Document:

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                                                                    Exhibit 4(n)

                     [Form of Subordinated Fixed Rate Note]

                               [Face of Security]

Registered                                                     $
No. FXR-                                                       CUSIP No.

           [IF A GLOBAL SECURITY, INSERT -- THIS SECURITY IS A GLOBAL SECURITY,
WITHOUT COUPONS, EXCHANGEABLE FOR ONE OR MORE DEFINITIVE REGISTERED SECURITIES
OF THIS SERIES, WITHOUT COUPONS, AT THE PRINCIPAL OFFICE OF THE SECURITY
REGISTRAR IN THE CITY OF NEW YORK ONLY UNDER THE CIRCUMSTANCES DESCRIBED HEREIN.
THE RIGHTS ATTACHING TO THIS GLOBAL SECURITY AND THE CONDITIONS AND PROCEDURES
GOVERNING ITS EXCHANGE FOR DEFINITIVE REGISTERED SECURITIES OF THIS SERIES
("REGISTERED SECURITIES") ARE AS SPECIFIED HEREIN AND IN THE INDENTURE. THIS
GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY. IN ADDITION, THE DEPOSITARY MAY NOT SELL,
ASSIGN, TRANSFER OR OTHERWISE CONVEY ANY BENEFICIAL INTEREST IN THIS GLOBAL
SECURITY UNLESS SUCH BENEFICIAL INTEREST IS IN AN AMOUNT EQUAL TO AN AUTHORIZED
DENOMINATION FOR SECURITIES OF SUCH SERIES, AND THE DEPOSITARY, BY ACCEPTING
THIS GLOBAL SECURITY, AGREES TO BE BOUND BY THE PROVISIONS HEREOF.

           NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS GLOBAL SECURITY
SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE
PROVISIONS HEREOF.]

           [IF DTC IS THE DEPOSITARY, INSERT -- UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER NAME, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY

                                      -1-

<PAGE>

OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF HAS AN INTEREST
HEREIN.]

           THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY ANY FEDERAL
AGENCY.

                                ________________

                              WACHOVIA CORPORATION

                    (Formerly named First Union Corporation)

                 Subordinated Global Medium-Term Note, Series F
                                  (Fixed Rate)
                                ________________

ORIGINAL ISSUE DATE:                            PRINCIPAL AMOUNT:

REQUIRED CURRENCY:                              MATURITY DATE:

..  payments of principal and any premium:       INTEREST PAYMENT DATE(S):
..  payments of interest:
..  Exchange Rate Agent:  Wachovia Bank, N.A.    REGULAR RECORD DATES:

ORIGINAL ISSUE DISCOUNT SECURITY:

..  Total Amount of OID:
..  Yield to Maturity:
..  Initial Accrual Period OID:

INTEREST RATE:  ___% per annum                  REPAYMENT DATE(S):

REDEEMABLE AT OPTION OF:                        REPAYMENT  PRICE(S):

INITIAL REDEMPTION DATE:                        OTHER TERMS:

INITIAL REDEMPTION PERCENTAGE:

ANNUAL REDEMPTION PERCENTAGE RETURN:

                                      -2-

<PAGE>

                               ___________________

           Terms left blank or marked "N/A", "No", "None" or in a similar manner
do not apply to this Security except as otherwise may be specified.

           Whenever used in this Security, the terms specified above that apply
to this Security have the meanings specified above, unless the context requires
otherwise. Other terms used in this Security that are not defined herein but
that are defined in the Indenture referred to on the face of this Security are
used herein as defined therein.

           Wachovia Corporation, a North Carolina corporation (hereinafter
called the "Company," which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to ______________________________, or registered assigns, the Principal Amount
hereof on the Maturity Date specified on the face hereof, and to pay interest
thereon, from the Original Issue Date specified on the face hereof or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, or, if the date of this Security is an Interest Payment Date to
which interest has been paid or duly provided for, then from the date hereof,
semi-annually in arrears on each Interest Payment Date commencing on the first
such Interest Payment Date next succeeding the Original Issue Date of this
Security and at Maturity unless the Original Issue Date of this Security is
between a Regular Record Date and an Interest Payment Date, in which case the
first payment of interest hereon shall be made on the second Interest Payment
Date following such Regular Record Date, at the Interest Rate per annum
specified on the face hereof, until the principal hereof is paid or duly made
available for payment.

           Interest on this Security shall be computed on the basis of a 360-day
year of twelve 30-day months. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the date 15 calendar days (whether
or not a Business Day) prior to each Interest Payment Date. Any such interest
not so punctually paid or duly provided for on any Interest Payment Date shall
forthwith cease to be payable to the Holder on such Regular Record Date and may
be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date to
be fixed by the Trustee for the payment of such Defaulted Interest, notice
whereof shall be given to the Holder of this Security not less than 10 days
prior to such Special Record Date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
Notwithstanding the foregoing, interest payable on this Security at Maturity
will be payable to the person to whom principal is payable unless the Maturity
Date, Redemption Date or Repayment Date is an Interest Payment Date.

                                      -3-

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           If this Security is a Global Security (as specified on the face
hereof), this Security is exchangeable in whole for definitive Registered
Securities of this series of like tenor and of an equal aggregate principal
amount only if (x) the Depositary with respect to the Securities of this series
notifies the Company that it is unwilling or unable to continue as Depositary
for this Global Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as
amended, (y) the Company in its sole discretion determines that this Global
Security shall be exchangeable and executes and delivers to the Trustee a
Company Order providing that this Global Security shall be so exchangeable or
(z) there shall have happened and be continuing an Event of Default or any event
which, after notice or lapse of time, or both, would become an Event of Default
with respect to the Securities of the series of which this Global Security is a
part. In the event this Global Security is exchangeable pursuant to the
preceding sentence, it shall be exchanged in whole for definitive Registered
Securities of this series, of like tenor and of an equal aggregate principal
amount in denominations of U.S. $1,000 and integral multiples of U.S. $1,000 in
excess thereof; provided that, in the case of clauses (y) and (z) above,
definitive Registered Securities of this series will be issued in exchange for
this Global Security only if such definitive Registered Securities were
requested by written notice to the Security Registrar by or on behalf of a
Person who is a beneficial owner of an interest herein given through the Holder
hereof. Any definitive Registered Securities of this series issued in exchange
for this Global Security shall be registered in the name or names of such Person
or Persons as the Holder hereof shall instruct the Security Registrar. Except as
provided above, owners of beneficial interests in this Global Security will not
be entitled to receive physical delivery of Securities in definitive form and
will not be considered the Holders thereof for any purpose under the Indenture.

           Any exchange of a Global Security for one or more definitive
Registered Securities of this series will be made at the office of the Security
Registrar in The City of New York.

           If this Security is a Global Security, except as provided in the next
paragraph, no beneficial owner of any portion of this Global Security shall be
entitled to receive payment of accrued interest hereon until this Global
Security has been exchanged for one or more definitive Registered Securities of
this series, as provided herein and in the Indenture.

           If this Security is a Global Security, if a definitive Registered
Security or Registered Securities of this series are issued in exchange for this
Global Security after the close of business at the office or agency where such
exchange occurs on (i) any Regular Record Date and before the opening of
business at such office or agency on the related Interest Payment Date, or (ii)
any Special Record Date and before the opening of business at such office or
agency on the related proposed date for payment of Defaulted Interest, interest
or Defaulted Interest, as the case may be, will not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of

                                      -4-

<PAGE>

such Registered Security, but will be payable on such Interest Payment Date or
proposed date for payment, as the case may be, only to the Holder hereof, and
the Holder hereof will undertake in such circumstances to credit such interest
to the account or accounts of the Persons who were the beneficial owners of any
portion of this Global Security on such Regular Record Date or Special Record
Date, as the case may be.

Currency of Payment
-------------------

           Payment of principal of (and premium, if any) and interest on this
Security will be made in the Required Currency for such payment, except as
provided in this and the next three paragraphs. The Required Currency for any
payment shall be the currency specified as such on the face of this Security
unless, at the time of such payment, such currency is not legal tender for the
payment of public and private debts in the country issuing such currency on the
Original Issue Date, in which case the Required Currency for such payment shall
be such coin or currency as at the time of such payment is legal tender for the
payment of public and private debts in such country, except as provided in the
next sentence. If the euro is specified on the face of this Security as the
Specified Currency for any payment, the Specified Currency for such payment
shall be such coin or currency as at the time of payment is legal tender for the
payment of public and private debts in all EMU Countries (as defined in Section
2 on the reverse hereof), provided that, if on any day there are not at least
                          --------
two EMU Countries, or if on any day there are at least two EMU Countries but no
coin or currency is legal tender for the payment of public and private debts in
all EMU Countries, then the Specified Currency for such payment shall be deemed
not to be available to the Company on such day.

           Except as provided in the next paragraph, any payment to be made on
this Security in a Specified Currency other than U.S. dollars will be made in
U.S. dollars if the Person entitled to receive such payment transmits a written
request for such payment to be made in U.S. dollars to the Trustee at its
Corporate Trust Office, Attention: Corporation Trust Trustee Administration, on
or before the fifth Business Day before the payment is to be made. Such written
request may be mailed, hand delivered, telecopied or delivered in any other
manner approved by the Trustee. Any such request made with respect to any
payment on this Security payable to a particular Holder will remain in effect
for all later payments on this Security payable to such Holder, unless such
request is revoked on or before the fifth Business Day before a payment is to be
made, in which case such revocation shall be effective for such and all later
payments. In the case of any payment of interest payable on an Interest Payment
Date, such written request must be made by the Person who is the registered
Holder of this Security on the relevant Regular Record Date.

           The U.S. dollar amount of any payment made pursuant to the preceding
paragraph will be determined by the Exchange Rate Agent based upon the highest
bid quotation received by the Exchange Rate Agent as of 11:00 A.M., New York
City time, on the second Business Day preceding the applicable payment date,
from three (or, if

                                      -5-

<PAGE>

three are not available, then two) recognized foreign exchange dealers selected
by the Exchange Rate Agent in The City of New York, in each case for the
purchase by the quoting dealer, for U.S. dollars and for settlement on such
payment date of an amount of the Specified Currency for such payment equal to
the aggregate amount of such Specified Currency payable on such payment date to
all Holders of Securities of this or any other series who elect to receive U.S.
dollar payments on such payment date, and at which the applicable dealer commits
to execute a contract. If the Exchange Rate Agent determines that two such bid
quotations are not available on such second Business Day, such payment will be
made in the Specified Currency for such payment. All currency exchange costs
associated with any payment in U.S. dollars on this Security will be borne by
the Holder entitled to receive such payment, by deduction from such payment.

           Notwithstanding the foregoing, if any amount payable on this Security
is payable on any day (including at Maturity) in a Specified Currency other than
U.S. dollars, and if such Specified Currency is not available to the Company on
the two Business Days before such day, due to the imposition of exchange
controls, disruption in a currency market or any other circumstances beyond the
control of the Company, the Company will be entitled to satisfy its obligation
to pay such amount in such Specified Currency by making such payment in U.S.
dollars. The amount of such payment in U.S. dollars shall be determined by the
Exchange Rate Agent on the basis of the noon buying rate for cable transfers in
The City of New York for such Specified Currency (the "Exchange Rate") as of the
                                                       -------------
latest day before the day on which such payment is to be made. Any payment made
under such circumstances in U.S. dollars where the required payment is in other
than U.S. dollars will not constitute an Event of Default under the Indenture or
this Security.

Manner of Payment - U.S. Dollars
--------------------------------

           Except as provided in the next paragraph, payment of any amount
payable on this Security in U.S. dollars will be made at the office or agency of
the Company maintained for that purpose in The City of New York (or at any other
office or agency maintained by the Company for that purpose), against surrender
of this Security in the case of any payment due at the Maturity of the principal
hereof (other than any payment of interest that first becomes due on an Interest
Payment Date); provided, however, that, at the option of the Company and subject
               --------  -------
to the next paragraph, payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register.

           Payment of any amount payable on this Security in U.S. dollars will
be made by wire transfer of immediately available funds to an account maintained
by the payee with a bank located in the Borough of Manhattan, The City of New
York, if (i) the principal of this Security is at least $1,000,000 and (ii) the
Holder entitled to receive such payment transmits a written request for such
payment to be made in such manner to the Trustee at its Corporate Trust Office,
Attention: Corporation Trust Trustee Administration, on or

                                      -6-

<PAGE>

before the fifth Business Day before the day on which such payment is to be
made; provided that, in the case of any such payment due at the Maturity of the
      --------
principal hereof (other than any payment of interest that first becomes due on
an Interest Payment Date), this Security must be surrendered at the office or
agency of the Company maintained for that purpose in The City of New York (or at
any other office or agency maintained by the Company for that purpose) in time
for the Paying Agent to make such payment in such funds in accordance with its
normal procedures. Any such request made with respect to any payment on this
Security payable to a particular Holder will remain in effect for all later
payments on this Security payable to such Holder, unless such request is revoked
on or before the fifth Business Day before a payment is to be made, in which
case such revocation shall be effective for such and all later payments. In the
case of any payment of interest payable on an Interest Payment Date, such
written request must be made by the Person who is the registered Holder of this
Security on the relevant Regular Record Date. The Company will pay any
administrative costs imposed by banks in connection with making payments by wire
transfer with respect to this Security, but any tax, assessment or other
governmental charge imposed upon any payment will be borne by the Holder of this
Security and may be deducted from the payment by the Company or the Paying
Agent.

