Document:

exv4w2

 

Exhibit 4.2

INTERNATIONAL LEASE FINANCE CORPORATION

MEDIUM-TERM NOTE, SERIES Q

(FLOATING RATE)

			
	REGISTERED
	 	REGISTERED

No. FLR-

CUSIP-

If this Security is registered in the name of The Depository Trust Company (the
“Depositary”) (55 Water Street, New York, New York) or its nominee, this
Security may not be transferred except as a whole by the Depositary to a
nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary unless and
until this Security is exchanged in whole or in part for Debt Securities in
definitive form. Unless this certificate is presented by an authorized
representative of the Depositary to the Company or its agent for registration
of transfer, exchange or payment, and any certificate issued is registered in
the name of Cede & Co. or such other name as requested by an authorized
representative of the Depositary and any payment is made to Cede & Co., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein.

REQUIRED TERMS

DESIGNATION:

PRINCIPAL AMOUNT:

ISSUE PRICE:

ORIGINAL ISSUE DATE:

STATED MATURITY:

INTEREST RATE BASIS OR BASES:

INITIAL INTEREST RATE:

INTEREST PAYMENT DATES:

INTEREST RATE RESET PERIOD:

INDEX MATURITY:

 

 

PRESET TERMS

INTEREST RESET DATES:

INTEREST DETERMINATION DATES:

CALCULATION DATES:

REGULAR RECORD DATES:

OPTIONAL TERMS

SPREAD:

SPREAD MULTIPLIER:%

MAXIMUM INTEREST RATE:

MINIMUM INTEREST RATE:

OVERDUE RATE:

REDEEMABLE ON OR AFTER:

OPTIONAL REPAYMENT DATE:

FIXED INTEREST RATE:

FIXED RATE COMMENCEMENT DATE:

REPURCHASE PRICE (for

Discount Securities):

OPTIONAL RESET DATES:

EXTENSION PERIODS:

FINAL MATURITY:

OTHER PROVISIONS:

 

 

          INTERNATIONAL LEASE FINANCE CORPORATION, a California corporation
(hereinafter called the “Company,” which term includes any successor
corporation under the Indenture, as hereinafter defined), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum
set forth above at Stated Maturity shown above and to pay interest thereon from
the Original Issue Date shown above or from the most recent Interest Payment
Date (as hereinafter defined) to which interest has been paid or duly provided
for, in arrears on the Interest Payment Dates set forth above (“Interest
Payment Dates”), until the principal hereof is paid or made available for
payment, and on Stated Maturity, commencing with the Interest Payment Date next
succeeding the Original Issue Date, at the rate per annum determined in
accordance with the provisions below, depending on the Interest Rate Basis or
Bases specified above. Interest will be payable on each Interest Payment Date
and at Stated Maturity or upon redemption or optional repayment. Interest will
be payable to the Holder at the close of business on the Regular Record Date
which, unless otherwise specified above, shall be the fifteenth calendar day
(whether or not a Business Day (as defined below)) immediately preceding the
related Interest Payment Date; provided, however, that interest payable at
Stated Maturity or upon redemption or optional repayment will be payable to the
person to whom principal is payable and (to the extent that the payment of such
interest shall be legally enforceable) at the Overdue Rate, if any, per annum
set forth above on any overdue principal and premium and on any overdue
installment of interest. If the Original Issue Date is between a Regular
Record Date and the next succeeding Interest Payment Date, the first payment of
interest hereon will be made on the Interest Payment Date following the next
succeeding Regular Record Date to the Holder on such next Regular Record Date.

          Payment of the principal, and premium, if any, and interest payable at
Stated Maturity or upon redemption or optional repayment of this Security will
be made in immediately available funds at the corporate trust office or agency
of the Trustee in New York, New York, provided that this Security is presented
to the Trustee in time for the Trustee to make such payments in such funds in
accordance with its normal procedures. Interest (other than interest payable
at Stated Maturity or upon redemption or optional repayment) will be paid by
check mailed to the address of the person entitled thereto as it appears in the
Security Register on the applicable Regular Record Date or, at the option of
the Company, by wire transfer to an account maintained by such person with a
bank located in the United States. Notwithstanding the foregoing, (1) the
Depositary or its nominee, if it is the registered Holder of this Security,
will be entitled to receive payments of interest (other than at Stated Maturity
or upon redemption or optional repayment) by wire transfer to an account
maintained by such Holder with a bank located in the United States, and (2) a
Holder of $10,000,000 or more in aggregate principal amount of Securities
having the same Interest Payment Date will, upon receipt on or prior to the
Regular Record Date preceding an applicable Interest Payment Date by the
Trustee of written instructions from such Holder, be entitled to receive
payments of interest (other than at Stated Maturity or upon redemption or
optional repayment) by wire transfer to an account maintained by such Holder
with a bank located in the United States. Such instructions shall remain in
effect with respect to payments of interest made to such Holder on subsequent
Interest Payment Dates unless revoked or changed by written instructions
received by the Trustee from such Holder, provided that any such written
revocation or change which is received by the Trustee after a Regular Record
Date and before the related Interest Payment Date shall not be effective with
respect to the interest payable on such Interest Payment Date.

          This Security is one of a duly authorized issue of Medium-Term Notes,
Series Q of the Company (herein called the “Securities”), issued and to be
issued under an Indenture dated as of November 1, 2000 (herein called the
“Indenture”) between the Company and The Bank of New York, as trustee (herein
called the “Trustee,” which term includes any successor trustee under the
Indenture), as amended, to which the Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights,
limitation of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is
one of the series designated on the face hereof. The Securities of this series
may be issued from time to time at varying maturities, interest rates and other
terms as may be designated with respect to a Security.

          After the completion of the issuance for which this Security is a part,
the Company may, from time to time, reopen such issuance and issue additional
Securities with the same terms (including maturity and interest payment terms)
as this Security. After such additional Securities are issued, they will be
fungible with this Security.

 

 

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

	 	•	 	Unless this Security is designated as a “Floating Rate/Fixed
Rate Note,” an “Inverse Floating Rate Note” or as having an Addendum
attached, this Security shall be designated as a “Regular Floating
Rate Note” and, except as described below or as specified on the
face hereof, bear interest at the rate determined by reference to
the Interest Rate Basis or Bases specified on the face hereof (a)
plus or minus the Spread, if any, specified on the face hereof
and/or (b) multiplied by the Spread Multiplier, if any, specified on
the face hereof. Commencing on the first Interest Reset Date (as
defined below), the rate at which interest on this Security shall be
payable shall be reset as of each Interest Reset Date; provided,
however, that the interest rate in effect for the period from the
Original Issue Date to the first Interest Reset Date shall be the
Initial Interest Rate specified on the face hereof.
	 
	 	•	 	If this Security is designated as a “Floating Rate/Fixed Rate
Note,” then, except as described below or as specified on the face
hereof, this Security shall bear interest at the rate determined by
reference to the Interest Rate Basis or Bases specified on the face
hereof (a) plus or minus the Spread, if any, specified on the face
hereof and/or (b) multiplied by the Spread Multiplier, if any,
specified on the face hereof. Commencing on the first Interest
Reset Date, the rate at which interest on this Security shall be
payable shall be reset as of each Interest Reset Date; provided,
however, that the interest rate in effect for the period from the
Original Issue Date to the first Interest Reset Date shall be the
Initial Interest Rate specified on the face hereof and the interest
rate in effect commencing on the Fixed Rate Commencement Date
specified on the face hereof to Stated Maturity shall be the Fixed
Interest Rate, if such rate is specified on the face hereof 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.
	 
	 	•	 	If this Security is designated as an “Inverse Floating Rate
Note,” then, except as described below or as specified on the face
hereof, this Security shall bear interest equal to the Fixed
Interest Rate specified on the face hereof minus the rate determined
by reference to the Interest Rate Basis or Bases specified on the
face hereof (a) plus or minus the Spread, if any, specified on the
face hereof and/or (b) multiplied by the Spread Multiplier, if any,
specified on the face hereof; provided, however, that, unless
otherwise specified on the face hereof, the interest rate hereon
shall not be less than zero during any Interest Rate Reset Period
(as defined below). Commencing on the first Interest Reset Date,
the rate at which interest on this Security is payable shall be
reset as of each Interest Reset Date; provided, however, that the
interest rate in effect for the period from the Original Issue Date
to the first Interest Reset Date shall be the Initial Interest Rate
specified on the face hereof.

          Notwithstanding the foregoing, if this Security is designated as having an
Addendum attached as specified on the face hereof, this Security shall bear
interest in accordance with the terms described in such Addendum and as
specified on the face hereof.

          Except as set forth above or as specified on the face hereof, the interest
rate in effect on each day shall be (1) 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 (2) if such day is not
an Interest Reset Date, the interest rate determined as of the Interest
Determination Date immediately preceding the most recent Interest Reset Date.

