Document:

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                                                                   Exhibit 4(jj)

                     FLOATING RATE GLOBAL MEDIUM-TERM NOTE

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "DEPOSITORY") TO A NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

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<CAPTION>
<S>                                       <C>                                  <C>
REGISTERED                                CUSIP No. ______________           PRINCIPAL AMOUNT
No. BFLR  _____                                                                $______________________________

                                          MERRILL LYNCH & CO., INC.
                                          MEDIUM-TERM NOTE, SERIES B
                                                (Floating Rate)

INTEREST RATE BASIS:                      ORIGINAL ISSUE DATE:               STATED MATURITY:

Constant Maturity
Treasury Rate

INDEX MATURITY:                           INITIAL INTEREST RATE:             SPREAD:

INITIAL INTEREST RESET DATE:                                                 INTEREST PAYMENT DATES:

SPREAD MULTIPLIER:                        INTEREST RESET DATES:

MAXIMUM INTEREST RATE:                    MINIMUM INTEREST RATE:             INITIAL REDEMPTION DATE:

INITIAL REDEMPTION PERCENTAGE:            ANNUAL REDEMPTION PERCENTAGE       OPTIONAL REPAYMENT DATE(S):
                                          REDUCTION:

</TABLE>

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<TABLE>
<CAPTION>

<S>                                                                          <C>
CALCULATION AGENT:                                                           IF INTEREST RATE BASIS IS LIBOR:
(Merrill Lynch, Pierce, Fenner & Smith                                         INDEX CURRENCY:
Incorporated, unless otherwise
specified)

                                                                               DESIGNATED LIBOR PAGE:
                                                                               {  } Reuters Page: ________
                                                                               {  } Telerate Page: ________

INTEREST CALCULATION:                                                          DAY COUNT CONVENTION
   {  } Regular Floating Rate Note                                             {  } Actual/360 for the period
                                                                               from  to          .
   {  } Floating Rate/Fixed Rate
      Fixed Rate Commencement Date:                                            {  } Actual/Actual to the period
                                                                               from  to          .
      Fixed Interest Rate:
   {  } Inverse Floating Rate Note
      Fixed Interest Rate:

ADDENDUM ATTACHED:                                                             DENOMINATIONS:
   {X}  Yes                                                                    (Integral multiples of $1,000, unless
                                                                               otherwise specified)
   {  } No

IF INTEREST RATE BASIS IS PRIME RATE:                                          OTHER PROVISIONS:
   {  } Prime Rate - Major Banks
   {  } Prime Rate - H.15

</TABLE>

                                       2
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     MERRILL LYNCH & CO., INC., a Delaware corporation ("Issuer" or the
"Company," which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of

DOLLARS on the Stated Maturity specified above (except to the extent redeemed or
repaid prior to the Stated Maturity Date), and to pay interest thereon, at a
rate per annum equal to the Initial Interest Rate specified above until the
Initial Interest Reset Date specified above and thereafter at a rate per annum
determined in accordance with the provisions hereof and any Addendum relating
hereto depending upon the Interest Rate Basis or Bases, and such other terms
specified above, until the principal hereof is paid or duly made available for
payment. Reference herein to "this Note", "hereof", "herein" and comparable
terms shall include an Addendum hereto if an Addendum is specified above.

     The Company will pay interest on each Interest Payment Date specified
above, commencing on the first Interest Payment Date specified above next
succeeding the Original Issue Date specified above, and on the Stated Maturity
or any Redemption Date or Optional Repayment Date (as defined below) (the date
of each such Stated Maturity, Redemption Date and Optional Repayment Date and
the date on which principal or an installment of principal is due and payable by
declaration of acceleration pursuant to the Indenture being referred to
hereinafter as a "Maturity" with respect to principal payable on such date);

provided, however, that if the Original Issue Date is between a Regular Record
--------  -------
Date (as defined below) and the next succeeding Interest Payment Date, interest
payments will commence on the second Interest Payment Date succeeding the
Original Issue Date; and provided further, that if an Interest Payment Date
                         -------- -------
(other than an Interest Payment Date at Maturity) would fall on a day that is
not a Business Day (as defined below), such Interest Payment Date shall be
postponed to the following day that is a Business Day, except that in the case
the Interest Rate Basis is LIBOR, as indicated above, if such next Business Day
falls in the next calendar month, such Interest Payment Date shall be the next
preceding day that is a Business Day. Except as provided above, interest
payments will be made on the Interest Payment Dates shown above. Unless
otherwise specified above, the "Regular Record Date" shall be the date 15
calendar days (whether or not a Business Day) prior to the applicable Interest
Payment Date. Interest on this Note will accrue from and including the Original
Issue Date specified above, at the rates determined from time to time as
specified herein, until the principal hereof has been paid or made available for
payment. If the Maturity falls on a day which is not a Business Day as defined
below, the payment due on such Maturity will be paid on the next succeeding
Business Day with the same force and effect as if made on such Maturity and no
interest shall accrue with respect to such payment for the period from and after
such Maturity. The interest so payable and punctually paid or duly provided for
on any Interest Payment Date will as provided in the Indenture be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such Interest
Payment Date. Any such interest which is payable, but not punctually paid or
duly provided for on any Interest Payment Date (herein called "Defaulted
Interest"), shall forthwith cease to be payable to the registered Holder on such
Regular Record Date, and may be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to the Holder of

                                       3
<PAGE>

this Note not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner, all as more fully provided in the
Indenture.

     Payment of the principal of and interest on this Note will be made at the
Office or Agency of the Company maintained by the Company for such purpose in
the Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts.

     Unless the certificate of authentication hereon has been executed by or on
behalf of The Chase Manhattan Bank (National Association), the Trustee with
respect to the Notes under the Indenture, or its successor thereunder, by the
manual signature of one of its authorized officers, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     This Note is one of a duly authorized issue of Securities (hereinafter
called the "Securities") of the Company designated as its Medium-Term Notes,
Series B (the "Notes"). The Securities are issued and to be issued under an
indenture (the "Indenture") dated as of October 1, 1993, between the Company and
The Chase Manhattan Bank (National Association) (herein called the "Trustee",
which term includes any successor Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights thereunder of the Company, the Trustee and
the Holders of the Notes and the terms upon which the Notes are to be
authenticated and delivered. The terms of individual Notes may vary with respect
to interest rates or interest rate formulas, issue dates, maturity, redemption,
repayment, currency of payment and otherwise as provided in the Indenture.

     The Notes are issuable only in registered form without coupons in
denominations of, unless otherwise specified above, $1,000 and integral
multiples thereof. As provided in the Indenture and subject to certain
limitations therein set forth, the Notes are exchangeable for a like aggregate
principal amount of Notes as requested by the Holder surrendering the same. If
(x) the Depository is at any time unwilling or unable to continue as depository
and a successor depository is not appointed by the Company within 60 days, (y)
the Company executes and delivers to the Trustee a Company Order to the effect
that this Note shall be exchangeable or (z) an Event of Default has occurred and
is continuing with respect to the Notes, this Note shall be exchangeable for
Notes in definitive form of like tenor and of an equal aggregate principal
amount, in authorized denominations. Such definitive Notes shall be registered
in such name or names as the Depository shall instruct the Trustee. If
definitive Notes are so delivered, the Company may make such changes to the form
of this Note as are necessary or appropriate to allow for the issuance of such
definitive Notes.

     This Note is not subject to any sinking fund.

     This Note may be subject to repayment at the option of the Holder prior to
its Stated Maturity on the Holder's Optional Repayment Date(s), if any,
indicated on the face hereof. If no Holder's Optional Repayment Dates are set
forth on the face hereof, this Note may not be so repaid at the option of the
Holder hereof prior to the Stated Maturity. On any Holder's Optional Repayment
Date, this Note shall be repayable in whole or in part in an amount equal to
$1,000 or integral multiples thereof (provided that any remaining principal
amount shall be an authorized

                                       4
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denomination) at the option of the Holder hereof at a repayment price equal to
100% of the principal amount to be repaid, together with interest thereon
payable to the date of repayment. For this Note to be repaid in whole or in part
at the option of the Holder hereof, this Note must be received, with the form
entitled "Option to Elect Repayment" below duly completed, by the Trustee at its
office at 4 Chase MetroTech Center, Brooklyn, New York 11245, Attention:
Corporate Trust Administration, or such address which the Company shall from
time to time notify the Holders of the Medium-Term Notes (the "Corporate Trust
Office"), not more than 60 nor less than 30 days prior to a Holder's Optional
Repayment Date. This Note must be received by the Trustee by 5:00 P.M., New York
City time, on the last day for giving such notice. Exercise of such repayment
option by the Holder hereof shall be irrevocable. In the event of payment of
this Note in part only, a new Note for the unpaid portion hereof shall be issued
in the name of the Holder hereof upon the surrender hereof.

     This Note may be redeemed at the option of the Company prior to its Stated
Maturity on any date on and after the Initial Redemption Date, if any, specified
on the face hereof (the "Redemption Date"). If no Initial Redemption Date is set
forth on the face hereof, this Note may not be redeemed at the option of the
Company prior to the Stated Maturity. On and after the Initial Redemption Date,
if any, this Note may be redeemed at any time in whole or from time to time in
part in increments of $1,000 or integral multiples thereof (provided that any
remaining principal amount shall be an authorized denomination) at the option of
the Company at the applicable Redemption Price (as defined below) together with
interest thereon payable to the Redemption Date, on notice given not more than
60 nor less than 30 days prior to the Redemption Date. In the event of
redemption of this Note in part only, a new Note for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the surrender
hereof.

     If this Note is redeemable at the option of the Company prior to its Stated
Maturity, the "Redemption Price" shall initially be the Initial Redemption
Percentage, specified on the face hereof, of the principal amount of this Note
to be redeemed and shall decline at each anniversary of the Initial Redemption
Date by 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% of such principal amount.

     The interest rate borne by this Note shall be determined as follows:

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

        2.  If this Note is designated as a Floating Rate/Fixed Rate Note above,
then, except as described below, this Note shall bear interest at the rate
determined by

                                       5
<PAGE>

reference to the applicable Interest Rate Basis shown above (i) plus or minus
the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread
Multiplier, if any, specified and applied in the manner described above.
Commencing on the Initial Interest Reset Date, the rate at which interest on
this Note is payable shall be reset as of each Interest Reset Date specified
above; provided, however, that (i) the interest rate in effect for the period
       --------  -------
from the Original Issue Date to the Initial Interest Reset Date shall be the
Initial Interest Rate, and (ii) the interest rate in effect commencing on, and
including, the Fixed Rate Commencement Date to the Maturity shall be the Fixed
Interest Rate, if such a rate is specified above, or if no such Fixed Interest
Rate is so specified, the interest rate in effect hereon on the day immediately
preceding the Fixed Rate Commencement Date.

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

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

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

     Unless otherwise specified above, interest payable on this Note on any
Interest Payment Date shall be the amount of interest accrued from and including
the next preceding Interest Payment Date in respect of which interest has been
paid (or from and including the Original Issue Date specified above, if no
interest has been paid), to but excluding the related Interest Payment Date;
provided, however, that the interest payments on Maturity will include interest
--------  -------
accrued to but excluding such Maturity. Unless otherwise specified above,
accrued interest hereon shall be an amount calculated by multiplying the face
amount hereof by an accrued

                                       6
<PAGE>

interest factor. Such accrued interest factor shall be computed by adding the
interest factor calculated for each day from the date of issue or from the last
date to which interest shall have been paid or duly provided for, to the date
for which accrued interest is being calculated. Unless otherwise specified
above, the interest factor for each such day shall be computed by dividing the
interest rate applicable to such day by 360, if the Day Count Convention
specified above is "Actual/360" for the period specified thereunder or by the
actual number of days in the year if the Day Count Convention specified above is
"Actual/Actual" for the period specified thereunder. Unless otherwise specified
above, the interest factor for each such day shall be computed by dividing the
interest rate applicable to such day by 360, if the Interest Rate Basis
specified above is the CD Rate, the Commercial Paper Rate, the Eleventh District
Cost of Funds Rate, the Federal Funds Rate, LIBOR or the Prime Rate for the
period specified thereunder, or by the actual number of days in the year if the
Interest Rate Basis specified above is the Treasury Rate for the period
specified thereunder. Unless otherwise specified above, the interest factor for
Notes for which the interest rate is calculated with reference to two or more
Interest Rate Bases will be calculated in each period in the same manner as if
only one of the applicable Interest Rate Bases applied.