Manner of Payment - Other Specified Currencies
----------------------------------------------

           Payment of any amount payable on this Security in a Specified
Currency other than U.S. dollars will be made by wire transfer of immediately
available funds to such account as is maintained in such Specified Currency at a
bank or other financial institution acceptable to the Company and the Trustee
and as shall have been designated at least five Business Days prior to the
applicable payment date by the Person entitled to receive such payment; provided
                                                                        --------
that, in the case of any such payment due at the Maturity of the principal
hereof (other than any payment of interest that first becomes due on an Interest
Payment Date), this Security must be surrendered at the office or agency of the
Company maintained for that purpose in The City of New York (or at any other
office or agency maintained by the Company for that purpose) in time for the
Paying Agent to make such payment in such funds in accordance with its normal
procedures. Such account designation shall be made by transmitting the
appropriate information to the Trustee at its Corporate Trust Office in the
Borough of Manhattan, The City of New York, by mail, hand delivery, telecopier
or in any other manner approved by the Trustee. Unless revoked, any such account
designation made with respect to this Security by the Holder hereof will remain
in effect with respect to any further payments with respect to this Security
payable to such Holder. If a payment in a Specified Currency other than U.S.
dollars with respect to this Security cannot be made by wire transfer because
the required account designation has not been received by the Trustee on or
before the requisite date or for any other reason, the Company will cause a
notice to be given to the Holder of this Security at its registered address
requesting an account designation pursuant to which such wire transfer can be
made and such payment will be made within five Business Days after the Trustee's
receipt of such a designation meeting the requirements specified above, with the
same force and effect as if made on the due date.

                                      -7-

<PAGE>

The Company will pay any administrative costs imposed by banks in connection
with making payments by wire transfer with respect to this Security, but any
tax, assessment or other governmental charge imposed upon any payment will be
borne by the Holder of this Security and may be deducted from the payment by the
Company or the Paying Agent.

Manner of Payment - Global Securities
-------------------------------------

           Notwithstanding any provision of this Security or the Indenture, if
this Security is a Global Security, the Company may make any and all payments of
principal, premium and interest on this Security pursuant to the applicable
procedures of the Depositary for this Security as permitted in the Indenture.

Payments Due on a Business Day
------------------------------

           Unless otherwise specified on the face of this Security, the
following sentence shall apply to this Security. Notwithstanding any provision
of this Security or the Indenture, if any amount of principal, premium or
interest would otherwise be due on this Security on a day (the "Specified Day")
that is not a Business Day, such amount may be paid or made available for
payment on the next succeeding Business Day with the same force and effect as if
such amount were paid on the Specified Day.

                                      -8-

<PAGE>

                               ___________________

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

           Unless the certificate of authentication hereon has been executed by
or on behalf of Bank One Trust Company, N.A., the Trustee under the Indenture or
its successors thereunder, by the manual signature of one of its authorized
officers, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

                                      -9-

<PAGE>

           IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

                                        WACHOVIA CORPORATION

Dated: ________________                 By: ________________________________
                                            Name:
                                            Title:

[Seal]                                  Attest: ____________________________

                          CERTIFICATE OF AUTHENTICATION

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

BANK ONE TRUST COMPANY, N.A., as Trustee

By: ______________________________
         Authorized Officer

                                      -10-

<PAGE>

                              [REVERSE OF SECURITY]

1.  Securities and the Indenture
    ----------------------------

           This Security is one of a duly authorized issue of securities (herein
called the "Securities") of the Company, unlimited in aggregate principal
amount, issued and to be issued in one or more series under an Indenture, dated
as of March 15, 1986, supplemented thereto by Supplemental Indentures thereto
dated August 1, 1990, November 15, 1992, February 7, 1996 and July 7, 2000 (the
Indenture as so supplemented being herein called the "Indenture") between the
Company and Bank One Trust Company, N.A., as Trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture (as
hereinafter defined)), to which Indenture and all indentures reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee, the holders of Senior
Indebtedness and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered.

           This Security is one of the series of Securities designated on the
face hereof, limited to an aggregate principal amount not to exceed
$4,000,000,000 (or the equivalent thereof in any other currency or currency
units), which amount may be increased at the option of the Company if in the
future it determines that it may wish to issue and sell additional Securities.
References herein to "this series" mean the series of securities designated on
the face hereof. This Security has been issued in the Principal Amount specified
on the face hereof. The Securities of this series may be issued from time to
time with varying maturities, interest rates and other terms.

           The Securities of this series are issuable only in registered form
without coupons in "Authorized Denominations", which term shall have the
                    ------------------------
following meaning. For each Security of this series having a principal amount
payable in U.S. dollars, the Authorized Denominations shall be $1,000 and
multiples thereof. For each Security of this series having a principal amount
payable in a Required Currency other than U.S. dollars, the Authorized
Denominations shall be the amount of such Required Currency equivalent, at the
Exchange Rate on the first Business Day next preceding the date on which the
Company accepts the offer to purchase such Security, to $1,000 and any multiple
thereof.

                                      -11-

<PAGE>

2.  Exchange Rate Agent and Related Terms
    -------------------------------------

           If the principal of or interest on this Security is payable in a
Specified Currency other than U.S. dollars, the Company has initially appointed
the institution named on the face of this Security as Exchange Rate Agent to act
as such agent with respect to this Security, but the Company may, in its sole
discretion, appoint any other institution (including any Affiliate of the
Company) to serve as any such agent from time to time. The Company will give the
Trustee prompt written notice of any change in any such appointment. Insofar as
this Security provides for any such agent to obtain rates, quotes or other data
from a bank, dealer or other institution for use in making any determination
hereunder, such agent may do so from any institution or institutions of the kind
contemplated hereby notwithstanding that any one or more of such institutions is
any such agent, Affiliates of any such agent or Affiliates of the Company.

           All determinations made by the Exchange Rate Agent may be made by
such agent in its sole discretion and, absent manifest error, shall be
conclusive for all purposes and binding on the Holder of this Security and the
Company. The Exchange Rate Agent shall not have any liability therefor.

           Unless otherwise specified on the face hereof, for all purposes of
this Security, the term "Business Day" means, each Monday, Tuesday, Wednesday,
Thursday or Friday

           (i)    that is not a day on which banking institutions in The City of
                  New York generally are authorized or obligated by law,
                  regulation or executive order to close;

           (ii)   if the Specified Currency for payment of principal of or
                  interest on this Security is other than U.S. dollars or euros,
                  that is also a day on which banking institutions in the
                  principal financial center of the country issuing such
                  Specified Currency generally are not authorized or obligated
                  by law, regulation or executive order to close;

           (iii)  if the Specified Currency for payment of principal of or
                  interest on this Security is euros, that is also a Euro
                  Business Day; and

           (iv)   solely with respect to any payment or other action to be made
                  or taken at any Place of Payment outside The City of New York,
                  that is a Monday, Tuesday, Wednesday, Thursday or Friday that
                  is not a day on which banking institutions in such Place of
                  Payment generally are authorized or obligated by law,
                  regulation or executive order to close.

                  "Euro Business Day" means any day on which the Trans-European
                   -----------------
Automated Real-Time Gross Settlement Express Transfer (TARGET) System, or any
successor system, is open for business.

                                      -12-

<PAGE>

                  "Euro-Zone" means, at any time, the region comprised of the
                   ---------
EMU Countries.

                  With respect to any particular location, the close of business
or any day on which business is not being conducted shall be deemed to mean 5:00
P.M., New York City time, on that day.

                  References in this Security to U.S. dollars shall mean, as of
any time, the coin or currency that is then legal tender for the payment of
public and private debts in the United States of America.

                  References in this Security to the euro shall mean, as of any
time, the coin or currency (if any) that is then legal tender for the payment of
public and private debts in all EMU Countries.

                  "EMU Countries" means, at any time, the countries (if any)
                   -------------
then participating in the European Economic and Monetary Union (or any successor
union) pursuant to the Treaty on European Union of February 1992 (or any
successor treaty), as it may be amended from time to time.

                  References in this Security to a particular currency other
than U.S. dollars and euros shall mean, as of any time, the coin or currency
that is then legal tender for the payment of public and private debts in the
country issuing such currency on the Original Issue Date.

3.  Redemption at the Option of the Company; No Sinking Fund
    --------------------------------------------------------

         Unless an Initial Redemption Date is specified on the face hereof, this
Security shall not be redeemable at the option of the Company before the
Maturity Date. If an Initial Redemption Date is so specified, and unless
otherwise specified on the face hereof, this Security is subject to redemption,
in whole or from time to time in part in increments of $1,000, upon not less
than 30 days' nor more than 60 days' notice at any time and from time to time on
or after the Initial Redemption Date, in each case as a whole or in part, at the
election of the Company and at the applicable Redemption Price, together with
accrued interest to the Redemption Date, but interest installments due on or
prior to such Redemption Date will be payable to the Holder of this Security, or
one or more Predecessor Securities, of record at the close of business on the
relevant record date, all as provided in the Indenture. "Redemption Price," with
respect to this Security, will initially mean a percentage, the Initial
Redemption Percentage, of the principal amount of this Security to be redeemed
specified on the face hereof and shall decline at each anniversary of the
Initial Redemption Date by a percentage, the Annual Redemption Percentage
Reduction, if any, specified on the face hereof, of the principal amount to be
redeemed until the Redemption Price is 100 percent of such principal amount.

                                      -13-

<PAGE>

         If this Security is a Global Security, in the event of redemption of
this Global Security in part only, a new Global Security or Securities of this
series and of like tenor for the unredeemed portion of the principal hereof will
be delivered to the Depositary upon the cancellation hereof.

         Unless otherwise specified on the face hereof, this Security will not
have a sinking fund.

4.  Repayment at the Option of the Holder
    -------------------------------------

         Unless otherwise specified on the face hereof, this Security will not
be subject to repayment at the option of the Holder. Except as otherwise may be
provided on the face hereof, if one or more Repayment Dates are specified on the
face hereof, this Security will be repayable in whole or in part in increments
of $1,000 or any other multiple of an Authorized Denomination (provided that the
remaining principal amount of any Security surrendered for partial repayment
shall at least equal an Authorized Denomination), on any such Repayment Date, in
each case at the option of the Holder and at the applicable Repayment Price
specified on the face hereof (expressed as a percentage of the principal amount
to be repaid), together with accrued interest to the applicable Repayment Date
(but interest installments due on or prior to such Repayment Date will be
payable to the Holder of this Security, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Date as provided in
the Indenture). If this Security provides for more than one Repayment Date, and
the Holder exercises its option to elect repayment, the Holder shall be deemed
to have elected repayment on the earliest Repayment Date after all conditions to
such exercise have been satisfied, and references herein to the applicable
Repayment Date shall mean such earliest Repayment Date.

         In order for the exercise of such option to be effective and this
Security to be repaid, the Company must receive at the applicable address of the
Trustee set forth below (or at such other place or places of which the Company
shall from time to time notify the Holder of this Security), on any Business Day
not later than the 30th, and not earlier than the 60th, calendar day prior to
the applicable Repayment Date (or, if either such calendar day is not a Business
Day, the next succeeding Business Day), either (i) this Security, with the form
below entitled "Option to Elect Repayment" duly completed and signed, or (ii) a
telegram, telex, facsimile transmission or letter from a member of a national
securities exchange or the National Association of Securities Dealers, Inc., a
commercial bank or a trust company in the United States of America setting forth
(a) the name, address and telephone number of the Holder of this Security, (b)
the principal amount of this Security and the amount of this Security to be
repaid, (c) a statement that the option to elect repayment is being exercised
thereby and (d) a guarantee stating that the Company will receive this Security,
with the form below entitled "Option to Elect Repayment" duly completed and
signed, not later than five Business Days after the date of such telegram,
telex, facsimile transmission or letter (provided that this Security and form
duly completed and signed are received by the Company by such fifth Business

                                      -14-

<PAGE>

Day). Any such election shall be irrevocable. The address to which such
deliveries are to be made is Bank One Trust Company, N.A., 55 Water Street, 1st
Floor, Jeanette Park Entrance, New York, New York 10041 (or at such other places
as the Company or the Trustee shall notify the Holder of this Security). All
questions as to the validity, eligibility (including time of receipt) and
acceptance of any Security for repayment will be determined by the Company,
whose determination will be final and binding. Notwithstanding the foregoing,
(x) if this Security is a Global Security, the option of the Holder to elect
repayment may be exercised in accordance with the Applicable Procedures of the
Depositary for this Security at least 30 calendar days prior to the applicable
Repayment Date and (y) whether or not this Security is a Global Security, the
option of the Holder to elect repayment may be exercised in any such manner as
the Company may approve.

