Document:

exhibit4c3312008.htm

    Exhibit 4(c) 

     

    FORM OF PERMANENT GLOBAL FLOATING
RATE BEARER NOTE 

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

     

     

    
      	
            	
            	
            
	
              BEARER

               

            	  	BEARER
	
              No. PGFL

               

            	  	[                    ]1
	
            	  	[                    ]2

    

    THIS SECURITY IS A PERMANENT GLOBAL
BEARER NOTE, WITHOUT COUPONS, EXCHANGEABLE FOR THE RIGHTS ATTACHING TO THIS NOTE
AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE BEARER
NOTES OR IF SO PROVIDED HEREIN REGISTERED NOTES ARE AS SPECIFIED IN THE FISCAL
AGENCY AGREEMENT (AS DEFINED BELOW). 

     

    ANY UNITED STATES PERSON WHO HOLDS
THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME
TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF
THE INTERNAL REVENUE CODE. 

     

    UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR DEFINITIVE BEARER NOTES OR IF SO PROVIDED HEREIN REGISTERED
NOTES, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
[DEPOSITARY/COMMON SAFE-KEEPER]3 TO A NOMINEE OF THE
[DEPOSITARY/COMMON SAFE-KEEPER] OR BY A NOMINEE OF THE [DEPOSITARY/COMMON
SAFE-KEEPER] TO THE [DEPOSITARY/COMMON SAFE-KEEPER] OR ANOTHER NOMINEE OF THE
[DEPOSITARY/COMMON SAFE-KEEPER] OR BY THE [DEPOSITARY/COMMON SAFE-KEEPER] OR ANY
SUCH NOMINEE TO A SUCCESSOR [DEPOSITARY/COMMON SAFE-KEEPER] OR A NOMINEE OF SUCH
SUCCESSOR [DEPOSITARY/COMMON SAFE-KEEPER]. 

     

     

     

    
    

     

    
      	
              1

               

            	
              Insert Principal Amount.
      

               

            

    

    
      	
              2

               

            	
              Insert Optional Payment Amount
      if the Note has dual-currency feature. 

               

            

    

    
      	
              3

               

            	
              Common safe-keeper is only
      applicable where this Note indicates hereon that it is intended to be a
      New Global Note. 

               

            

    

    
    

     

    

    GENERAL ELECTRIC CAPITAL CORPORATION

     

    EURO MEDIUM-TERM NOTE

     

    (Floating Rate) 

     

    SERIES: 

     

     

     

    
      	
            	
            	
            	
            	
            	
            	
            
	
              ISIN:

               

               

               

              COMMON CODE:

               

               

               

              ORIGINAL ISSUE
      DATE:

               

               

               

              MATURITY DATE:

               

               

               

              PRINCIPAL AMOUNT IN SPECIFIED
      CURRENCY:

               

               

               

              INTEREST
      CALCULATION:

               

              [    ] Regular Floating Rate
      Note

               

              [    ] Inverse Floating Rate
      Note

               

              [    ] Other Floating Rate

               

               

               

              INTEREST RATE
      BASIS:

               

              [    ] CD Rate

               

              [    ] Commercial Paper Rate

               

              [    ] Eleventh District Cost
      of

               

                      Funds
      Rate

               

              [    ] Federal Funds Rate

               

              [    ] LIBOR

               

              [    ] EURIBOR

               

              [    ] Treasury Rate

               

              [    ] Prime Rate

               

              [    ] Other

               

               

               

              SPREAD (PLUS OR
      MINUS):

               

               

               

              SPREAD
MULTIPLIER:

               

               

               

              INDEX MATURITY:

               

               

               

              NEW GLOBAL NOTE:

               

              [    ] Yes4

               

              [    ] No

               

               

               

              INTENDED TO BE HELD IN A
      MANNER WHICH WOULD ALLOW EUROSYSTEM ELIGIBILITY:

               

              [    ] Yes5

               

              [    ] Not Applicable

               

               

               

            	  	
              IF INTEREST RATE BASIS IS
      LIBOR, INDEX CURRENCY:

               

               

               

              DESIGNATED LIBOR
      PAGE:

               

              [    ]
      Reuters Page:                     

               

              [    ]
      Telerate Page:                     

               

               

               

              MAXIMUM INTEREST

               

              RATE:

               

               

               

              MINIMUM INTEREST
      RATE:

               

               

               

              INTEREST PAYMENT

               

              PERIOD:

               

               

               

              INTEREST PAYMENT
      DATE(S):

               

               

               

              INITIAL INTEREST
      RATE:

               

               

               

              INTEREST RESET
      PERIOD:

               

               

               

              INTEREST RESET
      DATES:

               

               

               

              INTEREST DETERMINATION
      DATE:

               

               

               

              REGULAR RECORD DATES (if
      any):

               

            	  	
              DAY COUNT
FRACTION

               

              [    ] Actual/3656

               

              [    ] Actual/Actual

               

              [    ] Actual/Actual (ISDA)

               

              [    ] Actual/365 (Fixed)

               

              [    ] Actual/365 (Sterling)

               

              [    ] Actual/3607

               

              [    ] 30/360

               

              [    ] 360/360

               

              [    ] Bond Basis

               

              [    ] 30E/360

               

              [    ] Eurobond Basis

               

              [    ] (Other)

               

               

               

              CALCULATION
AGENT:

               

               

               

              ISSUER OPTIONAL REDEMPTION
      DATE:

               

               

               

              NOTEHOLDER OPTIONAL REDEMPTION
      DATE:

               

               

               

              OPTIONAL
      REPAYMENT:

               

               

               

              FACE AMOUNT
      CURRENCY:

               

               

               

              OPTION VALUE CALCULATION
      AGENT:

               

               

               

              OPTIONAL PAYMENT
      CURRENCY:

               

               

               

              OPTION ELECTION
      DATES:

               

               

               

              DESIGNATED EXCHANGE
      RATE:

               

            	  	
              CURRENCY BASE
      RATE:

               

               

               

              DETERMINATION
      AGENT:

               

               

               

              INITIAL MATURITY
      DATE:

               

               

               

              ELECTION DATE

               

               

               

              FINAL MATURITY
      DATE:

               

               

               

              AVAILABILITY OF REGISTERED
      NOTES:

               

               

               

              IF THIS NOTE IS EXCHANGEABLE
      DIRECTLY FOR DEFINITIVE NOTES, INDICATE FORM(S) OF DEFINITIVE NOTES:
      

               

               

               

              DENOMINATIONS OF DEFINITIVE
      NOTES (if not as set forth herein):

               

               

               

              DENOMINATIONS:

               

               

               

              REDENOMINATION:

               

               

               

              LISTING:

               

               

               

              TAX REDEMPTION
      DATE:

               

               

               

              ADDENDUM
ATTACHED:

               

               

               

              OTHER PROVISIONS:

               

               

               

              RANKING:

               

              [    ] Senior

               

              [    ] Subordinated

               

            

    

    
    

     

    
      	
              4

               

            	
              Only applicable to euro
      denominated Notes intended to be held in a manner which would allow
      Eurosystem eligibility. 

               

            

    

    
      	
              5

               

            	
              Only applicable if Note issued
      in New Global Note form 

               

            

    

    
      	
              6

               

            	
              Floating Rate Notes
      denominated in any specified currency other than U.S. Dollars or Sterling
      

               

            

    

    
      	
              7

               

            	
              Floating Rate U.S. Dollar
      Denominated Notes 

               

            

    

     

     

    2 

     

    
    

     

    

    General Electric Capital Corporation
(together with its successors and assigns, the “Company”), for value received,
hereby promises to pay to the holder hereof upon surrender hereof, the principal
sum (or Face Amount, if the Note has a dual-currency or index feature)
(a) if indicated hereon that this Note is not intended to be a New Global
Note, specified in Schedule A-1 hereto or (b) if indicated hereon that this
Note is intended to be a New Global Note, entered in the records of the relevant
Clearing Systems (as defined below), on the Maturity Date specified above
(except to the extent redeemed or repaid prior to the Maturity Date) or,
(a) if indicated hereon that this Note is not intended to be a New Global
Note, in accordance with the Amortization Schedule set out in Schedule A-2
hereto, or (b) if indicated hereon that this Note is intended to be a New
Global Note, in accordance with the records of the relevant Clearing Systems and
to pay interest thereon to the bearer at the interest rate per annum calculated
in accordance with the terms hereof from the Original Issue Date specified above
until the principal hereof is paid or duly made available for payment (except as
provided below), in arrears monthly, quarterly, semiannually or annually as
specified above as the Interest Payment Period on each Interest Payment Date (as
specified above), commencing with the first Interest Payment Date next
succeeding the Original Issue Date specified above, and on the Maturity Date (or
any other redemption or repayment date specified above); provided, however, that
each of Euroclear Bank, S.A./N.V., as operator of the Euroclear System (the
“Euroclear Operator”), and Clearstream Banking, société anonyme (“Clearstream,
Luxembourg” and, together with the Euroclear Operator “the relevant Clearing
Systems”), or any other recognized or agreed clearing system (if indicated
hereon that this Note is not intended to be a New Global Note), shall be deemed
a holder of this Note with respect to the portion hereof held for its respective
account; and provided further, however, that if the Original Issue Date occurs
between a date that is 15 days prior to the next succeeding Interest Payment
Date and such Interest Payment Date, interest payments will commence on the
second Interest Payment Date succeeding the Original Issue Date to the holder of
this Note on such second Interest Payment Date. 

     

    If indicated hereon that this Note
is intended to be a New Global Note, the nominal amount of Notes represented by
this Note shall be the aggregate amount from time to time entered in the records
of the relevant Clearing Systems. The records of the relevant Clearing Systems
(which expression in this Note means the records that each relevant Clearing
System holds for its customers which reflect the amount of such customer’s
interest in the Notes) shall be conclusive evidence of the nominal amount of
Notes represented by this Note and, for these purposes, a statement issued by a
relevant Clearing System stating the nominal amount of Notes represented by this
Note at any time shall be conclusive evidence of the records of the relevant
Clearing System at that time. 

     

    Payments due in respect of Notes for
the time being represented by this Note shall be made to the bearer of this Note
and each payment so made will discharge the Company’s obligations in respect
thereof. Any failure to make the entries referred to above shall not affect such
discharge. 

     

    Payment of the principal of this
Note and any premium due at the Maturity Date (or any other redemption or
repayment date) will be made in immediately available funds upon surrender of
this Note at the office or agency of the Fiscal and Paying Agent or at the
office or agency of such other paying agents outside the United States (this and
certain other capitalized terms used herein are defined on the reverse of this
Note) as the Company may determine maintained for that purpose (a “Paying
Agent”). 

     

    Interest on this Note will accrue
from the most recent Interest Payment Date to which interest has been paid or
duly provided for, or, if no interest has been paid or duly provided for, from
the Original Issue Date, until the principal hereof has been paid or duly made
available for payment (except as provided below). The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date, will be paid
to the holder of this Note at the office or agency of the Fiscal and Paying
Agent or at the office of any Paying Agent and the Fiscal and Paying Agent shall
(a) if indicated hereon that this Note is not intended to be a New Global
Note, cause Schedule A-1 of this Note to be endorsed or (b) if indicated
hereon that this Note is intended to be a New Global Note promptly provide
details to the relevant Clearing Systems in order for the records of the
relevant Clearing Systems to be updated and remain at all times accurate, in
each case to reflect such payment of interest and the amount of interest so paid
will be noted. 

     

    If the Specified Currency is other
than U.S. dollars, then, except as provided on the reverse hereof, payment of
the principal of and premium, if any, and interest on this Note will be made in
such Specified Currency either by a check drawn on a bank in London, Luxembourg
or a city in the country of such Specified Currency or by wire transfer of

     

     

     

    3 

     

    
    

     

    

    immediately available funds to an
account maintained by the holder of this Note with a bank located outside the
United States if appropriate wire transfer instructions in writing have been
received by the Fiscal and Paying Agent or any Paying Agent not less than 10
days prior to the applicable Interest Payment Date. 

     

    If the Specified Currency indicated
on the face hereof is U.S. dollars, any payment of the principal of and premium,
if any, and interest on this Note will be made, subject to applicable laws and
regulations, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts either
by a check drawn on a bank in The City of New York mailed to an address outside
the United States furnished by the holder or by wire transfer of immediately
available funds to an account maintained by the holder of this Note with a bank
located outside the United States if appropriate wire transfer instructions have
been received by the Fiscal and Paying Agent or any Paying Agent not less than
10 days prior to the applicable payment date. Notwithstanding the foregoing, in
the event that payment in U.S. dollars of the full amount payable on this Note
at the offices of all Paying Agents would be illegal or effectively precluded as
a result of exchange controls or similar restrictions, payment on this Note will
be made by a paying agency in the United States, if such paying agency, under
applicable law and regulations, would be able to make such payment.

     

    This Note is issued in the principal
amount set forth on the face hereof, but the total aggregate principal amount of
the Series to which this Note belongs is unlimited. The Company has the right,
without the consent of the holder of any Note or coupon appertaining thereto, to
issue additional Notes which form part of the Series to which this Note belongs.

     

    Reference is hereby made to the
further provisions of this Note set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this
place. 

     

    Unless the certificate of
authentication hereon has been executed by the Fiscal and Paying Agent by manual
signature, and, if indicated hereon that this Note is intended to be held in a
manner which would allow Eurosystem eligibility, effectuated by the entity
appointed as common safe-keeper by the relevant Clearing Systems, this Note
shall not be entitled to any benefit under the Fiscal Agency Agreement, as
defined on the reverse hereof, or be valid or obligatory for any purpose.