     Unless otherwise specified above, the "Interest Determination Date" with
respect to the CD Rate and the Commercial Paper Rate shall be the second
Business Day preceding each Interest Reset Date; the "Interest Determination
Date" with respect to the Federal Funds Rate and the Prime Rate shall be the
Business Day immediately preceding each Interest Reset Date; the "Interest
Determination Date" with respect to LIBOR shall be the second London Business
Day (as defined below) preceding each Interest Reset Date; the "Interest
Determination Date" with respect to the Eleventh District Cost of Funds Rate
shall be the last working day of the month immediately preceding each Interest
Reset Date on which the Federal Home Loan Bank of San Francisco (the "FHLB of
San Francisco") publishes the Index (as defined below); and the "Interest
Determination Date" with respect to the Treasury Rate shall be the day in the
week in which the related Interest Reset Date falls on which day Treasury bills
(as defined below) are normally 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 normally held on the following Tuesday, except that such
auction may be held on the preceding Friday); provided, however, that if an
                                              --------  -------
auction is held on the Friday of the week preceding the related Interest Reset
Date, the related Interest Determination Date shall be such preceding Friday;
and provided, further, that if an auction shall fall on any Interest Reset Date,
    --------  -------
then the related Interest Reset Date shall instead be the first Business Day
following such auction. If the interest rate of this Note is determined with
reference to two or more Interest Rate Bases, the Interest Determination Date
pertaining to this Note will be the latest Business Day which is at least two
Business Days prior to such Interest Reset Date on which each Interest Rate
Basis shall be determinable. Each Interest Rate Basis shall be determined and
compared on such date, and the applicable interest rate shall take effect on the
related Interest Reset Date.

     Unless otherwise specified above, the "Calculation Date", if applicable,
pertaining to any Interest Determination Date will be the earlier of (i) the
tenth calendar day after such Interest Determination Date or, if such day is not
a Business Day, the next succeeding Business Day, or (ii) the Business Day
preceding the applicable Interest Payment Date or date of Maturity, as the case
may be. All calculations on this Note shall be made by the Calculation Agent
specified above or such successor thereto as is duly appointed by the Company.

                                       7
<PAGE>

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

     As used herein, "Business Day" means any day other than a Saturday or
Sunday or any other day on which banks in The City of New York are generally
authorized or obligated by law or executive order to close and, if the
applicable Interest Rate Basis shown above is LIBOR, is also a London Business
Day.

     As used herein, "London Business Day" means any day (a) if the Index
Currency specified above is other than the European Currency Unit ("ECU"), on
which dealings in deposits in such Index Currency are transacted in the London
interbank market or (b) if the Index Currency specified above is the ECU, that
is not designated as an ECU Non-Settlement Day by the ECU Banking Association in
Paris or otherwise generally regarded in the ECU interbank market as a day on
which payments on ECUs shall not be made.

     Determination of CD Rate. If an Interest Rate Basis for this Note is the CD
     ------------------------
Rate, as indicated above, the CD Rate shall be determined on the applicable
Interest Determination Date (a "CD Rate Interest Determination Date"), as the
rate on such date for negotiable certificates of deposit having the Index
Maturity specified above as published by the Board of Governors of the Federal
Reserve System in "Statistical Release H.15(519), Selected Interest Rates" or
any successor publication ("H.15(519)") under the heading "CDs (Secondary
Market)", or, if not so published by 3:00 P.M., New York City time, on the
related Calculation Date, the rate on such CD Rate Interest Determination Date
for negotiable certificates of deposit of the Index Maturity specified above as
published by the Federal Reserve Bank of New York in its statistical daily
release "Composite 3:30 P.M. Quotations for U.S. Government Securities" or any
successor publication ("Composite Quotations") under the heading "Certificates
of Deposit". If such rate is not yet published in either H.15(519) or the
Composite Quotations by 3:00 P.M., New York City time, on the related
Calculation Date, then the CD Rate on such CD Rate Interest Determination Date
will be calculated by the Calculation Agent and will be the arithmetic mean
(rounded to the nearest one hundred thousandth of a percentage point, with five
one millionths of a percentage point rounded upwards) of the secondary market
offered rates as of 10:00 A.M., New York City time, on such CD Rate Interest
Determination Date of three leading non-bank dealers in negotiable U.S. dollar
certificates of deposit in The City of New York selected by the Calculation
Agent for negotiable certificates of deposit of major United States money market
banks with a remaining maturity closest to the Index Maturity designated above
in an amount that is representative for a single transaction in that market at
that time; provided, however, that if the dealers selected as aforesaid by the
           --------  -------
Calculation Agent are not quoting as set forth above, the CD Rate determined on
such CD Rate Interest Determination Date shall be the CD Rate in effect on such
CD Rate Interest Determination Date.

     Determination of Commercial Paper Rate. If an Interest Rate Basis for this
     --------------------------------------
Note is the Commercial Paper Rate, as indicated above, the Commercial Paper Rate
shall be determined on the applicable Interest Determination Date (a "Commercial
Paper Rate Interest Determination Date"), as the Money Market Yield (as defined
below) on such date of the rate for commercial

                                       8
<PAGE>

paper having the Index Maturity specified above as published in H.15(519), under
the heading "Commercial Paper". In the event such rate is not published by 3:00
P.M., New York City time, on the related Calculation Date, then the Commercial
Paper Rate shall be the Money Market Yield on such Commercial Paper Rate
Interest Determination Date of the rate for commercial paper having the Index
Maturity shown above as published in Composite Quotations under the heading
"Commercial Paper" (with an Index Maturity of one month or three months being
deemed to be equivalent to an Index Maturity of 30 days or 90 days,
respectively). If by 3:00 P.M., New York City time, on the related Calculation
Date such rate is not yet published in either H.15(519) or Composite Quotations,
then the Commercial Paper Rate for such Commercial Paper Rate Interest
Determination Date shall be as calculated by the Calculation Agent and shall be
the Money Market Yield of the arithmetic mean (rounded to the nearest one
hundred thousandth of a percentage point, with five one millionths of a
percentage point rounded upwards) of the offered rates at approximately 11:00
A.M., New York City time, on such Commercial Paper Rate Interest Determination
Date of three leading dealers of commercial paper in The City of New York
selected by the Calculation Agent for commercial paper having the Index Maturity
specified above placed for an industrial issuer whose bond rating is "AA", or
the equivalent, from a nationally recognized securities rating agency; provided,
                                                                       --------
however, that if the dealers selected as aforesaid by the Calculation Agent are
-------
not quoting as mentioned in this sentence, the Commercial Paper Rate determined
on such Commercial Paper Rate Interest Determination Date shall be the rate in
effect on such Commercial Paper Rate Interest Determination Date.

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

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

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

     Eleventh District Cost of Funds Rate. If an Interest Rate Basis for this
     ------------------------------------
Note is the Eleventh District Cost of Funds Rate, as indicated above, the
Eleventh District Cost of Funds Rate shall be determined on the applicable
Interest Determination Date (an "Eleventh District Cost of Funds Rate Interest
Determination Date"), and shall be the rate equal to the monthly weighted
average cost of funds for the calendar month preceding such Eleventh District
Cost of Funds Rate Interest Determination Date as set forth under the caption
"11th District" on Telerate Page 7058 as of 11:00 A.M., San Francisco time, on
such Eleventh District Cost of Funds Rate Interest Determination Date. If such
rate does not appear on Telerate Page 7058 on any related Eleventh District Cost
of Funds Rate Interest Determination Date, the Eleventh District Cost of Funds
Rate for such Eleventh District Cost of Funds Rate Interest Determination Date
shall be the monthly weighted average cost of funds paid by member institutions
of the Eleventh Federal Home Loan Bank District that was most recently announced
(the "Index") by the FHLB of San Francisco as such cost of funds for the
calendar month preceding the date of such announcement. If the FHLB of San
Francisco fails to announce such rate for the calendar month immediately
preceding such Eleventh District Cost of Funds Rate Interest Determination Date,
then the

                                       9
<PAGE>

Eleventh District Cost of Funds Rate for such Eleventh District Cost of Funds
Rate Interest Determination Date shall be the Eleventh District Cost of Funds
Rate in effect on such Eleventh District Cost of Funds Rate Interest
Determination Date.

     Determination of Federal Funds Rate. If an Interest Rate Basis for this
     -----------------------------------
Note is the Federal Funds Rate, as indicated above, the Federal Funds Rate shall
be determined on the applicable Interest Determination Date (a "Federal Funds
Rate Interest Determination Date"), and shall be the rate on that date for
Federal Funds as published in H.15(519) under the heading "Federal Funds
(Effective)" or, if not so published by 3:00 P.M., New York City time, on the
related Calculation Date, the rate on such Federal Funds Rate Interest
Determination Date, as published in Composite Quotations under the heading
"Federal Funds/Effective Rate." If such rate is not yet published in either
H.15(519) or Composite Quotations by 3:00 P.M., New York City time, on the
related Calculation Date, the Federal Funds Rate for such Federal Funds Rate
Interest Determination Date shall be calculated by the Calculation Agent and
shall be the arithmetic mean (rounded to the nearest one hundred thousandth of a
percentage point, with five one millionths of a percentage point rounded
upwards) of the rates for the last transaction in overnight United States dollar
federal funds arranged by three leading brokers of federal funds transactions in
The City of New York selected by the Calculation Agent prior to 9:00 A.M., New
York City time on such Federal Funds Rate Interest Determination Date; provided,
                                                                       --------
however, that if the brokers selected as aforesaid by the Calculation Agent are
-------
not quoting as mentioned in this sentence, the Federal Funds Rate determined on
such Federal Funds Rate Interest Determination Date shall be the Federal Funds
Rate in effect on such Federal Funds Rate Interest Determination Date.

     Determination of LIBOR. If an Interest Rate Basis for this Note is LIBOR,
     ----------------------
as indicated above, LIBOR will be determined on the applicable Interest
Determination Date (a "LIBOR Interest Determination Date"), and will be, either:
(a) if "LIBOR Reuters" is specified above, the arithmetic mean (rounded to the
nearest one hundred thousandth of a percentage point, with five one millionths
of a percentage point rounded upwards) of the offered rates (unless the
specified Designated LIBOR Page (as defined below) by its terms provides only
for a single rate, in which case such single rate shall be used) for deposits in
the Index Currency having the Index Maturity designated above, commencing on the
second London Business Day immediately following that LIBOR Interest
Determination Date, that appear on the Designated LIBOR Page specified above as
of 11:00 A.M. London time, on that LIBOR Interest Determination Date, if at
least two such offered rates appear (unless, as aforesaid, only a single rate is
required) on such Designated LIBOR Page, or (b) if "LIBOR Telerate" is specified
above, the rate for deposits in the Index Currency having the Index Maturity
designated above commencing on the second London Business Day immediately
following that LIBOR Interest Determination Date, that appears on the Designated
LIBOR Page specified above as of 11:00 A.M. London time, on that LIBOR Interest
Determination Date. If, as described in the immediately preceding sentence,
fewer than two offered rates appear, or no rate appears, LIBOR in respect of the
related LIBOR Interest Determination Date will be determined as if the parties
had specified the rate described in the immediately succeeding paragraph.