5.  Subordination
    -------------

         The Indebtedness evidenced by this Security is, to the extent provided
in the Indenture, subordinate and junior in right of payment to the Company's
obligations to holders of Senior Indebtedness of the Company, and this Security
is issued subject to the provisions of the Indenture with respect thereto. Each
Holder of this Security, by accepting the same, (a) agrees to and shall be bound
by such provisions, (b) authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to effectuate the subordination
so provided and (c) appoints the Trustee his attorney-in-fact for any and all
such purposes.

6.  Remedies
    --------

         If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series
(including this Security and the interests represented hereby) may be declared
due and payable in the manner and with the effect provided in the Indenture.
Upon payment (i) of the amount of principal so declared due and payable and (ii)
of interest on any overdue principal and overdue interest (in each case to the
extent that payment of such interest shall be legally enforceable), all of the
Company's obligations in respect of the payment of the principal of and any
interest on the Securities of this series (including this Security and the
interests represented hereby) shall terminate.

         As set forth in, and subject to, the provisions of the Indenture, no
Holder of any Security of this series will have any right to institute any
proceeding with respect to the Indenture or for any remedy thereunder, unless
such Holder shall have previously given to the Trustee written notice of a
continuing Event of Default with respect to this series, the Holders of not less
than 25% in principal amount of the Outstanding Securities of this series shall
have made written request, and offered reasonable indemnity, to the Trustee to
institute such proceeding as trustee, and the Trustee shall not have received
from the Holders of a majority in principal amount of the Outstanding Securities
of this series a

                                      -15-

<PAGE>

direction inconsistent with such request and shall have failed to institute such
proceeding within 60 days; provided, however, that such limitations do not apply
                           --------  -------
to a suit instituted by the Holder hereof for the enforcement of payment of the
principal of (and premium, if any) or any interest on this Security on or after
the respective due dates expressed herein.

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

7.  Modification and Waiver
    -----------------------

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in aggregate principal amount of the
Securities at the time Outstanding of each series affected thereby. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding on behalf of the Holders of all Securities of such series
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of Outstanding Securities of this series shall
be conclusive and binding upon the Holder of this Security and upon all future
Holders of this Security and the Persons who are beneficial owners of interests
represented hereby, and of any Security issued in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Security.

8.  Transfer or Exchange
    --------------------

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of Registered Securities of the series of which this
Security is a part may be registered on the Security Register of the Company,
upon surrender of such Securities for registration of transfer at the office or
agency of the Company in the Borough of Manhattan, The City of New York, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder thereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series of like tenor, of authorized denominations
and for the same aggregate principal amount will be issued to the designated
transferee or transferees.

         No service charge shall be made for any such registration of transfer
or exchange of Securities as provided above, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

                                      -16-

<PAGE>

         Prior to due presentment of a Registered Security (including this
Security) for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name such Security
is registered as the owner thereof for all purposes, whether or not such
Security be overdue, and neither the Company, the Trustee nor any such agent
shall be affected by notice to the contrary.

         As provided in the Indenture and subject to certain limitations therein
set forth, the Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

         The Securities of this series (including this Security) shall be dated
the date of their authentication.

9. Governing Law
   -------------

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

                                      -17-

<PAGE>

                                                            CUSIP NO. __________

                                             ORIGINAL ISSUE DATE: ______________

                              WACHOVIA CORPORATION
                 SUBORDINATED GLOBAL MEDIUM-TERM NOTE, SERIES F

                            OPTION TO ELECT REPAYMENT

               TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE
                   AT THE OPTION OF THE HOLDER AND THE HOLDER
                          ELECTS TO EXERCISE SUCH RIGHT

         The undersigned hereby irrevocably requests and instructs the Company
to repay the Security referred to in this notice (or the portion thereof
specified below) at the applicable Repayment Price, together with interest to
the Repayment Date, all as provided for in such Security, to the undersigned,
whose name, address and telephone number are as follows:

________________________________________________________________________________
                     (please print name of the undersigned)

________________________________________________________________________________
                    (please print address of the undersigned)

________________________________________________________________________________
               (please print telephone number of the undersigned)

         If such Security provides for more than one Repayment Date, the
undersigned requests repayment on the earliest Repayment Date after the
requirements for exercising this option have been satisfied, and references in
this notice to the Repayment Date mean such earliest Repayment Date. Terms used
in this notice that are defined in such Security are used herein as defined
therein.

         For such Security to be repaid the Company must receive at the
applicable address of the Trustee set forth below or at such other place or
places of which the Company shall from time to time notify the Holder of such
Security, on any Business Day not later than the 30th or earlier than the 60th
calendar day prior to the Repayment Date (or, if either such calendar day is not
a Business Day, the next succeeding Business Day), (i) such Security, with this
"Option to Elect Repayment" form duly completed and signed, or (ii) a telegram,
telex, facsimile transmission or letter from a member of a national securities

                                      -18-

<PAGE>

exchange or the National Association of Securities Dealers, Inc., a commercial
bank or a trust company in the United States of America setting forth (a) the
name, address and telephone number of the Holder of such Security, (b) the
principal amount of such Security and the amount of such Security to be repaid,
(c) a statement that the option to elect repayment is being exercised thereby
and (d) a guarantee stating that such Security to be repaid with the form
entitled "Option to Elect Repayment" on the addendum to the Security duly
completed and signed will be received by the Company not later than five
Business Days after the date of such telegram, telex, facsimile transmission or
letter (provided that such Security and form duly completed and signed are
        --------
received by the Company by such fifth Business Day). The address to which such
deliveries are to be made is:

                  Bank One Trust Company, N.A.
                  55 Water Street, 1st Floor,
                  Jeanette Park Entrance
                  New York, New York 10041

or at such other place as the Company or the Trustee shall notify the holder of
such Security.

         If less than the entire principal amount of such Security is to be
repaid, specify the portion thereof (which shall equal any Authorized
Denomination) that the Holder elects to have repaid:

                            _________________________

and specify the denomination or denominations (which shall equal any Authorized
Denomination) of the Security or Securities to be issued to the Holder in
respect of the portion of such Security not being repaid (in the absence of any
specification, one Security will be issued in respect of the portion not being
repaid):

                            _________________________

Date: ______________                ________________________________________
                                    Notice: The signature to this Option to
                                    Elect Repayment must correspond with the
                                    name of the Holder as written on the face of
                                    such Security in every particular without
                                    alteration or enlargement or any other
                                    change whatsoever.

                                      -19-

<PAGE>

                                  ABBREVIATIONS

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

TEN COM - as tenants in common           UNIF GIFT MIN ACT ____ Custodian ______
TEN ENT - as tenants by the entireties                   (Cust)          (Minor)
JT TEN - as joint tenants with                Under Uniform Gifts to Minors Act
         right of survivorship and not        __________________________________
         as tenants in common                            (State)

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

                          ____________________________

                                   ASSIGNMENT
                          ____________________________

                   FOR VALUE RECEIVED, the undersigned hereby
                     sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE

_______________________________________________________________________________

_______________________________________________________________________________
                      PLEASE PRINT OR TYPE NAME AND ADDRESS
                         INCLUDING ZIP CODE OF ASSIGNEE

_______________________________________________________________________________

the within Security and all rights thereunder, hereby irrevocably constituting
and appointing

                                                            attorney
--------------------------------------------------------------------

to transfer said Security on the books of the Company, with full power of
substitution in the premises.

                                      -20-

<PAGE>

Dated: ___________________

                                    NOTICE: The signature to this assignment
                                    must correspond with the name as written
                                    upon the face of the within instrument in
                                    every particular, without alteration or
                                    enlargement or any change whatever.

                                      -21-<PAGE>

                                                                    Exhibit 4(o)

                    [Form of Subordinated Floating Rate Note]

                               [Face of Security]

Registered                                                      $
No. FLR-                                                              CUSIP No.

     [IF A GLOBAL SECURITY, INSERT -- THIS SECURITY IS A GLOBAL SECURITY,
WITHOUT COUPONS, EXCHANGEABLE FOR ONE OR MORE DEFINITIVE REGISTERED SECURITIES
OF THIS SERIES, WITHOUT COUPONS, AT THE PRINCIPAL OFFICE OF THE SECURITY
REGISTRAR IN THE CITY OF NEW YORK ONLY UNDER THE CIRCUMSTANCES DESCRIBED HEREIN.
THE RIGHTS ATTACHING TO THIS GLOBAL SECURITY AND THE CONDITIONS AND PROCEDURES
GOVERNING ITS EXCHANGE FOR DEFINITIVE REGISTERED SECURITIES OF THIS SERIES
("REGISTERED SECURITIES") ARE AS SPECIFIED HEREIN AND IN THE INDENTURE. THIS
GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY. IN ADDITION, THE DEPOSITARY MAY NOT SELL,
ASSIGN, TRANSFER OR OTHERWISE CONVEY ANY BENEFICIAL INTEREST IN THIS GLOBAL
SECURITY UNLESS SUCH BENEFICIAL INTEREST IS IN AN AMOUNT EQUAL TO AN AUTHORIZED
DENOMINATION FOR SECURITIES OF SUCH SERIES, AND THE DEPOSITARY, BY ACCEPTING
THIS GLOBAL SECURITY, AGREES TO BE BOUND BY THE PROVISIONS HEREOF.

     NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS GLOBAL SECURITY SHALL
BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE
PROVISIONS HEREOF.]

     [IF DTC IS THE DEPOSITARY, INSERT -- UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER NAME, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY

<PAGE>

OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF HAS AN INTEREST
HEREIN.]

     THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY ANY FEDERAL AGENCY.

                                _________________

                              WACHOVIA CORPORATION

                    (Formerly named First Union Corporation)

                 Subordinated Global Medium-Term Note, Series F
                                 (Floating Rate)
                                _________________

ORIGINAL ISSUE DATE:                                PRINCIPAL AMOUNT:

REQUIRED CURRENCY:                                  MATURITY DATE:

..        payments of principal and any premium:
..        payments of interest:
..        Exchange Rate Agent:  Wachovia Bank, N.A.

ORIGINAL ISSUE DISCOUNT SECURITY:

..        Total Amount of OID:
..        Yield to Maturity:
..        Initial Accrual Period OID:

INITIAL INTEREST RATE:                              SPREAD (plus or minus):

INDEX MATURITY:                                     SPREAD MULTIPLIER:

INTEREST RATE BASIS:

     [_] Commercial Paper Rate                         [_] CMT Rate

     [_] LIBOR                                         [_] Federal Funds Rate
--------------------------------------------------------------------------------

                                      -2-

<PAGE>

..        Telerate LIBOR Page:                         [_]   Prime Rate
..        Reuters Screen LIBO Page:
..        Index Currency:

   [_]   EURIBOR

   [_]   Treasury Rate

   [_]   CD Rate

MAXIMUM INTEREST RATE:                         INTEREST PAYMENT PERIOD:

MINIMUM INTEREST RATE:                         INTEREST RATE RESET PERIOD:

INTEREST RESET DATE(S):                        INTEREST DETERMINATION DATE(S):

INTEREST PAYMENT DATE(S):                      CALCULATION DATE(S):

REGULAR RECORD DATES:                          CALCULATION AGENT: First Union
                                               Securities, Inc.

REDEEMABLE AT OPTION OF:                       REPAYMENT PRICE(S):

INITIAL REDEMPTION PERCENTAGE:                 OTHER TERMS:

ANNUAL REDEMPTION PERCENTAGE REDUCTION:

INITIAL REDEMPTION DATE:

REPAYMENT DATE(S):

                               ___________________

          Terms left blank or marked "N/A", "No", "None" or in a similar manner
do not apply to this Security except as otherwise may be specified.

          Whenever used in this Security, the terms specified above that apply
to this Security have the meanings specified above, unless the context requires
otherwise. Other terms used in this Security that are not defined herein but
that are defined in the Indenture referred to on the face of this Security are
used herein as defined therein.

          Wachovia Corporation, a North Carolina corporation (hereinafter
called the "Company", which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to

                                      -3-

<PAGE>

________________________________________, or registered assigns, the Principal
Amount hereof on the Maturity Date specified on the face hereof and to pay
interest thereon, from the Original Issue Date specified on the face hereof or
from and including the most recent Interest Payment Date to which interest has
been paid or duly provided for, or, if the date of this Security is an Interest
Payment Date to which interest has been paid or duly provided for, then from the
date hereof.

          Interest will be payable on each Interest Payment Date, as specified
on the face hereof, and at Maturity, commencing with the first Interest Payment
Date after the Original Issue Date of this Security, unless the Original Issue
Date of this Security is between a Regular Record Date and an Interest Payment
Date, in which case, the first payment of interest hereon shall be made on the
second Interest Payment Date following such Regular Record Date. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the date
15 calendar days prior to each Interest Payment Date (whether or not a Business
Day (as defined in Section 2(l) on the reverse hereof)). Any such interest not
so punctually paid or duly provided for on any Interest Payment Date shall
forthwith cease to be payable to the Holder on such Regular Record Date and may
be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date to
be fixed by the Trustee for the payment of such Defaulted Interest (notice
whereof to be given to the Holder of this Security not less than 10 days prior
to such Special Record Date), or may be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on
which the Securities of this series may be listed and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.
Notwithstanding the foregoing, interest payable on this Security at Maturity
will be payable to the person to whom principal shall be payable unless the
Maturity Date, Redemption Date or Repayment Date is an Interest Payment Date.