     

     

     

    4 

     

    
    

     

    

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

     

     

     

    
      	
            	
            	
            	
            	
            
	DATED:	 	GENERAL ELECTRIC
      CAPITAL CORPORATION
	
            	
            	
            
	[SEAL]	 	By:	 	
              /s/ Kathryn A.
      Cassidy

               

            
	
            	 	Name:	 	Kathryn A. Cassidy
	
            	 	Title:	 	
              Senior Vice President –
      Corporate Treasury and

               

              Global Funding
      Operation

               

            

    

    Attest: 

     

     

     

    
      	
            	
            	
            
	By:	 	
              /s/ Craig T.
      Beazer

               

            
	
            	 	Authorized Signatory

    

    CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes referred to

     

    in the within-mentioned Fiscal
Agency Agreement. 

     

     

     

    
      	
            	
            	
            
	
              THE BANK OF NEW
      YORK

               

                          as
      Fiscal and Paying Agent

               

            
	
            	
            
	By:	 	
               

               

            
	
            	 	Authorized Officer

    

    [Effectuated without recourse,
warranty or liability by 

     

    As common safe-keeper]8 

     

     

     

    
    

     

    
      	
              8

               

            	
              Applicable only for a series
      of Notes issued and indicated hereon that it is issued as a New Global
      Note. 

               

            

    

     

     

    5 

     

    
    

     

    

    [Form of Reverse of Note]

     

    This Note is one of a duly
authorized issue of Euro Medium-Term Notes of the Series specified on the face
hereof, having maturities of nine months or more from the date of issue (the
“Notes”) of the Company. The Notes are issuable under an eighth amended and
restated fiscal and paying agency agreement, dated as of May 12, 2006,
among General Electric Capital Corporation, GE Capital Australia Funding Pty.
Ltd., GE Capital Canada Funding Company, GE Capital European Funding, GE Capital
UK Funding and The Bank of New York (successor to JPMorgan Chase Bank, N.A.), as
fiscal agent and as principal paying agent (in such capacities, the “Fiscal and
Paying Agent”) and The Bank of New York (Luxembourg) S.A. (successor to J.P.
Morgan Bank Luxembourg S.A.), as initial registrar and transfer agent (as
amended and supplemented from time to time, the “Fiscal Agency Agreement”), to
which Fiscal Agency Agreement reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities of the Company
and holders of the Notes and the terms upon which the Notes are, and are to be,
authenticated, effectuated (if applicable), and delivered. The Bank of New York
(successor to JPMorgan Chase Bank, N.A.) at its office in London has been
appointed the Exchange Rate Agent (the “Exchange Rate Agent”, which term
includes any successor exchange rate agent) with respect to the Notes. The terms
of individual Notes may vary with respect to interest rates, interest rate
formulas, issue dates, maturity dates, or otherwise, all as provided in the
Fiscal Agency Agreement. To the extent not inconsistent herewith, the terms of
the Fiscal Agency Agreement are hereby incorporated by reference herein.

     

    This Note will not be subject to any
sinking fund and will not be redeemable or subject to repayment at the option of
the holder prior to maturity, except as provided below. 

     

    Unless otherwise indicated on the
face of this Note, this Note shall not be subject to repayment at the option of
the holder prior to the Maturity Date. If so indicated on the face of this Note,
this Note may be subject to repayment at the option of the holder on the
Optional Repayment Date or Dates specified on the face hereof on the terms set
forth herein. On any Optional Repayment Date, this Note will be repayable in
whole or in part in increments of 1,000 units of the Specified Currency
indicated on the face hereof (provided that any remaining principal amount
hereof shall not be less than the minimum authorized denomination hereof) at the
option of the holder hereof at a price equal to 100% of the principal amount to
be repaid, together with interest hereon payable to the date of repayment. For
this Note to be repaid in whole or in part at the option of the holder hereof,
the Company must receive at the corporate trust office of the Fiscal and Paying
Agent in the City of London, at least 30 days but not more than 60 days prior to
the repayment, (i) this Note with the form entitled “Option to Elect
Repayment” on the reverse hereof duly completed or (ii) a telegram,
facsimile transmission or a letter from a commercial bank or trust company in
Western Europe which must set forth the principal amount of this Note, the
principal amount of this Note to be repaid, the certificate number or a
description of the tenor and terms of this Note, a statement that the option to
elect repayment is being exercised thereby and a guarantee that this Note to be
repaid, together with the duly completed form entitled “Option to Elect
Repayment” on the reverse hereof, will be received by the Fiscal and Paying
Agent not later than the fifth Business Day after the date of such telegram,
facsimile transmission or letter; provided, however, that such
telegram, facsimile transmission or letter from a commercial bank or trust
company in Western Europe shall only be effective if in such case, this Note and
form duly completed are received by the Fiscal and Paying Agent by such fifth
Business Day. Exercise of such repayment option by the holder hereof shall be
irrevocable. In the event of repayment of this Note in part only, a new Note or
Notes for the amount of the unpaid portion hereof shall be issued in the name of
the holder hereof upon cancellation hereof, but only in an authorized
denomination. Partial redemption with respect to Notes indicated hereon that it
is intended to be a New Global Note will be reflected in the records of
Euroclear and Clearstream, Luxembourg as either pool factor (whereby a
percentage reduction is applied to the nominal amount) or reduction in nominal
amount, at their discretion. 

     

    This Note will bear interest at the
rate determined as follows: 

     

    1. If this Note is designated as a
Regular Floating Rate Note on the face hereof, then, except as described below,
this Note shall bear interest at the rate determined by reference to the
applicable Interest Rate Basis shown on the face hereof (i) plus or minus
the applicable Spread, if any, and/or (ii) multiplied by the applicable
Spread Multiplier, if any, specified and applied in the manner described on the
face hereof. Commencing on the first Interest Reset Date (the “Initial Interest
Reset Date”), the rate at which interest on this Note is payable shall be reset
as of each Interest Reset Date specified on the face hereof; provided, however,

     

     

     

    6 

     

    
    

     

    

    that (i) the interest rate in
effect for the period from the Original Issue Date to the Initial Interest Reset
Date will be the Initial Interest Rate, and (ii) unless otherwise specified
on the face hereof, the interest rate in effect hereon for the ten calendar days
immediately prior to a Maturity Date shall be that in effect on the tenth
calendar day preceding such Maturity Date. 

     

    2. If this Note is designated as an
Inverse Floating Rate Note on the face hereof, then, except as described below,
this Note will bear interest equal to the Fixed Interest Rate indicated on the
face hereof minus the rate determined by reference to the applicable Interest
Rate Basis shown on the face hereof (i) plus or minus the applicable
Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier,
if any, specified and applied in the manner described on the face hereof; provided, however, that the
interest rate hereon will not be less than zero. Commencing on the Initial
Interest Reset Date, the rate at which interest on this Note is payable shall be
reset as of each Interest Reset Date specified on the face hereof; provided, however, that
(i) the interest rate in effect for the period from the Original Issue Date
to the Initial Interest Reset Date will be the Initial Interest Rate, and
(ii) unless otherwise specified on the face hereof, the interest rate in
effect hereon for the ten calendar days immediately prior to a Maturity Date
shall be that in effect on the tenth calendar day preceding such Maturity Date.

     

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

     

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

     

    Unless otherwise specified on the
face hereof, the Interest Determination Date pertaining to an Interest Reset
Date for Notes bearing interest calculated by reference to the CD Rate,
Commercial Paper Rate, Federal Funds Rate and Prime Rate will be the second
Business Day next preceding such Interest Reset Date. The Interest Determination
Date with respect to the Eleventh District Cost of Funds Rate will be the last
working day of the month immediately preceding each Interest Reset Date on which
the Federal Home Loan Bank of San Francisco (the “FHLB of San Francisco”)
publishes the Index (as defined below). Unless otherwise specified on the face
hereof, the Interest Determination Date pertaining to an Interest Reset Date for
Notes bearing interest calculated by reference to LIBOR shall be the second
London Banking Day (as defined below) preceding such Interest Reset Date, unless
the Designated LIBOR Currency (as defined herein) is (i) pounds sterling,
in which case the “Interest Determination Date” will be the applicable Interest
Reset Date, or (ii) euro, in which case the Interest Determination Date
will be the second TARGET Settlement Day (as defined herein) preceding such
Interest Reset Date. Unless otherwise specified on the face hereof, the Interest
Determination Date pertaining to an Interest Reset Date for Notes bearing
interest calculated by reference to EURIBOR shall be the second TARGET
Settlement Day preceding each Interest Reset Date for the related Notes. The
Interest Determination Date pertaining to an Interest Reset Date for Notes
bearing interest calculated by reference to the Treasury Rate shall be the day
of the week in which such Interest Reset Date falls on which Treasury bills
normally would be auctioned; provided, however, that if an
auction is held on the Friday of the week preceding such Interest Reset Date,
the related Interest Determination Date shall be such preceding Friday; and
provided, further, that if an
auction shall fall on any Interest Reset Date, then the Interest Reset Date
shall instead be the first Business Day following the date of such auction.
“London Banking Day” means any day on which commercial banks are open for
business (including dealings in the Designated LIBOR Currency) in London,
England. 

     

    The “Calculation Date” pertaining
to any Interest Determination Date will be the earlier of (i) the tenth
calendar day after such Interest Determination Date or, if such day is not a
Business Day, the next succeeding Business Day or (ii) the Business Day
preceding the applicable Interest Payment Date or Maturity Date, as the case may
be. 

     

     

     

    7 

     

    
    

     

    

    Determination of CD
Rate. If the Interest Rate Basis specified on the face hereof is
the CD Rate, the CD Rate with respect to this Note shall be determined on each
Interest Determination Date and shall be the rate on such date for negotiable
certificates of deposit having the Index Maturity specified on the face hereof
as published by the Board of Governors of the Federal Reserve System in
“Statistical Release H.15(519), Selected Interest Rates,” or any successor
publication (“H.15(519)”), under the heading “CDs (Secondary Market),” or, if
not so published by 3:00 p.m., New York City time, on the Calculation Date
pertaining to such Interest Determination Date, the CD Rate will be the rate on
such Interest Determination Date for negotiable certificates of deposit of the
Index Maturity specified on the face hereof as published by the Federal Reserve
Bank of New York in H.15 Daily Update, or such other recognized electronic
source used for the purpose of displaying such rate, under the caption “CDs
(Secondary Market)”. If such rate is not yet published in either H.15(519), H.15
Daily Update, or such other recognized electronic source by 3:00 P.M., New York
City time, on such Calculation Date pertaining to such Interest Determination
Date, then the CD Rate on such Interest Determination Date will be calculated by
the Calculation Agent referred to on the face hereof and will be the arithmetic
mean of the secondary market offered rates as of 10:00 a.m., New York City time,
on such Interest Determination Date, for negotiable certificates of deposit of
major United States money market banks with a remaining maturity closest to the
Index Maturity specified on the face hereof in a denomination of $5,000,000 as
quoted by three leading nonbank dealers in negotiable U.S. dollar certificates
of deposit in The City of New York selected by the Calculation Agent; provided,
however, that if the dealers selected as aforesaid by the Calculation Agent are
not quoting as mentioned in this sentence, the CD Rate with respect to such
Interest Determination Date shall be the CD Rate as in effect on such Interest
Determination Date. For the purposes hereof, “H.15 Daily Update” means the daily
update of H.15(519), available through the world-wide-web site of the Board of
Governors of the United States Federal Reserve System at
http://www.bog.frb.fed.us/releases/h15/update, or any successor service.

     

    Determination of Commercial
Paper Rate. If the Interest Rate Basis specified on the face
hereof is the Commercial Paper Rate, the Commercial Paper Rate with respect to
this Note shall be determined on each Interest Determination Date and shall be
the Money Market Yield (as defined herein) of the rate on such date for
commercial paper having the Index Maturity specified on the face hereof, as such
rate shall be published in H.15(519) under the heading “Commercial Paper
Nonfinancial,” or if not so published prior to 3:00 p.m., New York City time, on
the Calculation Date pertaining to such Interest Determination Date, the
Commercial Paper Rate shall be the Money Market Yield of the rate on such
Interest Determination Date for commercial paper of the Index Maturity specified
on the face hereof as published in H.15 Daily Update, or such other recognized
electronic source used for the purpose of displaying such rate, under the
caption “Commercial Paper Nonfinancial”. If such rate is not yet available in
either H.15(519) , H.15 Daily Update, or such other recognized electronic source
by 3:00 p.m., New York City time, on such Calculation Date, then the Commercial
Paper Rate on such Interest Determination Date shall be calculated by the
Calculation Agent and shall be the Money Market Yield of the arithmetic mean of
the offered rates as of 11:00 a.m., New York City time, on such Interest
Determination Date for commercial paper of the Index Maturity specified on the
face hereof, placed for an industrial issuer whose bond rating is “AA,” or the
equivalent, from a nationally recognized rating agency, as quoted by three
leading dealers in commercial paper in The City of New York selected by the
Calculation Agent; provided, however, that if the dealers selected as aforesaid
by the Calculation Agent are not quoting offered rates as set forth above, the
Commercial Paper Rate with respect to such Interest Determination Date shall be
the Commercial Paper Rate in effect on such Interest Determination Date.

     

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

     

     

     

    
      	
            	
            	
            	
            	
            
	Money Market Yield =	  	
              D x 360

               

            	  	x 100
	
            	  	360 - (D x M)	  	
            

    

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

     

    Determination of Eleventh
District Cost of Funds Rate. If the Interest Rate Basis for this
Note is the Eleventh District Cost of Funds Rate, as indicated above, the
Eleventh District Cost of Funds Rate shall be determined on each applicable
Interest Determination Date and shall be the rate equal to the monthly weighted
average cost of funds for the calendar month preceding such Interest
Determination Date as set forth under the caption “11th District” on Reuters
Screen COFI/ARMS as of 11:00 a.m., San Francisco time, on such Interest
Determination Date. If such rate 

     

     

     

    8 

     

    
    

     

    

    does not appear on Reuters Screen
COFI/ARMS on any such Interest Determination Date, the Eleventh District Cost of
Funds Rate for such Interest Determination Date shall be the monthly weighted
average cost of funds paid by member institutions of the Eleventh Federal Home
Loan Bank District that was most recently announced (the “Index”) by the FHLB of
San Francisco as such cost of funds for the calendar month preceding the date of
such announcement. If the FHLB of San Francisco fails to announce such rate for
the calendar month next preceding such Interest Determination Date, then the
Eleventh District Cost of Funds Rate for such Interest Determination Date will
be the Eleventh District Cost of Funds Rate in effect on such Interest
Determination Date. 