     With respect to a LIBOR Interest Determination Date on which fewer than two
offered rates appear, or no rate appears, as the case may be, the Calculation
Agent shall request the principal London offices of each of four major reference
banks in the London interbank market,

                                      10
<PAGE>

as selected by the Calculation Agent, to provide the Calculation Agent with its
offered quotation for deposits in the Index Currency for the period of the Index
Maturity shown above, commencing on the second London Business Day immediately
following such LIBOR Interest Determination Date, to prime banks in the London
interbank market at approximately 11:00 A.M., London time, on such LIBOR
Interest Determination Date and in a principal amount that is representative for
a single transaction in the Index Currency in such market at such time. If at
least two such quotations are provided, LIBOR determined on such LIBOR Interest
Determination Date shall be the arithmetic mean (rounded to the nearest one
hundred thousandth of a percentage point, with five one millionths of a
percentage point rounded upwards) of such quotations as determined by the
Calculation Agent. If fewer than two quotations are provided, LIBOR determined
on such LIBOR Interest Determination Date shall be calculated by the Calculation
Agent as the arithmetic mean (rounded to the nearest one hundred thousandth of a
percentage point, with five one millionths of a percentage point rounded
upwards) of the rates quoted at approximately 11:00 A.M. (or such other time
specified above under "OTHER PROVISIONS") in the applicable Principal Financial
Center(s), on such LIBOR Interest Determination Date by three major banks in
such Principal Financial Center(s) selected by the Calculation Agent for loans
in the Index Currency to leading European banks having the Index Maturity
specified above and in a principal amount that is representative for a single
transaction in the Index Currency in such market at such time; provided,
                                                               --------
however, that if the banks selected as aforesaid by the Calculation Agent are
-------
not quoting as mentioned in this sentence, LIBOR determined on such LIBOR
Interest Determination Date shall be LIBOR in effect on such LIBOR Interest
Determination Date.

     "Index Currency" means the currency (including composite currencies)
specified above as the currency for which LIBOR shall be calculated. If no such
currency is specified above, the Index Currency shall be U.S. dollars.

     "Designated LIBOR Page" means either (a) if "LIBOR Reuters" is designated
above, the display on the Reuters Monitor Money Rates Service for the purpose of
displaying the London interbank rates of major banks for the applicable Index
Currency, or (b) if "LIBOR Telerate" is designated above, the display on the Dow
Jones Telerate Service (or such other service or services as may be nominated by
the British Bankers' Association for the purpose of displaying London interbank
offered rates for the Index Currency) for the purpose of displaying the London
interbank rates of major banks for the applicable Index Currency. If neither
LIBOR Reuters nor LIBOR Telerate is specified above, LIBOR for the applicable
Index Currency will be determined as if LIBOR Telerate (and, in the case U.S.
dollars is the Index Currency, Page 3750) had been specified.

     "Principal Financial Center" will be, unless otherwise specified above, the
following city or cities for the related Index Currency:

                            Principal
                            Financial
Index Currency              Center(s)
--------------              ---------

Australian Dollar           Sydney
Belgian Franc               Brussels

                                      11
<PAGE>

Canadian Dollar              Toronto
Danish Krone                 Copenhagen
Dutch Guilder                Amsterdam
Finnish Markka               Helsinki
French Franc                 Paris
Hong Kong Dollar             Hong Kong
Italian Lira                 Milan
Luxembourg Franc             Brussels and Luxembourg
New Zealand Dollar           Wellington and Auckland
Norwegian Krone              Oslo
Spanish Peseta               Madrid
Sterling                     London
Swedish Krona                Stockholm
Swiss Franc                  Zurich
U.S. Dollar                  New York
Yen                          Tokyo

     Determination of Prime Rate. "Prime Rate" means the rate determined by the
     ---------------------------
Calculation Agent in accordance with the provisions set out in clause (i) or in
clause (ii) below, depending upon whether such rate is specified as "Prime Rate-
-Major Banks" or as "Prime Rate--H.15" on the face hereof:

        (i)  If an Interest Rate Basis for this Note is the "Prime Rate--Major
Banks", as indicated above, the Prime Rate shall be determined on the applicable
Interest Determination Date (a "Prime Rate Interest Determination Date") as the
arithmetic mean (rounded to the nearest one hundred thousandth of a percentage
point, with five one millionths of a percentage point rounded upwards)
determined by the Calculation Agent of the prime rates of interest publicly
announced by three major banks in The City of New York, as selected by the
Calculation Agent, as its United States dollar prime rate or base lending rate
as in effect for that day. Each change in the prime rate or base lending rate of
any bank so announced by such bank will be effective as of the effective date of
the announcement or, if no effective date is specified, as of the date of the
announcement. If fewer than three such quotations are provided, the Prime Rate
shall be calculated by the Calculation Agent and shall be determined as the
arithmetic mean (rounded to the nearest one hundred thousandth of a percentage
point, with five one millionths of a percentage point rounded upwards)
determined by the Calculation Agent on the basis of the prime rates quoted in
The City of New York by three substitute banks or trust companies organized and
doing business under the laws of the United States, or any state thereof, each
having total equity capital of at least $500 million and being subject to
supervision or examination by a federal or state authority, selected by the
Calculation Agent to quote such rate or rates; provided, however, that if the
                                               --------  -------
banks or trust companies selected as aforesaid by the Calculation Agent are not
quoting as mentioned in this sentence, the Prime Rate determined on such Prime
Rate Interest Determination Date shall be the Prime Rate in effect on such Prime
Rate Interest Determination Date.

        (ii) If an Interest Rate Basis for this Note is "Prime Rate--H.15", as
indicated above, "Prime Rate" means, with respect to any Prime Rate Interest
Determination Date,

                                      12
<PAGE>

     the rate on such date as such rate is published in H.15(519) under the
     heading "Bank Prime Loan". If such rate is not published prior to 3:00
     P.M., New York City time, on the related Calculation Date, then the Prime
     Rate shall be the arithmetic mean (rounded to the nearest one hundred
     thousandth of a percentage point, with five one millionths of a percentage
     point rounded upwards) of the rates of interest publicly announced by each
     bank that appears on the Reuters Screen NYMF Page as such bank's prime rate
     or base lending rate as in effect for that Prime Rate Interest
     Determination Date. If fewer than four such rates but more than one such
     rate appear on the Reuters Screen NYMF Page for such Prime Rate Interest
     Determination Date, the Prime Rate shall be the arithmetic mean (rounded to
     the nearest one hundred thousandth of a percentage point, with five one
     millionths of a percentage point rounded upwards) of the prime rates quoted
     on the basis of the actual number of days in the year divided by a 360-day
     year as of the close of business on such Prime Rate Interest Determination
     Date by four major money center banks in The City of New York selected by
     the Calculation Agent. If fewer than two such rates appear on the Reuters
     Screen NYMF Page, the Prime Rate will be determined by the Calculation
     Agent on the basis of the rates furnished in The City of New York by three
     substitute banks or trust companies organized and doing business under the
     laws of the United States, or any state thereof, having total equity
     capital of at least $500 million and being subject to supervision or
     examination by federal or state authority, selected by the Calculation
     Agent to provide such rate or rates; provided, however, that if the banks
                                          --------  -------
     or trust companies selected as aforesaid are not quoting as mentioned in
     this sentence, the Prime Rate for such Prime Rate Interest Determination
     Date will be the Prime Rate in effect on such Prime Rate Interest
     Determination Date.

     "Reuters Screen NYMF Page" means the display designated as page "NYMF" page
on that service for the purpose of displaying prime rates or base lending rates
of major United States banks.

     Determination of Treasury Rate. If an Interest Rate Basis for this Note is
     ------------------------------
the Treasury Rate, as specified above, the Treasury Rate shall be determined on
the applicable Interest Determination Date (a "Treasury Rate Interest
Determination Date") as the rate applicable to the most recent auction of direct
obligations of the United States ("Treasury Bills") having the Index Maturity
specified above, as such rate is published in H.15(519) under the heading
"Treasury Bills--auction average (investment)" or, if not so published by 3:00
P.M., New York City time, on the related Calculation Date, the auction average
rate (expressed as a bond equivalent on the basis of a year of 365 or 366 days,
as applicable, and applied on a daily basis) as otherwise announced by the
United States Department of the Treasury. In the event that the results of the
auction of Treasury Bills having the Index Maturity specified above are not
reported as provided by 3:00 P. M., New York City time, on such Calculation
Date, or if no such auction is held in a particular week, then the Treasury Rate
hereon shall be calculated by the Calculation Agent and shall be a yield to
maturity (expressed as a bond equivalent on the basis of a year of 365 or 366
days, as applicable, and applied on a daily basis) of the arithmetic mean
(rounded to the nearest one hundred thousandth of a percentage point, with five
one millionths of a percentage point rounded upwards) of the secondary market
bid rates, as of approximately 3:30 P.M., New York City time, on such Treasury
Rate Interest Determination Date of three leading primary United States
government securities dealers as selected by the Calculation Agent for the issue
of Treasury Bills with a remaining Maturity closest to the Index Maturity
specified above;

                                      13
<PAGE>

provided, however, that if the dealers selected as aforesaid by the Calculation
--------  -------
Agent are not quoting as mentioned in this sentence, the Treasury Rate for such
Treasury Rate Interest Determination Date will be the Treasury Rate in effect on
such Treasury Rate Interest Determination Date.

     Any provisions contained herein with respect to the determination of one or
more Interest Rate Bases, the specification of one or more Interest Rate Bases,
calculation of the Interest Rate applicable to this Note, its payment dates or
any other matter relating hereto may be modified by the terms as specified above
under "Other Provisions" or in an Addendum relating hereto if so specified
above.

     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 above. The Calculation Agent shall calculate
the interest rate hereon in accordance with the foregoing on or before each
Calculation Date. The interest rate on this Note will in no event be higher than
the maximum rate permitted by New York law, as the same may be modified by
United States law of general application.

     Unless otherwise above, Merrill Lynch, Pierce, Fenner & Smith Incorporated
will be the "Calculation Agent". At the request of the Holder hereof, the
Calculation Agent shall provide to the Holder hereof the interest rate hereon
then in effect and, if determined, the interest rate which shall become
effective as of the next Interest Reset Date with respect to this Note.

     If an Event of Default (as defined in the Indenture) with respect to the
Notes shall occur and be continuing, the principal of all the Notes may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     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 66 2/3% in aggregate principal amount of the
Securities at any time Outstanding, as defined in the Indenture, 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 the Securities
of each 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 Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver is
made upon this Note.

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

                                      14
<PAGE>

     As provided in the Indenture and subject to certain limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Security Register of the Company, upon surrender of this Note for
registration of transfer at the office or agency of the Company in 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 duly executed
by, the Holder hereof or by his attorney duly authorized in writing, and
thereupon one or more new Notes of authorized denominations and 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, 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 this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

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

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                                      15
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile, and an imprint or facsimile of its corporate
seal to be imprinted hereon.

Dated:_______________                    MERRILL LYNCH & CO., INC.

                                         By:___________________________
                                            Theresa Lang
                                            Treasurer
{FACSIMILE OF SEAL}
                                         Attest:

                                         By:___________________________
                                           Gregory T. Russo
                                           Secretary
CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series
designated therein referred to in the within-
mentioned Indenture.

THE CHASE MANHATTAN BANK
   (National Association)
     as Trustee

By:_______________________________
  Authorized Officer

                                      16
<PAGE>

                           OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably request(s) and instruct(s) the Company
to repay this Note (or portion hereof specified below) pursuant to its terms at
a price equal to the principal amount hereof together with interest to the
repayment date, to the undersigned, at ____________
______________________________________________________________________________
        (Please print or typewrite name and address of the undersigned)

     For this Note to be repaid, the Trustee must receive at its Corporate Trust
Office, or at such other place or places of which the Company shall from time to
time notify the Holder of this Note, not more than 60 nor less than 30 days
prior to an Optional Repayment Date, if any, shown on the face of this Note,
this Note with this "Option to Elect Repayment" form duly completed. This Note
must be received by the Trustee by 5:00 P.M., New York City time, on the last
day for giving such notice.

