or coupon who is a United States Alien
such additional amounts as may be necessary so that every net payment on such
Security or coupon, after deduction or withholding by the Company or any of its
Paying Agents for or on account of any present or future tax, assessment or
other governmental charge imposed upon or as a result of such payment by the
United States (or any political subdivision or taxing authority thereof or
therein), will not be less than the amount provided in such Security or in such
coupon to be then due and payable. However, the Company will not be required to
make any payment of additional amounts for or on account of:

         (a) any tax, assessment or other governmental charge that would not
have been so imposed but for (i) the existence of any present or former
connection between such Holder (or between a fiduciary, settler or beneficiary
of, or a person holding a power over, such Holder, if such Holder is an estate
or trust, or a member or shareholder of such Holder, if such Holder is a
partnership or corporation) and the United States, including, without
limitation, such Holder (or



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<PAGE>

such fiduciary, settler, beneficiary, person holding a power, member or
shareholder) being or having been a citizen, resident or treated as a resident
thereof or being or having been engaged in trade or business or present therein
or having or having had a permanent establishment therein, or (ii) such Holder's
present or former status as a personal holding company, foreign personal holding
company, controlled foreign corporation or passive foreign investment company
with respect to the United States or as a corporation that accumulates earnings
to avoid United States federal income tax;

         (b) any tax, assessment or other governmental charge which would not
have been so imposed but for the presentation by the Holder of such Security or
coupon for payment on a date more than 10 days after the date on which such
payment became due and payable or the date on which payment thereof is duly
provided for, whichever occurs later;

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

         (d) any tax, assessment or other governmental charge required to be
withheld by any Paying Agent from any payment in respect of any Security or
coupon, if such payment can be made without such withholding by at least one
other Paying Agent;

         (e) any tax, assessment or other governmental charge which is payable
otherwise than by withholding from payments in respect of such Security or
coupon;

         (f) any tax, assessment or other governmental charge imposed on a
Holder of a Security or coupon that actually or constructively owns 10 percent
or more of the total combined voting power of all classes of stock of the
Company entitled to vote within the meaning of Section 871(h)(3) of the Code or
that is a controlled foreign corporation related to the Company or Parent
through stock ownership;

         (g) any tax, assessment or other governmental charge imposed as a
result of the failure to comply with applicable certification, information,
documentation or other reporting requirements concerning the nationality,
residence, identity or connection with the United States of the Holder or
beneficial owner of a Security or coupon, if such compliance is required by
statute or by regulation of the United States, as a precondition to relief or
exemption from such tax, assessment or other governmental charge;

         (h) any tax, assessment or other governmental charge imposed with
respect to payments on any Registered Security by reason of the failure of the
Holder to fulfill the statement requirement of Sections 871(h) or 881(c) of the
Code; or

         (i) any combination of items (a), (b), (c), (d), (e), (f), (g) and (h);

nor will additional amounts be paid with respect to any payment on any such
Security or coupon to a Holder who is a fiduciary or partnership or other than
the sole beneficial owner of such payment to the extent such payment would be
required by the laws of the United States (or any political subdivision thereof)
to be included in the income for federal income tax purposes of a beneficiary or
settler with respect to such fiduciary or a member of such partnership or a



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<PAGE>

beneficial owner who would not have been entitled to payment of the additional
amounts had beneficiary, settler, member or beneficial owner been the Holder of
such Security or coupon.

         The term "United States Alien" means any corporation, partnership,
individual or fiduciary that is, as to the United States, a foreign corporation,
a nonresident alien individual, a nonresident fiduciary of a foreign estate or
trust, or a foreign partnership one or more of the members of which is, as to
the United States, a foreign corporation, a nonresident alien individual or a
nonresident fiduciary of a foreign estate or trust.

         Whenever in this Indenture there is mentioned, in any context, the
payment of the principal of (and premium, if any) and interest, if any, on any
Security or payment with respect to any coupon of any series, such mention shall
be deemed to include mention of the payment of additional amounts provided for
in the terms of such Securities and this Section to the extent that, in such
context, additional amounts are, were or would be payable in respect thereof
pursuant to the provisions of this Section and express mention of the payment of
additional amounts (if applicable) in any provisions hereof shall not be
construed as excluding additional amounts in those provisions hereof where such
express mention is not made.

         If the Securities of a series provide for the payment of additional
amounts as contemplated by Section 301(20), at least 10 days prior to the first
Interest Payment Date with respect to that series of Securities (or if the
Securities of that series will not bear interest prior to maturity, the first
day on which a payment of principal and any premium is made), and at least 10
days prior to each date of payment of principal (and premium, if any) and
interest, if any, if there has been any change with respect to the matters set
forth in the below mentioned Officers' Certificate, the Company will furnish the
Trustee for that series of Securities and the Company's principal Paying Agent
or Paying Agents, if other than such Trustee, with an Officers' Certificate
instructing such Trustee and such Paying Agent or Paying Agents whether such
payment of principal of (and premium, if any) and interest, if any, on the
Securities of that series shall be made to Holders of Securities of that series
or any related coupons who are United States Aliens without withholding for or
on account of any tax, assessment or other governmental charge referred to above
or described in the Securities of that 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 will pay to the Trustee for such series of Securities
or such Paying Agent such additional amounts as may be required pursuant to the
terms applicable to such series. The Company covenants to indemnify the Trustee
for such series of Securities and any Paying Agent for, and to hold them
harmless against, any loss, liability or expense reasonably incurred without
gross 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 1006.



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                                   ARTICLE XI

                            REDEMPTION OF SECURITIES

SECTION 1101. Applicability of This Article.

         Redemption of Securities of any series (whether by operation of a
sinking fund or otherwise) as permitted or required by any form of Security
issued pursuant to this Indenture shall be made in accordance with such form of
Security and this Article; provided, however, that if any provision of any such
form of Security shall conflict with any provision of this Article, the
provision of such form of Security shall govern.

SECTION 1102. Election to Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities of any series
shall be evidenced by or pursuant to a Board Resolution. In case of any
redemption at the election of the Company of less than all of the Securities of
any particular series, 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 for the Securities of such series) notify such
Trustee by Company Request of such Redemption Date and of the principal amount
of Securities of that series to be redeemed and shall deliver to such Trustee
such documentation and records as shall enable such Trustee to select the
Securities to be redeemed pursuant to Section 1103. In the case of any
redemption of Securities of any series prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee for
Securities of such series with an Officers' Certificate evidencing compliance
with such restriction.

SECTION 1103. Selection by Trustee of Securities to Be Redeemed.

         If less than all the Securities are to be redeemed, the Company may
select the series to be redeemed, and if less than all the Securities of any
series are to be redeemed, the particular Securities of that series to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by
the Trustee for the Securities of such series, from the Outstanding Securities
of that series not previously called for redemption, by such method as such
Trustee shall deem fair and appropriate and which may provide for the selection
for redemption of portions (equal to the minimum authorized denomination for
Securities of that series, or any integral multiple thereof) of the principal
amount of Securities of that series of a denomination larger than the minimum
authorized denomination for Securities of that series pursuant to Section 302 in
the currency or currency unit in which the Securities of such series are
denominated.

         The Trustee for the Securities of any series to be redeemed shall
promptly notify the Company in writing of the Securities of such series 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 Security redeemed or to be



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<PAGE>

redeemed only in part, to the portion of the principal amount of such Securities
which has been or is to be redeemed.

SECTION 1104. Notice of Redemption.

         Notice of redemption shall be given in the manner provided in Section
106 not later than the thirtieth day and not earlier than the sixtieth day prior
to the Redemption Date, to each Holder of Securities to be redeemed.

         All notices of redemption shall state:

                  (1) the Redemption Date,

                  (2) the Redemption Price,

                  (3) if less than all Outstanding Securities of a particular
         series are to be redeemed, the identification (and, in the case of
         partial redemption, the respective principal amounts) of the particular
         Securities to be redeemed, including the CUSIP number of such
         Securities,

                  (4) that on the Redemption Date the Redemption Price will
         become due and payable upon each such Security or portion thereof, and
         that interest thereon, if any (or in the case of OID Securities,
         original issue discount), shall cease to accrue on and after said date,

                  (5) 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,

                  (6) that the redemption is for a sinking fund, if such is the
         case,

                  (7) 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 or security or indemnity
         satisfactory to the Company, the Trustee for such series and any Paying
         Agent is furnished, and

                  (8) 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 this Redemption Date pursuant to Section 305
         or otherwise, the last date, as determined by the Company, on which
         such exchanges may be made.

         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 for such Securities in the name and at the expense of the Company.



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<PAGE>

SECTION 1105. Deposit of Redemption Price.

         Prior to the opening of business on any Redemption Date, the Company
shall deposit with the Trustee for the Securities to be redeemed or with a
Paying Agent for such Securities (or, if the Company is acting as its own Paying
Agent for such Securities, segregate and hold in trust as provided in Section
1003) an amount of money in the currency or currency unit in which the
Securities of such series are payable (except as otherwise specified pursuant to
Section 301 for the Securities of such Series and except as provided in Sections
314(b) and 314(d)) sufficient to pay the principal amount of (and premium, if
any, thereon), and (except if the Redemption Date shall be an Interest Payment
Date) any accrued interest on, all the Securities which are to be redeemed on
that date.

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 in the currency or currency unit in which the
Securities of such series are payable (except as otherwise provided pursuant to
Section 301 for the Securities of such series and except as provided in Sections
314(b) and 314(d)) and from and after such date (unless the Company shall
default in the payment of the Redemption Price) 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 such Security for redemption in accordance with said
notice together with all coupons, if any, appertaining thereto maturing after
the Redemption Date, such Security or specified portions thereof shall be paid
by the Company at the Redemption Price; provided, however, that installments of
interest on Bearer Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section 1002) and, unless
otherwise specified as contemplated by Section 301, only upon presentation and
surrender of coupons for such interest, and provided, further, that unless
otherwise specified as contemplated by Section 301, 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
relevant Record Dates according to their terms and the provisions of Section
310.

         If any Bearer Security surrendered for redemption shall not be
accompanied by all coupons appertaining thereto 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 if there is
furnished to the Company, the Trustee for such Security and any Paying Agent
such security or indemnity as they may require to save the Company, such Trustee
and any Paying Agent harmless. If thereafter the Holder of such Security shall
surrender to such 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
interest represented by coupons shall be payable only at an office or agency
located outside the United States (except as otherwise provided in Section 1002)



                                       88
<PAGE>

and, unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of those coupons.

         If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal thereof (and premium, if any,
thereon) shall, until paid, bear interest from the Redemption Date at a rate per
annum equal to the rate borne by the Security (or, in the case of (i) OID
Securities, the Security's Yield to Maturity or (ii) Indexed Securities, the
rate determined in accordance with the specified terms of those Securities).

SECTION 1107. Securities Redeemed in Part.

         Any Registered Security which is to be redeemed only in part shall be
surrendered at the Place of Payment (with, if the Company or the Trustee for
such Security so requires, due endorsement by, or 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), and the Company shall execute and such Trustee shall authenticate and
deliver to the Holder of such Security without service charge, a new Registered
Security or Securities, of any authorized denomination as requested by such
Holder, of the same series and having the same terms and provisions and in an
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Registered Security so surrendered, with the text of the
Support Agreement endorsed thereon.

SECTION 1108. Tax Redemption; Special Tax Redemption.

         (a) Unless otherwise specified pursuant to Section 301, Securities of
any series may be redeemed at the option of the Company in whole, but not in
part, on not more than 60 days' and not less than 30 days' notice, on any
Redemption Date at the Redemption Price specified pursuant to Section 301, if
the Company determines that (A) as a result of any change in or amendment to the
laws (or any regulations or rulings promulgated thereunder) of the United States
or of any political subdivision or taxing authority thereof or therein affecting
taxation, or any change in official position regarding application or
interpretation of such laws, regulations or rulings (including a holding by a
court of competent jurisdiction in the United States), which change or amendment
is announced or becomes effective on or after a date specified in Section 301
with respect to any Security of such series, the Company has or will become
obligated to pay additional amounts pursuant to Section 1006 with respect to any
Security of such series or (B) on or after a date specified in Section 301 with
respect to any Security of such series, any action has been taken by any taxing
authority of, or any decision has been rendered by a court of competent
jurisdiction in, the United States or any political subdivision or taxing
authority thereof or therein, including any of those actions specified in (A)
above, whether or not such action was taken or decision was rendered with
respect to the Company, or any change, amendment, application or interpretation
shall be officially proposed, which, in any such case, in the Opinion of Counsel
to the Company will result in a material probability that the Company will
become obligated to pay additional amounts pursuant to Section 1006 with respect
to any Security of such series, and (C) in any such case specified in (A) or (B)
above the Company, in its business judgment, determines that such obligation
cannot be avoided by the use of reasonable measures available to the Company.



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<PAGE>

(b) Unless otherwise specified pursuant to Section 301, if the Company shall
determine that any payment made outside the United States by the Company or any
of its Paying Agents of principal or interest due in respect of any Bearer
Security (an "Affected Security") of such series or any coupon appertaining
thereto would, under any present or future laws or regulations of the United
States, be subject to any certification, information or other reporting
requirement of any kind, the effect of which requirement is the disclosure to
the Company, any Paying Agent or any governmental authority of the nationality,
residence or identity (as distinguished from, for example, status as a United
States Alien) of a beneficial owner of such Affected Security of such series or
coupon that is a United States Alien (other than such a requirement that (i)
would not be applicable to a payment made by the Company or any one of its
Paying Agents (A) directly to the beneficial owner or (B) to a custodian,
nominee or other agent of the beneficial owner, (ii) can be satisfied by such
custodian, nominee or other agent certifying to the effect that such beneficial
owner is a United States Alien; provided that, in each case referred to in
clauses (i)(B) or (ii), payment by such custodian, nominee or other agent to
such beneficial owner is not otherwise subject to any such requirement (other
than a requirement which is imposed on a custodian, nominee or other agent
described in item (iv) of this sentence), (iii) would not be applicable to a
payment made by at least one other Paying Agent of the Company or (iv) is
applicable to a payment to a custodian, nominee or other agent of the beneficial
owner of such Security who is a United States person (as hereinafter defined), a
controlled foreign corporation for United States tax purposes, a foreign person
50 percent or more of the gross income of which for the three-year period ending
with the close of its taxable year preceding the year of payment is effectively
connected with a United States trade or business, or is otherwise related to the
United States), the Company shall elect by notice to the Trustee for such series
of Securities either (x) to redeem the Affected Securities of such series, as a
whole, at a redemption price equal to the principal amount thereof, together
with interest accrued to the date fixed for redemption, or (y) if the conditions
of the next succeeding paragraph are satisfied, to pay the additional amounts
specified in such paragraph. The Company shall make such determination and
election as soon as practicable and give prompt notice thereof (the
"Determination Notice") in the manner described in Section 106 stating the
effective date of such certification, information or reporting requirement,
whether the Company has elected to redeem the Affected Securities of such series
or to pay the additional amounts specified in the next succeeding paragraph, and
(if applicable) the last date by which the redemption of the Affected Securities
of such series must take place, as provided in the next succeeding sentence. If
the Company elects to redeem the Affected Securities of such series, such
redemption shall take place on such date, not later than one year after the
giving of the Determination Notice, as the Company shall specify by notice to
such Trustee given not less than 45 nor more than 75 days before the Redemption
Date. Notice of such redemption of the Affected Securities of such series shall
be given to the Holders thereof not less than 30 days nor more than 60 days
prior to the Redemption Date. Notwithstanding the foregoing, the Company shall
not so redeem the Affected Securities of such series if the Company shall
subsequently determine by notice to the Trustee, not less than 30 days prior to
the Redemption Date, that subsequent payments on the Affected Securities of such
series would not be subject to any such certification, information or other
reporting requirement, in which case the Company shall give prompt notice of
such subsequent determination in the manner specified in Section 106 and any
earlier redemption notice shall be revoked and be of no further effect. The
right of the Holders of Affected Securities called for redemption to exchange
such Affected Securities for Registered



                                       90
<PAGE>

Securities (which Registered Securities will remain Outstanding following such
redemption) will terminate on the fifteenth day prior to the Redemption Date,
and no further exchanges of Affected Securities for Registered Securities shall
be permitted unless the Company shall have made the subsequent determination and
given the notice referred to in the preceding sentence. As used hereinabove,
"United States person" means any citizen or resident of the United States, any
corporation, partnership or other entity created or organized in or under the
laws of the United States and any estate or trust the income of which is subject
to United States federal income taxation regardless of its source.

         If and so long as the certification, information or other reporting
requirement referred to in the preceding paragraph would be fully satisfied by
payment of a withholding tax, backup withholding tax or similar charge, the
Company may elect by notice to the Trustee to pay such additional amounts as may
be necessary so that every net payment made outside the United States following
the effective date of such requirement by the Company or any of its Paying
Agents of principal (or premium, if any) or interest, if any, due in respect of
any Affected Security of such series or any coupon appertaining thereto to a
Holder who certifies that the beneficial owner is a United States Alien (but
without any requirement that the nationality, residence or identity of such
beneficial owner be disclosed to the Company, any Paying Agent or any
governmental authority), after deduction or withholding for or on account of
such withholding tax, backup withholding tax or similar charge (other than a
withholding tax, backup withholding tax or similar charge that (i) is the result
of a certification, information or other reporting requirement described in the
third parenthetical clause of the first sentence of the preceding paragraph or
(ii) is imposed as a result of presentation of any such Affected Security or
such coupon for payment more than 10 days after the date on which such payment
becomes due and payable or on which payment thereof was duly provided for,
whichever occurs later), will not be less than the amount provided in such
Affected Security or such coupon to be then due and payable. In the event the
Company elects to pay such additional amounts, (the Company's election to
exercise such right to be evidenced by prompt notice to the Trustee for the
Securities of the appropriate series), the Company will have the right, at its
sole option, at any time, to redeem the Affected Securities of such series as a
whole, but not in part, at the Redemption Price, subject to the provisions of
the last four sentences of the immediately preceding paragraph. If the Company
has made the determination described in the preceding paragraph with respect to
certification, information or other reporting requirements applicable only to
interest and subsequently makes a determination in the manner and of the nature
referred to in such preceding paragraph with respect to such requirements
applicable to principal, the Company will redeem the Affected Securities of such
series in the manner and on the terms described in the preceding paragraph
unless the Company elects to have the provisions of this paragraph apply rather
than the provisions of the immediately preceding paragraph. If in such
circumstances the Affected Securities of such series are to be redeemed, the
Company shall have no obligation to pay additional amounts pursuant to this
paragraph with respect to principal (or premium, if any) or interest accrued and
unpaid after the date of the notice of such determination indicating such
redemption, but will be obligated to pay such additional amounts with respect to
interest accrued and unpaid to the date of such determination. If the Company
elects to pay additional amounts pursuant to this paragraph and the condition
specified in the first sentence of this paragraph should no longer be satisfied,
then the Company shall promptly redeem the Affected Securities of such series in
whole, but not in part, at the Redemption Price subject to the provisions of the
last four sentences of the immediately preceding paragraph. If the Company



                                       91
<PAGE>

elects to, or is required to, redeem the Affected Securities of such series
pursuant to this paragraph, it shall publish in the manner and to the extent
provided in Section 106 prompt notice thereof. If the Affected Securities of
such series are to be redeemed pursuant to this paragraph, the redemption shall
take place on such date, not later than one year after publication of the notice
of redemption, as the Company shall specify by notice to the Trustee for such
series of Securities at least 60 days prior to the Redemption Date. Any
redemption payments made by the Company pursuant to this paragraph shall be
subject to the continuing obligation of the Company to pay additional amounts
pursuant to this paragraph.

                                   ARTICLE XII

                                  SINKING FUNDS

SECTION 1201. Applicability of This Article.

         Redemption of Securities through operation of a sinking fund as
permitted or required by any form of Security issued pursuant to this Indenture
shall be made in accordance with such form of Security and this Article;
provided, however, that if any provision of any such form of Security shall
conflict with any provision of this Article, the provision of such form of
Security shall govern.

         The minimum amount of any sinking fund payment provided for by the
terms of Securities of any particular 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 any particular series is
herein referred to as an "optional sinking fund payment". If provided for by the
terms of Securities of any particular 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
particular series as provided for by the terms of Securities of that series.

SECTION 1202. Satisfaction of Sinking Fund Payments With Securities.

         The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption), together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto, and
(2) may apply as a credit Securities of a series which have been redeemed either
at the election of the Company pursuant to the terms of such Securities or
through the application of permitted optional sinking fund payments pursuant to
the terms of such Securities, in each case in satisfaction of all or any part of
any sinking fund payment with respect to the Securities of such series required
to be made pursuant to the terms of such Securities as provided for by the terms
of such series; provided, however, that such Securities have not been previously
so credited. Such Securities shall be received and credited for such purpose by
the Trustee for such Securities at the principal amount thereof and the amount
of such sinking fund payment shall be reduced accordingly.



                                       92
<PAGE>

SECTION 1203. Redemption of Securities for Sinking Fund.

         Not less than 60 days prior to each sinking fund payment date for any
particular series of Securities, the Company will deliver to the Trustee for the
Securities of such series 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 in the currency or currency unit in which the Securities of that
series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of that series and except as provided in Sections 314(b) and
314(d)) and the portion thereof, if any, which is to be satisfied by delivering
and crediting Securities of that series pursuant to Section 1202 and shall state
the basis for such credit and that such Securities have not previously been so
credited and will also deliver to such Trustee any Securities to be so
delivered. Such 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 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 XIII

                        MEETINGS OF HOLDERS OF SECURITIES

SECTION 1301. Purposes for Which Meetings May Be Called.

         If Securities of a series are issuable as Bearer Securities, a meeting
of Holders of Securities of such 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 1302. Call, Notice and Place of Meetings.

         (a) The Trustee for any series of Securities that includes Bearer
Securities, may at any time call a meeting of the Holders of Securities of such
series for any purpose specified in Section 1301, to be held at such time and at
such place in the Borough of Manhattan, The City of New York, or in London, as
such Trustee shall determine. Notice of every meeting of Holders of Securities
of such 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 20 nor more than 180 days
prior to the date fixed for the meeting.

         (b) In case at any time the Company, pursuant to a Board Resolution, or
the Holders of at least 10% in principal amount of the Outstanding Securities of
any such series shall have requested the Trustee for any such series to call a
meeting of the Holders of Securities of such series for any purpose specified in
Section 1301, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and such Trustee shall not have made the
first publication of the notice of such meeting within 30 days after receipt of
such request or shall



                                       93
<PAGE>

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
Borough of Manhattan, The City of New York, or 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.

SECTION 1303. 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 for such series and its counsel and any representatives of the Company
and its counsel.

SECTION 1304. 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. In the absence of a quorum within 30
minutes of 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. Subject to Section 1305(d), notice of the reconvening of any
adjourned meeting shall be given as provided in Section 1302(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 that Persons entitled to vote a majority
in principal amount of the Outstanding Securities of such series 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 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 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 that series.

         Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series and the related coupons,
whether or not present or represented at the meeting.



                                       94
<PAGE>

SECTION 1305. Determination of Voting Rights; Conduct and Adjournment of
              Meetings.

         (a) Notwithstanding any other provision of this Indenture, the Trustee
for any series of Securities that includes Bearer Securities 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 for any series of Securities that includes Bearer
Securities 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 1302(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 as determined in accordance with Section
115; 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 1302 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 1306. 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.



                                       95
<PAGE>

A record, at least in duplicate, 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 1302
and, if applicable, Section 1304. 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 for such
series of Securities to be preserved by such 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.

                                      * * *

         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.




                                       96
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed and attested, all as of December 1, 2000.



                                  VERIZON GLOBAL FUNDING CORP.
                                  Issuer

                                  By: /s/ Janet M. Garrity
                                      ----------------------------------------
                                      Name:  Janet M. Garrity
                                      Title: President and Treasurer
Attest:

 /s/ Robert W. Erb
-----------------------------
Name:  Robert W. Erb
Title: Secretary


                                  VERIZON COMMUNICATIONS INC.

                                  By: /s/ William  F. Heitmann
                                      ----------------------------------------
                                      Name:  William F. Heitmann
                                      Title: Senior Vice President and Treasurer
Attest:

 /s/ Robert W. Erb
-----------------------------
Name:  Robert W. Erb
Title: Assistant Secretary


                                  FIRST UNION NATIONAL BANK

                                  By: /s/ John H. Clapham
                                      ----------------------------------------
                                      Name:  John H. Clapham
                                      Title: Vice President
Attest:



 /s/ Ednora Linares
-----------------------------
Title: Vice President

(SEAL)


                                      s-1

<PAGE>

                                                                       EXHIBIT A

                                SUPPORT AGREEMENT
                                     BETWEEN
                           VERIZON COMMUNICATIONS INC.
                                       AND
                          VERIZON GLOBAL FUNDING CORP.


         This Agreement, made and entered into as of October 31, 2000, by and
between Verizon Communications Inc., a Delaware corporation ("Parent"), and
Verizon Global Funding Corp., a Delaware corporation ("Subsidiary").

                              W I T N E S S E T H :

         WHEREAS, Parent is directly or indirectly the owner of 100% of the
outstanding common stock of Subsidiary; and

         WHEREAS, Subsidiary has incurred, and from time to time will incur,
indebtedness through (a) the public and non-public debt markets, (b) the
issuance of commercial paper, (c) bank credit facilities, (d) negotiated loans,
(e) foreign exchange transactions or financial derivative agreements, (f) bid
and performance bonds or financial agreements in respect of the activities of
affiliates and subsidiaries of Verizon Investments Inc. and (g) structured
transactions involving the issuance, repurchase or guarantee of the equity
instruments of subsidiaries of the Parent (including any required capitalization
of such subsidiaries) where the proceeds received from such structured
transactions would be considered indebtedness for U.S. income tax purposes (all
such debt instruments, loans, commercial paper, bank agreements, foreign
exchange transactions, derivative agreements, bid and performance bonds,
financial guarantees and other instruments that would be considered indebtedness
for U.S. income tax purposes being hereinafter referred to as "Debt"), thereby
incurring indebtedness to parties other than Parent and its affiliates; and

         WHEREAS, in order to enhance and maintain the financial condition of
Subsidiary to enhance its ability to issue Debt, Parent and Subsidiary from time
to time have entered into support agreements, including a Support Agreement
dated as of April 3, 1998 (the "1998 Support Agreement"); and

         WHEREAS, Parent and Subsidiary desire to amend and restate the 1998
Support Agreement in its entirety as hereinafter set forth;

         NOW, THEREFORE, in consideration of the mutual promises herein
contained, the parties hereto agree that the 1998 Support Agreement shall be
amended and restated in its entirety as follows:

         Stock Ownership. During the term of this Agreement, Parent will own
directly or indirectly all of the voting capital stock of Subsidiary now or
hereafter issued and outstanding.


<PAGE>

         Net Worth. During the term of this Agreement, Parent shall cause
Subsidiary to maintain at all times a positive tangible net worth, as determined
in accordance with generally accepted accounting principles.

         Liquidity Provision. If, during the term of this Agreement, Subsidiary
requires funds to make timely payment of interest, principal or premium, if any,
on any Debt, and such funds are not obtainable by Subsidiary from other sources
on commercially reasonable terms, Parent shall provide to Subsidiary, at its
request, such funds either as equity or as a loan, at Parent's option, to assure
that the Subsidiary will be able to pay such principal, interest and premium, if
any, when due. If such funds are advanced to Subsidiary as a loan, such loan
shall be on such terms and conditions, including maturity and rate of interest,
as Parent and Subsidiary shall agree. Notwithstanding the foregoing, any such
loan shall be subordinated in all respects to any and all Debt, whether or not
such Debt is outstanding at the time of such loan.

         Waivers. Parent hereby waives any failure or delay on the part of
Subsidiary in asserting or enforcing any of its right or in making any claims or
demands hereunder.

         Rights of Lender. Except as may be provided in any indenture or
agreement pursuant to which Debt is issued, any Lender (defined below) shall
have the right to proceed directly against Parent without first proceeding
against Subsidiary to enforce Subsidiary's rights under paragraphs 1, 2 and 3 of
this Agreement or to obtain payment of any defaulted interest, principal or
premium owed to such Lender. However, in no event may any Lender, on default by
Parent or Subsidiary under the terms of the indenture or other agreement
pursuant to which Debt is issued, or upon failure to comply with this Agreement
by Parent or Subsidiary, have recourse to or against the stock or assets of
Verizon Services Corp., Telecom Corporation of New Zealand Limited or any
operating telephone company which may from time to time be owned directly or
indirectly by Parent. The Term "Lender", as used in this Agreement, shall mean
any Person, firm or corporation to which Subsidiary is indebted for the Debt or
which is acting as trustee or authorized representative with respect to the Debt
on behalf of such person, firm or corporation.

         Termination; Amendment. This Agreement may be modified or amended in a
manner that adversely affects the rights of the holders of Debt only if all
Lenders consent in advance and in writing to such modification or amendment. No
modification or amendment to this Agreement relating to the provisions set forth
in paragraphs 1, 2, 3 or 5 or this sentence shall be made unless Subsidiary
applies to the Securities and Exchange Commission for an amended order relating
to such modifications or amendment, and the Commission grants such amended
order. This Agreement may be terminated by either the Parent or the Subsidiary
by notice to the other party, provided that such termination shall be effective
only after all outstanding Debt issued by the Subsidiary is paid in full.




                                       2

<PAGE>

         Notice. Any notice, instruction, request, consent, demand or other
communication required or contemplated by this Agreement to be in writing, shall
be given or made or communicated by United States first class mail, addressed as
follows:

If to Parent;                   Verizon Communications Inc.
                                1095 Avenue of the Americas
                                New York, New York  10036

                                Attention: Senior Vice President and Treasurer

If to Subsidiary:               Verizon Global Funding Corp.
                                3900 Washington Street, 2nd Floor
                                Wilmington, Delaware  19802

                                Attention: President and Treasurer

         Successors. The covenants, representations, warranties and agreements
herein set forth shall be mutually binding upon, and inure to the mutual benefit
of, Parent and its successors, Subsidiary and its successors and Lenders from
time to time.

         Governing Law; Counterparts. This Agreement shall be governed by the
laws of the State of New York. This instrument may be executed in counterparts
and the executed counterparts shall together constitute one instrument.



                                       3

<PAGE>

                  IN WITNESS WHEREOF, the parties have set their hands and
affixed their corporate seals as of the day and year first above written.

ATTEST:                               VERIZON COMMUNICATIONS INC.



By: /s/ Robert W. Erb                 By: /s/ William F. Heitmann
    ----------------------------          ---------------------------------
    Assistant Secretary                   Senior Vice President and Treasurer

(SEAL)


ATTEST:                               VERIZON GLOBAL FUNDING CORP.



By: /s/ Robert W. Erb                 By: /s/ Janet M. Garrity
    ----------------------------          ---------------------------------
    Secretary                             President and Treasurer

 (SEAL)





                                       4
<PAGE>

                                                                       EXHIBIT B

[FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM BY A BENEFICIAL
OWNER OF SECURITIES, IN ORDER TO RECEIVE A DEFINITIVE BEARER SECURITY IN
EXCHANGE FOR AN INTEREST IN A TEMPORARY GLOBAL SECURITY OR TO EXCHANGE AN
INTEREST IN A TEMPORARY GLOBAL SECURITY FOR AN INTEREST IN A PERMANENT GLOBAL
SECURITY]

                          VERIZON GLOBAL FUNDING CORP.
                   [INSERT TITLE OR DESCRIPTION OF SECURITIES]

         Reference is hereby made to the Indenture, dated as of _______ __, 2000
(the "Indenture") between Verizon Global Funding Corp. (the "Company"), Verizon
Communications, Inc. ("Parent") and _______________________, as Trustee. Terms
used herein unless otherwise defined shall have the meanings ascribed to them in
the Indenture.

         This is to certify that as of the date hereof [and except as provided
in the fourth paragraph hereof]*, $___________________principal amount of the
above-captioned Securities represented by a temporary Global Security (the
"temporary Global Security") held by you for our account is:

                  (i) beneficially owned by persons that are not United States
         persons (as defined below);

                  (ii) owned by United States person(s) that are (a) foreign
         branches of United States financial institutions (as defined in United
         States Treasury Regulation Section 1.165-12(c)(1)(v) ("financial
         institutions")) purchasing for their own account or for resale, or (b)
         United States person(s) who acquired the beneficial interest in the
         temporary Global Security through foreign branches of United States
         financial institutions and who hold the beneficial interest in the
         temporary Global Security through such United States financial
         institutions on the date hereof (and in either case (a) or (b), each
         such United States financial institution hereby agrees, for the benefit
         of the Company [and Parent], that it will comply with the requirements
         of Section 165(j)(3)(A), (B) or (C) of the United States Internal
         Revenue Code of 1986, as amended, and the regulations thereunder); or

                  (iii) owned by financial institution(s) for the purpose of
         resale during the restricted period (as defined in United States
         Treasury Regulation Section 1.163-5(c)(2)(i)(D)(7)) and, in addition,
         financial institution(s) described in this clause (iii) (whether or not
         also described in clause (i) or (ii)), further certify that they have
         not acquired the beneficial interest in the temporary Global Security
         for the purpose of resale directly or indirectly to a United States
         person or to a person within the United States.

         "United States person" means (i) a citizen or resident of the United
States, (ii) a corporation or partnership created or organized in or under the
laws of the United States or any political subdivision thereof, (iii) an estate
the income of which is subject to United States federal income taxation
regardless of its source and (iv) a trust (X) that is subject to


<PAGE>

the supervision of a court within the United States and the control of one or
more United States persons as described in section 7701(a)(30) of the Code or
(Y) that has a valid election in effect under applicable U.S. Treasury
regulations to be treated as a United States person.

         [This certificate excepts and does not relate to $_________ principal
amount of the temporary Global Security held by you for our account as to which
we are not able to provide a certificate in this form. We understand that
exchange of such portion of the temporary Global Security for [definitive Bearer
Securities] [interests in a permanent Global Security] cannot be made until we
are able to provide a certificate in this form.]* We undertake to advise you
promptly by tested telex on or prior to the date on which you intend to submit
your certification relating to the above-captioned Securities held by you for
our account if any applicable statement herein is not correct on such date, and
in the absence of any such notification it may be assumed that this
certification applies as of such date.

         We understand that this certificate is required in connection with
certain tax laws and regulations in the United States. If administrative or
legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:

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


                                        [Name of Person Making Certification]

                                        By:
                                           ------------------------------------


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

*  Delete if inappropriate.






                                      -2-

<PAGE>

                                                                       EXHIBIT C

[FORM OF CERTIFICATE TO BE GIVEN TO THE APPROPRIATE TRUSTEE BY EUROCLEAR OR
CLEARSTREAM REGARDING THE EXCHANGE OF A TEMPORARY GLOBAL SECURITY FOR DEFINITIVE
SECURITIES OR FOR A PORTION OF A PERMANENT GLOBAL SECURITY]

                          VERIZON GLOBAL FUNDING CORP.
                   [INSERT TITLE OR DESCRIPTION OF SECURITIES]

         Reference is hereby made to the Indenture, dated as of _______ __, 2000
(the "Indenture") between Verizon Global Funding Corp. (the "Company"), Verizon
Communications, Inc. ("Parent") and _______________________, as Trustee. Terms
used herein unless otherwise defined shall have the meanings ascribed to them in
the Indenture.

         We refer to that portion of the temporary Global Security in respect of
the above-captioned Securities which is herewith submitted to be exchanged for
[definitive Bearer Securities] [interests in a permanent Global Security] (the
"Submitted Portion") as provided in the Prospectus Supplement dated [insert date
of Prospectus Supplement] in respect of such issue. This is to certify that (i)
we have received in writing or by tested telex or electronically (in accordance
with the requirements of United States Treasury Regulation Section
1.163-5(c)(2)(i)(D)(3)(ii)) a certificate or certificates with respect to the
entire Submitted Portion, substantially in the form of Exhibit B to the
Indenture, and (ii) the Submitted Portion includes no part of the temporary
Global Security excepted in such certificates.

         We further certify that as of the date hereof we have not received any
notification from any of the persons giving such certificates to the effect that
the statements made by them with respect to any part of the Submitted Portion
are no longer true and cannot be relied on as of the date thereof.

         We understand that this certificate is required in connection with
certain tax laws and regulations in the United States of America. If
administrative or legal proceedings are commenced or threatened in connection
with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate or a copy thereof to any interested party in
such proceedings. Submitted Portion:

U.S. $
      ------------------
Dated:
       -----------------

                                   [Morgan Guaranty Trust Company of New York,
                                   Brussels office, as operator of the Euroclear
                                   System]*
[Clearstream]*
                                   By:
                                       -----------------------------------------
----------------------------
*  Delete if inappropriate.



<PAGE>


                                                                       EXHIBIT D

[FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM BY A BENEFICIAL
OWNER OF SECURITIES, IN ORDER TO RECEIVE PAYMENT ON A TEMPORARY GLOBAL SECURITY]

                          VERIZON GLOBAL FUNDING CORP.

                   [INSERT TITLE OR DESCRIPTION OF SECURITIES]

         Reference is hereby made to the Indenture, dated as of _______ __, 2000
(the "Indenture") between Verizon Global Funding Corp. (the "Company"), Verizon
Communications, Inc. ("Parent") and _______________________, as Trustee. Terms
used herein unless otherwise defined shall have the meanings ascribed to them in
the Indenture.

         This is to certify that as of the date hereof [and except as provided
in the fourth paragraph hereof]*, $___________________principal amount of the
above-captioned Securities represented by a temporary Global Security (the
"temporary Global Security") held by you for our account is:

                  (iv) beneficially owned by persons that are not United States
         persons (as defined below);

                  (v) owned by United States person(s) that are (a) foreign
         branches of United States financial institutions (as defined in United
         States Treasury Regulation Section 1.165-12(c)(1)(v) ("financial
         institutions")) purchasing for their own account or for resale, or (b)
         United States person(s) who acquired the beneficial interest in the
         temporary Global Security through foreign branches of United States
         financial institutions and who hold the beneficial interest in the
         temporary Global Security through such United States financial
         institutions on the date hereof (and in either case (a) or (b), each
         such United States financial institution hereby agrees, for the benefit
         of the Company [and Parent], that it will comply with the requirements
         of Section 165(j)(3)(A), (B) or (C) of the United States Internal
         Revenue Code of 1986, as amended, and the regulations thereunder); or

                  (vi) owned by financial institution(s) for the purpose of
         resale during the restricted period (as defined in United States
         Treasury Regulation Section 1.163-5(c)(2)(i)(D)(7)) and, in addition,
         financial institution(s) described in this clause (iii) (whether or not
         also described in clause (i) or (ii)), further certify that they have
         not acquired the beneficial interest in the temporary Global Security
         for the purpose of resale directly or indirectly to a United States
         person or to a person within the United States.