     

    Determination of Federal
Funds Rate. If the Interest Rate Basis specified on the face
hereof is the Federal Funds Rate, the Federal Funds Rate with respect to this
Note shall be determined on each Interest Determination Date and shall be the
rate on such date for Federal Funds as published in H.15(519) under the heading
“Federal Funds (Effective)” as such rate is displayed on Telerate Page 120 (or
any other pages as may replace such pages on such service), or, if the rate does
not appear on Telerate Page 120 (or any other pages as may replace such pages on
such service) or is not published in H.15(519) prior to 11:00 a.m., New York
City time, on the Calculation Date pertaining to such Interest Determination
Date, the Federal Funds Rate will be the rate on such Interest Determination
Date as published in H.15 Daily Update, or such other recognized electronic
source used for the purpose of displaying such rate, under the caption “Federal
Funds (Effective)”. If such rate does not appear on Telerate Page 120 (or any
other pages as may replace such pages on such service) or is not published in
H.15(519), H.15 Daily Update or such other recognized electronic source by 3:00
p.m., New York City time, on such Calculation Date, the Federal Funds Rate for
such Interest Determination Date will be calculated by the Calculation Agent and
will be the arithmetic mean of the rates for the last transaction in overnight
United States dollar Federal funds as of 11:00 a.m., New York City time, on such
Interest Determination Date arranged by three leading brokers of Federal funds
transactions in The City of New York selected by the Calculation Agent;
provided, however, that if fewer than three brokers are providing the aforesaid
quotes, the Federal Funds Rate with respect to such Interest Determination Date
shall be the Federal Funds Rate in effect on such Interest Determination Date.

     

    Determination of
LIBOR. If the Interest Rate Basis specified on the face hereof is
LIBOR, LIBOR with respect to this Note shall be determined on each Interest
Determination Date as follows: 

     

    (i) LIBOR will be either (a) if
fewer than two offered rates appear on the Designated LIBOR Page, the rate for
deposits in the London interbank market in the Designated LIBOR Currency (as
defined below) having the Index Maturity designated on the face hereof
commencing on the second Business Day immediately following such Interest
Determination Date (or, if pounds sterling is the Designated LIBOR Currency,
beginning on such date or, if euro is the Designated LIBOR Currency, beginning
on the second TARGET Settlement Day immediately after such date), that appears
on the Designated LIBOR Page (as defined below) as of 11:00 a.m., London time,
on that Interest Determination Date, or (b) if at least two offered rates
appear on the Designated LIBOR Page, the arithmetic mean of the offered rates
for deposits in the London interbank market in the Designated LIBOR Currency
having the Index Maturity designated on the face hereof and commencing on the
second Business Day immediately following such Interest Determination Date, (or,
if pounds sterling is the Designated LIBOR Currency, beginning on such date or,
if euro is the Designated LIBOR Currency, beginning on the second TARGET
Settlement Day immediately after such date), that appears on the Designated
LIBOR Page (as defined below) that appear on the Designated LIBOR Page as of
11:00 a.m., London time, on such Interest Determination Date, if at least two
such offered rates on such Designated LIBOR Page. If fewer than two offered
rates appear, or no rate appears, as applicable, LIBOR in respect of such
Interest Determination Date will be determined as if the parties had specified
the rate described in clause (ii) below. 

     

    (ii) If no rate appears on the
applicable Designated LIBOR Page as specified in clause (i) 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, to provide the Calculation Agent with its offered quotation
for deposits in the Designated LIBOR Currency for the period of the Index
Maturity designated on the face hereof, commencing on the second Business Day
(or if pounds sterling is the Designated LIBOR Currency, commencing on such
Interest Determination Date or, if euro is the Designated LIBOR Currency,
beginning on the second TARGET Settlement Day immediately after such date)
immediately following such Interest Determination Date, to prime banks in the
London interbank market at approximately 

     

     

     

    9 

     

    
    

     

    

    11:00 a.m., London time, on such
Interest Determination Date and in a principal amount that is representative for
a single transaction in such Designated LIBOR Currency in such market at such
time. If at least two such quotations are provided, LIBOR determined on such
Interest Determination Date will be the arithmetic mean of such quotations. If
fewer than two quotations are provided, LIBOR determined on such Interest
Determination Date will be the arithmetic mean of the rates quoted at
approximately 11:00 a.m. (or such other time specified on the face hereof), New
York City time, on such Interest Determination Date by three major banks (one of
which may be an affiliate of the calculation agent) in the Principal Financial
Center selected by the calculation agent. The rates will be for loans in the
Designated LIBOR Currency to leading European banks having the Index Maturity
designated in the applicable Final Terms or Securities Note (as the case may be)
beginning on the second London Business Day after that date (or, if pounds
sterling is the Designated LIBOR Currency, commencing on such date or, if euro
is the Designated LIBOR Currency, beginning on the second TARGET Settlement Day
immediately after such date) and in a Representative Amount; provided, however, that if the
banks so selected by the Calculation Agent are not quoting as
mentioned in this sentence, LIBOR with respect to such Interest Determination
Date will be LIBOR in effect on such Interest Determination Date. 

     

    “Designated LIBOR
Currency” means the currency (including composite currencies and
euro) specified on the face hereof as the currency with respect to which LIBOR
shall be calculated. If no such currency is specified on the face hereof, the
Designated LIBOR Currency shall be U.S. dollars. 

     

    “Designated LIBOR
Page” means Capital Markets Report Screen LIBOR01 of Reuters, or
any other page as may replace such page on such service. 

     

    Determination of
EURIBOR. If the Interest Rate Basis specified on the face hereof
is EURIBOR, EURIBOR with respect to this Note shall be determined on each
Interest Determination Date and shall be the rate for deposits in euros having
the Index Maturity designated on the face hereof that appears on the Designated
EURIBOR Page as of 11:00 a.m., Brussels time, on that Interest Determination
Date. If such rate does not appear on the Designated EURIBOR Page as of 11:00
a.m., Brussels time, on that Interest Determination Date, then the Calculation
Agent will request the principal offices of four major banks (one of which may
be an affiliate of the Calculation Agent) in the Euro-zone selected by the
Calculation Agent to provide such bank’s offered quotation to prime banks in the
Euro-zone interbank market for deposits in euros having the Index Maturity
designated on the face hereof as of 11:00 a.m., Brussels time, on such Interest
Determination Date and in a Representative Amount. If at least two quotations
are provided, EURIBOR determined on such Interest Determination Date will be the
arithmetic mean of such quotations. If fewer than two quotations are provided,
EURIBOR determined on such Interest Determination Date will be the arithmetic
mean of the rates quoted by major banks (which may include an affiliate of the
Calculation Agent) in the Euro-zone, selected by the Calculation Agent, at
approximately 11:00 a.m., Brussels time, on the Interest Determination Date for
loans in euros to leading European banks for a period of time corresponding to
the Index Maturity designated on the face hereof and in a Representative Amount.
If no rates are quoted by major banks, EURIBOR for such Interest Determination
Date will be EURIBOR in effect for such Interest Determination Date. “Euro-zone”
means the area encompassed by member states in the European Union that are
participating in the third stage of European Economic and Monetary Union
pursuant to the Treaty establishing the European Communities, as amended by the
Treaty on European Union. 

     

    Determination of Prime
Rate. If the Interest Rate Basis specified on the face hereof is
the Prime Rate, the Prime Rate with respect to this Note shall be determined on
each Interest Determination Date and shall be the rate on such date as published
in H.15(519) under the heading “Bank Prime Loan”, or if not so published by 3:00
p.m., New York City time, on the Calculation Date pertaining to such Interest
Determination Date, the Prime Rate will be the rate as published on such
Interest Determination Date in the H.15 Daily Update, or such other recognized
electronic source used for the purpose of displaying such rate, under the
caption “Bank Prime Loan”. If such rate is not published in H.15(519), H.15
Daily Update or such other recognized electronic source, then the Prime Rate
will be the arithmetic mean (rounded upwards, if necessary, to the next higher
one-hundred thousandth of a percentage point) of the rates of interest publicly
announced by each bank named on the Reuters Screen U.S. Prime 1 Page (as defined
below) as such bank’s prime rate or base lending rate as in effect for such
Interest Determination Date as quoted on the Reuters Screen U.S. Prime 1 Page on
such interest Determination Date, or, if fewer than four, but more than one,
such rates appear on the Reuters Screen U.S. Prime 1 Page for such Interest
Determination Date, the rate shall be the arithmetic mean of the 

     

     

     

    10 

     

    
    

     

    

    prime rates quoted on the basis of
actual number of days in the year divided by 360 as of the close of business on
such Interest Determination Date by four major money center banks in The City of
New York selected by the Calculation Agent from which quotations are requested.
For purposes of making the foregoing determination, each change in the prime
rate or base lending rate of any bank so announced by such bank will be
effective as of the effective date of the announcement or, if no effective date
is specified, as of the date of the announcement. If fewer than two such
quotations are provided, the Prime Rate will be calculated by the Calculation
Agent and will be determined as the arithmetic mean on the basis of the prime
rates or base lending rates quoted in The City of New York by the appropriate
number of substitute banks or trust companies organized and doing business under
the laws of the United States or any state thereof, each having total equity
capital of at least $500 million and being subject to supervision or examination
by a federal or state authority, selected by the Calculation Agent to quote such
rate or rates; provided, however, that if the banks or trust companies so
selected by the Calculation Agent are not quoting as mentioned in this sentence,
the Prime Rate with respect to such Interest Determination Date will be the
Prime Rate in effect on such Interest Determination Date. 

     

    Determination of Treasury
Rate. If the Interest Rate Basis specified on the face hereof is
the Treasury Rate, the Treasury Rate with respect to this Note shall be
determined on each Interest Determination Date and shall be the rate applicable
to the most recent auction of direct obligations of the United States (“Treasury
Bills”) having the Index Maturity specified on the face hereof, as it appears
under the caption “[HIGH RATE]” on page 56 or page 57 of Telerate (or any other
pages that may replace such pages on such service) or if not so published by
3:00 p.m., New York City time, on the Calculation Date pertaining to such
Interest Determination Date, the auction average rate on such Interest
Determination Date (expressed as a bond equivalent, on the basis of a year of
365 or 366 days, as applicable, and applied on a daily basis) as otherwise
announced by the United States Department of the Treasury. In the event that the
results of the auction of Treasury Bills having the Index Maturity specified on
the face hereof are not published or reported as provided above by 3:00 p.m.,
New York City time, on such Calculation Date, or if no such auction is held in
the five Business Days preceding such Interest Determination Date, then the
Treasury Rate shall be calculated by the Calculation Agent and shall be a yield
to maturity (expressed as a bond equivalent, on the basis of a year of 365 or
366 days, as applicable, and applied on a daily basis) of such Treasury bills
having the specified Index Maturity as published in H.15(519) under the caption
“U.S. Government Securities Treasury Bills [Auction high].” If such rate is not
so published in H.15(519) by 3:00 p.m., New York City time, on the related
Calculation Date, the rate on such Interest Determination Date of such Treasury
bills will be as published in H.15 Daily Update, or such other recognized
electronic source used for the purpose of displaying such rate, under the
caption “U.S. Government Securities/Treasury Bills/[Auction high]” on such
Interest Determination Date If such rate is not yet published in H.15(519), H.15
Daily Update or another recognized electronic source on such Interest
Determination Date, then the Treasury Rate will be a yield to maturity
(expressed as a bond equivalent, on the basis of a year of 365 or 366 days, as
applicable, and applied on a daily basis) of the arithmetic mean of the
secondary market bid rates, as of approximately 3:30 p.m., New York City time,
on such Interest Determination Date, of three leading primary United States
government securities dealers selected by the Calculation Agent for the issue of
Treasury Bills with a remaining maturity closest to the Index Maturity specified
on the face hereof; provided, however, that if the dealers selected as aforesaid
by the Calculation Agent are not quoting bid rates as mentioned in this
sentence, the Treasury Rate with respect to such Interest Determination Date
will be the Treasury Rate in effect on such Interest Determination Date.

     

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

     

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

     

    Interest payments on this Note will
equal the amount of interest accrued from and including the next preceding
Interest Payment Date in respect of which interest has been paid (or from and
including the date of issue of the predecessor global Note, if no interest has
been paid) to but excluding the related Interest Payment Date; provided,
however, that if the Interest Reset Period with respect to this Note is daily or
weekly, each interest 

     

     

     

    11 

     

    
    

     

    

    payment will include interest
accrued from and including the date of issue of the predecessor global Note or
from but excluding the fifteenth calendar day preceding the next preceding
Interest Payment Date (whether or not such fifteenth calendar day is a Business
Day) to which interest has been paid, as the case may be, through and including
the fifteenth calendar day preceding the applicable Interest Payment Date
(whether or not such fifteenth calendar day is a Business Day), unless otherwise
specified on the face hereof; and provided, further, that the interest payment
with respect to this Note made on the Maturity Date will include interest
accrued to but excluding such Maturity Date. 

     

    Unless otherwise specified on the
face hereof, the day count fraction in respect of the calculation of an amount
of interest on this Note for any period of time (the “Calculation Period”) will
(a) in the case of this Note being denominated in U.S. Dollars be
Actual/360 or (b) in the case of this Note being denominated in any other
Specified Currency, be Actual/Actual. 

