Exhibit 4.1

  

   

  

  
    Unless this certificate is presented by an authorized  representative of The Depository Trust Company, a New York corporation (“DTC”), to the issuer
      or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede &
      Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
      interest herein.

    

    

    IBM CREDIT LLC

    

    

    Floating Rate Note due 2020

    

    

    CUSIP 44932HAJ2

    ISIN US44932HAJ23

    

    

    

    

    No.: R-

    

    

     

    

    IBM CREDIT LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (herein called the
        “Company”, which term includes any successor under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of $                  (                 
        MILLION DOLLARS), at the office or agency of the Company in the Borough of Manhattan, The City and State of New York, or any other office or agency designated by the Company for that purpose, on November 30, 2020, in such coin or currency of the
        United States as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, quarterly in arrears on November 30, the last day in the month of February, May 30 and August 30 of each year,
        commencing February 28, 2019, on said principal sum at said office or agency, in like coin or currency, at the rate of LIBOR (as defined on the reverse hereof) plus 0.47% per annum, from the November 30, the last day in the month of February, May
        30 or August 30 next preceding the date of this Note to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Note, or unless no interest has been paid on the Notes (as
        defined on the reverse hereof), in which case from November 30, 2018, until payment of said principal sum has been made or duly provided for.  Notwithstanding the foregoing, if the date hereof is after the fifteenth calendar day preceding a
        November 30, the last day in the month of February, May 30 or August 30 as the case may be, and before such November 30, the last day in the month of February, May 30 or August 30, this Note shall bear interest from such November 30, the last day
        in the month of February, May 30 or August 30; provided, however, that if the Company shall default in the payment of interest due on such November 30, the last day in the month of February, May 30 or August 30, then this Note shall bear interest
        from the next preceding November 30, the last day in the month of February, May 30 or August 30 to which interest has been paid, or, if no interest has

     

      

     

  
    
      


  

  
   

  

    
     been paid on the Notes, from November 30, 2018.  The interest so payable
        on November 30, the last day in the month of February, May 30 or August 30 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of
        business on the fifteenth calendar day preceding such November 30, the last day in the month of February, May 30 or August 30, unless the Company shall default in the payment of interest due on such interest payment date, in which case such
        defaulted interest, at the option of the Company, may be paid to the person in whose name this Note is registered at the close of business on a special record date for the payment of such defaulted interest established by notice to the registered
        holders of Notes not less than ten days preceding such special record date or may be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed.  Payment of interest may, at
        the option of the Company, be made by check mailed to the registered address of the person entitled thereto.

    

    

    Interest on this Note will accrue from and including November 30, 2018, to but excluding the first interest payment date and then from
        and including the most recent interest payment date to which interest has been paid or duly provided for to but excluding the next interest payment date or maturity date, as the case may be (each such period an “interest period”). The amount of
        accrued interest that the Company will pay for any interest period will be calculated by multiplying the face amount of the Note by an accrued interest factor. This accrued interest factor is computed by adding the interest factor calculated for
        each day from November 30, 2018, or from the last date interest was paid, to the date for which accrued interest is being calculated. The interest factor for each day is computed by dividing the interest rate applicable to that day by 360.

    

    

    The interest rate on the Notes will be calculated by the calculation agent appointed by the Company, initially The Bank of New York
        Mellon Trust Company, N.A. The calculation agent will reset the interest rate on each interest payment date and on November 30, 2018 (each an “interest reset date”). The second London business day preceding an interest reset date will be the
        “interest determination date” for that interest reset date. The interest rate in effect on each day that is not an interest reset date will be the interest rate determined as of the interest determination date pertaining to the immediately
        preceding interest reset date. The interest rate in effect on any day that is an interest reset date will be the interest rate determined as of the interest determination date pertaining to that interest reset date.

    

    

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

    

    

    
      
        


    

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

    

    

    IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

     

      

     

    
    	Dated:  November 30, 2018 

          	IBM CREDIT LLC

          	 
	 	 	 	 
	 	 	 	 
	

          	
            By: 

          	

          	 
	 	 	Name:

          	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	By: 

          	 	 
	 	 	Name: 

          	 
	 	 	Name: 

          	 


     

  

    
    

      
        
          


      

       

        
          
            
              	
                      
                        TRUSTEE’S CERTIFICATE

                          OF AUTHENTICATION

                          

                          

                          This is one of the

                          Securities of the Series

                          designated herein issued

                          under the within-

                          mentioned Indenture.