          Unless otherwise specified on the face hereof:

(1) The “Interest Reset Date” shall be, if the Interest Rate Reset
Period specified on the face hereof is (i) daily, each Business
Day; (ii) weekly, the Wednesday of each week (except if the
applicable Interest Rate Basis is the Treasury Rate which shall
reset on the Tuesday of each week); (iii) monthly, the third
Wednesday of each month (except if the applicable Interest Rate
Basis is

 

 

the Eleventh District Cost of Funds Rate which shall reset on the
first calendar day of the month); (iv) quarterly, the third
Wednesday of March, June, September and December of each year, (v)
semiannually, the third Wednesday of the two months specified on
the face hereof; and (vi) annually, the third Wednesday of the
month specified on the face hereof. If any Interest Reset Date
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, unless LIBOR is an applicable Interest Rate Basis, in
which case, if such Business Day falls in the next succeeding
calendar month, such Interest Reset Date shall be the immediately
preceding Business Day.

(2) The “Interest Determination Date” with respect this Security
shall be: (i) if the applicable Interest Rate Basis is the CD Rate
or the CMT Rate, the second Business Day immediately preceding the
applicable Interest Reset Date; (ii) if the applicable Interest
Rate Basis is the Commercial Paper Rate, the Federal Funds Rate or
the Prime Rate, the Business Day immediately preceding the
applicable Interest Reset Date; (iii) if the applicable Interest
Rate Basis is the Eleventh District Cost of Funds Rate, the last
working day of the month immediately preceding the applicable
Interest Reset Date on which the Federal Home Loan Bank of San
Francisco publishes the Index (as defined below); (iv) if the
applicable Interest Rate Basis is LIBOR, the second London Business
Day (as defined below) immediately preceding the applicable
Interest Reset Date and (v) if the applicable Interest Rate Basis
is the Treasury Rate, the day in the week in which the applicable
Interest Reset Date falls on which day Treasury Bills (as defined
below) are normally auctioned; provided, however, that if an
auction is held on the Friday of the week preceding the applicable
Interest Reset Date, the Interest Determination Date will be such
preceding Friday. If the interest rate on this Security is
determined by reference to two or more Interest Rate Bases, the
Interest Determination Date shall be the second Business Day prior
to the applicable Interest Reset Date for this Security on which
each Interest Rate Basis is determinable. Each Interest Rate Basis
will be determined on such date, and the applicable interest rate
will take effect on the applicable Interest Reset Date.

(3) The “Calculation Date,” if applicable, pertaining to any
Interest Determination Date will be the earlier of (1) the tenth
calendar day after such Interest Determination Date, or, if such
day is not a Business Day, the next succeeding Business Day or (2)
the Business Day immediately preceding the applicable Interest
Payment Date or Stated Maturity, as the case may be.

          Unless otherwise specified on the face hereof, the interest rate with
respect to each Interest Rate Basis shall be determined in accordance with the
following provisions:

Determination of CD Rate

          If the Interest Rate Basis with respect to this Security is the CD Rate,
such rate shall be determined by the Calculation Agent appointed as agent by
the Company to calculate the rates of interest applicable to securities
including this Security (the “Calculation Agent”) in accordance with the
following provisions:

          “CD Rate” means the rate on the date for negotiable certificates of
deposit having the Index Maturity specified on the face hereof as published by
the Board of Governors of the Federal Reserve System in “H.15(519)” (as defined
below), under the heading “CDs (Secondary Market).”

          The Interest Determination Date relating to a CD Rate Note or any Floating
Rate Note for which the interest rate is determined with reference to the CD
Rate is referred to herein as a “CD Rate Interest Determination Date.”

          The following procedures will be followed if the CD Rate cannot be
determined as described above:

 

 

	 	•	 	If the rate is not published by 3:00 P.M., New York City
time, on the related Calculation Date, the rate on the CD Rate
Interest Determination Date for negotiable certificates of deposit
of the Index Maturity specified on the face hereof as published in
H.15 Daily Update (as defined below) or the other recognized
electronic source used for the purpose of displaying the rate under
the caption “CDs (secondary market)” will apply.
	 
	 	•	 	If the rate is not yet published in either H.15(519), H.15
Daily Update or other recognized electronic source by 3:00 P.M., New
York City time on the related Calculation Date, the CD Rate for the
CD Rate Interest Determination Date will be calculated by the
Calculation Agent and will be the arithmetic mean of the secondary
market offered rates as of 10:00 A.M., New York City time on the
related Calculation Date, of three leading nonbank dealers in
negotiable United States dollar certificates of deposit in The City
of New York (which may include one or more of the agents or their
affiliates). The secondary market offered rates will be selected by
the Calculation Agent for negotiable certificates of deposit of
major United States money center banks for negotiable certificates
of deposit with a remaining maturity closest to the Index Maturity
designated on the face hereof and be in an amount that is
representative for a single transaction in that market at that time.
	 
	 	•	 	If the dealers so selected by the Calculation Agent are not
quoting as set forth above, the CD Rate for the CD Rate Interest
Determination Date will be that CD Rate in effect on the CD Rate
Interest Determination Date.

          “Index Maturity” means the period to maturity of the instrument or
obligation with respect to which the related Interest Rate Basis or Bases will
be calculated.

          “H.15(519)” means the designated weekly statistical release, or any
successor publication, published by the Board of Governors of the Federal
Reserve System.

          “H.15 Daily Update” means the daily update of H.15(519), available through
the world-wide-web site of the Board of Governors of the Federal Reserve System
at http://www.federalreserve.gov/releases/h15/update, or any successor site or
publication.

Determination of CMT Rate

          If the Interest Rate Basis with respect to this Security is the CMT Rate,
such rate will be determined by the Calculation Agent in accordance with the
following provisions:

          The Interest Determination Date relating to a CMT Rate Note or any
Floating Rate Note for which the interest rate is determined with reference to
the CMT Rate will be referred to herein as the “CMT Rate Interest Determination
Date.”

          “CMT Rate” means:

          (1) if CMT Telerate Page 7051 is specified on the face hereof:

     (a) the percentage equal to the yield for United States
Treasury securities at “constant maturity” having the Index
Maturity specified on the face hereof as published in H.15(519)
under the caption “Treasury Constant Maturities”, as the yield is
displayed on Moneyline Telerate (or any successor service) on page
7051 (or any other page as may replace the specified page on that
service) (“Telerate Page 7051”), for the CMT Rate Interest
Determination Date, or

     (b) if the rate referred to in clause (a) does not so appear
on Telerate Page 7051, the percentage equal to the yield for United
States Treasury securities at “constant maturity” having

 

 

the Index Maturity specified on the face hereof and for the
CMT Rate Interest Determination Date as published in H.15(519)
under the caption “Treasury Constant Maturities”, or

     (c) if the rate referred to in clause (b) does not so appear
in H.15(519), the rate on the CMT Rate Interest Determination Date
for the period of the Index Maturity specified on the face hereof
as may then be published by either the Federal Reserve System Board
of Governors or the United States Department of the Treasury that
the Calculation Agent determines to be comparable to the rate which
would otherwise have been published in H.15(519), or

     (d) if the rate referred to in clause (c) is not so published,
the rate on the CMT Rate Interest Determination Date calculated by
the Calculation Agent as a yield to maturity based on the
arithmetic mean of the secondary market bid prices at approximately
3:30 P.M., New York City time, on that CMT Rate Interest
Determination Date of three leading primary United States
government securities dealers in The City of New York (which may
include the agents or their affiliates) (each, a “Reference
Dealer”), selected by the Calculation Agent from five Reference
Dealers selected by the Calculation Agent 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 United States Treasury securities with an
original maturity equal to the Index Maturity specified on the face
hereof, a remaining term to maturity no more than 1 year shorter
than that Index Maturity and in a principal amount that is
representative for a single transaction in the securities in that
market at that time, or

     (e) if fewer than five but more than two of the prices
referred to in clause (d) are provided as requested, the rate on
the CMT Rate Interest Determination Date calculated by the
Calculation Agent based on the arithmetic mean of the bid prices
obtained and neither the highest nor the lowest of the quotations
shall be eliminated, or

     (f) if fewer than three prices referred to in clause (d) are
provided as requested, the rate on the CMT Rate Interest
Determination Date calculated by the Calculation Agent as a yield
to maturity based on the arithmetic mean of the secondary market
bid prices as of approximately 3:30 P.M., New York City time, on
that CMT Rate Interest Determination Date of three Reference
Dealers selected by the Calculation Agent from five Reference
Dealers selected by the Calculation Agent 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 United States Treasury securities with an original
maturity greater than the Index Maturity specified on the face
hereof, a remaining term to maturity closest to that Index Maturity
and in a principal amount that is representative for a single
transaction in the securities in that market at that time, or

     (g) if fewer than five but more than two prices referred to in
clause (f) are provided as requested, the rate on the CMT Rate
Interest Determination Date calculated by the Calculation Agent
based on the arithmetic mean of the bid prices obtained and neither
the highest nor the lowest of the quotations will be eliminated, or

     (h) if fewer than three prices referred to in clause (f) are
provided as requested, the CMT Rate in effect on the CMT Rate
Interest Determination Date.

