APPLEBEE'S INTERNATIONAL, INC.
 
                                     * * * *
 
 
                                   B Y L A W S
 
                     AS AMENDED AND RESTATED AUGUST 25, 2006
 
                                    * * * * *
 
 
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                                Table of Contents
 
                                                                            Page
 
ARTICLE I OFFICES..............................................................1
     Section 1.  Registered  Office............................................1
     Section 2.  Other Offices.................................................1
ARTICLE II MEETINGS OF STOCKHOLDERS............................................1
     Section 1.  Place of Meetings.............................................1
     Section 2.  Annual Meeting................................................1
     Section 3.  Notice of Annual Meeting......................................1
     Section 4.  Stock List....................................................2
     Section 5.  Special Meetings..............................................2
     Section 6.  Notice of Special Meetings....................................2
     Section 7.  Nominations and Stockholder Business..........................3
     Section 8.  Quorum........................................................4
     Section 9.  Voting........................................................5
     Section 10. Proxies.......................................................5
     Section 11. Action by Written Consent.....................................5
     Section 12. Conduct of Meeting............................................5
ARTICLE III DIRECTORS..........................................................6
     Section 1.  Number; Election; Terms.......................................6
     Section 2.  Vacancies and Resignations....................................7
     Section 3.  Powers........................................................7
     Section 4.  Place of Meetings.............................................7
     Section 5.  Organizational Meeting........................................7
     Section 6.  Regular Meetings..............................................7
     Section 7.  Special Meetings..............................................7
     Section 8.  Quorum........................................................8
     Section 9.  Action Without Meetings.......................................8
     Section 10. Presence at Meetings..........................................8
     Section 11. Committees of Directors.......................................8
     Section 12. Minutes of Meetings...........................................9
     Section 13. Compensation of Directors.....................................9
ARTICLE IV NOTICES.............................................................9
     Section 1.  Manner of Giving Notice; Affidavit of Notice..................9
     Section 2.  Waiver of Notice.............................................10
ARTICLE V OFFICERS............................................................11
     Section 1.  Appointment of Officers......................................11
     Section 2.  Required Officers............................................11
     Section 3.  Other Officers...............................................11
     Section 4.  Compensation of Officers.....................................11
     Section 5.  Removal and Vacancies........................................11
     Section 6.  Chairman of the Board........................................11
     Section 7.  Chief Executive Officer......................................12
 
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     Section 8.  President....................................................12
     Section 9.  Vice-Presidents..............................................12
     Section 10. Secretary....................................................12
     Section 11. Assistant Secretary..........................................12
     Section 12. Treasurer....................................................13
     Section 13. Assistant Treasurer..........................................13
ARTICLE  VI CERTIFICATES FOR SHARES; RECORD  DATE; REGISTERED STOCKHOLDERS....13
     Section 1.  Stock........................................................13
     Section 2.  Signatures on Certificate....................................13
     Section 3.  Lost Certificates............................................13
     Section 4.  Transfer of Stock............................................14
     Section 5.  Fixing Record Date...........................................14
     Section 6.  Registered Stockholders......................................15
ARTICLE VII GENERAL PROVISIONS................................................15
     Section 1.  Dividends....................................................15
     Section 2.  Reserves.....................................................15
     Section 3.  Checks.......................................................15
     Section 4.  Fiscal Year..................................................15
     Section 5.  Seal.........................................................15
     Section 6.  Electronic Transmission......................................16
     Section 7.  Gender Neutral...............................................16
ARTICLE VIII AMENDMENTS.......................................................16
     Section 1.  .............................................................16
ARTICLE IX INDEMNIFICATION OF DIRECTORS AND OFFICERS..........................16
     Section 1.  Indemnification in Actions Other Than Those by or in
                 the Right of the Corporation.................................16
     Section 2.  Indemnification in Actions by or in the Right of the
                 Corporation..................................................17
     Section 3.  Expenses after Successful Defense............................17
     Section 4.  Authorization of Indemnification.............................17
     Section 5.  Expenses Payable in Advance..................................18
     Section 6.  Indemnification Not Exclusive................................18
     Section 7.  Insurance....................................................18
     Section 8.  Survival of Rights...........................................18
     Section 9.  Certain Definitions..........................................19
     Section 10. Certain Definitions..........................................19
     Section 11. Limitations..................................................19
 
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                         APPLEBEE'S INTERNATIONAL, INC.
 
                                   B Y L A W S
 
                     AS AMENDED AND RESTATED AUGUST 25, 2006
 
 
                                   ARTICLE I
                                    OFFICES
 
     Section 1. Registered Office. The registered office shall be in the City of
Wilmington, County of New Castle, State of Delaware.
 
     Section 2. Other  Offices.  The  corporation  may also have offices at such
other  places  both  within and  without  the State of  Delaware as the Board of
Directors may from time to time determine or the business of the corporation may
require.
 
                                   ARTICLE II
                            MEETINGS OF STOCKHOLDERS
 
     Section 1. Place of  Meetings.  All meetings of the  stockholders  shall be
held at the registered  office of the corporation in Delaware,  or at such other
place within or without the state of Delaware as may be designated  from time to
time by the Board of Directors and stated in the notice of the meeting.
 
     Section 2. Annual Meeting. Annual meetings of stockholders shall be held on
such date and at such time as the Board of Directors may designate and stated in
the notice of the meeting.  At such annual meeting the stockholders  shall elect
directors by a plurality  vote and transact such other  business as may properly
be brought before the meeting.
 
     The Board of  Directors  may, in its sole  discretion,  determine  that the
annual meeting shall not be held at any place, but may instead be held solely by
means of remote communication as authorized by Section 211(a)(2) of the Delaware
General  Corporation  Law. If so authorized,  and subject to such guidelines and
procedures as the Board of Directors may adopt,  stockholders  and  proxyholders
not  physically  present at such meeting may, by means of remote  communication,
participate  in a meeting of  stockholders,  provided  that (i) the  corporation
shall  implement  reasonable  measures to verify that each person deemed present
and  permitted  to vote at the  meeting  by means of remote  communication  is a
stockholder or  proxyholder,  (ii) the corporation  shall  implement  reasonable
measures to provide such stockholders and proxyholders a reasonable  opportunity
to  participate  in  the  meeting  and  to  vote  on  matters  submitted  to the
stockholders,  including an opportunity  to read or hear the  proceedings of the
meeting  substantially  concurrently  with  such  proceedings,  and (iii) if any
stockholder or  proxyholder  votes or takes other action at the meeting by means
of  remote  communication,  a  record  of such  vote or  other  action  shall be
maintained by the corporation.
 
     Section 3. Notice of Annual  Meeting.  Notice of the annual meeting stating
the  place,  if any,  date  and time of the  meeting,  and the  means of  remote
communications, if any, by which stockholders and proxy holders may be deemed to
be  present  in  person  and  vote at  such  meeting,  shall  be  given  to each
stockholder  entitled  to vote at such  meeting  not less than ten nor more than
sixty days before the date of the meeting, in the manner provided in Article IV,
Section 1 of these bylaws.
 
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     Section 4. Stock List.  The  officer who has charge of the stock  ledger of
the  corporation  shall prepare and make, at least ten days before every meeting
of  stockholders,  a complete list of the  stockholders  entitled to vote at the
meeting,  arranged  in  alphabetical  order,  and  showing  the  address of each
stockholder and the number of shares registered in the name of each stockholder.
The list shall not be required to include  electronic  mail  addresses  or other
electronic  contact  information.  Such list shall be open to the examination of
any stockholder, for any purpose germane to the meeting for a period of at least
ten days prior to the meeting: (i) on a reasonably accessible electronic network
provided that the  information  required to gain access to such list is provided
with the notice of the meeting,  or (ii), during ordinary business hours, either
at a place within the city where the meeting is to be held, which place shall be
specified in the notice of the meeting,  or, if not so  specified,  at the place
where the meeting is to be held.  If the meeting is to be held at a place,  then
the list shall be produced and kept at the time and place of the meeting  during
the whole time thereof and may be inspected by any  stockholder  who is present.
If the meeting is to be held solely by means of remote  communication,  then the
list shall also be open to the examination of any  stockholder  during the whole
time of the  meeting on a  reasonably  accessible  electronic  network,  and the
information  required to access  such list shall be provided  with the notice of
the  meeting.  The  stock  ledger  shall  be  the  only  evidence  as  to  which
stockholders are entitled to examine the stock ledger,  the list of stockholders
entitled to vote at a meeting, or the books of the corporation,  and as to which
stockholders  are  entitled  to vote in  person  or by proxy at any  meeting  of
stockholders.
 