                        

                      

                    	 
	 	 	 
	 	 	 
	
                      THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

                    	 
	 	 	 
	 	 	 
	
                      by 

                    	

                    	 
	 	Authorized Signatory

                    	 


            

            

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

               

                

               

            
              
                


            

             

              
              This security is one of a duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of the
                  Company (hereinafter called the “Securities”), of the series hereinafter specified, all issued or to be issued under an indenture dated as of September 8, 2017, duly executed and delivered by the Company to The Bank of New York Mellon
                  Trust Company, N.A., a New York banking corporation, as trustee (hereinafter called the “Trustee”), between the Company and the Trustee, as trustee (hereinafter called the “Indenture”), to which Indenture and all indentures supplemental
                  thereto reference is hereby made for a description of the respective rights and duties thereunder of the Trustee, the Company and the holders of the Securities.  The Securities may be issued in one or more series, which different series
                  may be issued in various aggregate principal amounts, may mature at different times, may bear interest at different rates, may have different conversion prices (if any), may be subject to different redemption provisions, may be subject to
                  different sinking, purchase or analogous funds, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided.  This Security is one of a series designated as the Floating Rate Notes due
                  2020 of the Company (hereinafter called the “Notes”) issued under the Indenture.

              

              

              “LIBOR” will be determined by the calculation agent in accordance with the following provisions.

              

              

              With respect to any interest determination date, LIBOR will be the rate for deposits in United States dollars having a
                  maturity of the Index Maturity (as defined below) commencing on the first day of the applicable interest period that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on that interest determination date. If no rate
                  appears, LIBOR for that interest determination date will be determined in accordance with the provisions described in the following paragraph.

              

              

              With respect to an interest determination date on which no rate appears on Reuters Screen LIBOR01 Page, as specified in the
                  paragraph above, the calculation agent will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the calculation agent (after consultation with the Company), to provide
                  the calculation agent with its offered quotation for deposits in United States dollars for the Index Maturity, commencing on the first day of the applicable interest period, to prime banks in the London interbank market at approximately
                  11:00 a.m., London time, on that interest determination date and in a principal amount that is representative for a single transaction in United States dollars in that market at that time. If at least two quotations are provided, then
                  LIBOR on that interest determination date will be the arithmetic mean of those quotations. If fewer than two quotations are provided, then LIBOR on the interest determination date will be the arithmetic mean of the rates quoted at
                  approximately 11:00 a.m., in The City of New York, on the interest determination date by three major banks in The City of New York selected by the calculation agent (after consultation with the Company) for loans in United States dollars
                  to leading European banks, having an Index Maturity and in a principal amount that is representative for a single transaction in United States dollars in that market at that time. If, however, the banks selected by the calculation agent
                  are not providing quotations in the manner described by the previous sentence, LIBOR

               

                

              
                
                  


              

               

              determined as of that interest determination date will be LIBOR in effect on that interest determination date.

              

              

              “Reuters Screen LIBOR01 Page” means the display designated as the Reuters Screen LIBOR01 Page, or such other screen as may
                  replace the Reuters Screen LIBOR01 Page on the service or any successor service as may be nominated for the purpose of displaying London interbank offered rates for United States dollar deposits by ICE Benchmark Administration Limited
                  (“IBA”) or its successor or such other entity assuming the responsibility of IBA or its successor in calculating the London interbank offered rate in the event that IBA or its successor no longer does so.

              

              

              The “Index Maturity” will be three months.

              

              

              A “London business day,” is any day on which dealings in United States dollars are transacted in the London interbank market. 
                  A “Business Day” is any day except (i) a Saturday, (ii) a Sunday, (iii) a legal holiday in The City of New York or (iv) a day on which banking institutions are authorized or obligated by law, regulation or executive order to close in The
                  City of New York. In the event that any interest payment date (other than the maturity date) and interest reset date would otherwise fall on a day that is not  a Business Day, that interest payment date and interest reset date will be
                  postponed to the next day that is a Business Day. If the postponement would cause the day to fall in the next calendar month, the interest payment date and interest reset date will be the immediately preceding Business Day.