     If less than the entire principal amount of this Note is to be repaid,
specify the portion hereof (which shall be in an amount equal to $1,000 or an
integral multiple thereof, provided that any remaining principal amount shall be
an authorized denomination) which the Holder elects to have repaid and specify
the denomination or denominations (which shall be in an amount equal to an
authorized denomination) of the Notes to be issued to the Holder for the portion
of this Note not being repaid (in the absence of any such specification, one
such Note will be issued for the portion not being repaid).

$____________________                  ______________________________________

                                       NOTICE: The signature on this Option to
Date_________________                  Elect Repayment must correspond with the
                                       name as written upon the face of this
                                       Note in every particular, without
                                       alteration or enlargement or any change
                                       whatever.

                                      17
<PAGE>

                           ASSIGNMENT/TRANSFER FORM

     FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s),
assign(s) and transfer(s) unto (insert Taxpayer Identification
No.)_________________________________
______________________________________________________________________________
    (Please print or typewrite name and address including postal zip code of
                                   assignee)

______________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing ______ _______________________________ attorney to transfer said Note
on the books of the Company with full power of substitution in the premises.

Date____________________             _________________________________________
                                     NOTICE: The signature of the registered
                                     Holder 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 whatsoever.

                                      18
<PAGE>

                           MERRILL LYNCH & CO., INC.
                          MEDIUM-TERM NOTES, SERIES B

          ADDENDUM FOR CONSTANT MATURITY TREASURY RATE INDEXED NOTES

     The "Interest Determination Date" with respect to the Constant Maturity
Treasury Rate shall be the second Business Day preceding each Interest Reset
Date.

     Determination of the Constant Maturity Treasury Rate. If an Interest Rate
     ----------------------------------------------------
Basis for the attached Note is the Constant Maturity Treasury Rate, as indicated
on such Note, the Constant Maturity Treasury Rate shall be determined on the
applicable Interest Determination Date as follows:

        (i)  The Constant Maturity Treasury Rate will equal the rate which
     appears on Telerate Page 7052, "WEEKLY AVG YIELDS ON TREASURY CONSTANT
     MATURITIES", under the column corresponding to the Index Maturity specified
     above and in the row opposite the date of the last Business Day of the week
     prior to the Interest Determination Date appearing in the column entitled
     "WEEK END", which appears as of 5:00 P.M., New York City time, on the
     applicable Interest Determination Date. "Telerate Page 7052" means the
     display designated as page 7052 on the Dow Jones Telerate Service (or such
     page as may replace page 7052 on that service). The rate which appears on
     Telerate Page 7052 under the column corresponding to the Index Maturity is
     the rate described in paragraph (ii) below published in the most recent
     H.15(519) (as defined below).

        (ii) If the Constant Maturity Treasury Rate as described in clause (i)
     is not available by 5:00 P.M., New York City time, on the applicable
     Interest Determination Date, the Constant Maturity Treasury Rate will equal
     the one-week average yield on United States Treasury securities at
     "constant maturity", as published in the most recent H.15(519) in the
     column entitled "Week Ending" for the date of the last Business Day of the
     week prior to the Interest Determination Date and opposite the heading
     "Treasury constant maturities" for the Index Maturity specified above.

        (iii)  If the most recent date appearing on Telerate Page 7052 under the
     column entitled "WEEK END" described in clause (i) above is a date other
     than the date of the last Business Day of the week prior to the Interest
     Determination Date and if the most recent H.15(519) available on the
     applicable Interest Determination Date as described in clause (ii) above
     does not contain a heading for the date of the last Business Day of the
     week prior to the Interest Determination Date under the column entitled
     "Week Ending", the Constant Maturity Treasury Rate will be such United
     States Treasury constant maturity rate (or other United States Treasury
     rate) for the Index Maturity specified above for such Interest
     Determination Date (a) as may then be published by either the Board of
     Governors of the Federal Reserve System or the United States Department of
     Treasury, and (b) that the Calculation Agent determines to be comparable to
     the rate formerly published in H.15(519).

                                      A-1
<PAGE>

         (iv) If the Constant Maturity Treasury Rate as described in clause
     (iii) is not published on the Interest Determination Date, the Constant
     Maturity Treasury Rate will be a yield to maturity for direct noncallable
     fixed rate obligations of the United States ("Treasury Notes") most
     recently issued with an original maturity of approximately the Index
     Maturity specified above and an original issue date within the immediately
     preceding year based on the yield (which yield is based on asked prices)
     for such issue of Treasury Notes for such Interest Determination Date, as
     published by the Federal Reserve Bank of New York in its daily statistical
     release entitled "Composite 3:30 P.M. Quotations for U.S. Government
     Securities" (or any successor or similar publication selected by the
     Calculation Agent published by the Board of Governors of the Federal
     Reserve System, the Federal Reserve Bank of New York or any other Federal
     Reserve Bank or affiliated entity).

         (v)  If the Constant Maturity Treasury Rate as described in clause (iv)
     is not published on the Interest Determination Date, the Constant Maturity
     Treasury Rate will be calculated by the Calculation Agent and will be a
     yield to maturity (expressed as a bond equivalent and as a decimal rounded,
     if necessary, to the nearest one hundred thousandth of a percentage point
     with five one millionths of a percentage point rounded up, on the basis of
     a year of 365 or 366 days, as applicable, and applied on a daily basis)
     based on the arithmetic mean of the secondary market bid prices as of
     approximately 3:30 P.M., New York City time, on such Interest Determination
     Date of three primary United States government securities dealers in The
     City of New York selected by the Calculation Agent (from five such dealers
     and eliminating the highest quotation (or, in the event of equality, one of
     the highest) and the lowest quotation (or, in the event of equality, one of
     the lowest)) for Treasury Notes with an original maturity of approximately
     the Index Maturity specified above and an original issue date within the
     immediately preceding year. If three or four (and not five) of such dealers
     are quoting as described in this clause (v), then the Constant Maturity
     Treasury Rate will be based on the arithmetic mean of the bid prices
     obtained and neither the highest nor the lowest of such quotations will be
     eliminated.

        (vi) If fewer than three dealers selected by the Calculation Agent are
     quoting as described in clause (v), the Constant Maturity Treasury Rate
     will be calculated by the Calculation Agent and will be a yield to maturity
     (expressed as a bond equivalent and as a decimal rounded, if necessary, to
     the nearest one hundred thousandth of a percentage point with five one
     millionths of a percentage point rounded up, on the basis of a year of 365
     or 366 days, as applicable, and applied on a daily basis) based on the
     arithmetic mean of the secondary market bid prices as of approximately 3:30
     P.M., New York City time, on the applicable Interest Determination Date of
     three leading primary United States government securities dealers in The
     City of New York selected by the Calculation Agent (from five such dealers
     and eliminating the highest quotation (or, in the event of equality, one of
     the highest) and the lowest quotation (or, in the event of equality, one of
     the lowest)) for Treasury Notes with an original maturity of approximately
     ten years and a remaining term to maturity closest to the Index Maturity
     specified above. If three or four (and not five) of such dealers are
     quoting as described in this clause (vi), then the Constant Maturity
     Treasury Rate will be based on the arithmetic mean of the bid prices
     obtained and neither the highest nor the lowest of such quotations will be
     eliminated.

                                      A-2
<PAGE>

        (vii)  If fewer than three dealers selected by the Calculation Agent are
quoting as described in clause (vi), the Constant Maturity Treasury Rate will be
the Constant Maturity Treasury Rate in effect on the preceding Interest Reset
Date (or, in the case of the initial Interest Determination Date, the one-week
average yield on United States Treasury securities at "constant maturity" for
the Index Maturity specified above, as published in the most recent H.15(519)).

          In the case of clause (vi), if two Treasury Notes with an original
     maturity of approximately ten years have remaining terms to maturity
     equally close to the Index Maturity specified above, the quotes for the
     Treasury Note with the shorter remaining term to maturity will be used.

     "H.15(519)" means the weekly statistical release designated as such,
published by the Board of Governors of the Federal Reserve System.

                                      A-3<PAGE>

                                                                   Exhibit 4(nn)

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE` INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "DEPOSITORY") TO A NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

REGISTERED                CUSIP No.____________                       $
No. NMRF-

                           MERRILL LYNCH & CO., INC.
                               MEDIUM-TERM NOTE,
                                    SERIES B
                      (Nine Month Renewable Floating Rate)

     MERRILL LYNCH & CO., INC., a Delaware corporation (the "Issuer" or the
"Company", which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to       ,
or registered assigns, (subject only as provided below) the principal sum of
ONE                  ($        ) on the Maturity Date occurring on October 9,
1996, and to pay interest thereon, as described below, until the principal
hereof is paid or duly made available for payment. The principal amount of the
Note shall be reduced upon any exercise of the Option to Elect Early
Termination, all as provided below.

     Interests in this Note (which are sometimes referred to herein where the
context so requires as the "Notes"), and any certificated Notes which may be
issued in exchange herefor pursuant to the terms hereof, are issuable in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
The Notes are not subject to redemption at the option of the Company prior to
maturity.

     Interest on this Note will be payable on the second Wednesday of each month
(each an "Interest Payment Date"), commencing in November 1993, and at maturity.
The per annum rate of interest with respect to this Note will be reset monthly
on each Interest Payment Date and will be equal to LIBOR (as defined herein),
plus 0.05% (five one-hundredths of one percent).
<PAGE>

     Notwithstanding the first paragraph hereof, this Note will mature on the
Interest Payment Date occurring in October 1994 unless the maturity thereof is
automatically extended with respect to all or a part of the principal amount
hereof.  During the period beginning on the sixtieth (60th) calendar day
immediately preceding, and ending on the thirty-second (32nd) calendar day
immediately preceding, each Interest Payment Date (each such period being
referred to herein as an "Election Period", and each such Interest Payment Date
being referred to herein as the "Interest Payment Date applicable to such
Election Period"), commencing with the Interest Payment Date occurring in
January 1994, the Holder of this Note will have the option to elect a final
Maturity Date (as defined herein) for this Note (or for any interest herein of
an authorized denomination) which is the Interest Payment Date occurring on the
second Wednesday of the ninth month after the Interest Payment Date applicable
to such Election Period.  Any or all of the interest herein as to which such
election has been exercised is referred to herein as an "Exercised Note".  If
the Holder of this Note does not so elect, the maturity of this Note shall be
automatically extended to the Interest Payment Date occurring on the second
Wednesday of the tenth month after the Interest Payment Date applicable to such
Election Period.  The "Maturity Date" of any Note shall mean the Interest
Payment Date occurring in October 1994 or any later date to which the maturity
of such Note is automatically extended as described in the previous sentence.
The maturity of the Notes will not be so automatically extended to any date
after October 9, 1996.