(2) if CMT Telerate Page 7052 is specified on the face hereof:

     (a) the percentage equal to the one-week or one-month, as
specified on the face hereof, average yield for United States
Treasury securities at “constant maturity” having the Index
Maturity specified on the face hereof as published in H.15(519)
opposite the caption “Treasury Constant Maturities”, as the yield
is displayed on Moneyline Telerate (or any successor service) (on
page 7052 or any other page as may replace the specified page on
that service) (“Telerate Page

 

 

7052”), for the week or month, as applicable, ended
immediately preceding the week or month, as applicable, in which
the CMT Rate Interest Determination Date falls, or

     (b) if the rate referred to in clause (a) does not so appear
on Telerate Page 7052, the percentage equal to the one-week or
one-month, as specified on the face hereof, average yield for
United States Treasury securities at “constant maturity” having the
Index Maturity specified on the face hereof and for the week or
month, as applicable, preceding the CMT Rate Interest Determination
Date as published in H.15(519) opposite the caption “Treasury
Constant Maturities,” or

     (c) if the rate referred to in clause (b) does not so appear
in H.15(519), the one-week or one-month, as specified on the face
hereof, average yield for United States Treasury securities at
“constant maturity” having the Index Maturity specified on the face
hereof as otherwise announced by the Federal Reserve Bank of New
York for the week or month, as applicable, ended immediately
preceding the week or month, as applicable, in which the CMT Rate
Interest Determination Date falls, or

     (d) if the rate referred to in clause (c) is not so published,
the rate on the CMT Rate Interest Determination Date calculated by
the Calculation Agent as a yield to maturity based on the
arithmetic mean of the secondary market bid prices at approximately
3:30 P.M., New York City time, on that CMT Rate Interest
Determination Date of three Reference Dealers selected by the
Calculation Agent from five Reference Dealers selected by the
Calculation Agent 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 United States
Treasury securities with an original maturity equal to the Index
Maturity specified on the face hereof, a remaining term to maturity
no more than 1 year shorter than that Index Maturity and in a
principal amount that is representative for a single transaction in
the securities in that market at that time, or

     (e) if fewer than five but more than two of the prices
referred to in clause (d) are provided as requested, the rate on
the CMT Rate Interest Determination Date calculated by the
Calculation Agent based on the arithmetic mean of the bid prices
obtained and neither the highest nor the lowest of the quotations
shall be eliminated, or

     (f) if fewer than three prices referred to in clause (d) are
provided as requested, the rate on the CMT Rate Interest
Determination Date calculated by the Calculation Agent as a yield
to maturity based on the arithmetic mean of the secondary market
bid prices as of approximately 3:30 P.M., New York City time, on
that CMT Rate Interest Determination Date of three Reference
Dealers selected by the Calculation Agent from five Reference
Dealers selected by the Calculation Agent 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 United States Treasury securities with an original
maturity greater than the particular Index Maturity, a remaining
term to maturity closest to that Index Maturity and in a principal
amount that is representative for a single transaction in the
securities in that market at the time, or

     (g) if fewer than five but more than two prices referred to in
clause (f) are provided as requested, the rate on the CMT Rate
Interest Determination Date calculated by the Calculation Agent
based on the arithmetic mean of the bid prices obtained and neither
the highest or the lowest of the quotations will be eliminated, or

     (h) if fewer than three prices referred to in clause (f) are
provided as requested, the CMT Rate in effect on that CMT Rate
Interest Determination Date.

          If two United States Treasury securities with an original maturity greater
than the Index Maturity specified on the face hereof have remaining terms to
maturity equally close to the that Index Maturity, the quotes for

 

 

the United States Treasury security with the shorter original remaining
term to maturity will be used.

Determination of Commercial Paper Rate

          If the Interest Rate Basis with respect to this Security is the Commercial
Paper Rate, such rate shall be determined by the Calculation Agent in
accordance with the following provisions:

          “Commercial Paper Rate” means the Money Market Yield (as defined below) on
the date of the rate for commercial paper having the Index Maturity specified
on the face hereof as published in H.15(519) under the caption “Commercial
Paper — Non-Financial.”

          The Interest Determination Date relating to a Commercial Paper Rate Note
or any Floating Rate Note for which the interest rate is determined with
reference to the Commercial Paper Rate will be referred to herein as the
“Commercial Paper Rate Interest Determination Date.”

          The following procedures will be followed if the Commercial Paper Rate
cannot be determined as described above:

	 	•	 	In the event the rate is not published by 3:00 P.M., New York
City time, on the related Calculation Date then the Commercial Paper
Rate will be the Money Market Yield (as defined below) on the
Commercial Paper Rate Interest Determination Date of the rate for
commercial paper having the Index Maturity specified on the face
hereof, as published in H.15 Daily Update, or the other recognized
electronic source used for the purpose of displaying the rate under
the caption “Commercial Paper — Non-Financial.” An Index Maturity
of one month will be deemed equivalent to an Index Maturity of 30
days and an Index Maturity of three months will be deemed to be
equivalent to an Index Maturity of 90 days.
	 
	 	•	 	If by 3:00 P.M., New York City time, on the related
Calculation Date, the rate is not yet published in H.15(519), H15
Daily Update or another other recognized electronic source, then the
Commercial Paper Rate on the Interest Determination Date will be
calculated by the Calculation Agent and will be the Money Market
Yield of the arithmetic mean of the offered rates at approximately
11:00 A.M., New York City time, on the Commercial Paper Rate
Interest Determination Date of three leading dealers United States
dollar commercial paper in The City of New York (which may include
one or more of the agents or their affiliates). The quotations will
be selected by the Calculation Agent for commercial paper having the
Index Maturity designated on the face hereof placed for an
industrial issuer whose bond rating is “AA,” or the equivalent, from
a nationally recognized rating agency.
	 
	 	•	 	If the dealers selected by the Calculation Agent are not
quoting as provided above, the Commercial Paper Rate will be that
Commercial Paper Rate in effect on the Commercial Paper Rate
Interest Determination Date.

          “Money Market Yield” means a yield (expressed as a percentage rounded to
the nearest one-hundredth of a percent, with five one-thousandths of a percent
rounded upwards) calculated by the following formula:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	D x 360	 	 	 	 	 	 	 	 
	Money Market Yield

	 	=
	 	

	 	×
	 	 	100	 	 	 
	

	 	 	 	360 – (D x M)	 	 	 	 	 	 	 	 

where “D” is 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 applicable Interest Reset
Period.

 

 

Determination of Eleventh District Cost of Funds Rate

          If the Interest Rate Basis with respect to this Security is the Eleventh
District Cost of Funds Rate, such rate shall be determined by the Calculation
Agent in accordance with the following provisions:

          “Eleventh District Cost of Funds Rate” means the rate equal to the monthly
weighted average cost of funds for the calendar month immediately preceding the
month in which the Eleventh District Cost of Funds Rate Interest Determination
Date (as defined below) falls, as set forth under the caption “11th District”
on Moneyline Telerate (or any successor service) on page 7058 (or any other
page as may replace the specified page on that service) (“Telerate Page 7058”)
as of 11:00 A.M., San Francisco time, on the Eleventh District Cost of Funds
Rate Interest Determination Date.

          An Interest Determination Date relating to an Eleventh District Cost of
Funds Rate Note or any Floating Rate Note for which the interest rate is
determined with reference to the Eleventh District Cost of Funds Rate will be
referred to herein as an “Eleventh District Cost of Funds Rate Interest
Determination Date.”

          The following procedures will be followed if the Eleventh District Cost of
Funds Rate cannot be determined as described above:

	 	•	 	If the 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 the Eleventh
District Cost of Funds Rate Interest Determination Date will be the
monthly weighted average costs of funds paid by member institutions
of the Eleventh Federal Home Loan Bank District that was most
recently announced (the “Index”) by the Federal Home Loan Bank of
San Francisco as the cost of funds for the calendar month
immediately preceding the date of the announcement.
	 
	 	•	 	If the Federal Home Loan Bank of San Francisco fails to
announce the rate for the calendar month immediately preceding the
Eleventh District Cost of Funds Rate Interest Determination Date,
then the Eleventh District Cost of Funds Rate determined as of the
Eleventh District Cost of Funds Rate Interest Determination Date
will be the Eleventh District Cost of Funds Rate in effect on the
Eleventh District Cost of Funds Rate Interest Determination Date.

Determination of Federal Funds Rate

          If the Interest Rate Basis with respect to this Security is the Federal
Funds Rate, such rate shall be determined by the Calculation Agent in
accordance with the following provisions:

          “Federal Funds Rate” means the rate on the date for federal funds as
published in H.15(519) under the heading “Federal Funds (Effective)”, as the
rate is displayed on Moneyline Telerate (or any successor service) on page 120
(or any other page as may replace the page on the service) (“Telerate 120”).

          An Interest Determination Date relating to a Federal Funds Rate Note or
any Floating Rate Note for which the interest rate is determined with reference
to the Federal Funds Rate will be referred to herein as a “Federal Funds Rate
Interest Determination Date.”