         "United States person" means a citizen or resident of the United
States, a corporation, partnership or other entity created or organized in or
under the laws of the United States and an estate or trust the income of which
is subject to United States federal income taxation regardless of its source,
and "United States" means the United States of America (including the States and
the District of Columbia), its territories, its possessions and other areas
subject to its jurisdiction (including the Commonwealth of Puerto Rico).


<PAGE>

         [This certificate excepts and does not relate to $_________ principal
amount of the temporary Global Security held by you for our account as to which
we are not able to provide a certificate in this form. We understand that
payments, if any, due with respect to such portion of the temporary Global
Security cannot be made until we are able to provide a certificate in this
form.]*

         We undertake to advise you promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the
above-captioned Securities held by you for our account if any applicable
statement herein is not correct on such date, and in the absence of any such
notification it may be assumed that this certification applies as of such date.

           We understand that this certificate is required in connection with
certain tax laws and regulations in the United States. If administrative or
legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:
      ------------------


                                           [Name of Person Making Certification]

                                           By:
                                               ---------------------------------

---------------------------------
*  Delete if inappropriate.







                                      -2-

<PAGE>

                                                                       EXHIBIT E

[FORM OF CERTIFICATE TO BE GIVEN TO THE APPROPRIATE TRUSTEE BY EUROCLEAR OR
CLEARSTREAM REGARDING PAYMENT ON A TEMPORARY GLOBAL SECURITY]

                          VERIZON GLOBAL FUNDING CORP.

                   [INSERT TITLE OR DESCRIPTION OF SECURITIES]

         Reference is hereby made to the Indenture, dated as of _______ __, 2000
(the "Indenture") between Verizon Global Funding Corp. (the "Company"), Verizon
Communications, Inc. ("Parent") and _______________________, as Trustee. Terms
used herein unless otherwise defined shall have the meanings ascribed to them in
the Indenture.

         We refer to that portion of the temporary Global Security in respect of
the above-captioned Securities for which we hereby request that you make payment
to us of the amounts payable on the relevant payment date (the "Submitted
Portion") as provided in the Prospectus Supplement dated [insert date of
Prospectus Supplement] in respect of such issue. This is to certify that (i) we
have received in writing or by tested telex or electronically (in accordance
with the requirements of United States Treasury Regulation Section 1.163-
5(c)(2)(i)(D)(3)(ii)) a certificate or certificates with respect to the entire
Submitted Portion, substantially in the form of Exhibit D to the Indenture, and
(ii) the Submitted Portion includes no part of the temporary Global Security
excepted in such certificates.

         We further certify that as of the date hereof we have not received any
notification from any of the persons giving such certificates to the effect that
the statements made by them with respect to any part of the Submitted Portion
are no longer true and cannot be relied on as of the date thereof.

         We understand that this certificate is required in connection with
certain tax laws and regulations in the United States of America. If
administrative or legal proceedings are commenced or threatened in connection
with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate or a copy thereof to any interested party in
such proceedings.


Submitted Portion:

U.S. $
       ---------------------

Dated:
      ----------------------

                                   [Morgan Guaranty Trust Company of New York,
                                   Brussels office, as operator of the Euroclear
                                   System]*

[Clearstream]*
                                   By:
                                      ------------------------------------------
----------------------------
*  Delete if inappropriate.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>5
<FILENAME>file005.txt
<DESCRIPTION>FORM OF 6 3/4% NOTES
<TEXT>

<PAGE>

                                                                     EXHIBIT 4.2



                          VERIZON GLOBAL FUNDING CORP.

                              6 3/4% NOTE DUE 2005

                                                PRINCIPAL AMOUNT
                                                $_______________, as revised
                                                by the Schedule of Increases in
                                                Global Security attached hereto.

No.                                             CUSIP No.

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, ON ITS OWN BEHALF
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY
AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO THE COMPANY, OR VERIZON COMMUNICATIONS INC., (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING
THE


<PAGE>

                                                                               2



SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A MINIMUM PRINCIPAL
AMOUNT OF $250,000 OF SECURITIES, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO
OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S AND
THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) AND (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

         VERIZON GLOBAL FUNDING CORP., a Delaware corporation (the "Issuer" or
the "Company," which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of FOUR HUNDRED MILLION DOLLARS,
as revised by the Schedule of Increases and Decreases in Global Security
attached hereto, on December 1, 2005, and to pay interest thereon (computed on
the basis of a 360-day year of twelve 30-day months), semiannually on June 1,
and December 1 (the "Interest Payment Dates") of each year, commencing on June
1, 2001, at the rate per annum specified in the title of this Note from December
12, 2000 or the most recent Interest Payment Date to which interest had been
paid or duly provided for.

         The interest so payable and punctually paid or duly provided for on any
Interest Payment Date will as provided in the Indenture be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on the May 15 or


<PAGE>

                                                                               3


November 15 preceding such Interest Payment Date (the "Record Date"). Payment of
the principal of (and premium, if any) and interest on this 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 and as otherwise
provided in the Indenture.

         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by or
on behalf of First Union National Bank, the Trustee for this Note under the
Indenture, or its successor thereunder, by the manual signature of one of its
authorized officers, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

         The undersigned hereby certifies that the Support Agreement endorsed
hereon is a true and complete copy of the manually executed Support Agreement.



<PAGE>


                                                                             S-1


         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile.



Dated: December 12, 2000



                                           VERIZON GLOBAL FUNDING CORP.


                                           By:
                                              ------------------------------
                                              Name:  Janet M. Garrity
                                              Title:  President and Treasurer




                                           Attest:


                                           By:
                                              ------------------------------
                                              Name:  Robert S. Fitzmire
                                              Title:  Chief Financial Officer


CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated therein described in the
within-mentioned Indenture.

FIRST UNION NATIONAL BANK,
    as Trustee


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






<PAGE>

                                                                               2

                                (Reverse of Note)

                          VERIZON GLOBAL FUNDING CORP.

         This Note is one of a duly authorized issue of Securities of the
Company designated as its 6 3/4% Notes Due 2005 (the "Notes"). The Notes are one
of an indefinite number of series of debt securities of the Company (the
"Securities"), issued or issuable under and pursuant to an indenture (the
"Indenture") dated as of December 1, 2000, between the Company, Verizon
Communications Inc. ("Parent") and First Union National Bank (herein called the
"Trustee," which term includes any successor Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, Parent, the
Trustee and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. The terms of this Note include those stated in
the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended. This Note is one of a series designated on
the face hereof. The terms of other series of Securities issued under the
Indenture may vary with respect to interest rates or interest rate formulas,
issue dates, maturity, redemption, repayment, currency of payment and otherwise
as provided in the Indenture. The Indenture further provides that Securities of
a single series may be issued at various times, with different maturity dates
and may bear interest at different rates. Holders of the Notes are entitled to
the benefits of the Exchange and Registration Rights Agreement, dated as of
December 12, 2000 (the "Registration Rights Agreement"), among the Company,
Parent and the initial purchasers named therein. The Notes, any related Private
Exchange Securities (as defined in the Registration Rights Agreement) and any
related Exchange Securities (as defined in the Registration Rights Agreement)
shall vote and consent together on all matters as one class, and none such
securities shall have the right to vote or consent as a separate class.

         This Note is not subject to any sinking fund.

         If an Event of Default with respect to the Notes shall occur and be
continuing, then either the Trustee or the Holders of not less than 25% in
aggregate principal amount of the Notes of this series then Outstanding may
declare the entire principal amount of the Notes of this series due and payable
in the manner and with the effect provided in the Indenture.

         The Notes will be redeemable as a whole or in part, at the option of
the Company at any time, at a redemption price equal to the greater of (1) 100%
of their principal amount or (2) the sum of the present values of the remaining
scheduled payments of principal and interest thereof discounted to the date of
redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points, plus accrued and
unpaid interest on the principal amount being redeemed to the Redemption Date
(the "Redemption Price").

         "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("Remaining Life") of the Notes to be redeemed that would be
utilized, at the time of selected and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes.


<PAGE>

                                                                               3
         "Comparable Treasury Price" means (1) the average of five Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five Reference Treasury Dealer Quotations,
the average of all such quotations.

         "Independent Investment Banker" means Chase Securities Inc., J.P.
Morgan Securities Inc. or Morgan Stanley & Co. Incorporated or, if such firms
are unwilling or unable to select the Comparable Treasury Issue, an independent
banking institution of national standing appointed by the Trustee.

         "Reference Treasury Dealer" means (1) Chase Securities Inc., J.P.
Morgan Securities Inc. and Morgan Stanley & Co. Incorporated and their
respective successors, provided, however, that if any of the foregoing ceases to
be a primary U.S. Government securities dealer in New York City (a "Primary
Treasury Dealer"), the Company will substitute another Primary Treasury Dealer
and (2) any other Primary Treasury Dealer selected by the Independent Investment
Banker after consultation with the Company.

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

         "Treasury Rate" means, with respect to any Redemption Date, (1) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H.15(519)" or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from the
yields on a straight line basis, rounding to the nearest month) or (2) if that
release (or any successor release) is not published during the week preceding
the calculation date or does not contain those yields, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for
that Redemption Date. The Treasury Rate will be calculated on the third Business
Day preceding the Redemption Date.

         The Indenture permits, with certain exceptions as therein provided, the
Company, Parent and the Trustee with the consent of the Holders of more than a
majority in aggregate principal amount of the Outstanding Securities of each
series issued under the Indenture to be affected thereby, to execute
supplemental indentures for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Indenture or of
modifying in any manner the rights of the Holders of such Securities and any
related coupons under the


<PAGE>

                                                                               4

Indenture; provided, however, that no such supplemental indenture shall, among
other things, (i) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon, if any, or any premium
payable upon redemption thereof; subject to certain exceptions, change any
obligation of the Company to pay additional amounts pursuant to Section 1006 of
the Indenture; change the Place of Payment on any Security or the currency or
currency unit in which any Security or the principal or interest thereon is
payable; 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); impair any right of Holders of any Security to
repay or purchase Securities at their option; reduce or alter the method of
computation of any amount payable upon redemption, repayment or purchase of any
Securities by the Company (or the time when such redemption, repayment or
purchase may be made), (ii) reduce the percentage in principal amount of the
Outstanding Securities of any particular series, the Holders of which are
required to consent to any supplemental indenture, or any waiver, (iii) modify
any of the provisions of Sections 513, 902 or 1006 of the Indenture, except to
increase any such percentage or to provide that certain other provisions of the
Indenture cannot be modified or waived without the consent of the Holder of each
Security affected thereby; provided, however, that this clause shall not be
deemed to require the consent of any Holder of a Security or coupon with respect
to changes in the references to "the Trustee" and concomitant changes in
Sections 902 and 1006 of the Indenture, or the deletion of this proviso, in
accordance with the requirements of Sections 609, 61l(b), 901(6) and 901(7) of
the Indenture, or (iv) except as provided in Section 901(12) of the Indenture,
modify any of the provisions of the Support Agreement.

         A supplemental indenture which changes or eliminates any covenant or
other provision of the Indenture which has expressly been included 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 the
Indenture of the Holders of Securities of any other series.

         The Indenture also contains provisions permitting the Holders of not
less than a majority in principal amount of the Outstanding Securities of any
particular series and any related coupons, on behalf of the Holders of all the
Securities of that series, to waive certain past defaults under the Indenture
and their consequences with respect to such series, except a default in the
payment of principal of (or premium, if any) or interest, if any, on any
Security of that series or a default with respect to a covenant or provision of
the Indenture which cannot be amended without the consent of such Holder.

         The Notes are issuable only in registered form without coupons in
denominations of $1,000 and integral multiples thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes as requested by the
Holder surrendering the same. If (x) the Depositary is at any time unwilling or
unable to continue as depository or if at any time the Depositary shall no
longer be eligible under Section 303 of the Indenture and a successor depository
is not appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such ineligibility or (y) the Company delivers to the
Trustee a Company Order to the effect that this Note shall be exchangeable, this
Note shall be exchangeable for Notes in definitive form and in


<PAGE>

                                                                               5


an equal aggregate principal amount. Such definitive Notes shall be registered
in such name or names as the Depositary shall instruct the Trustee.

         As provided in the Indenture and subject to certain limitations set
forth therein and above, the transfer of this Note may be registered on the
Security Register of the Company, upon surrender of this Note for registration
of transfer at the office or agency of the Company in a Place of Payment, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or by his attorney duly authorized in writing, and thereupon one
or more new Notes of authorized denominations and of a like Stated Maturity and
of like series and the same aggregate principal amount, with like terms and
conditions having endorsed thereon the text of the Support Agreement, will be
issued to the designated transferee or transferees.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

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

         Holders of the Notes are entitled to the benefits of a Support
Agreement between the Company and Parent in the form endorsed hereon.

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

         Certain of the Company's and Parent's obligations under the Indenture
with respect to Notes may be terminated if the Company or Parent irrevocably
deposits with the Trustee money or Government Obligations sufficient to pay and
discharge the entire indebtedness on all Notes, as provided in the Indenture.

         No recourse shall be had for the payment of the principal of (and
premium, if any), or the interest, if any, on this Note, or for any claim based
thereon, or upon any obligation, covenant or agreement of the Company or Parent
in the Indenture or the Support Agreement, against any incorporator,
stockholder, officer or director, as such, past, present of future, of the
Company, Parent or of any successor corporation, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any assessment of
penalty or otherwise; and all such personal liability is expressly released and
waived as a condition of, and as part of the consideration for, the issuance of
this Note.

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


<PAGE>
                                                                               6


         All terms used in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.



<PAGE>

                                 ASSIGNMENT FORM

         To assign this Security, fill in the form below:

         I or we assign and transfer this Security to

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

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

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

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

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

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

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

In connection with any transfer or exchange of any of the Securities evidenced
by this certificate occurring prior to the date that is two years after the
later of the date of original issuance of such Securities and the last date, if
any, on which such Securities were owned by the Company or any Affiliate of the
Company, the undersigned confirms that such Securities are being:

CHECK ONE BOX BELOW:

1.     [ ]    acquired for the undersigned's own account, without transfer; or

2.     [ ]    transferred to the Company or Parent; or

3.     [ ]    transferred pursuant to and in compliance with Rule 144A under the
              Securities Act of 1933, as amended (the "Securities Act"); or

4.     [ ]    transferred pursuant to an effective registration statement under
              the Securities Act; or

5.     [ ]    transferred pursuant to and in compliance with Regulation S under
              the Securities Act; or

<PAGE>

                                                                               2


6.     [ ]    transferred to an institutional "accredited investor" (as defined
              in Rule 501(a)(1), (2), (3) or (7) under the Securities Act),
              that has furnished to the Trustee a signed certificate containing
              certain representations and agreements (the form of
              which letter appears as Section 307 of the Indenture); or

7.     [ ]    transferred pursuant to another available exemption from the
              registration requirements of the Securities Act of 1933


Unless one of the boxes is checked, the Trustee will refuse to register any of
the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof; provided, however, that if box (5), (6) or
(7) is checked, the Trustee or the Company may require, prior to registering any
such transfer of the Securities, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Company may
reasonably request to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, such as the exemption provided by
Rule 144 under such Act.


                                                  ------------------------------
                                                           Signature

Signature Guarantee:


-------------------------                         ------------------------------
(Signature must be guaranteed)                             Signature


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

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

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

         The undersigned represents and warrants that it is purchasing this
Security for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, as amended, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A.


------------------------
Dated:



<PAGE>

                                                                               3



              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

         The following increases or decreases in this Global Security have been
made:


<TABLE>
<CAPTION>

             Amount of decrease in         Amount of increase         Principal Amount of this    Signature of authorized
Date of      Principal Amount of this      in Principal Amount        Global Security following   signatory of Trustee or
Exchange     Global Security               of this Global Security    such decrease or increase   Securities Custodian
--------     ------------------------      -----------------------    -------------------------   -----------------------
<S>         <C>                           <C>                         <C>                        <C>


</TABLE>



<PAGE>


                                SUPPORT AGREEMENT
                                     BETWEEN
                           VERIZON COMMUNICATIONS INC.
                                       AND
                          VERIZON GLOBAL FUNDING CORP.


         This Agreement, made and entered into as of October 31, 2000, by and
between Verizon Communications Inc., a Delaware corporation ("Parent"), and
Verizon Global Funding Corp., a Delaware corporation ("Subsidiary").

                              W I T N E S S E T H :

         WHEREAS, Parent is directly or indirectly the owner of 100% of the
outstanding common stock of Subsidiary; and

         WHEREAS, Subsidiary has incurred, and from time to time will incur,
indebtedness through (a) the public and non-public debt markets, (b) the
issuance of commercial paper, (c) bank credit facilities, (d) negotiated loans,
(e) foreign exchange transactions or financial derivative agreements, (f) bid
and performance bonds or financial agreements in respect of the activities of
affiliates and subsidiaries of Verizon Investments Inc. and (g) structured
transactions involving the issuance, repurchase or guarantee of the equity
instruments of subsidiaries of the Parent (including any required capitalization
of such subsidiaries) where the proceeds received from such structured
transactions would be considered indebtedness for U.S. income tax purposes (all
such debt instruments, loans, commercial paper, bank agreements, foreign
exchange transactions, derivative agreements, bid and performance bonds,
financial guarantees and other instruments that would be considered indebtedness
for U.S. income tax purposes being hereinafter referred to as "Debt"), thereby
incurring indebtedness to parties other than Parent and its affiliates; and

         WHEREAS, in order to enhance and maintain the financial condition of
Subsidiary to enhance its ability to issue Debt, Parent and Subsidiary from time
to time have entered into support agreements, including a Support Agreement
dated as of April 3, 1998 (the "1998 Support Agreement"); and

         WHEREAS, Parent and Subsidiary desire to amend and restate the 1998
Support Agreement in its entirety as hereinafter set forth;

         NOW, THEREFORE, in consideration of the mutual promises herein
contained, the parties hereto agree that the 1998 Support Agreement shall be
amended and restated in its entirety as follows:

         1. Stock Ownership. During the term of this Agreement, Parent will own
directly or indirectly all of the voting capital stock of Subsidiary now or
hereafter issued and outstanding.


<PAGE>

                                                                               2


         2. Net Worth. During the term of this Agreement, Parent shall cause
Subsidiary to maintain at all times a positive tangible net worth, as determined
in accordance with generally accepted accounting principles.

         3. Liquidity Provision. If, during the term of this Agreement,
Subsidiary requires funds to make timely payment of interest, principal or
premium, if any, on any Debt, and such funds are not obtainable by Subsidiary
from other sources on commercially reasonable terms, Parent shall provide to
Subsidiary, at its request, such funds either as equity or as a loan, at
Parent's option, to assure that the Subsidiary will be able to pay such
principal, interest and premium, if any, when due. If such funds are advanced to
Subsidiary as a loan, such loan shall be on such terms and conditions, including
maturity and rate of interest, as Parent and Subsidiary shall agree.
Notwithstanding the foregoing, any such loan shall be subordinated in all
respects to any and all Debt, whether or not such Debt is outstanding at the
time of such loan.

         4. Waivers. Parent hereby waives any failure or delay on the part of
Subsidiary in asserting or enforcing any of its right or in making any claims or
demands hereunder.

         5. Rights of Lender. Except as may be provided in any indenture or
agreement pursuant to which Debt is issued, any Lender (defined below) shall
have the right to proceed directly against Parent without first proceeding
against Subsidiary to enforce Subsidiary's rights under paragraphs 1, 2 and 3 of
this Agreement or to obtain payment of any defaulted interest, principal or
premium owed to such Lender. However, in no event may any Lender, on default by
Parent or Subsidiary under the terms of the indenture or other agreement
pursuant to which Debt is issued, or upon failure to comply with this Agreement
by Parent or Subsidiary, have recourse to or against the stock or assets of
Verizon Services Corp., Telecom Corporation of New Zealand Limited or any
operating telephone company which may from time to time be owned directly or
indirectly by Parent. The Term "Lender", as used in this Agreement, shall mean
any Person, firm or corporation to which Subsidiary is indebted for the Debt or
which is acting as trustee or authorized representative with respect to the Debt
on behalf of such person, firm or corporation.

         6. Termination; Amendment. This Agreement may be modified or amended in
a manner that adversely affects the rights of the holders of Debt only if all
Lenders consent in advance and in writing to such modification or amendment. No
modification or amendment to this Agreement relating to the provisions set forth
in paragraphs 1, 2, 3 or 5 or this sentence shall be made unless Subsidiary
applies to the Securities and Exchange Commission for an amended order relating
to such modifications or amendment, and the Commission grants such amended
order. This Agreement may be terminated by either the Parent or the Subsidiary
by notice to the other party, provided that such termination shall be effective
only after all outstanding Debt issued by the Subsidiary is paid in full.


<PAGE>

                                                                               3


         7. Notice. Any notice, instruction, request, consent, demand or other
communication required or contemplated by this Agreement to be in writing, shall
be given or made or communicated by United States first class mail, addressed as
follows:

If to Parent;                     Verizon Communications Inc.
                                  1095 Avenue of the Americas
                                  New York, New York  10036

                                  Attention: Senior Vice President and Treasurer

If to Subsidiary:                 Verizon Global Funding Corp.
                                  3900 Washington Street, 2nd Floor
                                  Wilmington, Delaware  19802

                                  Attention: President and Treasurer

         8. Successors. The covenants, representations, warranties and
agreements herein set forth shall be mutually binding upon, and inure to the
mutual benefit of, Parent and its successors, Subsidiary and its successors and
Lenders from time to time.

         9. Governing Law; Counterparts. This Agreement shall be governed by the
laws of the State of New York. This instrument may be executed in counterparts
and the executed counterparts shall together constitute one instrument.



<PAGE>

                                                                               4



         IN WITNESS WHEREOF, the parties have set their hands and affixed their
corporate seals as of the day and year first above written.

ATTEST:                               VERIZON COMMUNICATIONS INC.


By: /s/ Robert W. Erb                 By: /s/ William F. Heitmann
   -----------------------------         ---------------------------------------
      Assistant Secretary                    Senior Vice President and Treasurer
(SEAL)

ATTEST:                               VERIZON GLOBAL FUNDING CORP.


By: /s/ Robert W. Erb                 By:_/s/ Janet M. Garrity
   -----------------------------         ---------------------------------------
      Secretary                              President and Treasurer
 (SEAL)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>6
<FILENAME>file006.txt
<DESCRIPTION>FORM OF 7 1/4 NOTES
<TEXT>

<PAGE>

                                                                     EXHIBIT 4.3



                          VERIZON GLOBAL FUNDING CORP.

                              7 1/4% NOTE DUE 2010

                                                PRINCIPAL AMOUNT
                                                $__________________, as revised
                                                by the Schedule of Increases in
                                                Global Security attached hereto.

No.                                             CUSIP No.

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, ON ITS OWN BEHALF
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY
AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO THE COMPANY, OR VERIZON COMMUNICATIONS INC., (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING
THE


<PAGE>

                                                                               2


SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A MINIMUM PRINCIPAL
AMOUNT OF $250,000 OF SECURITIES, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO
OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S AND
THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) AND (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

         VERIZON GLOBAL FUNDING CORP., a Delaware corporation (the "Issuer" or
the "Company," which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of FOUR HUNDRED MILLION DOLLARS,
as revised by the Schedule of Increases and Decreases in Global Security
attached hereto, on December 1, 2010, and to pay interest thereon (computed on
the basis of a 360-day year of twelve 30-day months), semiannually on June 1,
and December 1 (the "Interest Payment Dates") of each year, commencing on June
1, 2001, at the rate per annum specified in the title of this Note from December
12, 2000 or the most recent Interest Payment Date to which interest had been
paid or duly provided for.

         The interest so payable and punctually paid or duly provided for on any
Interest Payment Date will as provided in the Indenture be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on the May 15 or


<PAGE>

                                                                               3


November 15 preceding such Interest Payment Date (the "Record Date"). Payment of
the principal of (and premium, if any) and interest on this 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 and as otherwise
provided in the Indenture.

         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by or
on behalf of First Union National Bank, the Trustee for this Note under the
Indenture, or its successor thereunder, by the manual signature of one of its
authorized officers, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

         The undersigned hereby certifies that the Support Agreement endorsed
hereon is a true and complete copy of the manually executed Support Agreement.



<PAGE>


                                                                             S-1


                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed, manually or in facsimile.



Dated: December 12, 2000



                                         VERIZON GLOBAL FUNDING CORP.


                                         By:
                                            -----------------------------------
                                            Name: Janet M. Garrity
                                            Title: President and Treasurer




                                         Attest:


                                         By:
                                            -----------------------------------
                                            Name: Robert S. Fitzmire
                                            Title: Chief Financial Officer


CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated therein described in the
within-mentioned Indenture.

FIRST UNION NATIONAL BANK,
    as Trustee


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


<PAGE>

                                                                               2


                                (Reverse of Note)

                          VERIZON GLOBAL FUNDING CORP.

         This Note is one of a duly authorized issue of Securities of the
Company designated as its 7 1/4% Notes Due 2010 (the "Notes"). The Notes are one
of an indefinite number of series of debt securities of the Company (the
"Securities"), issued or issuable under and pursuant to an indenture (the
"Indenture") dated as of December 1, 2000, between the Company, Verizon
Communications Inc. ("Parent") and First Union National Bank (herein called the
"Trustee," which term includes any successor Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, Parent, the
Trustee and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. The terms of this Note include those stated in
the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended. This Note is one of a series designated on
the face hereof. The terms of other series of Securities issued under the
Indenture may vary with respect to interest rates or interest rate formulas,
issue dates, maturity, redemption, repayment, currency of payment and otherwise
as provided in the Indenture. The Indenture further provides that Securities of
a single series may be issued at various times, with different maturity dates
and may bear interest at different rates. Holders of the Notes are entitled to
the benefits of the Exchange and Registration Rights Agreement, dated as of
December 12, 2000 (the "Registration Rights Agreement"), among the Company,
Parent and the initial purchasers named therein. The Notes, any related Private
Exchange Securities (as defined in the Registration Rights Agreement) and any
related Exchange Securities (as defined in the Registration Rights Agreement)
shall vote and consent together on all matters as one class, and none such
securities shall have the right to vote or consent as a separate class.

         This Note is not subject to any sinking fund.

         If an Event of Default with respect to the Notes shall occur and be
continuing, then either the Trustee or the Holders of not less than 25% in
aggregate principal amount of the Notes of this series then Outstanding may
declare the entire principal amount of the Notes of this series due and payable
in the manner and with the effect provided in the Indenture.

         The Notes will be redeemable as a whole or in part, at the option of
the Company at any time, at a redemption price equal to the greater of (1) 100%
of their principal amount or (2) the sum of the present values of the remaining
scheduled payments of principal and interest thereof discounted to the date of
redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 30 basis points, plus accrued and
unpaid interest on the principal amount being redeemed to the Redemption Date
(the "Redemption Price").

         "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("Remaining Life") of the Notes to be redeemed that would be
utilized, at the time of selected and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes.


<PAGE>

                                                                               3



         "Comparable Treasury Price" means (1) the average of five Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five Reference Treasury Dealer Quotations,
the average of all such quotations.

         "Independent Investment Banker" means Chase Securities Inc., J.P.
Morgan Securities Inc. or Morgan Stanley & Co. Incorporated or, if such firms
are unwilling or unable to select the Comparable Treasury Issue, an independent
banking institution of national standing appointed by the Trustee.

         "Reference Treasury Dealer" means (1) Chase Securities Inc., J.P.
Morgan Securities Inc. and Morgan Stanley & Co. Incorporated and their
respective successors, provided, however, that if any of the foregoing ceases to
be a primary U.S. Government securities dealer in New York City (a "Primary
Treasury Dealer"), the Company will substitute another Primary Treasury Dealer
and (2) any other Primary Treasury Dealer selected by the Independent Investment
Banker after consultation with the Company.

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

         "Treasury Rate" means, with respect to any Redemption Date, (1) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H.15(519)" or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from the
yields on a straight line basis, rounding to the nearest month) or (2) if that
release (or any successor release) is not published during the week preceding
the calculation date or does not contain those yields, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for
that Redemption Date. The Treasury Rate will be calculated on the third Business
Day preceding the Redemption Date.

         The Indenture permits, with certain exceptions as therein provided, the
Company, Parent and the Trustee with the consent of the Holders of more than a
majority in aggregate principal amount of the Outstanding Securities of each
series issued under the Indenture to be affected thereby, to execute
supplemental indentures for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Indenture or of
modifying in any manner the rights of the Holders of such Securities and any
related coupons under the


<PAGE>

                                                                               4



Indenture; provided, however, that no such supplemental indenture shall, among
other things, (i) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon, if any, or any premium
payable upon redemption thereof; subject to certain exceptions, change any
obligation of the Company to pay additional amounts pursuant to Section 1006 of
the Indenture; change the Place of Payment on any Security or the currency or
currency unit in which any Security or the principal or interest thereon is
payable; 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); impair any right of Holders of any Security to
repay or purchase Securities at their option; reduce or alter the method of
computation of any amount payable upon redemption, repayment or purchase of any
Securities by the Company (or the time when such redemption, repayment or
purchase may be made), (ii) reduce the percentage in principal amount of the
Outstanding Securities of any particular series, the Holders of which are
required to consent to any supplemental indenture, or any waiver, (iii) modify
any of the provisions of Sections 513, 902 or 1006 of the Indenture, except to
increase any such percentage or to provide that certain other provisions of the
Indenture cannot be modified or waived without the consent of the Holder of each
Security affected thereby; provided, however, that this clause shall not be
deemed to require the consent of any Holder of a Security or coupon with respect
to changes in the references to "the Trustee" and concomitant changes in
Sections 902 and 1006 of the Indenture, or the deletion of this proviso, in
accordance with the requirements of Sections 609, 61l(b), 901(6) and 901(7) of
the Indenture, or (iv) except as provided in Section 901(12) of the Indenture,
modify any of the provisions of the Support Agreement.

         A supplemental indenture which changes or eliminates any covenant or
other provision of the Indenture which has expressly been included 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 the
Indenture of the Holders of Securities of any other series.

         The Indenture also contains provisions permitting the Holders of not
less than a majority in principal amount of the Outstanding Securities of any
particular series and any related coupons, on behalf of the Holders of all the
Securities of that series, to waive certain past defaults under the Indenture
and their consequences with respect to such series, except a default in the
payment of principal of (or premium, if any) or interest, if any, on any
Security of that series or a default with respect to a covenant or provision of
the Indenture which cannot be amended without the consent of such Holder.

         The Notes are issuable only in registered form without coupons in
denominations of $1,000 and integral multiples thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes as requested by the
Holder surrendering the same. If (x) the Depositary is at any time unwilling or
unable to continue as depository or if at any time the Depositary shall no
longer be eligible under Section 303 of the Indenture and a successor depository
is not appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such ineligibility or (y) the Company delivers to the
Trustee a Company Order to the effect that this Note shall be exchangeable, this
Note shall be exchangeable for Notes in definitive form and in


<PAGE>

an equal aggregate principal amount. Such definitive Notes shall be registered
in such name or names as the Depositary shall instruct the Trustee.

         As provided in the Indenture and subject to certain limitations set
forth therein and above, the transfer of this Note may be registered on the
Security Register of the Company, upon surrender of this Note for registration
of transfer at the office or agency of the Company in a Place of Payment, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or by his attorney duly authorized in writing, and thereupon one
or more new Notes of authorized denominations and of a like Stated Maturity and
of like series and the same aggregate principal amount, with like terms and
conditions having endorsed thereon the text of the Support Agreement, will be
issued to the designated transferee or transferees.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

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

         Holders of the Notes are entitled to the benefits of a Support
Agreement between the Company and Parent in the form endorsed hereon.

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

         Certain of the Company's and Parent's obligations under the Indenture
with respect to Notes may be terminated if the Company or Parent irrevocably
deposits with the Trustee money or Government Obligations sufficient to pay and
discharge the entire indebtedness on all Notes, as provided in the Indenture.

         No recourse shall be had for the payment of the principal of (and
premium, if any), or the interest, if any, on this Note, or for any claim based
thereon, or upon any obligation, covenant or agreement of the Company or Parent
in the Indenture or the Support Agreement, against any incorporator,
stockholder, officer or director, as such, past, present of future, of the
Company, Parent or of any successor corporation, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any assessment of
penalty or otherwise; and all such personal liability is expressly released and
waived as a condition of, and as part of the consideration for, the issuance of
this Note.

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


<PAGE>

                                                                               6



         All terms used in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.



<PAGE>

                                 ASSIGNMENT FORM

         To assign this Security, fill in the form below:

         I or we assign and transfer this Security to


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


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

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

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

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

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

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

In connection with any transfer or exchange of any of the Securities evidenced
by this certificate occurring prior to the date that is two years after the
later of the date of original issuance of such Securities and the last date, if
any, on which such Securities were owned by the Company or any Affiliate of the
Company, the undersigned confirms that such Securities are being:

CHECK ONE BOX BELOW:

1.   [ ]   acquired for the undersigned's own account, without transfer; or

2.   [ ]   transferred to the Company or Parent; or

3.   [ ]   transferred pursuant to and in compliance with Rule 144A under the
           Securities Act of 1933, as amended (the "Securities Act"); or

4.   [ ]   transferred pursuant to an effective registration statement under the
           Securities Act; or

5.   [ ]   transferred pursuant to and in compliance with Regulation S under the
           Securities Act; or

<PAGE>

                                                                               2


6.   [ ]   transferred to an institutional "accredited investor" (as defined in
           Rule 501(a)(1), (2), (3) or (7) under the Securities Act), that has
           furnished to the Trustee a signed certificate containing certain
           representations and agreements (the form of which letter appears as
           Section 307 of the Indenture); or

7.   [ ]   transferred pursuant to another available exemption from the
           registration requirements of the Securities Act of 1933


Unless one of the boxes is checked, the Trustee will refuse to register any of
the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof; provided, however, that if box (5), (6) or
(7) is checked, the Trustee or the Company may require, prior to registering any
such transfer of the Securities, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Company may
reasonably request to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, such as the exemption provided by
Rule 144 under such Act.

                                                  ------------------------------
                                                             Signature

Signature Guarantee:


-------------------------                         ------------------------------
(Signature must be guaranteed)                               Signature


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


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

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

         The undersigned represents and warrants that it is purchasing this
Security for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, as amended, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A.


------------------------
Dated:



<PAGE>

                                                                               3


              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

         The following increases or decreases in this Global Security have been
made:


<TABLE>
<CAPTION>

                Amount of decrease in         Amount of increase         Principal Amount of this      Signature of authorized
   Date of      Principal Amount of this      in Principal Amount        Global Security following     signatory of Trustee or
   Exchange     Global Security               of this Global Security    such decrease or increase     Securities Custodian
   --------     ------------------------      -----------------------    -------------------------     -----------------------
<S>            <C>                           <C>                        <C>                           <C>

</TABLE>

<PAGE>


                                SUPPORT AGREEMENT
                                     BETWEEN
                           VERIZON COMMUNICATIONS INC.
                                       AND
                          VERIZON GLOBAL FUNDING CORP.


         This Agreement, made and entered into as of October 31, 2000, by and
between Verizon Communications Inc., a Delaware corporation ("Parent"), and
Verizon Global Funding Corp., a Delaware corporation ("Subsidiary").

                              W I T N E S S E T H :

         WHEREAS, Parent is directly or indirectly the owner of 100% of the
outstanding common stock of Subsidiary; and

         WHEREAS, Subsidiary has incurred, and from time to time will incur,
indebtedness through (a) the public and non-public debt markets, (b) the
issuance of commercial paper, (c) bank credit facilities, (d) negotiated loans,
(e) foreign exchange transactions or financial derivative agreements, (f) bid
and performance bonds or financial agreements in respect of the activities of
affiliates and subsidiaries of Verizon Investments Inc. and (g) structured
transactions involving the issuance, repurchase or guarantee of the equity
instruments of subsidiaries of the Parent (including any required capitalization
of such subsidiaries) where the proceeds received from such structured
transactions would be considered indebtedness for U.S. income tax purposes (all
such debt instruments, loans, commercial paper, bank agreements, foreign
exchange transactions, derivative agreements, bid and performance bonds,
financial guarantees and other instruments that would be considered indebtedness
for U.S. income tax purposes being hereinafter referred to as "Debt"), thereby
incurring indebtedness to parties other than Parent and its affiliates; and

         WHEREAS, in order to enhance and maintain the financial condition of
Subsidiary to enhance its ability to issue Debt, Parent and Subsidiary from time
to time have entered into support agreements, including a Support Agreement
dated as of April 3, 1998 (the "1998 Support Agreement"); and

         WHEREAS, Parent and Subsidiary desire to amend and restate the 1998
Support Agreement in its entirety as hereinafter set forth;

         NOW, THEREFORE, in consideration of the mutual promises herein
contained, the parties hereto agree that the 1998 Support Agreement shall be
amended and restated in its entirety as follows:

         1. Stock Ownership. During the term of this Agreement, Parent will own
directly or indirectly all of the voting capital stock of Subsidiary now or
hereafter issued and outstanding.


<PAGE>

                                                                               2


         2. Net Worth. During the term of this Agreement, Parent shall cause
Subsidiary to maintain at all times a positive tangible net worth, as determined
in accordance with generally accepted accounting principles.