          If this Security is a Global Security (as specified on the face
hereof), this Security is exchangeable in whole for definitive Registered
Securities of this series of like tenor and of an equal aggregate principal
amount only if (x) the Depositary with respect to the Securities of this series
notifies the Company that it is unwilling or unable to continue as Depositary
for this Global Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as
amended, (y) the Company in its sole discretion determines that this Global
Security shall be exchangeable and executes and delivers to the Trustee a
Company Order providing that this Global Security shall be so exchangeable or
(z) there shall have happened and be continuing an Event of Default or any event
which, after notice or lapse of time, or both, would become an Event of Default
with respect to the Securities of the series of which

                                      -4-

<PAGE>

this Global Security is a part. In the event this Global Security is
exchangeable pursuant to the preceding sentence, it shall be exchanged in whole
for definitive Registered Securities of this series, of like tenor and of an
equal aggregate principal amount in denominations of U.S. $1,000 and integral
multiples of U.S. $1,000 in excess thereof; provided that, in the case of
                                            --------
clauses (y) and (z) above, definitive Registered Securities of this series will
be issued in exchange for this Global Security only if such definitive
Registered Securities were requested by written notice to the Security Registrar
by or on behalf of a Person who is a beneficial owner of an interest herein
given through the Holder hereof. Any definitive Registered Securities of this
series issued in exchange for this Global Security shall be registered in the
name or names of such Person or Persons as the Holder hereof shall instruct the
Security Registrar. Except as provided above, owners of beneficial interests in
this Global Security will not be entitled to receive physical delivery of
Securities in definitive form and will not be considered the Holders thereof for
any purpose under the Indenture.

           Any exchange of a Global Security for one or more definitive
Registered Securities of this series will be made at the New York office of the
Security Registrar in The City of New York.

           If this Security is a Global Security, except as provided in the next
paragraph, no beneficial owner of any portion of this Global Security shall be
entitled to receive payment of accrued interest hereon until this Global
Security has been exchanged for one or more definitive Registered Securities of
this series, as provided herein and in the Indenture.

           If this Security is a Global Security, if a definitive Registered
Security or Registered Securities of this series are issued in exchange for this
Global Security after the close of business at the office or agency where such
exchange occurs on (i) any Regular Record Date and before the opening of
business at such office or agency on the related Interest Payment Date, or (ii)
any Special Record Date and before the opening of business at such office or
agency on the related proposed date for payment of Defaulted Interest, interest
or Defaulted Interest, as the case may be, will not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of
such Registered Security, but will be payable on such Interest Payment Date or
proposed date for payment, as the case may be, only to the Holder hereof, and
the Holder hereof will undertake in such circumstances to credit such interest
to the account or accounts of the Persons who were the beneficial owners of any
portion of this Global Security on such Regular Record Date or Special Record
Date, as the case may be.

                                      -5-

<PAGE>

Currency of Payment
-------------------

           Payment of principal of (and premium, if any) and interest on this
Security will be made in the Required Currency for such payment, except as
provided in this and the next three paragraphs. The Required Currency for any
payment shall be the currency specified as such on the face of this Security
unless, at the time of such payment, such currency is not legal tender for the
payment of public and private debts in the country issuing such currency on the
Original Issue Date, in which case the Required Currency for such payment shall
be such coin or currency as at the time of such payment is legal tender for the
payment of public and private debts in such country, except as provided in the
next sentence. If the euro is specified on the face of this Security as the
Specified Currency for any payment, the Specified Currency for such payment
shall be such coin or currency as at the time of payment is legal tender for the
payment of public and private debts in all EMU Countries (as defined in Section
2(1) on the reverse hereof), provided that, if on any day there are not at least
                             --------
two EMU Countries, or if on any day there are at least two EMU Countries but no
coin or currency is legal tender for the payment of public and private debts in
all EMU Countries, then the Specified Currency for such payment shall be deemed
not to be available to the Company on such day.

           Except as provided in the next paragraph, any payment to be made on
this Security in a Specified Currency other than U.S. dollars will be made in
U.S. dollars if the Person entitled to receive such payment transmits a written
request for such payment to be made in U.S. dollars to the Trustee at its
Corporate Trust Office, Attention: Corporation Trust Trustee Administration, on
or before the fifth Business Day before the payment is to be made. Such written
request may be mailed, hand delivered, telecopied or delivered in any other
manner approved by the Trustee. Any such request made with respect to any
payment on this Security payable to a particular Holder will remain in effect
for all later payments on this Security payable to such Holder, unless such
request is revoked on or before the fifth Business Day before a payment is to be
made, in which case such revocation shall be effective for such and all later
payments. In the case of any payment of interest payable on an Interest Payment
Date, such written request must be made by the Person who is the registered
Holder of this Security on the relevant Regular Record Date.

           The U.S. dollar amount of any payment made pursuant to the preceding
paragraph will be determined by the Exchange Rate Agent based upon the highest
bid quotation received by the Exchange Rate Agent as of 11:00 A.M., New York
City time, on the second Business Day preceding the applicable payment date,
from three (or, if three are not available, then two) recognized foreign
exchange dealers selected by the Exchange Rate Agent in The City of New York, in
each case for the purchase by the quoting dealer, for U.S. dollars and for
settlement on such payment date of an amount of the Specified Currency for such
payment equal to the aggregate amount of such Specified

                                      -6-

<PAGE>

Currency payable on such payment date to all Holders of Securities of this or
any other series who elect to receive U.S. dollar payments on such payment date,
and at which the applicable dealer commits to execute a contract. If the
Exchange Rate Agent determines that two such bid quotations are not available on
such second Business Day, such payment will be made in the Specified Currency
for such payment. All currency exchange costs associated with any payment in
U.S. dollars on this Security will be borne by the Holder entitled to receive
such payment, by deduction from such payment.

           Notwithstanding the foregoing, if any amount payable on this Security
is payable on any day (including at Maturity) in a Specified Currency other than
U.S. dollars, and if such Specified Currency is not available to the Company on
the two Business Days before such day, due to the imposition of exchange
controls, disruption in a currency market or any other circumstances beyond the
control of the Company, the Company will be entitled to satisfy its obligation
to pay such amount in such Specified Currency by making such payment in U.S.
dollars. The amount of such payment in U.S. dollars shall be determined by the
Exchange Rate Agent on the basis of the noon buying rate for cable transfers in
The City of New York for such Specified Currency (the "Exchange Rate") as of the
                                                       -------------
latest day before the day on which such payment is to be made. Any payment made
under such circumstances in U.S. dollars where the required payment is in other
than U.S. dollars will not constitute an Event of Default under the Indenture or
this Security.

Manner of Payment - U.S. Dollars
--------------------------------

           Except as provided in the next paragraph, payment of any amount
payable on this Security in U.S. dollars will be made at the office or agency of
the Company maintained for that purpose in The City of New York (or at any other
office or agency maintained by the Company for that purpose), against surrender
of this Security in the case of any payment due at the Maturity of the principal
hereof (other than any payment of interest that first becomes due on an Interest
Payment Date); provided, however, that, at the option of the Company and subject
               --------  -------
to the next paragraph, payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register.

           Payment of any amount payable on this Security in U.S. dollars will
be made by wire transfer of immediately available funds to an account maintained
by the payee with a bank located in the Borough of Manhattan, The City of New
York, if (i) the principal of this Security is at least $1,000,000 and (ii) the
Holder entitled to receive such payment transmits a written request for such
payment to be made in such manner to the Trustee at its Corporate Trust Office,
Attention: Corporation Trust Trustee Administration, on or before the fifth
Business Day before the day on which such payment is to be made; provided that,
                                                                 --------
in the case of any such payment due at the Maturity of the principal hereof

                                      -7-

<PAGE>

(other than any payment of interest that first becomes due on an Interest
Payment Date), this Security must be surrendered at the office or agency of the
Company maintained for that purpose in The City of New York (or at any other
office or agency maintained by the Company for that purpose) in time for the
Paying Agent to make such payment in such funds in accordance with its normal
procedures. Any such request made with respect to any payment on this Security
payable to a particular Holder will remain in effect for all later payments on
this Security payable to such Holder, unless such request is revoked on or
before the fifth Business Day before a payment is to be made, in which case such
revocation shall be effective for such and all later payments. In the case of
any payment of interest payable on an Interest Payment Date, such written
request must be made by the Person who is the registered Holder of this Security
on the relevant Regular Record Date. The Company will pay any administrative
costs imposed by banks in connection with making payments by wire transfer with
respect to this Security, but any tax, assessment or other governmental charge
imposed upon any payment will be borne by the Holder of this Security and may be
deducted from the payment by the Company or the Paying Agent.

Manner of Payment - Other Specified Currencies
----------------------------------------------

           Payment of any amount payable on this Security in a Specified
Currency other than U.S. dollars will be made by wire transfer of immediately
available funds to such account as is maintained in such Specified Currency at a
bank or other financial institution acceptable to the Company and the Trustee
and as shall have been designated at least five Business Days prior to the
applicable payment date by the Person entitled to receive such payment; provided
                                                                        --------
that, in the case of any such payment due at the Maturity of the principal
hereof (other than any payment of interest that first becomes due on an Interest
Payment Date), this Security must be surrendered at the office or agency of the
Company maintained for that purpose in The City of New York (or at any other
office or agency maintained by the Company for that purpose) in time for the
Paying Agent to make such payment in such funds in accordance with its normal
procedures. Such account designation shall be made by transmitting the
appropriate information to the Trustee at its Corporate Trust Office in the
Borough of Manhattan, The City of New York, by mail, hand delivery, telecopier
or in any other manner approved by the Trustee. Unless revoked, any such account
designation made with respect to this Security by the Holder hereof will remain
in effect with respect to any further payments with respect to this Security
payable to such Holder. If a payment in a Specified Currency other than U.S.
dollars with respect to this Security cannot be made by wire transfer because
the required account designation has not been received by the Trustee on or
before the requisite date or for any other reason, the Company will cause a
notice to be given to the Holder of this Security at its registered address
requesting an account designation pursuant to which such wire transfer can be
made and such payment will be made within five Business Days after the Trustee's
receipt of such a designation meeting the requirements specified above, with the
same force and effect as if made on the due date.

                                      -8-

<PAGE>

The Company will pay any administrative costs imposed by banks in connection
with making payments by wire transfer with respect to this Security, but any
tax, assessment or other governmental charge imposed upon any payment will be
borne by the Holder of this Security and may be deducted from the payment by the
Company or the Paying Agent.

Manner of Payment - Global Securities
-------------------------------------

           Notwithstanding any provision of this Security or the Indenture, if
this Security is a Global Security, the Company may make any and all payments of
principal, premium and interest on this Security pursuant to the applicable
procedures of the Depositary for this Security as permitted in the Indenture.

Payments Due on a Business Day
------------------------------

           Unless otherwise specified on the face of this Security, the
following sentence shall apply to this Security. Notwithstanding any provision
of this Security or the Indenture, if any amount of principal, premium or
interest would otherwise be due on this Security on a day (the "Specified Day")
that is not a Business Day, such amount may be paid or made available for
payment on the next succeeding Business Day (unless the initial rate basis is
LIBOR or EURIBOR and such next succeeding Business Day falls in the next
calendar month, in which case such amount may be paid or made available for
payment on the next preceding Business Day) with the same force and effect as if
such amount were paid on the Specified Day.

           Unless otherwise specified on the face of this Security, the
following sentence shall apply to each Interest Payment Date other than one that
falls on the date of Maturity of the principal hereof. If any such Interest
Payment Date would otherwise be a day that is not a Business Day, such Interest
Payment Date shall be deferred to the next succeeding Business Day, provided
                                                                    --------
that, if the initial rate basis is LIBOR or EURIBOR and the next succeeding
Business Day would fall in the next calendar month, then such Interest Payment
Date will be advanced to the next preceding Business Day.

                                      -9-

<PAGE>

                        _______________________________

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

           Unless the certificate of authentication hereon has been executed by
or on behalf of Bank One Trust Company, N.A., the Trustee under the Indenture or
its successors thereunder, by the manual signature of one of its authorized
officers, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

                                      -10-

<PAGE>

           IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

                                              WACHOVIA CORPORATION

Dated: ____                                   By: ______________________________
                                                  Name:
                                                  Title:

[Seal]                                        Attest: __________________________

                          CERTIFICATE OF AUTHENTICATION

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

BANK ONE TRUST COMPANY, N.A., as Trustee

By: ______________________________
         Authorized Officer

                                      -11-

<PAGE>

                              [Reverse of Security]

1. Securities and the Indenture
   ----------------------------

         This Security is one of a duly authorized issue of securities (herein
called the "Securities") of the Company, unlimited in aggregate principal
amount, issued and to be issued in one or more series under an Indenture, dated
as of March 15, 1986, supplemented thereto by Supplemental Indentures thereto
dated August 1, 1990, November 15, 1992, February 7, 1996 and July 7, 2000 (the
Indenture as so supplemented being herein called the "Indenture") between the
Company and Bank One Trust Company, N.A., as Trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture (as
hereinafter defined)), to which Indenture reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and
delivered.