          The following procedures will be followed if the Federal Funds Rate cannot
be determined as described above:

	 	•	 	If the rate does not appear on Telerate Page 120 or is not so
published by 3:00 P.M. New York City time, on the related
Calculation Date, the rate on the Federal Funds Rate Interest
Determination Date as published in H.15 Daily Update, or the other
recognized electronic source used for the purpose of displaying the
rate, under the caption “Federal Funds (Effective)” will be used.

 

 

	 	•	 	If by 3:00 P.M., New York City time, on the related
Calculation Date the rate does not appear on Telerate Page 120 or is
not yet published in H.15(519), H.15 Daily Update or other
recognized electronic source, then the Federal Funds Rate on the
Federal Funds Rate Interest Determination Date will be calculated by
the Calculation Agent and will be the arithmetic mean of the rates
for the last transaction in overnight United States dollar federal
funds arranged by three leading brokers of United States dollar
federal funds transactions in The City of New York (which may
include one or more of the agents or their affiliates) selected by
the Calculation Agent prior to 9:00 A.M., New York City time, on
that Federal Funds Rate Interest Determination Date.
	 
	 	•	 	If the brokers selected by the Calculation Agent are not
quoting as provided above, the Federal Funds Rate determined as of
the Federal Funds Rate Interest Determination Date will be the
Federal Funds Rate in effect on that Federal Funds Rate Interest
Determination Date.

Determination of LIBOR

          If the Interest Rate Basis with respect to this Security is LIBOR, such
rate shall be determined by the Calculation Agent in accordance with the
following provisions:

          An Interest Determination Date relating to a LIBOR Note or any Floating
Rate Note for which the interest rate is determined with reference to LIBOR
will be referred to herein as a “LIBOR Interest Determination Date”.

     (a) Upon a LIBOR Interest Determination Date, the LIBOR rate will be
either:

	 	•	 	if “LIBOR Telerate” is specified on the face hereof or if
neither “LIBOR Reuters” nor “LIBOR Telerate” is specified on the
face hereof as the method for calculating LIBOR, the rate for
deposits in the Designated LIBOR Currency (as defined below) having
the Index Maturity specified on the face hereof, commencing on the
Interest Reset Date, that appears on the Designated LIBOR Page (as
defined below) as of 11:00 A.M., London time, on the LIBOR Interest
Determination Date; or
	 
	 	•	 	if “LIBOR Reuters” is specified on the face hereof, the
arithmetic mean of the offered rates (unless the Designated LIBOR
Page by its terms provides only for a single rate, in which case
that single rate shall be used) for deposits in the Designated LIBOR
Currency having the Index Maturity specified on the face hereof,
commencing on the applicable Interest Reset Date, that appear (or,
if only a single rate is required as aforesaid, appears) on the
Designated LIBOR Page as of 11:00 A.M., London time, on the LIBOR
Interest Determination Date. If fewer than two offered rates so
appear, or if no rate so appears, as applicable, LIBOR on the LIBOR
Interest Determination Date will be determined in accordance with
the provisions described in paragraph (b) set forth below.

     (b) 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, on
the Designated LIBOR Page as specified in (a) above, LIBOR will be
determined according to the procedures described below:

	 	•	 	The Calculation Agent will request the principal London
offices of each of four major reference banks (which may include
affiliates of the agents) in the London interbank market, as
selected by the Calculation Agent, to provide the Calculation Agent
with its offered quotation for deposits in the Designated LIBOR
Currency for the period of the Index Maturity specified on the face
hereof, commencing on the applicable Interest Reset Date, to prime
banks in the London interbank market at approximately 11:00 A.M.,
London time, on the LIBOR Interest Determination Date and in a
principal amount that is representative for a single transaction in
the Designated LIBOR Currency in the market at the time.

 

 

	 	•	 	If at least two quotations are so provided, then LIBOR on the
LIBOR Interest Determination Date will be the arithmetic mean of the
quotations.
	 
	 	•	 	If fewer than two quotations are so provided, then LIBOR on
the LIBOR Interest Determination Date will be the arithmetic mean of
the rates quoted at approximately 11:00 A.M., in the applicable
principal financial center, on the LIBOR Interest Determination Date
by three major banks (which may include affiliates of the agents) in
the principal financial center selected by the Calculation Agent for
loans in the Designated LIBOR Currency to leading European banks,
having the Index Maturity specified on the face hereof and in a
principal amount that is representative for a single transaction in
the Designated LIBOR Currency in the market at the time.
	 
	 	•	 	If the banks so selected by the Calculation Agent are not
quoting as provided above, LIBOR determined as of the LIBOR Interest
Determination Date will be LIBOR in effect on that LIBOR Interest
Determination Date.

          “Designated LIBOR Currency” means the currency specified on the face
hereof as to which LIBOR shall be calculated or, if no currency is specified on
the face hereof, United States dollars.

          “Designated LIBOR Page” means (a) if “LIBOR Reuters” is specified on the
face hereof, the display on the Reuter Monitor Money Rates Service (or any
successor service) on the page specified on the face hereof (or any other page
as may replace the page on the service) for the purpose of displaying the
London interbank rates of major banks for the Designated LIBOR Currency, or (b)
if “LIBOR Telerate” is specified on the face hereof or neither “LIBOR Reuters”
nor “LIBOR Telerate” is specified on the face hereof as the method for
calculating LIBOR, the display on Moneyline Telerate (or any successor service)
on the page specified on the face hereof (or any other page as may replace the
page on the service) for the purpose of displaying the London interbank rates
of major banks for the Designated LIBOR Currency.

Determination of Prime Rate

          If the Interest Rate Basis with respect to this Security is the Prime
Rate, such rate shall be determined by the Calculation Agent in accordance with
the following provisions:

          “Prime Rate” means the rate on the date as published in H.15(519) under
the heading “Bank Prime Loan.”

          An Interest Determination Date relating to a Prime Rate Note or any
Floating Rate Note for which the interest rate is determined with reference to
the Prime Rate will be referred to herein as a “Prime Rate Interest
Determination Date.”

          The following procedures will be followed if the Prime Rate cannot be
determined as described above:

	 	•	 	If the rate is not published in H.15(519) prior to 3:00 P.M.,
New York City time, on the related Calculation Date, the rate on the
Prime Rate Interest Determination Date as published in H.15 Daily
Update, or other recognized electronic source used for the purpose
of displaying the rate, under the caption “Bank Prime Loan” will be
used.
	 
	 	•	 	If the rate is not published prior to 3:00 P.M., New York
City time, on the related Calculation Date, in H.15(519), or H.15
Daily Update or another recognized electronic source, then the Prime
Rate will be the arithmetic mean of the rates of interest publicly
announced by each bank that appears on the Reuters Screen US PRIME 1
(as defined below) as the bank’s prime rate or base lending rate as
in effect for that Prime Rate Interest Determination Date, as
determined by the Calculation Agent.

 

 

	 	•	 	If fewer than four rates appear on the Reuters Screen US
PRIME 1 for the Prime Rate Interest Determination Date, the Prime
Rate will be calculated by the Calculation Agent and will be the
arithmetic mean of the prime rates or base lending 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 the Prime Rate Interest
Determination Date by three major banks in The City of New York
(which may include affiliates of the agents) selected by the
Calculation Agent.
	 
	 	•	 	If the banks or trust companies selected are not quoting as
provided above, the Prime Rate determined for the Prime Rate
Interest Determination Date will be that Prime Rate in effect on the
Prime Rate Interest Determination Date.

          “Reuters Screen US PRIME 1” means the display designated as page “US PRIME
1” on the Reuters Monitor Money Rates Service (or the other page as may replace
the US PRIME 1 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 the Interest Rate Basis with respect to this Security is the Treasury
Rate, such rate shall be determined by the Calculation Agent in accordance with
the following provisions:

          An Interest Determination Date relating to a Treasury Rate Note or any
Floating Rate Note for which the interest rate is determined by reference in
the Treasury Rate shall be referred to herein as a “Treasury Rate Interest
Determination Date.”

“Treasury Rate” means:

(1) the rate from the auction held on the Treasury Rate Interest
Determination Date (the “Auction”) of direct obligations of the
United States (“Treasury Bills”) having the Index Maturity
specified on the face hereof under the caption “INVESTMENT RATE” on
the display on Moneyline Telerate (or any successor service) on
page 56 (or any other page as may replace that page on that
service) (“Telerate Page 56”) or page 57 (or any other page as may
replace that page on that service) (“Telerate Page 57”), or

(2) if the rate referred to in clause (1) is not so published by
3:00 P.M., New York City time, on the related Calculation Date, the
Bond Equivalent Yield (as defined below) of the auction rate of the
applicable Treasury Bills as announced by the United States
Department of the Treasury, or

(3) if the rate referred to in clause (2) is not so announced by
the United States Department of the Treasury, or if the Auction is
not held, the Bond Equivalent Yield of the rate on the Treasury
Rate Interest Determination Date of the applicable Treasury Bills
as published in H.15(519) under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”, or

(4) if the rate referred to in clause (3) not so published by 3:00
P.M., New York City time, on the related Calculation Date, the rate
on the Treasury Rate Interest Determination Date of the applicable
Treasury Bills as published in H.15 Daily Update, or another
recognized electronic source used for the purpose of displaying the
applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”, or

(5) if the rate referred to in clause (4) is not so published by
3:00 P.M., New York City time, on the related Calculation Date, the
rate on the Treasury Rate Interest Determination Date calculated by
the Calculation Agent as the Bond Equivalent Yield of the
arithmetic mean of the secondary market bid rates, as of
approximately 3:30 P.M., New York City time, on that Treasury Rate
Interest Determination Date, of three primary United States
government securities dealers (which may include the agents or
their affiliates) selected by the Calculation Agent, for the issue

 

 

of Treasury Bills with a remaining maturity closest to the Index
Maturity specified on the face hereof, or

(6) if the dealers so selected by the Calculation Agent are not
quoting as mentioned in clause (5), the Treasury Rate in effect on
the Treasury Rate Interest Determination Date.