         3. Liquidity Provision. If, during the term of this Agreement,
Subsidiary requires funds to make timely payment of interest, principal or
premium, if any, on any Debt, and such funds are not obtainable by Subsidiary
from other sources on commercially reasonable terms, Parent shall provide to
Subsidiary, at its request, such funds either as equity or as a loan, at
Parent's option, to assure that the Subsidiary will be able to pay such
principal, interest and premium, if any, when due. If such funds are advanced to
Subsidiary as a loan, such loan shall be on such terms and conditions, including
maturity and rate of interest, as Parent and Subsidiary shall agree.
Notwithstanding the foregoing, any such loan shall be subordinated in all
respects to any and all Debt, whether or not such Debt is outstanding at the
time of such loan.

         4. Waivers. Parent hereby waives any failure or delay on the part of
Subsidiary in asserting or enforcing any of its right or in making any claims or
demands hereunder.

         5. Rights of Lender. Except as may be provided in any indenture or
agreement pursuant to which Debt is issued, any Lender (defined below) shall
have the right to proceed directly against Parent without first proceeding
against Subsidiary to enforce Subsidiary's rights under paragraphs 1, 2 and 3 of
this Agreement or to obtain payment of any defaulted interest, principal or
premium owed to such Lender. However, in no event may any Lender, on default by
Parent or Subsidiary under the terms of the indenture or other agreement
pursuant to which Debt is issued, or upon failure to comply with this Agreement
by Parent or Subsidiary, have recourse to or against the stock or assets of
Verizon Services Corp., Telecom Corporation of New Zealand Limited or any
operating telephone company which may from time to time be owned directly or
indirectly by Parent. The Term "Lender", as used in this Agreement, shall mean
any Person, firm or corporation to which Subsidiary is indebted for the Debt or
which is acting as trustee or authorized representative with respect to the Debt
on behalf of such person, firm or corporation.

         6. Termination; Amendment. This Agreement may be modified or amended in
a manner that adversely affects the rights of the holders of Debt only if all
Lenders consent in advance and in writing to such modification or amendment. No
modification or amendment to this Agreement relating to the provisions set forth
in paragraphs 1, 2, 3 or 5 or this sentence shall be made unless Subsidiary
applies to the Securities and Exchange Commission for an amended order relating
to such modifications or amendment, and the Commission grants such amended
order. This Agreement may be terminated by either the Parent or the Subsidiary
by notice to the other party, provided that such termination shall be effective
only after all outstanding Debt issued by the Subsidiary is paid in full.


<PAGE>

                                                                               3



         7. Notice. Any notice, instruction, request, consent, demand or other
communication required or contemplated by this Agreement to be in writing, shall
be given or made or communicated by United States first class mail, addressed as
follows:

If to Parent;                     Verizon Communications Inc.
                                  1095 Avenue of the Americas
                                  New York, New York  10036

                                  Attention: Senior Vice President and Treasurer

If to Subsidiary:                 Verizon Global Funding Corp.
                                  3900 Washington Street, 2nd Floor
                                  Wilmington, Delaware  19802

                                  Attention: President and Treasurer

         8. Successors. The covenants, representations, warranties and
agreements herein set forth shall be mutually binding upon, and inure to the
mutual benefit of, Parent and its successors, Subsidiary and its successors and
Lenders from time to time.

         9. Governing Law; Counterparts. This Agreement shall be governed by the
laws of the State of New York. This instrument may be executed in counterparts
and the executed counterparts shall together constitute one instrument.



<PAGE>

                                                                               4



         IN WITNESS WHEREOF, the parties have set their hands and affixed their
corporate seals as of the day and year first above written.

ATTEST:                               VERIZON COMMUNICATIONS INC.


By: /s/ Robert W. Erb                 By: /s/ William F. Heitmann
   ------------------------------        ------------------------------
      Assistant Secretary                    Senior Vice President and Treasurer
(SEAL)

ATTEST:                               VERIZON GLOBAL FUNDING CORP.


By: /s/ Robert W. Erb                 By: /s/ Janet M. Garrity
   ------------------------------        ------------------------------
      Secretary                              President and Treasurer
 (SEAL)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>7
<FILENAME>file007.txt
<DESCRIPTION>FORM OF 7 3/4 NOTES
<TEXT>

<PAGE>

                                                                     EXHIBIT 4.4


                          VERIZON GLOBAL FUNDING CORP.

                              7 3/4% NOTE DUE 2030


                                               PRINCIPAL AMOUNT
                                               $____________ as revised by the
                                               Schedule of Increases in Global
                                               Security attached hereto.

                                               CUSIP No.
No.

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, ON ITS OWN BEHALF
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY
AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO THE COMPANY, OR VERIZON COMMUNICATIONS INC., (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO


<PAGE>

                                                                               2



OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL ACCREDITED
INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE
SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A
TRANSACTION INVOLVING A MINIMUM PRINCIPAL AMOUNT OF $250,000 OF SECURITIES, FOR
INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE COMPANY'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) AND (F) TO REQUIRE THE DELIVERY OF
AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO
EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER
THE RESALE RESTRICTION TERMINATION DATE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

         VERIZON GLOBAL FUNDING CORP., a Delaware corporation (the "Issuer" or
the "Company," which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of FOUR HUNDRED MILLION DOLLARS,
as revised by the Schedule of Increases and Decreases in Global Security
attached hereto, on December 1, 2030, and to pay interest thereon (computed on
the basis of a 360-day year of twelve 30-day months), semiannually on June 1,
and December 1 (the "Interest Payment Dates") of each year, commencing on June
1, 2001, at the rate per annum specified in the title of this Note from December
12, 2000 or the most recent Interest Payment Date to which interest had been
paid or duly provided for.


<PAGE>

                                                                               3



         The interest so payable and punctually paid or duly provided for on any
Interest Payment Date will as provided in the Indenture be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on the May 15 or November 15 preceding such Interest
Payment Date (the "Record Date"). Payment of the principal of (and premium, if
any) and interest on this 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 and as otherwise provided in the Indenture.

         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by or
on behalf of First Union National Bank, the Trustee for this Note under the
Indenture, or its successor thereunder, by the manual signature of one of its
authorized officers, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

         The undersigned hereby certifies that the Support Agreement endorsed
hereon is a true and complete copy of the manually executed Support Agreement.



<PAGE>

                                                                             S-1



         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile.



Dated: December 12, 2000



                                     VERIZON GLOBAL FUNDING CORP.


                                     By:
                                        ------------------------------------
                                           Name:  Janet M. Garrity
                                           Title:  President and Treasurer




                                     Attest:


                                     By:
                                        ------------------------------------
                                           Name:  Robert S. Fitzmire
                                           Title:  Chief Financial Officer


CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated therein described in the
within-mentioned Indenture.

FIRST UNION NATIONAL BANK,
    as Trustee


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


<PAGE>

                                                                               2


                                (Reverse of Note)

                          VERIZON GLOBAL FUNDING CORP.

         This Note is one of a duly authorized issue of Securities of the
Company designated as its 7 3/4% Notes Due 2030 (the "Notes"). The Notes are one
of an indefinite number of series of debt securities of the Company (the
"Securities"), issued or issuable under and pursuant to an indenture (the
"Indenture") dated as of December 1, 2000, between the Company, Verizon
Communications Inc. ("Parent") and First Union National Bank (herein called the
"Trustee," which term includes any successor Trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, Parent, the
Trustee and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. The terms of this Note include those stated in
the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended. This Note is one of a series designated on
the face hereof. The terms of other series of Securities issued under the
Indenture may vary with respect to interest rates or interest rate formulas,
issue dates, maturity, redemption, repayment, currency of payment and otherwise
as provided in the Indenture. The Indenture further provides that Securities of
a single series may be issued at various times, with different maturity dates
and may bear interest at different rates. Holders of the Notes are entitled to
the benefits of the Exchange and Registration Rights Agreement, dated as of
December 12, 2000 (the "Registration Rights Agreement"), among the Company,
Parent and the initial purchasers named therein. The Notes, any related Private
Exchange Securities (as defined in the Registration Rights Agreement) and any
related Exchange Securities (as defined in the Registration Rights Agreement)
shall vote and consent together on all matters as one class, and none such
securities shall have the right to vote or consent as a separate class.

         This Note is not subject to any sinking fund.

         If an Event of Default with respect to the Notes shall occur and be
continuing, then either the Trustee or the Holders of not less than 25% in
aggregate principal amount of the Notes of this series then Outstanding may
declare the entire principal amount of the Notes of this series due and payable
in the manner and with the effect provided in the Indenture.

         The Notes will be redeemable as a whole or in part, at the option of
the Company at any time, at a redemption price equal to the greater of (1) 100%
of their principal amount or (2) the sum of the present values of the remaining
scheduled payments of principal and interest thereof discounted to the date of
redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 35 basis points, plus accrued and
unpaid interest on the principal amount being redeemed to the Redemption Date
(the "Redemption Price").

         "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("Remaining Life") of the Notes to be redeemed that would be
utilized, at the time of selected and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes.


<PAGE>

                                                                               3



         "Comparable Treasury Price" means (1) the average of five Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five Reference Treasury Dealer Quotations,
the average of all such quotations.

         "Independent Investment Banker" means Chase Securities Inc., J.P.
Morgan Securities Inc. or Morgan Stanley & Co. Incorporated or, if such firms
are unwilling or unable to select the Comparable Treasury Issue, an independent
banking institution of national standing appointed by the Trustee.

         "Reference Treasury Dealer" means (1) Chase Securities Inc., J.P.
Morgan Securities Inc. and Morgan Stanley & Co. Incorporated and their
respective successors, provided, however, that if any of the foregoing ceases to
be a primary U.S. Government securities dealer in New York City (a "Primary
Treasury Dealer"), the Company will substitute another Primary Treasury Dealer
and (2) any other Primary Treasury Dealer selected by the Independent Investment
Banker after consultation with the Company.

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

         "Treasury Rate" means, with respect to any Redemption Date, (1) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H.15(519)" or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from the
yields on a straight line basis, rounding to the nearest month) or (2) if that
release (or any successor release) is not published during the week preceding
the calculation date or does not contain those yields, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for
that Redemption Date. The Treasury Rate will be calculated on the third Business
Day preceding the Redemption Date.

         The Indenture permits, with certain exceptions as therein provided, the
Company, Parent and the Trustee with the consent of the Holders of more than a
majority in aggregate principal amount of the Outstanding Securities of each
series issued under the Indenture to be affected thereby, to execute
supplemental indentures for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Indenture or of
modifying in any manner the rights of the Holders of such Securities and any
related coupons under the


<PAGE>

                                                                               4



Indenture; provided, however, that no such supplemental indenture shall, among
other things, (i) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon, if any, or any premium
payable upon redemption thereof; subject to certain exceptions, change any
obligation of the Company to pay additional amounts pursuant to Section 1006 of
the Indenture; change the Place of Payment on any Security or the currency or
currency unit in which any Security or the principal or interest thereon is
payable; 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); impair any right of Holders of any Security to
repay or purchase Securities at their option; reduce or alter the method of
computation of any amount payable upon redemption, repayment or purchase of any
Securities by the Company (or the time when such redemption, repayment or
purchase may be made), (ii) reduce the percentage in principal amount of the
Outstanding Securities of any particular series, the Holders of which are
required to consent to any supplemental indenture, or any waiver, (iii) modify
any of the provisions of Sections 513, 902 or 1006 of the Indenture, except to
increase any such percentage or to provide that certain other provisions of the
Indenture cannot be modified or waived without the consent of the Holder of each
Security affected thereby; provided, however, that this clause shall not be
deemed to require the consent of any Holder of a Security or coupon with respect
to changes in the references to "the Trustee" and concomitant changes in
Sections 902 and 1006 of the Indenture, or the deletion of this proviso, in
accordance with the requirements of Sections 609, 61l(b), 901(6) and 901(7) of
the Indenture, or (iv) except as provided in Section 901(12) of the Indenture,
modify any of the provisions of the Support Agreement.

         A supplemental indenture which changes or eliminates any covenant or
other provision of the Indenture which has expressly been included 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 the
Indenture of the Holders of Securities of any other series.

         The Indenture also contains provisions permitting the Holders of not
less than a majority in principal amount of the Outstanding Securities of any
particular series and any related coupons, on behalf of the Holders of all the
Securities of that series, to waive certain past defaults under the Indenture
and their consequences with respect to such series, except a default in the
payment of principal of (or premium, if any) or interest, if any, on any
Security of that series or a default with respect to a covenant or provision of
the Indenture which cannot be amended without the consent of such Holder.

         The Notes are issuable only in registered form without coupons in
denominations of $1,000 and integral multiples thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes as requested by the
Holder surrendering the same. If (x) the Depositary is at any time unwilling or
unable to continue as depository or if at any time the Depositary shall no
longer be eligible under Section 303 of the Indenture and a successor depository
is not appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such ineligibility or (y) the Company delivers to the
Trustee a Company Order to the effect that this Note shall be exchangeable, this
Note shall be exchangeable for Notes in definitive form and in


<PAGE>

                                                                               5


an equal aggregate principal amount. Such definitive Notes shall be registered
in such name or names as the Depositary shall instruct the Trustee.

         As provided in the Indenture and subject to certain limitations set
forth therein and above, the transfer of this Note may be registered on the
Security Register of the Company, upon surrender of this Note for registration
of transfer at the office or agency of the Company in a Place of Payment, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or by his attorney duly authorized in writing, and thereupon one
or more new Notes of authorized denominations and of a like Stated Maturity and
of like series and the same aggregate principal amount, with like terms and
conditions having endorsed thereon the text of the Support Agreement, will be
issued to the designated transferee or transferees.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

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

         Holders of the Notes are entitled to the benefits of a Support
Agreement between the Company and Parent in the form endorsed hereon.

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

         Certain of the Company's and Parent's obligations under the Indenture
with respect to Notes may be terminated if the Company or Parent irrevocably
deposits with the Trustee money or Government Obligations sufficient to pay and
discharge the entire indebtedness on all Notes, as provided in the Indenture.

         No recourse shall be had for the payment of the principal of (and
premium, if any), or the interest, if any, on this Note, or for any claim based
thereon, or upon any obligation, covenant or agreement of the Company or Parent
in the Indenture or the Support Agreement, against any incorporator,
stockholder, officer or director, as such, past, present of future, of the
Company, Parent or of any successor corporation, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any assessment of
penalty or otherwise; and all such personal liability is expressly released and
waived as a condition of, and as part of the consideration for, the issuance of
this Note.

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


<PAGE>

                                                                               6



         All terms used in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.



<PAGE>

                                 ASSIGNMENT FORM

         To assign this Security, fill in the form below:

         I or we assign and transfer this Security to

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

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

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

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


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


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

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

In connection with any transfer or exchange of any of the Securities evidenced
by this certificate occurring prior to the date that is two years after the
later of the date of original issuance of such Securities and the last date, if
any, on which such Securities were owned by the Company or any Affiliate of the
Company, the undersigned confirms that such Securities are being:

CHECK ONE BOX BELOW:

1.   [ ]   acquired for the undersigned's own account, without transfer; or

2.   [ ]   transferred to the Company or Parent; or

3.   [ ]   transferred pursuant to and in compliance with Rule 144A under the
           Securities Act of 1933, as amended (the "Securities Act"); or

4.   [ ]   transferred pursuant to an effective registration statement under the
           Securities Act; or

5.   [ ]   transferred pursuant to and in compliance with Regulation S under the
           Securities Act; or

<PAGE>

                                                                               2


6.   [ ]   transferred to an institutional "accredited investor" (as defined in
           Rule 501(a)(1), (2), (3) or (7) under the Securities Act), that has
           furnished to the Trustee a signed certificate containing certain
           representations and agreements (the form of which letter appears as
           Section 307 of the Indenture); or

7.   [ ]   transferred pursuant to another available exemption from the
           registration requirements of the Securities Act of 1933


Unless one of the boxes is checked, the Trustee will refuse to register any of
the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof; provided, however, that if box (5), (6) or
(7) is checked, the Trustee or the Company may require, prior to registering any
such transfer of the Securities, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Company may
reasonably request to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, such as the exemption provided by
Rule 144 under such Act.

                                                 ------------------------------
                                                            Signature

Signature Guarantee:


-------------------------                         ------------------------------
(Signature must be guaranteed)                              Signature


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

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

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

                  The undersigned represents and warrants that it is purchasing
this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a
"qualified institutional buyer" within the meaning of Rule 144A under the
Securities Act of 1933, as amended, and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon the undersigned's foregoing representations
in order to claim the exemption from registration provided by Rule 144A.


------------------------
Dated:

<PAGE>

                                                                               3



              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

         The following increases or decreases in this Global Security have been
made:


<TABLE>
<CAPTION>
                Amount of decrease in         Amount of increase         Principal Amount of this     Signature of authorized
   Date of      Principal Amount of this      in Principal Amount        Global Security following    signatory of Trustee or
   Exchange     Global Security               of this Global Security    such decrease or increase    Securities Custodian
   --------     ------------------------      -----------------------    -------------------------    -----------------------
<S>            <C>                           <C>                        <C>                           <C>

</TABLE>

<PAGE>


                                SUPPORT AGREEMENT
                                     BETWEEN
                           VERIZON COMMUNICATIONS INC.
                                       AND
                          VERIZON GLOBAL FUNDING CORP.


         This Agreement, made and entered into as of October 31, 2000, by and
between Verizon Communications Inc., a Delaware corporation ("Parent"), and
Verizon Global Funding Corp., a Delaware corporation ("Subsidiary").

                              W I T N E S S E T H :

         WHEREAS, Parent is directly or indirectly the owner of 100% of the
outstanding common stock of Subsidiary; and

         WHEREAS, Subsidiary has incurred, and from time to time will incur,
indebtedness through (a) the public and non-public debt markets, (b) the
issuance of commercial paper, (c) bank credit facilities, (d) negotiated loans,
(e) foreign exchange transactions or financial derivative agreements, (f) bid
and performance bonds or financial agreements in respect of the activities of
affiliates and subsidiaries of Verizon Investments Inc. and (g) structured
transactions involving the issuance, repurchase or guarantee of the equity
instruments of subsidiaries of the Parent (including any required capitalization
of such subsidiaries) where the proceeds received from such structured
transactions would be considered indebtedness for U.S. income tax purposes (all
such debt instruments, loans, commercial paper, bank agreements, foreign
exchange transactions, derivative agreements, bid and performance bonds,
financial guarantees and other instruments that would be considered indebtedness
for U.S. income tax purposes being hereinafter referred to as "Debt"), thereby
incurring indebtedness to parties other than Parent and its affiliates; and

         WHEREAS, in order to enhance and maintain the financial condition of
Subsidiary to enhance its ability to issue Debt, Parent and Subsidiary from time
to time have entered into support agreements, including a Support Agreement
dated as of April 3, 1998 (the "1998 Support Agreement"); and

         WHEREAS, Parent and Subsidiary desire to amend and restate the 1998
Support Agreement in its entirety as hereinafter set forth;

         NOW, THEREFORE, in consideration of the mutual promises herein
contained, the parties hereto agree that the 1998 Support Agreement shall be
amended and restated in its entirety as follows:

         1. Stock Ownership. During the term of this Agreement, Parent will own
directly or indirectly all of the voting capital stock of Subsidiary now or
hereafter issued and outstanding.


<PAGE>

                                                                               2



         2. Net Worth. During the term of this Agreement, Parent shall cause
Subsidiary to maintain at all times a positive tangible net worth, as determined
in accordance with generally accepted accounting principles.

         3. Liquidity Provision. If, during the term of this Agreement,
Subsidiary requires funds to make timely payment of interest, principal or
premium, if any, on any Debt, and such funds are not obtainable by Subsidiary
from other sources on commercially reasonable terms, Parent shall provide to
Subsidiary, at its request, such funds either as equity or as a loan, at
Parent's option, to assure that the Subsidiary will be able to pay such
principal, interest and premium, if any, when due. If such funds are advanced to
Subsidiary as a loan, such loan shall be on such terms and conditions, including
maturity and rate of interest, as Parent and Subsidiary shall agree.
Notwithstanding the foregoing, any such loan shall be subordinated in all
respects to any and all Debt, whether or not such Debt is outstanding at the
time of such loan.

         4. Waivers. Parent hereby waives any failure or delay on the part of
Subsidiary in asserting or enforcing any of its right or in making any claims or
demands hereunder.

         5. Rights of Lender. Except as may be provided in any indenture or
agreement pursuant to which Debt is issued, any Lender (defined below) shall
have the right to proceed directly against Parent without first proceeding
against Subsidiary to enforce Subsidiary's rights under paragraphs 1, 2 and 3 of
this Agreement or to obtain payment of any defaulted interest, principal or
premium owed to such Lender. However, in no event may any Lender, on default by
Parent or Subsidiary under the terms of the indenture or other agreement
pursuant to which Debt is issued, or upon failure to comply with this Agreement
by Parent or Subsidiary, have recourse to or against the stock or assets of
Verizon Services Corp., Telecom Corporation of New Zealand Limited or any
operating telephone company which may from time to time be owned directly or
indirectly by Parent. The Term "Lender", as used in this Agreement, shall mean
any Person, firm or corporation to which Subsidiary is indebted for the Debt or
which is acting as trustee or authorized representative with respect to the Debt
on behalf of such person, firm or corporation.

         6. Termination; Amendment. This Agreement may be modified or amended in
a manner that adversely affects the rights of the holders of Debt only if all
Lenders consent in advance and in writing to such modification or amendment. No
modification or amendment to this Agreement relating to the provisions set forth
in paragraphs 1, 2, 3 or 5 or this sentence shall be made unless Subsidiary
applies to the Securities and Exchange Commission for an amended order relating
to such modifications or amendment, and the Commission grants such amended
order. This Agreement may be terminated by either the Parent or the Subsidiary
by notice to the other party, provided that such termination shall be effective
only after all outstanding Debt issued by the Subsidiary is paid in full.


<PAGE>

                                                                               3



         7. Notice. Any notice, instruction, request, consent, demand or other
communication required or contemplated by this Agreement to be in writing, shall
be given or made or communicated by United States first class mail, addressed as
follows:

If to Parent;                   Verizon Communications Inc.
                                1095 Avenue of the Americas
                                New York, New York  10036

                                Attention:  Senior Vice President and Treasurer

If to Subsidiary:               Verizon Global Funding Corp.
                                3900 Washington Street, 2nd Floor
                                Wilmington, Delaware  19802

                                Attention:  President and Treasurer

         8. Successors. The covenants, representations, warranties and
agreements herein set forth shall be mutually binding upon, and inure to the
mutual benefit of, Parent and its successors, Subsidiary and its successors and
Lenders from time to time.

         9. Governing Law; Counterparts. This Agreement shall be governed by the
laws of the State of New York. This instrument may be executed in counterparts
and the executed counterparts shall together constitute one instrument.



<PAGE>

                                                                               4



                  IN WITNESS WHEREOF, the parties have set their hands and
affixed their corporate seals as of the day and year first above written.

ATTEST:                                   VERIZON COMMUNICATIONS INC.


By: /s/ Robert W. Erb                    By: /s/ William F. Heitmann
   -------------------------------           ----------------------------------
    Assistant Secretary                      Senior Vice President and Treasurer
(SEAL)

ATTEST:                                  VERIZON GLOBAL FUNDING CORP.


By: /s/ Robert W. Erb                    By: /s/ Janet M. Garrity
   -------------------------------           ----------------------------------
    Secretary                                President and Treasurer
 (SEAL)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>8
<FILENAME>file008.txt
<DESCRIPTION>EXCHANGE AND REGISTRATION RIGHTS AGREEMENT
<TEXT>

<PAGE>

                                                                [EXECUTION COPY]

                                                                     EXHIBIT 4.5



                          VERIZON GLOBAL FUNDING CORP.

                                 $4,000,000,000

                      $1,000,000,000 6 3/4% Notes due 2005

                      $2,000,000,000 7 1/4% Notes due 2010

                      $1,000,000,000 7 3/4% Notes due 2030

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                               December 12, 2000

CHASE SECURITIES INC.
J.P. MORGAN SECURITIES INC.
MORGAN STANLEY & CO. INCORPORATED
M.R. BEAL & CO.
BEAR, STEARNS & CO. INC.
CREDIT SUISSE FIRST BOSTON CORPORATION
DEUTSCHE BANK SECURITIES INC.
UBS WARBURG LLC
UTENDAHL CAPITAL PARTNERS, L.P.
c/o Morgan Stanley & Co. Incorporated
1585 Broadway
New York, New York 10036


Ladies and Gentlemen:


         Verizon Global Funding Corp., a Delaware corporation (the "Company"),
proposes to issue and sell to Chase Securities Inc., J.P. Morgan Securities
Inc., Morgan Stanley & Co. Incorporated, M.R. Beal & Co., Bear, Stearns & Co.
Inc., Credit Suisse First Boston Corporation, Deutsche Bank Securities Inc., UBS
Warburg LLC and Utendahl Capital Partners, L.P. (the "Initial Purchasers"), upon
the terms and subject to the conditions set forth in a purchase agreement, dated
December 7, 2000 (the "Purchase Agreement"), $1,000,000,000 aggregate principal
amount of its 6 3/4% Notes due 2005 (the "2005 Securities"), $2,000,000,000
aggregate principal amount of its 7 1/4% Notes due 2010 (the "2010 Securities")
and $1,000,000,000 aggregate principal amount of its 7 3/4% Notes due 2030 (the
"2030 Securities;" together with the 2005 Securities and the 2010 Securities,
the "Securities") to be supported by Verizon Communications Inc. (the "Support
Provider") pursuant to a support agreement, dated as of October 31, 2000 (the
"Support Agreement"), between the Company and the Support


<PAGE>

Provider. Capitalized terms used but not defined herein shall have the meanings
given to such terms in the Purchase Agreement.

         As an inducement to the Initial Purchasers to enter into the Purchase
Agreement and in satisfaction of a condition to the obligations of the Initial
Purchasers thereunder, the Company and the Support Provider agree with the
Initial Purchasers, for the benefit of the holders (including the Initial
Purchasers) of the Securities, the Exchange Securities (as defined herein) and
the Private Exchange Securities (as defined herein) (collectively, the
"Holders"), as follows:

         1. Registered Exchange Offer. The Company and the Support Provider
shall (i) prepare and, not later than 210 days following the date of original
issuance of the Securities (the "Issue Date"), file with the Securities and
Exchange Commission (the "Commission") a registration statement (the "Exchange
Offer Registration Statement") on an appropriate form under the Securities Act
with respect to a proposed offer to the Holders of the Securities (the
"Registered Exchange Offer") to issue and deliver to Holders of the 2005
Securities, in exchange for their 2005 Securities, a like aggregate principal
amount of debt securities of the Company (the "2005 Exchange Securities") that
are identical in all material respects to the 2005 Securities and similarly
entitled to the benefits of the Support Agreement, to issue and deliver to
Holders of the 2010 Securities, in exchange for their 2010 Securities, a like
aggregate principal amount of debt securities of the Company (the "2010 Exchange
Securities") that are identical in all material respects to the 2010 Securities
and similarly entitled to the benefits of the Support Agreement and to issue and
deliver to Holders of the 2030 Securities, in exchange for their 2030
Securities, a like aggregate principal amount of debt securities of the Company
(the "2030 Exchange Securities;" together with the 2005 Exchange Securities and
the 2010 Exchange Securities, the "Exchange Securities") that are identical in
all material respect to the 2030 Securities and similarly entitled to the
benefits of the Support Agreement, except, in each case, for the transfer
restrictions relating to the Securities, (ii) use their reasonable best efforts
to cause the Exchange Offer Registration Statement to become effective under the
Securities Act no later than 285 days after the Issue Date and the Registered
Exchange Offer to be consummated no later than 315 days after the Issue Date and
(iii) keep the Exchange Offer Registration Statement effective for not less than
20 business days (or longer, if required by applicable law) after the date on
which notice of the Registered Exchange Offer is mailed to the Holders (such
period being called the "Exchange Offer Registration Period"). The Exchange
Securities will be issued under the Indenture or an indenture (the "Exchange
Securities Indenture") between the Company, the Support Provider and the Trustee
or such other bank or trust company that is reasonably satisfactory to the
Initial Purchasers, as Trustee (the "Exchange Securities Trustee"), such
indenture to be identical in all material respects to the Indenture, except for
the transfer restrictions relating to the Securities (as described above).

         Upon the effectiveness of the Exchange Offer Registration Statement,
the Company and the Support Provider shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to
enable each Holder electing to exchange Securities for the applicable Exchange
Securities (assuming that such Holder (a) is not an affiliate of the Company or
an Exchanging Dealer (as defined herein) not complying with the requirements of
the



                                      -2-
<PAGE>

next sentence, (b) is not an Initial Purchaser holding Securities that have, or
that are reasonably likely to have, the status of an unsold allotment in an
initial distribution, (c) acquires the Exchange Securities in the ordinary
course of such Holder's business and (d) has no arrangements or understandings
with any person to participate in the distribution of the Exchange Securities)
and to trade such Exchange Securities from and after their receipt without any
limitations or restrictions under the Securities Act and without material
restrictions under the securities laws of the several states of the United
States. The Company, the Support Provider, the Initial Purchasers and each
Exchanging Dealer acknowledge that, pursuant to current interpretations by the
Commission's staff of Section 5 of the Securities Act, each Holder that is a
broker-dealer electing to exchange Securities, acquired for its own account as a
result of market-making activities or other trading activities, for the
applicable Exchange Securities (an "Exchanging Dealer"), is required to deliver
a prospectus containing substantially the information set forth in Annex A
hereto on the cover, in Annex B hereto in the "Exchange Offer Procedures"
section and the "Purpose of the Exchange Offer" section and in Annex C hereto in
the "Plan of Distribution" section of such prospectus in connection with a sale
of any such Exchange Securities received by such Exchanging Dealer pursuant to
the Registered Exchange Offer.


         If, prior to the consummation of the Registered Exchange Offer, any
Holder holds any Securities acquired by it that have, or that are reasonably
likely to be determined to have, the status of an unsold allotment in an initial
distribution, or any Holder is not entitled to participate in the Registered
Exchange Offer, the Company shall, upon the request of any such Holder,
simultaneously with the delivery of the Exchange Securities in the Registered
Exchange Offer, issue and deliver to any such Holder, in exchange for the 2005
Securities held by such Holder, a like aggregate principal amount of debt
securities of the Company (the "2005 Private Exchange Securities") that are
identical in all material respects to the 2005 Exchange Securities and similarly
entitled to the benefits of the Support Agreement, issue and deliver to any such
Holder, in exchange for the 2010 Securities held by such Holder, a like
aggregate principal amount of debt securities of the Company (the "2010 Private
Exchange Securities") that are identical in all material respects to the 2010
Exchange Securities and similarly entitled to the benefits of the Support
Agreement and, in exchange for the 2030 Securities held by such holder, a like
aggregate principal amount of debt securities of the Company (the "2030 Private
Exchange Securities;" together with the 2005 Private Exchange Securities and the
2010 Private Exchange Securities, the "Private Exchange Securities) that are
identical in all material respects to the 2030 Exchange Securities and similarly
entitled to the benefits of the Support Agreement, except, in each case, for the
transfer restrictions relating to such Private Exchange Securities (the "Private
Exchange"). The Private Exchange Securities will be issued under the same
indenture as the Exchange Securities, and the Company shall use its reasonable
best efforts to cause the Private Exchange Securities to bear the same CUSIP
number as the applicable Exchange Securities.


         In connection with the Registered Exchange Offer, the Company and the
Support Provider shall:

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



                                      -3-
<PAGE>

                  (b) keep the Registered Exchange Offer open for not less than
         20 business days (or longer, if required by applicable law) after the
         date on which notice of the Registered Exchange Offer is mailed to the
         Holders;

                  (c) utilize the services of a depositary for the Registered
         Exchange Offer with an address in the Borough of Manhattan, The City of
         New York;

                  (d) permit Holders to withdraw tendered Securities at any time
         prior to the close of business, New York City time, on the last
         business day on which the Registered Exchange Offer shall remain open;
         and

                  (e) otherwise comply in all respects with all laws that are
         applicable to the Registered Exchange Offer.


         As soon as practicable after the close of the Registered Exchange Offer
and any Private Exchange, the Company and the Support Provider shall:

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

                  (b) deliver to the Trustee for cancellation all Securities so
         accepted for exchange; and

                  (c) cause the Trustee or the Exchange Securities Trustee, as
         the case may be, promptly to authenticate and deliver to each Holder,
         the applicable Exchange Securities or Private Exchange Securities, as
         the case may be, equal in principal amount and maturity to the
         Securities of such Holder so accepted for exchange.

         The Company and the Support Provider shall use its reasonable best
efforts to keep the Exchange Offer Registration Statement effective and to amend
and supplement the prospectus contained therein in order to permit such
prospectus to be used by all persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as such persons must
comply with such requirements in order to resell the Exchange Securities;
provided, that (i) in the case where such prospectus and any amendment or
supplement thereto must be delivered by an Exchanging Dealer, such period shall
be the lesser of 90 days and the date on which all Exchanging Dealers have sold
all Exchange Securities held by them and (ii) the Company and the Support
Provider shall make such prospectus and any amendment or supplement thereto
available to any broker-dealer for use in connection with any resale of any
Exchange Securities for a period of not less than 90 days after the consummation
of the Registered Exchange Offer.

         The Indenture or the Exchange Securities Indenture, as the case may be,
shall also provide that the 2005 Securities, the 2005 Exchange Securities and
the 2005 Private Exchange Securities shall vote and consent together on all
matters as one class and that none of the 2005 Securities, the 2005 Exchange
Securities or the 2005 Private Exchange Securities will have the right to vote
or consent as a separate class on any matter.



                                      -4-
<PAGE>

         The Indenture or the Exchange Securities Indenture, as the case may be,
shall also provide that the 2010 Securities, the 2010 Exchange Securities and
the 2010 Private Exchange Securities shall vote and consent together on all
matters as one class and that none of the 2010 Securities, the 2010 Exchange
Securities or the 2010 Private Exchange Securities will have the right to vote
or consent as a separate class on any matter.

         The Indenture or the Exchange Securities Indenture, as the case may be,
shall also provide that the 2030 Securities, the 2030 Exchange Securities and
the 2030 Private Exchange Securities shall vote and consent together on all
matters as one class and that none of the 2030 Securities, the 2030 Exchange
Securities or the 2030 Private Exchange Securities will have the right to vote
or consent as a separate class on any matter.

         Interest on each Exchange Security and Private Exchange Security issued
pursuant to the Registered Exchange Offer and in the Private Exchange will
accrue from the last interest payment date on which interest was paid on the
Securities surrendered in exchange therefore or, if no interest has been paid on
the Securities, from the Issue Date.

         Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Securities received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of
the Securities Act and (iii) such Holder is not an affiliate of the Company or,
if it is such an affiliate, such Holder will comply with the registration and
prospectus delivery requirements of the Securities Act to the extent applicable.

         Notwithstanding any other provisions hereof, the Company and the
Support Provider will ensure that (i) any Exchange Offer Registration Statement
and any amendment thereto and any prospectus forming part thereof and any
supplement thereto complies in all material respects with the Securities Act and
the rules and regulations of the Commission thereunder, (ii) any Exchange Offer
Registration Statement and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) any prospectus forming part of any Exchange
Offer Registration Statement, and any supplement to such prospectus, does not,
as of the consummation of the Registered Exchange Offer, include an untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which
they were made, not misleading.

         2. Shelf Registration. If (i) because of any change in law or
applicable interpretations thereof by the Commission's staff the Company and the
Support Provider are not permitted to effect the Registered Exchange Offer as
contemplated by Section 1 hereof, or (ii) for any other reason the Registered
Exchange Offer is not consummated within 315 days after the Issue Date, or (iii)
any Initial Purchaser so requests with respect to the Securities or Private
Exchange Securities not eligible to be exchanged for the applicable Exchange
Securities in the Registered Exchange Offer and held by it following the
consummation of the Registered



                                      -5-
<PAGE>

Exchange Offer, or (iv) any applicable law or interpretations do not permit any
Holder to participate in the Registered Exchange Offer, or (v) any Holder that
participates in the Registered Exchange Offer does not receive freely
transferable Exchange Securities in exchange for tendered Securities, or (vi)
any Securities validly tendered pursuant to the Registered Exchange Offer are
not exchanged for the applicable Exchange Securities within 10 days of being
accepted for exchange:

         (a) The Company and the Support Provider shall use their reasonable
best efforts to file as promptly as practicable (but in no event more than 45
days after so required or requested pursuant to this Section 2) with the
Commission (the "Shelf Filing Date"), and thereafter shall use their reasonable
best efforts to cause to be declared effective, a shelf registration statement
on an appropriate form under the Securities Act relating to the offer and sale
of the Transfer Restricted Securities (as defined below) by the Holders thereof
from time to time in accordance with the methods of distribution set forth in
such registration statement (hereafter, a "Shelf Registration Statement" and,
together with any Exchange Offer Registration Statement, a "Registration
Statement").

         (b) The Company and the Support Provider shall use their reasonable
best efforts to keep the Shelf Registration Statement continuously effective in
order to permit the prospectus forming part thereof to be used by Holders of
Transfer Restricted Securities for a period of two years from the Issue Date or
such shorter period that will terminate when all the Transfer Restricted
Securities become eligible for resale without volume restrictions pursuant to
Rule 144 under the Securities Act (in any such case, such period being called
the "Shelf Registration Period"). The Company and the Support Provider shall be
deemed not to have used their reasonable best efforts to keep the Shelf
Registration Statement effective during the requisite period if either of them
voluntarily takes any action that would result in Holders of Transfer Restricted
Securities covered thereby not being able to offer and sell such Transfer
Restricted Securities during that period, unless such action is required by
applicable law.

         (c) Notwithstanding any other provisions hereof, the Company and the
Support Provider will ensure that (i) any Shelf Registration Statement and any
amendment thereto and any prospectus forming part thereof and any supplement
thereto complies in all material respects with the Securities Act and the rules
and regulations of the Commission thereunder, (ii) any Shelf Registration
Statement and any amendment thereto (in either case, other than with respect to
information included therein in reliance upon or in conformity with written
information furnished to the Company by or on behalf of any Holder specifically
for use therein (the "Holders' Information")) does not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(iii) any prospectus forming part of any Shelf Registration Statement, and any
supplement to such prospectus (in either case, other than with respect to
Holders' Information), does not include an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.