     The Holder of this Note may elect to terminate the automatic extension of
the maturity of this Note or of any interest herein (of an authorized
denomination) by surrendering this Note during any Election Period, commencing
with the Election Period related to the Interest Payment Date occurring in
January 1994, to the Corporate Trust Office of the Trustee in The City of New
York (or at such other place as the Company shall notify the Holders of the
Notes, provided that the Company shall at all times maintain an office for the
exchange contemplated below in the Borough of Manhattan, The City of New York),
with notice to Merrill Lynch, Pierce, Fenner & Smith Incorporated, World
Financial Center, North Tower, 10th Floor, New York, New York 10281-1307,
Attention: Medium-Term Notes Desk (telephone (212) 449-4545), and with the form
entitled "Option to Elect Termination" which is appended hereto duly completed.
Such notice must be received by the Trustee by 5:00 p.m., New York City time, on
the last day for giving such notice.  The date on which such surrender occurs
shall be the "Election Date" with respect to portion of this Note as to which
the automatic extension shall have been terminated.  Upon the exercise of an
Option to Elect Termination, the principal amount of this Note subject to such
election shall be endorsed by the Trustee on the Schedule hereto, whereupon the
principal amount hereof shall be reduced for all purposes by the amount so
endorsed.  The Trustee shall deliver to the Holder in exchange therefor a new
Note (substantially in the form of Annex 1 hereto) imprinted with a legend
indicating (i) that an election to terminate the automatic extension of the
maturity of such Note has been made, (ii) the Election Date and (iii) the
Maturity Date with respect to such new Note.  Any Note or Notes issued in
exchange for or upon registration of transfer of any Notes so legended shall
also be legended to the same effect.  An election to terminate the automatic
extension of the maturity of this Note (or of any portion thereof, as the case
may be) shall be irrevocable and binding on the Holder and any subsequent Holder
of this Note unless waived by the Company prior to the close of business on the
third Business Day following the Election Period during which the Election Date
occurs.  (In the event

                                       2
<PAGE>

that the Holder of a Note issued in certificated form, if any, wishes to
terminate the automatic extension of the maturity of a portion of such Note that
is an amount equal to $100,000 or an integral multiple of $1,000 in excess
thereof, the Holder shall surrender such Note as described above, with the
"Option to Elect Termination" form duly completed, in exchange for (i) a Note in
the principal amount as to which the automatic extension of maturity has been
terminated, legended as described above, and (ii) a Note for the remaining
principal amount as to which the automatic extension of maturity has not been
terminated and which has not been so legended.) All questions as to whether and
when an election to terminate the automatic extension of the maturity of any
Note has been made shall be determined by the Company, whose determination shall
be final and binding.

     With respect to any Exercised Note, interest will be payable at such times,
and will be calculated by such method, as is provided in the form of Note
included as Annex 1 hereto.

     Interest payable on each interest Payment Date will include interest
accrued from and including the first day of the Interest Period relating to such
Interest Payment Date to and including the last day of such Interest Period.
"Interest Period" shall mean the period beginning on and including October 12,
1993 to but excluding November 10, 1993 and, thereafter, each successive period
beginning on and including the day after the last day of the preceding Interest
Period and ending on but excluding the next succeeding Interest Payment Date.

     This Note will bear interest at a per annum rate equal to LIBOR plus 0.05%
(five one-hundredths of one percent), and such rate shall be reset each Interest
Payment Date other than at maturity (each such date, together with the original
issue date of the Notes, October 12, 1993, being referred to in connection with
Notes other than Exercised Notes as an "Interest Reset Date").  "LIBOR" with
respect to any Interest Determination Date (as defined below) shall equal the
rate which appears on Telerate Page 3750, "British Bankers Association Interest
Settlement Rates", under the column entitled "U.S.D.", which appears as of 11:00
A.M., London time, on the applicable Interest Determination Date, for deposits
(in United States dollars for a period of one month) commencing on the second
day on which dealings in deposits in United States dollars are transacted in the
London interbank market (a "London Banking Day") immediately following such
Interest Determination Date; provided, however, that if no such rate appears,
the Calculation Agent shall request the principal London office of four major
banks in the London interbank market selected by the Calculation Agent to
provide the Calculation Agent with a quotation of their offered rates at
approximately 11:00 A.M., London time, on such Interest Determination Date for
deposits (in United States dollars for a period of one month and in a principal
amount equal to an amount that is representative for a single transaction in
such market at such time) commencing on the second London Banking Day
immediately following such Interest Determination Date. If at least two such
quotations are provided, LIBOR for such Interest Determination Date shall equal
the arithmetic mean of such quotations. If fewer than two such quotations are
provided, LIBOR for such Interest Determination Date shall equal the arithmetic
mean of the rates quoted by three major banks in The City of New York, as
selected by the Calculation Agent, at approximately 11:00 A.M., New York City
time, on such Interest Determination Date for loans to leading European Banks
(in United States dollars for a period of one month and in a principal amount
equal to an amount that is representative for a single

                                       3
<PAGE>

transaction in such market at such time) commencing on the second London Banking
Day following such Interest Determination Date; provided, however, that if the
banks selected as aforesaid by the Calculation Agent are not quoting as
described in this sentence, LIBOR will be LIBOR in effect on such Interest
Determination Date. "Telerate Page 3750" means the display designated as page
"3750" on the Dow Jones Telerate Service (or such page as may replace the 3750
page on that service or such other service or services as may be nominated by
the British Bankers' Association for the purpose of displaying London interbank
offered rates for U.S. dollar deposits). "Interest Determination Date" with
respect to LIBOR shall be the second London Business Day (as defined below)
preceding each Interest Reset Date. A "London Business Day" is a day on which
dealings in deposits in United States dollars are transacted in the London
interbank market.

     Interest on the Notes will be computed and paid on the basis of the actual
number of days for which interest accrues in each Interest Period divided by
360.

     The Calculation Agent will, upon the request of the Holder of any Note,
provide the interest rate then in effect.  The Calculation Agent is Merrill
Lynch, Pierce, Fenner & Smith Incorporated.  All calculations made by the
Calculation Agent in the absence of a determination of manifest error shall be
conclusive for all purposes and binding on the holders of the Notes.

     Interest shall be paid on each Interest Payment Date to the Holder of this
Note on the Regular Record Date.  The "Regular Record Date" shall be the date 15
calendar days (whether or not a Business Day) prior to the applicable Interest
Payment Date.  If the Maturity falls on a day which is not a Business Day as
defined below, the payment due on such Maturity will be paid on the next
succeeding Business Day with the same force and effect as if made on such
Maturity and no interest shall accrue with respect to such payment for the
period from and after such Maturity.  The interest so payable and punctually
paid or duly provided for on any Interest Payment Date will as provided in the
Indenture be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such Interest Payment Date.  Any such interest which is payable,
but not punctually paid or duly provided for on any Interest Payment Date
(herein called "Defaulted Interest"), shall forthwith cease to be payable to the
registered Holder on such Regular Record Date, and may be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to the Holder
of this Note not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner, all as more fully provided in the
Indenture.

     Payment of the principal of and interest on this Note will be made at the
Office or Agency of the Company maintained by the Company for such purpose in
the Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that at the option of the
Company payment of interest may be made by check mailed to the address of the
Person entitled thereto at such address as shall appear in the Security
Register.  Notwithstanding the preceding sentence, payment of principal of and
interest payable at maturity

                                       4
<PAGE>

on this Note shall be made by wire transfer of immediately available funds to a
designated account maintained in the United States upon (i) receipt of written
notice by the Trustee from the Holder hereof not less than one Business Day
prior to the due date of such principal payment and (ii) presentation of this
Note to the Trustee. The Holder of not less than $1,000,000 Notes may by written
notice to the Trustee (or at such other address as the Company shall give notice
in writing) not less than 15 days prior to an Interest Payment Date, arrange to
have the interest payable an all Notes held by such Holder on such Interest
Payment Date, and all subsequent Interest Payment Dates until written notice to
the contrary is given to the Trustee, made by wire transfer of immediately
available funds to a designated account maintained in the United States.

     Unless the certificate of authentication hereon has been executed by or on
behalf of The Chase Manhattan Bank (National Association), the Trustee with
respect to the Notes under the Indenture, or its successor thereunder, by the
manual signature of one of its authorized officers, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     This Note is one of a duly authorized issue of Securities (hereinafter
called the "Securities") of the Company designated as its Medium-Term Notes,
Series B (the "Notes").  The Securities are issued and to be issued under an
indenture (the "Indenture") dated as of October 1, 1993, between the Company and
The Chase Manhattan Bank (National Association) (herein called the "Trustee",
which term includes any successor Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights thereunder of the Company, the Trustee and
the Holders of the Notes and the terms upon which the Notes are to be
authenticated and delivered.  The terms of individual Notes may vary with
respect to interest rates or interest rate formulas, issue dates, maturity,
redemption, repayment, currency of payment and otherwise as provided in the
Indenture.

     The Notes are issuable only in registered form without coupons in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set
forth, the Notes are exchangeable for a like aggregate principal amount of Notes
as requested by the Holder surrendering the same.  If (x) the Depository is at
any time unwilling or unable to continue as depository and a successor
depository is not appointed by the Company within 60 days, (y) the Company
executes and delivers to the Trustee a Company Order to the effect that this
Note shall be exchangeable or (z) an Event of Default has occurred and is
continuing with respect to the Notes, this Note shall be exchangeable for Notes
in definitive form of like tenor and of an equal aggregate principal amount, in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
Such definitive Notes shall be registered in such name or names as the
Depository shall instruct the Trustee.  If definitive Notes are so delivered,
the Company may make such changes to the form of this Note as are necessary or
appropriate to allow for the issuance of such definitive Notes.

     This Note is not subject to any sinking fund.

     If an Event of Default (as defined in the Indenture) with respect to hire
Notes shall occur and be continuing, the principal of all the Notes may be
declared due and payable in the manner and with the effect provided in the
Indenture.

                                       5
<PAGE>

     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 66% in aggregate principal amount of the Securities at
any time Outstanding, as defined in the Indenture, 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 the Securities
of each 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 Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver is
made upon this Note.

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

     As provided in the Indenture and subject to certain limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Security Register of the Company, upon surrender of this Note for
registration of transfer at the office or agency of the Company in 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 duly executed
by, the Holder hereof or by his attorney duly authorized in writing, and
thereupon one or more new Notes of authorized denominations and 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, 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 this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

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

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                                       6
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile, and an imprint or facsimile of its corporate
seal to be imprinted hereon.

Dated:

                              Merrill Lynch & Co., Inc.

[SEAL]                        By:
                                  -------------------------------
                                           Treasurer

                              Attest:
                                      ---------------------------
                                            Secretary

CERTIFICATE OF AUTHENTICATION
This is one of the Securities
of the series designated therein
referred to in the within-mentioned
Indenture.

THE CHASE MANHATTAN BANK
(National Association)
      as Trustee

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

                                       7
<PAGE>

                                                                         ANNEX 1

                          OPTION TO ELECT TERMINATION

     The undersigned hereby irrevocably request(s) instruct(s) the Company to
terminate the automatic extension of this Note (or portion hereof specified
below) pursuant to its terms.

     For this Note to be terminated, the Trustee must receive at its Corporate
Trust Office, or at such other place or places of which the Company shall from
time to time notify the Holder of this Note, not more than 60 nor less than 32
days prior to an Interest Payment Date, this Note with this "Option to Elect
Termination" Form duly completed.  Such notice must be received by the Trustee
by 5:00 p.m., New York City time, on the last day for giving such notice.

     If less than the entire principal amount of this Note is to be terminated,
specify the portion hereof (which shall be in an amount equal to $100,000 or an
integral multiple of $1,000 in excess thereof) which the Holder elects to
terminate and specify the denomination or denominations (which shall be an
authorized denomination) of the Notes to be issued to the Holder for the portion
of this Note not being terminated.

$
  ----------        -------------------------

Date:
     -------        NOTICE: The signature on this Option to Elect Termination
                    must correspond with the name as written upon the face of
                    this Note in every particular, without alteration or
                    enlargement or any change whatever.

                                       8
<PAGE>

                                                                         ANNEX 1

                                    SCHEDULE

                          EXCHANGE FOR EXERCISED NOTES

     These exchanges of a part of this Global Note for Exercised Notes have been
made:

              Part of principal
            amount of this Global   Remaining Principal       Notation made
 Date        Note exchanged for     amount of this Note       on behalf of
 Made         Exercised Notes     following such exchange     the Trustee
 ----         ---------------     -----------------------     -----------
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________
______        _______________         _______________         ___________

                                       9
<PAGE>

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "DEPOSITORY") TO A NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

REGISTERED               CUSIP No.______________
No. NMRF-____

          Principal Amount:  $

          Election Date:

          Maturity Date:

This is an "Exercised Note" within the meaning provided in the Company's Medium-
Term Notes, Series B (Nine Month Renewable Floating Rate).