          “Bond Equivalent Yield” means a yield (expressed as a percentage)
calculated in accordance with the following formula:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	D x N	 	 	 	 	 	 	 	 
	Bond Equivalent Yield

	 	=
	 	

	 	×
	 	 	100	 	 	 
	

	 	 	 	360 – (D x M)	 	 	 	 	 	 	 	 

where “D” refers to the applicable per annum rate for Treasury Bills quoted on
a bank discount basis and expressed as a decimal, “N” refers to 365 or 366, as
the case may be, and “M” refers to the actual number of days in the applicable
Interest Reset Period.

          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, shown on the face hereof. The Calculation Agent shall
calculate the interest rate on this Security in accordance with the foregoing
on each Interest Determination Date.

          The interest rate on this Security will in no event be higher than the
maximum rate permitted by New York or California law as the same may be
modified by the United States law of general applicability.

          The Calculation Agent will, upon the request of the Holder of this
Security, provide to such Holder the interest rate hereon then in effect and,
if different, the interest rate which will become effective as of the next
applicable Interest Reset Date.

          If any Interest Payment Date specified on the face hereof would otherwise
be a day that is not a Business Day, the Interest Payment Date shall be
postponed to the next day that is a Business Day, except that if (1) the rate
of interest on this Security shall be determined in accordance with the
provisions of the heading “Determination of LIBOR” above, and (2) such Business
Day is in the next succeeding calendar month, such Interest Payment Date shall
be the immediately preceding Business Day. “Business Day” means any day that
is not a Saturday or Sunday and that, in The City of New York (and, if the rate
of interest on this Security shall be determined in accordance with the
provisions of the heading “Determination of LIBOR” above, the City of London),
is not a day on which banking institutions are generally authorized or
obligated by law to close.

          Interest payments for this Security will include interest accrued from and
including the date of issue or from and including the last date in respect of
which interest has been paid, as the case may be, to, but excluding, the
Interest Payment Date or Stated Maturity, as the case may be. Accrued interest
hereon from the Original Issue Date or from the last date to which interest
hereon has been paid, as the case may be, shall be an amount calculated by
multiplying the face amount hereof by an accrued interest factor. Such accrued
interest factor shall be computed by adding the interest factor calculated for
each day from the Original Issue Date or from the last date to which interest
shall have been paid, as the case may be, to the date for which accrued
interest is being calculated. The interest factor for each such day shall be
computed by dividing the interest rate (expressed as a decimal) applicable to
such day by 360, in case the Interest Rate Basis of this Security is the CD
Rate, Commercial Paper Rate, Eleventh District Cost of Funds Rate, Federal
Funds Rate, Prime Rate or LIBOR, or by the actual number of days in the year in
the case the Interest Rate Basis of this Security is the CMT Rate or the
Treasury Rate.

          On each Optional Reset Date, if any, specified on the face hereof, the
Company has the option to reset the Spread and the Spread Multiplier. If no
date or dates for such reset are set forth on the face hereof, this Security
will not be subject to such reset. The Company may exercise such option by
notifying the Trustee of such exercise at least 45 but not more than 60 days
prior to an Optional Reset Date. Not later than 40 days prior to such Optional
Reset Date, the Trustee will mail to the Holder hereof a notice (the “Reset
Notice”), first class, postage

 

 

prepaid. The Reset Notice will indicate whether the Company has
elected to reset the Spread or Spread Multiplier and if so, (1) such new Spread
or Spread Multiplier, as the case may be; and (2) the provisions, if any, for
redemption during the period from such Optional Reset Date to the next Optional
Reset Date or, if there is no such next Optional Reset Date, to Stated Maturity
(each such period a “Subsequent Interest Period”), including the date or dates
on which or the period or periods during which and the price or prices at which
such redemption may occur during such Subsequent Interest Period.

          Notwithstanding the foregoing, the Company may, at its option, revoke the
Spread or Spread Multiplier as provided for in the Reset Notice, and establish
a Spread or Spread Multiplier that is higher (or lower if this Security is
designated an Inverse Floating Rate Note) than the Spread or Spread Multiplier
provided for in the relevant Reset Notice for the Subsequent Interest Period
commencing on such Optional Reset Date, by causing the Trustee to mail, not
later than 20 days prior to an Optional Reset Date (or, if the day is not a
Business Day, on the immediately succeeding Business Day), a notice of such new
Spread or Spread Multiplier to the Holder hereof. Such notice will be
irrevocable. The Company must notify the Trustee of its intentions to revoke
such Reset Notice at least 25 days prior to such Optional Reset Date. If the
Spread or Spread Multiplier hereof is reset on an Optional Reset Date and the
Holder hereof has not tendered this Security for repayment (or has validly
revoked any such tender) pursuant to the next succeeding paragraph, such Holder
will bear such new Spread or Spread Multiplier for the Subsequent Interest
Period.

          If the Company elects to reset the Spread or Spread Multiplier as
described above, the Holder hereof will have the option to elect repayment
hereof by the Company on any Optional Reset Date at a price equal to the
aggregate principal amount hereof outstanding on, plus any interest accrued to,
such Optional Reset Date. In order to exercise such option, the Holder hereof
must follow the procedures set forth below for optional repayment, except that
(1) the period for delivery of this Security or notification to the Trustee
will be at least 25 but not more than 35 days prior to such Optional Reset Date
and (2) a Holder who has tendered for repayment pursuant to a Reset Notice may,
by written notice to the Trustee, revoke any such tender until the close of
business on the tenth day prior to such Optional Reset Date.

          The Company may extend the Stated Maturity of this Security for the number
of periods of whole years from one to five, if any, specified on the face
hereof under Extension Periods up to but not beyond the Final Maturity Date
specified on the face hereof. If no period or periods for such extension are
set forth on the face hereof, this Security will not be subject to such
extension and will finally mature on the Stated Maturity specified on the face
hereof. The Company may exercise such option by notifying the Trustee of such
exercise at least 45 but not more than 60 days prior to the old Stated
Maturity. Not later than 40 days prior to the old Stated Maturity, the Trustee
will mail to the Holder hereof a notice (the “Extension Notice”), first class,
postage prepaid. The Extension Notice will set forth (1) the election of the
Company to extend the Stated Maturity; (2) the new Stated Maturity; (3) the
Spread or Spread Multiplier applicable to the Extension Period; and (4) the
provisions, if any, for redemption during the Extension Period, including the
date or dates on which or the period or periods during which and the price or
prices at which such redemption may occur during the Extension Period. Upon
the mailing by such Trustee of an Extension Notice to the Holder hereof, the
Stated Maturity shall be extended automatically, and, except as modified by the
Extension Notice and as described in the next paragraph, this Security will
have the same terms as prior to the mailing of such Extension Notice.

          Notwithstanding the foregoing, not later than 20 days prior to the old
Stated Maturity, the Company may, at its option, revoke the Spread or Spread
Multiplier provided for in the Extension Notice and establish a higher (or
lower if this Security is designated an Inverse Floating Rate Note) Spread or
Spread Multiplier for the Extension Period, by causing the Trustee to mail
notice of such new Spread or Spread Multiplier, as the case may be, first
class, postage prepaid, to the Holder hereof. Such notice will be irrevocable.
In such case, this Security will bear such new Spread or Spread Multiplier for
the Extension Period, whether or not tendered for repayment.

          If the Company extends the Stated Maturity, the Holder hereof will have
the option to elect repayment hereof by the Company on the old Stated Maturity
at a price equal to the principal amount hereof, plus any interest accrued and
unpaid to such date. In order to exercise such option, the Holder hereof must
follow the

 

 

procedures set forth for optional repayment, except that (1) the period
for delivery of this Security or notification to the Trustee will be at least
25 but not more than 35 days prior to the old Stated Maturity and (2) a Holder
who has tendered for repayment pursuant to an Extension Notice may, by written
notice to the Trustee, revoke any such tender for repayment until the close of
business on the tenth day before the old Stated Maturity.