                                      -6-
<PAGE>

         (d) In the absence of events described in clauses (i) through (vi) of
the first paragraph of this Section 2, the Company and the Support Provider
shall not be permitted to discharge their obligations hereunder by means of the
filing of a Shelf Registration Statement.

         3. Additional Interest.

         (a) The parties hereto agree that the Holders of Transfer Restricted
Securities will suffer damages if the Company and the Support Provider fail to
fulfill their obligations under Section 1 or Section 2, as applicable, and that
it would not be feasible to ascertain the extent of such damages. Accordingly,
if (i) the Exchange Offer Registration Statement is not filed with the
Commission on or prior to 210 days after the Issue Date or the Shelf
Registration Statement is not filed with the Commission prior to the Shelf
Filing Date, (ii) the Exchange Offer Registration Statement is not declared
effective within 285 days after the Issue Date or the Shelf Registration
Statement is not declared effective within 240 days after the Shelf Filing Date,
(iii) the Registered Exchange Offer is not consummated on or prior to 315 days
after the Issue Date, or (iv) the Shelf Registration Statement is filed and
declared effective within 240 days after the Shelf Filing Date but shall
thereafter cease to be effective (at any time that the Company and the Support
Provider are obligated to maintain the effectiveness thereof) without being
succeeded within 45 days by an additional Registration Statement filed and
declared effective (each such event referred to in clauses (i) through (iv), a
"Registration Default"), the Company and the Support Provider will be jointly
and severally obligated to pay additional interest to each Holder of Transfer
Restricted Securities, during the period of one or more such Registration
Defaults, in an amount equal to .25% per annum on the principal amount of
Transfer Restricted Securities held by such Holder until (i) the applicable
Registration Statement is filed, (ii) the Exchange Offer Registration Statement
is declared effective and the Registered Exchange Offer is consummated, (iii)
the Shelf Registration Statement is declared effective or (iv) the Shelf
Registration Statement again becomes effective, as the case may be. The rate for
additional interest will not exceed .25% per annum. Additional interest shall
only accrue while there exists one or more Registration Defaults. As used
herein, the term "Transfer Restricted Securities" means (i) each Security until
the date on which such Security has been exchanged for a freely transferable
applicable Exchange Security in the Registered Exchange Offer, (ii) each
Security or Private Exchange Security until the date on which it has been
effectively registered under the Securities Act and disposed of in accordance
with the Shelf Registration Statement or (iii) each Security or Private Exchange
Security until the date on which it is distributed to the public pursuant to
Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under
the Securities Act. Notwithstanding anything to the contrary in this Section
3(a), neither the Company nor the Support Provider shall be required to pay
additional interest to a Holder of Transfer Restricted Securities if such Holder
failed to comply with its obligations to make the representations set forth in
the second to last paragraph of Section 1 or failed to provide the information
required to be provided by it, if any, pursuant to Section 4(n).

         (b) The Company shall notify the Trustee and the Paying Agent under the
Indenture immediately upon the happening of each and every Registration Default.
The Company and the Support Provider shall pay the additional interest due on
the Transfer Restricted Securities by depositing with the Paying Agent (which
may not be the Company for



                                      -7-
<PAGE>

these purposes), in trust, for the benefit of the Holders thereof, prior to
10:00 a.m., New York City time, on the next interest payment date specified by
the Indenture and the Securities, sums sufficient to pay the additional interest
then due. The additional interest due shall be payable on each interest payment
date specified by the Indenture and the Securities to the record holder entitled
to receive the interest payment to be made on such date. Each obligation to pay
additional interest shall be deemed to accrue from and including the date of the
applicable Registration Default.

         (c) The parties hereto agree that the additional interest provided for
in this Section 3 constitutes a reasonable estimate of and is intended to
constitute the sole damages that will be suffered by Holders of Transfer
Restricted Securities by reason of the failure of (i) the Shelf Registration
Statement or the Exchange Offer Registration Statement to be filed, (ii) the
Shelf Registration Statement to remain effective or (iii) the Exchange Offer
Registration Statement to be declared effective and the Registered Exchange
Offer to be consummated, in each case to the extent required by this Agreement.

         4. Registration Procedures. In connection with any Registration
Statement, the following provisions shall apply:

         (a) The Company shall (i) furnish to counsel for the Initial
Purchasers, prior to the filing thereof with the Commission, a copy of the
Registration Statement and each amendment thereof and each supplement, if any,
to the prospectus included therein and shall use its reasonable best efforts to
reflect in each such document, when so filed with the Commission, such comments
as such counsel may reasonably propose; (ii) include the information set forth
in Annex A hereto on the cover, in Annex B hereto in the "Exchange Offer
Procedures" section and the "Purpose of the Exchange Offer" section and in Annex
C hereto in the "Plan of Distribution" section of the prospectus forming a part
of the Exchange Offer Registration Statement, and include the information set
forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the
Registered Exchange Offer; and (iii) if requested by any Initial Purchaser,
include the information required by Items 507 or 508 of Regulation S-K, as
applicable, in the prospectus forming a part of the Exchange Offer Registration
Statement.

         (b) The Company shall advise counsel for the Initial Purchaser, each
Exchanging Dealer and the Holders (if applicable) and, if requested by any such
person, confirm such advice in writing (which advice pursuant to clauses
(ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the
prospectus until the requisite changes have been made):

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

         (ii) of any request by the Commission for amendments or supplements to
    any Registration Statement or the prospectus included therein or for
    additional information;



                                      -8-
<PAGE>

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

         (iv) of the receipt by the Company of any notification with respect to
    the suspension of the qualification of the Securities, the Exchange
    Securities or the Private Exchange Securities for sale in any jurisdiction
    or the initiation or threatening of any proceeding for such purpose; and

         (v) of the happening of any event that requires the making of any
    changes in any Registration Statement or the prospectus included therein in
    order that the statements therein are not misleading and do not omit to
    state a material fact required to be stated therein or necessary to make the
    statements therein not misleading.

         (c) The Company and the Support Provider will make every reasonable
effort to obtain the withdrawal at the earliest possible time of any order
suspending the effectiveness of any Registration Statement.

         (d) The Company will furnish to each Holder of Transfer Restricted
Securities included within the coverage of any Shelf Registration Statement,
without charge, at least one conformed copy of such Shelf Registration Statement
and any post-effective amendment thereto, including financial statements and
schedules and, if any such Holder so requests in writing, all exhibits thereto
(including those, if any, incorporated by reference).

         (e) The Company will, during the Shelf Registration Period, promptly
deliver to each Holder of Transfer Restricted Securities included within the
coverage of any Shelf Registration Statement, without charge, as many copies of
the prospectus (including each preliminary prospectus) included in such Shelf
Registration Statement and any amendment or supplement thereto as such Holder
may reasonably request; and the Company consents to the use of such prospectus
or any amendment or supplement thereto by each of the selling Holders of
Transfer Restricted Securities in connection with the offer and sale of the
Transfer Restricted Securities covered by such prospectus or any amendment or
supplement thereto.

         (f) The Company will furnish to each Initial Purchaser and each
Exchanging Dealer, and to any other Holder who so requests, without charge, at
least one conformed copy of the Exchange Offer Registration Statement and any
post-effective amendment thereto, including financial statements and schedules
and, if any Initial Purchaser or Exchanging Dealer or any such Holder so
requests in writing, all exhibits thereto (including those, if any, incorporated
by reference).

         (g) The Company will, during the Exchange Offer Registration Period or
the Shelf Registration Period, as applicable, promptly deliver to each Initial
Purchaser, each Exchanging Dealer and such other persons that are required to
deliver a prospectus following the Registered Exchange Offer, without charge, as
many copies of the final prospectus included in the Exchange Offer Registration
Statement or the Shelf Registration Statement and any



                                      -9-
<PAGE>

amendment or supplement thereto as such Initial Purchaser, Exchanging Dealer or
other persons may reasonably request; and the Company and the Support Provider
consent to the use of such prospectus or any amendment or supplement thereto by
any such Initial Purchaser, Exchanging Dealer or other persons, as applicable,
as aforesaid.

         (h) Prior to the effective date of any Registration Statement, the
Company and the Support Provider will use their reasonable best efforts to
register or qualify, or cooperate with the Holders of Securities, Exchange
Securities or Private Exchange Securities included therein and their respective
counsel in connection with the registration or qualification of, such
Securities, Exchange Securities or Private Exchange Securities for offer and
sale under the securities or blue sky laws of such jurisdictions as any such
Holder reasonably requests in writing and do any and all other acts or things
necessary or advisable to enable the offer and sale in such jurisdictions of the
Securities, Exchange Securities or Private Exchange Securities covered by such
Registration Statement; provided that neither the Company nor the Support
Provider will be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or to take any action which would
subject it to general service of process or to taxation in any such jurisdiction
where it is not then so subject.

         (i) The Company and the Support Provider will cooperate with the
Holders of Securities, Exchange Securities or Private Exchange Securities to
facilitate the timely preparation and delivery of certificates representing
Securities, Exchange Securities or Private Exchange Securities to be sold
pursuant to any Registration Statement free of any restrictive legends and in
such denominations and registered in such names as the Holders thereof may
request in writing prior to sales of Securities, Exchange Securities or Private
Exchange Securities pursuant to such Registration Statement.

         (j) If any event contemplated by Section 4(b)(ii) through (v) occurs
during the period for which the Company and the Support Provider are required to
maintain an effective Registration Statement, the Company will promptly prepare
and file with the Commission a post-effective amendment to the Registration
Statement or a supplement to the related prospectus or file any other required
document so that, as thereafter delivered to purchasers of the Securities,
Exchange Securities or Private Exchange Securities from a Holder, the prospectus
will not include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading.

         (k) Not later than the effective date of the applicable Registration
Statement, the Company will provide a CUSIP number for each series of the
Securities, each series of the Exchange Securities and each series of the
Private Exchange Securities, as the case may be, and provide the applicable
trustee with printed certificates for the each series of Securities, each series
of the Exchange Securities or each series of the Private Exchange Securities, as
the case may be, in a form eligible for deposit with The Depository Trust
Company.

         (l) The Company and the Support Provider will comply with all
applicable rules and regulations of the Commission and will make generally
available to its security holders as



                                      -10-
<PAGE>

soon as practicable after the effective date of the applicable Registration
Statement an earning statement satisfying the provisions of Section 11(a) of the
Securities Act; provided that in no event shall such earning statement be
delivered later than 45 days after the end of a 12-month period (or 90 days, if
such period is a fiscal year) beginning with the first month of the Company's
first fiscal quarter commencing after the effective date of the applicable
Registration Statement, which statement shall cover such 12-month period.

         (m) The Company and the Support Provider will cause the Indenture or
the Exchange Securities Indenture, as the case may be, to be qualified under the
Trust Indenture Act as required by applicable law in a timely manner.

         (n) The Company may require each Holder of Transfer Restricted
Securities to be registered pursuant to any Shelf Registration Statement to
furnish to the Company such information concerning the Holder and the
distribution of such Transfer Restricted Securities as the Company may from time
to time reasonably require for inclusion in such Shelf Registration Statement,
and the Company may exclude from such registration the Transfer Restricted
Securities of any Holder that fails to furnish such information within a
reasonable time after receiving such request.

         (o) In the case of a Shelf Registration Statement, each Holder of
Transfer Restricted Securities to be registered pursuant thereto agrees by
acquisition of such Transfer Restricted Securities that, upon receipt of any
notice from the Company pursuant to Section 4(b)(ii) through (v), such Holder
will discontinue disposition of such Transfer Restricted Securities until such
Holder's receipt of copies of the supplemental or amended prospectus
contemplated by Section 4(j) or until advised in writing (the "Advice") by the
Company that the use of the applicable prospectus may be resumed. If the Company
shall give any notice under Section 4(b)(ii) through (v) during the period that
the Company is required to maintain an effective Registration Statement (the
"Effectiveness Period"), such Effectiveness Period shall be extended by the
number of days during such period from and including the date of the giving of
such notice to and including the date when each seller of Transfer Restricted
Securities covered by such Registration Statement shall have received (x) the
copies of the supplemental or amended prospectus contemplated by Section 4(j)
(if an amended or supplemental prospectus is required) or (y) the Advice (if no
amended or supplemental prospectus is required).

         (p) In the case of a Shelf Registration Statement, the Company and the
Support Provider shall enter into such customary agreements (including, if
requested, an underwriting agreement in customary form) and take all such other
action, if any, as Holders of a majority in aggregate principal amount of the
Securities, Exchange Securities and Private Exchange Securities being sold or
the managing underwriters (if any) shall reasonably request in order to
facilitate any disposition of Securities, Exchange Securities or Private
Exchange Securities pursuant to such Shelf Registration Statement.

         (q) In the case of a Shelf Registration Statement, the Company shall
(i) make reasonably available for inspection by a representative of, and Special
Counsel (as defined below) acting for, Holders of a majority in aggregate
principal amount of the Securities,



                                      -11-
<PAGE>

Exchange Securities and Private Exchange Securities being sold and any
underwriter participating in any disposition of Securities, Exchange Securities
or Private Exchange Securities pursuant to such Shelf Registration Statement,
all relevant financial and other records, pertinent corporate documents and
properties of the Company and its subsidiaries to the same extent the Company
would customarily make such information available in the context of due
diligence for an underwritten public offering and (ii) use its reasonable best
efforts to have its officers, directors, employees, accountants and counsel
supply all relevant information reasonably requested by such representative,
Special Counsel or any such underwriter (an "Inspector") in connection with the
preparation of such Shelf Registration Statement.

         (r) In the case of a Shelf Registration Statement, the Company shall if
requested by Holders of a majority in aggregate principal amount of the
Securities, Exchange Securities and Private Exchange Securities being sold,
their Special Counsel or the managing underwriters (if any) in connection with
such Shelf Registration Statement, use its reasonable best efforts to cause (i)
its counsel to deliver an opinion relating to the Shelf Registration Statement
and the Securities, Exchange Securities or Private Exchange Securities, as
applicable, in customary form, (ii) its officers to execute and deliver all
customary documents and certificates requested by Holders of a majority in
aggregate principal amount of the Securities, Exchange Securities and Private
Exchange Securities being sold, their Special Counsel or the managing
underwriters (if any) and (iii) its independent public accountants to provide a
comfort letter or letters in customary form, subject to receipt of appropriate
documentation as contemplated, and only if permitted, by Statement of Auditing
Standards No. 72.

         5. Registration Expenses. The Company and the Support Provider will
bear all expenses incurred in connection with the performance of its obligations
under Sections 1, 2, 3 and 4, and the Company will reimburse the Initial
Purchasers and the Holders for the reasonable fees and disbursements of one firm
of attorneys (in addition to any local counsel) chosen by the Holders of a
majority in aggregate principal amount of the Securities, the Exchange
Securities and the Private Exchange Securities, as the case may be, to be sold
pursuant to each Registration Statement (the "Special Counsel") acting for the
Initial Purchasers or Holders in connection therewith.

         6. Indemnification.

         (a) In the event of a Shelf Registration Statement or in connection
with any prospectus delivery pursuant to an Exchange Offer Registration
Statement by an Initial Purchaser or Exchanging Dealer, as applicable, the
Company and the Support Provider shall jointly and severally indemnify and hold
harmless each Holder (including, without limitation, any such Initial Purchaser
or Exchanging Dealer), its affiliates, their respective officers, directors,
employees, representatives and agents, and each person, if any, who controls
such Holder within the meaning of the Securities Act or the Exchange Act
(collectively referred to for purposes of this Section 6 and Section 7 as a
Holder) from and against any loss, claim, damage or liability, joint or several,
or any action in respect thereof (including, without limitation, any loss,
claim, damage, liability or action relating to purchases and sales of
Securities, Exchange Securities or Private Exchange Securities), to which that
Holder may become subject, whether commenced or



                                      -12-
<PAGE>

threatened, under the Securities Act, the Exchange Act, any other federal or
state statutory law or regulation, at common law or otherwise, insofar as such
loss, claim, damage, liability or action arises out of, or is based upon, (i)
any untrue statement or alleged untrue statement of a material fact contained in
any such Registration Statement or any prospectus forming part thereof or in any
amendment or supplement thereto or (ii) the omission or alleged omission to
state therein a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, and shall reimburse each Holder promptly
upon demand for any legal or other expenses reasonably incurred by that Holder
in connection with investigating or defending or preparing to defend against or
appearing as a third party witness in connection with any such loss, claim,
damage, liability or action as such expenses are incurred; provided, however,
that the Company and the Support Provider shall not be liable in any such case
to the extent that any such loss, claim, damage, liability or action arises out
of, or is based upon, an untrue statement or alleged untrue statement in or
omission or alleged omission from any of such documents in reliance upon and in
conformity with any Holders' Information; and provided, further, that with
respect to any such untrue statement in or omission from any related preliminary
prospectus, the indemnity agreement contained in this Section 6(a) shall not
inure to the benefit of any Holder from whom the person asserting any such loss,
claim, damage, liability or action received Securities, Exchange Securities or
Private Exchange Securities to the extent that such loss, claim, damage,
liability or action of or with respect to such Holder results from the fact that
both (A) a copy of the final prospectus was not sent or given to such person at
or prior to the written confirmation of the sale of such Securities, Exchange
Securities or Private Exchange Securities to such person and (B) the untrue
statement in or omission from the related preliminary prospectus was corrected
in the final prospectus unless, in either case, such failure to deliver the
final prospectus was a result of non-compliance by the Company with Section
4(d), 4(e), 4(f) or 4(g).

         (b) In the event of a Shelf Registration Statement, each Holder shall
indemnify and hold harmless the Company, the Support Provider and their
respective affiliates, their respective officers, directors, employees,
representatives and agents, and each person, if any, who controls the Company or
the Support Provider within the meaning of the Securities Act or the Exchange
Act (collectively referred to for purposes of this Section 6(b) and Section 7 as
the Company), from and against any loss, claim, damage or liability, joint or
several, or any action in respect thereof, to which the Company may become
subject, whether commenced or threatened, under the Securities Act, the Exchange
Act, any other federal or state statutory law or regulation, at common law or
otherwise, insofar as such loss, claim, damage, liability or action arises out
of, or is based upon, (i) any untrue statement or alleged untrue statement of a
material fact contained in any such Registration Statement or any prospectus
forming part thereof or in any amendment or supplement thereto or (ii) the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, but in
each case only to the extent that the untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with any Holders' Information furnished to the Company by such
Holder, and shall reimburse the Company for any legal or other expenses
reasonably incurred by the Company in connection with investigating or defending
or preparing to defend against or appearing as a third party witness in
connection with any such loss, claim,



                                      -13-
<PAGE>

damage, liability or action as such expenses are incurred; provided, however,
that no such Holder shall be liable for any indemnity claims hereunder in excess
of the amount of net proceeds received by such Holder from the sale of
Securities, Exchange Securities or Private Exchange Securities pursuant to such
Shelf Registration Statement.

         (c) Promptly after receipt by an indemnified party under this Section 6
of notice of any claim or the commencement of any action, the indemnified party
shall, if a claim in respect thereof is to be made against the indemnifying
party pursuant to Section 6(a) or 6(b), notify the indemnifying party in writing
of the claim or the commencement of that action; provided, however, that the
failure to notify the indemnifying party shall not relieve it from any liability
which it may have under this Section 6 except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses)
by such failure; and provided, further, that the failure to notify the
indemnifying party shall not relieve it from any liability which it may have to
an indemnified party otherwise than under this Section 6. If any such claim or
action shall be brought against an indemnified party, and it shall notify the
indemnifying party thereof, the indemnifying party shall be entitled to
participate therein and, to the extent that it wishes, jointly with any other
similarly notified indemnifying party, to assume the defense thereof with
counsel reasonably satisfactory to the indemnified party. After notice from the
indemnifying party to the indemnified party of its election to assume the
defense of such claim or action, the indemnifying party shall not be liable to
the indemnified party under this Section 6 for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense
thereof other than the reasonable costs of investigation; provided, however,
that an indemnified party shall have the right to employ its own counsel in any
such action, but the fees, expenses and other charges of such counsel for the
indemnified party will be at the expense of such indemnified party unless (1)
the employment of counsel by the indemnified party has been authorized in
writing by the indemnifying party, (2) the indemnified party has reasonably
concluded (based upon advice of counsel to the indemnified party) that there may
be legal defenses available to it or other indemnified parties that are
different from or in addition to those available to the indemnifying party, (3)
a conflict or potential conflict exists (based upon advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (4) the indemnifying party
has not in fact employed counsel reasonably satisfactory to the indemnified
party to assume the defense of such action within a reasonable time after
receiving notice of the commencement of the action, in each of which cases the
reasonable fees, disbursements and other charges of counsel will be at the
expense of the indemnifying party or parties. It is understood that the
indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements and other charges of more than one separate firm of attorneys (in
addition to any local counsel) at any one time for all such indemnified party or
parties. Each indemnified party, as a condition of the indemnity agreements
contained in Sections 6(a) and 6(b), shall use all reasonable efforts to
cooperate with the indemnifying party in the defense of any such action or
claim. No indemnifying party shall be liable for any settlement of any such
action effected without its written consent (which consent shall not be
unreasonably withheld), but if settled with its written consent or if there be a
final judgment for the plaintiff in any such action, the indemnifying party
agrees to indemnify and



                                      -14-
<PAGE>

hold harmless any indemnified party from and against any loss or liability by
reason of such settlement or judgment. No indemnifying party shall, without the
prior written consent of the indemnified party (which consent shall not be
unreasonably withheld), effect any settlement of any pending or threatened
proceeding in respect of which any indemnified party is or could have been a
party and indemnity could have been sought hereunder by such indemnified party,
unless such settlement includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such
proceeding.

         7. Contribution. If the indemnification provided for in Section 6 is
unavailable or insufficient to hold harmless an indemnified party under Section
6(a) or 6(b), then each indemnifying party shall, in lieu of indemnifying such
indemnified party, contribute to the amount paid or payable by such indemnified
party as a result of such loss, claim, damage or liability, or action in respect
thereof, (i) in such proportion as shall be appropriate to reflect the relative
benefits received by the Company and the Support Provider from the offering and
sale of the Securities, on the one hand, and a Holder with respect to the sale
by such Holder of Securities, Exchange Securities or Private Exchange
Securities, on the other, or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the Company and the Support Provider on the one hand and
such Holder on the other with respect to the statements or omissions that
resulted in such loss, claim, damage or liability, or action in respect thereof,
as well as any other relevant equitable considerations. The relative benefits
received by the Company and the Support Provider on the one hand and a Holder on
the other with respect to such offering and such sale shall be deemed to be in
the same proportion as the total net proceeds from the offering of the
Securities (before deducting expenses) received by or on behalf of the Company,
on the one hand, bear to the total proceeds received by such Holder with respect
to its sale of Securities, Exchange Securities or Private Exchange Securities,
on the other. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to the
Company and the Support Provider or information supplied by the Company and the
Support Provider on the one hand or to any Holders' Information supplied by such
Holder on the other, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such untrue
statement or omission. The parties hereto agree that it would not be just and
equitable if contributions pursuant to this Section 7 were to be determined by
pro rata allocation or by any other method of allocation that does not take into
account the equitable considerations referred to herein. The amount paid or
payable by an indemnified party as a result of the loss, claim, damage or
liability, or action in respect thereof, referred to above in this Section 7
shall be deemed to include, for purposes of this Section 7, any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending or preparing to defend any such action or claim.
Notwithstanding the provisions of this Section 7, an indemnifying party that is
a Holder of Securities, Exchange Securities or Private Exchange Securities shall
not be required to contribute any amount in excess of the amount by which the
total price at which the Securities, Exchange Securities or Private Exchange
Securities sold by such indemnifying party to any purchaser exceeds the amount
of any damages which such indemnifying party has otherwise paid or become liable
to pay by reason of any untrue or alleged untrue statement or



                                      -15-
<PAGE>

omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

         8. Rules 144 and 144A. The Support Provider shall use its reasonable
best efforts to file the reports required to be filed by it under the Securities
Act and the Exchange Act in a timely manner and, if at any time the Support
Provider is not required to file such reports, it will, upon the written request
of any Holder of Transfer Restricted Securities, make publicly available other
information so long as necessary to permit sales of such Holder's securities
pursuant to Rules 144 and 144A. The Company and the Support Provider covenant
that they will take such further action as any Holder of Transfer Restricted
Securities may reasonably request, all to the extent required from time to time
to enable such Holder to sell Transfer Restricted Securities without
registration under the Securities Act within the limitation of the exemptions
provided by Rules 144 and 144A (including, without limitation, the requirements
of Rule 144A(d)(4)). Upon the written request of any Holder of Transfer
Restricted Securities, the Company and the Support Provider shall deliver to
such Holder a written statement as to whether they have complied with such
requirements. Notwithstanding the foregoing, nothing in this Section 8 shall be
deemed to require the Company to register any of its securities pursuant to the
Exchange Act.

         9. Underwritten Registrations. If any of the Transfer Restricted
Securities covered by any Shelf Registration Statement are to be sold in an
underwritten offering, the investment banker or investment bankers and manager
or managers that will administer the offering will be selected by the Holders of
a majority in aggregate principal amount of such Transfer Restricted Securities
included in such offering, subject to the consent of the Company (which shall
not be unreasonably withheld or delayed), and such Holders shall be responsible
for all underwriting commissions and discounts in connection therewith.

         No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person's Transfer Restricted
Securities on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and (ii)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms
of such underwriting arrangements.

         10. Miscellaneous.

         (a) Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, in any case as to (i) the 2005
Securities, the 2005 Exchange Securities or the 2005 Private Exchange
Securities, (ii) the 2010 Securities, the 2010 Exchange Securities or the 2010
Private Exchange Securities or (iii) the 2030 Securities, the 2030 Exchange
Securities or the 2030 Private Exchange Securities unless the Company has
obtained the written consent of Holders of a majority in aggregate principal
amount of (i) the 2005 Securities, the 2005 Exchange Securities and the 2005
Private Exchange Securities, taken as a single class,



                                      -16-
<PAGE>

(ii) the 2010 Securities, the 2010 Exchange Securities and the 2010 Private
Exchange Securities, taken as a single class or (iii) the 2030 Securities, the
2030 Exchange Securities and the 2030 Private Exchange Securities, taken as a
single class, as the case may be. Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that
relates exclusively to the rights of Holders whose Securities, Exchange
Securities or Private Exchange Securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect the
rights of other Holders may be given by Holders of a majority in aggregate
principal amount of the Securities, the Exchange Securities and the Private
Exchange Securities being sold by such Holders pursuant to such Registration
Statement.

         (b) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telecopier or air courier guaranteeing next-day delivery:

                  (1) if to a Holder, at the most current address given by such
         Holder to the Company in accordance with the provisions of this Section
         10(b), which address initially is, with respect to each Holder, the
         address of such Holder maintained by the Registrar under the Indenture,
         with a copy in like manner to the Initial Purchasers;

                  (2) if to an Initial Purchaser, initially at, c/o Morgan
         Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036;

                  (3) if to the Company, initially at Verizon Global Funding
         Corp., Attention Janet M. Garrity, President and Treasurer, 3900
         Washington Street-2nd Floor, Wilmington, DE 19802; and

                  (4) if to the Support Provider, initially at Verizon
         Communications Inc., Attention William F. Heitmann, Senior Vice
         President and Treasurer, 1095 Avenue of the Americas, New York, New
         York 10036

         All such notices and communications shall be deemed to have been duly
given: when delivered by hand, if personally delivered; one business day after
being delivered to a next-day air courier; five business days after being
deposited in the mail; and when receipt is acknowledged by the recipient's
telecopier machine, if sent by telecopier.

         (c) Successors And Assigns. This Agreement shall be binding upon the
Company, the Support Provider and their respective successors and assigns.

         (d) Counterparts. This Agreement may be executed in any number of
counterparts (which may be delivered in original form or by telecopier) and by
the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

         (e) Definition of Terms. For purposes of this Agreement, (a) the term
"business day" means any day on which the New York Stock Exchange, Inc. is open
for trading, (b) the



                                      -17-
<PAGE>

term "subsidiary" has the meaning set forth in Rule 405 under the Securities Act
and (c) except where otherwise expressly provided, the term "affiliate" has the
meaning set forth in Rule 405 under the Securities Act.

         (f) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         (g) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         (h) Remedies. In the event of a breach by the Company or the Support
Provider or by any Holder of any of their respective obligations under this
Agreement, each Holder or the Company or the Support Provider, as the case may
be, in addition to being entitled to exercise all rights granted by law,
including recovery of damages (other than the recovery of damages for a breach
by the Company or the Support Provider of their obligations under Sections 1 or
2 hereof for which additional interest have been paid pursuant to Section 3
hereof), will be entitled to specific performance of its rights under this
Agreement. The Company, the Support Provider and each Holder agree that monetary
damages would not be adequate compensation for any loss incurred by reason of a
breach by it of any of the provisions of this Agreement and hereby further agree
that, in the event of any action for specific performance in respect of such
breach, it shall waive the defense that a remedy at law would be adequate.

         (i) No Inconsistent Agreements. Each of the Company and the Support
Provider represents, warrants and agrees that (i) it has not entered into, shall
not, on or after the date of this Agreement, enter into any agreement that is
inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof, (ii) it has not previously
entered into any agreement which remains in effect granting any registration
rights with respect to any of its debt securities to any person and (iii)
without limiting the generality of the foregoing, without the written consent of
the Holders of a majority in aggregate principal amount of the then outstanding
Transfer Restricted Securities, it shall not grant to any person the right to
request the Company to register any debt securities of the Company under the
Securities Act unless the rights so granted are not in conflict or inconsistent
with the provisions of this Agreement.

         (j) No Piggyback on Registrations. Neither the Company nor any of its
security holders (other than the Holders of Transfer Restricted Securities in
such capacity) shall have the right to include any securities of the Company in
any Shelf Registration or Registered Exchange Offer other than Transfer
Restricted Securities.

         (k) Severability. The remedies provided herein are cumulative and not
exclusive of any remedies provided by law. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable best efforts to find and employ an alternative
means



                                      -18-
<PAGE>

to achieve the same or substantially the same result as that contemplated by
such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.




                                      -19-
<PAGE>


                  Please confirm that the foregoing correctly sets forth the
agreement among the Company, the Support Provider and the Initial Purchasers.


                                         Very truly yours,

                                         VERIZON GLOBAL FUNDING CORP.

                                         By  /s/ Janet M. Garrity
                                             ----------------------------------
                                             Name: Janet M. Garrity
                                             Title: President and Treasurer

                                         VERIZON COMMUNICATIONS INC.

                                         By  /s/ William F. Heitmann
                                             ----------------------------------
                                             Name: William F. Heitmann
                                             Title: Senior Vice President and
                                                    Treasurer
Accepted:

CHASE SECURITIES INC.
J.P. MORGAN SECURITIES INC.
MORGAN STANLEY & CO. INCORPORATED
M.R. BEAL & CO.
BEAR, STEARNS & CO. INC.
CREDIT SUISSE FIRST BOSTON CORPORATION
DEUTSCHE BANK SECURITIES INC.
UBS WARBURG LLC
UTENDAHL CAPITAL PARTNERS, L.P.

CHASE SECURITIES INC.

By /s/ Melanie Shugart
   --------------------------------------
     Name: Melanie Shugart
     Title: Managing Director

J.P. MORGAN SECURITIES INC.

By /s/ John Simmons
   --------------------------------------
     Name: John Simmons
     Title: Vice President

MORGAN STANLEY & CO. INCORPORATED

By /s/ Michael Fusco
   --------------------------------------
     Name: Michael Fusco
     Title: Vice President



                                      -20-

<PAGE>

                                                                         ANNEX A



         Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Registered Exchange Offer must acknowledge that it will
deliver a prospectus in connection with any resale of such Exchange Securities.
The Letter of Transmittal states that by so acknowledging and by delivering a
prospectus, a broker-dealer will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act. This Prospectus, as it
may be amended or supplemented from time to time, may be used by a broker-dealer
in connection with resales of Exchange Securities received in exchange for
Securities where such Securities were acquired by such broker-dealer as a result
of market-making activities or other trading activities. The Company has agreed
that, for a period of 90 days after the Expiration Date (as defined herein), it
will make this Prospectus available to any broker-dealer for use in connection
with any such resale. See "Plan of Distribution".




<PAGE>


                                                                         ANNEX B



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



<PAGE>


                                                                         ANNEX C


                              PLAN OF DISTRIBUTION


         Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Registered Exchange Offer must acknowledge that it will
deliver a prospectus in connection with any resale of such Exchange Securities.
This Prospectus, as it may be amended or supplemented from time to time, may be
used by a broker-dealer in connection with resales of Exchange Securities
received in exchange for Securities where such Securities were acquired as a
result of market-making activities or other trading activities. The Company has
agreed that, for a period of 90 days after the Expiration Date, it will make
this prospectus, as amended or supplemented, available to any broker-dealer for
use in connection with any such resale. In addition, until March 11, 2001, all
dealers effecting transactions in the Exchange Securities may be required to
deliver a prospectus.

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

         For a period of 90 days after the Expiration Date the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Registered Exchange Offer (including the expenses of one counsel
for the Holders of the Securities) other than commissions or concessions of any
broker-dealers and will indemnify the Holders of the Securities (including any
broker-dealers) against certain liabilities, including liabilities under the
Securities Act.



<PAGE>


                                                                         ANNEX D


         [ ]      CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
                  ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
                  AMENDMENTS OR SUPPLEMENTS THERETO.

                  Name:
                  Address:



If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Securities that were acquired as
a result of market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection with any resale of
such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>9
<FILENAME>file009.txt
<DESCRIPTION>EXCHANGE AND REGISTRATION RIGHTS AGREEMENT
<TEXT>

<PAGE>

                                                                     EXHIBIT 4.6



                          VERIZON GLOBAL FUNDING CORP.

                      $1,000,000,000 7 3/4% Notes due 2030

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                                February 7, 2001

CHASE SECURITIES INC.
MORGAN STANLEY & CO. INCORPORATED
c/o Morgan Stanley & Co. Incorporated
1585 Broadway
New York, New York 10036


Ladies and Gentlemen:

         Verizon Global Funding Corp., a Delaware corporation (the "Company"),
proposes to issue and sell to Chase Securities Inc. and Morgan Stanley & Co.
Incorporated (the "Initial Purchasers"), upon the terms and subject to the
conditions set forth in a purchase agreement, dated February 2, 2001 (the
"Purchase Agreement"), $1,000,000,000 aggregate principal amount of its 7 3/4%
Notes due 2030 (the "Securities") to be supported by Verizon Communications Inc.
(the "Support Provider") pursuant to a support agreement, dated as of October
31, 2000 (the "Support Agreement"), between the Company and the Support
Provider. Capitalized terms used but not defined herein shall have the meanings
given to such terms in the Purchase Agreement.

         As an inducement to the Initial Purchasers to enter into the Purchase
Agreement and in satisfaction of a condition to the obligations of the Initial
Purchasers thereunder, the Company and the Support Provider agree with the
Initial Purchasers, for the benefit of the holders (including the Initial
Purchasers) of the Securities, the Exchange Securities (as defined herein) and
the Private Exchange Securities (as defined herein) (collectively, the
"Holders"), as follows:

         1. Registered Exchange Offer. The Company and the Support Provider
shall (i) prepare and, not later than 210 days following December 12, 2000 (the
"Issue Date"), file with the Securities and Exchange Commission (the
"Commission") a registration statement (the "Exchange Offer Registration
Statement") on an appropriate form under the Securities Act with respect to a
proposed offer to the Holders of the Securities (the "Registered Exchange
Offer") to issue and deliver to Holders of the Securities, in exchange for their
Securities, a like aggregate principal amount of debt securities of the Company
(the "Exchange Securities") that are identical in all material respects to the
Securities and similarly entitled to the benefits of the Support Agreement,
except for the transfer restrictions relating to the Securities, (ii) use their
reasonable best efforts to cause the Exchange Offer Registration Statement to
become effective under the


<PAGE>

Securities Act no later than 285 days after the Issue Date and the Registered
Exchange Offer to be consummated no later than 315 days after the Issue Date and
(iii) keep the Exchange Offer Registration Statement effective for not less than
20 business days (or longer, if required by applicable law) after the date on
which notice of the Registered Exchange Offer is mailed to the Holders (such
period being called the "Exchange Offer Registration Period"). The Exchange
Securities will be issued under the Indenture or an indenture (the "Exchange
Securities Indenture") between the Company, the Support Provider and the Trustee
or such other bank or trust company that is reasonably satisfactory to the
Initial Purchasers, as Trustee (the "Exchange Securities Trustee"), such
indenture to be identical in all material respects to the Indenture, except for
the transfer restrictions relating to the Securities (as described above).

         Upon the effectiveness of the Exchange Offer Registration Statement,
the Company and the Support Provider shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to
enable each Holder electing to exchange Securities for the applicable Exchange
Securities (assuming that such Holder (a) is not an affiliate of the Company or
an Exchanging Dealer (as defined herein) not complying with the requirements of
the next sentence, (b) is not an Initial Purchaser holding Securities that have,
or that are reasonably likely to have, the status of an unsold allotment in an
initial distribution, (c) acquires the Exchange Securities in the ordinary
course of such Holder's business and (d) has no arrangements or understandings
with any person to participate in the distribution of the Exchange Securities)
and to trade such Exchange Securities from and after their receipt without any
limitations or restrictions under the Securities Act and without material
restrictions under the securities laws of the several states of the United
States. The Company, the Support Provider, the Initial Purchasers and each
Exchanging Dealer acknowledge that, pursuant to current interpretations by the
Commission's staff of Section 5 of the Securities Act, each Holder that is a
broker-dealer electing to exchange Securities, acquired for its own account as a
result of market-making activities or other trading activities, for the
applicable Exchange Securities (an "Exchanging Dealer"), is required to deliver
a prospectus containing substantially the information set forth in Annex A
hereto on the cover, in Annex B hereto in the "Exchange Offer Procedures"
section and the "Purpose of the Exchange Offer" section and in Annex C hereto in
the "Plan of Distribution" section of such prospectus in connection with a sale
of any such Exchange Securities received by such Exchanging Dealer pursuant to
the Registered Exchange Offer.