                           MERRILL LYNCH & CO., INC.
                               MEDIUM-TERM NOTE,
                                    SERIES B
                      (Nine Month Renewable Floating Rate)

     MERRILL LYNCH & CO., INC., a Delaware corporation (the "Issuer" or the
"Company," which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to        ,
or registered assigns, the Principal Amount of this Note (as indicated above)
on the Maturity Date (as indicated above, which shall not be later than
October 9, 1996), and to pay interest thereon, as described below, until the
principal hereof is paid or duly made available for payment. This Note is a part
of a series of Notes originally issued by the Company on October 12, 1993.
Pursuant to the terms of such Notes, the Option to Elect Termination has been
exercised with respect to this Note, and this Note shall mature on the Maturity
Date specified and have the terms and conditions specified herein. The form of
this Note as originally issued by the Company, which governed
<PAGE>

the terms and conditions hereof prior to the exercise of the Option to Elect
Termination (the "Initial Note Form") is attached as Annex I hereto. Terms used
but not defined herein but which are defined in the Initial Note Form shall have
the meanings provided therein.

     Interests in this Note (which are sometimes referred to herein where the
context so requires as the "Notes"), and any certificated Notes which may be
issued in exchange herefor pursuant to the terms hereof, are issuable in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
The Notes are not subject to redemption at the option of the Company prior to
maturity.

     Interest on this Note will be payable on each monthly Interest Payment Date
to and including the Interest Payment Date (as provided in the Initial Note
Form) applicable to the Election Period relevant to this Note (the "Last Monthly
Interest Payment Date"), and thereafter on the second Wednesday of the third
month and sixth month following the Last Monthly Interest Payment Date, and at
maturity, "Interest Payment Dates" with respect to this Note shall refer to such
dates.  The per annum rate of interest payable with respect to this Note will
(on and after such Last Monthly Interest Payment Date) be reset weekly and will
be equal to the Weekly Average Federal Funds Rate (as defined herein), plus
0.10% (ten one-hundredths of one percent).  Interest prior to such Last Monthly
Interest Payment date will accrue at a rate as specified in the Initial Note
Form.

     Interest payable on each Interest Payment Date will include interest
accrued from and including the first day of the Interest Period relating to such
Interest Payment Date to and including the last day of such Interest Period.
"Interest Period" shall mean the period beginning on and including October 12,
1993 to but excluding November 10, 1993 and, thereafter, each successive period
beginning on and including the day after the last day of the preceding Interest
Period and ending on but excluding the next succeeding Interest Payment Date.

     The per annum rate of interest payable with respect to this Note subsequent
to the applicable last Monthly Interest Payment Date will be reset as of the
Wednesday of each week at a rate equal to the arithmetic average (mean) of the
Federal Funds Rates (as defined herein) in effect with respect to each calendar
day from and including the second preceding Thursday to and including the next
preceding Wednesday (such period is the "Calculation Period", and such average
of the Federal Funds Rates is the "Weekly Average Federal Funds Rate"), plus
0.10% (ten one-hundredths of one percent).  Such average rate will be based upon
the rate of interest applicable to each calendar day in the Calculation Period,
which shall equal, for any Business Day within such Calculation Period, the
Federal Funds Rate in effect on such Business Day and, for any non-Business Day
within such Calculation Period, the Federal Funds Rate in effect on the next
preceding Business Day.

     As used herein, "Federal Funds Rate" means, with respect to any Business
Day within a Calculation Period, the rate on such date for Federal Funds as
published by the Board of Governors of the Federal Reserve System in
"Statistical Release H.15(519).  Selected Interest Rates" or any successor
publication ("H.15(519)") under the heading "Federal Funds (Effective)" or, if
not so published by 9:00 A.M., New York City time, on the Calculation Date
pertaining to the applicable Business Day, the Federal Funds Rate will be the
interest rate on such Business

                                       2
<PAGE>

Day as published by the Federal Reserve Bank of New York in its daily
statistical release, "Composite 3:30 P.M. Quotations for U.S. Government
Securities" ("Composite Quotations") under the heading "Federal Funds/Effective
Rate". If such rate is not yet published by 9:00 A.M. on the applicable
Calculation Date, the Federal Funds Rate for such Business Day will be the rate
on such date made publicly available by the Federal Reserve Bank of New York
which is equivalent to the rate which appears in H.15(519) under the heading
"Federal Funds (Effective)"; provided, however, that if such rate is not made
publicly available by the Federal Reserve Bank of New York by 9:00 A.M. on the
applicable Calculation Date, the Federal Funds Rate will be the last Federal
Funds Rate in effect prior to such Business Day.

     The "Calculation Date" with respect to any Business Day within a
Calculation Period shall be the earlier of (i) the tenth calendar day after such
Business Day or, if such day is not a Business Day, the next succeeding Business
Day, or (ii) the Business Day prior to the Interest Payment Date on which such
accrued interest will be payable.

     Interest on the Notes will be computed and paid on the basis of the actual
number of days for which interest accrues in each Interest Period divided by
360.

     The Calculation Agent will, upon the request of the Holder of any Note,
provide the interest rate then in effect.  The Calculation Agent is Merrill
Lynch, Pierce, Fenner & Smith Incorporated.  All calculations made by the
Calculation Agent in the absence of a determination of manifest error shall be
conclusive for all purposes and binding on the holders of the Notes.

     Interest shall be paid on each Interest Payment Date to the Holder of this
Note on the Regular Record Date.  The "Regular Record Date" shall be the date 15
calendar days (whether or not a Business Day) prior to the applicable Interest
Payment Date.  If the Maturity falls on a day which is not a Business Day as
defined below, the payment due on such Maturity will be paid on the next
succeeding Business Day with the same force and effect as if made on such
Maturity and no interest shall accrue with respect to such payment for the
period from and after such Maturity.  The interest so payable and punctually
paid or duly provided for on any Interest Payment Date will as provided in the
Indenture be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such Interest Payment Date.  Any such interest which is payable,
but not punctually paid or duty provided for on any Interest Payment Date
(herein called "Defaulted Interest"), shall forthwith cease to be payable to the
registered Holder on such Regular Record Date, and may be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to the Holder
of this Note not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner, all as more fully provided in the
Indenture.

     Payment of the principal of and interest on this Note will be made at the
Office or Agency of the Company maintained by the Company for such purpose in
the Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that at the option of the
Company payment of interest may be made by check mailed to the

                                       3
<PAGE>

address of the Person entitled thereto at such address as shall appear in the
Security Register. Notwithstanding the preceding sentence, payment of principal
of and interest payable at maturity on this Note shall be made by wire transfer
of immediately available funds to a designated account maintained in the United
States upon (i) receipt of written notice by the Trustee from the Holder hereof
not less than one Business Day prior to the due date of such principal payment
and (ii) presentation of this Note to the Trustee. The Holder of not less than
$1,000,000 Notes may by written notice to the Trustee (or at such other address
as the Company shall give notice in writing) not less than 15 days prior to an
Interest Payment Date, arrange to have the interest payable on all Notes held by
such Holder on such Interest Payment Date, and all subsequent Interest Payment
Dates until written notice to the contrary is given to the Trustee, made by wire
transfer of immediately available funds to a designated account maintained in
the United States.

     Unless the certificate of authentication hereon has been executed by or on
behalf of The Chase Manhattan Bank (National Association), the Trustee with
respect to the Notes under the Indenture, or its successor thereunder, by the
manual signature of one of its authorized officers, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     This Note is one of a duly authorized issue of Securities (hereinafter
called the "Securities") of the Company designated as its Medium-Term Notes,
Series B (the "Notes").  The Securities are issued and to be issued under an
indenture (the "Indenture") dated as of October 1, 1993, between the Company and
The Chase Manhattan Bank (National Association) (herein called the "Trustee",
which term includes any successor Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights thereunder of the Company, the Trustee and
the Holders of the Notes and the terms upon which the Notes are to be
authenticated and delivered.  The terms of individual Notes may vary with
respect to interest rates or interest rate formulas, issue dates, maturity,
redemption, repayment, currency of payment and otherwise as provided in the
Indenture.

     The Notes are issuable only in registered form without coupons in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set
forth, the Notes are exchangeable for a like aggregate principal amount of Notes
as requested by the Holder surrendering the same.  If (x) the Depository is at
any time unwilling or unable to continue as depository and a successor
depository is not appointed by the Company within 60 days, (y) the Company
executes and delivers to the Trustee a Company Order to the effect that this
Note shall be exchangeable or (z) an Event of Default has occurred and is
continuing with respect to the Notes, this Note shall be exchangeable for Notes
in definitive form of like tenor and of an equal aggregate principal amount, in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
Such definitive Notes shall be registered in such name or names as the
Depository shall instruct the Trustee.  If definitive Notes are so delivered,
the Company may make such changes to the form of this Note as are necessary or
appropriate to allow for the issuance of such definitive Notes.

     This Note is not subject to any sinking fund.

                                       4
<PAGE>

     If an Event of Default (as defined in the Indenture) with respect to the
Notes shall occur and be continuing, the principal of all the Notes may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     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 66% in aggregate principal amount of the Securities at
any time Outstanding, as defined in the Indenture, 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 the Securities
of each 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 Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver is
made upon this Note.

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

     As provided in the Indenture and subject to certain limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Security Register of the Company, upon surrender of this Note for
registration of transfer at the office or agency of the Company in 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 duly executed
by, the Holder hereof or by his attorney duly authorized in writing, and
thereupon one or more new Notes of authorized denominations and 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, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection herewith.

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

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

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                                       5
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile, and an imprint or facsimile of its corporate
seal to be imprinted hereon.

Dated:

[FACSIMILE OF SEAL]                   MERRILL LYNCH & CO., INC.

                                 By:  ___________________________
                                             Theresa Lang
                                               Treasurer

Attest:

By: _______________________
            Gregory T. Russo
            Secretary

CERTIFICATE OF AUTHENTICATION
This is one of the Securities
of the series designated therein
referred to in the within-mentioned
Indenture.

THE CHASE MANHATTAN BANK
(National Association)
    as Trustee

By: _______________________
      Authorized Officer

                                       6
<PAGE>

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "DEPOSITORY") TO A NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER ,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

REGISTERED          CUSIP No. _____________
No. NMRF-

                    Principal Amount:  $

                    Election Date:

                    Maturity Date:

This is an "Exercised Note" within the meaning provided in the Company's Medium-
Term Notes, Series B (Nine Month Renewable Floating Rate).

                           MERRILL LYNCH & CO., INC.
                               MEDIUM-TERM NOTE,
                                    SERIES B
                      (Nine Month Renewable Floating Rate)

     MERRILL LYNCH & CO., INC., a Delaware corporation (the "Issuer" or the
"Company", which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to        ,
or registered assigns, the Principal Amount of this Note (as indicated above)
on the Maturity Date (as indicated above, which shall not be later than
October 9, 1996), and to pay interest thereon, as described below, until the
principal hereof is paid or duly made available for payment. This Note is a part
of a series of Notes originally issued by the Company on October 12, 1993.
Pursuant to the terms of such Notes, the Option to Elect Termination has been
exercised with respect to this Note, and this Note shall mature on the Maturity
Date specified and have the terms and conditions
<PAGE>

specified herein. The form of this Note as originally issued by the Company,
which governed the terms and conditions hereof prior to the exercise of the
Option to Elect Termination (the "Initial Note Form"), is attached as Annex 1
hereto. Terms used but not defined herein but which are defined in the Initial
Note Form shall have the meanings provided therein.

     Interests in this Note (which are sometimes referred to herein where the
context so requires as the "Notes"), and any certificated Notes which may be
issued in exchange herefor pursuant to the terms hereof, are issuable in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
The Notes are not subject to redemption at the option of the Company prior to
maturity.