          Unless otherwise indicated on the face of this Security, this Security may
not be redeemed prior to Stated Maturity. If so indicated on the face of this
Security, this Security may be redeemed, at the option of the Company, on any
date on or after the date set forth on the face hereof, either in whole or from
time to time in part at a redemption price equal to 100% of the principal
amount redeemed, together with interest accrued and unpaid thereon to the date
of redemption. Notice of redemption shall be mailed to the Holders of the
Securities designated for redemption at their addresses as the same shall
appear in the Security Register not less than 30 and not more than 60 days
prior to the date of redemption, subject to all the conditions and provisions
of the Indenture. In the event of any redemption, the Company will not be
required to (1) issue, register the transfer of, or exchange any Security
during a period beginning at the opening of business 15 days before any
selection of Securities to be redeemed and ending at the close of business on
the date of mailing of the relevant notice of redemption or (2) register the
transfer or exchange of any Security, or any portion thereof, called for
redemption, except the unredeemed portion of any Security being redeemed in
part. Only a new Security or Securities for the amount of the unredeemed
portion hereof shall be issued in the name of the Holder upon the cancellation
hereof.

          If so provided on the face of this Security, the Security will be subject
to repayment at the option of the Holder on the date or dates so indicated on
the face hereof. If no date or dates for such repayment are set forth on the
face hereof, this Security will not be repayable at the option of the Holder
prior to Stated Maturity. On an optional repayment date, if any, this Security
will be repayable in whole or in part in increments of $1,000 at the option of
the Holder at a price equal to 100% of the principal amount to be repaid,
together with interest thereon payable to the date of repayment, if not more
than 60 nor less than 30 days prior to the date or dates of repayment set forth
on the face hereof, the Company receives either (a) the Security with the form
entitled “Option to Elect Repayment” on the reverse of the Security duly
completed or (b) a telegram, telex, facsimile transmission or letter from a
member of a national securities exchange or the National Association of
Securities Dealers, Inc. or a commercial bank or a trust company in the United
States of America stating the name of the Holder of the Security, the principal
amount of the Security, the amount of the Security to be repaid, a statement
that the option to elect repayment is being exercised, and a guarantee that the
Security to be repaid with the form entitled “Option to Elect Repayment” on
the reverse of the Security duly completed will be received by the Company
within five Business Days after the date of the telegram, telex, facsimile
transmission or letter, and the security and form duly completed are so
received by the Company. Any notice of this effect received by the Company
will be irrevocable. The final and binding determination of all questions as
to the validity, eligibility (including time of receipt) and acceptance of this
Security for repayment will be made by the Company. In the event of repayment
of this Security in part only, a new Security for the unrepaid portion hereof
shall be issued in the name of the Holder hereof upon the surrender hereof.

          If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of the series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

          Unless otherwise specified on the face hereof, if (1) this Security is
issued with original issue discount (as defined in the Internal Revenue Code of
1986, as amended)( the “Code”), and (2) the principal hereof is declared to be
due and payable immediately, the amount of principal due and payable with
respect hereto shall be limited to the Principal Amount hereof multiplied by
the sum of the Issue Price hereof (expressed as a percentage of the Principal
Amount hereof); plus the aggregate portions of the original issue discount
(consisting of the excess of the amounts considered as part of the “stated
redemption price at maturity” of the Security within the meaning of Section
1273(a)(2) of the Code, whether denominated as principal or interest, over the
Issue Price), which have accrued pursuant to Section 1272 of the Code (without
regard to Section 1272(a)(7) of the Code) from the date of issuance of the
Security to the date of determination; and minus any amount paid from the date
of issuance up to the date of determination which is considered part of the
“stated redemption price at maturity” of the Security.

 

 

          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 not less than a majority in principal amount of
the Securities at the time outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of not less than a
majority in principal amount of the outstanding Securities of any 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 Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

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

          This Security is exchangeable only if (1) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this
Global Security or if at any time the Depositary ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and a
successor Depositary is not appointed within the time specified in the
Indenture, or (2) the Company in its sole discretion determines that all Global
Securities of the same series as this Security shall be exchangeable for
definitive Securities of differing denominations aggregating a like amount in
registered form. If this Security is exchangeable pursuant to the preceding
sentence, it shall be exchangeable for definitive Securities of differing
denominations aggregating a like amount in registered form in denominations of
$1,000 and integral multiples of $1,000 in excess thereof, bearing interest at
the same rate or pursuant to the same formula, having the same date of
issuance, redemption provisions, if any, Stated Maturity and other terms.

          The Depositary will not sell, assign, transfer or otherwise convey any
beneficial interest in this Security unless such beneficial interest is in an
amount equal to $1,000 or an integral multiple of $1,000 in excess thereof.
The Depositary, by accepting this Security, agrees to be bound by such
provision.

          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 Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the person in whose name this Security is registered as the owner hereof for
all purposes, whether or not this Security be overdue and none of the Company,
the Trustee or any such agent shall be affected by notice to the contrary.

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

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

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

 

 

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal as of the Dated Date set forth on the face
hereof.

	 	 	 	 	 
	 	 	INTERNATIONAL LEASE FINANCE CORPORATION
	[Seal]
	 	 	 	 
	

	 	By:
	

	 	 	 	
 
	

	 	 	 	Chairman of the Board
	 
	 	 	 	 
	

	 	 	 	
 
	

	 	 	 	President
	 
	 	 	 	 
	Attest:
	 	 	 	 
	 
	 	 	 	 
	

	 	 
	Secretary
	 	 	 	 

          Unless the certificate of authentication hereon has been executed by The
Bank of New York, the Trustee under the Indenture, or its successor thereunder,
by the manual signature of one of its authorized signatories or authorized
Authenticating Agents, this Note shall not be entitled to any benefits under
the Indenture, or be valid or obligatory for any purpose.

CERTIFICATE OF AUTHENTICATION

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

Date of Registration:

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,
	 	 	as Trustee
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	
 
	

	 	 	 	Authorized Signatory

 

 

[FORM OF ASSIGNMENT]

ABBREVIATIONS

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

       TEN COM —   as tenants in common

       TEN ENT —    as tenants by the entireties

       JT TEN  —    as joint tenants with right of survivorship and not as tenants in common

	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT —

	 	                                      
	 	Custodian
	 	                                      
	

	 	(Cust)
	 	 	 	     (Minor)

	 	 	 
	under Uniform Gifts to Minors Act

	 	                                      
	

	 	          (State)

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

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

	 	 	 
	Please insert Social Security or Other
	 	 
	Identifying Number of Assignee

	 	                                                                                               

PLEASE PRINT OR 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.

Dated:                                                                             

	 	 	 	 	 
	 	 	

	 
	 	 	 	 
	 	 	

	

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

 

 

OPTION TO ELECT REPAYMENT

          The undersigned hereby irrevocably requests and instructs the Company to
repay the within Security (or portion thereof specified below) pursuant to its
terms at a price equal to the principal amount thereof, together with interest
to the repayment date, to the undersigned.

          The undersigned acknowledges that for the within Security to be repaid,
the Company must receive at the offices or agencies of the Trustee in The City
of New York, during the period specified in this Security (1) the Security with
this “Option to Elect Repayment” form duly completed, or (2) a telegram, telex,
facsimile or letter from a member of a national securities exchange or the
National Association of Securities Dealers, Inc. or a commercial bank or a
trust company in the United States of America setting forth the name of the
Holder of the Security, the principal amount of the Security, the amount of the
Security to be repaid, a statement that the option to elect repayment is being
exercised thereby and a guarantee that the Security to be repaid with the
“Option to Elect Repayment” form duly completed will be received by the Company
not later than five Business Days after the date of such telegram, telex,
facsimile transmission or letter and such Security and form duly completed are
received by the Company by such fifth Business Day. Any such notice received
by the Company during the period specified in this Security shall be
irrevocable.

          If less than the entire principal amount of the within Security is to be
repaid, specify the portion thereof (which shall be $1,000 or an integral
multiple thereof) which the Holder elects to have repaid: $   ; and
specify the denomination or denominations (which shall be $1,000 or an integral
multiple thereof) of the Security or Securities to be issued to the Holder for
the portion of the within Security not being repaid (in the absence of any such
specification, one such Security will be issued for the portion not being
repaid): $   .

Dated:

	 	 	 
	

	 	

	

	 	Note: The signature to this Option to
Elect Repayment must correspond with the
name as it appears upon the face of the
within Security in every particular without
alteration or enlargement or any change
whatever.exv4w3

 

Exhibit 4.3

INTERNATIONAL LEASE FINANCE CORPORATION

MEDIUM-TERM NOTE, SERIES Q

(FIXED RATE)

	 	 	 
	REGISTERED	 	REGISTERED

No. FXR-

CUSIP-

If this Security is registered in the name of The Depository Trust Company (the
“Depositary”) (55 Water Street, New York, New York) or its nominee, this
Security may not be transferred except as a whole by the Depositary to a
nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary unless and
until this Security is exchanged in whole or in part for Securities in
definitive form. Unless this certificate is presented by an authorized
representative of the Depositary to the Company or its agent for registration
of transfer, exchange or payment, and any certificate issued is registered in
the name of Cede & Co. or such other name as requested by an authorized
representative of the Depositary and any payment is made to Cede & Co., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL since the registered owner hereof, Cede & Co. has an interest
herein.