         If, prior to the consummation of the Registered Exchange Offer, any
Holder holds any Securities acquired by it that have, or that are reasonably
likely to be determined to have, the status of an unsold allotment in an initial
distribution, or any Holder is not entitled to participate in the Registered
Exchange Offer, the Company shall, upon the request of any such Holder,
simultaneously with the delivery of the Exchange Securities in the Registered
Exchange Offer, issue and deliver to any such Holder, in exchange for the
Securities held by such Holder, a like aggregate principal amount of debt
securities of the Company (the "Private Exchange Securities") that are identical
in all material respects to the Exchange Securities and similarly entitled to
the benefits of the Support Agreement, except for the transfer restrictions
relating to such Private Exchange Securities (the "Private Exchange"). The
Private Exchange Securities will be issued under the same indenture as the
Exchange Securities, and the Company shall use its reasonable best



                                      -2-
<PAGE>

efforts to cause the Private Exchange Securities to bear the same CUSIP number
as the applicable Exchange Securities.

         In connection with the Registered Exchange Offer, the Company and the
Support Provider shall:

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

         (b) keep the Registered Exchange Offer open for not less than 20
    business days (or longer, if required by applicable law) after the date on
    which notice of the Registered Exchange Offer is mailed to the Holders;

         (c) utilize the services of a depositary for the Registered Exchange
    Offer with an address in the Borough of Manhattan, The City of New York;

         (d) permit Holders to withdraw tendered Securities at any time prior to
    the close of business, New York City time, on the last business day on which
    the Registered Exchange Offer shall remain open; and

         (e) otherwise comply in all respects with all laws that are applicable
    to the Registered Exchange Offer.

         As soon as practicable after the close of the Registered Exchange Offer
and any Private Exchange, the Company and the Support Provider shall:

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

         (b) deliver to the Trustee for cancellation all Securities so accepted
    for exchange; and

         (c) cause the Trustee or the Exchange Securities Trustee, as the case
    may be, promptly to authenticate and deliver to each Holder, the applicable
    Exchange Securities or Private Exchange Securities, as the case may be,
    equal in principal amount and maturity to the Securities of such Holder so
    accepted for exchange.

         The Company and the Support Provider shall use its reasonable best
efforts to keep the Exchange Offer Registration Statement effective and to amend
and supplement the prospectus contained therein in order to permit such
prospectus to be used by all persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as such persons must
comply with such requirements in order to resell the Exchange Securities;
provided, that (i) in the case where such prospectus and any amendment or
supplement thereto must be delivered by an Exchanging Dealer, such period shall
be the lesser of 90 days and the date on which all Exchanging Dealers have sold
all Exchange Securities held by them and (ii) the Company and the Support



                                      -3-
<PAGE>

Provider shall make such prospectus and any amendment or supplement thereto
available to any broker-dealer for use in connection with any resale of any
Exchange Securities for a period of not less than 90 days after the consummation
of the Registered Exchange Offer.

         The Indenture or the Exchange Securities Indenture, as the case may be,
shall also provide that the Securities, the Exchange Securities and the Private
Exchange Securities shall vote and consent together on all matters as one class
and that none of the Securities, the Exchange Securities or the Private Exchange
Securities will have the right to vote or consent as a separate class on any
matter.

         Interest on each Exchange Security and Private Exchange Security issued
pursuant to the Registered Exchange Offer and in the Private Exchange will
accrue from the last interest payment date on which interest was paid on the
Securities surrendered in exchange therefore or, if no interest has been paid on
the Securities, from the Issue Date.

         Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Securities received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of
the Securities Act and (iii) such Holder is not an affiliate of the Company or,
if it is such an affiliate, such Holder will comply with the registration and
prospectus delivery requirements of the Securities Act to the extent applicable.

         Notwithstanding any other provisions hereof, the Company and the
Support Provider will ensure that (i) any Exchange Offer Registration Statement
and any amendment thereto and any prospectus forming part thereof and any
supplement thereto complies in all material respects with the Securities Act and
the rules and regulations of the Commission thereunder, (ii) any Exchange Offer
Registration Statement and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) any prospectus forming part of any Exchange
Offer Registration Statement, and any supplement to such prospectus, does not,
as of the consummation of the Registered Exchange Offer, include an untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which
they were made, not misleading.

         2. Shelf Registration. If (i) because of any change in law or
applicable interpretations thereof by the Commission's staff the Company and the
Support Provider are not permitted to effect the Registered Exchange Offer as
contemplated by Section 1 hereof, or (ii) for any other reason the Registered
Exchange Offer is not consummated within 315 days after the Issue Date, or (iii)
any Initial Purchaser so requests with respect to the Securities or Private
Exchange Securities not eligible to be exchanged for the applicable Exchange
Securities in the Registered Exchange Offer and held by it following the
consummation of the Registered Exchange Offer, or (iv) any applicable law or
interpretations do not permit any Holder to participate in the Registered
Exchange Offer, or (v) any Holder that participates in the Registered



                                      -4-
<PAGE>

Exchange Offer does not receive freely transferable Exchange Securities in
exchange for tendered Securities, or (vi) any Securities validly tendered
pursuant to the Registered Exchange Offer are not exchanged for the applicable
Exchange Securities within 10 days of being accepted for exchange:

         (a) The Company and the Support Provider shall use their reasonable
best efforts to file as promptly as practicable (but in no event more than 45
days after so required or requested pursuant to this Section 2) with the
Commission (the "Shelf Filing Date"), and thereafter shall use their reasonable
best efforts to cause to be declared effective, a shelf registration statement
on an appropriate form under the Securities Act relating to the offer and sale
of the Transfer Restricted Securities (as defined below) by the Holders thereof
from time to time in accordance with the methods of distribution set forth in
such registration statement (hereafter, a "Shelf Registration Statement" and,
together with any Exchange Offer Registration Statement, a "Registration
Statement").

         (b) The Company and the Support Provider shall use their reasonable
best efforts to keep the Shelf Registration Statement continuously effective in
order to permit the prospectus forming part thereof to be used by Holders of
Transfer Restricted Securities for a period of two years from the Issue Date or
such shorter period that will terminate when all the Transfer Restricted
Securities become eligible for resale without volume restrictions pursuant to
Rule 144 under the Securities Act (in any such case, such period being called
the "Shelf Registration Period"). The Company and the Support Provider shall be
deemed not to have used their reasonable best efforts to keep the Shelf
Registration Statement effective during the requisite period if either of them
voluntarily takes any action that would result in Holders of Transfer Restricted
Securities covered thereby not being able to offer and sell such Transfer
Restricted Securities during that period, unless such action is required by
applicable law.

         (c) Notwithstanding any other provisions hereof, the Company and the
Support Provider will ensure that (i) any Shelf Registration Statement and any
amendment thereto and any prospectus forming part thereof and any supplement
thereto complies in all material respects with the Securities Act and the rules
and regulations of the Commission thereunder, (ii) any Shelf Registration
Statement and any amendment thereto (in either case, other than with respect to
information included therein in reliance upon or in conformity with written
information furnished to the Company by or on behalf of any Holder specifically
for use therein (the "Holders' Information")) does not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(iii) any prospectus forming part of any Shelf Registration Statement, and any
supplement to such prospectus (in either case, other than with respect to
Holders' Information), does not include an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

         (d) In the absence of events described in clauses (i) through (vi) of
the first paragraph of this Section 2, the Company and the Support Provider
shall not be permitted to discharge their obligations hereunder by means of the
filing of a Shelf Registration Statement.



                                      -5-
<PAGE>

         3. Additional Interest.

         (a) The parties hereto agree that the Holders of Transfer Restricted
Securities will suffer damages if the Company and the Support Provider fail to
fulfill their obligations under Section 1 or Section 2, as applicable, and that
it would not be feasible to ascertain the extent of such damages. Accordingly,
if (i) the Exchange Offer Registration Statement is not filed with the
Commission on or prior to 210 days after the Issue Date or the Shelf
Registration Statement is not filed with the Commission prior to the Shelf
Filing Date, (ii) the Exchange Offer Registration Statement is not declared
effective within 285 days after the Issue Date or the Shelf Registration
Statement is not declared effective within 240 days after the Shelf Filing Date,
(iii) the Registered Exchange Offer is not consummated on or prior to 315 days
after the Issue Date, or (iv) the Shelf Registration Statement is filed and
declared effective within 240 days after the Shelf Filing Date but shall
thereafter cease to be effective (at any time that the Company and the Support
Provider are obligated to maintain the effectiveness thereof) without being
succeeded within 45 days by an additional Registration Statement filed and
declared effective (each such event referred to in clauses (i) through (iv), a
"Registration Default"), the Company and the Support Provider will be jointly
and severally obligated to pay additional interest to each Holder of Transfer
Restricted Securities, during the period of one or more such Registration
Defaults, in an amount equal to .25% per annum on the principal amount of
Transfer Restricted Securities held by such Holder until (i) the applicable
Registration Statement is filed, (ii) the Exchange Offer Registration Statement
is declared effective and the Registered Exchange Offer is consummated, (iii)
the Shelf Registration Statement is declared effective or (iv) the Shelf
Registration Statement again becomes effective, as the case may be. The rate for
additional interest will not exceed .25% per annum. Additional interest shall
only accrue while there exists one or more Registration Defaults. As used
herein, the term "Transfer Restricted Securities" means (i) each Security until
the date on which such Security has been exchanged for a freely transferable
applicable Exchange Security in the Registered Exchange Offer, (ii) each
Security or Private Exchange Security until the date on which it has been
effectively registered under the Securities Act and disposed of in accordance
with the Shelf Registration Statement or (iii) each Security or Private Exchange
Security until the date on which it is distributed to the public pursuant to
Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under
the Securities Act. Notwithstanding anything to the contrary in this Section
3(a), neither the Company nor the Support Provider shall be required to pay
additional interest to a Holder of Transfer Restricted Securities if such Holder
failed to comply with its obligations to make the representations set forth in
the second to last paragraph of Section 1 or failed to provide the information
required to be provided by it, if any, pursuant to Section 4(n).

         (b) The Company shall notify the Trustee and the Paying Agent under the
Indenture immediately upon the happening of each and every Registration Default.
The Company and the Support Provider shall pay the additional interest due on
the Transfer Restricted Securities by depositing with the Paying Agent (which
may not be the Company for these purposes), in trust, for the benefit of the
Holders thereof, prior to 10:00 a.m., New York City time, on the next interest
payment date specified by the Indenture and the Securities, sums sufficient to
pay the additional interest then due. The additional interest due shall be
payable on each interest payment date specified by the Indenture and the
Securities to the record holder



                                      -6-
<PAGE>

entitled to receive the interest payment to be made on such date. Each
obligation to pay additional interest shall be deemed to accrue from and
including the date of the applicable Registration Default.

         (c) The parties hereto agree that the additional interest provided for
in this Section 3 constitutes a reasonable estimate of and is intended to
constitute the sole damages that will be suffered by Holders of Transfer
Restricted Securities by reason of the failure of (i) the Shelf Registration
Statement or the Exchange Offer Registration Statement to be filed, (ii) the
Shelf Registration Statement to remain effective or (iii) the Exchange Offer
Registration Statement to be declared effective and the Registered Exchange
Offer to be consummated, in each case to the extent required by this Agreement.

         4. Registration Procedures. In connection with any Registration
Statement, the following provisions shall apply:

         (a) The Company shall (i) furnish to counsel for the Initial
Purchasers, prior to the filing thereof with the Commission, a copy of the
Registration Statement and each amendment thereof and each supplement, if any,
to the prospectus included therein and shall use its reasonable best efforts to
reflect in each such document, when so filed with the Commission, such comments
as such counsel may reasonably propose; (ii) include the information set forth
in Annex A hereto on the cover, in Annex B hereto in the "Exchange Offer
Procedures" section and the "Purpose of the Exchange Offer" section and in Annex
C hereto in the "Plan of Distribution" section of the prospectus forming a part
of the Exchange Offer Registration Statement, and include the information set
forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the
Registered Exchange Offer; and (iii) if requested by any Initial Purchaser,
include the information required by Items 507 or 508 of Regulation S-K, as
applicable, in the prospectus forming a part of the Exchange Offer Registration
Statement.

         (b) The Company shall advise counsel for the Initial Purchaser, each
Exchanging Dealer and the Holders (if applicable) and, if requested by any such
person, confirm such advice in writing (which advice pursuant to clauses
(ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the
prospectus until the requisite changes have been made):

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

         (ii) of any request by the Commission for amendments or supplements to
    any Registration Statement or the prospectus included therein or for
    additional information;

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

         (iv) of the receipt by the Company of any notification with respect to
    the suspension of the qualification of the Securities, the Exchange
    Securities or the Private



                                      -7-
<PAGE>

    Exchange Securities for sale in any jurisdiction or the initiation or
    threatening of any proceeding for such purpose; and

         (v) of the happening of any event that requires the making of any
    changes in any Registration Statement or the prospectus included therein in
    order that the statements therein are not misleading and do not omit to
    state a material fact required to be stated therein or necessary to make the
    statements therein not misleading.

         (c) The Company and the Support Provider will make every reasonable
effort to obtain the withdrawal at the earliest possible time of any order
suspending the effectiveness of any Registration Statement.

         (d) The Company will furnish to each Holder of Transfer Restricted
Securities included within the coverage of any Shelf Registration Statement,
without charge, at least one conformed copy of such Shelf Registration Statement
and any post-effective amendment thereto, including financial statements and
schedules and, if any such Holder so requests in writing, all exhibits thereto
(including those, if any, incorporated by reference).

         (e) The Company will, during the Shelf Registration Period, promptly
deliver to each Holder of Transfer Restricted Securities included within the
coverage of any Shelf Registration Statement, without charge, as many copies of
the prospectus (including each preliminary prospectus) included in such Shelf
Registration Statement and any amendment or supplement thereto as such Holder
may reasonably request; and the Company consents to the use of such prospectus
or any amendment or supplement thereto by each of the selling Holders of
Transfer Restricted Securities in connection with the offer and sale of the
Transfer Restricted Securities covered by such prospectus or any amendment or
supplement thereto.

         (f) The Company will furnish to each Initial Purchaser and each
Exchanging Dealer, and to any other Holder who so requests, without charge, at
least one conformed copy of the Exchange Offer Registration Statement and any
post-effective amendment thereto, including financial statements and schedules
and, if any Initial Purchaser or Exchanging Dealer or any such Holder so
requests in writing, all exhibits thereto (including those, if any, incorporated
by reference).

         (g) The Company will, during the Exchange Offer Registration Period or
the Shelf Registration Period, as applicable, promptly deliver to each Initial
Purchaser, each Exchanging Dealer and such other persons that are required to
deliver a prospectus following the Registered Exchange Offer, without charge, as
many copies of the final prospectus included in the Exchange Offer Registration
Statement or the Shelf Registration Statement and any amendment or supplement
thereto as such Initial Purchaser, Exchanging Dealer or other persons may
reasonably request; and the Company and the Support Provider consent to the use
of such prospectus or any amendment or supplement thereto by any such Initial
Purchaser, Exchanging Dealer or other persons, as applicable, as aforesaid.



                                      -8-
<PAGE>

         (h) Prior to the effective date of any Registration Statement, the
Company and the Support Provider will use their reasonable best efforts to
register or qualify, or cooperate with the Holders of Securities, Exchange
Securities or Private Exchange Securities included therein and their respective
counsel in connection with the registration or qualification of, such
Securities, Exchange Securities or Private Exchange Securities for offer and
sale under the securities or blue sky laws of such jurisdictions as any such
Holder reasonably requests in writing and do any and all other acts or things
necessary or advisable to enable the offer and sale in such jurisdictions of the
Securities, Exchange Securities or Private Exchange Securities covered by such
Registration Statement; provided that neither the Company nor the Support
Provider will be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or to take any action which would
subject it to general service of process or to taxation in any such jurisdiction
where it is not then so subject.

         (i) The Company and the Support Provider will cooperate with the
Holders of Securities, Exchange Securities or Private Exchange Securities to
facilitate the timely preparation and delivery of certificates representing
Securities, Exchange Securities or Private Exchange Securities to be sold
pursuant to any Registration Statement free of any restrictive legends and in
such denominations and registered in such names as the Holders thereof may
request in writing prior to sales of Securities, Exchange Securities or Private
Exchange Securities pursuant to such Registration Statement.

         (j) If any event contemplated by Section 4(b)(ii) through (v) occurs
during the period for which the Company and the Support Provider are required to
maintain an effective Registration Statement, the Company will promptly prepare
and file with the Commission a post-effective amendment to the Registration
Statement or a supplement to the related prospectus or file any other required
document so that, as thereafter delivered to purchasers of the Securities,
Exchange Securities or Private Exchange Securities from a Holder, the prospectus
will not include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading.

         (k) Not later than the effective date of the applicable Registration
Statement, the Company will provide a CUSIP number for each series of the
Securities, each series of the Exchange Securities and each series of the
Private Exchange Securities, as the case may be, and provide the applicable
trustee with printed certificates for the each series of Securities, each series
of the Exchange Securities or each series of the Private Exchange Securities, as
the case may be, in a form eligible for deposit with The Depository Trust
Company.

         (l) The Company and the Support Provider will comply with all
applicable rules and regulations of the Commission and will make generally
available to its security holders as soon as practicable after the effective
date of the applicable Registration Statement an earning statement satisfying
the provisions of Section 11(a) of the Securities Act; provided that in no event
shall such earning statement be delivered later than 45 days after the end of a
12-month period (or 90 days, if such period is a fiscal year) beginning with the
first month of the



                                      -9-
<PAGE>

Company's first fiscal quarter commencing after the effective date of the
applicable Registration Statement, which statement shall cover such 12-month
period.

         (m) The Company and the Support Provider will cause the Indenture or
the Exchange Securities Indenture, as the case may be, to be qualified under the
Trust Indenture Act as required by applicable law in a timely manner.

         (n) The Company may require each Holder of Transfer Restricted
Securities to be registered pursuant to any Shelf Registration Statement to
furnish to the Company such information concerning the Holder and the
distribution of such Transfer Restricted Securities as the Company may from time
to time reasonably require for inclusion in such Shelf Registration Statement,
and the Company may exclude from such registration the Transfer Restricted
Securities of any Holder that fails to furnish such information within a
reasonable time after receiving such request.

         (o) In the case of a Shelf Registration Statement, each Holder of
Transfer Restricted Securities to be registered pursuant thereto agrees by
acquisition of such Transfer Restricted Securities that, upon receipt of any
notice from the Company pursuant to Section 4(b)(ii) through (v), such Holder
will discontinue disposition of such Transfer Restricted Securities until such
Holder's receipt of copies of the supplemental or amended prospectus
contemplated by Section 4(j) or until advised in writing (the "Advice") by the
Company that the use of the applicable prospectus may be resumed. If the Company
shall give any notice under Section 4(b)(ii) through (v) during the period that
the Company is required to maintain an effective Registration Statement (the
"Effectiveness Period"), such Effectiveness Period shall be extended by the
number of days during such period from and including the date of the giving of
such notice to and including the date when each seller of Transfer Restricted
Securities covered by such Registration Statement shall have received (x) the
copies of the supplemental or amended prospectus contemplated by Section 4(j)
(if an amended or supplemental prospectus is required) or (y) the Advice (if no
amended or supplemental prospectus is required).

         (p) In the case of a Shelf Registration Statement, the Company and the
Support Provider shall enter into such customary agreements (including, if
requested, an underwriting agreement in customary form) and take all such other
action, if any, as Holders of a majority in aggregate principal amount of the
Securities, Exchange Securities and Private Exchange Securities being sold or
the managing underwriters (if any) shall reasonably request in order to
facilitate any disposition of Securities, Exchange Securities or Private
Exchange Securities pursuant to such Shelf Registration Statement.

         (q) In the case of a Shelf Registration Statement, the Company shall
(i) make reasonably available for inspection by a representative of, and Special
Counsel (as defined below) acting for, Holders of a majority in aggregate
principal amount of the Securities, Exchange Securities and Private Exchange
Securities being sold and any underwriter participating in any disposition of
Securities, Exchange Securities or Private Exchange Securities pursuant to such
Shelf Registration Statement, all relevant financial and other records,
pertinent corporate documents and properties of the Company and its subsidiaries
to the same extent the



                                      -10-
<PAGE>

Company would customarily make such information available in the context of due
diligence for an underwritten public offering and (ii) use its reasonable best
efforts to have its officers, directors, employees, accountants and counsel
supply all relevant information reasonably requested by such representative,
Special Counsel or any such underwriter (an "Inspector") in connection with the
preparation of such Shelf Registration Statement.

         (r) In the case of a Shelf Registration Statement, the Company shall if
requested by Holders of a majority in aggregate principal amount of the
Securities, Exchange Securities and Private Exchange Securities being sold,
their Special Counsel or the managing underwriters (if any) in connection with
such Shelf Registration Statement, use its reasonable best efforts to cause (i)
its counsel to deliver an opinion relating to the Shelf Registration Statement
and the Securities, Exchange Securities or Private Exchange Securities, as
applicable, in customary form, (ii) its officers to execute and deliver all
customary documents and certificates requested by Holders of a majority in
aggregate principal amount of the Securities, Exchange Securities and Private
Exchange Securities being sold, their Special Counsel or the managing
underwriters (if any) and (iii) its independent public accountants to provide a
comfort letter or letters in customary form, subject to receipt of appropriate
documentation as contemplated, and only if permitted, by Statement of Auditing
Standards No. 72.

         5. Registration Expenses. The Company and the Support Provider will
bear all expenses incurred in connection with the performance of its obligations
under Sections 1, 2, 3 and 4, and the Company will reimburse the Initial
Purchasers and the Holders for the reasonable fees and disbursements of one firm
of attorneys (in addition to any local counsel) chosen by the Holders of a
majority in aggregate principal amount of the Securities, the Exchange
Securities and the Private Exchange Securities, as the case may be, to be sold
pursuant to each Registration Statement (the "Special Counsel") acting for the
Initial Purchasers or Holders in connection therewith.

         6. Indemnification.

         (a) In the event of a Shelf Registration Statement or in connection
with any prospectus delivery pursuant to an Exchange Offer Registration
Statement by an Initial Purchaser or Exchanging Dealer, as applicable, the
Company and the Support Provider shall jointly and severally indemnify and hold
harmless each Holder (including, without limitation, any such Initial Purchaser
or Exchanging Dealer), its affiliates, their respective officers, directors,
employees, representatives and agents, and each person, if any, who controls
such Holder within the meaning of the Securities Act or the Exchange Act
(collectively referred to for purposes of this Section 6 and Section 7 as a
Holder) from and against any loss, claim, damage or liability, joint or several,
or any action in respect thereof (including, without limitation, any loss,
claim, damage, liability or action relating to purchases and sales of
Securities, Exchange Securities or Private Exchange Securities), to which that
Holder may become subject, whether commenced or threatened, under the Securities
Act, the Exchange Act, any other federal or state statutory law or regulation,
at common law or otherwise, insofar as such loss, claim, damage, liability or
action arises out of, or is based upon, (i) any untrue statement or alleged
untrue statement of a material fact contained in any such Registration Statement
or any prospectus forming part thereof or in



                                      -11-
<PAGE>

any amendment or supplement thereto or (ii) the omission or alleged omission to
state therein a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, and shall reimburse each Holder promptly
upon demand for any legal or other expenses reasonably incurred by that Holder
in connection with investigating or defending or preparing to defend against or
appearing as a third party witness in connection with any such loss, claim,
damage, liability or action as such expenses are incurred; provided, however,
that the Company and the Support Provider shall not be liable in any such case
to the extent that any such loss, claim, damage, liability or action arises out
of, or is based upon, an untrue statement or alleged untrue statement in or
omission or alleged omission from any of such documents in reliance upon and in
conformity with any Holders' Information; and provided, further, that with
respect to any such untrue statement in or omission from any related preliminary
prospectus, the indemnity agreement contained in this Section 6(a) shall not
inure to the benefit of any Holder from whom the person asserting any such loss,
claim, damage, liability or action received Securities, Exchange Securities or
Private Exchange Securities to the extent that such loss, claim, damage,
liability or action of or with respect to such Holder results from the fact that
both (A) a copy of the final prospectus was not sent or given to such person at
or prior to the written confirmation of the sale of such Securities, Exchange
Securities or Private Exchange Securities to such person and (B) the untrue
statement in or omission from the related preliminary prospectus was corrected
in the final prospectus unless, in either case, such failure to deliver the
final prospectus was a result of non-compliance by the Company with Section
4(d), 4(e), 4(f) or 4(g).

         (b) In the event of a Shelf Registration Statement, each Holder shall
indemnify and hold harmless the Company, the Support Provider and their
respective affiliates, their respective officers, directors, employees,
representatives and agents, and each person, if any, who controls the Company or
the Support Provider within the meaning of the Securities Act or the Exchange
Act (collectively referred to for purposes of this Section 6(b) and Section 7 as
the Company), from and against any loss, claim, damage or liability, joint or
several, or any action in respect thereof, to which the Company may become
subject, whether commenced or threatened, under the Securities Act, the Exchange
Act, any other federal or state statutory law or regulation, at common law or
otherwise, insofar as such loss, claim, damage, liability or action arises out
of, or is based upon, (i) any untrue statement or alleged untrue statement of a
material fact contained in any such Registration Statement or any prospectus
forming part thereof or in any amendment or supplement thereto or (ii) the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, but in
each case only to the extent that the untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with any Holders' Information furnished to the Company by such
Holder, and shall reimburse the Company for any legal or other expenses
reasonably incurred by the Company in connection with investigating or defending
or preparing to defend against or appearing as a third party witness in
connection with any such loss, claim, damage, liability or action as such
expenses are incurred; provided, however, that no such Holder shall be liable
for any indemnity claims hereunder in excess of the amount of net proceeds
received by such Holder from the sale of Securities, Exchange Securities or
Private Exchange Securities pursuant to such Shelf Registration Statement.



                                      -12-
<PAGE>

         (c) Promptly after receipt by an indemnified party under this Section 6
of notice of any claim or the commencement of any action, the indemnified party
shall, if a claim in respect thereof is to be made against the indemnifying
party pursuant to Section 6(a) or 6(b), notify the indemnifying party in writing
of the claim or the commencement of that action; provided, however, that the
failure to notify the indemnifying party shall not relieve it from any liability
which it may have under this Section 6 except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses)
by such failure; and provided, further, that the failure to notify the
indemnifying party shall not relieve it from any liability which it may have to
an indemnified party otherwise than under this Section 6. If any such claim or
action shall be brought against an indemnified party, and it shall notify the
indemnifying party thereof, the indemnifying party shall be entitled to
participate therein and, to the extent that it wishes, jointly with any other
similarly notified indemnifying party, to assume the defense thereof with
counsel reasonably satisfactory to the indemnified party. After notice from the
indemnifying party to the indemnified party of its election to assume the
defense of such claim or action, the indemnifying party shall not be liable to
the indemnified party under this Section 6 for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense
thereof other than the reasonable costs of investigation; provided, however,
that an indemnified party shall have the right to employ its own counsel in any
such action, but the fees, expenses and other charges of such counsel for the
indemnified party will be at the expense of such indemnified party unless (1)
the employment of counsel by the indemnified party has been authorized in
writing by the indemnifying party, (2) the indemnified party has reasonably
concluded (based upon advice of counsel to the indemnified party) that there may
be legal defenses available to it or other indemnified parties that are
different from or in addition to those available to the indemnifying party, (3)
a conflict or potential conflict exists (based upon advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (4) the indemnifying party
has not in fact employed counsel reasonably satisfactory to the indemnified
party to assume the defense of such action within a reasonable time after
receiving notice of the commencement of the action, in each of which cases the
reasonable fees, disbursements and other charges of counsel will be at the
expense of the indemnifying party or parties. It is understood that the
indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements and other charges of more than one separate firm of attorneys (in
addition to any local counsel) at any one time for all such indemnified party or
parties. Each indemnified party, as a condition of the indemnity agreements
contained in Sections 6(a) and 6(b), shall use all reasonable efforts to
cooperate with the indemnifying party in the defense of any such action or
claim. No indemnifying party shall be liable for any settlement of any such
action effected without its written consent (which consent shall not be
unreasonably withheld), but if settled with its written consent or if there be a
final judgment for the plaintiff in any such action, the indemnifying party
agrees to indemnify and hold harmless any indemnified party from and against any
loss or liability by reason of such settlement or judgment. No indemnifying
party shall, without the prior written consent of the indemnified party (which
consent shall not be unreasonably withheld), effect any settlement of any
pending or threatened proceeding in respect of which any indemnified party is or
could have



                                      -13-
<PAGE>

been a party and indemnity could have been sought hereunder by such indemnified
party, unless such settlement includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter of
such proceeding.

         7. Contribution. If the indemnification provided for in Section 6 is
unavailable or insufficient to hold harmless an indemnified party under Section
6(a) or 6(b), then each indemnifying party shall, in lieu of indemnifying such
indemnified party, contribute to the amount paid or payable by such indemnified
party as a result of such loss, claim, damage or liability, or action in respect
thereof, (i) in such proportion as shall be appropriate to reflect the relative
benefits received by the Company and the Support Provider from the offering and
sale of the Securities, on the one hand, and a Holder with respect to the sale
by such Holder of Securities, Exchange Securities or Private Exchange
Securities, on the other, or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the Company and the Support Provider on the one hand and
such Holder on the other with respect to the statements or omissions that
resulted in such loss, claim, damage or liability, or action in respect thereof,
as well as any other relevant equitable considerations. The relative benefits
received by the Company and the Support Provider on the one hand and a Holder on
the other with respect to such offering and such sale shall be deemed to be in
the same proportion as the total net proceeds from the offering of the
Securities (before deducting expenses) received by or on behalf of the Company,
on the one hand, bear to the total proceeds received by such Holder with respect
to its sale of Securities, Exchange Securities or Private Exchange Securities,
on the other. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to the
Company and the Support Provider or information supplied by the Company and the
Support Provider on the one hand or to any Holders' Information supplied by such
Holder on the other, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such untrue
statement or omission. The parties hereto agree that it would not be just and
equitable if contributions pursuant to this Section 7 were to be determined by
pro rata allocation or by any other method of allocation that does not take into
account the equitable considerations referred to herein. The amount paid or
payable by an indemnified party as a result of the loss, claim, damage or
liability, or action in respect thereof, referred to above in this Section 7
shall be deemed to include, for purposes of this Section 7, any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending or preparing to defend any such action or claim.
Notwithstanding the provisions of this Section 7, an indemnifying party that is
a Holder of Securities, Exchange Securities or Private Exchange Securities shall
not be required to contribute any amount in excess of the amount by which the
total price at which the Securities, Exchange Securities or Private Exchange
Securities sold by such indemnifying party to any purchaser exceeds the amount
of any damages which such indemnifying party has otherwise paid or become liable
to pay by reason of any untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.



                                      -14-
<PAGE>

         8. Rules 144 and 144A. The Support Provider shall use its reasonable
best efforts to file the reports required to be filed by it under the Securities
Act and the Exchange Act in a timely manner and, if at any time the Support
Provider is not required to file such reports, it will, upon the written request
of any Holder of Transfer Restricted Securities, make publicly available other
information so long as necessary to permit sales of such Holder's securities
pursuant to Rules 144 and 144A. The Company and the Support Provider covenant
that they will take such further action as any Holder of Transfer Restricted
Securities may reasonably request, all to the extent required from time to time
to enable such Holder to sell Transfer Restricted Securities without
registration under the Securities Act within the limitation of the exemptions
provided by Rules 144 and 144A (including, without limitation, the requirements
of Rule 144A(d)(4)). Upon the written request of any Holder of Transfer
Restricted Securities, the Company and the Support Provider shall deliver to
such Holder a written statement as to whether they have complied with such
requirements. Notwithstanding the foregoing, nothing in this Section 8 shall be
deemed to require the Company to register any of its securities pursuant to the
Exchange Act.

         9. Underwritten Registrations. If any of the Transfer Restricted
Securities covered by any Shelf Registration Statement are to be sold in an
underwritten offering, the investment banker or investment bankers and manager
or managers that will administer the offering will be selected by the Holders of
a majority in aggregate principal amount of such Transfer Restricted Securities
included in such offering, subject to the consent of the Company (which shall
not be unreasonably withheld or delayed), and such Holders shall be responsible
for all underwriting commissions and discounts in connection therewith.

         No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person's Transfer Restricted
Securities on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and (ii)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms
of such underwriting arrangements.

         10. Miscellaneous.

         (a) Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given as to the Securities, the Exchange
Securities or the Private Exchange Securities unless the Company has obtained
the written consent of Holders of a majority in aggregate principal amount of
the Securities, the Exchange Securities and the Private Exchange Securities,
taken as a single class. Notwithstanding the foregoing, a waiver or consent to
depart from the provisions hereof with respect to a matter that relates
exclusively to the rights of Holders whose Securities, Exchange Securities or
Private Exchange Securities are being sold pursuant to a Registration Statement
and that does not directly or indirectly affect the rights of other Holders may
be given by Holders of a majority in aggregate principal amount of the
Securities, the Exchange Securities and the Private Exchange Securities being
sold by such Holders pursuant to such Registration Statement.



                                      -15-
<PAGE>

         (b) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telecopier or air courier guaranteeing next-day delivery:

                  (1) if to a Holder, at the most current address given by such
         Holder to the Company in accordance with the provisions of this Section
         10(b), which address initially is, with respect to each Holder, the
         address of such Holder maintained by the Registrar under the Indenture,
         with a copy in like manner to the Initial Purchasers;

                  (2) if to an Initial Purchaser, initially at, c/o Morgan
         Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036;

                  (3) if to the Company, initially at Verizon Global Funding
         Corp., Attention Janet M. Garrity, President and Treasurer, 3900
         Washington Street-2nd Floor, Wilmington, DE 19802; and

                  (4) if to the Support Provider, initially at Verizon
         Communications Inc., Attention William F. Heitmann, Senior Vice
         President and Treasurer, 1095 Avenue of the Americas, New York, New
         York 10036

         All such notices and communications shall be deemed to have been duly
given: when delivered by hand, if personally delivered; one business day after
being delivered to a next-day air courier; five business days after being
deposited in the mail; and when receipt is acknowledged by the recipient's
telecopier machine, if sent by telecopier.

         (c) Successors And Assigns. This Agreement shall be binding upon the
Company, the Support Provider and their respective successors and assigns.

         (d) Counterparts. This Agreement may be executed in any number of
counterparts (which may be delivered in original form or by telecopier) and by
the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

         (e) Definition of Terms. For purposes of this Agreement, (a) the term
"business day" means any day on which the New York Stock Exchange, Inc. is open
for trading, (b) the term "subsidiary" has the meaning set forth in Rule 405
under the Securities Act and (c) except where otherwise expressly provided, the
term "affiliate" has the meaning set forth in Rule 405 under the Securities Act.

         (f) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         (g) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.



                                      -16-
<PAGE>

         (h) Remedies. In the event of a breach by the Company or the Support
Provider or by any Holder of any of their respective obligations under this
Agreement, each Holder or the Company or the Support Provider, as the case may
be, in addition to being entitled to exercise all rights granted by law,
including recovery of damages (other than the recovery of damages for a breach
by the Company or the Support Provider of their obligations under Sections 1 or
2 hereof for which additional interest have been paid pursuant to Section 3
hereof), will be entitled to specific performance of its rights under this
Agreement. The Company, the Support Provider and each Holder agree that monetary
damages would not be adequate compensation for any loss incurred by reason of a
breach by it of any of the provisions of this Agreement and hereby further agree
that, in the event of any action for specific performance in respect of such
breach, it shall waive the defense that a remedy at law would be adequate.

         (i) No Inconsistent Agreements. Each of the Company and the Support
Provider represents, warrants and agrees that (i) it has not entered into, shall
not, on or after the date of this Agreement, enter into any agreement that is
inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof, (ii) it has not previously
entered into any agreement which remains in effect granting any registration
rights with respect to any of its debt securities to any person and (iii)
without limiting the generality of the foregoing, without the written consent of
the Holders of a majority in aggregate principal amount of the then outstanding
Transfer Restricted Securities, it shall not grant to any person the right to
request the Company to register any debt securities of the Company under the
Securities Act unless the rights so granted are not in conflict or inconsistent
with the provisions of this Agreement.

         (j) No Piggyback on Registrations. Neither the Company nor any of its
security holders (other than the Holders of Transfer Restricted Securities in
such capacity) shall have the right to include any securities of the Company in
any Shelf Registration or Registered Exchange Offer other than Transfer
Restricted Securities.

         (k) Severability. The remedies provided herein are cumulative and not
exclusive of any remedies provided by law. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable best efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.




                                      -17-
<PAGE>

         Please confirm that the foregoing correctly sets forth the agreement
among the Company, the Support Provider and the Initial Purchasers.


                                            Very truly yours,

                                            VERIZON GLOBAL FUNDING CORP.

                                            By /s/ Janet M. Garrity
                                               --------------------------------
                                               Name: Janet M. Garrity
                                               Title: President and Treasurer

                                            VERIZON COMMUNICATIONS INC.

                                            By /s/ William F. Heitmann
                                               --------------------------------
                                               Name: William F. Heitmann
                                               Title: Senior Vice President and
                                                      Treasurer
Accepted:

CHASE SECURITIES INC.
MORGAN STANLEY & CO. INCORPORATED

CHASE SECURITIES INC.

By  /s/ Melanie Shugart
    -----------------------------
    Name:  Melanie Shugart
    Title: Managing Director

MORGAN STANLEY & CO. INCORPORATED

By /s/ Michael Fusco
    -----------------------------
    Name:  Michael Fusco
    Title: Vice President



                                      -18-
<PAGE>


                                                                         ANNEX A


         Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Registered Exchange Offer must acknowledge that it will
deliver a prospectus in connection with any resale of such Exchange Securities.
The Letter of Transmittal states that by so acknowledging and by delivering a
prospectus, a broker-dealer will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act. This Prospectus, as it
may be amended or supplemented from time to time, may be used by a broker-dealer
in connection with resales of Exchange Securities received in exchange for
Securities where such Securities were acquired by such broker-dealer as a result
of market-making activities or other trading activities. The Company has agreed
that, for a period of 90 days after the Expiration Date (as defined herein), it
will make this Prospectus available to any broker-dealer for use in connection
with any such resale. See "Plan of Distribution".