     Section 5. Special Meetings. Special meetings of the stockholders,  for any
purpose  or  purposes,   unless  otherwise  prescribed  by  statute  or  by  the
certificate of  incorporation,  may be called by the chief executive  officer or
the  chairman of the Board and shall be called by the chief  executive  officer,
chairman  of the Board or  secretary  at the request in writing of a majority of
the Board of Directors.  Such request shall state the purpose or purposes of the
proposed meeting.
 
     Section 6. Notice of Special Meetings.  Notice of a special meeting stating
the  place,  if  any,  date  and  time  of the  meeting,  the  means  of  remote
communications, if any, by which stockholders and proxy holders may be deemed to
be present in person and vote at such  meeting,  and the purpose or purposes for
which  the  meeting  is  called,  shall be given not less than ten nor more than
sixty days before the date of the meeting, to each stockholder  entitled to vote
at such  meeting,  in the  manner  provided  in Article  IV,  Section 1 of these
bylaws.
 
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     Section 7. Nominations and Stockholder Business.
 
               (a) Nominations of persons for election to the Board of Directors
          of the  corporation  and the proposal of business to be  considered by
          the  stockholders may be made at an annual meeting of stockholders (a)
          pursuant  to the  corporation's  notice of  meeting,  (b) by or at the
          direction of the Board of Directors,  or (c) by any stockholder of the
          corporation  who is a  stockholder  of record at the time of giving of
          notice  provided for in this  Section,  who is entitled to vote at the
          meeting and who complied with the notice  procedures set forth in this
          Section.
 
               (b) For  nominations  or other  business to be  properly  brought
          before an annual  meeting by a  stockholder  pursuant to this Section,
          the  stockholder  must have given timely notice  thereof in writing to
          the secretary of the  corporation,  and such business must be a proper
          subject for stockholder action under the Delaware General  Corporation
          Law. To be timely,  a  stockholder's  notice shall be delivered to the
          secretary at the principal  executive  offices of the  corporation (if
          delivered by electronic mail or facsimile,  the  stockholder's  notice
          shall be directed to the secretary at the  electronic  mail address or
          facsimile  number,  as the case may be, specified in the corporation's
          most recent proxy  statement)  not less than one hundred  twenty (120)
          days nor more than one hundred sixty-five (165) days prior to the date
          on which the  corporation  first  mailed its proxy  materials  for the
          prior year's annual meeting of stockholders;  provided,  however, that
          in the event that the date of the annual  meeting is  advanced by more
          than  thirty  (30)  days  or  delayed  (other  than  as  a  result  of
          adjournment) by more than thirty (30) days from the anniversary of the
          previous year's annual meeting, notice by the stockholder to be timely
          must be delivered not later than the close of business on the later of
          the  sixtieth  (60th)  day prior to such  annual  meeting or the tenth
          (10th) day following the day on which public  announcement of the date
          of such  meeting is first made.  Such  stockholder's  notice shall set
          forth (a) as to each person whom the stockholder  proposes to nominate
          for election or reelection as a director all  information  relating to
          such  person  that is required to be  disclosed  in  solicitations  of
          proxies for election of Directors,  or is otherwise required,  in each
          case pursuant to Regulation 14A under the  Securities  Exchange Act of
          1934, as amended (the "Exchange Act") (including such person's written
          consent  to being  named in the proxy  statement  as a nominee  and to
          serving as a director if elected;  (b) as to any other  business  that
          the  stockholder  proposes  to  bring  before  the  meeting,  a  brief
          description of the business  desired to be brought before the meeting,
          the  reasons  for  conducting  such  business  at the  meeting and any
          material  interest  in  such  business  of  such  stockholder  and the
          beneficial  owner,  if any, on whose behalf the proposal is made;  and
          (c) as to the stockholder  giving the notice and the beneficial owners
          if any on whose behalf the nomination or proposal is made (i) the name
          and address of such  stockholder,  as they appear on the corporation's
          books,  and of such  beneficial  owner,  (ii) the class and  number of
          shares of the corporation  which are owned  beneficially and of record
          by such  stockholder and such beneficial  owner,  and a representation
          that the  stockholder  is a holder of record and  intends to appear in
          person or by proxy to nominate the person or persons  specified in the
          notice or bring the specified business before the meeting, and (iii) a
          description  of  all  arrangements  or   understandings   between  the
          stockholder  and each  nominee and any person or persons  (naming such
          person or persons) pursuant to which the nomination or nominations are
          to be made by the stockholder.
 
                                       3
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               (c) Only such business shall be conducted at a special meeting of
          stockholders as shall have been brought before the meeting pursuant to
          the  corporation's  notice of  meeting.  Nominations  of  persons  for
          election to the Board of Directors may be made at a special meeting of
          stockholders  at which  directors  are to be elected  pursuant  to the
          corporation's  notice of  meeting  (a) by or at the  direction  of the
          Board of Directors or (b) by any stockholder of the corporation who is
          a stockholder  of record at the time of giving of notice  provided for
          in this Section.  Nominations by  stockholders of persons for election
          to the Board of  Directors  may be made at such a special  meeting  of
          stockholders  if the  stockholder's  notice  required by this  Section
          shall be delivered to the secretary at the principal executive offices
          of the corporation (if delivered by electronic mail or facsimile,  the
          stockholder's  notice  shall  be  directed  to  the  secretary  at the
          electronic  mail  address  or  facsimile  number,  as the case may be,
          specified  in the  corporation's  most  recent  proxy  statement)  not
          earlier  than the one  hundred  twentieth  (120th)  day  prior to such
          special  meeting and not later than the close of business on the later
          of the sixtieth  (60th) day prior to such special meeting or the tenth
          (10th) day  following  the day on which public  announcement  is first
          made of the date of the special  meeting and of the nominees  proposed
          by the Board of Directors to be elected at such meeting.
 
               (d) Only those persons who are  nominated in accordance  with the
          procedures set forth in this Section shall be eligible for election as
          directors at any meeting of stockholders.  The corporation may require
          any  proposed  nominee to  furnish  additional  information  as may be
          reasonably required by the corporation to determine the eligibility of
          such  person  to serve as a  director  of the  corporation.  Only such
          business shall be conducted at a meeting of stockholders as shall have
          been brought before the meeting in accordance  with the procedures set
          forth in this  Section.  The  chairman of the  meeting  shall have the
          power and duty to  determine  whether  a  nomination  or any  business
          proposed to be brought before the meeting was made in accordance  with
          the  procedures  set  forth  in  this  Section  and,  if any  proposed
          nomination  or business is not in  compliance  with this  Section,  to
          declare that such defective proposal shall be disregarded.
 
               (e) For purposes of this  Section,  "public  announcement"  shall
          mean  disclosure  in a press  release  reported  by the Dow Jones News
          Service,  Associated Press or comparable national news service or in a
          document  publicly  filed by the  corporation  with the Securities and
          Exchange  Commission  pursuant  to  Section  9, 13, 14 or 15(d) of the
          Exchange Act.
 
               (f) Notwithstanding  the foregoing  provisions of this Section, a
          stockholder shall also comply with all applicable  requirements of the
          Exchange Act and the rules and regulations  thereunder with respect to
          the matters set forth in this  Section.  Nothing in this Section shall
          be deemed to affect any rights of stockholders to request inclusion of
          proposals in the corporation's  proxy statement pursuant to Rule 14a-8
          under the Exchange Act.
 