     Interest on this Note will be payable on each monthly Interest Payment Date
to and including the Interest Payment Date (as provided in the Initial Note
Form) applicable to the Election Period relevant to this Note (the "Last Monthly
Interest Payment Date"), and thereafter on the second Wednesday of the third
month and sixth month following the Last Monthly Interest Payment Date, and at
maturity.  "Interest Payment Dates" with respect to this Note shall refer to
such dates.  The per annum rate of interest payable with respect to this Note
will (on and after such Last Monthly Interest Payment Date) be reset weekly and
will be equal to the Weekly Average Federal Funds Rate (as defined herein), plus
0.10% (ten one-hundredths of one percent).  Interest prior to such Last Monthly
Interest Payment Date will accrue at a rate as specified in the Initial Note
Form.

     Interest payable on each Interest Payment Date will include interest
accrued from and including the first day of the Interest Period relating to such
Interest Payment Date to and including the last day of such Interest Period.
"Interest Period" shall mean the period beginning on and including October 12,
1993 to but excluding November 10, 1993 and, thereafter, each successive period
beginning on and including the day after the last day of the preceding Interest
Period and ending on but excluding the next succeeding Interest Payment Date.

     The per annum rate of interest payable with respect to this Note subsequent
to the applicable Last Monthly Interest Payment Date will be reset as of the
Wednesday of each week at a rate equal to the arithmetic average (mean) of the
Federal Funds Rates (as defined herein) in effect with respect to each calendar
day from and including the second preceding Thursday to and including the next
preceding Wednesday (such period is the "Calculation Period", and such average
of the Federal Funds Rates is the "Weekly Average Federal Funds Rate"), plus
0.10% (ten one-hundredths of one percent).  Such average rate will be based upon
the rate of interest applicable to each calendar day in the Calculation Period,
which shall equal, for any Business Day within such Calculation Period, the
Federal Funds Rate in effect on such Business Day and, for any non-Business Day
within such Calculation Period, the Federal Funds Rate in effect on the next
preceding Business Day.

     As used herein, "Federal Funds Rate" means, with respect to any Business
Day within a Calculation Period, the rate on such date for Federal Funds as
published by the Board of Governors of the Federal Reserve System in
"Statistical Release H.15(519), Selected Interest Rates" or any successor
publication ("H.15(519)") under the heading "Federal Funds (Effective)" or, if
not so published by 9:00 A.M., New York City time, on the Calculation Date
pertaining to

                                       2
<PAGE>

the applicable Business Day, the Federal Funds Rate will be the interest rate on
such Business Day as published by the Federal Reserve Bank of New York in its
daily statistical release, "Composite 3:30 P.M. Quotations for U.S. Government
Securities" ("Composite Quotations") under the heading "Federal Funds/Effective
Rate". If such rate is not yet published by 9:00 A.M. on the applicable
Calculation Date, the Federal Funds Rate for such Business Day will be the rate
on such date made publicly available by the Federal Reserve Bank of New York
which is equivalent to the rate which appears in H.15(519) under the heading
"Federal Funds (Effective)"; provided, however, that if such rata is not made
publicly available by the Federal Reserve Bank of New York by 9:00 A.M. on the
applicable Calculation Date, the Federal Funds Rate will be the last Federal
Funds Rate in effect prior to such Business Day.

     The "Calculation Date" with respect to any Business Day within a
Calculation Period shall be the earlier of (i) the tenth calendar day after such
Business Day or, if such day is not a Business Day, the next succeeding Business
Day, or (ii) the Business Day prior to the Interest Payment Date on which such
accrued interest will be payable.

     Interest on the Notes will be computed and paid on the basis of the actual
number of days for which interest accrues in each Interest Period divided by
360.

     The Calculation Agent will, upon the request of the Holder of any Note,
provide the interest rate then in effect.  The Calculation Agent is Merrill
Lynch, Pierce, Fenner & Smith Incorporated.  All calculations made by the
Calculation Agent in the absence of a determination of manifest error shall be
conclusive for all purposes and binding on the holders of the Notes.

     Interest shall be paid on each Interest Payment Date to the Holder of this
Note on the Regular Record Date.  The "Regular Record Date" shall be the date 15
calendar days (whether or not a Business Day) prior to the applicable Interest
Payment Date.  If the Maturity falls on a day which is not a Business Day as
defined below, the payment due on such Maturity will be paid on the next
succeeding Business Day with the same force and effect as if made on such
Maturity and no interest shall accrue with respect to such payment for the
period from and after such Maturity.  The interest so payable and punctually
paid or duly provided for on any Interest Payment Date will as provided in the
Indenture be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such Interest Payment Date.  Any such interest which is payable,
but not punctually paid or duly provided for on any Interest Payment Date
(herein called "Defaulted Interest'), shall forthwith cease to be payable to the
registered Holder on such Regular Record Date, and may be paid to the person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to the Holder
of this Note not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner, all as more fully provided in the
Indenture.

     Payment of the principal of and interest on this Note will be made at the
Office or Agency of the Company maintained by the Company for such purpose in
the Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however,

                                       3
<PAGE>

that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto at such address as shall
appear in the Security Register. Notwithstanding the preceding sentence, payment
of principal of and interest payable at maturity on this Note shall be made by
wire transfer of immediately available funds to a designated account maintained
in the United States upon (i) receipt of written notice by the Trustee from the
Holder hereof not less than one Business Day prior to the due date of such
principal payment and (ii) presentation of this Note to the Trustee. The Holder
of not less than $1,000,000 Notes may by written notice to the Trustee (or at
such other address as the Company shall give notice in writing) not less than 15
days prior to an Interest Payment Date, arrange to have the interest payable on
all Notes held by such Holder on such Interest Payment Date, and all subsequent
Interest Payment Dates until written notice to the contrary is given to the
Trustee, made by wire transfer of immediately available funds to a designated
account maintained in the United States.

     Unless the certificate of authentication hereon has been executed by and on
behalf of The Chase Manhattan Bank (National Association), the Trustee with
respect to the Notes under the Indenture, or its successor thereunder, by the
manual signature of one of its authorized officers, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     This Note is one of a duly authorized issue of Securities (hereinafter
called the "Securities") of the Company designated as its Medium-Term Notes,
Series B (the "Notes").  The Securities are issued and to be issued under an
indenture (the "Indenture") dated as of October 1, 1993, between the Company and
The Chase Manhattan Bank (National Association) (herein called the "Trustee",
which term includes any successor Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights thereunder of the Company, the Trustee and
the Holders of the Notes and the terms upon which the Notes are to be
authenticated and delivered.  The terms of individual Notes may vary with
respect to interest rates or interest rate formulas, issue dates, maturity,
redemption, repayment, currency of payment and otherwise as provided in the
Indenture.

     The Notes are issuable only in registered form without coupons in
denominations of $100,00 and integral multiples of $1,000 in excess thereof.  As
provided in the Indenture and subject to certain limitations therein set forth,
the Notes are exchangeable for a like aggregate principal amount of Notes as
requested by the [Holder surrendering the same.  If (x) the Depository is at any
time unwilling or unable to continue as depository and a successor depository is
not appointed by the Company within 60 days, (y) the Company executes and
delivers to the Trustee a Company Order to the effect that this Note shall be
exchangeable or (z) an Event of Default has occurred and is continuing with
respect to the Notes, this Note shall be exchangeable for Notes in definitive
form of like tenor and of an equal aggregate principal amount, in denominations
of $100,000 and integral multiples of $1,000 in excess thereof.  Such definitive
Notes shall be registered in such name or names as the Depository shall instruct
the Trustee.  If definitive Notes are so delivered, the Company may make such
changes to the form of this Note as are necessary or appropriate to allow for
the issuance of such definitive Notes.

     This Note is not subject to any sinking fund.

                                       4
<PAGE>

     If an Event of Default (as defined in the Indenture) with respect to the
Notes shall occur and be continuing, the principal of all the Notes may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     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 66% in aggregate principal amount of the Securities at
any time Outstanding, as defined in the Indenture, 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 the Securities
of each 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 Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver is
made upon this Note.

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

     As provided in the Indenture and subject to certain limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Security Register of the Company, upon surrender of this Note for
registration of transfer at the office or agency of the Company in 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 duly executed
by, the Holder hereof or by his attorney duly authorized in writing, and
thereupon one or more new Notes of authorized denominations and 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, 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 this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

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

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                                       5
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile, and an imprint or facsimile of its corporate
seal to be imprinted hereon.

Dated:

                              Merrill Lynch & Co., Inc.

                              By:
                                  ----------------------------------
                                              Treasurer

                              Attest:
                                      ------------------------------
                                              Secretary

CERTIFICATE OF AUTHENTICATION
This is one of the Securities
of the series designated therein
referred to in the within-mentioned
Indenture.

THE CHASE MANHATTAN BANK
(National Association)
       as Trustee

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

                                       6
<PAGE>

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "DEPOSITORY") TO A NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

REGISTERED          CUSIP No.                                      $
No. NMRF-

                           MERRILL LYNCH & CO., INC.
                               MEDIUM-TERM NOTE,
                                    SERIES B
                      (Nine Month Renewable Floating Rate)

     MERRILL LYNCH & CO., INC., a Delaware corporation (the "Issuer" or the
"Company", which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to        ,
or registered assigns, (subject only as provided below) the principal sum of
ONE                    ($        ) on the Maturity Date occurring on October 9,
1996, and to pay interest thereon, as described below, until the principal
hereof is paid or duly made available for payment. The principal amount of the
Note shall be reduced upon any exercise of the Option to Elect Early
Termination, all as provided below.

     Interests in this Note (which are sometimes referred to herein where the
context so requires as the "Notes"), and any certificated Notes which may be
issued in exchange herefor pursuant to the terms hereof, are issuable in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
The Notes are not subject to redemption at the option of the Company prior to
maturity.

     Interest on this Note will be payable on the second Wednesday of each month
(each an "Interest Payment Date"), commencing in November 1993, and at maturity.
The per annum rate of interest with respect to this Note will be reset monthly
on each Interest Payment Date and will be equal to LIBOR (as defined herein),
plus 0.05% (five one-hundredths of one percent).
<PAGE>

     Notwithstanding the first paragraph hereof, this Note will mature on the
Interest Payment Date occurring in October 1994 unless the maturity thereof is
automatically extended with respect to all or a part of the principal amount
hereof. During the period beginning on the sixtieth (60th) calendar day
immediately preceding, and ending on the thirty-second (32nd) calendar day
immediately preceding, each Interest Payment Date (each such period being
referred to herein as an "Election Period", and each such Interest Payment Date
being referred to herein as the "Interest Payment Date applicable to such
Election Period"), commencing with the Interest Payment Date occurring in
January 1994, the Holder of this Note will have the option to elect a final
Maturity Date (as defined herein) for this Note (or for any interest herein of
an authorized denomination) which is the Interest Payment Date occurring on the
second Wednesday of the ninth month after the Interest Payment Date applicable
to such Election Period. Any or all of the interest herein as to which such
election has been exercised is referred to herein as an "Exercised Note". If the
Holder of this Note does not so elect, the maturity of this Note shall be
automatically extended to the Interest Payment Date occurring on the second
Wednesday of the tenth month after the Interest Payment Date applicable to such
Election Period. The "Maturity Date" of any Note shall mean the Interest Payment
Date occurring in October 1994 or any later date to which the maturity of such
Note is automatically extended as described in the previous sentence. The
maturity of the Notes will not be so automatically extended to any date after
October 9, 1996.