         This Security is one of the series of Securities designated on the face
hereof, limited to an aggregate principal amount not to exceed $4,000,000,000
(or the equivalent thereof in any other currency or currency units), which
amount may be increased at the option of the Company if in the future it
determines that it may wish to issue and sell additional Securities. References
herein to "this series" mean the series of securities designated on the face
hereof. This Security has been issued in the Principal Amount specified on the
face hereof. The Securities of this series may be issued from time to time with
varying maturities, interest rates and other terms.

         The Securities of this series are issuable only in registered form
without coupons in "Authorized Denominations", which term shall have the
                    ------------------------
following meaning. For each Security of this series having a principal amount
payable in U.S. dollars, the Authorized Denominations shall be $1,000 and
multiples thereof. For each Security of this series having a principal amount
payable in a Required Currency other than U.S. dollars, the Authorized
Denominations shall be the amount of such Required Currency equivalent, at the
Exchange Rate on the first Business Day next preceding the date on which the
Company accepts the offer to purchase such Security, to $1,000 and any multiple
thereof.

2. Interest Rate
   -------------

         (a)  Interest Rate Reset

         The interest rate on this Security will be reset from time to time, as
provided in this Section 2, and each date upon which such rate is reset as so
provided is hereinafter

                                      -12-

<PAGE>

called an "Interest Reset Date". Unless otherwise specified on the face hereof,
           -------------------
the Interest Reset Dates with respect to this Security will be as follows:

                  (i)   if the Interest Reset Period is daily, each Business
         Day;

                  (ii)  if the Interest Reset Period is weekly and the interest
         rate basis is not the Treasury Rate, the Wednesday of each week;

                  (iii) if the Interest Reset Period is weekly and the interest
         rate basis is the Treasury Rate, except as otherwise provided in the
         definition of "Treasury Interest Determination Date" in Section 2(l)
         below, the Tuesday of each week;

                  (iv)  if the Interest Reset Period is monthly, the third
         Wednesday of each month;

                  (v)   if the Interest Reset Period is quarterly, the third
         Wednesday of each March, June, September and December;

                  (vi)  if the Interest Reset Period is semi-annual, the third
         Wednesday of each of two months in each year specified under "Interest
         Reset Period" on the face hereof; and

                  (vii) if the Interest Reset Period is annual, the third
         Wednesday of the month in each year specified under "Interest Reset
         Period" on the face hereof;

provided, however, that (x) the interest rate basis in effect from the Original
--------  -------
Issue Date to but excluding the first Interest Reset Date will be the initial
interest rate and (y) if the Interest Reset Period is daily or weekly, the
interest rate in effect for each day following the second Business Day
immediately prior to an Interest Payment Date to but excluding such Interest
Payment Date, and for each day following the second Business Day immediately
prior to the day of Maturity of the principal hereof to but excluding such day
of Maturity, will be the interest rate in effect on such applicable second
Business Day; and provided, further, that, if any Interest Reset Date would
                  --------  -------
otherwise be a day that is not a Business Day, such Interest Reset Date shall be
the next succeeding day that is a Business Day, except that, unless otherwise
specified on the face hereof, if the interest rate basis is LIBOR and such next
succeeding Business Day falls in the next succeeding calendar month, such
Interest Reset Date shall be the immediately preceding Business Day.

         Subject to applicable provisions of law and except as otherwise
specified herein, on each Interest Reset Date the interest rate on this Security
shall be the rate determined in accordance with such of the following Sections
2(b) through (l) as provide for

                                      -13-

<PAGE>

determination of the interest rate basis for this Security. The Calculation
Agent shall determine the interest rate of this Security in accordance with the
applicable Section below and shall provide notice to the Trustee of each rate as
determined.

         Unless the interest rate basis is LIBOR or EURIBOR, the Calculation
Agent will determine the interest rate of this Security that takes effect on any
Interest Reset Date on a day no later than the Calculation Date (as defined in
Section 2(l) below) corresponding to such Interest Reset Date. However, the
Calculation Agent need not wait until the Calculation Date to determine such
interest rate if the rate information it needs to make such determination in the
manner specified in the applicable provisions of Sections 2(b) through (l)
hereof is available from the relevant sources specified in such applicable
provisions.

         (b)  Determination of Commercial Paper Rate

         If the interest rate basis specified on the face hereof is the
Commercial Paper Rate, the interest rate with respect to this Security for any
Interest Reset Date shall be the Commercial Paper Rate plus or minus the Spread,
if any, or multiplied by the Spread Multiplier, if any, as specified on the face
hereof, as determined on the applicable Interest Determination Date.

         "Commercial Paper Rate" means, with respect to any Commercial Paper
Interest Determination Date (as defined below), the Money Market Yield
(calculated as described in Section 2(l)) on such date for commercial paper
having the Index Maturity specified on the face hereof as published in H.15(519)
(as defined in Section 2(l)) under the heading "Commercial Paper--Nonfinancial".
If the Commercial Paper Rate cannot be determined as described above, the
following procedures will apply in determining the Commercial Paper Rate:

                  (i)  If the rate described above does not appear in H.15(519)
           at 3:00 P.M., New York City time, on the Calculation Date (as defined
           in Section 2(l) below) corresponding to such Commercial Paper
           Interest Determination Date (unless the calculation is made earlier
           and the rate is available from that source at that time), then the
           Commercial Paper Rate will be the rate, for such Commercial Paper
           Interest Determination Date, for commercial paper having the Index
           Maturity, as published in H.15 Daily Update (as defined in Section
           2(l) below) or any other recognized electronic source used for
           displaying that rate, under the heading "Commercial Paper --
           Nonfinancial".

                  (ii) If the rate described in clause (i) above does not appear
           in H.15(519), H.15 Daily Update or another recognized electronic
           source at 3:00 P.M., New York City time, on such Calculation Date
           (unless the calculation is made earlier

                                      -14-

<PAGE>

           and the rate is available from one of those sources at that time),
           the Commercial Paper Rate will be the Money Market Yield of the
           arithmetic mean of the following offered rates for U.S. dollar
           commercial paper that has the Index Maturity and is placed for an
           industrial issuer whose bond rating is "AA", or the equivalent, from
           a nationally recognized rating agency: the rates offered as of 11:00
           A.M., New York City time, on such Commercial Paper Interest
           Determination Date by three leading U.S. dollar commercial paper
           dealers in New York City selected by the Calculation Agent.

                  (iii) If fewer than three dealers selected by the Calculation
           Agent are quoting as described in clause (ii) above, the Commercial
           Paper Rate shall be the Commercial Paper Rate in effect on such
           Commercial Paper Interest Determination Date (or, in the case of the
           first Interest Reset Date, the initial interest rate).

         (c)  Determination of LIBOR

         If the interest rate basis specified on the face hereof is LIBOR, the
interest rate with respect to this Security for any Interest Reset Date shall be
LIBOR plus or minus the Spread, if any, or multiplied by the Spread Multiplier,
if any, as specified on the face hereof, as determined on the applicable LIBOR
Interest Determination Date (as defined in Section 2(l)). LIBOR will be
determined by the Calculation Agent in accordance with the following provisions:

         LIBOR will be either of the following rates, whichever appears on the
face hereof:

                  (x)   the offered rate appearing on the Telerate LIBOR Page
         (as defined in Section 2(l)); or

                  (y)   the arithmetic mean of the offered rates appearing on
         the Reuters Screen LIBOR Page (as defined in Section 2(l)) unless that
         page by its terms cites only one rate, in which case that rate;

in either case, as of 11:00 A.M., London time, on such LIBOR Interest
Determination Date for deposits of the Index Currency having the Index Maturity
beginning on such Interest Reset Date. If no reference page is specified on the
face hereof, Telerate LIBOR Page will apply to this Security:

                  (i)   If Telerate LIBOR Page is specified on the face hereof
         and the rate referenced in clause (x) above does not appear on that
         page, or if Reuters Screen LIBOR Page is specified on the face hereof
         and fewer than two of the rates referenced in clause (y) above appear
         on that page or no rate appears on any page

                                      -15-

<PAGE>

         on which only one rate normally appears, then LIBOR will be determined
         on the basis of the rates, at approximately 11:00 A.M., London time, on
         such LIBOR Interest Determination Date, at which deposits of the
         following kind are offered to prime banks in the London interbank
         market by four major banks in that market selected by the Calculation
         Agent: deposits of the Index Currency having the Index Maturity
         beginning on such Interest Reset Date and in a Representative Amount
         (as defined in Section 2(l)). The Calculation Agent will request the
         principal London office of each such bank to provide a quotation of its
         rate. If at least two quotations are provided, LIBOR for such LIBOR
         Interest Determination Date will be the arithmetic mean of the
         quotations.

                  (ii)  If fewer than two quotations are provided as described
         in clause (i) above, LIBOR for such LIBOR Interest Determination Date
         will be the arithmetic mean of the rates for loans of the following
         kind to leading European banks quoted, at approximately 11:00 A.M. in
         the principal financial center for the country issuing the Index
         Currency, on such LIBOR Interest Determination Date, by three major
         banks in that financial center selected by the Calculation Agent: loans
         of the Index Currency having the Index Maturity beginning on such
         Interest Reset Date and in a Representative Amount.

                  (iii) If fewer than three banks selected by the Calculation
         Agent are quoting as described in clause (ii) above, LIBOR will be the
         LIBOR in effect on such LIBOR Interest Determination Date (or, in the
         case of the first Interest Reset Date, the initial interest rate).

         (d)  Determination of EURIBOR

         If the interest rate basis specified on the face hereof is EURIBOR, the
interest rate with respect to this Security for any Interest Reset Date shall be
EURIBOR plus or minus the Spread, if any, or multiplied by the Spread
Multiplier, if any, as specified on the face hereof, as determined on the
applicable Interest Determination Date.

         "EURIBOR" means, with respect to any EURIBOR Determination Date, the
interest rate for deposits in euros designated as "EURIBOR" and sponsored
jointly by the European Banking Federation and ACI -- the Financial Market
Association (or any company established by the joint sponsors for purposes of
compiling and publishing that rate) on the EURIBOR Interest Determination Date
(as defined in Section 2(l) below), and will be determined in accordance with
the following provisions:

                  (i)   EURIBOR will be the offered rate for deposits in euros
         having the Index Maturity beginning on such Interest Reset Date, as
         that rate appears on

                                      -16-

<PAGE>

         Telerate Page 248 (as defined in Section 2(l) below) as of 11:00 A.M.,
         Brussels time, on such EURIBOR Interest Determination Date.

                  (ii)  If the rate described in clause (i) above does not
         appear on Telerate Page 248, EURIBOR will be determined on the basis of
         the rates, at approximately 11:00 A.M., Brussels time, on such EURIBOR
         Interest Determination Date, at which deposits of the following kind
         are offered to prime banks in the Euro-Zone (as defined in Section
         2(l)) interbank market by the principal Euro-Zone office of each of
         four major banks in that market selected by the Calculation Agent: euro
         deposits having the Index Maturity beginning on such Interest Reset
         Date and in a Representative Amount. The Calculation Agent will request
         the principal Euro-Zone office of each of these banks to provide a
         quotation of its rate. If at least two quotations are provided, EURIBOR
         for such EURIBOR Interest Determination Date will be the arithmetic
         mean of such quotations.

                  (iii) If fewer than two quotations are provided as described
         in clause (ii) above, EURIBOR for such EURIBOR Interest Determination
         Date will be the arithmetic mean of the rates for loans of the
         following kind to leading Euro-Zone banks quoted, at approximately
         11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date,
         by three major banks in the Euro-Zone selected by the Calculation
         Agent: loans of euros having the Index Maturity beginning on such
         Interest Reset Date and in a Representative Amount.

                  (iv)  If fewer than three banks selected by the Calculation
         Agent are quoting as described in clause (iii) above, EURIBOR shall be
         the EURIBOR in effect on such EURIBOR Interest Determination Date (or,
         in the case of the first Interest Reset Date, the initial interest
         rate).

         (e)  Determination of Treasury Rate

         If the interest rate basis specified on the face hereof is the Treasury
Rate, the interest rate with respect to this Security for any Interest Reset
Date shall be the Treasury Rate plus or minus the Spread, if any, or multiplied
by the Spread Multiplier, if any, as specified on the face hereof, as determined
on the applicable Interest Determination Date.