          Section 8. Quorum. At each meeting of the stockholders, the holders of
     a  majority  of the  outstanding  shares of stock  entitled  to vote at the
     meeting,  present in person or  represented  by proxy,  shall  constitute a
     quorum for the  transaction  of business  except as  otherwise  provided by
     statute or by the certificate of incorporation. In the absence of a quorum,
     the stockholders to present,  by majority vote, shall have power to adjourn
     the meeting from time to time, without notice other than an announcement at
     the  meeting,  until a quorum  shall be  present  or  represented.  At such
     adjourned  meeting at which a quorum  shall be present or  represented  any
     business may be transacted  which might have been transacted at the meeting
     as originally notified. If the adjournment is for more than thirty days, or
     if after the  adjournment  a new  record  date is fixed  for the  adjourned
     meeting,  a  notice  of the  adjourned  meeting  shall  be  given  to  each
     stockholder of record entitled to vote at the meeting.
 
                                       4
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          Section 9. Voting.  Unless a greater  number of  affirmative  votes is
     required by the Certificate of  Incorporation,  these bylaws,  the rules or
     regulations of any stock exchange applicable to the corporation,  or by law
     or any regulation applicable to the corporation,  if a quorum exists at any
     meeting of stockholders, stockholders shall have approved any matter, other
     than the election of directors,  if the votes cast by stockholders  present
     in person or  represented  by proxy at the meeting and  entitled to vote on
     the  matter  in  favor  of  such  matter  exceed  the  votes  cast  by such
     stockholders against such matter. Directors shall be elected by a plurality
     of the votes cast.
 
          Section 10. Proxies.  Unless otherwise  provided in the certificate of
     incorporation  each stockholder  shall at every meeting of the stockholders
     be entitled to one vote in person or to authorize another person to act for
     it by proxy for each share of the capital stock having voting power held by
     such stockholder, but no proxy shall be voted on after three years from its
     date,  unless the proxy  provides for a longer period.  Such  authorization
     must be in  writing  and  executed  by the  stockholder  or its  authorized
     officer,  director,  employee,  or agent. To the extent permitted by law, a
     stockholder may authorize  another person or persons to act for it as proxy
     by transmitting or authorizing the transmission of a telegram, cablegram or
     other means of electronic transmission to the person who will be the holder
     of the  proxy  or to a  proxy  solicitation  firm,  proxy  support  service
     organization  or like agent duly  authorized  by the person who will be the
     holder  of the  proxy  to  receive  such  transmission  provided  that  the
     telegram,  cablegram  or  electronic  transmission  either sets forth or is
     submitted  with  information  from  which  it can be  determined  that  the
     telegram,  cablegram or other electronic transmission was authorized by the
     stockholder.  A duly executed  proxy shall be irrevocable if it states that
     it is  irrevocable  and if,  and only as long  as,  it is  coupled  with an
     interest  sufficient in law to support an irrevocable  power. A stockholder
     may revoke any proxy which is not  irrevocable by attending the meeting and
     voting in person or by filing an instrument  in writing  revoking the proxy
     or by filing a subsequent  duly  executed  proxy with the  secretary of the
     corporation.
 
          Section 11. Action by Written Consent.  Unless  otherwise  provided in
     the  certificate of  incorporation,  any action required to be taken at any
     annual or special meeting of stockholders of the corporation, or any action
     which may be taken at any annual or special  meeting of such  stockholders,
     may be taken without a meeting, without prior notice and without a vote, if
     a consent in writing, setting forth the action so taken, shall be signed by
     the holders of outstanding stock having not less than the minimum number of
     votes that would be necessary to authorize or take such action at a meeting
     at which all shares entitled to vote thereon were present and voted. Prompt
     notice of the taking of the corporate action without a meeting by less than
     unanimous written consent shall be given to those stockholders who have not
     consented in writing.
 
          Section 12. Conduct of Meeting. The time of the opening and closing of
     the polls  for each  matter  upon  which  the  stockholders  will vote at a
     meeting  shall be  determined  and announced at the meeting by the chairman
     presiding  at the meeting.  The Board of  Directors  may, to the extent not
     prohibited  by  law,  adopt  by  resolution  such  rules,  regulations  and
     procedures for the conduct of the meeting as it deems  appropriate.  Except
     to the extent  inconsistent  with such rules and  regulations so adopted by
 
                                       5
<PAGE>
 
     the Board of Directors,  the chairman of any meeting of stockholders  shall
     have the right and  authority  to  prescribe  such rules,  regulations  and
     procedures  and to do all  such  acts  as,  in the  sole  judgment  of such
     chairman,  are appropriate for the proper conduct of any such meeting. Such
     rules,  regulations  or  procedures,  whether  prescribed  by the  Board of
     Directors or adopted by the chairman of the meeting, may, to the extent not
     prohibited by law,  include,  without  limitation,  the following:  (i) the
     establishment  of an  agenda or order of  business  for the  meeting;  (ii)
     rules,  regulations and procedures for maintaining order at the meeting and
     for the safety of those persons present at the meeting;  whether any threat
     or  activity  with  respect to such  order or safety is real or  perceived;
     (iii)  limitations on and  procedures  for  attendance at,  admission to or
     participation in the meeting,  including for example,  limiting the meeting
     to  stockholders  of record  of the  Company,  their  duly  authorized  and
     constituted  proxies or such other  persons as the  chairman of the meeting
     shall  determine;  (iv)  restrictions on the entry to the meeting after the
     time fixed for the  commencement  thereof;  and (v) limitations on the time
     allotted to  questions  or comments  by the  meeting  participants  and the
     responses  thereto.  Unless,  and to the extent  determined by the Board of
     Directors or the chairman of the meeting,  meetings of  stockholders  shall
     not be required to be held in  accordance  with the rules of  parliamentary
     procedure.
 
 
                                  ARTICLE III
                                   DIRECTORS
 
          Section 1. Number;  Election;  Terms.  The business and affairs of the
     corporation  shall be  managed  by the Board of  Directors.  The  number of
     directors  which  shall  constitute  the whole  Board of  Directors  of the
     corporation  shall not be less than 9 nor more than 13. The exact number of
     directors  within the  minimum  and maximum  limitations  specified  in the
     preceding  sentence  shall  be  fixed  from  time to time by the  Board  of
     Directors  pursuant to a resolution  adopted by the affirmative votes of at
     least all but one of the entire Board of Directors.
 
          Upon  the  effectiveness  of  the  amendment  to  the  certificate  of
     incorporation   of  the  corporation   pursuant  to  the  Delaware  General
     Corporation Law, the Board of Directors of the corporation shall be divided
     into three classes,  designated  Class I, Class II, and Class III, which at
     all times shall be as nearly equal in number as possible,  as determined by
     the Board of  Directors.  If the  Board of  Directors  shall by  resolution
     increase the number of directors  which shall  constitute the entire Board,
     such  additional  directors shall be designated to serve in either Class I,
     Class II, or Class III, at the  discretion  of the Board of  Directors,  so
     long as each class is maintained as nearly equal in number as possible. The
     term of office of the initial Class I directors  shall expire at the annual
     meeting of  stockholders  next  succeeding  the date which these bylaws are
     adopted,  the term of office of the initial Class II directors shall expire
     at the annual meeting of stockholders next succeeding the annual meeting at
     which the term of office of the initial Class I directors expires,  and the
     term of  office of the  initial  Class III  directors  shall  expire at the
     annual meeting of stockholders  next succeeding the annual meeting at which
     the  term  of  office  of the  initial  Class  II  directors  expires.  The
     appointment of incumbent  directors to Board of Director  Classes I, II and
     III at the time of said  effectiveness  of the amendment to the certificate
     of  incorporation  shall be by a  resolution  adopted by a majority  of the
     stockholders entitled to vote in an election of directors.
 
                                       6
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          At  each  annual  meeting  of  stockholders   following  such  initial
     classification  and  election,  directors  elected to succeed  those  terms
     expired at the time of such  meeting  shall be elected to hold office until
     the third succeeding  annual meeting of stockholders of their election.  In
     the event of any increase in the number of  directors  of the  corporation,
     the  additional  directors  shall  be so  classified  that all  classes  of
     directors  shall be increased  equally as nearly as  possible.  Election of
     directors of the corporation need not be by written ballot.  Directors need
     not be stockholders.
 