     

    If a Day Count Fraction is specified
above: 

     

    (a) “Actual/Actual” or “Actual/Actual (ISDA)” means
the actual number of days in the Interest Reset Period divided by 365 (or, if
any proportion of that Interest Reset Period falls in a leap year, the sum of
(A) the actual number of days in that portion of the Interest Reset Period
falling in a leap year divided by 366 and (B) the actual number of days in
that portion of the Interest Reset Period falling in a non-leap year divided by
365); 

     

    (b) “Actual/365 (Fixed)” means the
actual number of days in the Interest Reset Period divided by 365; 

     

    (c) “Actual/360” means the actual
number of days in the Interest Reset Period divided by 360; 

     

    (d) “30/360”, “360/360” or “Bond Basis” means the number
of days in the Interest Reset Period divided by 360, calculated on a formula
basis as follows: 

     

    Day Count Fraction = [360 x (Y2 – Y1)] + [30 x
(M2 – M1)] + (D2 – D1) 

     

                                    360

     

    where: 

     

    “Y1” is the year, expressed as a
number, in which the first day of the Interest Reset Period falls; 

     

    “Y2” is the year, expressed as a
number, in which the day immediately following the last day of the Interest
Reset Period falls; 

     

    “M1” is the calendar month, expressed
as a number, in which the first day of the Interest Reset Period falls;

     

    “M2” is the calendar month, expressed
as a number, in which the day immediately following the last day of the Interest
Reset Period falls; 

     

    “D1” is the first calendar day,
expressed as a number, of the Interest Reset Period, unless such number is 31,
in which case D1 will be 30; and 

     

    “D2” is the calendar day, expressed as
a number, immediately following the last day included in the Interest Reset
Period, unless such number would be 31 and D1 is greater than 29, in which case
D2 will be 30; 

     

    (e) “30E/360” or “Eurobond Basis” means the
number of days in the Interest Reset Period divided by 360, calculated on a
formula basis as follows: 

     

    Day Count Fraction = [360 x (Y2 – Y1)] + [30 x
(M2 – M1)] + (D2 – D1) 

     

                                360

     

    where: 

     

    “Y1” is the year, expressed as a
number, in which the first day of the Interest Reset Period falls; 

     

     

     

    12 

     

    
    

     

    

    “Y2” is the year, expressed as a
number, in which the day immediately following the last day of the Interest
Reset Period falls; 

     

    “M1” is the calendar month,
expressed as a number, in which the first day of the Interest Reset Period
falls; 

     

    “M2” is the calendar month,
expressed as a number, in which the day immediately following the last day of
the Interest Reset Period falls; 

     

    “D1” is the first calendar day,
expressed as a number, of the Interest Reset Period, unless such number would be
31, in which case D1 will be 30; and 

     

    “D2” is the calendar day, expressed
as a number, immediately following the last day included in the Interest Reset
Period, unless such number would be 31, in which case D2 will be 30; and

     

    (f) “30E/360 (ISDA)” means the
Final Terms, the number of days in the Interest Reset Period divided by 360,
calculated on a formula basis as follows: 

     

    Day Count Fraction = [360 x (Y2 – Y1)] + [30 x
(M2 – M1)] + (D2 – D1) 

     

                                        360

     

    where: 

     

    “Y1” is the year, expressed as a
number, in which the first day of the Interest Reset Period falls; 

     

    “Y2” is the year, expressed as a
number, in which the day immediately following the last day of the Interest
Reset Period falls; 

     

    “M1” is the calendar month,
expressed as a number, in which the first day of the Interest Reset Period
falls; 

     

    “M2” is the calendar month,
expressed as a number, in which the day immediately following the last day of
the Interest Reset Period falls; 

     

    “D1” is the first calendar day,
expressed as a number, of the Interest Reset Period, unless (i) that day is
the last day of February or (ii) such number would be 31, in which case D1
will be 30; and 

     

    “D2” is the calendar day, expressed
as a number, immediately following the last day included in the Interest Reset
Period, unless (i) that day is the last day of February but not the
Maturity Date or (ii) such number would be 31, in which case D2 will be 30.

     

    If the interest rate on this Note
may be calculated with reference to two or more Interest Rate Bases, the accrued
interest factor will be calculated in each period by selecting one such Interest
Rate Basis for such period. For these calculations, the interest rate in effect
on any Interest Reset Date will be the new reset rate. 

     

    All percentages resulting from any
calculation will be to the nearest one hundred-thousandth of a percentage point,
with five one millionths of a percentage point rounded upwards (e.g., 9.9876545% (or
..09876545) would be rounded to 9.87655% (or.0987655), and all dollar amounts
used in or resulting from such calculation will be rounded to the nearest cent
(with one-half cent being rounded upward). 

     

    If any Interest Payment Date other
than the Maturity Date would otherwise be a day that is not a Business Day, such
Interest Payment Date will be postponed to the next succeeding Business Day,
except that such Business Day falls in the next succeeding calendar month, such
Interest Payment Date will be the immediately preceding Business Day. If the
Maturity Date falls on a day that is not a Business Day, the required payment of
principal, premium, if any, and interest will be made on the next succeeding
Business Day as if made on the date such payment was due, and no interest will
accrue on such payment for the period from and after the Maturity Date to the
date of such payment on the next succeeding Business Day. 

     

     

     

    13 

     

    
    

     

    

    [This Note is unsecured and ranks
paripassu with all other
unsecured and unsubordinated indebtedness of the Company/This Note is a
subordinate Note and [insert
applicable subordination provisions.]]9 

     

    This Note is issuable in bearer form
(the “Bearer Notes”), without interest coupons attached, and is exchangeable
upon 30 days’ written notice to the Fiscal and Paying Agent, in whole or from
time to time in part, for (i) Bearer Notes, with interest coupons attached,
in such denominations of the Specified Currency as are indicated on the face
hereof or (ii) (if so specified on the face hereof) Notes in fully
registered form, without coupons (“Registered Notes”), in such denominations of
the Specified Currency as are indicated on the face hereof at the office of the
Fiscal and Paying Agent, upon the request of the Euroclear Operator or
Clearstream, Luxembourg, acting on behalf of the owners of beneficial interests
in the Note, and upon Certification to the effect set forth in Exhibits B-1 and
B-2 attached hereto and upon compliance with the other procedures set forth in
the Fiscal Agency Agreement; provided, however, that no such exchange may occur
during a period beginning at the opening of business 15 days before the day of
the first publication of a notice of redemption and ending on the relevant
redemption date. All expenses incurred as a result of any such exchange shall be
paid by the Company. Notwithstanding anything to the contrary contained in this
paragraph, the Fiscal and Paying Agent shall not be required to exchange the
entire aggregate principal amount of a permanent global Bearer Note for
definitive Bearer Notes in the event beneficial owners of less than the entire
aggregate principal amount of the permanent global Bearer Note have requested
definitive Bearer Notes, provided the operating rules and regulations of the
clearance system then in effect would permit less than the entire aggregate
principal amount of the permanent global Bearer Note to be so exchanged. Upon
exchange of any portion of this Note for a definitive Bearer Note or definitive
Bearer Notes, or a definitive Registered Note or definitive Registered Notes,
the Fiscal and Paying Agent shall (a) if indicated hereon that this Note is
not intended to be a New Global Note, cause Schedule A-1 of this Note to be
endorsed or (b) if indicated hereon that this Note is intended to be a New
Global Note, promptly provide details to the relevant Clearing Systems in order
for the records of the relevant Clearing Systems to be updated, in each case to
reflect the reduction of its principal amount by an amount equal to the
aggregate principal amount of such definitive Bearer Note or Bearer Notes, or
such definitive Registered Note or Registered Notes, whereupon the principal
amount hereof shall be reduced for all purposes by the amount so exchanged and
noted. The date of surrender of any Note delivered upon any exchange or transfer
of Notes shall be such that no gain or loss of interest results from such
exchange or transfer. 

     

    This Note may be transferred by
delivery; provided, however, that this
Note may be transferred only to a common depositary, or as the case may be, the
common safe-keeper, outside the United States for the Euroclear Operator or
Clearstream, Luxembourg, or to a nominee of such a depositary, or as the case
may be, the common safe-keeper. 

     

    In case any Note shall at any time
become mutilated, destroyed, lost or stolen, or is apparently destroyed, lost or
stolen, and such Note or evidence of the loss, theft or destruction thereof
(together with the indemnity hereinafter referred to and such other documents or
proof as may be required in the premises) shall be delivered to the Fiscal and
Paying Agent, a new Note of like tenor will be issued by the Company in exchange
for the Note so mutilated or defaced, or in lieu of the Note so destroyed or
lost or stolen, but, in the case of any destroyed or lost or stolen Note only
upon receipt of evidence satisfactory to the Fiscal and Paying Agent and the
Company that such Note was destroyed or lost or stolen and, if required, upon
receipt also of an indemnity satisfactory to each of them. All expenses and
reasonable charges associated with procuring such indemnity and with the
preparation, authentication and delivery of a new Note shall be borne by the
owner of the Note mutilated, defaced, destroyed, lost or stolen. 

     

    The Fiscal Agency Agreement provides
that if an Event of Default (as defined in the Fiscal Agency Agreement) with
respect to the Series of which this Note forms a part, shall have occurred and
be continuing, the holder hereof, by notice in writing to the Company and the
Fiscal and Paying Agent, may declare the principal of this Note and the interest
accrued hereon to be due and payable immediately. 

     

     

     

    
    

     

    
      	
              9

               

            	
              insert as applicable as set
      out in the applicable Final Terms or Securities Note (as the case may be)
      

               

            

    

     

     

    14 

     

    
    

     

    

    Notes of the Series of which this
Note forms a part may be redeemed, at the option of the Company, as a whole but
not in part, at any time prior to maturity, upon the giving of a notice of
redemption as described below, at a redemption price equal to 100% of the
principal amount thereof, together with accrued interest to the date fixed for
redemption, or, in the case of Original Issue Discount Notes, at 100% of the
portion of the face amount thereof that has accrued to the date of redemption,
if the Company determines that, as a result of any change in or amendment to the
laws (or any regulations or rulings promulgated thereunder) of the United States
or of any political subdivision or taxing authority thereof or therein affecting
taxation, or any change in official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment
becomes effective on or after the Tax Redemption Date specified on the face
hereof, the Company has or will become obligated to pay U.S. Additional Amounts
(as defined below) with respect to the Notes as described below. Prior to the
giving of any notice of redemption pursuant to this paragraph, the Company shall
deliver to the Fiscal and Paying Agent (i) a certificate stating that the
Company is entitled to effect such redemption and setting forth a statement of
facts showing that the conditions precedent to the right of the Company to so
redeem have occurred, and (ii) an opinion of counsel satisfactory to the
Fiscal and Paying Agent to such effect based on such statement of facts;
provided that no such notice of redemption shall be given earlier than 90 days
prior to the earliest date on which the Company would be obligated to pay such
U.S. Additional Amounts if a payment in respect of the Notes were then due.

     

    Notice of redemption will be given
not less than 30 nor more than 60 days prior to the date fixed for redemption,
which date and the applicable redemption price will be specified in the notice.
Such notice will be given in accordance with “Notices” as defined below.

     

    If the Company shall determine that
any payment made outside the United States by the Company or any Paying Agent of
principal or interest, including original issue discount, if any, due in respect
of any Bearer Notes of the Series of which this Note forms a part would, under
any present or future laws or regulations of the United States, be subject to
any certification, identification or other information reporting requirement of
any kind, the effect of which requirement is the disclosure to the Company, any
Paying Agent or any governmental authority of the nationality, residence or
identity of a beneficial owner of such Bearer Note or interest coupon who is a
United States Alien (other than such a requirement (a) which would not be
applicable to a payment made by the Company or any one of its Paying Agents
(i) directly to the beneficial owner or (ii) to a custodian, nominee
or other agent of the beneficial owner, or (b) which can be satisfied by
such custodian, nominee or other agent certifying to the effect that such
beneficial owner is a United States Alien, provided that in each case referred
to in clauses (a)(ii) and (b) payment by such custodian, nominee or agent
to such beneficial owner is not otherwise subject to any such requirement), the
Company shall redeem the Bearer Notes, in whole, at a redemption price equal to
100% of the principal amount thereof, together with accrued interest to the date
fixed for redemption, (or, in the case of Original Issue Discount Notes, at 100%
of the portion of the face amount thereof that has accrued to the date of
redemption), or, at the election of the Company if the conditions of the next
succeeding paragraph are satisfied, pay the additional amounts specified in such
paragraph. The Company shall make such determination and election as soon as
practicable and publish prompt notice thereof (the “Determination Notice”)
stating the effective date of such certification, identification or other
information reporting requirements, whether the Company will redeem the Bearer
Notes of such Series, or whether the Company has elected to pay the U.S.
Additional Amounts specified in the next succeeding paragraph, and (if
applicable) the last date by which the redemption of the Bearer Notes must take
place, as provided in the next succeeding sentence. If the Company redeems the
Bearer Notes, such redemption shall take place on such date, not later than one
year after the publication of the Determination Notice, as the Company shall
elect by notice to the Fiscal and Paying Agent at least 60 days prior to the
date fixed for redemption. Notice of such redemption of the Bearer Notes will be
given to the holders of the Bearer Notes not more than 60 nor less than 30 days
prior to the date fixed for redemption. Such redemption notice shall include a
statement as to the last date by which the Bearer Notes to be redeemed may be
exchanged for Registered Notes. Notwithstanding the foregoing, the Company shall
not so redeem the Bearer Notes if the Company shall subsequently determine, not
less than 30 days prior to the date fixed for redemption, that subsequent
payments would not be subject to any such requirement, in which case the Company
shall publish prompt notice of such determination and any earlier redemption
notice shall be revoked and of no further effect. The right of any of the
holders of Bearer Notes called for redemption pursuant to this paragraph to
exchange such Bearer Notes for Registered Notes will terminate at the close of
business of the Fiscal and Paying Agent on the fifteenth day prior to the date
fixed for redemption, and no further exchanges of such Series of Bearer Notes
for Registered Notes shall be permitted. 