         "Treasury Rate" means, with respect to any Treasury Interest
Determination Date (as defined in Section 2(l)), the rate for the auction on the
corresponding Treasury Interest Determination Date (as defined below) of direct
obligations of the United States ("Treasury Bills") having the Index Maturity,
                                   --------------
as that rate appears on Telerate Page 56 or 57 under the heading "Investment
Rate". If the Treasury Rate cannot be determined as described above, the
following procedures will apply in determining the Treasury Rate:

                                      -17-

<PAGE>
                  (i)   If the rate described above does not appear on either
         Telerate Page 56 or 57 at 3:00 P.M., New York City time, on the
         Calculation Date corresponding to such Treasury Interest Determination
         Date (unless the calculation is made earlier and the rate is available
         from that source at that time), the Treasury Rate will be the Bond
         Equivalent Yield (as defined in Section 2(l) below) of the rate, for
         such Treasury Interest Determination Date and for Treasury Bills having
         the Index Maturity, as published in H.15 Daily Update, or another
         recognized electronic source used for displaying that rate, under the
         heading "U.S. Government Securities/Treasury Bills/Auction High".

                  (ii)  If the rate described in clause (i) above does not
         appear in H.15 Daily Update or another recognized electronic source at
         3:00 P.M., New York City time, on such Calculation Date (unless the
         calculation is made earlier and the rate is available from one of those
         sources at that time), the Treasury Rate will be the Bond Equivalent
         Yield of the auction rate, for such Treasury Interest Determination
         Date and for Treasury Bills having the Index Maturity, as announced by
         the U.S. Department of the Treasury.

                  (iii) If the auction rate described in clause (ii) above is
         not so announced by 3:00 P.M., New York City time, on such Calculation
         Date, or if no such auction is held for the relevant week, then the
         Treasury Rate will be the Bond Equivalent Yield of the rate, for such
         Treasury Interest Determination Date and for Treasury Bills having a
         remaining maturity closest to the Index Maturity, as published in
         H.15(519) under the heading "U.S. Government Securities/Treasury
         Bills/Secondary Market".

                  (iv)  If the rate described in clause (iii) above does not
         appear in H.15(519) at 3:00 P.M., New York City time, on such
         Calculation Date (unless the calculation is made earlier and the rate
         is available from one of those sources at that time), then the Treasury
         Rate will be the rate, for such Treasury Interest Determination Date
         and for Treasury Bills having a remaining maturity closest to the Index
         Maturity, as published in H.15 Daily Update, or another recognized
         electronic source used for displaying that rate, under the heading
         "U.S. Government Securities/ Treasury Bills /Secondary Market".

                  (v)   If the rate described in clause (iv) above does not
         appear in H.15 Daily Update or another recognized electronic source at
         3:00 P.M., New York City time, on such Calculation Date (unless the
         calculation is made earlier and the rate is available from one of those
         sources at that time), the Treasury Rate will be the Bond Equivalent
         Yield of the arithmetic mean of the following secondary market bid
         rates for the issue of Treasury Bills with a remaining maturity closest
         to the Index Maturity: the rates bid as of approximately 3:30 P.M., New
         York City

                                      -18-

<PAGE>

         time, on such Treasury Interest Determination Date, by three primary
         U.S. government securities dealers in New York City selected by the
         Calculation Agent.

                  (vi)  If fewer than three dealers selected by the Calculation
         Agent are quoting as described in clause (v) above, the Treasury Rate
         shall be the Treasury Rate in effect on such Treasury Interest
         Determination Date (or, in the case of the first Interest Reset Date,
         the initial interest rate).

         (f)  Determination of CD Rate

         If the interest rate basis specified on the face hereof is the CD Rate,
the interest rate with respect to this Security shall be the CD Rate plus or
minus the Spread, if any, or multiplied by the Spread Multiplier, if any, as
specified on the face hereof, as determined on the applicable Interest
Determination Date.

         "CD Rate" means, with respect to any CD Interest Determination Date (as
defined in Section 2(l)), the rate on such date for negotiable U.S. dollar
certificates of deposit having the Index Maturity as published in H.15(519)
under the heading "CDs (Secondary Market)". If the CD Rate cannot be determined
as described above, the following procedures will apply in determining the CD
Rate:

                  (i)   If the rate described above does not appear in H.15(519)
         at 3:00 P.M., New York City time, on the Calculation Date corresponding
         to such CD Interest Determination Date (unless the calculation is made
         earlier and the rate is available from that source at that time), then
         the CD Rate shall be the rate described above as published in H.15
         Daily Update, or another recognized electronic source used for
         displaying that rate, under the heading "CDs (Secondary Market)".

                  (ii)  If the rate described in clause (i) above does not
         appear in H.15(519), H.15 Daily Update or another recognized electronic
         source at 3:00 P.M., New York City time, on such Calculation Date
         (unless the calculation is made earlier and the rate is available from
         one of those sources at that time), then CD Rate shall be the
         arithmetic mean of the following secondary market offered rates for
         negotiable U.S. dollar certificates of deposit of major U.S. money
         center banks having a remaining maturity closest to the Index Maturity
         and in a Representative Amount: the rates offered as of 10:00 A.M., New
         York City time, on such CD Interest Determination Date, by three
         leading nonbank dealers in negotiable U.S. dollar certificates of
         deposit in New York City, as selected by the Calculation Agent.

                                      -19-

<PAGE>

                  (iii) If fewer than three dealers selected by the Calculation
         Agent are quoting as described in clause (ii) above, the CD Rate will
         be the CD Rate in effect on such CD Interest Determination Date (or, in
         the case of the first Base Reset Date, the initial interest rate).

         (g)  Determination of CMT Rate

         If the interest rate basis specified on the face hereof is the CMT
Rate, the interest rate with respect to this Security for any Interest Reset
Date shall be the CMT Rate plus or minus the Spread, if any, or multiplied by
the Spread Multiplier, if any, as specified on the face hereof, as determined on
the applicable CMT Interest Determination Date (as defined in Section 2(l)).

         "CMT Rate" means: the following rate displayed on the Designated CMT
Moneyline Telerate Page (as defined in Section 2(l) below) under the heading " .
.. . Treasury Constant Maturities . . . Federal Reserve Board Release H.15 . . .
Mondays Approximately 3:45 P.M.", under the column for the Designated CMT Index
Maturity (as defined in Section 2(l) below):

                  (x)   if the Designated CMT Moneyline Telerate Page is
         Telerate Page 7051, the rate for such CMT Interest Determination Date;
         or

                  (y)   if the Designated CMT Moneyline Telerate Page is
         Telerate Page 7052, the weekly or monthly average, as specified on the
         face hereof, for the week that ends immediately before the week in
         which such CMT Interest Determination Date falls, or for the month that
         ends immediately before the month in which such CMT Interest
         Determination Date falls, as applicable.

If the CMT Rate cannot be determined as described above, the following
procedures will apply in determining the CMT Rate:

                  (i)   If the applicable rate described above is not displayed
         on the relevant Designated CMT Moneyline Telerate Page at 3:00 P.M.,
         New York City time, on the Calculation Date corresponding to such CMT
         Interest Determination Date (unless the calculation is made earlier and
         the rate is available from that source at that time), then the CMT Rate
         will be the applicable Treasury constant maturity rate described above
         -- i.e., for the Designated CMT Index Maturity and for either such CMT
         Interest Determination Date or the weekly or monthly average, as
         applicable -- as published in H.15(519).

                  (ii)   If the applicable rate described in clause (i) above
         does not appear in H.15(519) at 3:00 P.M., New York City time, on such
         Calculation Date (unless

                                      -20-

<PAGE>

         the calculation is made earlier and the rate is available from that
         source at that time), then the CMT Rate will be the Treasury constant
         maturity rate, or other U.S. Treasury rate, for the Designated CMT
         Index Maturity and with reference to such CMT Interest Determination
         Date, that:

                           (a) is published by the Board of Governors of the
                  Federal Reserve System, or the U.S. Department of the
                  Treasury, and

                           (b) is determined by the Calculation Agent to be
                  comparable to the applicable rate formerly displayed on the
                  Designated CMT Moneyline Telerate Page and published in
                  H.15(519).

                  (iii)    If the rate described in clause (ii) above does not
         appear in H.15(519) at 3:00 P.M., New York City time, on such
         Calculation Date (unless the calculation is made earlier and the rate
         is available from that source at that time), then the CMT will be the
         yield to maturity of the arithmetic mean of the following secondary
         market bid rates for the most recently issued Treasury Notes (as
         defined in Section 2(l)) having an original maturity of approximately
         the Designated CMT Index Maturity, having a remaining term to maturity
         of not less than the Designated CMT Index Maturity minus one year and
         in a Representative Amount: the bid rates, as of approximately 3:30
         P.M., New York City time, on such CMT Interest Determination Date, of
         three primary U.S. government securities dealers in New York City
         selected by the Calculation Agent. In selecting such bid rates, the
         Calculation Agent will request quotations from five such primary
         dealers and will disregard the highest quotation -- or, if there is
         equality, one of the highest -- and the lowest quotation -- or, if
         there is equality, one of the lowest.

                  (iv)     If the Calculation Agent is unable to obtain three
         quotations of the kind described in clause (iii) above, the CMT Rate
         will be the yield to maturity of the arithmetic mean of the following
         secondary market bid rates for Treasury Notes having an original
         maturity longer than the Designated CMT Index Maturity, having a
         remaining term to maturity closest to the Designated CMT Index Maturity
         and in a Representative Amount: the bid rates, as of approximately 3:30
         P.M., New York City time, on such CMT Interest Determination Date, of
         three primary U.S. government securities dealers in New York City
         selected by the Calculation Agent. In selecting such bid rates, the
         Calculation Agent will request quotations from five such primary
         dealers and will disregard the highest quotation -- or, if there is
         equality, one of the highest -- and the lowest quotation -- or, if
         there is equality, one of the lowest. If two Treasury Notes with an
         original maturity longer than the CMT Designated Index Maturity have
         remaining terms to maturity that are equally close to the Designated
         CMT Index Maturity,

                                      -21-

<PAGE>

         the Calculation Agent will obtain quotations for the Treasury Note with
         the shorter remaining term to maturity.

                  (v)  If fewer than five but more than two such primary dealers
         are quoting as described in clause (iv) above, then the CMT Rate for
         such CMT Interest Determination Date will be based on the arithmetic
         mean of the bid rates so obtained, and neither the highest nor the
         lowest of such quotations will be disregarded.

                  (vi) If two or fewer primary dealers selected by the
         Calculation Agent are quoting as described in clause (v) above, the CMT
         Rate shall be the CMT Rate in effect on such CMT Interest Determination
         Date (or, in the case of the first Interest Reset Date, the initial
         interest rate).

         (h)  Determination of Federal Funds Rate

         If the interest rate basis specified on the face hereof is the Federal
Funds Rate, the interest rate with respect to this Security for any Interest
Reset Date shall be the Federal Funds Rate plus or minus the Spread, if any, or
multiplied by the Spread Multiplier, if any, as specified on the face hereof, as
determined on the applicable Interest Determination Date.

         "Federal Funds Rate" means, with respect to any Federal Funds Interest
Determination Date (as defined in Section 2(l)), the rate on that date for
Federal Funds having the Index Maturity specified on the face hereof as
published in H.15(519) under the heading "Federal Funds (Effective)", as that
rate is displayed on Telerate Page 120. If the Federal Funds Rate cannot be
determined as described above, the following procedures will apply in
determining the Federal Funds Rate:

                  (i)  If the rate described above is not displayed on Telerate
         Page 120 at 3:00 P.M., New York City time, on the Calculation Date
         corresponding to such Federal Funds Interest Determination Date (unless
         the calculation is made earlier and the rate is available from that
         source at that time), then the Federal Funds Rate will be the rate
         described above as published in H.15 Daily Update, or another
         recognized electronic source used for displaying that rate, under the
         heading "Federal Funds (Effective)".

                  (ii) If the rate described in clause (i) above is not
         displayed on Telerate Page 120 and does not appear in H.15 (519), H.15
         Daily Update or another recognized electronic source at 3:00 P.M., New
         York City time, on such Calculation Date (unless the calculation is
         made earlier and the rate is available from one of those sources at
         that time), the Federal Funds Rate will be the

                                      -22-

<PAGE>

         arithmetic mean of the rates for the last transaction in overnight,
         U.S. dollar federal funds arranged, before 9:00 A.M., New York City
         time, on such Federal Funds Interest Determination Date, by three
         leading brokers of U.S. dollar federal funds transactions in New York
         City selected by the Calculation Agent.

                  (iii) If fewer than three brokers selected by the Calculation
         Agent are quoting as described in clause (ii) above, the Federal Funds
         Rate will be the Federal Funds Rate in effect on such Federal Funds
         Interest Determination Date (or, in the case of the first Interest
         Reset Date, the initial interest rate).

         (i)  Determination of Prime Rate

         If the interest rate basis specified on the face hereof is the Prime
Rate, the interest rate with respect to this Security for any Interest Reset
Date shall be the Prime Rate plus or minus the Spread, if any, or multiplied by
the Spread Multiplier, if any, as specified on the face hereof, as determined on
the applicable Interest Determination Date.