          Section 2.  Vacancies  and  Resignations.  Vacancies and newly created
     directorships  resulting  from any  increase  in the  authorized  number of
     directors  may be filled by a  majority  of the  directors  then in office,
     though  less  than a  quorum,  or by a sole  remaining  director,  and  any
     director so chosen shall hold office for the unexpired  portion of the term
     of the director whose place shall be vacant, and until his or her successor
     is duly elected and shall qualify, unless sooner displaced. If there are no
     directors  in office,  then an  election  of  directors  may be held in the
     manner  provided by statute.  If, at the time of filling any vacancy or any
     newly created  directorship,  the directors then in office shall constitute
     less than a majority of the whole Board (as constituted  immediately  prior
     to any such increase),  the Court of Chancery may, upon  application of any
     stockholder  or  stockholders  holding  at least ten  percent  of the total
     number of the shares at the time  outstanding  having the right to vote for
     such  directors,  summarily  order an  election to be held to fill any such
     vacancies  or newly  created  directorships,  or to replace  the  directors
     chosen by the directors then in office.
 
          Any  director  may  resign  at any time  upon  written  notice  to the
     corporation.
 
          Section 3. Powers. The business of the corporation shall be managed by
     or under the  direction  of its Board of  Directors  which may exercise all
     such  powers of the  corporation  and do all such lawful acts and things as
     are not by  statute  or by the  certificate  of  incorporation  or by these
     bylaws directed or required to be exercised or done by the stockholders.
 
          Section  4.  Place  of  Meetings.   The  Board  of  Directors  of  the
     corporation may hold meetings,  both regular and special,  either within or
     without the State of Delaware.
 
          Section 5. Organizational  Meeting.  The Board of Directors shall meet
     for  the  purpose  of  organization,  the  election  of  officers  and  the
     transaction of other  business,  after each annual election of directors on
     the day and at the place of the next regular  meeting of the Board.  Notice
     of such  meeting  need not be given.  Such meeting may be held at any other
     time or place which shall be  specified  in a notice  given as  hereinafter
     provided for special meetings of the Board of Directors or in a consent and
     waiver of notice thereof signed by all of the directors.
 
          Section  6.  Regular  Meetings.  Regular  meetings  of  the  Board  of
     Directors  may be held  without  notice at such  time and at such  place as
     shall from time to time be determined by the Board.
 
          Section  7.  Special  Meetings.  Special  meetings  of  the  Board  of
     Directors  may be called  by the  president,  chief  executive  officer  or
     chairman of the Board by notice to each  director at least 24 hours  before
     the start of the meeting, or if sent by first-class mail, at least 48 hours
     before the start of the meeting;  special  meetings  shall be called by the
     president  or  secretary  in like  manner and on like notice on the written
     request of two directors unless the Board consists of only one director; in
     which case special  meetings  shall be called by the president or secretary
     in like  manner  and on like  notice  on the  written  request  of the sole
     director.
 
                                       7
<PAGE>
 
          Section  8.  Quorum.  At all  meetings  of the  Board of  Directors  a
     majority of the directors shall  constitute a quorum for the transaction of
     business and the act of a majority of the directors  present at any meeting
     at  which  there is a quorum  shall be the act of the  Board of  Directors,
     except as may be  otherwise  specifically  provided  by  statute  or by 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.
 
          Section 9. Action Without Meetings. Unless otherwise restricted by the
     certificate  of  incorporation  or these  bylaws,  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 the
     Board or committee,  as the case may be,  consent  thereto in writing or by
     electronic  transmission,   and  the  writing  or  writings  or  electronic
     transmissions  are filed with the  minutes of  proceedings  of the Board or
     committee.
 
          Section 10. Presence at Meetings.  Unless otherwise  restricted by the
     certificate  of  incorporation  or these  bylaws,  members  of the Board of
     Directors,  or any  committee  designated  by the Board of  Directors,  may
     participate in a meeting of the Board of Directors,  or any  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 the
     meeting.
 
          Section 11.  Committees of Directors.  The Board of Directors  may, by
     resolution  passed by a majority of the  directors  present at a meeting at
     which a quorum is present, designate one or more committees, each committee
     to consist of one or more of the  directors of the  corporation.  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 member of a  committee,  the
     member or members thereof present at any meeting and not disqualified  from
     voting, whether or not he, she or they constitute a quorum, may unanimously
     appoint  another  member of the Board of Directors to act at the meeting in
     the place of any such absent or disqualified member.
 
     Any such  committee,  to the extent provided in the resolution of the Board
     of  Directors,  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, and may authorize the seal of the corporation to be affixed to
     all papers which may require it; but no such committee shall have the power
     or authority in reference  to amending the  certificate  of  incorporation,
     (except that a committee may, to the extent authorized in the resolution or
     resolutions  providing  for the issuance of shares of stock  adopted by the
     Board of Directors as provided in Section 151(a) fix any of the preferences
     or rights of such shares  relating to dividends,  redemption,  dissolution,
     any  distribution of assets of the  corporation or the conversion  into, or
     the  exchange of such  shares for,  shares of any other class or classes or
     any other series of the same of any other class or
 
                                       8
 
<PAGE>
 
 
 
 
     classes of stock of the  corporation)  adopting an  agreement  of merger or
     consolidation, recommending to the stockholders the sale, lease or exchange
     of all or  substantially  all of the  corporation's  property  and  assets,
     recommending  to the  stockholders  a dissolution  of the  corporation or a
     revocation  of a  dissolution,  or amending the bylaws of the  corporation;
     and, unless the resolution or the certificate of incorporation expressly so
     provide,  no such committee  shall have the power or authority to declare a
     dividend or to authorize the issuance of stock or to adopt a certificate of
     ownership and merger.  Such committee or committees shall have such name or
     names as may be determined  from time to time by resolution  adopted by the
     Board of Directors.
 
          Unless  the  Board  of  Directors  shall  otherwise  provide,  regular
     meetings of any committee  appointed pursuant to this Section shall be held
     at such times and places as are determined by the Board of Directors, or by
     any such  committee.  Special  meetings of any  committee may be called and
     notice  given in the same  manner as for  special  meetings of the Board of
     Directors,  or as otherwise specified by the Board of Directors. A majority
     of the authorized  number of members of any such committee shall constitute
     a quorum for the  transaction  of  business,  and the act of a majority  of
     those  present at any meeting at which a quorum is present shall be the act
     of such committee.
 
          Section 12.  Minutes of Meetings.  Each  committee  shall keep regular
     minutes of its meetings and report the same to the Board of Directors  when
     required.
 
          Section 13. Compensation of Directors.  Unless otherwise restricted by
     the certificate of  incorporation  or these bylaws,  the Board of Directors
     shall  have  the  authority  to fix  the  compensation  of  directors.  The
     directors may be paid their expenses, if any, of attendance at each meeting
     of the Board of  Directors  and may be paid a fixed sum for  attendance  at
     each meeting of the Board of Directors or a stated  salary as director.  No
     such payment shall  preclude any director from serving the  corporation  in
     any other capacity and receiving compensation therefor.  Members of special
     or standing  committees  may be allowed  like  compensation  for  attending
     committee meetings.
 
                                   ARTICLE IV
                                    NOTICES
 
          Section 1. Manner of Giving  Notice;  Affidavit  of Notice.  Whenever,
     under the provisions of the statutes or of the certificate of incorporation
     or of these  bylaws,  notice is  required  to be given to any  stockholder,
     director,  or officer,  it shall not be construed to mean personal  notice,
     but such  notice  may be  given in  writing,  by  mail,  addressed  to such
     stockholder,  director,  or  officer  at his  address  as it appears on the
     records of the corporation,  with postage thereon prepaid,  or, in the case
     of directors or officers, by telegram,  cablegram,  electronic or facsimile
     transmission  or voicemail.  Any notice given by mail shall be deemed to be
     given  at  the   time   when  the   same   shall   be   deposited   in  the
     country-regionplaceUnited  States  mail.  Any  notice  given  by  telegram,
     cablegram,  electronic  or facsimile  transmission  or  voicemail  shall be
     deemed  to  have  been  given  when  it  shall  have  been   delivered  for
     transmission.
 