     

     

     

    15 

     

    
    

     

    

    If and so long as the certification,
identification or other information reporting requirements referred to in the
preceding paragraph would be fully satisfied by payment of a backup withholding
tax or similar charge, the Company may elect to pay as U.S. Additional Amounts
such amounts as may be necessary so that every net payment made outside the
United States following the effective date of such requirements by the Company
or any Paying Agent of principal or interest, including original issue discount
due in respect of any Bearer Note or any interest coupon of which the beneficial
owner is a United States Alien (but without any requirement that the
nationality, residence or identity of such beneficial owner be disclosed to the
Company, any Paying Agent or any governmental authority, with respect to the
payment of such additional amounts), after deduction or withholding for or on
account of such backup withholding tax or similar charge (other than a backup
withholding tax or similar charge which (i) would not be applicable in the
circumstances referred to in the second parenthetical clause of the first
sentence of the preceding paragraph, or (ii) is imposed as a result of the
presentation of such Bearer Note or interest coupon for payment more than 15
calendar days after the date on which such payment becomes due and payable or on
which payment thereof is duly provided for, whichever occurs later), will not be
less than the amount provided for in such Bearer Note or interest coupon to be
then due and payable. In the event the Company elects to pay U.S. Additional
Amounts pursuant to this paragraph, the Company shall have the right to redeem
the Bearer Notes of such Series as a whole at any time pursuant to the
applicable provisions of the immediately preceding paragraph and the redemption
price of such Bearer Notes shall not be reduced for applicable withholding
taxes. If the Company elects to pay U.S. Additional Amounts pursuant to this
paragraph and the condition specified in the first sentence of this paragraph
should no longer be satisfied, then the Company shall redeem the Bearer Notes of
such Series in whole, pursuant to the applicable provisions of the immediately
preceding paragraph. 

     

    The Company will, subject to certain
exceptions and limitations set forth below, pay such additional amounts (the
“U.S. Additional Amounts”) to the holder of any Note or of any coupon, if any,
who is a United States Alien as may be necessary in order that every net payment
of the principal of, premium and interest, including original issue discount, on
such Note and any other amounts payable on such Note, after withholding for or
on account of any present or future tax, assessment or governmental charge
imposed upon or as a result of such payment by the United States (or any
political subdivision or taxing authority thereof or therein), will not be less
than the amount provided for in such Note or coupon, if any, to be then due and
payable. However, the Company will not be required to make any payment of U.S.
Additional Amounts to any such holder for or on account of: 

     

    (a) any such tax, assessment or
other governmental charge which would not have been so imposed but for
(i) the existence of any present or former connection between such holder
(or between a fiduciary, settlor, beneficiary, member or shareholder of such
holder, if such holder is an estate, a trust, a partnership or a corporation)
and the United States, including, without limitation, such holder (or such
fiduciary, settlor, beneficiary, member or shareholder) being or having been a
citizen or resident thereof or being or having been engaged in a trade or
business or present therein or having, or having had, a permanent establishment
therein or (ii) the presentation by the holder of any such Note or coupon
for payment on a date more than 15 days after the date on which such
payment became due and payable or the date on which payment thereof is duly
provided for, whichever occurs later; 

     

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

     

    (c) any tax, assessment or other
governmental charge imposed by reason of such holder’s past or present status as
a personal holding company or foreign personal holding company or controlled
foreign corporation or passive foreign investment company with respect to the
United States or as a corporation which accumulates earnings to avoid United
States federal income tax or as a private foundation or other tax-exempt
organization; 

     

    (d) any tax, assessment or other
governmental charge which is payable otherwise than by withholding from payments
on or in respect of any Note; 

     

    (e) any tax, assessment or other
governmental charge which would not have been imposed but for the failure to
comply with certification, information or other reporting requirements
concerning the nationality, residence or identity of the holder or beneficial
owner of such Note, if such compliance is required by statute or by regulation
of the United States or of any political subdivision or taxing authority thereof
or therein as a precondition to relief or exemption from such tax, assessment or
other governmental charge; 

     

     

     

    16 

     

    
    

     

    

    (f) any tax, assessment or other
governmental charge imposed by reason of such holder’s past or present status as
the actual or constructive owner of 10% or more of the total combined voting
power of all classes of stock entitled to vote of the Company or as a direct or
indirect affiliate of the Company; 

     

    (g) any tax, assessment or other
governmental charge required to be deducted or withheld by any Paying Agent from
a payment on a Note or coupon, if such payment can be made without such
deduction or withholding by any other Paying Agent; or 

     

    (h) any combination of two or more
of items (a), (b), (c), (d), (e), (f) and (g); 

     

    nor shall U.S. Additional Amounts be
paid with respect to any payment on a Note to a United States Alien who is a
fiduciary or partnership or other than the sole beneficial owner of such payment
to the extent such payment would be required by the laws of the United States
(or any political subdivision thereof) to be included in the income, for tax
purposes, of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to
the U.S. Additional Amounts had such beneficiary, settlor, member or beneficial
owner been the holder of such Note. 

     

    The Company will not be required to
make any payment of U.S. Additional Amounts to any holder for or on the account
of : 

     

    (a) any tax, duty, assessment or
other governmental charge required to be withheld by any Paying Agent from any
payment of principal of, or interest on, any Note, if such payment can be made
without such withholding by any other Paying Agent in a member state of the
European Union; or 

     

    (b) any tax, duty, assessment or
other governmental charge required to be imposed or withheld on a payment to an
individual and such deduction or withholding is required to be made pursuant to
any European Union Directive on the taxation of savings or any law implementing
or complying with, or introduced in order to conform to, such Directive.

     

    The Fiscal Agency Agreement provides
that the Company will not merge or consolidate with any other corporation or
sell, convey, transfer or otherwise dispose of all or substantially all of its
properties to any other corporation, unless (i) either the Company shall be
the continuing corporation or the successor corporation (if other than the
Company) (the “successor corporation”) shall be a corporation incorporated under
the laws of the United States of America and such successor corporation shall
expressly assume the due and punctual payments of all amounts due under this
Note and the due and punctual performance of all of the covenants and
obligations of the Company under this Note by supplemental agreement
satisfactory to the Fiscal and Paying Agent executed and delivered to such
Fiscal and Paying Agent by the successor corporation and the Company and
(ii) the Company or such successor corporation, as the case may be, shall
not, immediately after such merger or consolidation, or such sale, conveyance,
transfer or other disposition, be in default in the performance of any such
covenant or obligation. Upon any such merger or consolidation, sale, conveyance,
transfer or other disposition, such successor corporation shall succeed to and
be substituted for, and may exercise every right and power of and shall be
subject to all the obligations of, the Company under this Note, with the same
effect as if such successor corporation had been named as the Company herein,
and the Company shall be released from its liability under this Note and under
the Fiscal Agency Agreement. 

     

    The Fiscal Agency Agreement permits
the Company, when authorized by resolution of the Board of Directors, and the
Fiscal and Paying Agent, with the consent of the holders of not less than a
majority in aggregate principal amount of the Notes of the Series of which this
Note forms a part, to modify or amend the Fiscal Agency Agreement or such Notes;
provided, however, that no such
modification or amendment may, without the consent of the holders of each such
Note affected thereby, (i) change the stated maturity of the principal of
any such Note or extend the time for payment of interest thereon;
(ii) change the amount of the principal of an Original Issue Discount Note
of such Series that would be due and payable upon an acceleration of the
maturity thereof; (iii) reduce the amount of interest payable thereon or
the amount payable thereon in the event of redemption or acceleration;
(iv) change the currency of payment of principal of or any other amounts
payable on any such Note; (v) impair the right to institute suit for the
enforcement of any such payment on or with respect to any such Note;
(vi) reduce the above-stated percentage of the principal 

     

     

     

    17 

     

    
    

     

    

    amount of Notes of such Series the
consent of whose holders is necessary to modify or amend the Fiscal Agency
Agreement or the Notes of such Series or reduce the percentage of the Notes of
such Series required for the taking of action or the quorum required at any such
meeting of holders of Notes of such Series; or (vii) modify the foregoing
requirements to reduce the percentage of outstanding Notes of such Series
necessary to waive any future compliance or past default. 

     

    Purchasers are required to pay for
the Notes in the currency specified in the applicable Final Terms or Securities
Note (as the case may be). Payment of principal, premium, if any, and interest,
if any, on each Note will be made in immediately available funds in the
Specified Currency unless otherwise specified in the applicable Final Terms or
Securities Note (as the case may be) and except as provided below. 

     

    If specified in the applicable Final
Terms or Securities Note (as the case may be), the Company may, without the
consent of holders of Notes denominated in a Specified Currency of a member
state of the European Union, which on or after the issue date of such Notes
participates in European Economic and Monetary Union, on giving at least 30
days’ prior notice (the “Redenomination Notice”) to the holders of such Notes
and on prior notice to the Paying Agent, the Euroclear Operator, Clearstream
Luxembourg and/or any other relevant clearing system (if indicated hereon that
this Note is not intended to be a New Global Note), elect that, with effect from
the date specified in the Redenomination Notice (the “Redenomination Date”),
such Notes shall be redenominated in euro. The election will have effect as
follows: (a) the Notes shall be deemed to be redenominated into euro in the
denomination of ?0.01 with a nominal amount for each Note equal to the nominal
amount of that Note in the Specified Currency, converted into euro at the
Established Rate (defined below), provided that, if the Company determines after
consultation with the Paying Agent that the then market practice in respect of
the redenomination into euro of internationally offered securities is different
from the provisions specified above, such provisions shall be deemed to be
amended so as to comply with such market practice and the Company shall promptly
notify the holders of Notes, any stock exchange on which the Notes may be listed
and the Paying Agent of such deemed amendments; (b) save to the extent that
an Exchange Notice (defined below) has been given in accordance with paragraph
(d) below, the amount of interest due in respect of the Notes will be
calculated by reference to the aggregate nominal amount of Notes presented (or,
as the case may be, in respect of which coupons are presented) for payment by
the relevant holder and the amount of such payment shall be rounded down to the
nearest ?0.01; (c) if definitive Notes are required to be issued after the
Redenomination Date, they shall be issued at the expense of the Company in the
denominations of ?1,000, ?10,000, ?100,000 and (but only to the extent of any
remaining amounts less than ?1,000 or such smaller denominations as the Paying
Agent may approve) ?0.01 and such other denominations as the Issuer shall
determine and notify to the Noteholders; (d) if issued prior to the
Redenomination Date, all unmatured coupons denominated in the Specified Currency
(whether or not attached to the Notes) will become void with effect from the
date on which the Company gives notice (the “Exchange Notice”) that replacement
euro-denominated Notes and coupons are available for exchange (provided that
such securities are so available) and no payments will be made in respect of
them. The payment obligations contained in any Notes so issued will also become
void on that date although such Notes will continue to constitute valid exchange
obligations of the Company. New euro-denominated Notes and coupons, if any, will
be issued in exchange for Notes and coupons, if any, denominated in the
Specified Currency in such manner as the Paying Agent may specify and as shall
be notified to the holders of Notes in the Exchange Notice. No Exchange Notice
may be given less than 15 days prior to any date for payment of principal or
interest on the Notes; (e) after the Redenomination Date, all payments in
respect of the Notes and the coupons, if any, including payments of interest in
respect of periods commencing before the Redenomination Date, will be made
solely in euro as though references in the Notes to the Specified Currency were
to euro. Payments will be made in euro by credit or transfer to a euro account
outside the United States (or any other account to which euro may be credited or
transferred) specified by the payee or, at the option of the payee, by a euro
cheque mailed to an address outside the United States; (f) the applicable
Final Terms or Securities Note (as the case may be) will specify any relevant
changes to the provisions relating to interest; and (g) such other changes
shall be made as the Company may decide, after consultation with the Paying
Agent and the calculation agent (if applicable), and as may be specified in the
Redenomination Notice, to conform them to conventions then applicable to
instruments denominated in euro. For the purposes hereof, “Established Rate”
means the rate for the conversion of the Specified Currency (including
compliance with rules relating to roundings in accordance with applicable
European Union regulations) into euro established by the Council of the European
Union pursuant to Article 1091(4) of the treaty establishing the European
Communities, as amended by the Treaty on European Union, and “sub-unit” means,
with respect to any Specified Currency other than euro, the lowest amount of
such Specified Currency that is available as legal tender in the country of such
Specified Currency and, with respect to euro, means one cent. 

     

     

     

    18 

     

    
    

     

    

    Payments of principal, premium, if
any, and interest, if any, on any Note denominated in a Specified Currency other
than U.S. dollars shall be made in U.S. dollars if, on any payment date, such
Specified Currency (a) is unavailable due to imposition of exchange
controls or other circumstances beyond the Company’s control or (b) is no
longer used by the government of the country issuing such currency or for the
settlement of transactions by public institutions in that country or within the
international banking community. Such payments shall be made in U.S. dollars on
such payment date and on all subsequent payment dates until such Specified
Currency is again available or so used as determined by the Company.

     

    Amounts so payable on any such date
in such Specified Currency shall be converted into U.S. dollars at a rate
determined by the Exchange Rate Agent on the basis of the most recently
available Market Exchange Rate or as otherwise indicated in the applicable Final
Terms or Securities Note (as the case may be). The Exchange Rate Agent at the
date of the Fiscal Agency Agreement is The Bank of New York (successor to
JPMorgan Chase Bank, N.A.). Any payment required to be made on Notes denominated
in a Specified Currency other than U.S. dollars and euro that is instead made in
U.S. dollars under the circumstances described above will not constitute a
default of any obligation of the relevant Issuer under such Notes. The “Market
Exchange Rate” with respect to any currency other than U.S. dollars means, for
any day, the noon dollar buying rate in The City of New York on such day for
cable transfers of such currency as published by the Federal Reserve Bank of New
York, or, if such rate is not published for such day, the equivalent rate as
determined by the Exchange Rate Agent. 

     

    The provisions of the two preceding
paragraphs shall not apply in the event of the introduction in the country
issuing any Specified Currency of the euro pursuant to the entry of such country
into European Economic and Monetary Union. In this situation, payments of
principal, premium, if any, and interest, if any, on any Note denominated in any
such Specified Currency shall be effected in euro at such time as is required
by, and otherwise in conformity with, legally applicable measures adopted with
reference to such country’s entry into European Economic and Monetary Union. All
references herein or in any Final Terms or Securities Note (as the case may be)
to “euro” shall be to the lawful currency of the member states of the European
Union that adopt the single currency in accordance with the treaty establishing
the European Communities, as amended. 