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Original
	Stated	 	Interest	 	Issue	 	Principal
	Maturity:	 	Rate:	 	Date:	 	Amount:
	                   

	 	                   %
	 	                   
	 	                   
	 
	 	 	 	 	 	 
	Issue Price:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Repurchase Price

	 	 	 	Overdue	 	 
	(for Discount

	 	 	 	Rate (if any):	 	 
	Securities):
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Redeemable On Or After:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Optional Repayment Date:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Optional Reset Dates:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Extension Periods:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Final Maturity:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Other Provisions:
	 	 	 	 	 	 

 

 

          INTERNATIONAL LEASE FINANCE CORPORATION, a California corporation (herein
called the “Company”, which term includes any successor corporation under the
Indenture, as hereinafter defined), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum set forth above at
Stated Maturity shown above and to pay interest thereon from the Original Issue
Date shown above or from the most recent Interest Payment Date (as defined
below) to which interest has been paid or duly provided for at a fixed rate per
annum semi annually in arrears on April 15 and October 15 in each year, unless
otherwise set forth above (“Interest Payment Dates”), until the principal
hereof is paid or made available for payment, and on Stated Maturity. Interest
will be payable on each Interest Payment Date and at Stated Maturity or upon
redemption or optional repayment. Interest will be payable to the Holder at
the close of business on the Regular Record Date which shall be April 1 and
October 1 of each year, unless otherwise set forth above, next preceding such
Interest Payment Date; provided, however, that interest payable at Stated
Maturity or upon redemption or optional repayment will be payable to the person
to whom principal is payable and (to the extent that the payment of such
interest shall be legally enforceable) at the Overdue Rate, if any, per annum
set forth above on any overdue principal and premium and on any overdue
installment of interest. If the Original Issue Date is between a Regular
Record Date and the next succeeding Interest Payment Date, the first payment of
interest hereon will be made on the Interest Payment Date following the next
succeeding Regular Record Date to the Holder on such next Regular Record Date.

          Payment of the principal, and premium, if any, and interest payable at
Stated Maturity or upon redemption or optional repayment of this Security will
be made in immediately available funds at the corporate trust office or agency
of the Trustee in New York, New York, provided that this Security is presented
to the Trustee in time for the Trustee to make such payments in such funds in
accordance with its normal procedures. Interest (other than interest payable
at Stated Maturity or upon redemption or optional repayment) will be paid by
check mailed to the address of the person entitled thereto as it appears in the
Security Register on the applicable Regular Record Date or, at the option of
the Company, by wire transfer to an account maintained by such person with a
bank located in the United States. Notwithstanding the foregoing, (1) the
Depositary or its nominee, if it is the registered Holder of this Security,
will be entitled to receive payments of interest (other than at Stated Maturity
or upon redemption or optional repayment) by wire transfer to an account
maintained by such Holder with a bank located in the United States, and (2) a
Holder of $10,000,000 or more in aggregate principal amount of Securities
having the same Interest Payment Date will, upon receipt on or prior to the
Regular Record Date preceding an applicable Interest Payment Date by the
Trustee of written instructions from such Holder, be entitled to receive
payments of interest (other than at Stated Maturity or upon redemption or
optional repayment) by wire transfer to an account maintained by such Holder
with a bank located in the United States. Such instructions shall remain in
effect with respect to payments of interest made to such Holder on subsequent
Interest Payment Dates unless revoked or changed by written instructions
received by the Trustee from such Holder, provided that any such written
revocation or change which is received by the Trustee after a Regular Record
Date and before the related Interest Payment Date shall not be effective with
respect to the interest payable on such Interest Payment Date.

          This Security is one of a duly authorized issue of Medium-Term Notes,
Series Q of the Company (herein called the “Securities”), issued and to be
issued under an Indenture dated as of November 1, 2000 (herein called the
“Indenture”) between the Company and The Bank of New York, as trustee (herein
called the “Trustee,” which term includes any successor trustee under the
Indenture), as amended, to which the Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights,
limitation of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is
one of the series designated on the face hereof. The Securities of this series
may be issued from time to time at varying maturities, interest rates and other
terms as may be designated with respect to a Security.

          After the completion of the issuance for which this Security is a part,
the Company may, from time to time, reopen such issuance and issue additional
Securities with the same terms (including maturity and interest payment terms)
as this Security. After such additional Securities are issued, they will be
fungible with this Security.

          Interest payments for this Security will include interest accrued to but
excluding the Interest Payment Dates. Interest payments for this Security
shall be computed and paid on the basis of a 360-day year of

 

 

twelve 30-day months. If any Interest Payment Date specified on the face
hereof would otherwise be a day that is not a Business Day, the Interest
Payment Date shall be postponed to the next day that is a Business Day.
“Business Day” means any day that is not a Saturday or Sunday and that, in The
City of New York, is not a day on which banking institutions are generally
authorized or obligated to close.

          On each Optional Reset Date, if any, specified on the face hereof, the
Company has the option to reset the interest rate hereon. If no date or dates
for such reset are set forth on the face hereof, this Security will not be
subject to such reset. The Company may exercise such option by notifying the
Trustee of such exercise at least 45 but not more than 60 days prior to an
Optional Reset Date. Not later than 40 days prior to such Optional Reset Date,
the Trustee will mail to the Holder hereof a notice (the “Reset Notice”), first
class, postage prepaid. The Reset Notice will indicate whether the Company has
elected to reset the interest rate hereon and if so, (1) such new interest
rate; and (2) the provisions, if any, for redemption during the period from
such Optional Reset Date to the next Optional Reset Date or, if there is no
such next Optional Reset Date, to Stated Maturity (each such period a
“Subsequent Interest Period”), including the date or dates on which or the
period or periods during which and the price or prices at which such redemption
may occur during such Subsequent Interest Period.

          Notwithstanding the foregoing, the Company may, at its option, revoke the
interest rate as provided for in the Reset Notice, and establish an interest
rate that is higher than the interest rate provided for in the relevant Reset
Notice for the Subsequent Interest Period commencing on such Optional Reset
Date, by causing the Trustee to mail, not later than 20 days prior to an
Optional Reset Date (or, if the day is not a Business Day, on the immediately
succeeding Business Day), a notice of such higher interest rate to the Holder
hereof. Such notice will be irrevocable. The Company must notify the Trustee
of its intentions to revoke such Reset Notice at least 25 days prior to such
Optional Reset Date. If the interest rate hereof is reset on an Optional Reset
Date and the Holder hereof has not tendered this Security for repayment (or has
validly revoked any such tender) pursuant to the next succeeding paragraph,
such Holder will bear such higher interest rate for the Subsequent Interest
Period.

          If the Company elects to reset the interest rate hereon as described
above, the Holder hereof will have the option to elect repayment hereof by the
Company on any Optional Reset Date at a price equal to the aggregate principal
amount hereof outstanding on, plus any interest accrued to, such Optional Reset
Date. In order to exercise such option, the Holder hereof must follow the
procedures set forth below for optional repayment, except that (1) the period
for delivery of this Security or notification to the Trustee will be at least
25 but not more than 35 days prior to such Optional Reset Date and (2) a Holder
who has tendered for repayment pursuant to a Reset Notice may, by written
notice to the Trustee, revoke any such tender until the close of business on
the tenth day prior to such Optional Reset Date.

          The Company may extend the Stated Maturity of this Security for the number
of periods of whole years from one to five, if any, specified on the face
hereof under Extension Periods up to but not beyond the Final Maturity Date
specified on the face hereof. If no period or periods for such extension are
set forth on the face hereof, this Security will not be subject to such
extension. The Company may exercise such option by notifying the Trustee of
such exercise at least 45 but not more than 60 days prior to the old Stated
Maturity. Not later than 40 days prior to the old Stated Maturity, the Trustee
will mail to the Holder hereof a notice (the “Extension Notice”), first class,
postage prepaid. The Extension Notice will set forth (1) the election of the
Company to extend the Stated Maturity; (2) the new Stated Maturity; (3) the
interest rate applicable to the Extension Period; and (4) the provisions, if
any, for redemption during the Extension Period, including the date or dates on
which or the period or periods during which and the price or prices at which
such redemption may occur during the Extension Period. Upon the mailing by
such Trustee of an Extension Notice to the Holder hereof, the Stated Maturity
shall be extended automatically, and, except as modified by the Extension
Notice and as described in the next paragraph, this Security will have the same
terms as prior to the mailing of such Extension Notice.

          Notwithstanding the foregoing, not later than 20 days prior to the old
Stated Maturity, the Company may, at its option, revoke the interest rate
provided for in the Extension Notice and establish a higher interest rate for
the Extension Period, by causing the Trustee to mail notice of such higher
interest rate, as the case may be, first class, postage prepaid, to the Holder
hereof. Such notice will be irrevocable. In such case, this Security will
bear such higher interest rate for the Extension Period, whether or not
tendered for repayment.