                                       9
<PAGE>
 
          Without  limiting  the manner by which notice  otherwise  may be given
     effectively to stockholders  pursuant to the Delaware  General  Corporation
     Law,  the  Certificate  of  Incorporation  or these  bylaws,  any notice to
     stockholders  given by the corporation  under any provision of the Delaware
     General  Corporation  Law, the Certificate of Incorporation or these bylaws
     shall be effective if given by a form of electronic  transmission consented
     to by the  stockholder to whom the notice is given.  Any such consent shall
     be revocable by the stockholder by written notice to the  corporation.  Any
     such consent shall be deemed revoked if:
 
                    (i) the  corporation  is unable  to  deliver  by  electronic
               transmission two consecutive  notices given by the corporation in
               accordance with such consent; and
 
                    (ii) such  inability  becomes  known to the  secretary or an
               assistant  secretary of the corporation or to the transfer agent,
               or other person responsible for the giving of notice.
 
          However,  the  inadvertent  failure  to  treat  such  inability  as  a
     revocation shall not invalidate any meeting or other action.
 
               Any notice given  pursuant to the  preceding  paragraph  shall be
          deemed given:
 
                    (i) if by facsimile  telecommunication,  when  directed to a
               number at which the stockholder has consented to receive notice;
 
                    (ii) if by electronic  mail,  when directed to an electronic
               mail address at which the  stockholder  has  consented to receive
               notice;
 
                    (iii) if by a posting on an electronic network together with
               separate notice to the stockholder of such specific posting, upon
               the later of (A) such posting and (B) the giving of such separate
               notice; and
 
                    (iv) if by any other form of electronic  transmission,  when
               directed to the stockholder.
 
          An  affidavit of the  secretary  or an  assistant  secretary or of the
     transfer agent or other agent of the  corporation  that the notice has been
     given by a form of electronic  transmission shall, in the absence of fraud,
     be prima facie evidence of the facts stated  therein.  Notice by electronic
     transmission  shall not apply to those  Sections  of the  Delaware  General
     Corporation Law as specified in Section 232(e) thereof.
 
          Section 2.  Waiver of Notice.  Whenever  any notice is  required to be
     given  under  the  provisions  of the  statutes  or of the  certificate  of
     incorporation  or of these bylaws,  a waiver thereof in writing,  signed by
     the person or persons  entitled to said notice,  or a waiver by  electronic
     transmission by the person entitled to notice,  whether before or after the
     time stated therein, shall be deemed equivalent thereto. Attendance of such
     a person at a meeting shall  constitute a waiver of notice of such meeting,
     except when the person appears at the meeting only for the express  purpose
     of objecting  at the  beginning  of the meeting to the  transaction  of any
     business  because the meeting is not  lawfully  called or convened  and the
     person then leaves the meeting.  Neither the business to be transacted  at,
     nor the  purpose of, any  regular or special  meeting of the  stockholders,
     Board or  committee  thereof  need be  specified  in any written  waiver of
     notice or any waiver by electronic  transmission  unless so required by the
     Certificate of Incorporation or these Bylaws.
 
                                       10
<PAGE>
 
                                   ARTICLE V
                                    OFFICERS
 
          Section 1.  Appointment of Officers.  The officers of the  corporation
     shall be chosen by the Board of  Directors  and shall be a chairman  of the
     Board, a chief executive officer, a president, a secretary and a treasurer.
     The Board of Directors may also choose one or more vice-presidents, and one
     or more  assistant  secretaries  and  assistant  treasurers.  Any number of
     offices  may  be  held  by the  same  person,  unless  the  certificate  of
     incorporation or these bylaws otherwise provide.
 
          Section 2.  Required  Officers.  The Board of  Directors  at its first
     meeting after each annual meeting of  stockholders  shall choose a chairman
     of the Board, a chief  executive  officer,  a president,  a secretary and a
     treasurer.
 
          Section 3. Other  Officers.  The Board of  Directors  may appoint such
     other  officers and agents as it shall deem  necessary who shall hold their
     offices for such terms and shall  exercise  such  powers and  perform  such
     duties as shall be determined from time to time by the Board.
 
          Section  4.  Compensation  of  Officers.  The  Executive  Compensation
     Committee  of the  Board  of  Directors  shall  have  the  power to fix the
     compensation of all executive  officers of the  corporation,  as defined by
     the rules and  regulations of the Securities and Exchange  Commission.  The
     president,  chief executive officer or chairman of the Board shall have the
     power to fix the  compensation  of any officer or agent of the  corporation
     whose compensation has not been fixed by a contract between the officer and
     the  corporation  or by  the  Board  of  Directors.  The  president,  chief
     executive officer or chairman of the Board may authorize any officer,  upon
     whom the power of appointing  subordinate officers may have been conferred,
     to fix the compensation of such subordinate officers.
 
          Section 5.  Removal and  Vacancies.  The  officers of the  corporation
     shall hold  office  until  their  successors  are chosen and  qualify.  Any
     officer  elected or appointed  by the Board of Directors  may be removed at
     any time by the  affirmative  vote of a majority of the Board of Directors.
     Any vacancy  occurring in any office of the corporation  shall be filled by
     the Board of  Directors or by the  president,  chief  executive  officer or
     chairman  of the  Board  if such  vacancy  is not  filled  by the  Board of
     Directors.
 
          Section  6.  Chairman  of the  Board.  The  chairman  of the  Board of
     Directors shall preside at all meetings of the  stockholders  and the Board
     of  Directors,  and  shall  have  supervision  of  such  matters  as may be
     designated to him by the Board of Directors. In the absence of the chairman
     of the Board, the chief executive  officer,  if such officer is a director,
     shall preside at all meetings of the Board of  Directors,  unless the Board
     of Directors determines otherwise.
 
                                       11
<PAGE>
 
          Section  7. Chief  Executive  Officer.  Subject to the  control of the
     Board of Directors  and any  supervisory  powers the Board of Directors may
     give to the  chairman  of the Board,  the chief  executive  officer  shall,
     together with the president of the corporation,  have general  supervision,
     direction,  and control of the business and affairs of the  corporation and
     shall see that all orders and  resolutions  of the Board of  Directors  are
     carried into effect.  The chief executive officer shall,  together with the
     president of the  corporation,  also perform all duties  incidental to this
     office  that  may be  required  by law and all  such  other  duties  as are
     properly  required  of this  office  by the Board of  Directors.  The chief
     executive officer shall serve as chairman of and preside at all meetings of
     the  stockholders.  In the absence of the chairman of the Board,  the chief
     executive officer shall preside at all meetings of the Board of Directors.
 
          Section 8. President. The president, in the absence of the chairman of
     the Board,  shall preside at all meetings of the stockholders and the Board
     of Directors.  He shall have general and active  management of the business
     of the  corporation  and shall see that all orders and  resolutions  of the
     Board of Directors  are carried into effect.  The  president  shall execute
     stock certificates,  bonds, mortgages and other contracts requiring a seal,
     under the seal of the  corporation,  except where  required or permitted by
     law to be  otherwise  signed and  executed and except where the signing and
     execution thereof shall be expressly delegated by the Board of Directors to
     some other officer or agent of the corporation.
 
          Section 9. Vice-Presidents.  In the absence of the president or in the
     event of his  inability  or refusal to act, the  vice-president  (or in the
     event there be more than one  vice-president,  the  vice-presidents  in the
     order  designated by the directors,  or in the absence of any  designation,
     then in the  order of their  election)  shall  perform  the  duties  of the
     president,  and when so acting, shall have all the powers of and be subject
     to all the  restrictions  upon the  president.  The  vice-presidents  shall
     perform  such  other  duties  and have  such  other  powers as the Board of
     Directors may from time to time prescribe.
 
          Section 10. Secretary.  The secretary shall attend all meetings of the
     Board of Directors and all meetings of the  stockholders and record all the
     proceedings  of the  meetings  of the  corporation  and  of  the  Board  of
     Directors  in a book to be kept for that  purpose  and shall  perform  like
     duties for the standing  committees when required.  He shall give, or cause
     to be  given,  notice  of all  meetings  of the  stockholders  and  special
     meetings of the Board of Directors,  and shall perform such other duties as
     may be  prescribed  by the Board of  Directors  or  president,  under whose
     supervision he shall be. He shall have custody of the corporate seal of the
     corporation  and he, or an  assistant  secretary,  shall have  authority to
     affix the same to any instrument  requiring it and when so affixed,  it may
     be  attested  by  his  signature  or by the  signature  of  such  assistant
     secretary.  The Board of Directors may give general  authority to any other
     officer to affix the seal of the  corporation and to attest the affixing by
     his signature.
 