         "Prime Rate" means, with respect to any Prime Interest Determination
Date (as defined in Section 2(l)), the rate set forth on such date in H.15(519)
under the heading "Bank Prime Loan". If the Prime Rate cannot be determined as
described above, the following procedures will apply in determining the Prime
Rate:

                  (i)   If the rate described above does not appear in H.15(519)
         at 3:00 P.M., New York City time, on the Calculation Date corresponding
         to such Prime Interest Determination Date (unless the calculation is
         made earlier and the rate is available from one of those sources at
         that time), then the Prime Rate will be the rate, for such Prime
         Interest Determination Date, as published in H.15 Daily Update or
         another recognized electronic source used for the purpose of displaying
         that rate, under the heading "Bank Prime Loan".

                  (ii)  If the rate described in clause (i) above does not
         appear in H.15(519), H.15 Daily Update or another recognized electronic
         source at 3:00 P.M., New York City time, on such Calculation Date
         (unless the calculation is made earlier and the rate is available from
         one of those sources at that time), then the Prime Rate will be the
         arithmetic mean of the following rates as they appear on the Reuters
         Screen US PRIME 1 Page (as defined in Section 2(l) below): the rate of
         interest publicly announced by each bank appearing on that page as that
         bank's prime rate or base lending rate, as of 11:00 A.M., New York City
         time, on such Prime Interest Determination Date.

                  (iii) If fewer than four of the rates referred to in clause
         (ii) above appear on the Reuters Screen US PRIME 1 Page, the Prime Rate
         will be the arithmetic

                                      -23-

<PAGE>

         mean of the Prime Rates or base lending rates, as of the close of
         business on such Prime Interest Determination Date, of three major
         banks in New York City selected by the Calculation Agent. For this
         purpose, the Calculation Agent will use rates quoted on the basis of
         the actual number of days in the year divided by a 360-day year.

                  (iv)  If fewer than three banks selected by the Calculation
         Agent are quoting as described in clause (iii) above, the Prime Rate
         shall be the Prime Rate in effect on such Prime Interest Determination
         Date (or, in the case of the first Interest Reset Date, the initial
         interest rate).

         (j)  Calculation of Interest

         Payments of interest hereon with respect to any Interest Payment Date
or at the Maturity of the principal hereof will include interest accrued to but
excluding such Interest Payment Date or the date of such Maturity, as the case
may be. Accrued interest from the date of issue or from the last date to which
interest has been paid or duly provided for shall be calculated by the
Calculation Agent by multiplying the Principal Amount by an accrued interest
factor. Such accrued interest factor shall be computed by adding the interest
factors calculated for each day from and including the Original Issue Date or
from and including the last date to which interest has been paid or duly
provided for, to but excluding the date for which accrued interest is being
calculated. The interest factor for each such day shall be expressed as a
decimal and computed by dividing the interest rate (also expressed as a decimal)
in effect on such day by 360, if the interest rate basis is the Commercial Paper
Rate, Prime Rate, LIBOR, EURIBOR, CD Rate or Federal Funds Rate, or by the
actual number of days in the year, if the interest rate basis is the Treasury
Rate or CMT Rate.

         Upon the request of the Holder hereof, the Calculation Agent will
provide the interest rate then in effect, and, if different, the interest rate
which will become effective as a result of a determination made on the most
recent Interest Determination Date with respect to this Security.

         All percentages resulting from any calculation on Securities will be
rounded, if necessary, to the nearest one-hundred thousandth of a percentage
point, with five one-millionths of a percentage point rounded upwards (e.g.,
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655) and 9.876544%
(or .09876544) being rounded to 9.87654% (or .0987654)), and all dollar amounts
used in or resulting from such calculation on the Securities will be rounded to
the nearest cent (with one-half cent being rounded upwards).

                                      -24-

<PAGE>

         Notwithstanding the foregoing, the interest rate hereon shall not be
greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified on the face hereof. In addition, the interest
rate hereon shall in no event be higher than the maximum rate permitted by New
York law, as the same may be modified by United States law of general
application.

         (k)  Calculation Agent and Exchange Rate Agent

         The Company has initially appointed the institutions named on the face
of this Security as Calculation Agent and Exchange Rate Agent, respectively, to
act as such agents with respect to this Security, but the Company may, in its
sole discretion, appoint any other institution (including any Affiliate of the
Company) to serve as any such agent from time to time. The Company will give the
Trustee prompt written notice of any change in any such appointment. Insofar as
this Security provides for any such agent to obtain rates, quotes or other data
from a bank, dealer or other institution for use in making any determination
hereunder, such agent may do so from any institution or institutions of the kind
contemplated hereby notwithstanding that any one or more of such institutions
are any such agent, Affiliates of any such agent or Affiliates of the Company.

         All determinations made by the Calculation Agent or the Exchange Rate
Agent may be made by such agent in its sole discretion and, absent manifest
error, shall be conclusive for all purposes and binding on the Holder of this
Security and the Company. Neither the Calculation Agent nor the Exchange Rate
Agent shall have any liability therefor.

         (l)  Definitions of Calculation Terms

         As used in this Security, the following terms have the meanings set
forth below:

                  "Bond Equivalent Yield" means a yield expressed as a
                   ---------------------
percentage and calculated in accordance with the following formula:

         Bond Equivalent Yield =        D x N        x 100,
                                 -------------------
                                    360 - (D x M)

         where

         .        "D" equals the annual rate for Treasury Bills quoted on a bank
                  discount basis and expressed as a decimal;

         .        "N" equals 365 or 366, as the case may be; and

                                      -25-

<PAGE>

         .        "M" equals the actual number of days in the period from and
                  including the relevant Interest Reset Date to but excluding
                  the next succeeding Interest Reset Date.

                  "Business Day" means, for this Security, a day that meets the
requirements set forth in each of clauses (i) through (iv) below, in each case
to the extent such requirements apply to this Security as specified below:

         (i)      that is a Monday, Tuesday, Wednesday, Thursday or Friday that
                  is not a day on which banking institutions in The City of New
                  York generally are authorized or obligated by law, regulation
                  or executive order to close;

         (ii)     if the interest rate basis is LIBOR, that is also a London
                  Business Day;

         (iii)    if the Specified Currency for payment of principal of or
                  interest on this Security is other than U.S. dollars or euros,
                  that is also a day on which banking institutions in the
                  principal financial center of the country issuing such
                  Specified Currency generally are not authorized or obligated
                  by law, regulation or executive order to close;

         (iv)     if the interest rate basis is EURIBOR or if the Specified
                  Currency for payment of principal of or interest on this
                  Security is euros, or the interest rate basis is LIBOR for
                  which the Index Currency is euros, that is also a Euro
                  Business Day; and

         (v)      solely with respect to any payment or other action to be made
                  or taken at any Place of Payment outside The City of New York,
                  that is a Monday, Tuesday, Wednesday, Thursday or Friday that
                  is not a day on which banking institutions in such Place of
                  Payment generally are authorized or obligated by law,
                  regulation or executive order to close.

Solely when used in the third paragraph under the heading "Currency of Payment"
on the face of this Security, the meaning of the term "Business Day" shall be
determined as if the interest rate basis for this Security is neither LIBOR nor
EURIBOR. With respect to any particular location, the close of business on any
day on which business is not being conducted at that location shall be deemed to
mean 5:00 P.M., New York City time, on that day.

         The "Calculation Date" corresponding to any Commercial Paper Interest
              ----------------
Determination Date, Prime Interest Determination Date, Treasury Interest
Determination Date, CMT Interest Determination Date, CD Interest Determination
Date or Federal Funds Interest Determination Date, as the case may be, means the
earlier of:

                                      -26-

<PAGE>

                  (i)   the tenth day after such interest determination date or,
         if any such day is not a Business Day, the next succeeding Business
         Day; and

                  (ii)  the Business Day immediately preceding the Interest
         Payment Date or the date of Maturity of the principal hereof, whichever
         is the day on which the next payment of interest will be due.

The Calculation Date corresponding to any Interest Reset Date means the
Calculation Date corresponding to the relevant interest determination date
immediately preceding such Interest Reset Date.

                  "Designated CMT Index Maturity" means, if the interest rate
                   -----------------------------
basis is the CMT Rate, the Index Maturity for this Security and will be the
original period to maturity of a U.S. Treasury security -- either 1, 2, 3, 5, 7,
10, 20 or 30 years -- specified on the face hereof, provided that, if no such
                                                    --------
original maturity period is so specified, the Designated CMT Index Maturity will
be 2 years.

                  "Designated CMT Moneyline Telerate Page" means, if the
                   --------------------------------------
interest rate basis is the CMT Rate, the Telerate Page specified on the face
hereof that displays Treasury constant maturities as reported in H.15(519),
provided that, if no Telerate Page is so specified, then the applicable page
--------
will be Telerate Page 7052 and provided, further, that if Telerate Page 7052
                               --------  -------
applies but it is not specified on the face hereof whether the weekly or monthly
average applies, the weekly average will apply.

                  "EMU Countries" means, at any time, the countries (if any)
                   -------------
then participating in the European Economic and Monetary Union (or any successor
union) pursuant to the Treaty on European Union of February 1992 (or any
successor treaty), as it may be amended from time to time.

                  "Euro Business Day" means any day on which the Trans-European
                   -----------------
Automated Real-Time Gross Settlement Express Transfer (TARGET) System, or any
successor system, is open for business.

                  "Euro-Zone" means, at any time, the region comprised of the
                   ---------
EMU Countries.

                  "H.15(519)" means the weekly statistical release entitled
                   ---------
"Statistical Release H.15 (519)", or any successor publication, published by the
Board of Governors of the Federal Reserve System.

                  "H.15 Daily Update" means the daily update of H.15 (519)
                   -----------------
available through the worldwide web site of the Board of Governors of the
Federal Reserve

                                      -27-

<PAGE>

System, at http://www.federalreserve.gov/releases/h15/update, or any successor
site or publication.

         "Index Maturity" means, with respect to this Security, the period to
maturity of the instrument or obligation on which the interest rate index is
based, as specified on the face hereof.

         The "Interest Determination Date" pertaining to an Interest Reset Date
for:

                  (a) a Commercial Paper Rate Security (the "Commercial Paper
Interest Determination Date"), a Federal Funds Rate Security (the "Federal Funds
Interest Determination Date") or a Prime Rate Security (the "Prime Interest
Determination Date") will be the Business Day preceding the Interest Reset Date
with respect to such Security;

                  (b) a CD Rate Security (the "CD Interest Determination Date")
or a CMT Rate Security (the "CMT Interest Determination Date") will be the
second Business Day preceding the Interest Reset Date with respect to such
Security;

                  (c) a LIBOR Security (the "LIBOR Interest Determination Date")
will be the second London Business Day preceding such Interest Reset Date,
unless the Index Currency is pounds sterling, in which case the Interest
Determination Date will be the Interest Reset Date;

                  (d) a EURIBOR Security (the "EURIBOR" Interest Determination
Date) will be the second Euro Business Day preceding such Interest Reset Date;
and

                  (e) a Treasury Rate Security (the "Treasury Interest
Determination Date") will be the day of the week in which such Interest Reset
Date falls on which Treasury bills would normally be auctioned. Treasury bills
are normally sold at auction on Monday of each week, unless that day is a legal
holiday, in which case the auction is usually held on the following Tuesday,
except that such auction may be held on the preceding Friday. If, as the result
of a legal holiday, an auction is so held on the preceding Friday, such Friday
will be the Treasury Interest Determination Date pertaining to the Interest
Reset Date occurring in the next succeeding week. If an auction date shall fall
on any Interest Reset Date for a Treasury Rate Security, then such Interest
Reset Date shall instead be the first Business Day immediately following such
auction date.

                  "London Business Day" means any day on which dealings in the
                   -------------------
Index Currency are transacted in the London interbank market.

                  "Money Market Yield" means a yield expressed as a percentage
                   ------------------
and calculated in accordance with the following formula:

                                      -28-

<PAGE>

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

         where

         .        "D" equals the per annum rate for commercial paper quoted on a
                  bank discount basis and expressed as a decimal; and

         .        "M" equals the actual number of days in the period from and
                  including the relevant Interest Reset Date to but excluding
                  the next succeeding Interest Reset Date.

                  "Representative Amount" means an amount that, in the
                   ---------------------
Calculation Agent's judgment, is representative of a single transaction in the
relevant market at the relevant time.

                  "Reuters Screen LIBOR Page" means the display on the Reuters
                   -------------------------
Monitor Money Rates Service, or any successor service, on the page designated as
"LIBO" or any replacement page or pages on which London interbank rates of major
banks for the Index Currency are displayed.

                  "Reuters Screen US PRIME 1 Page" means the display on the "US
                   ------------------------------
PRIME 1" page on the Reuters Monitor Money Rates Service, or any successor
service, or any replacement page or pages on that service, for the purpose of
displaying prime rates or base lending rates of major U.S. banks.

                  "Telerate LIBOR Page" means Telerate Page 3750 or any
                   -------------------
replacement page or pages on which London interbank rates of major banks for the
Index Currency are displayed.

                  "Telerate Page" means the display on Bridge Telerate, Inc., or
                   -------------
any successor service, on the page or pages specified on the face hereof, or any
replacement page or pages on that service.

                  "Treasury Notes" means direct, noncallable, fixed rate
                   --------------
obligations of the U.S. government.