              

              

              All percentages resulting from any calculation of the interest rate on the Notes will be rounded to the nearest one
                  hundred-thousandth of a percentage point with five one millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655)), and all dollar amounts used in or resulting from such
                  calculation on the Notes will be rounded to the nearest cent (with one-half cent being rounded upward). Each calculation of the interest rate on the Notes by the calculation agent will (in the absence of manifest error) be final and
                  binding on Holders and the Company.

              

              

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

              

              

              The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than a
                  majority in aggregate principal amount of the Securities at the time outstanding of all series to be affected (acting as one class), to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any
                  of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities of such series to be affected; provided, however, that no such supplemental indenture shall, among
                  other things, (i) change the fixed maturity of the principal of, or any installment of principal of

               

                

            

            
              
                


            

             

              
               or interest on, or the currency of payment of, any Security; (ii) reduce the principal amount thereof or the rate of interest thereon
                  or any premium payable upon the redemption thereof; (iii) impair the right to institute suit for the enforcement of any such payment on or after the fixed maturity thereof (or, in the case of redemption, on or after the redemption date);
                  (iv) reduce the percentage in principal amount of the outstanding Securities of any series, the consent of whose holders is required for any such supplemental indenture, or the consent of whose holders is required for any waiver (of
                  compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the Indenture; (v) change any obligation of the Company, with respect to outstanding Securities of a series, to
                  maintain an office or agency in the places and for the purposes specified in the Indenture for such series; or (vi) modify any of the foregoing provisions or the provisions for the waiver of certain covenants and defaults, except to
                  increase any applicable percentage of the aggregate principal amount of outstanding Securities the consent of the holders of which is required or to provide with respect to any particular series the right to condition the effectiveness of
                  any supplemental indenture as to that series on the consent of the holders of a specified percentage of the aggregate principal amount of outstanding Securities of such series or to provide that certain other provisions of the Indenture
                  cannot be modified or waived without the consent of the holder of each outstanding Security affected thereby.  It is also provided in the Indenture that the holders of a majority in aggregate principal amount of the Securities of a series
                  at the time outstanding may on behalf of the holders of all the Securities of such series waive any past default under the Indenture with respect to such series and its consequences, except a default in the payment of the principal of,
                  premium, if any, or interest, if any, on any Security of such series or in respect of a covenant or provision which cannot be modified without the consent of the Holder of each outstanding Security of the series affected.  Any such
                  consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and any Notes which may be issued in exchange or substitution herefor, irrespective of
                  whether or not any notation thereof is made upon this Note or such other Notes.

              

              

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

              

              

              If the Company shall, in accordance with Section 901 of the Indenture, consolidate with or merge into any other Person or
                  convey or transfer its properties and assets substantially as an entirety to any Person, the successor shall succeed to, and be substituted for, the Person named as the “Company” on the face of this Note, all on the terms set forth in the
                  Indenture.

              

              

              The Notes are issuable in registered form without coupons in denominations of $100,000 and any integral multiple of $1,000 in
                  excess thereof.  In the manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, Notes may be exchanged for an equal aggregate principal amount of Notes of other authorized
                  denominations at the office or agency of the Company

               

                

            

            
              
                


            

             

              maintained for such purpose in the Borough of Manhattan, The City and State of New York.

              

              

               Upon due presentation for registration of transfer of this Note at the office or agency of the Company for such registration
                  in the Borough of Manhattan, The City and State of New York, or any other office or agency designated by the Company for such purpose, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued
                  to the transferee in exchange herefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith.

              

              

              Prior to due presentment for registration of transfer of this Note, the Company, the Trustee and any agent of the Company or
                  the Trustee may deem and treat the registered holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue) for the purpose of receiving payment of the principal of, premium, if any, and interest on this
                  Note, as herein provided, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice of the contrary.  All payments made to or upon the order of such
                  registered holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Note.

              

              

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

               

                

                             Unless otherwise defined in this Note, all terms used in this Note which are defined in the Indenture shall have the meanings
                  assigned to them in the Indenture.

               

                

                             THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.