          Section 11. Assistant Secretary.  The assistant secretary, or if there
     be more than one, the assistant  secretaries in the order determined by the
     Board of Directors (or if there be no such determination, then in the order
     of their  election)  shall, in the absence of the secretary or in the event
     of his  inability  or refusal to act,  perform the duties and  exercise the
     powers of the  secretary  and shall perform such other duties and have such
     other powers as the Board of Directors may from time to time prescribe.
 
                                       12
<PAGE>
 
          Section 12.  Treasurer.  The  treasurer  shall have the custody of the
     corporate funds and securities and shall keep full and accurate accounts of
     receipts and  disbursements in books belonging to the corporation and shall
     deposit all moneys and other valuable effects in the name and to the credit
     of the  corporation in such  depositories as may be designated by the Board
     of Directors.  The treasurer shall disburse the funds of the corporation as
     may be ordered by the Board of Directors,  taking proper  vouchers for such
     disbursements,  and  shall  render  to  the  president  and  the  Board  of
     Directors,  at its  regular  meetings,  or when the Board of  Directors  so
     requires,  an  account  of all his  transactions  as  treasurer  and of the
     financial condition of the corporation.
 
          If required by the Board of Directors,  the  treasurer  shall give the
     corporation a bond in such sum and with such surety or sureties as shall be
     satisfactory to the Board of Directors for the faithful  performance of the
     duties of his office and for the restoration to the corporation, in case of
     his death,  resignation,  retirement or removal from office,  of all books,
     papers,  vouchers,  money  and  other  property  of  whatever  kind  in his
     possession or under his control belonging to the corporation.
 
          Section 13. Assistant Treasurer.  The assistant treasurer, or if there
     shall be more than one, the assistant treasurers in the order determined by
     the Board of Directors (or if there be no such  determination,  then in the
     order of their  election)  shall, in the absence of the treasurer or in the
     event of his  inability or refusal to act,  perform the duties and exercise
     the powers of the  treasurer  and shall  perform such other duties and have
     such  other  powers  as the  Board  of  Directors  may  from  time  to time
     prescribe.
 
                                   ARTICLE VI
         CERTIFICATES FOR SHARES; RECORD DATE; REGISTERED STOCKHOLDERS
 
          Section 1. Stock.  The shares of the corporation  shall be represented
     by a certificate  or shall be  uncertificated.  Each  registered  holder of
     shares,  upon  request  to  the  corporation,  shall  be  provided  with  a
     certificate  of stock  representing  the  number  of  shares  owned by such
     holder.  The certificates of stock of the corporation  shall be in the form
     or  forms  from  time to time  approved  by the  Board of  Directors.  Such
     certificates  shall be  numbered  and  registered  and  shall  exhibit  the
     holder's name and the number of shares. Certificates shall be signed by, or
     in the name of the  corporation by, the chairman of the Board of Directors,
     or the  president  or a  vice-president  and the  treasurer or an assistant
     treasurer, or the secretary or an assistant secretary of the corporation.
 
          Section 2. Signatures on Certificate.  Any of or all the signatures on
     a certificate  may be  facsimile.  In case any officer,  transfer  agent or
     registrar who has signed or whose facsimile  signature has been placed upon
     a  certificate  shall have  ceased to be such  officer,  transfer  agent or
     registrar  before  such  certificate  is  issued,  it may be  issued by the
     corporation with the same effect as if he were such officer, transfer agent
     or registrar at the date of issue.
 
          Section 3. Lost Certificates.  The Board of Directors may direct a new
     certificate or certificates or uncertificated  shares to be issued in place
     of any  certificate or certificates  theretofore  issued by the corporation
     alleged  to have been  lost,  stolen or  destroyed,  upon the  making of an
     affidavit of that fact by the person  claiming the  certificate of stock to
     be  lost,  stolen  or  destroyed.  When  authorizing  such  issue  of a new
     certificate  or  certificates  or  uncertificated   shares,  the  Board  of
     Directors  may,  in its  discretion  and as a  condition  precedent  to the
     issuance  thereof,  require  the owner of such  lost,  stolen or  destroyed
     certificate or certificates, or his legal representative,  to advertise the
     same in such manner as it shall  require  and/or to give the  corporation a
     bond in such sum as it may direct as  indemnity  against any claim that may
     be made against the corporation with respect to the certificate  alleged to
     have been lost, stolen or destroyed.
 
                                       13
<PAGE>
 
          Section 4. Transfer of Stock. Upon surrender to the corporation or the
     transfer agent of the corporation of a certificate for shares duly endorsed
     or accompanied by proper  evidence of succession,  assignation or authority
     to  transfer,  it  shall  be the  duty of the  corporation  to  issue a new
     certificate to the person entitled thereto,  cancel the old certificate and
     record the  transaction  upon its books.  Upon  receipt of proper  transfer
     instructions  from the  registered  owner  of  uncertificated  shares  such
     uncertificated  shares  shall be canceled  and  issuance of new  equivalent
     uncertificated  shares or  certificated  shares shall be made to the person
     entitled  thereto and the  transaction  shall be recorded upon the books of
     the corporation.
 
          Section 5. Fixing Record Date. (a) In order that the  corporation  may
     determine the stockholders  entitled to notice of or to vote at any meeting
     of stockholders or any adjournment thereof, or entitled to receive payments
     of any  dividend or other  distribution  or  allotment  of any  rights,  or
     entitled to exercise  any rights in respect of any  change,  conversion  or
     exchange of stock or for the purpose of any other lawful  action other than
     stockholder  action by written  consent,  the Board of Directors  may fix a
     record date, which shall not precede the date such record date is fixed and
     shall not be more than sixty nor less than ten days before the date of such
     meeting,  nor more than sixty days  prior to any such other  action.  If no
     record date is fixed, the record date for determining stockholders entitled
     to notice of or to vote at a meeting of stockholders  shall be at the close
     of business on the day next preceding the day on which notice is given. The
     record date for any other purpose other than stockholder  action by written
     consent  shall be at the close of business on the day on which the Board of
     Directors  adopts the  resolution  relating  thereto.  A  determination  of
     stockholders  of record  entitled  to notice of or to vote at a meeting  of
     stockholders  shall  apply to any  adjournment  of the  meeting;  provided,
     however,  that the Board of  Directors  may fix a new  record  date for the
     adjourned  meeting.
 
          (b) In order  that the  corporation  may  determine  the  stockholders
     entitled to consent to corporate  action in writing without a meeting,  the
     Board of  Directors  may fix a record  date,  which  record  date shall not
     precede  the date upon  which the  resolution  fixing  the  record  date is
     adopted by the Board of Directors, and which date shall not be more than 10
     days after the date upon  which the  resolution  fixing the record  date is
     adopted by the Board of Directors.  Any  stockholder  of record  seeking to
     have the stockholders authorize or take corporate action by written consent
     shall, by written notice to the secretary,  provide a copy of the corporate
     action  proposed  to be  authorized  or  taken  and  request  the  Board of
     Directors to fix a record date. The Board of Directors shall promptly,  but
     in all  events  within 10 days  after the date on which  such a copy of the
     proposed  corporate  action and request are  received,  adopt a  resolution
     fixing the record  date.  If no record  date has been fixed by the Board of
     Directors  within 10 days of the date on which such a request is  received,
     the  record  date for  determining  stockholders  entitled  to  consent  to
     corporate action in writing without a meeting,  when no prior action by the
     Board of Directors is required by applicable  law,  shall be the first date
     on which a  signed  written  consent  setting  forth  the  action  taken or
     proposed to be taken is  delivered  to the  corporation  by delivery to its
     registered  office  in the  State  of  Delaware,  its  principal  place  of
     business,  or any officer or agent of the corporation having custody of the
     book in which proceedings of meeting of stockholders are recorded.
 
                                       14
<PAGE>
 
          Delivery made to the corporation's  registered office shall be by hand
     or by certified or registered mail, return receipt requested.  If no record
     date has been fixed by the Board of Directors and prior action by the Board
     of Directors  required by applicable  law, the record date for  determining
     stockholders  entitled to consent to corporate  action in writing without a
     meeting shall be at the close of business on the date on which the Board of
     Directors adopts the resolution taking such prior action.
 