     

    All determinations made by the
Company or the agent of the Company shall be at such person’s sole discretion
and shall, in the absence of manifest error, be conclusive for all purposes and
binding on the Company and all holders of Notes. 

     

    So long as this Note shall be
outstanding, the Company will cause to be maintained an office or agency for the
payment of the principal of and premium, if any, and interest on this Note as
herein provided in London, England, and in any jurisdiction required by the
rules and regulations of any stock exchange, competent authority and/or market
on which this Note may be listed and/or admitted to trading and an office or
agency in London for the transfer and exchange as aforesaid of the Notes. The
Company may designate other agencies for the payment of said principal, premium
and interest at such place or places outside the United States (subject to
applicable laws and regulations) as the Company may decide. So long as there
shall be any such agency, the Company shall keep the Fiscal and Paying Agent
advised of the names and locations of such agencies, if any are so designated.

     

    With respect to moneys paid by the
Company and held by the Fiscal and Paying Agent or any Paying Agent for the
payment of the principal of or interest or premium, if any, on any Note that
remain unclaimed at the end of three years after such principal, interest or
premium shall have become due and payable (whether at maturity or upon call for
redemption or otherwise), (i) the Fiscal and Paying Agent or such Paying
Agent shall notify the holders of such Notes that such moneys shall be repaid to
the Company and any person claiming such moneys shall thereafter look only to
the Company for payment thereof and (ii) such moneys shall be so repaid to
the Company. Upon such repayment all liability of the Fiscal and Paying Agent or
such Paying Agent with respect to such moneys shall thereupon cease, without,
however, limiting in any way any obligation that the Company may have to pay the
principal of or interest or premium, if any, on this Note as the same shall
become due. 

     

    No provision of this Note or of the
Fiscal Agency Agreement 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 time, place, and rate, and in the coin or
currency, herein and in the Fiscal Agency Agreement prescribed unless otherwise
agreed between the Company and the holder of this Note. 

     

     

     

    19 

     

    
    

     

    

    No recourse shall be had for the
payment of the principal of, or premium, if any, or the interest on this Note,
for any claim based hereon, or otherwise in respect hereof, or based on or in
respect of the Fiscal Agency Agreement or any fiscal agency agreement
supplemental thereto, against any incorporator, shareholder, officer or
director, as such, past, present or future, of the Company or of any successor
corporation to the Company, either directly or through the Company or any
successor corporation to the Company, 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. 

     

    This Note shall for all purposes be
governed by, and construed in accordance with, the laws of the State of New
York. 

     

    As used herein: 

     

    (a) the term “Business Day” means, unless
otherwise specified in the applicable Final Terms or Securities Note (as the
case may be), any day other than a Saturday or Sunday or any other day on which
banking institutions are generally authorized or obligated by law or regulation
to close in each of (i) the Principal Financial Center of the country in
which the Company is incorporated; (ii) the Principal Financial Center of
the country of the currency in which the Notes are denominated (if the Note is
denominated in a Specified Currency other than euro); (iii) London,
England; (iv) The City of New York and (v) any Additional Business
Centre specified in the applicable Final Terms or Securities Note (as the case
may be); provided, however, that with respect to Notes denominated in euro, such
day is also a TARGET Settlement Day; 

     

    (b) the term “Designated EURIBOR Page” means
Capital Markets Report Screen EURIBOR01 of Reuters, or any other page as may
replace such page on such service; 

     

    (c) the term “Notices” refers to notices to
holders of the Notes to be given by publication in one leading English language
daily newspaper with general circulation in London or, if publication in London
is not practical, elsewhere in Western Europe. Such publication is expected to
be made in the Financial
Times. If the Series of which this Note forms a part is listed on any
stock exchange, competent authority and/or market, notices to the holders of the
Notes will be published in a manner which complies with the rules and
regulations of such stock exchange, competent authority and/or market. Such
notices will be deemed to have been given on the date of such publication, or if
published in such newspapers on different dates, on the date of the first such
publication; 

     

    (d) the term “Principal Financial Center”
means (i) the capital of the country issuing the currency in which the
Notes are denominated or (ii) the capital city of the country to which the
Designated LIBOR Currency relates, as applicable, except, in the case of
(i) or (ii) above, that with respect to the following currencies, the
“Principal Financial Center” will be as indicated below: 

     

     

     

    
      	
            	
            	
            
	
              Currency

               

            	  	
              Principal Financial
      Center

               

            
	United
      States dollars	  	The City
      of New York
	Australian dollars	  	Sydney
      and Melbourne
	Canadian
      dollars	  	Toronto
	New
      Zealand dollars	  	Auckland
      and Wellington
	Norwegian
      Krone	  	Oslo
	South
      African rand	  	Johannesburg
	Swedish
      Krona	  	Stockholm
	Swiss
      francs	  	Zurich

    

     

     

    20 

     

    
    

     

    

    (e) the term “Representative Amount” means a
principal amount of not less than $1,000,000 (or its foreign currency
equivalent) that in the calculation agent’s judgment is representative for a
single transaction in the relevant currency in which related Notes are issued in
such market at such time; 

     

    (f) the term “TARGET Settlement Day” means
any day on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET) System is open; 

     

    (g) the term “United States” means the
United States of America (including the States and the District of Columbia),
its territories, its possessions and other areas subject to its jurisdiction;

     

    (h) the term “United States Alien” means a
beneficial owner of a Note that is not, for United States federal income tax
purposes, (i) a citizen or resident of the United States, (ii) a
corporation, partnership or other entity created or organized in or under the
laws of the United States or any political subdivision thereof, (iii) an
estate whose income is subject to United States federal income tax regardless of
its source, or (iv) a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust and one or
more United States persons have the authority to control all substantial
decisions of the trust or if such trust has a valid election in effect under
applicable U.S. Treasury regulations to be treated as a United States person;
and 

     

    (i) the term “Certification” means a
certificate substantially in the form of Exhibit B-2 hereto delivered by the
Euroclear Operator, Clearstream Luxembourg or other clearance system specified
on the face hereof, as the case may be, which certificate is based on a
certificate substantially in the form of Exhibit B-1 hereto provided to it by
its account holders; and 

     

    (j) all other terms used in this
Note which are defined in the Fiscal Agency Agreement and not otherwise defined
herein shall have the meanings assigned to them in the Fiscal Agency Agreement.

     

     

     

    21 

     

    
    

     

    

    OPTION TO ELECT REPAYMENT

     

    The undersigned hereby irrevocably
request(s) the Issuer to repay the within Note (or portion thereof specified
below) pursuant to its terms at a price equal to the principal amount thereof,
together with interest to the Optional Repayment Date, to the undersigned, at
                      (Please print or typewrite name and
address of the undersigned). 

     

    If less than the entire principal
amount of the within Note is to be repaid, specify the portion thereof (which
shall be increments of 1,000 units of the Specified Currency indicated on the
face hereof) which the holder elects to have repaid:                     
; and specify the denomination or denominations (which shall not be less than
the minimum authorized denomination) of the Notes to be issued to the holder for
the portion of the within Note not being repaid (in the absence of any such
specification, one such Note will be issued for the portion not being repaid):

     

                        .

     

    
      	
            	
            	
            
	Date:	 	
            
	
            	
            
	
            	 	NOTICE: The signature on
      this Option to Elect Repayment must correspond with the name as written
      upon the face of the within instrument in every particular without
      alteration or enlargement.

    

     

     

    22 

     

    
    

     

    

    SCHEDULE A-1

     

    EXCHANGE FOR DEFINITIVE BEARER NOTES,
DEFINITIVE 

     

    REGISTERED NOTES AND FROM TEMPORARY
GLOBAL NOTE10 

     

    The Initial Principal Amount of this
Note is             .
The following payments of interest and exchanges of a part of this Permanent
Global Floating Rate Bearer Note for definitive Bearer Notes and Registered
Notes, and from Temporary Global Notes have been made: 

     

     

     

    
      	
            	
            	
            	
            	
            	
            	
            	
            	
            	
            	
            	
            	
            
	
              Date of

               

              Exchange or

               

              Interest

               

              Payment

               

            	 	Payment of
Interest	 	Principal
(Face)11
Amount
Exchanged
From
Temporary
Global Notes	 	Principal
(Face)11
Amount
Exchanged
For
Definitive
Bearer
Notes	 	Principal
(Face)11
Amount
Exchanged
For
Definitive
Registered
Notes	 	Remaining
Principal
(Face)11
Amount
Outstanding
Following
Such
Exchange	 	Notation
Made by or
on behalf of
Fiscal
      and
Paying
Agent

    

     

     

     

     

    
    

     

    
      	
              10

               

            	
              Schedule A-1 should only be
      completed where this Note indicates hereon that it is not intended to be a
      New Global Note. 

               

            

    

    
      	
              11

               

            	
              To be used if Note has
      dual-currency or index feature. 

               

            

    

     

     

    23 

     

    
    

     

    

    SCHEDULE A-2

     

    AMORTIZATION
SCHEDULE12 

     

    [INSERT IF APPLICABLE] / [NOT
APPLICABLE] 

     

     

     

    
    

     

    
      	
              12

               

            	
              Schedule A-2 should only be
      completed where this Note indicates hereon that it is not intended to be a
      New Global Note. 

               

            

    

    
    

     

    

    [FORM OF CERTIFICATE TO BE GIVEN BY AN
ACCOUNT 

     

    HOLDER OF THE EUROCLEAR OPERATOR,
CLEARSTREAM, LUXEMBOURG 

     

    OR OTHER CLEARANCE SYSTEM]

     

    EXHIBIT B-1

     

    CERTIFICATE 

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

    Euro Medium-Term Notes

     

    Represented by Permanent Global Note
No.         .

     

    This is to certify that as of the
date hereof, and except as set forth below, the above-captioned Notes held by
you for our account (i) are owned by person(s) requesting definitive
[Registered/Bearer] Notes in exchange for their interests in the
above-referenced permanent global Note and (ii) such persons desire to
exchange             
principal amount of the above-captioned Notes for definitive [Registered/Bearer]
Notes. 

     

    We undertake to advise you promptly
by tested telex on or prior to the date on which you intend to submit your
certification relating to the Notes held by you for our account in accordance
with your Operating Procedures if any applicable statement herein is not correct
on such date, and in the absence of any such notification it may be assumed that
this certification applies as of such date. 

     

    This certification excepts and does
not relate to $             
of such interest in the above Notes in respect of which we do not desire to
exchange for definitive Notes. 

     

    Dated:                     ,
20

     

     

     

    
      	
            	
            	
            
	[Name of Account
      Holder]
	
            	
            
	By:	 	
               

               

            
	
            	 	(Authorized Signatory)
	Name:	 	
            
	Title:	 	
            

    

    
    

     

    

    [FORM OF CERTIFICATE TO BE GIVEN BY AN
ACCOUNT 

     

    HOLDER OF THE EUROCLEAR OPERATOR,
CLEARSTREAM, LUXEMBOURG 

     

    OR OTHER CLEARANCE SYSTEM]

     

    EXHIBIT B-2

     

    CERTIFICATE 

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

    Euro Medium-Term Notes

     

    Represented by Permanent Global Note
No.         .

     

    This is to certify that, based
solely on certifications we have received in writing, by tested telex or by
electronic transmission from member organizations appearing in our records as
persons being entitled to a portion of the principal amount set forth below (our
“Member Organizations”) substantially to the effect set forth in Exhibit C-1 to
the Fiscal and Paying Agency Agreement relating to such Notes, as of the date
hereof,              
principal amount of the above-captioned Notes (i) is owned by person(s)
requesting definitive [Registered/Bearer] Notes in exchange for their interests
in the above-referenced permanent global Note and (ii) such persons desire
to exchange             
principal amount of the above-captioned Notes for definitive [Registered/Bearer]
Notes. 

     

    We further certify (i) that we
are not making available herewith for exchange all interests in portion of the
permanent global Note excepted as set forth herein and (ii) that as of the
date hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member
Organizations with respect to any portion of the permanent global Note submitted
herewith are no longer true and cannot be relied upon as the date hereof.

     

    Dated:                     ,
20 

     

     

     

    
      	
            	
            	
            
	
              [EUROCLEAR BANK,
      S.A./N.V

               

                    as Operator of the Euroclear
      System]

               

            
	
            
	[CLEARSTREAM BANKING SOCIÉTÉ ANONYME]
	
            
	[OTHER CLEARANCE
      SYSTEM]
	
            	
            
	By:exhibit4d3312008.htm

    Exhibit 4(d) 

     

    FORM OF TEMPORARY GLOBAL FIXED RATE
BEARER NOTE 

     

    Temporary Global Fixed Rate Bearer
Note 

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

     

     

    
      	
            	
            	
            
	BEARER	  	BEARER
	No. TGFX	  	[          ]1
	
            	  	[          ]2

    

    THIS SECURITY IS A TEMPORARY GLOBAL
BEARER NOTE, WITHOUT COUPONS, EXCHANGEABLE FOR AN INTEREST IN A PERMANENT GLOBAL
BEARER NOTE, WITHOUT COUPONS, REPRESENTING (AND EXCHANGEABLE FOR) DEFINITIVE
BEARER NOTES OR IF SO PROVIDED HEREIN REGISTERED NOTES. IF SO PROVIDED HEREIN,
THIS GLOBAL NOTE MAY ALSO BE EXCHANGED DIRECTLY FOR DEFINITIVE BEARER NOTES OR
DEFINITIVE REGISTERED NOTES. THE RIGHTS ATTACHING TO THIS NOTE AND THE
CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE ARE AS SPECIFIED IN THE FISCAL
AGENCY AGREEMENT (AS DEFINED HEREIN). 

     

    ANY UNITED STATES PERSON WHO HOLDS
THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME
TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF
THE UNITED STATES INTERNAL REVENUE CODE. 