<PAGE>


                                                                         ANNEX B


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



<PAGE>


                                                                         ANNEX C


                              PLAN OF DISTRIBUTION


                  Each broker-dealer that receives Exchange Securities for its
own account pursuant to the Registered Exchange Offer must acknowledge that it
will deliver a prospectus in connection with any resale of such Exchange
Securities. This Prospectus, as it may be amended or supplemented from time to
time, may be used by a broker-dealer in connection with resales of Exchange
Securities received in exchange for Securities where such Securities were
acquired as a result of market-making activities or other trading activities.
The Company has agreed that, for a period of 90 days after the Expiration Date,
it will make this prospectus, as amended or supplemented, available to any
broker-dealer for use in connection with any such resale. In addition, until
__________, 2001, all dealers effecting transactions in the Exchange Securities
may be required to deliver a prospectus.

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

                  For a period of 90 days after the Expiration Date the Company
will promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Registered Exchange Offer (including the expenses of one counsel
for the Holders of the Securities) other than commissions or concessions of any
broker-dealers and will indemnify the Holders of the Securities (including any
broker-dealers) against certain liabilities, including liabilities under the
Securities Act.



<PAGE>

                                                                         ANNEX D


         [ ]      CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
                  ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
                  AMENDMENTS OR SUPPLEMENTS THERETO.

                  Name:
                  Address:


If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Securities that were acquired as
a result of market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection with any resale of
such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>10
<FILENAME>file010.txt
<DESCRIPTION>OPINION AND CONSENT OF WILLIAM P. BARR, ESQ.
<TEXT>

<PAGE>

July 9, 2001

Verizon Communications Inc.
1095 Avenue of the Americas
New York, New York 10036

Verizon Global Funding Corp.
3900 Washington Avenue
Wilmington, Delaware

Ladies and Gentlemen:

I have examined the Registration Statement on Form S-4 of Verizon Communications
Inc. ("Verizon") and Verizon Global Funding Corp. (the "Company") under the
Securities Act of 1933, as amended, and the accompanying Prospectus, pertaining
to the offer to exchange $1,000,000,000 aggregate principal amount of 6 3/4%
Notes due 2005, $2,000,000,000 aggregate principal amount of 7 1/4% Notes due
2010 and $2,000,000,000 aggregate principal amount of 7 3/4% Notes due 2030,
each of which series was previously issued by the Company and supported as to
payment of principal and interest by Verizon in transactions which were exempt
from registration under the Securities Act of 1933 (collectively, the
"Restricted Notes"), for new Notes with identical terms (other than limitations
upon transferability) that will be registered under the Securities Act of 1933,
as amended (collectively, the "Exchange Notes"). I, or attorneys under my
direction, have also examined such corporate records and other documents as I
have deemed necessary to enable me to express the opinion set forth below. I am
familiar with the proceedings taken and proposed to be taken by you under my
supervision as your counsel in connection with the proposed exchange offer and
the related issuance of the Exchange Notes.

It is my opinion that the Exchange Notes, upon the issuance and exchange thereof
in the manner contemplated in said Registration Statement, will be legally and
validly issued and will be binding obligations of the Company.

I hereby consent to the reference to me under the caption "Legal Matters" in the
Prospectus forming a part of the Registration Statement and to the filing of
this opinion as an exhibit to the Registration Statement.

Very truly yours,


/s/ William P. Barr

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>11
<FILENAME>file011.txt
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP
<TEXT>

<PAGE>

                         CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement Form S-4 and related Prospectus of Verizon Global Funding
Corp. for the registration of $1,000,000,000 6 3/4% notes due 2005,
$2,000,000,000 7 1/4% notes due 2010 and $2,000,000,000 7 3/4% notes due 2030,
and to the incorporation by reference therein of our report dated February 1,
2001, with respect to the consolidated financial statements and financial
statement schedule of Verizon Communications Inc. included in its Annual Report
(Form 10-K) for the year ended December 31, 2000, filed with the Securities and
Exchange Commission.

/s/ Ernst & Young LLP
New York, New York
July 3, 2001


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>12
<FILENAME>file012.txt
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>

<PAGE>

                       CONSENT OF INDEPENDENT ACCOUNTANTS

We consent to the incorporation by reference in the registration statement of
Verizon Global Funding Corp. (a wholly-owned subsidiary of Verizon
Communications Inc.) on Form S-4 of our report dated February 14, 2000, except
as to the pooling-of-interests with GTE Corporation, which is as of June 30,
2000, on our audits of the consolidated financial statements and financial
statement schedule of Verizon Communications Inc. and its subsidiaries as of
December 31, 1999 and for each of the two years in the period ended December 31,
1999, which appears in the Company's Annual Report on Form 10-K for the year
ended December 31, 2000. We also consent to the reference to us under the
heading "Experts" in such registration statement.

/s/ PricewaterhouseCoopers LLP
New York, New York
July 3, 2001


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>13
<FILENAME>file013.txt
<DESCRIPTION>CONSENT OF ARTHUR ANDERSEN LLP
<TEXT>

<PAGE>

                                                                    EXHIBIT 23.3


                    CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

As independent public accountants, we hereby consent to the incorporation by
reference in this registration statement on Form S-4 by Verizon Global Funding
Corp. (a wholly owned subsidiary of Verizon Communications Inc.) of our report
dated June 30, 2000, on GTE Corporation as of December 31, 1999, and for each of
the two years in the period ended December 31, 1999, and to all references to
our Firm included in this registration statement.

/s/ Arthur Andersen LLP
Dallas, Texas
July 3, 2001



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>14
<FILENAME>file014.txt
<DESCRIPTION>POWERS OF ATTORNEY
<TEXT>

<PAGE>

                                                                    EXHIBIT 24.1

                                POWER OF ATTORNEY


         WHEREAS, VERIZON GLOBAL FUNDING CORP., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-4 (the "Registration
Statements") relating to up to $7,000,000,000 aggregate principal amount of debt
securities of the Company and the related support obligations of Verizon
Communications Inc., the parent of the Company, to be issued upon the receipt by
and surrender to the Company of an equivalent amount of previously privately
issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints Janet M. Garrity his
true and lawful attorney-in-fact and agent with full power of substitution, for
him and in his name, place and stead, in any and all capacities, to sign any and
all amendments, including post-effective amendments, to the Registration
Statements, and to sign any registration statement for the same offering covered
by the Registration Statements that is to be effective upon filing pursuant to
Rule 462(b) promulgated under the Securities Act of 1933, as amended, and all
post-effective amendments thereto, and to file the same, with all exhibits
thereto and all documents in connection therewith, making such changes in the
Registration Statements as such person so acting deems appropriate, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or her substitute or
substitutes, may lawfully do or cause to be done or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of June, 2001.



                                                   /s/ David Kauffman
                                                   -----------------------------
                                                   David S. Kauffman

<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON GLOBAL FUNDING CORP., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-4 (the "Registration
Statements") relating to up to $7,000,000,000 aggregate principal amount of debt
securities of the Company and the related support obligations of Verizon
Communications Inc., the parent of the Company, to be issued upon the receipt by
and surrender to the Company of an equivalent amount of previously privately
issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints David S. Kauffman her
true and lawful attorney-in-fact and agent with full power of substitution, for
her and in her name, place and stead, in any and all capacities, to sign any and
all amendments, including post-effective amendments, to the Registration
Statements, and to sign any registration statement for the same offering covered
by the Registration Statements that is to be effective upon filing pursuant to
Rule 462(b) promulgated under the Securities Act of 1933, as amended, and all
post-effective amendments thereto, and to file the same, with all exhibits
thereto and all documents in connection therewith, making such changes in the
Registration Statements as such person so acting deems appropriate, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as she might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 9th day of July, 2001.



                                             /s/ Janet M. Garrity
                                             ----------------------------------
                                             Janet M. Garrity


<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON GLOBAL FUNDING CORP., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-4 (the "Registration
Statements") relating to up to $7,000,000,000 aggregate principal amount of debt
securities of the Company and the related support obligations of Verizon
Communications Inc., the parent of the Company, to be issued upon the receipt by
and surrender to the Company of an equivalent amount of previously privately
issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints Janet M. Garrity and
David S. Kauffman, and each of them, his or her true and lawful
attorneys-in-fact and agents with full power of substitution, for him or her and
in his or her name, place and stead, in any and all capacities, to sign any and
all amendments, including post-effective amendments, to the Registration
Statements, and to sign any registration statement for the same offering covered
by the Registration Statements that is to be effective upon filing pursuant to
Rule 462(b) promulgated under the Securities Act of 1933, as amended, and all
post-effective amendments thereto, and to file the same, with all exhibits
thereto and all documents in connection therewith, making such changes in the
Registration Statements as such person or persons so acting deems appropriate,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or his, her or their substitute or
substitutes, may lawfully do or cause to be done or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 29th day of June, 2001.



                                           /s/ Robert S. Fitzmire
                                           ------------------------------------
                                           Robert S. Fitzmire


<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON GLOBAL FUNDING CORP., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-4 (the "Registration
Statements") relating to up to $7,000,000,000 aggregate principal amount of debt
securities of the Company and the related support obligations of Verizon
Communications Inc., the parent of the Company, to be issued upon the receipt by
and surrender to the Company of an equivalent amount of previously privately
issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints Janet M. Garrity and
David S. Kauffman, and each of them, his or her true and lawful
attorneys-in-fact and agents with full power of substitution, for him or her and
in his or her name, place and stead, in any and all capacities, to sign any and
all amendments, including post-effective amendments, to the Registration
Statements, and to sign any registration statement for the same offering covered
by the Registration Statements that is to be effective upon filing pursuant to
Rule 462(b) promulgated under the Securities Act of 1933, as amended, and all
post-effective amendments thereto, and to file the same, with all exhibits
thereto and all documents in connection therewith, making such changes in the
Registration Statements as such person or persons so acting deems appropriate,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or his, her or their substitute or
substitutes, may lawfully do or cause to be done or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 27th day of June, 2001.



                                           /s/ William F. Heitmann
                                           ------------------------------------
                                           William F. Heitmann


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.2
<SEQUENCE>15
<FILENAME>file015.txt
<DESCRIPTION>POWERS OF ATTORNEY
<TEXT>

<PAGE>

                                                                    EXHIBIT 24.2

                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.



                                            /s/ Richard L. Carrion
                                            ------------------------------------
                                            Richard L. Carrion




<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.


         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.



                                            /s/ Helene L. Kaplan
                                            ------------------------------------
                                            Helene L. Kaplan




<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.


         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Joseph Neubauer
                                            ------------------------------------
                                            Joseph Neubauer




<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Thomas H. O'Brien
                                            ------------------------------------
                                            Thomas H. O'Brien


<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Hugh B. Price
                                            ------------------------------------
                                            Hugh B. Price






<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg and Lawrence R. Whitman and each of them, his or her true and
lawful attorneys-in-fact and agents with full power of substitution, for him or
her and in his or her name, place and stead, in any and all capacities, to sign
any and all amendments, including post-effective amendments, to the Registration
Statements, and to sign any registration statement for the same offering covered
by the Registration Statements that is to be effective upon filing pursuant to
Rule 462(b) promulgated under the Securities Act of 1933, as amended, and all
post-effective amendments thereto, and to file the same, with all exhibits
thereto and all documents in connection therewith, making such changes in the
Registration Statements as such person or persons so acting deems appropriate,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or his, her or their substitute or
substitutes, may lawfully do or cause to be done or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Frederic V. Salerno
                                            ------------------------------------
                                            Frederic V. Salerno





<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Walter V. Shipley
                                            ------------------------------------
                                            Walter V. Shipley

<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ John R. Stafford
                                            ------------------------------------
                                            John R. Stafford






<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg and Frederic V. Salerno and each of them, his or her true and
lawful attorneys-in-fact and agents with full power of substitution, for him or
her and in his or her name, place and stead, in any and all capacities, to sign
any and all amendments, including post-effective amendments, to the Registration
Statements, and to sign any registration statement for the same offering covered
by the Registration Statements that is to be effective upon filing pursuant to
Rule 462(b) promulgated under the Securities Act of 1933, as amended, and all
post-effective amendments thereto, and to file the same, with all exhibits
thereto and all documents in connection therewith, making such changes in the
Registration Statements as such person or persons so acting deems appropriate,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or his, her or their substitute or
substitutes, may lawfully do or cause to be done or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Lawrence R. Whitman
                                            ------------------------------------
                                            Lawrence R. Whitman


<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Frederic V. Salerno and Lawrence R. Whitman and each of them, his or her true
and lawful attorneys-in-fact and agents with full power of substitution, for him
or her and in his or her name, place and stead, in any and all capacities, to
sign any and all amendments, including post-effective amendments, to the
Registration Statements, and to sign any registration statement for the same
offering covered by the Registration Statements that is to be effective upon
filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as
amended, and all post-effective amendments thereto, and to file the same, with
all exhibits thereto and all documents in connection therewith, making such
changes in the Registration Statements as such person or persons so acting deems
appropriate, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or his, her or their substitute or
substitutes, may lawfully do or cause to be done or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.

                                            /s/ Ivan G. Seidenberg
                                            ------------------------------------
                                            Ivan G. Seidenberg


<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Ivan G.
Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of them, his or
her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Charles R. Lee
                                            ------------------------------------
                                            Charles R. Lee

<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ James R. Barker
                                            ------------------------------------
                                            James R. Barker

<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Edward H. Budd
                                            ------------------------------------
                                            Edward H. Budd





<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Robert F. Daniell
                                            ------------------------------------
                                            Robert F. Daniell


<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.


         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Sandra O. Moose
                                            ------------------------------------
                                            Sandra O. Moose


<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.



                                            /s/ Russell E. Palmer
                                            ------------------------------------
                                            Russell E. Palmer


<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March 2001.


                                            /s/ John W. Snow
                                            ------------------------------------
                                            John W. Snow


<PAGE>


                                POWER OF ATTORNEY


         WHEREAS, VERIZON COMMUNICATIONS INC., a Delaware corporation
(hereinafter referred to as the "Company"), proposes to file with the Securities
and Exchange Commission under the provisions of the Securities Act of 1933, as
amended, one or more registration statements on Form S-3 (the "Registration
Statements") relating to up to $5,000,000,000 aggregate principal amount of new
debt securities of Verizon Global Funding Corp. and the related support
obligations of the Company to be offered and sold from time to time and up to
$5,000,000,000 aggregate principal amount of debt securities of Verizon Global
Funding Corp. and the related support obligations of the Company to be issued
upon the receipt by and surrender to the Company of an equivalent amount of
previously privately issued debt securities.

         NOW, THEREFORE, the undersigned hereby appoints each of Charles R. Lee,
Ivan G. Seidenberg, Frederic V. Salerno and Lawrence R. Whitman and each of
them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any and all amendments, including post-effective
amendments, to the Registration Statements, and to sign any registration
statement for the same offering covered by the Registration Statements that is
to be effective upon filing pursuant to Rule 462(b) promulgated under the
Securities Act of 1933, as amended, and all post-effective amendments thereto,
and to file the same, with all exhibits thereto and all documents in connection
therewith, making such changes in the Registration Statements as such person or
persons so acting deems appropriate, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or
his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 3rd day of March, 2001.


                                            /s/ Robert D. Storey
                                            ------------------------------------
                                            Robert D. Storey


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25
<SEQUENCE>16
<FILENAME>file016.txt
<DESCRIPTION>STATEMENT OF ELIGIBILITY
<TEXT>

<PAGE>

                                                                      EXHIBIT 25


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM T-1

       STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A
                    CORPORATION DESIGNATED TO ACT AS TRUSTEE

     CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT
                              TO SECTION 305(b)(2)

                            FIRST UNION NATIONAL BANK
               (Exact Name of Trustee as Specified in its Charter)

                                   22-1147033
                      (I.R.S. Employer Identification No.)

                 2 FIRST UNION CENTER, CHARLOTTE, NORTH CAROLINA
                    (Address of Principal Executive Offices)

                                   28288-0201
                                   (Zip Code)

                            FIRST UNION NATIONAL BANK
                             123 SOUTH BROAD STREET
                             PHILADELPHIA, PA 19109
                    ATTENTION: CORPORATE TRUST ADMINISTRATION
                                 (215) 670-6300
            (Name, address and telephone number of Agent for Service)

                          VERIZON GLOBAL FUNDING CORP.
          (Exact Name of Obligor as Specified in its Charter)

                                    DELAWARE
         (State or other jurisdiction of Incorporation or Organization)

                                   51-0272912

                      (I.R.S. Employer Identification No.)


                 1095 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK
                    (Address of Principal Executive Offices)

                                      10036
                                   (Zip Code)

                                 DEBT SECURITIES

                 NOTES DUE 2005, NOTES DUE 2010, NOTES DUE 2030
                         (TITLE OF INDENTURE SECURITIES)


1. GENERAL INFORMATION.

FURNISH THE FOLLOWING INFORMATION AS TO THE TRUSTEE:

A) NAME AND ADDRESS OF EACH EXAMINING OR SUPERVISORY AUTHORITY TO WHICH IT IS
SUBJECT:
   Comptroller of the Currency
   United States Department of the Treasury
   Washington, D.C.  20219


<PAGE>

   Federal Reserve Bank
   Richmond, Virginia 23219

   Federal Deposit Insurance Corporation
   Washington, D.C.  20429

B) WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.

   Yes.


2. AFFILIATIONS WITH OBLIGOR.

   IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH
AFFILIATION.

   None.


3. VOTING SECURITIES OF THE TRUSTEE.

   FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF VOTING SECURITIES OF
THE TRUSTEE:

   Not applicable - see answer to Item 13.


4. TRUSTEESHIPS UNDER OTHER INDENTURES.

   IF THE TRUSTEE IS A TRUSTEE UNDER ANOTHER INDENTURE UNDER WHICH ANY OTHER
SECURITIES, OR CERTIFICATES OF INTEREST OR PARTICIPATION IN ANY OTHER
SECURITIES, OF THE OBLIGOR ARE OUTSTANDING, FURNISH THE FOLLOWING INFORMATION:

   Not applicable - see answer to Item 13.


5. INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH THE OBLIGOR OR
UNDERWRITERS.

    IF THE TRUSTEE OR ANY OF THE DIRECTORS OR EXECUTIVE OFFICERS OF THE TRUSTEE
IS A DIRECTOR, OFFICER, PARTNER, EMPLOYEE, APPOINTEE, OR REPRESENTATIVE OF THE
OBLIGOR OR OF ANY UNDERWRITER FOR THE OBLIGOR, IDENTIFY EACH SUCH PERSON HAVING
ANY SUCH CONNECTION AND STATE THE NATURE OF EACH SUCH CONNECTION.

    Not applicable - see answer to Item 13.


<PAGE>


6.  VOTING SECURITIES OF THE TRUSTEE OWNED BY THE OBLIGOR OR ITS
    OFFICIALS.

    FURNISH THE FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF THE TRUSTEE
OWNED BENEFICIALLY BY THE OBLIGOR AND EACH DIRECTOR, PARTNER, AND EXECUTIVE
OFFICER OF THE OBLIGOR:

    Not applicable - see answer to Item 13.

7.  VOTING SECURITIES OF THE TRUSTEE OWNED BY UNDERWRITERS OR THEIR OFFICIALS.

    FURNISH THE FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF THE TRUSTEE
OWNED BENEFICIALLY BY EACH UNDERWRITER FOR THE OBLIGOR AND EACH DIRECTOR,
PARTNER, AND EXECUTIVE OFFICER OF EACH SUCH UNDERWRITER:

    Not applicable - see answer to Item 13.

8.  SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE.

    FURNISH THE FOLLOWING INFORMATION AS TO SECURITIES OF THE OBLIGOR OWNED
BENEFICIALLY OR HELD AS COLLATERAL SECURITY FOR OBLIGATIONS IN DEFAULT BY THE
TRUSTEE:

    Not applicable - see answer to Item 13.

9.  SECURITIES OF UNDERWRITERS OWNED OR HELD BY THE TRUSTEE.

    IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT ANY SECURITIES OF AN UNDERWRITER FOR THE OBLIGOR, FURNISH
THE FOLLOWING INFORMATION AS TO EACH CLASS OF SECURITIES OF SUCH UNDERWRITER ANY
OF WHICH ARE SO OWNED OR HELD BY THE TRUSTEE:

     Not applicable - see answer to Item 13.

10. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF VOTING SECURITIES OF CERTAIN
    AFFILIATES OR SECURITY HOLDERS OF THE OBLIGOR.

    IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT VOTING SECURITIES OF A PERSON WHO, TO THE KNOWLEDGE OF
THE TRUSTEE (1) OWNS 10 PERCENT OR MORE OF THE VOTING STOCK OF THE OBLIGOR OR
(2) IS AN AFFILIATE, OTHER THAN A SUBSIDIARY, OF THE OBLIGOR, FURNISH THE
FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF SUCH PERSON:

     Not applicable - see answer to Item 13.


11. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF ANY SECURITIES OF A PERSON OWNING 50
PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR.

     IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT ANY SECURITIES OF A PERSON WHO, TO THE KNOWLEDGE OF THE
TRUSTEE, OWNS 50 PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR,
FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF SECURITIES OF SUCH PERSON
ANY OF WHICH ARE SO OWNED OR HELD BY THE TRUSTEE:

     Not applicable - see answer to Item 13.

12.  INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE.


<PAGE>

     EXCEPT AS NOTED IN THE INSTRUCTIONS, IF THE OBLIGOR IS INDEBTED TO THE
TRUSTEE, FURNISH THE FOLLOWING INFORMATION:

     Not applicable - see answer to Item 13.

13.  DEFAULTS BY THE OBLIGOR.

     (A) STATE WHETHER THERE IS OR HAS BEEN A DEFAULT WITH RESPECT TO THE
SECURITIES UNDER THIS INDENTURE. EXPLAIN THE NATURE OF ANY SUCH DEFAULT.

     None.

     (B) IF THE TRUSTEE IS A TRUSTEE UNDER ANOTHER INDENTURE UNDER WHICH ANY
OTHER SECURITIES, OR CERTIFICATES OF INTEREST OR PARTICIPATION IN ANY OTHER
SECURITIES, OF THE OBLIGOR ARE OUTSTANDING, OR IS TRUSTEE FOR MORE THAN ONE
OUTSTANDING SERIES OF SECURITIES UNDER THE INDENTURE, STATE WHETHER THERE HAS
BEEN A DEFAULT UNDER ANY SUCH INDENTURE OR SERIES, IDENTIFY THE INDENTURE OR
SERIES AFFECTED, AND EXPLAIN THE NATURE OF ANY SUCH DEFAULT.

      None.

14.   AFFILIATIONS WITH THE UNDERWRITERS.

      IF ANY UNDERWRITER IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH
AFFILIATION.

      Not applicable - see answer to Item 13.

15.   FOREIGN TRUSTEE.

      IDENTIFY THE ORDER OR RULE PURSUANT TO WHICH THE TRUSTEE IS AUTHORIZED TO
ACT AS SOLE TRUSTEE UNDER INDENTURES QUALIFIED OR TO BE QUALIFIED UNDER THE ACT.

      Not applicable - trustee is a national banking association organized under
the laws of the United States.

16.   LIST OF EXHIBITS.

      LIST BELOW ALL EXHIBITS FILED AS PART OF THIS STATEMENT OF ELIGIBILITY.

     1. Copy of Articles of Association of the trustee as now in effect.*
--

     2. Copy of the Certificate of the Comptroller of the Currency dated March
--   4, 1998, evidencing the authority of the trustee to transact business. **

     3. Copy of the Certification of Fiduciary Powers of the trustee by the
--   Office of the Comptroller of the Currency dated April 7, 1999.***

X    4. Copy of existing by-laws of the trustee.
--

     5. Copy of each indenture referred to in Item 4, if the obligor is in
--   default.

       -Not Applicable.

X    6. Consent of the trustee required by Section 321(b) of the Act.
--

X    7. Copy of report of condition of the trustee at the close of business on
--   December 31, 2000, published pursuant to the requirements of its
     supervising authority.


<PAGE>

     8. Copy of any order pursuant to which the foreign trustee is authorized to
--   act as sole trustee under indentures qualified or to be qualified under the
     Act.

       - Not Applicable

     9. Consent to service of process required of foreign trustees pursuant to
--   Rule 10a-4 under the Act.

       - Not Applicable

------------------------
              *Previously filed with the Securities and Exchange Commission on
March 16, 1998 as an Exhibit to Form T-1 in connection with Registration
Statement Number 333-47985, ** and filed with the Securities and Exchange
Commission on July 15, 1998 as an Exhibit to Form T-1 in connection with
Registration Statement Number 333-59145, *** and filed with the Securities and
Exchange Commission on May 20, 1999 in connection with Registration Statement
Number 333-78927 and incorporated herein by reference.


                                      NOTE

        The trustee disclaims responsibility for the accuracy or completeness of
information contained in this Statement of Eligibility and Qualification not
known to the trustee and not obtainable by it through reasonable investigation
and as to which information it has obtained from the obligor and has had to rely
or will obtain from the principal underwriters and will have to rely.


                                    SIGNATURE

         Pursuant to the requirements of the Trust Indenture Act of 1939, the
trustee, First Union National Bank, a national banking association organized and
existing under the laws of the United States of America, has duly caused this
Statement of Eligibility and Qualification to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of Philadelphia and the
Commonwealth of Pennsylvania, on the 9th day of July, 2001.



                                                First Union National Bank



                                                By:s/John H. Clapham
                                                   -----------------------------
                                                    John H. Clapham
                                                    Vice President



<PAGE>

                                                                       Exhibit 4





                                   BY-LAWS OF

                            FIRST UNION NATIONAL BANK

                                  Charter No. 1


                             Effective June 20, 2000




<PAGE>


                                   BY-LAWS OF

                           FIRST UNION NATIONAL BANK


                                   ARTICLE I

                            Meetings of Shareholders

         Section 1.1 Annual Meeting. The annual meeting of the shareholders for
the election of directors and for the transaction of such other business as may
properly come before the meeting shall be held on the third Tuesday of April in
each year, commencing with the year 1998, except that the Board of Directors
may, from time to time and upon passage of a resolution specifically setting
forth its reasons, set such other date for such meeting during the month of
April as the Board of Directors may deem necessary or appropriate; provided,
however, that if an annual meeting would otherwise fall on a legal holiday, then
such annual meeting shall be held on the second business day following such
legal holiday. The holders of a majority of the outstanding shares entitled to
vote which are represented at any meeting of the shareholders may choose persons
to act as Chairman and as Secretary of the meeting.

         Section 1.2 Special Meetings. Except as otherwise specifically provided
by statute, special meetings of the shareholders may be called for any purpose
at any time by the Board of Directors or by any three or more shareholders
owning, in the aggregate, not less than ten percent of the stock of the
Association. Every such special meeting, unless otherwise provided by law, shall
be called by mailing, postage prepaid, not less than ten days prior to the date
fixed for such meeting, to each shareholder at his address appearing on the
books of the Association, a notice stating the purpose of the meeting.

         Section 1.3 Nominations for Directors. Nominations for election to the
Board of Directors may be made by the Board of Directors or by any stockholder
of any outstanding class of capital stock of the bank entitled to vote for the
election of directors. Nominations, other than those made by or on behalf of the
existing management of the bank, shall be made in writing and shall be delivered
or mailed to the President of the Bank and to the Comptroller of the Currency,
Washington, D. C., not less than 14 days nor more than 50 days prior to any
meeting of stockholders called for the election of directors, provided however,
that if less than 21 days' notice of such meeting is given to shareholders, such
nomination shall be mailed or delivered to the President of the Bank and to the
Comptroller of the Currency not later than the close of business on the seventh
day following the day on which the notice of meeting was mailed. Such
notification shall contain the following information to the extent known to the
notifying shareholder: (a) the name and address of each proposed nominee; (b)
the principal occupation of each proposed nominee; (c) the total number of
shares of capital stock of the bank that will be voted for each proposed
nominee; (d) the name and residence address of the notifying shareholder; and
(e) the number of shares of capital stock of the bank owned by the notifying
shareholder. Nominations not made in accordance herewith may, in his discretion,
be disregarded by the chairman of the meeting, and upon his instructions, the
vote tellers may disregard all votes cast for each such nominee.

         Section 1.4 Judges of Election. The Board may at any time appoint from
among the shareholders three or more persons to serve as Judges of Election at
any meeting of



                                       7

<PAGE>

shareholders; to act as judges and tellers with respect to all votes by ballot
at such meeting and to file with the Secretary of the meeting a Certificate
under their hands, certifying the result thereof.

         Section 1.5 Proxies. Shareholders may vote at any meeting of the
shareholders by proxies duly authorized in writing, but no officer or employee
of this Association shall act as proxy. Proxies shall be valid only for one
meeting, to be specified therein, and any adjournments of such meeting. Proxies
shall be dated and shall be filed with the records of the meeting.

         Section 1.6 Quorum. A majority of the outstanding capital stock,
represented in person or by proxy, shall constitute a quorum at any meeting of
shareholders, unless otherwise provided by law; but less than a quorum may
adjourn any meeting, from time to time, and the meeting may be held, as
adjourned, without further notice. A majority of the votes cast shall decide
every question or matter submitted to the shareholders at any meeting, unless
otherwise provided by law or by the Articles of Association.

                                   ARTICLE II

                                    Directors

         Section 2.1 Board of Directors. The Board of Directors (hereinafter
referred to as the "Board"), shall have power to manage and administer the
business and affairs of the Association. Except as expressly limited by law, all
corporate powers of the Association shall be vested in and may be exercised by
said Board.

         Section 2.2 Number. The Board shall consist of not less than five nor
more than twenty-five directors, the exact number within such minimum and
maximum limits to be fixed and determined from time to time by resolution of a
majority of the full Board or by resolution of the shareholders at any meeting
thereof; provided, however, that a majority of the full Board of Directors may
not increase the number of directors to a number which, (1) exceeds by more than
two the number of directors last elected by shareholders where such number was
fifteen or less, and (2) exceeds by more than four the number of directors last
elected by shareholders where such number was sixteen or more, but in no event
shall the number of directors exceed twenty-five.

         Section 2.3 Organization Meeting. The Secretary of the meeting upon
receiving the certificate of the judges, of the result of any election, shall
notify the directors-elect of their election and of the time at which they are
required to meet at the Main Office of the Association for the purpose of
organizing the new Board and electing and appointing officers of the Association
for the succeeding year. Such meeting shall be held as soon thereafter as
practicable. If, at the time fixed for such meeting, there shall not be a quorum
present, the directors present may adjourn the meeting from time to time, until
a quorum is obtained.

         Section 2.4 Regular Meetings. Regular meetings of the Board of
Directors shall be held at such place and time as may be designated by
resolution of the Board of Directors. Upon adoption of such resolution, no
further notice of such meeting dates or the places or times thereof shall be
required. Upon the failure of the Board of Directors to adopt such a resolution,
regular meetings of the Board of Directors shall be held, without notice, on the
third Tuesday in February, April, June, August, October and December, commencing
with the year 1997, at the main office or at such other place and time as may be
designated by the Board of Directors. When any regular meeting of the Board
would otherwise fall on a holiday, the meeting shall be held on the next
business day unless the Board shall designate some other day.



                                       8

<PAGE>

         Section 2.5 Special Meetings. Special meetings of the Board of
Directors may be called by the President of the Association, or at the request
of three (3) or more directors. Each member of the Board of Directors shall be
given notice stating the time and place, by telegram, letter, or in person, of
each such special meeting.

         Section 2.6 Quorum. A majority of the directors shall constitute a
quorum at any meeting, except when otherwise provided by law; but a less number
may adjourn any meeting, from time to time, and the meeting may be held, as
adjourned, without further notice.

         Section 2.7 Vacancies. When any vacancy occurs among the directors, the
remaining members of the Board, in accordance with the laws of the United
States, may appoint a director to fill such vacancy at any regular meeting of
the Board, or at a special meeting called for that purpose.

         Section 2.8 Advisory Boards. The Board of Directors may appoint
Advisory Boards for each of the states in which the Association conducts
operations. Each such Advisory Board shall consist of as many persons as the
Board of Directors may determine. The duties of each Advisory Board shall be to
consult and advise with the Board of Directors and senior officers of the
Association in such state with regard to the best interests of the Association
and to perform such other duties as the Board of Directors may lawfully
delegate.
The senior officer in such state, or such officers as directed by such senior
officer, may appoint advisory boards for geographic regions within such state
and may consult with the State Advisory Boards prior to such appointments.

                                   ARTICLE III

                             Committees of the Board

         Section 3.1 The Board of Directors, by resolution adopted by a majority
of the number of directors fixed by these By-Laws, may designate two or more
directors to constitute an Executive Committee and other committees, each of
which, to the extent authorized by law and provided in such resolution, shall
have and may exercise all of the authority of the Board of Directors and the
management of the Association. The designation of any committee and the
delegation thereto of authority shall not operate to relieve the Board of
Directors, or any member thereof, of any responsibility or liability imposed
upon it or any member of the Board of Directors by law. The Board of Directors
reserves to itself alone the power to act on (1) dissolution, merger or
consolidation, or disposition of substantially all corporate property, (2)
designation of committees or filling vacancies on the Board of Directors or on a
committee of the Board (except as hereinafter provided), (3) adoption, amendment
or repeal of By-laws, (4) amendment or repeal of any resolution of the Board
which by its terms is not so amendable or repealable, and (5) declaration of
dividends, issuance of stock, or recommendations to stockholders of any action
requiring stockholder approval.

         The Board of Directors or the Chairman of the Board of Directors of the
Association may change the membership of any committee at any time, fill
vacancies therein, discharge any committee or member thereof either with or
without cause at any time, and change at any time the authority and
responsibility of any such committee.

         A majority of the members of any committee of the Board of Directors
may fix such committee's rules of procedure. All action by any committee shall
be reported to the Board of Directors at a meeting succeeding such action,
except such actions as the Board may not



                                       9

<PAGE>

require to be reported to it in the resolution creating any such committee. Any
action by any committee shall be subject to revision, alteration, and approval
by the Board of Directors, except to the extent otherwise provided in the
resolution creating such committee; provided, however, that no rights or acts of
third parties shall be affected by any such revision or alteration.

                                   ARTICLE IV

                             Officers and Employees

         Section 4.1 Officers. The officers of the Association may be a Chairman
of the Board, a Vice Chairman of the Board, one or more Chairmen or Vice
Chairmen (who shall not be required to be directors of the Association), a
President, one or more Vice Presidents, a Secretary, a Cashier or Treasurer, and
such other officers, including officers holding similar or equivalent titles to
the above in regions, divisions or functional units of the Association, as may
be appointed by the Board of Directors. The Chairman of the Board and the
President shall be members of the Board of Directors. Any two or more offices
may be held by one person, but no officer shall sign or execute any document in
more than one capacity.

         Section 4.2 Election, Term of Office, and Qualification. Each officer
shall be chosen by the Board of Directors and shall hold office until the annual
meeting of the Board of Directors held next after his election or until his
successor shall have been duly chosen and qualified, or until his death, or
until he shall resign, or shall have been disqualified, or shall have been
removed from office.

         Section 4.2(a) Officers Acting as Assistant Secretary. Notwithstanding
Section 1 of these By-laws, any Senior Vice President, Vice President, or
Assistant Vice President shall have, by virtue of his office, and by authority
of the By-laws, the authority from time to time to act as an Assistant Secretary
of the Bank, and to such extent, said officers are appointed to the office of
Assistant Secretary.

         Section 4.3 Chief Executive Officer. The Board of Directors shall
designate one of its members to be the President of this Association, and the
officer so designated shall be an ex officio member of all committees of the
Association except the Examining Committee, and its Chief Executive Officer
unless some other officer is so designated by the Board of Directors.

         Section 4.4 Duties of Officers. The duties of all officers shall be
prescribed by the Board of Directors. Nevertheless, the Board of Directors may
delegate to the Chief Executive Officer the authority to prescribe the duties of
other officers of the corporation not inconsistent with law, the charter, and
these By-laws, and to appoint other employees, prescribe their duties, and to
dismiss them. Notwithstanding such delegation of authority, any officer or
employee also may be dismissed at any time by the Board of Directors.

         Section 4.5 Other Employees. The Board of Directors may appoint from
time to time such tellers, vault custodians, bookkeepers, and other clerks,
agents, and employees as it may deem advisable for the prompt and orderly
transaction of the business of the Association, define their duties, fix the
salary to be paid them, and dismiss them. Subject to the authority of the Board
of Directors, the Chief Executive Officer or any other officer of the
Association authorized by him, may appoint and dismiss all such tellers, vault
custodians, bookkeepers and other clerks, agents, and employees, prescribe their
duties and the conditions of their employment, and from time to time fix their
compensation.



                                       10

<PAGE>

         Section 4.6 Removal and Resignation. Any officer or employee of the
Association may be removed either with or without cause by the Board of
Directors. Any employee other than an officer elected by the Board of Directors
may be dismissed in accordance with the provisions of the preceding Section 4.5.
Any officer may resign at any time by giving written notice to the Board of
Directors or to the Chief Executive Officer of the Association. Any such
resignation shall become effective upon its being accepted by the Board of
Directors, or the Chief Executive Officer.

                                    ARTICLE V

                                Fiduciary Powers

         Section 5.1 Capital Management Group. There shall be an area of this
Association known as the Capital Management Group which shall be responsible for
the exercise of the fiduciary powers of this Association. The Capital Management
Group shall consist of four service areas: Fiduciary Services, Retail Services,
Investments and Marketing. The Fiduciary Services unit shall consist of personal
trust, employee benefits, corporate trust and operations. The General Office for
the Fiduciary Services unit shall be located in Charlotte, N.C., with City Trust
Offices located in such cities within the State of North Carolina as designated
by the Board of Directors.

         Section 5.2 Trust Officers. There shall be a General Trust Officer of
this Association whose duties shall be to manage, supervise and direct all the
activities of the Capital Management Group. Further, there shall be one or more
Senior Trust Officers designated to assist the General Trust Officer in the
performance of his duties. They shall do or cause to be done all things
necessary or proper in carrying out the business of the Capital Management Group
in accordance with provisions of applicable law and regulation.