          Section 6. Registered Stockholders.  The corporation shall be entitled
     to recognize the exclusive right of a person registered on its books as the
     owner of shares to receive  dividends,  and to vote as such  owner,  and to
     hold liable for calls and  assessments a person  registered on its books as
     the owner of shares,  and shall not be bound to recognize  any equitable or
     other claim to or interest in such share or shares on the part of any other
     person,  whether or not it shall  have  express  or other  notice  thereof,
     except as otherwise provided by the laws of Delaware.
 
                                  ARTICLE VII
                               GENERAL PROVISIONS
 
          Section  1.  Dividends.  Dividends  upon  the  capital  stock  of  the
     corporation, subject to the provisions of the certificate of incorporation,
     if any, may be declared by the Board of Directors at any regular or special
     meeting, pursuant to law. Dividends may be paid in cash, in property, or in
     shares of the capital stock,  subject to the provisions of the  certificate
     of incorporation.
 
          Section 2. Reserves.  Before payment of any dividend, there may be set
     aside out of any funds of the corporation  available for dividends such sum
     or sums as the directors from time to time, in their  absolute  discretion,
     think  proper  as a  reserve  or  reserves  to meet  contingencies,  or for
     equalizing  dividends,  or for repairing or maintaining any property of the
     corporation,  or for  such  other  purpose  as the  directors  shall  think
     conducive to the interest of the corporation,  and the directors may modify
     or abolish any such reserve in the manner in which it was created.
 
          Section 3.  Checks.  All checks or demands  for money and notes of the
     corporation  shall be signed by such  officer  or  officers  or such  other
     person  or  persons  as the  Board  of  Directors  may  from  time  to time
     designate.
 
          Section 4. Fiscal Year.  The fiscal year of the  corporation  shall be
     fixed by resolution of the Board of Directors.
 
          Section 5. 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 reproduced or otherwise.
 
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          Section 6.  Electronic  Transmission.  When used in these bylaws,  the
     terms   "written"   and  "in  writing"   shall   include  any   "electronic
     transmission,"  as  defined  in  Section  232(c)  of the  Delaware  General
     Corporation  Law,  including  without  limitation any voicemail,  telegram,
     cablegram, facsimile transmission and communication by electronic mail.
 
          Section 7. Gender Neutral.  Whenever in these bylaws words are used in
     a gender  specific  manner,  they shall be read and  construed  in a gender
     neutral manner.
 
                                  ARTICLE VIII
                                   AMENDMENTS
 
          Section 1.  Subject  to any  requirements  set forth in these  bylaws,
     these bylaws may be amended or repealed, and any new bylaws may be adopted,
     by a majority of the stockholders  entitled to vote or by a majority of the
     Board of  Directors,  except  that the  provisions  of  Article  III may be
     amended only by the  affirmative  vote of at least all but one of the Board
     of Directors or by the vote of eighty percent of the stockholders  entitled
     to vote.
 
                                   ARTICLE IX
                   INDEMNIFICATION OF DIRECTORS AND OFFICERS
 
          Section 1.  Indemnification  in Actions  Other Than Those by or in the
     Right of the Corporation.  The corporation  shall indemnify each person who
     has  been  or is a  party  or is  threatened  to be  made  a  party  to any
     threatened, pending or completed action, suit or proceeding, whether civil,
     criminal, administrative,  investigative or appellate (other than an action
     by or in the  right of the  corporation)  by  reason  of the fact that such
     person is or was an officer or  director  of the  corporation  or is or was
     serving at the corporation's  request as a director or officer of any Other
     Enterprise  against  all  liabilities  and  expenses,   including,  without
     limitation,  judgments,  amounts  paid in  settlement  (provided  that such
     settlement  and all amounts paid in  connection  therewith  are approved in
     advance by the corporation in accordance with Section 4 of this Article IX,
     which approval shall not be unreasonably withheld),  attorneys' fees, ERISA
     excise taxes or penalties, fines and other expenses actually and reasonably
     incurred by such person in connection with such action,  suit or proceeding
     (including  without limitation the  investigation,  defense,  settlement or
     appeal of such  action,  suit or  proceeding)  if such person acted in good
     faith and in a manner he 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 reasonable cause to believe his conduct was unlawful;
     provided,  however, that the corporation shall not be required to indemnify
     or advance  expenses to any such person or persons seeking  indemnification
     or advancement of expenses in connection with an action, suit or proceeding
     initiated by such person  unless the  initiation  of such  action,  suit or
     proceeding was authorized by the Board of Directors of the corporation. The
     termination  of any such action,  suit or  proceeding  by judgment,  order,
     settlement,   conviction  or  under  a  plea  of  nolo  contendere  or  its
     equivalent,  shall not, of itself, create a presumption that the person did
     not act in good faith and in a manner which he reasonably believed to be in
     or not opposed to the best interests of the  corporation,  and with respect
     to any  criminal  action  or  proceeding  that he had  reasonable  cause to
     believe that his conduct was unlawful.
 
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<PAGE>
 
          Section  2.  Indemnification  in  Actions  by or in the  Right  of the
     Corporation. The corporation shall indemnify each person who has been or is
     a party or is threatened to be made a party to any  threatened,  pending or
     completed action,  suit or proceeding by or in the right of the corporation
     to procure a judgment  in its favor by reason of the fact that such  person
     is or was an officer or director of the corporation or is or was serving at
     the corporation's  request as a director or officer of any Other Enterprise
     against amounts paid in settlement  thereof  (provided that such settlement
     and all amounts paid in connection therewith are approved in advance by the
     corporation in accordance with Section 4 of this Article IX, which approval
     shall not be unreasonably  withheld) and all expenses (including attorneys'
     fees)  actually and reasonably  incurred by such person in connection  with
     the defense or  settlement of such action,  suit or  proceeding  (including
     without limitation the investigation, defense, settlement or appeal of such
     action,  suit 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,  except that no  indemnification  under this
     Section  2 shall be made in  respect  of any  claim,  issue or matter as to
     which such person shall have been adjudged liable to the corporation unless
     and  only to the  extent  that  the  court in  which  the  action,  suit or
     proceeding  is  brought  determines  upon  application  that,  despite  the
     adjudication of liability and in view of all the circumstances of the case,
     the person is fairly and reasonably entitled to such indemnification.
 
          Section 3. Expenses  after  Successful  Defense.  Notwithstanding  the
     other  provisions of this Article IX, to the extent that a person who is or
     was  serving as a director  or  officer  of the  corporation,  or is or was
     serving at the request of the  corporation  as a director or officer of any
     Other Enterprise, has been successful on the merits or otherwise in defense
     of any action,  suit or proceeding  referred to in Sections 1 and 2 of this
     Article IX (including the dismissal of any such action,  suit or proceeding
     without prejudice), or in defense of any claim, issue or matter therein, he
     shall be indemnified against expenses (including  attorneys' fees) actually
     and reasonably incurred by him in connection therewith.
 
          Section 4. Authorization of  Indemnification.  Prior to indemnifying a
     person  pursuant to the  provisions of Sections 1 and 2 of this Article IX,
     unless ordered by a court and except as otherwise  provided by Section 3 of
     this Article IX, the  corporation  shall determine that such person has met
     the specified  standard of conduct entitling such person to indemnification
     as set forth under  Sections 1 and 2 of this Article IX. Any  determination
     that a person shall or shall not be  indemnified  under the  provisions  of
     Sections 1 and 2 of this Article IX shall be made by the Board of Directors
     by a majority vote of a quorum consisting of directors who were not parties
     to the action, suit or proceeding,  or if such quorum is not obtainable, or
     even if obtainable,  if a quorum of disinterested  directors so directs, by
     independent legal counsel in a written opinion or by the stockholders,  and
     such  determination  shall  be final  and  binding  upon  the  corporation;
     provided,  however,  that in the event such determination is adverse to the
     person or persons to be indemnified hereunder, such person or persons shall
     have the right to maintain an action in any court of competent jurisdiction
     against the corporation to determine whether or not such person has met the
     requisite  standard  of conduct  and is  entitled  to such  indemnification
     hereunder.  If such court action is successful and the person or persons is
     determined to be entitled to such  indemnification,  such person or persons
     shall be reimbursed by the corporation for all fees and expenses (including
     attorneys'  fees) actually and reasonably  incurred in connection  with any
     such action  (including  without  limitation  the  investigation,  defense,
     settlement or appeal of such action).
 