     

    UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR AN INTEREST IN A PERMANENT GLOBAL BEARER NOTE OR FOR
DEFINITIVE NOTES, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE [DEPOSITARY/COMMON SAFE-KEEPER]3 TO A NOMINEE OF THE
[DEPOSITARY/COMMON SAFE-KEEPER] OR BY A NOMINEE OF THE [DEPOSITARY/COMMON
SAFE-KEEPER] TO THE [DEPOSITARY/COMMON SAFE-KEEPER] OR ANOTHER NOMINEE OF THE
[DEPOSITARY/COMMON SAFE-KEEPER] OR BY THE [DEPOSITARY/COMMON SAFE-KEEPER] OR ANY
SUCH NOMINEE TO A SUCCESSOR [DEPOSITARY/COMMON SAFE-KEEPER] OR A NOMINEE OF SUCH
SUCCESSOR [DEPOSITARY/COMMON SAFE-KEEPER]. 

     

     

     

    
    

     

    
      	
              1

               

            	
              Insert Principal Amount.
      

               

            

    

    
      	
              2

               

            	
              Insert Optional Payment Amount
      if the Note has a dual-currency feature. 

               

            

    

    
      	
              3

               

            	
              Common safe-keeper is only
      applicable where this Note indicates hereon that it is intended to be a
      New Global Note. 

               

            

    

    
    

     

    

    GENERAL ELECTRIC CAPITAL CORPORATION

     

    EURO MEDIUM-TERM NOTE

     

    (Fixed Rate) 

     

    SERIES: 

     

     

     

    
      	
            	
            	
            	
            	
            	
            	
            
	
              ISIN:

               

               

               

              COMMON

               

              CODE:

               

               

               

              ORIGINAL ISSUE
      DATE:

               

               

               

              MATURITY DATE:

               

               

               

              PRINCIPAL AMOUNT IN SPECIFIED
      CURRENCY: 

               

               

               

              INTEREST RATE:

               

               

               

              INTEREST PAYMENT
      PERIOD:

               

               

               

              FIXED INTEREST PAYMENT
      DATE(S):

               

               

               

              NEW GLOBAL NOTE: 

               

              [    ] Yes4

               

              [    ] No

               

               

               

              INTENDED TO BE HELD IN A
      MANNER WHICH WOULD ALLOW EUROSYSTEM ELIGIBILITY:

               

              [    ] Yes5

               

              [    ] Not applicable

               

            	  	
              DETERMINATION
      DATES:6

               

               

               

              INTEREST COMMENCEMENT
      DATE:7

               

               

               

              ISSUER OPTIONAL REDEMPTION
      DATE:

               

               

               

              NOTEHOLDER OPTIONAL REDEMPTION
      DATE:

               

               

               

              OPTIONAL
      REPAYMENT:

               

               

               

              OPTIONAL REPAYMENT
      DATE(S):

               

               

               

              SPECIFIED (FACE AMOUNT)
      CURRENCY:

               

               

               

              OPTION VALUE CALCULATION
      AGENT:

               

            	  	
              OPTIONAL PAYMENT
      CURRENCY:

               

               

               

              OPTION ELECTION
      DATES:

               

               

               

              DESIGNATED EXCHANGE
      RATE:

               

               

               

              CURRENCY BASE
      RATE:

               

               

               

              DETERMINATION
      AGENT:

               

               

               

              INITIAL MATURITY
      DATE:

               

               

               

              ELECTION DATE

               

               

               

              FINAL MATURITY
      DATE:

               

               

               

              AVAILABILITY OF

               

              REGISTERED NOTES:

               

            	  	
              IF THIS NOTE IS EXCHANGEABLE
      DIRECTLY FOR DEFINITIVE NOTES, INDICATE FORM(S) OF

               

              DEFINITIVE NOTES:

               

               

               

              DENOMINATIONS OF DEFINITIVE
      NOTES (if not as set forth herein):

               

               

               

              DENOMINATIONS:

               

               

               

              REDENOMINATION:

               

               

               

              DAY COUNT
      FRACTION:

               

              [    ] 30/3608

               

              [    ] Actual/Actual (ICMA)9

               

              [    ] (Other)

               

               

               

              LISTING:

               

               

               

              TAX REDEMPTION
      DATE:

               

               

               

              RANKING:

               

              [    ] Senior

               

              [    ] Subordinated

               

            

    

    General Electric Capital Corporation
(together with its successors and assigns, the “Company”), for value received,
hereby promises to pay to each of Euroclear Bank, S.A./N.V., as operator of the
Euroclear System (the “Euroclear Operator”), and Clearstream Banking, société
anonyme (“Clearstream, Luxembourg”, and, together with the Euroclear Operator
“the relevant Clearing Systems”), or any other recognized or agreed clearing
system (if indicated hereon that this Note is not intended to be a New Global
Note), with respect to that portion of this Note held for its account, the
principal sum (or Face Amount, if the Note has a dual-currency or index
feature), (a) if indicated hereon that this Note is not intended to be a
New Global Note, specified in Schedule A-1 hereto or, (b) if indicated
hereon that 

     

     

     

    
    

     

    
      	
              4

               

            	
              Only applicable to euro
      denominated Notes intended to be held in a manner which would allow
      Eurosystem eligibility. 

               

            

    

    
      	
              5

               

            	
              Only applicable if Note issued
      in New Global Note form. 

               

            

    

    
      	
              6

               

            	
              Only applicable if fixed Day
      Count Fraction is Act/Act (ICMA) 

               

            

    

    
      	
              7

               

            	
              Only applicable if fixed Day
      Count Fraction is Act/Act (ICMA) 

               

            

    

    
      	
              8

               

            	
              Fixed Rate U.S. Dollar
      denominated Notes 

               

            

    

    
      	
              9

               

            	
              Fixed Rate Notes in all
      currencies other than U.S. Dollars 

               

            

    

     

     

    2 

     

    
    

     

    

    this Note is intended to be a New
Global Note, entered in the records of the relevant Clearing Systems, on the
Maturity Date specified above (except to the extent redeemed or repaid prior to
the Maturity Date) or, (a) if indicated hereon that this Note is not
intended to be a New Global Note, in accordance with the Amortization Schedule
set out in Schedule A-2 hereto or (b) if indicated hereon that this Note is
intended to be a New Global Note, in accordance with the records of the relevant
Clearing Systems and to pay interest thereon at the Interest Rate per annum
specified above from the Original Issue Date specified above until the principal
hereof is paid or duly made available for payment (except as provided below), in
arrears monthly, quarterly, semiannually or annually as specified above as the
Interest Payment Period on each Fixed Interest Payment Date (as specified
above), commencing with the first Fixed Interest Payment Date next succeeding
the Original Issue Date specified above, and on the Maturity Date (or any other
redemption or repayment date specified above). 

     

    If indicated hereon that this Note
is intended to be a New Global Note, the nominal amount of Notes represented by
this Note shall be the aggregate amount from time to time entered in the records
of the relevant Clearing Systems. The records of the relevant Clearing Systems
(which expression in this Note means the records that each relevant Clearing
System holds for its customers which reflect the amount of such customer’s
interest in the Notes) shall be conclusive evidence of the nominal amount of
Notes represented by this Note and, for these purposes, a statement issued by a
relevant Clearing System stating the nominal amount of Notes represented by this
Note at any time shall be conclusive evidence of the records of the relevant
Clearing System at that time. 

     

    Payments due in respect of Notes for
the time being represented by this Note shall be made to the bearer of this Note
and each payment so made will discharge the Company’s obligations in respect
thereof. Any failure to make the entries referred to above shall not affect such
discharge. 

     

    Interest on this Note will accrue
from the most recent Fixed Interest Payment Date to which interest has been paid
or duly provided for, or, if no interest has been paid or duly provided for,
from the Original Issue Date, until the principal hereof has been paid or duly
made available for payment, in each case, upon Certification. Upon the payment
of interest on this Note, the Fiscal and Paying Agent (as defined below) shall
(a) if indicated hereon that this Note is not intended to be a New Global
Note, cause Schedule A-1 of this Note to be endorsed or (b) if indicated
hereon that this Note is intended to be a New Global Note promptly provide
details to the relevant Clearing Systems in order for the records of the
relevant Clearing Systems to be updated and remain at all times accurate, in
each case to reflect such payment of interest and the amount of interest so paid
shall be noted. No payments on this Note will be made at any office or agency
maintained by the Company in the United States for the payment of principal of,
premium, if any, and interest, if any, on this Note, nor will any such payment
be made by mail to an address in the United States or by transfer to an account
maintained by the holder of this Note with a bank in the United States.
Notwithstanding the foregoing, if this Note is payable in U.S. dollars and if
payment in U.S. dollars of the full amount payable on this Note at the offices
of all paying agencies outside the United States would be illegal or effectively
precluded as a result of exchange controls or similar restrictions, payment on
this Note will be made by a paying agency in the United States, if such paying
agency, under applicable law and regulations, would be able to make such
payment. Prior to the Exchange Date, payments of interest, if any, on this Note
will be made only to the extent of, and upon, Certification. After the Exchange
Date, the holder of this Note will not be entitled to receive any payment of
principal or interest hereon. 

     

    This Note is issued in bearer form
and represents a portion of a duly authorized issue of Euro Medium-Term Notes of
the Series specified above, issued under an eighth amended and restated fiscal
and paying agency agreement, dated as of May 12, 2006, among General
Electric Capital Corporation, GE Capital Australia Funding Pty. Ltd., GE Capital
Canada Funding Company, GE Capital European Funding, GE Capital UK Funding and
The Bank of New York (successor to JPMorgan Chase Bank, N.A.), as fiscal agent
and as principal paying agent (in such capacities, the “Fiscal and Paying
Agent”) and The Bank of New York (Luxembourg) S.A. (successor to J.P. Morgan
Bank Luxembourg S.A.), as initial registrar and transfer agent (as amended and
supplemented from time to time, the “Fiscal Agency Agreement”). The Notes are
issuable in bearer form (the “Bearer Notes”), with interest coupons attached
(except in the case of Bearer Notes in global form), and (if so provided above)
are also issuable in fully registered form, without coupons (the “Registered
Notes” and, together with the Bearer Notes, the “Notes”). Definitive Bearer
Notes, with interest coupons attached, are issuable in such denominations of the
Specified Currency as are indicated on the face hereof and definitive Registered
Notes (if any) are issuable in such denominations of the Specified Currency as
are indicated on the face hereof . 

     

     

     

    3 

     

    
    

     

    

    Except as otherwise provided herein,
this Note is governed by the terms and conditions of the Permanent Global Fixed
Rate Bearer Note (the “Permanent Global Fixed Rate Bearer Note”) (or if so
specified above, the definitive Fixed Rate Bearer Notes or definitive Fixed Rate
Registered Notes) to be issued in exchange for this Note, which terms and
conditions are hereby incorporated by reference herein mutandis and shall be
binding on the Company and the holder hereof as if fully set forth herein.

     

    This Note is exchangeable in whole
or from time to time in part for (i) either, if indicated hereon that this
Note is intended to be a New Global Note, interests recorded in the records of
the relevant Clearing Systems in a single Permanent Global Fixed Rate Bearer
Note (equal to the principal amount of the Bearer Notes being exchanged
theretofore represented by this Note) or, if indicated hereon that this Note is
not intended to be a New Global Note, an interest (equal to the principal amount
of the Bearer Notes being exchanged theretofore represented by this Note) in a
single Permanent Global Fixed Rate Bearer Note or (ii) if so specified
above, an equal principal amount of definitive Fixed Rate Bearer Notes and/or
definitive Fixed Rate Registered Notes upon request of the Euroclear Operator or
Clearstream, Luxembourg, acting on behalf of the owner of a beneficial interest
in the Note, to the Fiscal and Paying Agent only on or after the Exchange Date
upon Certification to the effect that the Notes to be issued upon such exchange
are not being acquired by or on behalf of a United States person or, if a United
States person has a beneficial interest in the Notes, that such person is
(i) a Qualifying Foreign Branch purchasing for its own account or for
resale, (ii) a United States person who acquires the Notes through a
Qualifying Foreign Branch and who holds the obligation through such financial
institution on the date of Certification, or (iii) a financial institution
who acquires the Notes for purposes of resale during the Restricted Period other
than for purposes of resale directly or indirectly to a United States person or
to a person within the United States. Upon exchange of any portion of this Note
for a Permanent Global Fixed Rate Bearer Note (or definitive Fixed Rate Bearer
Notes and/or definitive Fixed Rate Registered Notes), the Fiscal and Paying
Agent shall (a) if indicated hereon that this Note is not intended to be a
New Global Note, cause Schedule A-1 of this Note to be endorsed or (b) if
indicated hereon that this Note is intended to be a New Global Note, promptly
provide details to the relevant Clearing Systems in order for the records of the
relevant Clearing Systems to be updated, in each case to reflect the reduction
of its principal amount by an amount equal to the aggregate principal amount
being so exchanged. Except as otherwise provided herein, until exchanged for a
Permanent Global Fixed Rate Bearer Note (or definitive Fixed Rate Bearer Notes
and/or definitive Fixed Rate Registered Notes), this Note shall in all respects
be entitled to the same benefits under the Fiscal Agency Agreement as a duly
authenticated and delivered definitive Note. 

     

    If this Note is subject to a tax
redemption or if all or any portion of the principal hereof is accelerated, each
as described in the Fiscal Agency Agreement, payment of the amount due upon any
such redemption or acceleration shall be subject to receipt of Certification.

     

    Unless the certificate of
authentication hereon has been executed by the Fiscal and Paying Agent by manual
signature, and, if indicated hereon that this Note is intended to be held in a
manner which would allow Eurosystem eligibility, effectuated by the entity
appointed as common safe-keeper by the relevant Clearing Systems, this Note
shall not be entitled to any benefit under the Fiscal Agency Agreement or be
valid or obligatory for any purpose. 