         Section 5.3 General Trust Committee. There shall be a General Trust
Committee composed of not less than four (4) members of the Board of Directors
or officers of this Association who shall be appointed annually, or from time to
time, by the Board of Directors of this Association. Each member shall serve
until his successor is appointed. The Board of Directors or the Chairman of the
Board may change the membership of the General Trust Committee at any time, fill
any vacancies therein, or discharge any member thereof with or without cause at
any time. The General Trust Committee shall counsel and advise on all matters
relating to the business or affairs of the Capital Management Group and shall
adopt overall policies for the conduct of the business of the Capital Management
Group, including, but not limited to: general administration, investment
policies, new business development, and review for approval of major assignments
of functional responsibilities. The General Trust Committee shall appoint the
members of the following subcommittees: the Investment Policy Committee,
Personal Trust Administration Committee, Account Review Committee, and Corporate
and Institutional Accounts Committee. The General Trust Committee shall meet at
least quarterly or as called for by its Chairman or any three (3) members of the
Committee. A quorum shall consist of three (3) members. In carrying out its
responsibilities, the General Trust Committee shall review the fiduciary
activities of the Capital Management Group and may assign the administration and
performance of any fiduciary powers or duties to any officers or employees of
the Capital Management Group or to the Investment Policy Committee, Personal
Trust Administration Committee, Account Review Committee, or Corporate and
Institutional Accounts Committee, or other committees it may designate. One of
the methods to be used in the review process will be the scrutiny of the Reports
of Examination by the Office of the Comptroller of the Currency and the reports
of the Audit Division of First Union Corporation, as they relate to the
activities of the Capital Management Group. The Chairman of the General Trust
Committee shall be appointed



                                       11

<PAGE>

by the Chairman of the Board of Directors. The Chairman of the General Trust
Committee shall cause to be recorded in appropriate minutes all actions taken by
the Committee. The minutes shall be signed by its Secretary, approved by its
Chairman and submitted to the Board of Directors at its next regularly scheduled
meeting following a meeting of the General Trust Committee. The Board of
Directors retains responsibility for the proper exercise of this Association's
fiduciary powers.

         Section 5.4 Investment Policy Committee. There shall be an Investment
Policy Committee composed of not less than seven (7) officers and/or employees
of this Association, who shall be appointed annually or from time to time by the
General Trust Committee. Each member shall serve until his or her successor is
appointed. Meetings shall be called by the Chairman or by any two (2) members of
the Committee. A quorum shall consist of five (5) members. The Investment Policy
Committee shall exercise such fiduciary powers and perform such duties as may be
assigned to it by the General Trust Committee. All actions taken by the
Investment Policy Committee shall be recorded in appropriate minutes, signed by
the Secretary thereof, approved by its Chairman, and submitted to the General
Trust Committee at its next ensuing regular meeting for its review and
approval.

         Section 5.5 Personal Trust Administration Committee. There shall be a
Personal Trust Administration Committee composed of not less than five (5)
officers and/or employees of this Association, who shall be appointed annually
or from time to time by the General Trust Committee. Each member shall serve
until his or her successor is appointed. Meetings shall be called by the
Chairman or by any three (3) members of the Committee. A quorum shall consist of
three (3) members. The Personal Trust Administration Committee shall exercise
such fiduciary powers and perform such duties as may be assigned to it by the
General Trust Committee. All actions taken by the Personal Trust Administration
Committee shall be recorded in appropriate minutes, signed by the Secretary
thereof, approved by its Chairman, and submitted to the General Trust Committee
at its next ensuing regular meeting for its review and approval.

         Section 5.6 Account Review Committee. There shall be an Account Review
Committee composed of not less than four (4) officers and/or employees of this
Association, who shall be appointed annually or from time to time by the General
Trust Committee. Each member shall serve until his or her successor is
appointed. Meetings shall be called by the Chairman or by any two (2) members of
the Committee. A quorum shall consist of three (3) members. The Account Review
Committee shall exercise such fiduciary powers and perform such duties as may be
assigned to it by the General Trust Committee. All actions taken by the Account
Review Committee shall be recorded in appropriate minutes, signed by the
Secretary thereof, approved by its Chairman, and submitted to the General Trust
Committee at its next ensuing regular meeting for its review and approval.

         Section 5.7 Corporate and Institutional Accounts Committee. There shall
be a Corporate and Institutional Accounts Committee composed of not less than
five (5) officers and/or employees of this Association, who shall be appointed
annually or from time to time by the General Trust Committee. Each member shall
serve until his or her successor is appointed. Meetings shall be called by the
Chairman or by any two (2) members of the Committee. A quorum shall consist of
three (3) members. The Corporate and Institutional Accounts Committee shall
exercise such fiduciary powers and perform such duties as may be assigned to it
by the General Trust Committee. All actions taken by the Corporate and
Institutional Accounts Committee shall be recorded in appropriate minutes,
signed by the Secretary thereof, approved by its Chairman, and submitted to the
General Trust Committee at its next ensuing regular meeting for its review and
approval.





                                       12

<PAGE>


                                   ARTICLE VI

                          Stock and Stock Certificates

         Section 6.1 Transfers. Shares of stock shall be transferable on the
books of the Association, and a transfer book shall be kept in which all
transfers of stock shall be recorded. Every person becoming a shareholder by
such transfer shall, in proportion to his shares, succeed to all rights and
liabilities of the prior holder of such shares.

         Section 6.2 Stock Certificates. Certificates of stock shall bear the
signature of the Chairman, the Vice Chairman, the President, or a Vice President
(which may be engraved, printed, or impressed), and shall be signed manually or
by facsimile process by the Secretary, Assistant Secretary, Cashier, Assistant
Cashier, or any other officer appointed by the Board of Directors for that
purpose, to be known as an Authorized Officer, and the seal of the Association
shall be engraved thereon. Each certificate shall recite on its face that the
stock represented thereby is transferable only upon the books of the Association
properly endorsed.


                                   ARTICLE VII

                                 Corporate Seal

         Section 7.1 The President, the Cashier, the Secretary, or any Assistant
Cashier, or Assistant Secretary, or other officer thereunto designated by the
Board of Directors shall have authority to affix the corporate seal to any
document requiring such seal, and to attest the same. Such seal shall be
substantially in the following form.


                                  ARTICLE VIII

                            Miscellaneous Provisions

         Section 8.1 Fiscal Year. The fiscal year of the Association shall be
the calendar year.

         Section 8.2 Execution of Instruments. All agreements, indentures,
mortgages, deeds, conveyances, transfers, certificates, declarations, receipts,
discharges, releases, satisfactions, settlements, petitions, notices,
applications, schedules, accounts, affidavits, bonds, undertakings, proxies, and
other instruments or documents may be signed, executed, acknowledged, verified,
delivered or accepted in behalf of the Association by the Chairman of the Board,
the Vice Chairman of the Board, any Chairman or Vice Chairman, the President,
any Vice President or Assistant Vice President, the Secretary or any Assistant
Secretary, the Cashier or Treasurer or any Assistant Cashier or Assistant
Treasurer, or any officer holding similar or equivalent titles to the above in
any regions, divisions or functional units of the Association, or, if in
connection with the exercise of fiduciary powers of the Association, by any of
said officers or by any Trust Officer or Assistant Trust Officer (or equivalent
titles); provided, however, that where required, any such instrument shall be
attested by one of said officers other than the officer executing such
instrument. Any such instruments may also be executed, acknowledged, verified,
delivered or accepted in behalf of the Association in such other manner and by
such other officers as the



                                       13

<PAGE>

Board of Directors may from time to time direct. The provisions of this Section
8.2 are supplementary to any other provision of these By-laws.

         Section 8.3 Records. The Articles of Association, the By-laws, and the
proceedings of all meetings of the shareholders, the Board of Directors,
standing committees of the Board, shall be recorded in appropriate minute books
provided for the purpose. The minutes of each meeting shall be signed by the
Secretary, Cashier, or other officer appointed to act as Secretary of the
meeting.

                                   ARTICLE IX

                                     By-laws

         Section 9.1 Inspection. A copy of the By-laws, with all amendments
thereto, shall at all times be kept in a convenient place at the Head Office of
the Association, and shall be open for inspection to all shareholders, during
banking hours.

         Section 9.2 Amendments. The By-laws may be amended, altered or
repealed, at any regular or special meeting of the Board of Directors, by a vote
of a majority of the whole number of Directors.



                                       14

<PAGE>


                                    Exhibit A


                            First Union National Bank
                                    Article X
                                Emergency By-laws

        In the event of an emergency declared by the President of the United
States or the person performing his functions, the officers and employees of
this Association will continue to conduct the affairs of the Association under
such guidance from the directors or the Executive Committee as may be available
except as to matters which by statute require specific approval of the Board of
Directors and subject to conformance with any applicable governmental directives
during the emergency.

                        OFFICERS PRO TEMPORE AND DISASTER

         Section 1. The surviving members of the Board of Directors or the
Executive Committee shall have the power, in the absence or disability of any
officer, or upon the refusal of any officer to act, to delegate and prescribe
such officer's powers and duties to any other officer, or to any director, for
the time being.

         Section 2. In the event of a state of disaster of sufficient severity
to prevent the conduct and management of the affairs and business of this
Association by its directors and officers as contemplated by these By-laws, any
two or more available members of the then incumbent Executive Committee shall
constitute a quorum of that Committee for the full conduct and management of the
affairs and business of the Association in accordance with the provisions of
Article II of these By-laws; and in addition, such Committee shall be empowered
to exercise all of the powers reserved to the General Trust Committee under
Section 5.3 of Article V hereof. In the event of the unavailability, at such
time, of a minimum of two members of the then incumbent Executive Committee, any
three available directors shall constitute the Executive Committee for the full
conduct and management of the affairs and business of the Association in
accordance with the foregoing provisions of this section. This By-law shall be
subject to implementation by resolutions of the Board of Directors passed from
time to time for that purpose, and any provisions of these By-laws (other than
this section) and any resolutions which are contrary to the provisions of this
section or to the provisions of any such implementary resolutions shall be
suspended until it shall be determined by an interim Executive Committee acting
under this section that it shall be to the advantage of this Association to
resume the conduct and management of its affairs and business under all of the
other provisions of these By-laws.

                               Officer Succession

         BE IT RESOLVED, that if consequent upon war or warlike damage or
disaster, the Chief Executive Officer of this Association cannot be located by
the then acting Head Officer or is unable to assume or to continue normal
executive duties, then the authority and duties of the Chief Executive Officer
shall, without further action of the Board of Directors, be automatically
assumed by one of the following persons in the order designated:

         Chairman
         President



                                       15

<PAGE>

         Division Head/Area Administrator - Within this officer class, officers
         shall take seniority on the basis of length of service in such office
         or, in the event of equality, length of service as an officer of the
         Association.

         Any one of the above persons who in accordance with this resolution
assumes the authority and duties of the Chief Executive Officer shall continue
to serve until he resigns or until five-sixths of the other officers who are
attached to the then acting Head Office decide in writing he is unable to
perform said duties or until the elected Chief Executive Officer of this
Association, or a person higher on the above list, shall become available to
perform the duties of Chief Executive Officer of the Association.

         BE IT FURTHER RESOLVED, that anyone dealing with this Association may
accept a certification by any three officers that a specified individual is
acting as Chief Executive Officer in accordance with this resolution; and that
anyone accepting such certification may continue to consider it in force until
notified in writing of a change, said notice of change to carry the signatures
of three officers of the Association.

                               Alternate Locations

                  The offices of the Association at which its business shall be
         conducted shall be the main office thereof in each city which is
         designated as a City Office (and branches, if any), and any other
         legally authorized location which may be leased or acquired by this
         Association to carry on its business. During an emergency resulting in
         any authorized place of business of this Association being unable to
         function, the business ordinarily conducted at such location shall be
         relocated elsewhere in suitable quarters, in addition to or in lieu of
         the locations heretofore mentioned, as may be designated by the Board
         of Directors or by the Executive Committee or by such persons as are
         then, in accordance with resolutions adopted from time to time by the
         Board of Directors dealing with the exercise of authority in the time
         of such emergency, conducting the affairs of this Association. Any
         temporarily relocated place of business of this Association shall be
         returned to its legally authorized location as soon as practicable and
         such temporary place of business shall then be discontinued.

                               Acting Head Offices

                  BE IT RESOLVED, that in case of and provided because of war or
         warlike damage or disaster, the General Office of this Association,
         located in Charlotte, North Carolina, is unable temporarily to continue
         its functions, the Raleigh office, located in Raleigh, North Carolina,
         shall automatically and without further action of this Board of
         Directors, become the "Acting Head Office of this Association";

                  BE IT FURTHER RESOLVED, that if by reason of said war or
         warlike damage or disaster, both the General Office of this Association
         and the said Raleigh Office of this Association are unable to carry on
         their functions, then and in such case, the Asheville Office of this
         Association, located in Asheville, North Carolina, shall, without
         further action of this Board of Directors, become the "Acting Head
         Office of this Association"; and if neither the Raleigh Office nor the
         Asheville Office can carry on their functions, then the Greensboro
         Office of this Association, located in Greensboro, North Carolina,
         shall, without further action of this Board of Directors, become the
         "Acting Head Office of this Association"; and if neither the Raleigh
         Office, the Asheville Office, nor the Greensboro Office can carry on
         their functions, then the Lumberton Office of this Association, located
         in Lumberton, North Carolina, shall, without further action of this
         Board of Directors,



                                       16

<PAGE>

         become the "Acting Head Office of this Association". The Head Office
         shall resume its functions at its legally authorized location as soon
         as practicable.



                                       17

<PAGE>


                                                                       EXHIBIT 6


                             CONSENT OF THE TRUSTEE


  Pursuant to the requirements of Section 321(b) of the Trust Indenture Act of
1939, and in connection with the proposed issue of Verizon Global Funding Corp.
Debt Securities, First Union National Bank, hereby consents that reports of
examinations by Federal, State, Territorial or District authorities may be
furnished by such authorities to the Securities and Exchange Commission upon
request therefor.



                                             FIRST UNION NATIONAL BANK


                                             By: s/ John H. Clapham
                                                 -------------------------------
                                                 John H. Clapham
                                                 Vice President




Philadelphia, Pennsylvania

July 9, 2001




                                       18

<PAGE>


                                                                       EXHIBIT 7

                               REPORT OF CONDITION

Consolidating domestic and foreign subsidiaries of the First Union National
Bank, Charlotte, North Carolina, at the close of business on March 31, 2001
published in response to call made by Comptroller of the Currency, under title
12, United States Code, Section 161. Charter Number 22693 Comptroller of the
Currency.

 STATEMENT OF RESOURCES AND LIABILITIES
                                        ASSETS
                                                             Thousand of Dollars
                                                             -------------------
 Cash and balance due from depository institutions:
   Noninterest-bearing balances and currency and coin...........   8,580,000
   Interest bearing balances....................................   2,872,000
 Securities.....................................................   /////////
   Held-to-maturity securities..................................           0
   Available-for-sale securities................................  48,709,000
 Federal funds sold and securities purchases to resell..........
 6,742,000 Loans and lease financing receivables:
   Loans and leases held for sale...............................   6,686,000
   Loans and leases, net of unearned income..................... 122,592,000
   LESS: Allowance for loan and lease losses....................   1,742,000
   LESS: Allocated transfer risk reserve........................           0
   Loans and leases, net of unearned income, allowance, and
   reserve...................................................... 120,850,000
 Trading assets.................................................  16,337,000
 Premises and fixed assets (including capitalized leases).......   2,825,000
 Other real estate owned........................................     109,000
 Investment in unconsolidated subsidiaries and associated         //////////
 companies......................................................     292,000
 Customer's liability to this bank on acceptances outstanding...     894,000
 Intangible assets..............................................   2,730,000
    Goodwill....................................................   2,372,000
    Other intangible assets.....................................     358,000
    Other assets................................................  14,982,000
 Total assets................................................... 232,608,000

                                      LIABILITIES
 Deposits:
      In domestic offices....................................... 132,659,000
        Noninterest-bearing.....................................  19,438,000
        Interest-bearing........................................ 113,221,000
      In foreign offices, Edge and Agreement subsidiaries,
      and IBFs..................................................  12,748,000
        Noninterest-bearing.....................................      80,000
        Interest-bearing........................................  12,668,000
 Federal funds purchased and securities sold under agreements
     to repurchase..............................................  21,217,000
 Trading liabilities............................................  10,718,000
 Other borrowed money...........................................  23,817,000
 Not applicable ................................................    ////////
 Bank's liability on acceptances executed and outstanding.......     902,000
 Subordinated notes and debentures..............................   5,993,000
 Other liabilities..............................................   8,039,000
 Total liabilities.............................................. 216,093,000
 Minority interest in consolidated subsidiaries.................     745,000




                                       19

<PAGE>



                                      EQUITY CAPITAL
Perpetual preferred stock and related surplus...................     161,000
Common Stock....................................................     455,000
Surplus.........................................................  13,309,000
Retained earnings...............................................   1,613,000
Accumulated other comprehensive income..........................     232,000
Total equity capital............................................  15,770,000
Total liabilities and equity capital............................ 232,608,000


                                       20

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>17
<FILENAME>file017.txt
<DESCRIPTION>FORM OF LETTER OF TRANSMITTAL
<TEXT>

<PAGE>
                                                                   EXHIBIT 99.1


                              LETTER OF TRANSMITTAL
                                 WITH RESPECT TO

                          VERIZON GLOBAL FUNDING CORP.

                           VERIZON COMMUNICATIONS INC.

                                OFFER TO EXCHANGE

    $1,000,000,000 6 3/4% NOTES DUE 2005 THAT HAVE BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933 (THE "SECURITIES ACT") FOR ANY AND ALL
                        OUTSTANDING 6 3/4% NOTES DUE 2005

    $2,000,000,000 7 1/4% NOTES DUE 2010 THAT HAVE BEEN REGISTERED UNDER THE
        SECURITIES ACT FOR ANY AND ALL OUTSTANDING 7 1/4% NOTES DUE 2010

    $2,000,000,000 7 3/4% NOTES DUE 2030 THAT HAVE BEEN REGISTERED UNDER THE
        SECURITIES ACT FOR ANY AND ALL OUTSTANDING 7 3/4% NOTES DUE 2030

       THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M.,
      NEW YORK CITY TIME, ON __________, 2001 UNLESS THE OFFER IS EXTENDED.

                            FIRST UNION NATIONAL BANK
                             (the "Exchange Agent")

      BY REGISTERED OR CERTIFIED MAIL, OVERNIGHT DELIVERY OR HAND DELIVERY

                            First Union National Bank
                    Corporate Trust Reorganization Department
                         1525 West W.T. Harris Boulevard
                      Charlotte, North Carolina 28288-1153
                             Attention: Marsha Rice

                                  BY FACSIMILE
                                 (704) 590-7628

                    INFORMATION OR CONFIRMATION BY TELEPHONE
                                 (704) 590-7413

     DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET
FORTH ABOVE OR TRANSMISSION OF THIS LETTER OF TRANSMITTAL VIA A FACSIMILE NUMBER
OTHER THAN THE ONE LISTED ABOVE WILL NOT CONSTITUTE A VALID DELIVERY. THE METHOD
OF DELIVERY OF ALL DOCUMENTS, INCLUDING CERTIFICATES, IS AT THE RISK OF THE
HOLDER. IF DELIVERY IS BY MAIL, REGISTERED MAIL WITH RETURN RECEIPT REQUESTED,
PROPERLY INSURED, IS RECOMMENDED. YOU SHOULD READ THE INSTRUCTIONS ACCOMPANYING
THIS LETTER OF TRANSMITTAL CAREFULLY BEFORE YOU COMPLETE THIS LETTER OF
TRANSMITTAL.

     The undersigned acknowledges that he or she has received the prospectus,
dated _________, 2001 (the "Prospectus"), of Verizon Global Funding Corp. (the
"Company") and Verizon Communications Inc. ("Verizon Communications") and this
Letter of Transmittal and the

<PAGE>

instructions hereto (the "Letter of Transmittal"), which together constitute the
Company's offer (the "Exchange Offer") to exchange, upon the terms and subject
to the conditions set forth in the Prospectus:

o    $1,000,000,000 6 3/4% Notes due 2005 that have been registered under the
     Securities Act for any and all outstanding 6 3/4% Notes due 2005
o    $2,000,000,000 7 1/4% Notes due 2010 that have been registered under the
     Securities Act for any and all outstanding 7 1/4% Notes due 2010
o    $2,000,000,000 7 3/4% Notes due 2030 that have been registered under the
     Securities Act for any and all outstanding 7 3/4% Notes due 2030

     The new notes, which are referred to as the "exchange notes," will be
freely transferable. The outstanding notes, which are referred to as the
"restricted notes," have certain transfer restrictions.

     Capitalized terms used but not defined in this Letter of Transmittal have
the respective meanings given to them in the Prospectus.

     The term "Expiration Date" shall mean 5:00 p.m. New York City time on
________, 2001, unless the Company, in its sole discretion, extends the Exchange
Offer, in which case the term shall mean the latest date and time to which the
Exchange Offer is extended by the Company.

     This Letter of Transmittal is to be used if either (1) certificates
representing restricted notes are to be physically delivered to the Exchange
Agent herewith by Holders (as defined below), (2) tenders of restricted notes
are to be made pursuant to the procedures for tender by book-entry transfer set
forth in "Exchange Offer--Book-Entry Transfer" or (3) tender of restricted notes
is to be made by Holders according to the guaranteed delivery procedures set
forth in the Prospectus under "Exchange Offer--Guaranteed Delivery Procedures."
Certificates, or timely confirmation of a book-entry transfer of restricted
notes into the Exchange Agent's account at DTC, as well as this Letter of
Transmittal (or facsimile thereof), properly completed and duly executed, with
any required signature guarantees, and any other documents required by this
Letter of Transmittal, must be received by the Exchange Agent at its address set
forth herein on or prior to the Expiration Date.

              DELIVERY OF DOCUMENTS TO DTC IN ACCORDANCE WITH DTC'S
         PROCEDURES DOES NOT CONSTITUTE DELIVERY TO THE EXCHANGE AGENT.

     The term "Holder" as used herein means any person in whose name restricted
notes are registered on the books of the Company or any other person who has
obtained a properly completed bond power from the registered holder.

     All Holders of restricted notes who wish to tender their restricted notes
must, prior to the Expiration Date either: (a) complete, sign and deliver this
Letter of Transmittal, or a facsimile thereof, to the Exchange Agent, in person
or to the address or facsimile number set forth above and tender (and not
withdraw) his, her or its restricted notes or, (b) if a tender of restricted
notes is to be made by book-entry transfer to the account maintained by the
Exchange Agent at DTC, confirm such book-entry transfer, including the delivery
of an Agent's Message (a "Book-Entry Confirmation"), in each case in accordance
with the procedures for tendering described in the Instructions to this Letter
of Transmittal. Holders of restricted notes whose certificates are not
immediately available, or who are unable to deliver their certificates or
Book-Entry

                                       2
<PAGE>

Confirmation and all other documents required by this Letter of Transmittal to
be delivered to the Exchange Agent on or prior to the Expiration Date, must
tender their restricted notes according to the guaranteed delivery procedures
set forth under the caption "Exchange Offer--Guaranteed Delivery Procedures" in
the Prospectus. (See Instruction 2.)

     Upon the terms and subject to the conditions of the Exchange Offer, the
acceptance for exchange of the restricted notes validly tendered and not
withdrawn and the issuance of the exchange notes will be made promptly following
the Expiration Date. For the purposes of the Exchange Offer, the Company shall
be deemed to have accepted for exchange validly tendered restricted notes when,
as and if the Company has given written notice thereof to the Exchange Agent.

     PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL AND THE PROSPECTUS CAREFULLY
BEFORE CHECKING ANY BOX BELOW. THE INSTRUCTIONS INCLUDED IN THIS LETTER OF
TRANSMITTAL MUST BE FOLLOWED. QUESTIONS AND REQUESTS FOR ASSISTANCE OR FOR
ADDITIONAL COPIES OF THE PROSPECTUS, THIS LETTER OF TRANSMITTAL AND THE NOTICE
OF GUARANTEED DELIVERY MAY BE DIRECTED TO THE EXCHANGE AGENT. SEE INSTRUCTION
12.

     HOLDERS WHO WISH TO ACCEPT THE EXCHANGE OFFER AND TENDER THEIR RESTRICTED
NOTES MUST COMPLETE THIS LETTER OF TRANSMITTAL IN ITS ENTIRETY AND COMPLY WITH
ALL OF ITS TERMS.

     List below the restricted notes to which this Letter of Transmittal
relates. If the space indicated is inadequate, the Certificate or Registration
Numbers and Principal Amounts for each series of restricted notes being tendered
should be listed on a separately signed schedule affixed to this Letter of
Transmittal.

ALL TENDERING HOLDERS MUST COMPLETE THIS BOX:

                    DESCRIPTION OF RESTRICTED NOTES TENDERED

<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------------------------------------
    NAME(S) AND ADDRESS(ES) OF         SERIES OF          CERTIFICATE OR        AGGREGATE PRINCIPAL      PRINCIPAL AMOUNT
 REGISTERED OWNER(S) (PLEASE FILL      RESTRICTED     REGISTRATION NUMBERS*    AMOUNT REPRESENTED BY       OF RESTRICTED
          IN, IF BLANK)              NOTES TENDERED                               RESTRICTED NOTES       NOTES TENDERED**
----------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>              <C>                     <C>                       <C>

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

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

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

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

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

----------------------------------------------------------------------------------------------------------------------------
                                                      TOTAL PRINCIPAL AMOUNT
----------------------------------------------------------------------------------------------------------------------------
*        Need not be completed by book-entry Holders.

**       Unless otherwise indicated, the Holder will be deemed to have tendered
         the full aggregate principal amount represented by such restricted
         notes. All tenders must be in integral multiples of $1,000.
----------------------------------------------------------------------------------------------------------------------------
</TABLE>


               PLEASE READ CAREFULLY THE ACCOMPANYING INSTRUCTIONS

                        SPECIAL REGISTRATION INSTRUCTIONS


                                       3
<PAGE>

                          (SEE INSTRUCTIONS 4, 5 AND 6)

     To be completed ONLY if certificates for restricted notes in a principal
amount not tendered, or exchange notes issued in exchange for restricted notes
accepted for exchange, are to be issued in the name of someone other than the
undersigned.

Issue certificate(s) to:

Name(s)
        ---------------------------------------------------------------------
Address
        ---------------------------------------------------------------------

                               (INCLUDE ZIP CODE)

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


--------------------------------------------------------------------------------
                          (TAX IDENTIFICATION OR SOCIAL
                               SECURITY NUMBER(S))

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

                          SPECIAL DELIVERY INSTRUCTIONS
                          (SEE INSTRUCTIONS 4, 5 AND 6)

     To be completed ONLY if certificates for restricted notes in a principal
amount not tendered, or exchange notes issued in exchange for restricted notes
accepted for exchange, are to be delivered to someone other than the undersigned
or credited to an account maintained at DTC different from the account from
which such restricted notes are being tendered.

Deliver certificate(s) to:

Name(s)
        ---------------------------------------------------------------------

Address
        ---------------------------------------------------------------------

                               (INCLUDE ZIP CODE)

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


--------------------------------------------------------------------------------
                          (TAX IDENTIFICATION OR SOCIAL
                               SECURITY NUMBER(S))


                     ---------------------------------------
                               DTC Account Number

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

IMPORTANT: THIS LETTER OF TRANSMITTAL OR A FACSIMILE HEREOF (TOGETHER WITH THE
CERTIFICATE(S) FOR RESTRICTED NOTES AND ALL OTHER REQUIRED DOCUMENTS) OR A
CONFIRMATION OF BOOK-ENTRY TRANSFER AND AGENT'S MESSAGE OF SUCH RESTRICTED NOTES
MUST BE RECEIVED BY THE EXCHANGE AGENT PRIOR TO THE EXPIRATION DATE. IF
GUARANTEED DELIVERY PROCEDURES

                                       4
<PAGE>

ARE TO BE COMPLIED WITH, A NOTICE OF GUARANTEED DELIVERY MUST BE RECEIVED BY THE
EXCHANGE AGENT PRIOR TO THE EXPIRATION DATE.

HOLDERS WHOSE RESTRICTED NOTES ARE NOT IMMEDIATELY AVAILABLE OR WHO CANNOT
DELIVER THEIR RESTRICTED NOTES AND ALL OTHER DOCUMENTS REQUIRED HEREBY TO THE
EXCHANGE AGENT ON OR PRIOR TO THE EXPIRATION DATE MAY TENDER THEIR RESTRICTED
NOTES ACCORDING TO THE GUARANTEED DELIVERY PROCEDURES SET FORTH IN THE
PROSPECTUS UNDER THE CAPTION "EXCHANGE OFFER--GUARANTEED DELIVERY PROCEDURES."
(SEE INSTRUCTION 2.)

            (BOXES BELOW TO BE CHECKED BY ELIGIBLE INSTITUTIONS ONLY)

/_/ CHECK HERE IF TENDERED RESTRICTED NOTES ARE BEING DELIVERED BY BOOK-ENTRY
TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH DTC AND
COMPLETE THE FOLLOWING:

Name of Tendering Institution_______________________________________
DTC Account Number__________________________________________________
Transaction Code Number_____________________________________________

/__/ CHECK HERE AND ENCLOSE A PHOTOCOPY OF THE NOTICE OF GUARANTEED DELIVERY IF
RESTRICTED NOTES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY
PREVIOUSLY SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING:

Name(s) of Tendering Holder(s)______________________________________
Window Ticket Number (if any)_______________________________________
Date of Execution of Notice of Guaranteed Delivery__________________
Name of Institution Which Guaranteed Delivery_______________________

                  If Guaranteed Delivery is to be made by Book-Entry Transfer:
Name of Tendering Institution_______________________________________
DTC Account Number__________________________________________________
Transaction Code Number_____________________________________________

/_/ CHECK HERE IF TENDERED BY BOOK-ENTRY TRANSFER AND NON-EXCHANGED RESTRICTED
NOTES ARE TO BE RETURNED BY CREDITING THE DTC ACCOUNT NUMBER SET FORTH ABOVE.

/_/ CHECK HERE IF YOU ARE A BROKER-DEALER WHO ACQUIRED THE RESTRICTED NOTES FOR
ITS OWN ACCOUNT AS A RESULT OF MARKET-MAKING OR OTHER TRADING ACTIVITIES AND
WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
AMENDMENTS OR SUPPLEMENTS THERETO.

Name:____________________________________________________

Address:_________________________________________________

If the undersigned is not a broker-dealer, the undersigned represents that (1)
it is acquiring the exchange notes in the ordinary course of its business, (2)
it has no arrangements or

                                       5
<PAGE>

understanding with any person, nor does it intend to engage in, a distribution
(as that term is interpreted by the SEC) of exchange notes and (3) it is not an
affiliate (as that term is interpreted by the SEC) of the Company. If the
undersigned is a broker-dealer that will receive exchange notes for its own
account in exchange for restricted notes that were acquired as a result of
market-making activities or other trading activities, it acknowledges that it
will deliver a prospectus in connection with any resale of such exchange notes;
however, by so acknowledging and by delivering a prospectus, the undersigned
will not be deemed to admit that it is an "underwriter" within the meaning of
the Securities Act.

NOTE:       SIGNATURES MUST BE PROVIDED BELOW.
PLEASE READ ACCOMPANYING INSTRUCTIONS CAREFULLY.

Ladies and Gentlemen:

     Subject to the terms and conditions of the Exchange Offer, the undersigned
hereby tenders to Verizon Global Funding Corp. (the "Company") the principal
amount of restricted notes indicated above.

     Subject to and effective upon the acceptance for exchange of the principal
amount of restricted notes tendered hereby in accordance with the terms of the
Exchange Offer described in the Prospectus, this Letter of Transmittal and the
accompanying Instructions, the undersigned sells, assigns and transfers to, or
upon the order of, the Company all right, title and interest in and to the
restricted notes tendered hereby. The undersigned hereby irrevocably constitutes
and appoints the Exchange Agent as its agent and attorney-in-fact (with full
knowledge that the Exchange Agent also acts as the agent of the Company and as
Trustee and Registrar under the Indenture for the restricted notes and the
exchange notes) with respect to the tendered restricted notes with full power of
substitution (such power of attorney being deemed an irrevocable power coupled
with an interest), subject only to the right of withdrawal described in the
Prospectus, to (1) deliver certificates for such restricted notes to the Company
or transfer ownership of such restricted notes on the account books maintained
by DTC, together, in either such case, with all accompanying evidences of
transfer and authenticity to, or upon the order of, the Company and (2) present
such restricted notes for transfer on the books of the Company and receive all
benefits and otherwise exercise all rights of beneficial ownership of such
restricted notes, all in accordance with the terms of the Exchange Offer.

     The undersigned acknowledges that the Exchange Offer is being made in
reliance upon interpretative advice given by the staff of the SEC to third
parties in connection with transactions similar to the Exchange Offer, so that
the exchange notes issued pursuant to the Exchange Offer in exchange for the
restricted notes may be offered for resale, resold and otherwise transferred by
holders thereof (other than a broker-dealer who purchased such restricted notes
directly from the Company for resale pursuant to Rule 144A, Regulation S or any
other available exemption under the Securities Act or a person that is an
"affiliate" of the Company within the meaning of Rule 405 under the Securities
Act) without compliance with the registration and prospectus delivery provisions
of the Securities Act, provided that such exchange notes are acquired by
non-affiliates of the Company in the ordinary course of such holders' business
and such holders are not participating, do not intend to participate and have no
arrangement or understanding with any person to participate, in the distribution
of such exchange notes.

     The undersigned agrees that acceptance of any tendered restricted notes by
the Company and the issuance of exchange notes in exchange therefor shall
constitute performance in full by the Company of its obligations under the
Exchange and Registration

                                       6
<PAGE>

Rights Agreement relating to such restricted notes and that, upon the issuance
of the exchange notes, the Company will have no further obligations or
liabilities thereunder (except in certain limited circumstances).

     The undersigned represents and warrants that (1) the exchange notes
acquired pursuant to the Exchange Offer are being acquired in the ordinary
course of business of the person receiving exchange notes (which shall be the
undersigned unless otherwise indicated in the box entitled "Special Delivery
Instructions" above) (the "Recipient"), (2) neither the undersigned nor the
Recipient (if different) is engaged in, intends to engage in or has any
arrangement or understanding with any person to participate in the distribution
(as that term is interpreted by the SEC) of such exchange notes, and (3) neither
the undersigned nor the Recipient (if different) is an "affiliate" of the
Company as defined in Rule 405 under the Securities Act.

     If the undersigned is a broker-dealer, the undersigned further (1)
represents that it acquired restricted notes for the undersigned's own account
as a result of market-making activities or other trading activities, (2)
represents that it has not entered into any arrangement or understanding with
the Company or any "affiliate" of the Company (within the meaning of Rule 405
under the Securities Act) to distribute the exchange notes to be received in the
Exchange Offer and (3) acknowledges that it will deliver a prospectus meeting
the requirements of the Securities Act (for which purposes, the delivery of the
Prospectus, as the same may be hereafter supplemented or amended, shall be
sufficient) in connection with any resale of exchange notes received in the
Exchange Offer. Such a broker-dealer will not be deemed, solely by reason of
such acknowledgment and prospectus delivery, to admit that it is an
"underwriter" within the meaning of the Securities Act.

     The undersigned understands and agrees that the Company reserves the right
not to accept tendered restricted notes from any tendering holder if the Company
determines, in its sole and absolute discretion, that such acceptance could
result in a violation of applicable securities laws.

     The undersigned hereby represents and warrants that the undersigned has
full power and authority to tender, exchange, assign and transfer the restricted
notes tendered hereby and to acquire exchange notes issuable upon the exchange
of such tendered restricted notes, and that, when such restricted notes are
accepted for exchange, the Company will acquire good and unencumbered title
thereto, free and clear of all liens, restrictions, charges and encumbrances and
not subject to any adverse claim. The undersigned also warrants that it will,
upon request, execute and deliver any additional documents deemed to be
necessary or desirable by the Exchange Agent or the Company in order to complete
the exchange, assignment and transfer of tendered restricted notes or transfer
of ownership of such restricted notes on the account books maintained by a
book-entry transfer facility.

     The undersigned understands and acknowledges that the Company reserves the
right in its sole discretion to purchase or make offers for any restricted notes
that remain outstanding subsequent to the Expiration Date or, as set forth in
the Prospectus under the caption "Exchange Offer--Procedures for Tendering," to
terminate the Exchange Offer and, to the extent permitted by applicable law,
purchase restricted notes in the open market, in privately negotiated
transactions or otherwise. The terms of any such purchases or offers could
differ from the terms of the Exchange Offer.

                                       7
<PAGE>

     The undersigned understands that the Company may accept the undersigned's
tender upon expiration of the Exchange Offer by delivering written notice of
acceptance to the Exchange Agent, at which time the undersigned's right to
withdraw such tender will terminate. For purposes of the Exchange Offer, the
Company shall be deemed to have accepted validly tendered restricted notes when,
as and if the Company has given oral (which shall be confirmed in writing) or
written notice thereof to the Exchange Agent.

     The undersigned understands that the first interest payment following the
Expiration Date will include unpaid interest on the restricted notes accrued
through the date of issuance of the exchange notes.

     The undersigned understands that tenders of restricted notes pursuant to
the procedures described under the caption "Exchange Offer--Procedures for
Tendering" in the Prospectus and in the instructions hereto will constitute a
binding agreement between the undersigned, the Company and the Exchange Agent in
accordance with the terms and subject to the conditions of the Exchange Offer.
The undersigned recognizes that, under certain circumstances set forth in the
Prospectus, the Company may not be required to accept for exchange any of the
restricted notes tendered hereby.

     If any tendered restricted notes are not accepted for exchange pursuant to
the Exchange Offer for any reason, certificates for any such unaccepted
restricted notes will be returned, at the Company's cost and expense, to the
undersigned at the address shown below or at a different address as may be
indicated herein under "Special Delivery Instructions" (or, in the case of
restricted notes tendered by book-entry transfer, such restricted notes will be
credited to an account maintained at DTC) as promptly as practicable after the
Expiration Date.