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<PAGE>
 
          Section 5. Expenses Payable in Advance. Expenses (including attorneys'
     fees) actually and  reasonably  incurred by a person who may be entitled to
     indemnification  hereunder  in  defending  an action,  suit or  proceeding,
     whether civil, criminal, administrative,  investigative or appellate, shall
     be paid by the  corporation  in  advance of the final  disposition  of such
     action,  suit or proceeding  upon receipt of an undertaking by or on behalf
     of such person to repay such amount if it shall  ultimately  be  determined
     that  he  is  not   entitled  to   indemnification   by  the   corporation.
     Notwithstanding the foregoing,  no advance shall be made by the corporation
     if a  determination  is  reasonably  and promptly  made by (i) the Board of
     Directors by a majority  vote of a quorum  consisting of directors who were
     not parties to the action,  suit or proceeding for which the advancement is
     requested,  (ii) if a quorum is not obtainable, or even if obtainable, if a
     quorum of disinterested  directors so directs, by independent legal counsel
     in a written opinion,  or (iii) by the  stockholders,  that, based upon the
     facts  known  to the  Board,  counsel  or  stockholders  at the  time  such
     determination  is made, such person acted in bad faith and in a manner that
     such person did not believe to be in or not opposed to the best interest of
     the  corporation,  or, with respect to any criminal  proceeding,  that such
     person  believed  or had  reasonable  cause  to  believe  his  conduct  was
     unlawful.  In no event  shall any  advance be made in  instances  where the
     Board, stockholders or independent legal counsel reasonably determines that
     such  person  deliberately  breached  his  duty to the  corporation  or its
     stockholders.
 
          Section 6.  Indemnification  Not Exclusive.  The  indemnification  and
     advancement of expenses  provided by this Article IX shall not be exclusive
     of any other rights to which those seeking  indemnification  or advancement
     of expenses may be entitled  under any statute,  under the  certificate  of
     incorporation,  bylaws,  agreement,  vote of stockholders or  disinterested
     directors,  policy of  insurance or  otherwise,  both as to action in their
     official  capacity and as to action in another capacity while holding their
     respective  offices,  and shall  not  limit in any way any right  which the
     corporation  may have to make additional  indemnifications  with respect to
     the same or different  persons or classes of persons.  The  indemnification
     and  advancement  of expenses  provided  by, or granted  pursuant  to, this
     Article IX shall  continue  as to a person who has ceased to be a director,
     officer,  employee  or agent and shall  inure to the  benefit of the heirs,
     executors, administrators and estate of such a person.
 
          Section  7.  Insurance.   Upon  resolution  passed  by  the  Board  of
     Directors, the corporation may purchase and maintain insurance on behalf of
     any person who is or was a director or officer of the corporation, or is or
     was serving at the request of the  corporation  as a director or officer of
     any Other  Enterprise,  against  any  liability  asserted  against  him and
     incurred by him in any such capacity, or arising out of his status as such,
     whether  or not the  corporation  would  have the  power to  indemnify  him
     against such liability under the provisions of this Article IX.
 
          Section 8. Survival of Rights.  The rights  granted by this Article IX
     shall be vested in each person entitled to  indemnification  hereunder as a
     bargained-for,  contractual  condition of such  person's  acceptance of his
     election  or  appointment  as a director or officer of the  corporation  or
     serving at the request of the  corporation  as a director or officer of any
     Other  Enterprise and while this Article IX may be amended or repealed,  no
     such amendment or repeal shall release,  terminate or adversely  affect the
     rights of such person  under this  Article IX with respect to any act taken
     or the failure to take any act by such person  prior to such  amendment  or
     repeal or with respect to any action,  suit or  proceeding  with respect to
     such act or failure to act filed after such amendment or repeal.
 
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<PAGE>
 
          Section 9.  Certain  Definitions.  For  purposes  of this  Article IX,
     references  to  "the  corporation"  shall,  if and  only  if the  Board  of
     Directors  shall   determine,   include,   in  addition  to  the  resulting
     corporation,  any constituent  corporation  (including any constituent of a
     constituent)  absorbed in a consolidation  or merger which, if its separate
     existence  had  continued,  would have had power and authority to indemnify
     its  directors  or  officers  or  persons  serving  at the  request of such
     constituent  corporation as a director or officer of any Other  Enterprise,
     so that any person who is or was a director or officer of such  constituent
     corporation,  or is or was  serving  at the  request  of  such  constituent
     corporation as a director or officer of any Other  Enterprise,  shall stand
     in the same position  under the  provisions of this Article IX with respect
     to the  resulting or surviving  corporation  as such person would have with
     respect to such  constituent  corporation  if its  separate  existence  had
     continued.
 
          Section 10. Certain  Definitions.  For the purpose of this Article IX,
     references  to "Other  Enterprises"  or "Other  Enterprise"  shall  include
     without limitation any other corporation, partnership, joint venture, trust
     or employee  benefit  plan;  references to "fines" shall include any excise
     taxes  assessed  on a person  with  respect to an  employee  benefit  plan;
     references to "defense"  shall include  investigations  of any  threatened,
     pending or completed action,  suit or proceeding as well as appeals thereof
     and  shall  also  include  any  defensive  assertion  of a cross  claim  or
     counterclaim; and references to "serving at the request of the corporation"
     shall include any service as a director or officer of a  corporation  which
     imposes  duties on, or involves  services by, such director or officer with
     respect to an employee benefit plan, its  participants,  or  beneficiaries;
     and a person who acted in good faith and in a manner he reasonably believed
     to be in the interest of the participants and beneficiaries of any 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 IX. For
     the  purpose  of this  Article  IX,  unless the Board of  Directors  of the
     corporation  shall  determine  otherwise,  any  director  or officer of the
     corporation  who  shall  serve  as an  officer  or  director  of any  Other
     Enterprise  of  which  the  corporation,   directly  or  indirectly,  is  a
     stockholder  or  creditor,  or in  which  the  corporation  is in  any  way
     interested,  shall be presumed to be serving as such director or officer at
     the request of the  corporation.  In all other  instances  where any person
     shall serve as a director or officer of an Other  Enterprise,  if it is not
     otherwise  established  that such person is or was serving as such director
     or officer at the request of the corporation, the Board of Directors of the
     corporation  shall  determine  whether such person is or was serving at the
     request  of the  corporation,  and it shall  not be  necessary  to show any
     actual or prior  request for such  service,  which  determination  shall be
     final   and   binding   on  the   corporation   and  the   person   seeking
     indemnification.
 
          Section 11.  Limitations.  If any  provision of this Article IX or the
     application  of any such  provision to any person or  circumstance  is held
     invalid, illegal or unenforceable for any reason whatsoever,  the remaining
     provisions  of this Article IX and the  application  of such  provisions to
     other  persons or  circumstances  shall not be affected  thereby and to the
     fullest extent possible the court finding such provision  invalid,  illegal
     or  unenforceable  shall modify and construe the provisions so as to render
     it valid and enforceable as against all persons or entities and to give the
     maximum possible  protection to persons subject to  indemnification  hereby
     within  the  bounds  of  validity,  legality  and  enforceability.  Without
     limiting the generality of the foregoing, if any officer or director of the
     corporation  or any  person  who is or was  serving  at the  request of the
     corporation as a director or officer of any Other  Enterprise,  is entitled
     under  any  provision  of  this  Article  IX,  to  indemnification  by  the
 
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<PAGE>
 
     corporation  for  some  or a  portion  of the  judgments,  amounts  paid in
     settlement,  attorneys'  fees,  ERISA excise taxes or  penalties,  fines or
     other  expenses  actually  and  reasonably  incurred  by any such person in
     connection  with any  threatened,  pending  or  completed  action,  suit or
     proceeding  (including  without  limitation,  the  investigation,  defense,
     settlement or appeal of such action,  suit or  proceeding),  whether civil,
     criminal, administrative, investigative or appellate, but not, however, for
     all of  the  total  amount  thereof,  the  corporation  shall  nevertheless
     indemnify  such  person for the  portion  thereof  to which such  person is
     entitled.