     

    As used herein: 

     

    (a) In the case of Notes denominated
in U.S. Dollars “30/360”
means the number of days in the period from and including the most recent Fixed
Interest Payment Date (or, if none, the Interest Commencement Date) to but
excluding the relevant payment date (such number of days being calculated on the
basis of 12 30-day months) divided by 360; 

     

    (b) In the case of Notes denominated
in a currency other than U.S. Dollars “Actual/Actual (ICMA)” means:

     

    (i) in the case of Notes where the
number of days in the relevant period from (and including) the most recent Fixed
Interest Payment Date (or, if none, the Interest Commencement Date) to (but
excluding) the relevant payment date (the “Calculation Period”) is equal
to or shorter than the Determination Period (as defined below) during which the
Calculation Period ends, the number of days in such Calculation Period divided
by the product of (1) the number of days in such Determination Period and
(2) the number of determination dates (each, a “Determination Date”) that
would occur in one calendar year, assuming interest was to be payable in respect
of the whole of that year; or 

     

     

     

    4 

     

    
    

     

    

    (ii) in the case of Notes where the
Calculation Period is longer than the Determination Period during which the
Calculation Period ends, the sum of: 

     

    (A) the number of days in such
Calculation Period falling in the Determination Period in which the Calculation
Period begins divided by the product of (x) the number of days in such
Determination Period and (y) the number of Determination Dates (as
specified in the applicable Final Terms or Securities Note (as the case may be))
that would occur in one calendar year, assuming interest was to be payable in
respect of the whole of that year; and 

     

    (B) the number of days in such
Calculation Period falling in the next Determination Period divided by the
product of (x) the number of days in such Determination Period and
(y) the number of Determination Dates that would occur in one calendar
year, assuming interest was to be payable in respect of the whole of that year;

     

    (c) the term “Certification” means a
certificate substantially in the form of Exhibit B-2 hereto delivered by the
Euroclear Operator or Clearstream, Luxembourg, as the case may be, which
certificate is based on a certificate substantially in the form of Exhibit B-1
hereto provided to it by its account holders; 

     

    (d) “Determination Period” means
the period from (and including) a Determination Date to (but excluding) the next
Determination Date (including, where either the Interest Commencement Date or
the final Fixed Interest Payment Date is not a Determination Date, the period
commencing on the first Determination Date prior to, and ending on the first
Determination Date falling after, such date); 

     

    (e) the term “Qualifying Foreign Branch”
means a branch of a United States financial institution, as defined in United
States Treasury Regulations Section 1.165-12(c)(1)(iv), located outside the
United States that is purchasing for its own account or for resale and that has
agreed, as a condition of purchase, to comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the United States Internal
Revenue Code of 1986, as amended and the regulations thereunder; 

     

    (f) the term “Restricted Period” with
respect to each issuance means the period which begins on the earlier of the
date on which the Company receives the proceeds of the sale of this Note with
respect to its issuance or the first date on which this Note is offered to
persons other than the Dealers, and which ends 40 days after the date on which
the Company receives the proceeds of the sale of this Note; provided that if this
Note is held as part of an unsold allotment or subscription, any offer or sale
of this Note shall be deemed to be during the Restricted Period; 

     

    (g) the term “United States” means the
United States of America (including the States and the District of Columbia),
its territories, its possessions and other areas subject to its jurisdiction;

     

    (h) the term “United States person” means
(i) a citizen or resident of the United States, (ii) a corporation,
partnership or other entity created or organized in or under the laws of the
United States or any political subdivision thereof, (iii) an estate the
income of which is subject to United States federal income taxation regardless
of its source, or (iv) a trust if a court in the United States is able to
exercise primary supervision over the administration of the trust and one or
more United States persons have the authority to control all substantial
decisions of the trust, or if such trust has a valid election in effect under
applicable U.S. Treasury regulations to be treated as a United States person;
and 

     

    (i) all other terms used in this
Note which are defined in the Fiscal Agency Agreement and not otherwise defined
herein shall have the meanings assigned to them in the Fiscal Agency Agreement.

     

     

     

    5 

     

    
    

     

    

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

     

     

     

    
      	
            	
            	
            	
            	
            
	DATED:	 	GENERAL ELECTRIC
      CAPITAL CORPORATION
	
            	
            	
            
	[SEAL]	 	By:	 	
              /s/ Kathryn A.
      Cassidy

               

            
	
            	 	Name:	 	Kathryn A. Cassidy
	
            	 	Title:	 	
              Senior Vice President –
      Corporate Treasury and

               

              Global Funding
      Operation

               

            

    

    Attest: 

     

     

     

    
      	
            	
            	
            
	By:	 	
              /s/ Craig T.
      Beazer

               

            
	Name:	 	Craig
      T. Beazer
	Title:	 	Authorized Signatory

    

    CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes referred

     

    to in the within-mentioned Fiscal
Agency Agreement. 

     

     

     

    
      	
            	
            	
            
	THE BANK OF NEW
      YORK
	            as
      Fiscal and Paying Agent
	
            	
            
	By:	 	
               

               

            
	
            	 	Authorized Officer

    

    [Effectuated without recourse,

     

    warranty or liability by

     

    As common safe-keeper] 10 

     

     

     

    
    

     

    
      	
              10

               

            	
              Applicable only for a series
      of Notes issued and indicated hereon that it is issued as a New Global
      Note. 

               

            

    

     

     

    6 

     

    
    

     

    

    SCHEDULE A-1

     

    SCHEDULE OF EXCHANGES 11 

     

    The Initial Principal Amount of this
Note is             
.. The following payments of interest and exchanges of a part of this Note for an
interest in a single Permanent Global Fixed Rate Bearer Note (or if so specified
above, for definitive Notes) have been made: 

     

     

     

    
      	
            	
            	
            	
            	
            	
            	
            	
            	
            
	
              Date of Exchange
      or

               

              Interest
      Payment

               

            	 	
              Payment of
      Interest

               

            	 	
              Principal (Face)12
      Amount
Exchanged for Permanent
Global Bearer Notes or
Definitive
      Notes

               

            	 	
              Remaining Principal (Face)12
Amount
      Outstanding
Following Such Exchange

               

            	 	
              Notation made by
      or

               

              on behalf of Fiscal
      and

               

              Paying
Agent

               

            

    

     

     

     

     

    
    

     

    
      	
              11

               

            	
              Schedule A-1 should only be
      completed where this Note indicates hereon that it is not intended to be a
      New Global Note. 

               

            

    

    
      	
              12

               

            	
              To be used instead of
      “Principal” if the Note has a dual-currency or index feature.

               

            

    

    
    

     

    

    SCHEDULE A-2

     

    AMORTIZATION
SCHEDULE13 

     

    [INSERT IF APPLICABLE] / [NOT
APPLICABLE] 

     

     

     

    
    

     

    
      	
              13

               

            	
              Schedule A-2 should only be
      completed where this Note indicates hereon that it is not intended to be a
      New Global Note. 

               

            

    

    
    

     

    

    [FORM OF CERTIFICATE TO BE GIVEN BY
AN ACCOUNT 

     

    HOLDER OF THE EUROCLEAR OPERATOR AND
CLEARSTREAM, LUXEMBOURG] 

     

    EXHIBIT B-1

     

    CERTIFICATE 

     

    General Electric Capital Corporation

     

    Euro Medium-Term Notes

     

    Represented by Temporary Global Note
No.     .

     

    This is to certify that as of the
date hereof, and except as set forth below, the above-captioned Notes held by
you for our account (i) are owned by person(s) that are not citizens or
residents of the United States, corporations, partnerships or other entities
created or organized in or under the laws of the United States or any political
subdivision thereof, estates whose income is subject to United States federal
income taxation regardless of its source, or a trust in which a court within the
United States is able to exercise primary supervision over the administration of
the trust and one or more United States persons have the authority to control
all substantial decisions of the trust or if such trust has a valid election in
effect under applicable U.S. Treasury regulations to be treated as a United
States person, (“United States person(s)”), (ii) are owned by United States
person(s) that (a) are foreign branches of United States financial
institutions (as defined in U.S. Treasury Regulations
Section 1.165-12(c)(1)(iv)) (“financial institutions”) purchasing for their
own account or for resale, or (b) acquired the Notes through foreign
branches of United States financial institutions and who hold the Notes through
such United States financial institutions on the date hereof (and in either case
(a) or (b), each such United States financial institution hereby agrees, on
its own behalf or through its agent, that you may advise the Issuer or the
Issuer’s agent that it will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of
1986, as amended, and the regulations thereunder), or (iii) are owned by
United States or foreign financial institution(s) for purposes of resale during
the restricted period (as defined in U.S. Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of the Notes
is a United States or foreign financial institution described in clause
(iii) above (whether or not also described in clause (i) or (ii)) such
financial institution has not acquired the Notes for purposes of resale directly
or indirectly to a United States person or to a person within the United States
or its possessions. 

     

    As used herein, “United States”
means the United States of America (including the States and the District of
Columbia) and its “possessions” including Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands.

     

    We undertake to advise you promptly
by tested telex on or prior to the date on which you intend to submit your
certification relating to the Notes held by you for our account in accordance
with your Operating Procedures if any applicable statement herein is not correct
on such date, and in the absence of any such notification it may be assumed that
this certification applies as of such date. 

     

    This certification excepts and does
not relate to [Currency]
[Amount] of such interest in the above Notes in respect of which we are
not able to certify and as to which we understand exchange and delivery of
definitive Notes (or, if relevant, exercise of any rights or collection of any
interest) cannot be made until we do so certify. 

     

    
    

     

    

    EXHIBIT B-1

     

    Page 2 

     

    We understand that this
certification is required in connection with certain tax laws and, if
applicable, certain securities laws of the United States. In connection
therewith, if administrative or legal proceedings are commenced or threatened in
connection with which this certification is or would be relevant, we irrevocably
authorize you to produce this certification to any interested party in such
proceedings. 

     

    Dated:                     ,
20 

     

    [To be dated no earlier than the
10th day before 

     

    [insert date of Fixed Interest
Payment Date prior to Exchange Date] 

     

    [insert date of redemption or
acceleration prior to Exchange Date] 

     

    [insert Exchange Date]]

     

     

     

    
      	
            	
            	
            
	[Name of Account
      Holder]
	
            	
            
	By:	 	
               

               

            
	
            	 	(Authorized Signatory)
	Name:	 	
            
	Title:	 	
            

    

    
    

     

    

    [FORM OF CERTIFICATE TO BE GIVEN BY

     

    THE EUROCLEAR OPERATOR AND
CLEARSTREAM, LUXEMBOURG] 

     

    EXHIBIT B-2

     

    CERTIFICATE 

     

    General Electric Capital Corporation

     

    Euro Medium-Term Notes

     

    Represented by Temporary Global Note
No.         .

     

    This is to certify that, based
solely on certifications we have received in writing, by tested telex or by
electronic transmission from member organizations appearing in our records as
persons being entitled to a portion of the principal amount set forth below (our
“Member Organizations”) substantially to the effect set forth in Exhibit B-1 to
the Fiscal and Paying Agency Agreement, as of the date hereof, [Currency] [Amount] principal
amount of the above-captioned Notes (i) is owned by persons that are not
citizens or residents of the United States, corporations, partnerships or other
entities created or organized in or under the laws of the United States or any
political subdivision thereof, estates whose income is subject to United States
federal income taxation regardless of its source, or a trust in which a court
within the United States is able to exercise primary supervision over the
administration of the trust and one or more United States persons have the
authority to control all substantial decisions of the trust or if such trust has
a valid election in effect under applicable U.S. Treasury regulations to be
treated as a United States person (“United States person(s)”), (ii) is
owned by United States persons that (a) are foreign branches of United
States financial institutions (as defined in U.S. Treasury Regulations
Section 1.165-12(c)(1)(iv) (“financial institutions”) purchasing for their
own account or for resale, or (b) acquired the Notes through foreign
branches of United States financial institutions and who hold the Notes through
such United States financial institutions on the date hereof (and in either case
(a) or (b), each such United States financial institution has agreed, on
its own behalf or through its agent, that we may advise the Issuer or the
Issuer’s agent that it will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of
1986, as amended, and the regulations thereunder), or (iii) is owned by
United States or foreign financial institutions for purposes of resale during
the restricted period (as defined in U.S. Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7), and to the further effect that United
States or foreign financial institutions described in clause (iii) above
(whether or not also described in clause (i) or (ii)) have certified that
they have not acquired the Notes for purposes of resale directly or indirectly
to a United States person or to a person within the United States or its
possessions. 

     

    As used herein, “United States”
means the United States of America (including the States and the District of
Columbia) and its “possessions” including Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands.

     

    We further certify (i) that we
are not making available herewith for exchange (or, if relevant, exercise of any
rights or collection of any interest) any portion of the temporary global Note
excepted as set forth herein and (ii) that as of the date hereof we have
not received any notification from any of our Member Organizations to the effect
that the statements made by such Member Organizations with respect to any
portion of the part submitted herewith for exchange (or, if relevant, exercise
of any rights or collection of any interest) are no longer true and cannot be
relied upon as of the date hereof. 

     

    
    

     

    

    EXHIBIT B-2

     

    Page 2 

     

    We understand that this
certification is required in connection with certain tax laws and, if
applicable, certain securities laws of the United States. In connection
therewith, if administrative or legal proceedings are commenced or threatened in
connection with which this certification is or would be relevant, we irrevocably
authorize you to produce this certification to any interested party in such
proceedings. 

     

    Dated:                     ,
20 

     

    [To be dated no earlier than

     

    [insert date of Fixed Interest
Payment Date prior to Exchange Date] 

     

    [insert date of redemption or
acceleration prior to Exchange Date] 

     

    [insert Exchange Date] 

     

     

     

    
      	
            	
            	
            
	
              [EUROCLEAR BANK,
      S.A./N.V,

               

                  as
      Operator of the Euroclear System]

               

            
	
            
	[CLEARSTREAM
      BANKING, SOCIÉTÉ ANONYME]
	
            
	[OTHER CLEARANCE
      SYSTEM]
	
            	
            
	By:

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