     The Holder of this Note may elect to terminate the automatic extension of
the maturity of this Note or of any interest herein (of an authorized
denomination) by surrendering this Note during any Election Period, commencing
with the Election Period related to the Interest Payment Date occurring in
January 1994, to the Corporate Trust Office of the Trustee in The City of New
York (or at such other place as the Company shall notify the Holders of the
Notes, provided that the Company shall at all times maintain an office for the
exchange contemplated below in the Borough of Manhattan, The City of New York),
with notice to Merrill Lynch, Pierce, Fenner & Smith Incorporated, World
Financial Center, North Tower, 10th Floor, New York, New York 10281-1307,
Attention: Medium-Term Notes Desk (telephone (212) 449-4545), and with the form
entitled "Option to Elect Termination" which is appended hereto duly completed.
Such notice must be received by the Trustee by 5:00 p.m., New York City time, on
the last day for giving such notice.  The date on which such surrender occurs
shall be the "Election Date" with respect to portion of this Note as to which
the automatic extension shall have been terminated.  Upon the exercise of an
Option to Elect Termination, the principal amount of this Note subject to such
election shall be endorsed by the Trustee on the Schedule hereto, whereupon the
principal amount hereof shall be reduced for all purposes by the amount so
endorsed.  The Trustee shall deliver to the Holder in exchange therefor a new
Note (substantially in the form of Annex 1 hereto) imprinted with a legend
indicating (i) that an election to terminate the automatic extension of the
maturity of such Note has been made, (ii) the Election Date and (iii) the
Maturity Date with respect to such new Note.  Any Note or Notes issued in
exchange for or upon registration of transfer of any Notes so legended shall
also be legended to the same effect.  An election to terminate the automatic
extension of the maturity of this Note (or of any portion thereof, as the case
may be) shall be irrevocable and binding on the Holder and any subsequent Holder
of this Note unless waived by the Company prior to the close of business on the
third Business Day following the Election Period during which the Election Date
occurs.  (In the event

                                       2
<PAGE>

that the Holder of a Note issued in certificated form, if any, wishes to
terminate the automatic extension of the maturity of a portion of such Note that
is an amount equal to $100,000 or an integral multiple of $1,000 in excess
thereof, the Holder shall surrender such Note as described above, with the
"Option to Elect Termination" form duly completed, in exchange for (i) a Note in
the principal amount as to which the automatic extension of maturity has been
terminated, legended as described above, and (ii) a Note for the remaining
principal amount as to which the automatic extension of maturity has not been
terminated and which has not been so legended.) All questions as to whether and
when an election to terminate the automatic extension of the maturity of any
Note has been made shall be determined by the Company, whose determination shall
be final and binding.

     With respect to any Exercised Note, interest will be payable at such times,
and will be calculated by such method, as is provided in the form of Note
included as Annex 1 hereto.

     Interest payable on each Interest Payment Date will include interest
accrued from and including the first day of the Interest Period relating to such
Interest Payment Date to and including the last day of such Interest Period.
"Interest Period" shall mean the period beginning on and including October 12,
1993 to but excluding November 10, 1993 and, thereafter, each successive period
beginning on and including the day after the last day of the preceding Interest
Period and ending on but excluding the next succeeding Interest Payment Date.

     This Note will bear interest at a per annum rate equal to LIBOR plus 0.05%
(five one-hundredths of one percent), and such rate shall be reset each Interest
Payment Date other than at maturity (each such date, together with the original
issue date of the Notes, October 12, 1993, being referred to in connection with
Notes other than Exercised Notes as an "Interest Reset Date"). "LIBOR" with
respect to any Interest Determination Date (as defined below) shall equal the
rate which appears on Telerate Page 3750, "British Bankers Association Interest
Settlement Rates", under the column entitled "U.S.D.", which appears as of 11:00
A.M., London time, on the applicable Interest Determination Date, for deposits
(in United States dollars for a period of one month) commencing on the second
day on which dealings in deposits in United States dollars are transacted in the
London interbank market (a "London Banking Day") immediately following such
Interest Determination Date; provided, however, that if no such rate appears,
the Calculation Agent shall request the principal London office of four major
banks in the London interbank market selected by the Calculation Agent to
provide the Calculation Agent with a quotation of their offered rates at
approximately 11:00 A.M., London time, on such Interest Determination Date for
deposits (in United States dollars for a period of one month and in a principal
amount equal to an amount that is representative for a single transaction in
such market at such time) commencing on the second London Banking Day
immediately following such Interest Determination Date. If at least two such
quotations are provided, LIBOR for such Interest Determination Date shall equal
the arithmetic mean of such quotations. If fewer than two such quotations are
provided, LIBOR for such Interest Determination Date shall equal the arithmetic
mean of the rates quoted by three major banks in The City of New York, as
selected by the Calculation Agent, at approximately 11:00 A.M., New York City
time, on such Interest Determination Date for loans to leading European Banks
(in United States dollars for a period of one month and in a principal amount
equal to an amount that is representative for a single

                                       3
<PAGE>

transaction in such market at such time) commencing on the second London Banking
Day following such Interest Determination Date; provided, however, that if the
banks selected as aforesaid by the Calculation Agent are not quoting as
described in this sentence, LIBOR will be LIBOR in effect on such Interest
Determination Date. "Telerate Page 3750" means the display designated as page
"3750" on the Dow Jones Telerate Service (or such page as may replace the 3750
page on that service or such other service or services as may be nominated by
the British Bankers' Association for the purpose of displaying London interbank
offered rates for U.S. dollar deposits). "Interest Determination Date" with
respect to LIBOR shall be the second London Business Day (as defined below)
preceding each Interest Reset Date. A "London Business Day" is a day on which
dealings in deposits in United States dollars are transacted in the London
interbank market.

     Interest on the Notes will be computed and paid on the basis of the actual
number of days for which interest accrues in each Interest Period divided by
360.

     The Calculation Agent will, upon the request of the Holder of any Note,
provide the interest rate then in effect.  The Calculation Agent is Merrill
Lynch, Pierce, Fenner & Smith Incorporated.  All calculations made by the
Calculation Agent in the absence of a determination of manifest error shall be
conclusive for all purposes and binding on the holders of the Notes.

     Interest shall be paid on each Interest Payment Date to the Holder of this
Note on the Regular Record Date.  The "Regular Record Date" shall be the date 15
calendar days (whether or not a Business Day) prior to the applicable Interest
Payment Date.  If the Maturity falls on a day which is not a Business Day as
defined below, the payment due on such Maturity will be paid on the next
succeeding Business Day with the same force and effect as if made on such
Maturity and no interest shall accrue with respect to such payment for the
period from and after such Maturity.  The interest so payable and punctually
paid or duly provided for on any Interest Payment Date will as provided in the
Indenture be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such Interest Payment Date.  Any such interest which is payable,
but not punctually paid or duly provided for on any Interest Payment Date
(herein called "Defaulted Interest"), shall forthwith cease to be payable to the
registered Holder on such Regular Record Date, and may be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to the Holder
of this Note not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner, all as more fully provided in the
Indenture.

     Payment of the principal of and interest on this Note will be made at the
Office or Agency of the Company maintained by the Company for such purpose in
the Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that at the option of the
Company payment of interest may be made by check mailed to the address of the
Person entitled thereto at such address as shall appear in the Security
Register.  Notwithstanding the preceding sentence, payment of principal of and
interest payable at maturity

                                       4
<PAGE>

on this Note shall be made by wire transfer of immediately available funds to a
designated account maintained in the United States upon (i) receipt of written
notice by the Trustee from the Holder hereof not less than one Business Day
prior to the due date of such principal payment and (ii) presentation of this
Note to the Trustee. The Holder of not less than $1,000,000 Notes may by written
notice to the Trustee (or at such other address as the Company shall give notice
in writing) not less than 15 days prior to an Interest Payment Date, arrange to
have the interest payable an all Notes held by such Holder on such Interest
Payment Date, and all subsequent Interest Payment Dates until written notice to
the contrary is given to the Trustee, made by wire transfer of immediately
available funds to a designated account maintained in the United States.

     Unless the certificate of authentication hereon has been executed by or on
behalf of The Chase Manhattan Bank (National Association), the Trustee with
respect to the Notes under the Indenture, or its successor thereunder, by the
manual signature of one of its authorized officers, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     This Notes is one of a duly authorized issue of Securities (hereinafter
called the "Securities") of the Company designated as its Medium-Term Notes,
Series B (the "Notes").  The Securities are issued and to be issued under an
indenture (the "Indenture") dated as of October 1, 1993, between the Company and
The Chase Manhattan Bank (National Association) (herein called the "Trustee",
which term includes any successor Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights thereunder of the Company, the Trustee and
the Holders of the Notes and the terms upon which the Notes are to be
authenticated and delivered.  The terms of individual Notes may vary with
respect to interest rates or interest rate formulas, issue dates, maturity,
redemption, repayment, currency of payment and otherwise as provided in the
Indenture.

     The Notes are issuable only in registered form without coupons in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set
forth, the Notes are exchangeable for a like aggregate principal amount of Notes
as requested by the Holder surrendering the same.  If (x) the Depository is at
any time unwilling or unable to continue as depository and a successor
depository is not appointed by the Company within 60 days, (y) the Company
executes and delivers to the Trustee a Company Order to the effect that this
Note shall be exchangeable or (z) an Event of Default has occurred and is
continuing with respect to the Notes, this Note shall be exchangeable for Notes
in definitive form of like tenor and of an equal aggregate principal amount, in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
Such definitive Notes shall be registered in such name or names as the
Depository shall instruct the Trustee.  If definitive Notes are so delivered,
the Company may make such changes to the form of this Note as are necessary or
appropriate to allow for the issuance of such definitive Notes.

     This Note is not subject to any sinking fund.

     If an Event of Default (as defined in the Indenture) with respect to the
Notes shall occur and be continuing, the principal of all the Notes may be
declared due and payable in the manner and with the effect provided in the
Indenture.

                                       5
<PAGE>

     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 66% in aggregate principal amount of the Securities at
any time Outstanding, as defined in the Indenture, 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 the Securities
of each 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 Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver is
made upon this Note.

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

     As provided in the Indenture and subject to certain limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Security Register of the Company, upon surrender of this Note for
registration of transfer at the office or agency of the Company in 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 duly executed
by, the Holder hereof or by his attorney duly authorized in writing, and
thereupon one or more new Notes of authorized denominations and 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, 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 this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

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

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                                       6
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile, and an imprint or facsimile of its corporate
seal to be imprinted hereon.

Dated:

[FACSIMILE OF SEAL]                        MERRILL LYNCH & CO., INC.

[SEAL]                                     By:
                                              ----------------------------------
                                                     Theresa Lang
                                                       Treasurer

Attest:

By:
    ----------------------------------
           Gregory T. Russo
             Secretary

CERTIFICATE OF AUTHENTICATION
This is one of the Securities
of the series designated therein
referred to in the within-mentioned
Indenture.

THE CHASE MANHATTAN BANK
(National Association)
     as Trustee

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

                                       7
<PAGE>

                          OPTION TO ELECT TERMINATION

     The undersigned hereby irrevocably request(s) and instruct(s) the Company
to terminate the automatic extension of this Note (or portion hereof specified
below) pursuant to its terms.

     For this Note to be terminated, the Trustee must receive at its Corporate
Trust Office, or at such other place or places of which the Company shall from
time to time notify the Holder of this Note, not snore than 60 nor less than 32
days prior to an Interest Payment Date, this Note with this "Option to Elect
Termination" Form duly completed.  Such notice must be received by the Trustee
by 5:00 p.m., New York City time, on the last day for giving such notice.

     If less than the entire principal amount of this Note is to be terminated,
specify the portion hereof (which shall be in an amount equal to $100,000 or an
integral multiple of $1,000 in excess thereof) which the Holder elects to
terminate and specify the denomination or denominations (which shall be an
authorized denomination) of the Notes to be issued to the Holder for the portion
of this Note not being terminated.

$
  -------------     -------------------------

Date:               NOTICE:  The signature on this Option to Elect Termination
     ----------     must correspond with the name as written upon the face of
                    this Note in every particular, without alteration or
                    enlargement or any change whatever.

                                       8
<PAGE>

                                    SCHEDULE

                          EXCHANGE FOR EXERCISED NOTES

These exchanges of a part of this Global Note for Exercised Notes have been
made.

           Part of principal
           amount of this Global   Remaining Principal      Notation made
Date         Note exchanged        amount of this Note      on behalf of
Made       for Exercised Notes     following such exchange  the Trustee
----       -------------------     -----------------------  -----------
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________
______     _______________          _______________           ___________

                                       9

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