                  References in this Security to U.S. dollars shall mean, as of
any time, the coin or currency that is then legal tender for the payment of
public and private debts in the United States of America.

                                      -29-

<PAGE>

                  References in this Security to the euro shall mean, as of any
time, the coin or currency (if any) that is then legal tender for the payment of
public and private debts in all EMU Countries.

                  References in this Security to a particular currency other
than U.S. dollars and euros shall mean, as of any time, the coin or currency
that is then legal tender for the payment of public and private debts in the
country issuing such currency on the Original Issue Date.

                  References in this Security to a particular heading or
headings on any of Designated CMT Moneyline Telerate Page, H.15(519), H.15 Daily
Update, Reuters Screen LIBOR Page, Reuters Screen US Prime 1 Page, Telerate
LIBOR Page or Telerate Page include any successor or replacement heading or
headings as determined by the Calculation Agent.

3. Redemption at the Option of the Company; No Sinking Fund
   --------------------------------------------------------

         Unless an Initial Redemption Date is specified on the face hereof, this
Security shall not be redeemable at the option of the Company before the
Maturity Date. If an Initial Redemption Date is so specified, and unless
otherwise specified on the face hereof, this Security is subject to redemption,
in whole or from time to time in part in increments of $1,000, upon not less
than 30 days' nor more than 60 days' notice at any time and from time to time on
or after the Initial Redemption Date, in each case as a whole or in part, at the
election of the Company and at the applicable Redemption Price, together with
accrued interest to the Redemption Date, but interest installments due on or
prior to such Redemption Date will be payable to the Holder of this Security, or
one or more Predecessor Securities, of record at the close of business on the
relevant record date, all as provided in the Indenture. "Redemption Price," with
respect to this Security, will initially mean a percentage, the Initial
Redemption Percentage, of the principal amount of this Security to be redeemed
specified on the face hereof and shall decline at each anniversary of the
Initial Redemption Date by a percentage, the Annual Redemption Percentage
Reduction, if any, specified on the face hereof, of the principal amount to be
redeemed until the Redemption Price is 100 percent of such principal amount.

         If this Security is a Global Security, in the event of redemption of
this Global Security in part only, a new Global Security or Securities of this
series and of like tenor for the unredeemed portion of the principal hereof will
be delivered to the Depositary upon the cancellation hereof.

         Unless otherwise specified on the face hereof, this Security will not
have a sinking fund.

                                      -30-

<PAGE>

4. Repayment at the Option of the Holder
   -------------------------------------

         Unless otherwise specified on the face hereof, this Security will not
be subject to repayment at the option of the Holder. Except as otherwise may be
provided on the face hereof, if one or more Repayment Dates are specified on the
face hereof, this Security will be repayable in whole or in part in increments
of $1,000 or any other multiple of an Authorized Denomination (provided that the
remaining principal amount of any Security surrendered for partial repayment
shall at least equal an Authorized Denomination), on any such Repayment Date, in
each case at the option of the Holder and at the applicable Repayment Price
specified on the face hereof (expressed as a percentage of the principal amount
to be repaid), together with accrued interest to the applicable Repayment Date
(but interest installments due on or prior to such Repayment Date will be
payable to the Holder of this Security, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Date as provided in
the Indenture). If this Security provides for more than one Repayment Date, and
the Holder exercises its option to elect repayment, the Holder shall be deemed
to have elected repayment on the earliest Repayment Date after all conditions to
such exercise have been satisfied, and references herein to the applicable
Repayment Date shall mean such earliest Repayment Date.

         In order for the exercise of such option to be effective and this
Security to be repaid, the Company must receive at the applicable address of the
Trustee set forth below (or at such other place or places of which the Company
shall from time to time notify the Holder of this Security), on any Business Day
not later than the 30th, and not earlier than the 60th, calendar day prior to
the applicable Repayment Date (or, if either such calendar day is not a Business
Day, the next succeeding Business Day), either (i) this Security, with the form
below entitled "Option to Elect Repayment" duly completed and signed, or (ii) a
telegram, telex, facsimile transmission or letter from a member of a national
securities exchange or the National Association of Securities Dealers, Inc., a
commercial bank or a trust company in the United States of America setting forth
(a) the name, address and telephone number of the Holder of this Security, (b)
the principal amount of this Security and the amount of this Security to be
repaid, (c) a statement that the option to elect repayment is being exercised
thereby and (d) a guarantee stating that the Company will receive this Security,
with the form below entitled "Option to Elect Repayment" duly completed and
signed, not later than five Business Days after the date of such telegram,
telex, facsimile transmission or letter (provided that this Security and form
duly completed and signed are received by the Company by such fifth Business
Day). Any such election shall be irrevocable. The address to which such
deliveries are to be made is Bank One Trust Company, N.A., 55 Water Street, 1st
Floor, Jeanette Park Entrance, New York, New York 10041 (or at such other places
as the Company or the Trustee shall notify the Holder of this Security). All
questions as to the validity, eligibility (including time of receipt) and
acceptance of any Security for repayment will be determined by the Company,
whose determination will be final and binding.

                                      -31-

<PAGE>

Notwithstanding the foregoing, (x) if this Security is a Global Security, the
option of the Holder to elect repayment may be exercised in accordance with the
Applicable Procedures of the Depositary for this Security at least 30 calendar
days prior to the applicable Repayment Date and (y) whether or not this Security
is a Global Security, the option of the Holder to elect repayment may be
exercised in any such manner as the Company may approve.

5. Subordination
   -------------

         The Indebtedness evidenced by this Security is, to the extent provided
in the Indenture, subordinate and junior in right of payment to the Company's
obligations to holders of Senior Indebtedness of the Company, and this Security
is issued subject to the provisions of the Indenture with respect thereto. Each
Holder of this Security, by accepting the same, (a) agrees to and shall be bound
by such provisions, (b) authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to effectuate the subordination
so provided and (c) appoints the Trustee his attorney-in-fact for any and all
such purposes.

6. Remedies
   --------

         If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series
(including this Security and the interests represented hereby) may be declared
due and payable in the manner and with the effect provided in the Indenture.
Upon payment (i) of the amount of principal so declared due and payable and (ii)
of interest on any overdue principal and overdue interest (in each case to the
extent that payment of such interest shall be legally enforceable), all of the
Company's obligations in respect of the payment of the principal of and any
interest on the Securities of this series (including this Security and the
interests represented hereby) shall terminate.

         As set forth in, and subject to, the provisions of the Indenture, no
Holder of any Security of this series will have any right to institute any
proceeding with respect to the Indenture or for any remedy thereunder, unless
such Holder shall have previously given to the Trustee written notice of a
continuing Event of Default with respect to this series, the Holders of not less
than 25% in principal amount of the Outstanding Securities of this series shall
have made written request, and offered reasonable indemnity, to the Trustee to
institute such proceeding as trustee, and the Trustee shall not have received
from the Holders of a majority in principal amount of the Outstanding Securities
of this series a direction inconsistent with such request and shall have failed
to institute such proceeding within 60 days; provided, however, that such
                                             --------  -------
limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal of (and premium, if any) or any interest
on this Security on or after the respective due dates expressed herein.

                                      -32-

<PAGE>

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

7. Modification and Waiver
   -----------------------

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in aggregate principal amount of the
Securities at the time Outstanding of each series affected thereby. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding on behalf of the Holders of all Securities of such series
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holders of Outstanding Securities of this series shall
be conclusive and binding upon the Holder of this Security and upon all future
Holders of this Security and the Persons who are beneficial owners of interests
represented hereby, and of any Security issued in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Security.

8. Transfer or Exchange
   --------------------

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of Registered Securities of the series of which this
Security is a part may be registered on the Security Register of the Company,
upon surrender of such Securities for registration of transfer at the office or
agency of the Company in the Borough of Manhattan, The City of New York, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder thereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series of like tenor, of authorized denominations
and for the same aggregate principal amount will be issued to the designated
transferee or transferees.

     No service charge shall be made for any such registration of transfer or
exchange of Securities as provided above, but the Company may require payment of
a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

     Prior to due presentment of a Registered Security (including this Security)
for registration of transfer, the Company, the Trustee and any agent of the
Company or the

                                      -33-

<PAGE>

Trustee may treat the Person in whose name such Security is registered as the
owner thereof for all purposes, whether or not such Security be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary.

     As provided in the Indenture and subject to certain limitations therein set
forth, the Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     The Securities of this series (including this Security) shall be dated the
date of their authentication.

9. Governing Law
   -------------

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

                                      -34-

<PAGE>

                                                            CUSIP NO. __________

                                                       ORIGINAL ISSUE DATE: ____

                              WACHOVIA CORPORATION
                 SUBORDINATED GLOBAL MEDIUM-TERM NOTE, SERIES F

                            OPTION TO ELECT REPAYMENT

               TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE
                   AT THE OPTION OF THE HOLDER AND THE HOLDER
                          ELECTS TO EXERCISE SUCH RIGHT

               The undersigned hereby irrevocably requests and instructs the
Company to repay the Security referred to in this notice (or the portion thereof
specified below) at the applicable Repayment Price, together with interest to
the Repayment Date, all as provided for in such Security, to the undersigned,
whose name, address and telephone number are as follows:

________________________________________________________________________________
                     (please print name of the undersigned)

________________________________________________________________________________
                    (please print address of the undersigned)

________________________________________________________________________________
               (please print telephone number of the undersigned)

               If such Security provides for more than one Repayment Date, the
undersigned requests repayment on the earliest Repayment Date after the
requirements for exercising this option have been satisfied, and references in
this notice to the Repayment Date mean such earliest Repayment Date. Terms used
in this notice that are defined in such Security are used herein as defined
therein.

               For such Security to be repaid the Company must receive at the
applicable address of the Trustee set forth below or at such other place or
places of which the Company shall from time to time notify the Holder of such
Security, on any Business Day not later than the 30th or earlier than the 60th
calendar day prior to the Repayment Date (or, if either such calendar day is not
a Business Day, the next succeeding Business Day), (i) such Security, with this
"Option to Elect Repayment" form duly completed and signed,

                                      -35-

<PAGE>

or (ii) a telegram, telex, facsimile transmission or letter from a member of a
national securities exchange or the National Association of Securities Dealers,
Inc., a commercial bank or a trust company in the United States of America
setting forth (a) the name, address and telephone number of the Holder of such
Security, (b) the principal amount of such Security and the amount of such
Security to be repaid, (c) a statement that the option to elect repayment is
being exercised thereby and (d) a guarantee stating that such Security to be
repaid with the form entitled "Option to Elect Repayment" on the addendum to the
Security duly completed and signed will be received by the Company not later
than five Business Days after the date of such telegram, telex, facsimile
transmission or letter (provided that such Security and form duly completed and
                        --------
signed are received by the Company by such fifth Business Day). The address to
which such deliveries are to be made is:

               Bank One Trust Company, N.A.
               55 Water Street, 1st Floor,
               Jeanette Park Entrance,
               New York, New York 10041

or at such other place as the Company or the Trustee shall notify the holder of
such Security.

               If less than the entire principal amount of such Security is to
be repaid, specify the portion thereof (which shall equal any Authorized
Denomination) that the Holder elects to have repaid:

                            _________________________

and specify the denomination or denominations (which shall equal any Authorized
Denomination) of the Security or Securities to be issued to the Holder in
respect of the portion of such Security not being repaid (in the absence of any
specification, one Security will be issued in respect of the portion not being
repaid):

                            _________________________

Date: ____                              ________________________________________
                                        Notice: The signature to this Option to
                                        Elect Repayment must correspond with the
                                        name of the Holder as written on the
                                        face of such Security in every
                                        particular without alteration or
                                        enlargement or any other change
                                        whatsoever.

                                      -36-

<PAGE>

                                  ABBREVIATIONS

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

<TABLE>
<S>                                            <C>
TEN COM - as tenants in common                 UNIF GIFT MIN ACT ______ Custodian _______
TEN ENT - as tenants by the entireties                          (Cust)           (Minor)
JT TEN -  as joint tenants with right
          of survivorship and not as               Under Uniform Gifts to Minors Act
          tenants in common                        _________________________________
                                                               (State)
</TABLE>

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

                          ____________________________

                                   ASSIGNMENT

                          ____________________________

                   FOR VALUE RECEIVED, the undersigned hereby
                     sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE

____________________________________________________________

____________________________________________________________
                      PLEASE PRINT OR TYPE NAME AND ADDRESS
                         INCLUDING ZIP CODE OF ASSIGNEE

____________________________________________________________

the within Security and all rights thereunder, hereby irrevocably
constituting and appointing

                                                    attorney
------------------------------------------------------------

to transfer said Security on the books of the Company, with full power of
substitution in the premises.

                                      -37-

<PAGE>

Dated:  ____

                                                              NOTICE: The
                                                              signature to this
                                                              assignment must
                                                              correspond with
                                                              the name as
                                                              written upon the
                                                              face of the within
                                                              instrument in
                                                              every particular,
                                                              without alteration
                                                              or enlargement or
                                                              any change
                                                              whatever.

                                      -38-

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