 

 

          If the Company extends Stated Maturity, the Holder hereof will have the
option to elect repayment hereof by the Company on the old Stated Maturity at a
price equal to the principal amount hereof, plus any interest accrued and
unpaid to such date. In order to exercise such option, the Holder hereof must
follow the procedures set forth for optional repayment, except that (1) the
period for delivery of this Security or notification to the Trustee will be at
least 25 but not more than 35 days prior to the old Stated Maturity and (2) a
Holder who has tendered for repayment pursuant to an Extension Notice may, by
written notice to the Trustee, revoke any such tender for repayment until the
close of business on the tenth day before the old Stated Maturity.

          Unless otherwise indicated on the face of this Security, this Security may
not be redeemed prior to Stated Maturity. If so indicated on the face of this
Security, this Security may be redeemed, at the option of the Company, on any
date on or after the date set forth on the face hereof, either in whole or from
time to time in part at a redemption price equal to 100% of the principal
amount redeemed, together with interest accrued and unpaid thereon to the date
of redemption. Notice of redemption shall be mailed to the Holders of the
Securities designated for redemption at their addresses as the same shall
appear in the Security Register not less than 30 and not more than 60 days
prior to the date of redemption, subject to all the conditions and provisions
of the Indenture. In the event of any redemption, the Company will not be
required to (1) issue, register the transfer of, or exchange any Security
during a period beginning at the opening of business 15 days before any
selection of Securities to be redeemed and ending at the close of business on
the date of mailing of the relevant notice of redemption or (2) register the
transfer or exchange of any Security, or any portion thereof, called for
redemption, except the unredeemed portion of any Security being redeemed in
part. Only a new Security or Securities for the amount of the unredeemed
portion hereof shall be issued in the name of the Holder hereof upon the
cancellation hereof.

          If so provided on the face of this Security, the Security will be subject
to repayment at the option of the Holder on the date or dates so indicated on
the face hereof. If no date or dates for such repayment are set forth on the
face hereof, this Security will not be repayable at the option of the Holder
prior to Stated Maturity. On an optional repayment date, if any, this Security
will be repayable in whole or in part in increments of $1,000 at the option of
the Holder at a price equal to 100% of the principal amount to be repaid,
together with interest thereon payable to the date of repayment, if not more
than 60 nor less than 30 days prior to the date or dates of repayment set forth
on the face hereof, the Company receives either (a) the Security with the form
entitled “Option to Elect Repayment” on the reverse of the Security duly
completed or (b) a telegram, telex, facsimile transmission or letter from a
member of a national securities exchange or the National Association of
Securities Dealers, Inc. or a commercial bank or a trust company in the United
States of America stating the name of the Holder of the Security, the principal
amount of the Security, the amount of the Security to be repaid, a statement
that the option to elect repayment is being exercised, and a guarantee that the
Security to be repaid with the form entitled “Option to Elect Repayment” on
the reverse of the Security duly completed will be received by the Company
within five Business Days after the date of the telegram, telex, facsimile
transmission or letter, and the security and form duly completed are so
received by the Company. Any notice of this effect received by the Company
will be irrevocable. The final and binding determination of all questions as
to the validity, eligibility (including time of receipt) and acceptance of this
Security for repayment will be made by the Company. In the event of repayment
of this Security in part only, a new Security for the unrepaid portion hereof
shall be issued in the name of the Holder hereof upon the surrender hereof.

          If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

          Unless otherwise specified on the face hereof, if (1) this Security is
issued with original issue discount (as defined in the Internal Revenue Code of
1986, as amended)( the “Code”), and (2) the principal hereof is declared to be
due and payable immediately, the amount of principal due and payable with
respect hereto shall be limited to the Principal Amount hereof multiplied by
the sum of the Issue Price hereof (expressed as a percentage of the Principal
Amount hereof); plus the aggregate portions of the original issue discount
(consisting of the excess of the amounts considered as part of the “stated
redemption price at maturity” of the Security within the meaning of Section
1273(a)(2) of the Code, whether denominated as principal or interest, over the
Issue Price), which have

 

 

accrued pursuant to Section 1272 of the Code (without regard to Section
1272(a)(7) of the Code) from the date of issuance of the Security to the date
of determination; and minus any amount paid from the date of issuance up to the
date of determination which is considered part of the “stated redemption price
at maturity” of the Security.

          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 not less than a majority in principal amount of
the Securities at the time outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of not less than a
majority in principal amount of the outstanding Securities of any such series
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

          No reference herein to the Indenture and no provisions of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Security at the times, places and rate, and in the coin or
currency, herein prescribed. However, the Indenture limits Holder’s rights to
enforce the Indenture and this Security.

          This Security is exchangeable only if (1) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this
Global Security or if at any time the Depositary ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and a
successor Depositary is not appointed within the time specified in the
Indenture, or (2) the Company in its sole discretion determines that all Global
Securities of the same series as this Security shall be exchangeable for
definitive Securities of differing denominations aggregating a like amount in
registered form. If this Security is exchangeable pursuant to the preceding
sentence, it shall be exchangeable for definitive Securities of differing
denominations aggregating a like amount in registered form in denominations of
$1,000 and integral multiples of $1,000 in excess thereof, bearing interest at
the same rate, having the same date of issuance, redemption provisions, if any,
Stated Maturity and other terms.

          The Depositary will not sell, assign, transfer or otherwise convey any
beneficial interest in this Security unless such beneficial interest is in an
amount equal to $1,000 or an integral multiple of $1,000 in excess thereof.
The Depositary, by accepting this Security, agrees to be bound by such
provision.

          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 Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the person in whose name this Security is registered as the owner hereof for
all purposes, whether or not this Security be overdue, and none of the Company,
the Trustee or any such agent shall be affected by notice to the contrary.

          THE INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTITUTED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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

 

 

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal as of the Dated Date set forth on the face
hereof.

	 	 	 	 	 
	 	 	INTERNATIONAL LEASE FINANCE CORPORATION
	[Seal]
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	 	 	Chairman of the Board
	 
	 	 	 	 
	

	 	 	 	
 
	

	 	 	 	President
	 
	 	 	 	 
	Attest:
	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	 
	Secretary
	 	 	 	 

          Unless the certificate of authentication hereon has been executed by The
Bank of New York, the Trustee under the Indenture, or its successor thereunder,
by the manual signature of one of its authorized signatories or authorized
Authenticating Agents, this Note shall not be entitled to any benefits under
the Indenture, or be valid or obligatory for any purpose.

CERTIFICATE OF AUTHENTICATION

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

Date of Registration:

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,

as Trustee
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	
 
	

	 	 	 	Authorized Signatory

 

 

[FORM OF ASSIGNMENT]

ABBREVIATIONS

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

      TEN COM —    as tenants in common

      TEN ENT —    as tenants by the entireties

      JT TEN  —    as joint tenants with right of survivorship and not as tenants in common

	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT —

	 	                                      
	 	Custodian
	 	                                      
	

	 	(Cust)
	 	 	 	(Minor)

under Uniform Gifts to Minors Act                                                                                                

(State)

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

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

	 	 	 
	Please insert Social Security or Other
	 	 
	Identifying Number of Assignee

	 	                                                                                               

PLEASE PRINT OR 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.

Dated:                                                                             

	 	 	 	 	 
	 	 	

	 
	 	 	 	 
	 	 	

	

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

 

 

OPTION TO ELECT REPAYMENT

          The undersigned hereby irrevocably requests and instructs the Company to
repay the within Security (or portion thereof specified below) pursuant to its
terms at a price equal to the principal amount thereof, together with interest
to the repayment date, to the undersigned.

          The undersigned acknowledges that for the within Security to be repaid,
the Company must receive at the offices or agencies of the Trustee in The City
of New York, during the period specified in this Security (1) the Security with
this “Option to Elect Repayment” form duly completed, or (2) a telegram, telex,
facsimile or letter from a member of a national securities exchange or the
National Association of Securities Dealers, Inc. or a commercial bank or a
trust company in the United States of America setting forth the name of the
Holder of the Security, the principal amount of the Security, the amount of the
Security to be repaid, a statement that the option to elect repayment is being
exercised thereby and a guarantee that the Security to be repaid with the
“Option to Elect Repayment” form duly completed will be received by the Company
not later than five Business Days after the date of such telegram, telex,
facsimile transmission or letter and such Security and form duly completed are
received by the Company by such fifth Business Day. Any such notice received
by the Company during the period specified in this Security shall be
irrevocable.

          If less than the entire principal amount of the within Security is to be
repaid, specify the portion thereof (which shall be $1,000 or an integral
multiple thereof) which the Holder elects to have repaid: $   ; and
specify the denomination or denominations (which shall be $1,000 or an integral
multiple thereof) of the Security or Securities to be issued to the Holder for
the portion of the within Security not being repaid (in the absence of any such
specification, one such Security will be issued for the portion not being
repaid): $   .

Dated:

	 	 	 
	

	 	

	

	 	Note: The signature to this Option to
Elect Repayment must correspond with the
name as it appears upon the face of the
within Security in every particular without
alteration or enlargement or any change
whatever.

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