     All authority conferred or agreed to be conferred by this Letter of
Transmittal shall survive the death, incapacity or dissolution of the
undersigned, and every obligation of the undersigned under this Letter of
Transmittal shall be binding on the undersigned's heirs, personal
representatives, successors and assigns. This tender may be withdrawn only in
accordance with the procedures set forth in the Prospectus and in this Letter of
Transmittal.

     By acceptance of the Exchange Offer, each broker-dealer that receives
exchange notes pursuant to the Exchange Offer hereby acknowledges and agrees
that upon the receipt of notice by the Company of the happening of any event
that makes any statement in the Prospectus untrue in any material respect or
that requires the making of any changes in the Prospectus in order to make the
statements therein not misleading (which notice the Company agrees to deliver
promptly to such broker-dealer), such broker-dealer will suspend use of the
Prospectus until the Company has amended or supplemented the Prospectus to
correct such misstatement or omission and has furnished copies of the amended or
supplemented Prospectus to such broker-dealer.

     Unless otherwise indicated under "Special Registration Instructions," the
undersigned hereby directs that the exchange notes issued in exchange for the
restricted notes accepted for exchange be issued, and any restricted notes not
tendered or not exchanged be returned, in the name(s) of the undersigned, or, in
the case of a book-entry transfer, credited to the account indicated above
maintained at DTC. Similarly, unless otherwise indicated under "Special Delivery
Instructions," please send the certificates representing the exchange notes
issued in exchange for the restricted notes accepted for exchange and any
certificates for restricted notes not tendered or not exchanged (and
accompanying documents, as appropriate) to the undersigned at the address shown
below the undersigned's signature(s). In the event that both

                                       8
<PAGE>

"Special Registration Instructions" and "Special Delivery Instructions" are
completed, the undersigned hereby directs that the exchange notes issued in
exchange for the restricted notes accepted for exchange be issued in the name(s)
of, and restricted notes not tendered or not exchanged be returned to, the
person(s) so indicated or, in the case of a book-entry transfer, credited to the
account indicated under "Special Registration Instructions" maintained at DTC.
The undersigned understands that the Company has no obligations pursuant to the
"Special Registration Instructions" or "Special Delivery Instructions" to
transfer any restricted notes from the name of the registered Holder(s) thereof
if the Company does not accept for exchange any of the restricted notes so
tendered.

     Holders who wish to tender the restricted notes and (1) whose restricted
notes are not immediately available or (2) who cannot deliver their restricted
notes, this Letter of Transmittal or any other documents required hereby to the
Exchange Agent prior to the Expiration Date, may tender their restricted notes
according to the guaranteed delivery procedures set forth in the Prospectus
under the caption "Exchange Offer--Guaranteed Delivery Procedures." (See
Instruction 2.)











                                       9
<PAGE>

                 PLEASE SIGN HERE WHETHER OR NOT TENDER IS TO BE
               MADE PURSUANT TO THE GUARANTEED DELIVERY PROCEDURES
                  (PLEASE COMPLETE SUBSTITUTE FORM W-9 HEREIN)

     This Letter of Transmittal must be signed by the registered holder(s) as
its (their) name(s) appear on the restricted notes or on a security position
listing, or by person(s) authorized to become registered holder(s) by a properly
completed bond power from the registered holder(s), a copy of which must be
transmitted with this Letter of Transmittal. If the restricted notes to which
this Letter of Transmittal relate are held of record by two or more joint
holders, then all such holders must sign this Letter of Transmittal. If
signature is by a trustee, executor, administrator, guardian, attorney-in-fact,
officer of a corporation or other person acting in a fiduciary or representative
capacity, then such person must (1) set forth his or her full title below and
(2) unless waived by the Company, submit evidence satisfactory to the Company of
such person's authority so to act. (See Instruction 4.)


--------------------------------------------------------------------------------
                           (SIGNATURE(S) OF HOLDER(S))



Date: ____________, 2001

Name(s)
       ----------------------------------------------------------------------
                                 (PLEASE PRINT)

Capacity (full title)
              ---------------------------------------------------------------
Address
        ---------------------------------------------------------------------
                               (INCLUDE ZIP CODE)

Area Code and Telephone Number
                              -----------------------------------------------


  ----------------------------------------------------------------------------
                (TAX IDENTIFICATION OR SOCIAL SECURITY NUMBER(S))



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

  ----------------------------------------------------------------------------
                            GUARANTEE OF SIGNATURE(S)
                               (SEE INSTRUCTION 1)


    -----------------------------------------------------------------------
                             (AUTHORIZED SIGNATURE)

Date: ____________, 2001

Name of Firm
            ---------------------------------------------------------------
Capacity (full title)
                    -------------------------------------------------------
Address
       --------------------------------------------------------------------
                               (INCLUDE ZIP CODE)

Area Code and Telephone Number
                               --------------------------------------------

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

<PAGE>

                                  INSTRUCTIONS
         FORMING PART OF THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER

     1. GUARANTEE OF SIGNATURES. Signatures on this Letter of Transmittal need
not be guaranteed if (a) this Letter of Transmittal is signed by the registered
holder(s) of the restricted notes tendered herewith and such holder(s) have not
completed the box entitled "Special Registration Instructions" or the box
entitled "Special Delivery Instructions" or (b) such restricted notes are
tendered for the account of a member firm of a registered national securities
exchange or of the National Association of Securities Dealers, Inc. or a
commercial bank or trust company having an office or correspondent in the United
States (each, an "Eligible Institution"). (See Instruction 6.) Otherwise, all
signatures on this Letter of Transmittal or a notice of withdrawal, as the case
may be, must be guaranteed by an Eligible Institution. All signatures on bond
powers and endorsements on certificates must also be guaranteed by an Eligible
Institution.

     2. DELIVERY OF THIS LETTER OF TRANSMITTAL AND RESTRICTED NOTES.
Certificates for all physically delivered restricted notes or confirmation of
any book-entry transfer to the Exchange Agent at DTC of restricted notes
tendered by book-entry transfer, as well as a properly completed and duly
executed copy of this Letter of Transmittal or facsimile hereof and any other
documents required by this Letter of Transmittal, must be received by the
Exchange Agent at its address set forth herein prior to 5:00 p.m. New York City
time on the Expiration Date. The method of delivery of the tendered restricted
notes, this Letter of Transmittal and all other required documents, or
book-entry transfer and transmission of an Agent's Message by a DTC participant,
to the Exchange Agent is at the election and risk of the Holder and the delivery
will be deemed made only when actually received by the Exchange Agent. If
restricted notes are sent by mail, registered mail with return receipt
requested, properly insured, is recommended. In all cases, sufficient time
should be allowed to ensure timely delivery. No Letter of Transmittal or
restricted notes should be sent to the Company or DTC.

     The Exchange Agent will make a request to establish an account with respect
to the restricted notes at DTC for purposes of the Exchange Offer promptly after
receipt of this Prospectus, and any financial institution that is a participant
in DTC may make book-entry delivery of restricted notes by causing DTC to
transfer such restricted notes into the Exchange Agent's account at DTC in
accordance with DTC's procedures for transfer. However, although delivery of
restricted notes may be effected through book-entry transfer at DTC, an Agent's
Message (as defined in the next paragraph) in connection with a book-entry
transfer and any other required documents (including a signed copy of this
Letter of Transmittal), must, in any case, be transmitted to and received by the
Exchange Agent at the address specified on the cover page of the Letter of
Transmittal on or prior to the Expiration Date or the guaranteed delivery
procedures described below must be complied with.

     A Holder may tender restricted notes that are held through DTC by
transmitting its acceptance through DTC's Automatic Tender Offer Program, for
which the transaction will be eligible, and DTC will then edit and verify the
acceptance and send an Agent's Message to the Exchange Agent for its acceptance.
The term "Agent's Message" means a message transmitted by DTC to, and received
by, the Exchange Agent and forming part of the confirmation of a book-entry
transfer, which states that DTC has received an express acknowledgment from a
participant in DTC tendering restricted notes and that such participant has
received a Letter of Transmittal and agrees to be bound by the terms of the
Letter of Transmittal and the Company may enforce such agreement against such
participant.

<PAGE>

     Delivery of an Agent's Message will also constitute an acknowledgment from
the tendering DTC participant that the representations and warranties set forth
in this Letter of Transmittal are true and correct.

     Holders who wish to tender their restricted notes and (1) whose restricted
notes are not immediately available, or (2) who cannot deliver their restricted
notes, this Letter of Transmittal or any other documents required hereby to the
Exchange Agent prior to the Expiration Date or comply with book-entry transfer
procedures on a timely basis must tender their restricted notes according to the
guaranteed delivery procedures set forth in the Prospectus. See "Exchange
Offer--Guaranteed Delivery Procedures." Pursuant to such procedures: (1) such
tender must be made by or through an Eligible Institution; (2) prior to the
Expiration Date, the Exchange Agent must have received from the Eligible
Institution a properly completed and duly executed Notice of Guaranteed Delivery
(by facsimile transmission, overnight courier, mail or hand delivery) setting
forth the name and address of the Holder of the restricted notes, the series of
which the restricted notes form a part, the certificate number or numbers, if
any, of such restricted notes and the principal amount of restricted notes
tendered, stating that the tender is being made thereby and guaranteeing that,
within three New York Stock Exchange trading days after the Expiration Date,
this Letter of Transmittal (or facsimile hereof) or any Agent's Message together
with the certificate(s) representing the restricted notes or book-entry
transfer, as the case may be, and any other required documents will be deposited
by the Eligible Institution with the Exchange Agent; and (3) such properly
completed and executed Letter of Transmittal (or facsimile hereof), as well as
all other documents required by this Letter of Transmittal and the
certificate(s), if any, representing all tendered restricted notes in proper
form for transfer (or a confirmation of book-entry transfer of such restricted
notes into the Exchange Agent's account at DTC), must be received by the
Exchange Agent within three New York Stock Exchange trading days after the
Expiration Date, all in the manner provided in the Prospectus under the caption
"Exchange Offer--Guaranteed Delivery Procedures." Any Holder who wishes to
tender his, her or its restricted notes pursuant to the guaranteed delivery
procedures described above must ensure that the Exchange Agent receives the
Notice of Guaranteed Delivery prior to the Expiration Date. Upon request to the
Exchange Agent, a Notice of Guaranteed Delivery will be sent to Holders who wish
to tender their restricted notes according to the guaranteed delivery procedures
set forth above.

     All questions as to the validity, form, eligibility (including time of
receipt), acceptance of tendered restricted notes, and withdrawal of tendered
restricted notes will be determined by the Company in its sole discretion, which
determination will be final and binding. All tendering holders, by execution of
this Letter of Transmittal (or facsimile thereof), shall waive any right to
receive notice of the acceptance of the restricted notes for exchange. The
Company reserves the absolute right to reject any and all restricted notes not
properly tendered or any restricted notes the Company's acceptance of which
would, in the opinion of counsel for the Company, be unlawful. The Company also
reserves the right to waive any irregularities or conditions of tender as to
particular restricted notes. The Company's interpretation of the terms and
conditions of the Exchange Offer (including the instructions in this Letter of
Transmittal) shall be final and binding on all parties. Unless waived, any
defects or irregularities in connection with tenders of restricted notes must be
cured within such time as the Company shall determine. Neither the Company, the
Exchange Agent nor any other person shall be under any duty to give notification
of defects or irregularities with respect to tenders of restricted notes, nor
shall any of them incur any liability for failure to give such notification.
Tenders of restricted notes will not be deemed to have been made until such
defects or irregularities have been cured to the Company's satisfaction or
waived. Any restricted notes received by the Exchange Agent that are not

                                       2
<PAGE>

properly tendered and as to which the defects or irregularities have not been
cured or waived will be returned by the Exchange Agent to the tendering Holders,
or as otherwise directed in this Letter of Transmittal, as soon as practicable
following the Expiration Date.

     3. INADEQUATE SPACE. If the space provided is inadequate, series of the
tenderered restricted notes, as well as their certificate numbers or DTC account
numbers and principal amounts being tendered, should be listed on a separate
signed schedule attached hereto.

     4. TENDER BY HOLDER. Only a registered Holder of restricted notes or a DTC
participant listed on a securities position listing furnished by DTC with
respect to the restricted notes may tender its restricted notes in the Exchange
Offer. Any beneficial owner of restricted notes who is not the registered Holder
and is not a DTC participant and who wishes to tender should arrange with such
registered holder to execute and deliver this Letter of Transmittal on such
beneficial owner's behalf or must, prior to completing and executing this Letter
of Transmittal and delivering his, her or its restricted notes, either make
appropriate arrangements to register ownership of the restricted notes in such
beneficial owner's name or obtain a properly completed bond power from the
registered holder or properly endorsed certificates representing such restricted
notes.

     5. PARTIAL TENDERS; WITHDRAWALS. Tenders of restricted notes will be
accepted only in integral multiples of $1,000. If less than the entire principal
amount of any restricted notes is tendered, the tendering Holder should fill in
the principal amount tendered in the last column of the table entitled
"Description of Restricted Notes" above. The entire principal amount of any
restricted notes delivered to the Exchange Agent will be deemed to have been
tendered unless otherwise indicated. If the entire principal amount of all
restricted notes is not tendered, then restricted notes for the principal amount
of restricted notes not tendered, and exchange notes issued in exchange for any
restricted notes accepted, will be credited to the DTC account from which the
tender was made or sent to the Holder at his, her or its registered address,
unless a different address is provided in the "Special Delivery Instructions"
box above on this Letter of Transmittal, promptly after the restricted notes are
accepted for exchange.

     Except as otherwise provided herein, tenders of restricted notes may be
withdrawn at any time prior to the Expiration Date. To withdraw a tender of
restricted notes in the Exchange Offer, a written or facsimile transmission
notice of withdrawal must be received by the Exchange Agent at its address set
forth herein prior to the Expiration Date. Any such notice of withdrawal must
(1) specify the name of the person having deposited the restricted notes to be
withdrawn (the "Depositor"), (2) identify the restricted notes to be withdrawn
(including the series, the certificate number or numbers and the principal
amount of such restricted notes, or, in the case of restricted notes transferred
by book-entry transfer the name and number of the account at DTC to be
credited), (3) be signed by the Depositor in the same manner as the original
signature on the Letter of Transmittal by which such restricted notes were
tendered (including any required signature guarantees) or be accompanied by
documents of transfer sufficient to have the Registrar with respect to the
restricted notes register the transfer of such restricted notes into the name of
the person withdrawing the tender and (4) specify the name in which any such
restricted notes are to be registered, if different from that of the Depositor.
All questions as to the validity, form and eligibility (including time of
receipt) of such notices will be determined by the Company, whose determination
shall be final and binding on all parties. Any restricted notes so withdrawn
will be deemed not to have been validly tendered for purposes of the Exchange
Offer and no exchange notes will be issued with respect thereto unless the
restricted notes so withdrawn are validly retendered. Any restricted notes which
have been tendered but which are

                                       3
<PAGE>

not accepted for exchange by the Company will be returned to the Holder thereof
without cost to such Holder as soon as practicable after withdrawal, rejection
of tender or termination of the Exchange Offer. Properly withdrawn restricted
notes may be retendered by following one of the procedures described in the
Prospectus under "Exchange Offer--Procedures for Tendering" at any time prior to
the Expiration Date.

     6. SIGNATURES ON THE LETTER OF TRANSMITTAL; BOND POWERS AND ENDORSEMENTS.
If this Letter of Transmittal (or facsimile hereof) is signed by the registered
Holder(s) of the restricted notes tendered hereby, the signature must correspond
with the name(s) as written on the face of each of such restricted notes,
without alteration, enlargement or any change whatsoever.

     If any of the restricted notes tendered hereby are owned of record by two
or more joint owners, all such owners must sign this Letter of Transmittal.

     If a number of restricted notes registered in different names are tendered,
it will be necessary to complete, sign and submit as many copies of this Letter
of Transmittal as there are different registrations of restricted notes.

     If this Letter of Transmittal (or facsimile hereof) is signed by the
registered Holder or Holders (which term, for the purposes described herein,
shall include a book-entry transfer facility whose name appears on a security
listing as the owner of the restricted notes) of restricted notes tendered and
the certificate or certificates for exchange notes issued in exchange therefor
is to be issued (or any untendered principal amount of restricted notes is to be
reissued) to the registered Holder, then such Holder need not and should not
endorse any tendered restricted notes, nor provide a separate bond power. In any
other case, such Holder must either properly endorse the restricted notes
tendered or transmit a properly completed separate bond power with this Letter
of Transmittal with the signatures on the endorsement or bond power guaranteed
by an Eligible Institution.

     If this Letter of Transmittal (or facsimile hereof) is signed by a person
other than the registered Holder or Holders of any restricted notes listed, such
restricted notes must be endorsed or accompanied by appropriate bond powers in
each case signed as the name of the registered Holder or Holders appears on the
restricted notes.

     If this Letter of Transmittal (or facsimile hereof) or any restricted notes
or bond powers are signed by trustees, executors, administrators, guardians,
attorneys-in-fact, or officers of corporations or others acting in a fiduciary
or representative capacity, such persons should so indicate when signing, and
unless waived by the Company, evidence satisfactory to the Company of their
authority so to act must be submitted with this Letter of Transmittal.

     Endorsements on restricted notes or signatures on bond powers required by
this Instruction 6 must be guaranteed by an Eligible Institution.

     7. SPECIAL REGISTRATION AND DELIVERY INSTRUCTIONS. Tendering Holders should
indicate, in the applicable box or boxes, the name and address to which exchange
notes or substitute restricted notes for principal amounts not tendered or not
accepted for exchange are to be issued or sent, if different from the name and
address of the person signing this Letter of Transmittal. In the case of
issuance in a different name, the taxpayer identification or social security
number of the person named must also be indicated.

                                       4
<PAGE>

     8. BACKUP UNITED STATES FEDERAL INCOME TAX WITHHOLDING AND SUBSTITUTE FORM
W-9. Under the United States federal income tax laws, payments that may be made
by the Company on account of exchange notes issued pursuant to the Exchange
Offer may be subject to backup withholding at the rate of 31%. In order to avoid
such backup withholding, each tendering Holder should complete and sign the
Substitute Form W-9 included in this Letter of Transmittal and either (a)
provide the correct taxpayer identification number ("TIN") and certify, under
penalties of perjury, that the TIN provided is correct and that (1) the Holder
has not been notified by the United States Internal Revenue Service (the "IRS")
that the Holder is subject to backup withholding as a result of failure to
report all interest or dividends or (2) the IRS has notified the Holder that the
Holder is no longer subject to backup withholding; or (b) provide an adequate
basis for exemption. If the tendering Holder has not been issued a TIN and has
applied for one, or intends to apply for one in the near future, such Holder
should write "Applied For" in the space provided for the TIN in Part I of the
Substitute Form W-9, sign and date the Substitute Form W-9 and sign the
Certificate of Payee Awaiting Taxpayer Identification Number. If "Applied For"
is written in Part I, the Company (or the Paying Agent under the Indenture
governing the exchange notes) shall retain 31% of payments made to the tendering
Holder during the 60-day period following the date of the Substitute Form W-9.
If the Holder furnishes his, her or its TIN within 60 days after the date of the
Substitute Form W-9, the Company (or the Paying Agent) shall remit such amounts
retained during the 60-day period to the Holder and no further amounts shall be
retained or withheld from payments made to the Holder thereafter. If, however,
the Holder has not provided the Exchange Agent or the Company with his, her or
its TIN within such 60-day period, the Company (or the Paying Agent) shall remit
such previously retained amounts to the IRS as backup withholding. In general,
if a Holder is an individual, the TIN is the social security number of such
individual. If the Exchange Agent or the Company are not provided with the
correct TIN, the Holder may be subject to a $50 penalty imposed by the IRS.

     Certain Holders (including, among others, all corporations and certain
non-United States individuals) are not subject to these backup withholding and
reporting requirements. In order for a non-United States individual to qualify
as an exempt recipient, such Holder must submit a statement (generally, IRS Form
W-8), signed under penalty of perjury, attesting to that individual's exempt
status. Such statements can be obtained from the Exchange Agent. Failure to
complete the Substitute Form W-9 will not, by itself, cause restricted notes to
be deemed invalidly tendered, but may require the Company (or the Paying Agent)
to withhold 31% of the amount of any payments made on account of the exchange
notes. Backup withholding is not an additional federal income tax. Rather, the
federal income tax liability of a person subject to backup withholding will be
reduced by the amount of tax withheld. If withholding results in an overpayment
of taxes, a refund may be obtained from the IRS.

     9. TRANSFER TAXES. The Company will pay all transfer taxes, if any,
applicable to the exchange of restricted notes pursuant to the Exchange Offer.
If, however, certificates representing exchange notes or restricted notes for
principal amounts not tendered or accepted for exchange are to be delivered to,
or are to be registered in the name of, any person other than the registered
Holder of the restricted notes tendered hereby, or if tendered restricted notes
are registered in the name of a person other than the person signing this Letter
of Transmittal, or if a transfer tax is imposed for any reason other than the
exchange of restricted notes pursuant to the Exchange Offer, then the amount of
any such transfer taxes (whether imposed on the registered Holder or on any
other persons) will be payable by the tendering Holder. If satisfactory evidence
of payment of such taxes or exemption therefrom is not submitted with this
Letter of Transmittal, the amount of such transfer taxes will be billed directly

                                       5
<PAGE>

to such tendering Holder. See the Prospectus under "Exchange Offer--Solicitation
of Tenders; Fees and Expenses."

     Except as provided in this Instruction 9, it will not be necessary for
transfer tax stamps to be affixed to the restricted notes listed in this Letter
of Transmittal.

     10. WAIVER OF CONDITIONS. The Company reserves the right, in its sole
discretion, to amend, waive or modify specified conditions in the Exchange
Offer.

     11. MUTILATED, LOST, STOLEN OR DESTROYED RESTRICTED NOTES. Any tendering
Holder whose restricted notes have been mutilated, lost, stolen or destroyed
should contact the Exchange Agent at the address indicated herein for further
instructions.

     12. REQUESTS FOR ASSISTANCE, COPIES. Requests for assistance and requests
for additional copies of the Prospectus, this Letter of Transmittal or the
Notice of Guaranteed Delivery may be directed to the Exchange Agent at the
address specified in the Prospectus and in this Letter of Transmittal. Holders
may also contact their broker, dealer, commercial bank, trust company or other
nominee for assistance concerning the Exchange Offer.

                          (DO NOT WRITE IN SPACE BELOW)

RESTRICTED NOTES
TENDERED              RESTRICTED NOTES ACCEPTED    RESTRICTED NOTES SURRENDERED


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

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

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

Received [ ]         Accepted by  [ ]             Checked by [ ]

Delivery Prepared by [ ]     Checked by  [ ]      Date [ ]

                            IMPORTANT TAX INFORMATION

     Under United States federal income tax laws, to avoid imposition of a 31%
backup withholding with respect to payments made under the exchange notes, a
Holder whose tendered restricted notes are accepted for payment should provide
the Exchange Agent with such Holder's correct TIN on Substitute Form W-9 below
or otherwise establish a basis for exemption from backup withholding. If such
Holder is an individual, the TIN is his social security number. If the Exchange
Agent is not provided with the correct TIN, a $50 penalty may be imposed by the
Internal Revenue Service, and payments made under the exchange note may be
subject to backup withholding.

     Certain Holders (including, among others, all corporations and certain
non-United States persons) are not subject to these backup withholding and
reporting requirements. Exempt

                                       6
<PAGE>

Holders should indicate their exempt status on Substitute Form W-9. A non-United
States person may qualify as an exempt recipient by submitting to the Exchange
Agent a properly completed Internal Revenue Service Form W-8, signed under
penalties of perjury, attesting to that Holder's exempt status. A Form W-8 can
be obtained from the Exchange Agent.

     If backup withholding applies, the Company (or the Paying Agent under the
Indenture governing the exchange notes) is required to withhold 31% of any
payments made to the Holder or other payee with respect to the exchange notes.
Backup withholding is not an additional United States federal income tax.
Rather, the United States federal income tax liability of persons subject to
backup withholding will be reduced by the amount of tax withheld. If withholding
results in an overpayment of taxes, a refund may be obtained from the Internal
Revenue Service.

PURPOSE OF SUBSTITUTE FORM W-9

     To prevent backup withholding on payments made with respect to the exchange
notes, the Holder should provide the Company (or the Paying Agent under the
Indenture governing the exchange notes) with either (a) the Holder's correct TIN
by completing the form below, certifying that the TIN provided on Substitute
Form W-9 is correct (or that such Holder is awaiting a TIN) and that (1) the
Holder has not been notified by the Internal Revenue Service that the Holder is
subject to backup withholding as a result of failure to report all interest or
dividends or (2) the Internal Revenue Service has notified the Holder that the
Holder is no longer subject to backup withholding or (b) an adequate basis for
exemption.

WHAT NUMBER TO GIVE

     The Holder is required to give the TIN (e.g., social security number or
employer identification number) of the registered Holder of the restricted
notes.

      IMPORTANT: THIS LETTER OF TRANSMITTAL (OR FACSIMILE THEREOF) AND ALL
       OTHER REQUIRED DOCUMENTS MUST BE RECEIVED BY THE EXCHANGE AGENT ON
                        OR PRIOR TO THE EXPIRATION DATE.


                                       7
<PAGE>

                    TO BE COMPLETED BY ALL TENDERING HOLDERS

                               (SEE INSTRUCTION 8)

--------------------------------------------------------------------------------
PAYER'S NAME:  FIRST UNION NATIONAL BANK
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                                  <C>

              SUBSTITUTE                 PART 1--PLEASE PROVIDE YOUR TIN ON THE LINE AT       TIN:
               Form W-9                  RIGHT AND CERTIFY BY SIGNING AND DATING BELOW        ____________________
      Department of the Treasury         ________________________                             Social Security Number
       Internal Revenue Service                                                               or Employer

                                                                                              Identification Number

     Payor's Request for Taxpayer                                                             -----------------------
    Identification Number (TIN) and

             Certification

                                                                                                      Part 2
                                                                                                     Awaiting
                                                                                                        TIN

                                                                                                        /-/
------------------------------------------------------------------------------------------------------------------------
                                         Part 3 - CERTIFICATION - UNDER THE
                                         PENALTIES OF PERJURY, I CERTIFY THAT:

                                         (1) the number shown on this form is my
                                         correct taxpayer identification number
                                         FORM W-9 Department of the Treasury,
                                         Internal Revenue Service (or I am
                                         waiting for a number to be issued to
                                         me),
                                         (2)    I am not subject to backup
                                                withholding either because (i) I
                                                am exempt from Payor's Request
                                                For backup withholding, (ii) I
                                                have not been notified by the
                                                Internal Revenue Taxpayer
                                                Identification Service ("IRS")
                                                that I am subject to backup
                                                withholding as a result of a
                                                failure to report all interest
                                                or dividends, or (iii) the IRS
                                                has notified me that I am no
                                                longer subject to backup
                                                withholding, and
                                         (3)    any other information provided
                                                on this form is true and
                                                correct.

                                         Signature ____________________
                                         Date _________________________
--------------------------------------------------------------------------------
</TABLE>


                                       8
<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                                          <C>
                                         You must cross out item (iii) in Part
                                         (2) in the certification above if you
                                         have been notified by the IRS that you
                                         are subject to backup withholding
                                         because of underreporting interest or
                                         dividends on your tax return and you
                                         have not been notified by the IRS that
                                         you are no longer subject to backup
                                         withholding.
----------------------------------------------------------------------------------------------------------------------
</TABLE>


NOTE: FAILURE TO COMPLETE AND RETURN THIS FORM MAY IN CERTAIN CIRCUMSTANCES
RESULT IN BACKUP WITHHOLDING OF 31% OF ANY AMOUNTS PAID TO YOU ON ACCOUNT OF THE
EXCHANGE NOTES.

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



                                       9
<PAGE>

YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN
PART 2 OF THE SUBSTITUTE FORM W-9

             CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER

I certify, under penalties of perjury, that a Taxpayer Identification Number has
not been issued to me, and that I mailed or delivered an application to receive
a Taxpayer Identification Number to the appropriate Internal Revenue Service
Center or Social Security Administration Office (or I intend to mail or deliver
an application in the near future). I understand that if I do not provide a
Taxpayer Identification Number to the payer by the time of payment, 31% of all
payments made to me on account of the exchange notes shall be retained until I
provide a Taxpayer Identification Number to the Exchange Agent and that, if I do
not provide my Taxpayer Identification Number within 60 days, such retained
amounts shall be remitted to the Internal Revenue Service as backup withholding
and 31% of all reportable payments made to me thereafter will be withheld and
remitted to the Internal Revenue Service until I provide a Taxpayer
Identification Number.



Signature                                         Date                   , 2001
          -------------------------------              -----------------











</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>18
<FILENAME>file018.txt
<DESCRIPTION>FORM
<TEXT>

<PAGE>

                                                                    EXHIBIT 99.2

                          NOTICE OF GUARANTEED DELIVERY

                                       FOR

    $1,000,000,000 6 3/4% NOTES DUE 2005 THAT HAVE BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933 (THE "SECURITIES ACT") FOR ANY AND ALL
                       OUTSTANDING 6 3/4% NOTES DUE 2005

    $2,000,000,000 7 1/4% NOTES DUE 2010 THAT HAVE BEEN REGISTERED UNDER THE
        SECURITIES ACT FOR ANY AND ALL OUTSTANDING 7 1/4% NOTES DUE 2010

    $2,000,000,000 7 3/4% NOTES DUE 2030 THAT HAVE BEEN REGISTERED UNDER THE
        SECURITIES ACT FOR ANY AND ALL OUTSTANDING 7 3/4% NOTES DUE 2030

                                       OF

                          VERIZON GLOBAL FUNDING CORP.

     As set forth in the prospectus dated _____, 2001 (the "Prospectus") of
Verizon Global Funding Corp. (the "Company") and Verizon Communications Inc.
("Verizon") and in the Letter of Transmittal (the "Letter of Transmittal"), this
form or a form substantially equivalent to this form must be used to accept the
Exchange Offer (as defined below) if the certificates for the restricted notes
(as defined in the Prospectus) and all other documents required by the Letter of
Transmittal cannot be delivered to the Exchange Agent by the Expiration Date of
the Exchange Offer or compliance with book-entry transfer procedures cannot be
effected on a timely basis. Such form may be delivered by hand or transmitted by
facsimile transmission, telex or mail to the Exchange Agent no later than the
Expiration Date, and must include a signature guarantee by an Eligible
Institution as set forth below. Capitalized terms used herein but not defined
herein have the meanings ascribed thereto in the Prospectus.

                  The Exchange Agent for the Exchange Offer is:
                            First Union National Bank

      BY REGISTERED OR CERTIFIED MAIL, OVERNIGHT DELIVERY OR HAND DELIVERY

                            First Union National Bank
                    Corporate Trust Reorganization Department
                         1525 West W.T. Harris Boulevard
                      Charlotte, North Carolina 28288-1153
                             Attention: Marsha Rice

                                  BY FACSIMILE
                                 (704) 590-7628

                    INFORMATION OR CONFIRMATION BY TELEPHONE
                                 (704) 590-7413

     DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OR TRANSMISSION TO A FACSIMILE
NUMBER OTHER THAN AS SET FORTH ABOVE DOES NOT CONSTITUTE A VALID DELIVERY. THE
METHOD OF DELIVERY OF ALL DOCUMENTS, INCLUDING CERTIFICATES, IS AT THE RISK OF
THE HOLDER. IF DELIVERY IS BY MAIL, REGISTERED MAIL WITH RETURN RECEIPT
REQUESTED, PROPERLY INSURED, IS

<PAGE>

RECOMMENDED. YOU SHOULD READ THE INSTRUCTIONS ACCOMPANYING THE LETTER OF
TRANSMITTAL CAREFULLY BEFORE YOU COMPLETE THIS NOTICE OF GUARANTEED DELIVERY.

     This Notice of Guaranteed Delivery is not to be used to guarantee
signatures. If a signature on a Letter of Transmittal is required to be
guaranteed by an Eligible Institution under the instructions thereto, such
signatures must appear in the applicable space provided on the Letter of
Transmittal for Guarantee of Signature(s).

THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M. NEW YORK CITY
TIME ON _____, 2001 UNLESS THE EXCHANGE OFFER IS EXTENDED.

Ladies and Gentlemen:

     The undersigned acknowledges that he or she has received the prospectus,
dated _________, 2001 (the "Prospectus"), of Verizon Global Funding Corp. (the
"Company") and Verizon Communications Inc. ("Verizon Communications") and this
Letter of Transmittal and the instructions hereto (the "Letter of Transmittal"),
which together constitute the Company's offer (the "Exchange Offer") to
exchange, upon the terms and subject to the conditions set forth in the
Prospectus:

o    $1,000,000,000 6 3/4% Notes due 2005 that have been registered under the
     Securities Act for any and all outstanding 6 3/4% Notes due 2005
o    $2,000,000,000 7 1/4% Notes due 2010 that have been registered under the
     Securities Act for any and all outstanding 7 1/4% Notes due 2010
o    $2,000,000,000 7 3/4% Notes due 2030 that have been registered under the
     Securities Act for any and all outstanding 7 3/4% Notes due 2030

     The undersigned hereby tenders to the Company the aggregate principal
amount of restricted notes set forth below on the terms and conditions set forth
in the Prospectus and the related Letter of Transmittal pursuant to the
guaranteed delivery procedure set forth in the "Exchange Offer--Guaranteed
Delivery Procedures" section in the Prospectus and the accompanying Letter of
Transmittal.

     The undersigned understands that no withdrawal of a tender of restricted
notes may be made on or after the Expiration Date. The undersigned understands
that for a withdrawal of a tender of restricted notes to be effective, a written
notice of withdrawal that complies with the requirements of the Exchange Offer
must be timely received by the Exchange Agent at one of its addresses or by
facsimile specified on the cover of this Notice of Guaranteed Delivery prior to
the Expiration Date.

     The undersigned understands that the exchange of restricted notes for
exchange notes pursuant to the Exchange Offer will be made only after timely
receipt by the Exchange Agent of (1) such restricted notes (or Book-Entry
Confirmation of the transfer of such restricted notes into the Exchange Agent's
account at The Depository Trust Company ("DTC")) and (2) if restricted notes are
to be physically delivered, a Letter of Transmittal (or facsimile thereof) with
respect to such restricted notes, properly completed and duly executed, with any
required signature guarantees, this Notice of Guaranteed Delivery and any other
documents required by the Letter of Transmittal or, in the case of book-entry
transfer, a properly transmitted Agent's Message. The term "Agent's Message"
means a message transmitted by DTC to, and received by, the

                                       2
<PAGE>

Exchange Agent and forming part of the confirmation of a book-entry transfer,
which states that DTC has received an express acknowledgment from a participant
in DTC tendering the restricted notes and that such participant has received the
Letter of Transmittal and agrees to be bound by the terms of the Letter of
Transmittal and the Company may enforce such agreement against such participant.

     All authority conferred or agreed to be conferred by this Notice of
Guaranteed Delivery shall not be affected by, and shall survive, the death or
incapacity of the undersigned, and every obligation of the undersigned under
this Notice of Guaranteed Delivery shall be binding on the heirs, executors,
administrators, trustees in bankruptcy, personal and legal representatives,
successors and assigns of the undersigned.

BOXES BELOW TO BE CHECKED BY ELIGIBLE INSTITUTIONS ONLY:

/ /  CHECK HERE IF TENDERED RESTRICTED NOTES ARE BEING DELIVERED BY BOOK-ENTRY
     TRANSFER MADE T0 THE ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH DTC AND
     COMPLETE THE FOLLOWING:

Name of Tendering Institution
                              -------------------------------

Account Number
               ----------------------------------------------

Transaction Code Number
                        -------------------------------------

     Holders whose restricted notes are not immediately available or who cannot
deliver their restricted notes and all other documents required hereby to the
Exchange Agent on or prior to the Expiration Date must tender their restricted
notes according to the guaranteed delivery procedure set forth in the Prospectus
under the caption "Exchange Offer-Guaranteed Delivery Procedures." See
Instruction 2.

/ /  CHECK HERE AND ENCLOSE A PHOTOCOPY OF THE NOTICE OF GUARANTEED DELIVERY
     IF TENDERED RESTRICTED NOTES ARE BEING DELIVERED PURSUANT TO A NOTICE OF
     GUARANTEED DELIVERY AND COMPLETE THE FOLLOWING:

Name of Registered Holder(s)
                             -----------------------------------------

Date of Execution of Notice of Guaranteed Delivery
                                                  --------------------

Name of Eligible Institution that Guaranteed Delivery
                                                      ------------------


------------------------------------------------------------
If guaranteed delivery is to be made by book-entry transfer:

DTC Account Number
                   -----------------------------------------

Transaction Code Number
                        ------------------------------------

                                       3
<PAGE>

/ /   CHECK HERE IF TENDERED BOOK-ENTRY TRANSFER AND NON-EXCHANGED RESTRICTED
      NOTES ARE TO BE RETURNED BY CREDITING THE DTC ACCOUNT NUMBER SET FORTH
      ABOVE:

/ /   CHECK HERE IF YOU ARE A BROKER-DEALER WHO ACQUIRED THE RESTRICTED NOTES
      FOR ITS OWN ACCOUNT AS A RESULT OF MARKET MAKING OR OTHER TRADING
      ACTIVITIES ("A PARTICIPATING BROKER-DEALER") AND WISH TO RECEIVE 10
      ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
      SUPPLEMENTS THERETO:

         Name
              -------------------------------------------------
         Address
                 -----------------------------------------------

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


     If the undersigned is not a broker-dealer, the undersigned represents that
it is not engaged in, and does not intend to engage in, a distribution of
exchange notes. If the undersigned is a broker-dealer that will receive exchange
notes for its own account in exchange for restricted notes that were acquired as
a result of market-making activities or other trading activities, it
acknowledges that it will deliver a Prospectus in connection with any resale of
such exchange notes; however, by so acknowledging and by delivering a
Prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.



                                       4

</TEXT>
</DOCUMENT>
</SUBMISSION>
