Document:

<PAGE>

                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                                 AMENDMENT NO. 5

         AMENDMENT NO. 5, dated as of November 6, 2003 (this "Amendment and
Waiver"), to the credit agreement dated as of January 7, 1999, as amended and
restated as of February 29, 2000, as amended by Amendment No. 1 dated as of July
28, 2000, Amendment No. 2 dated as of August 3, 2001, Amendment No. 3 dated as
of September 5, 2001 and Amendment No. 4 dated as of June 19, 2003 (as so
amended, as hereby amended and as otherwise amended, restated, modified or
supplemented from time to time, the "Credit Agreement"), among CENTENNIAL
CELLULAR OPERATING CO. LLC, as Borrower; CENTENNIAL PUERTO RICO OPERATIONS
CORP., as PR Borrower; CENTENNIAL COMMUNICATIONS CORP. (formerly known as
Centennial Cellular Corp.), as a Guarantor ("Parent"); the other Guarantors
party thereto; each of the lenders from time to time party thereto
(individually, a "Lender" and, collectively, the "Lenders"); JP MORGAN CHASE
BANK (formerly known as The Chase Manhattan Bank), as co-lead arranger and
co-syndication agent (in such capacity, together with its successors in such
capacity, "JP Morgan Chase"); MERRILL LYNCH & CO. and MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED, as co-lead arrangers and co-syndication agents (in
such capacity, together with their successors in such capacity, and JP Morgan
Chase, the "Co-Syndication Agents"); BANK OF AMERICA, N.A., as arranger and
administrative agent (in such capacity, together with its successors in such
capacity, the "Administrative Agent"); and THE BANK OF NOVA SCOTIA, as
documentation agent (in such capacity, together with its successors in such
capacity, the "Documentation Agent"). Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in the Credit
Agreement, as amended hereby.

                                  INTRODUCTION

         (A)      On August 1, 2003, the Obligors and the Majority Lenders
entered into Amendment No. 5 to the Credit Agreement ("Old Amendment No. 5")
which provided for certain waivers and modifications to the Credit Agreement
relating to the Obligors ability to use the Net Available Proceeds of certain
Equity Issuances to prepay outstanding Parent Subordinated Notes. Because its
closing conditions were never fully satisfied, Old Amendment No. 5 never became
effective.

         (B)      Borrower and PR Borrower have requested, and the Majority
Lenders and the Administrative Agent have agreed, to terminate Old Amendment No.
5 and enter into this new Amendment No. 5, which provides for certain waivers
and modifications of the Credit Agreement as hereinafter set forth.

         (C)      From and after the Effective Date (as hereinafter defined) of
this Amendment and Waiver, the provisions of the Credit Agreement specified
below shall be waived or amended, as the case may be, but only upon and subject
to the terms and conditions set forth herein.

         (D)      In consideration of the mutual agreements contained herein and
other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto hereby agree as follows:

<PAGE>

                                    ARTICLE I

                                     WAIVERS

Section 1.1. Waivers.

         (a) On the terms and subject to the conditions set forth in this
Amendment and Waiver, the Administrative Agent and the Majority Lenders hereby
waive the Obligor's obligations under Section 2.10(a)(ii) of the Credit
Agreement solely to the extent that the Net Available Proceeds resulting from
any Fifth Amendment Equity Issuance (as hereinafter defined) are used to prepay
outstanding Parent Subordinated Notes (including, without limitation, any
accrued and unpaid interest) (it being expressly acknowledged and agreed for the
avoidance of doubt that the terms of Section 2.10(a)(ii) of the Credit Agreement
shall apply to and be fully effective with respect to any Net Available Proceeds
resulting from (i) the Fifth Amendment Equity Issuance in excess of the amount
used to prepay outstanding Parent Subordinated Notes (including, without
limitation, any accrued and unpaid interest), or (ii) any other Equity
Issuance).

         (b) On the terms and subject to the conditions set forth in this
Amendment and Waiver, the Administrative Agent and the Majority Lenders hereby
waive the Obligor's obligations under (1) Section 9.23(a) of the Credit
Agreement solely to the extent necessary to permit the Parent, in accordance
with Section 1.1(a) above, to prepay outstanding Parent Subordinated Notes
(including, without limitation, any accrued and unpaid interest) from the Fifth
Amendment Equity Issuance Proceeds and (2) Section 9.10 of the Credit Agreement
solely to the extent necessary to permit Parent to pay reasonable fees and
transaction costs incurred in connection with any Fifth Amendment Equity
Issuance.

                                   ARTICLE II

                       AMENDMENTS TO THE CREDIT AGREEMENT

Section 2.1. Amendments.

         (a) Section 1.01 of the Credit Agreement is hereby amended by inserting
the following new definitions therein in correct alphabetical order:

                  "Amendment No. 5" shall mean Amendment No. 5 dated as of
                  November 6, 2003 to this Agreement.

                  "Amendment No. 5 Effective Date" shall mean the Effective
                  Date, as such term is defined in Amendment No. 5.

                  "Fifth Amendment Equity Issuance" shall mean the issuance by
                  the Parent from time to time in one or more transactions, of
                  up to $300 million of common stock on or prior to November 6,
                  2004.

                  "Fifth Amendment Equity Issuance Documents" shall mean any
                  underwriting agreement relating to any Fifth Amendment Equity
                  Issuance and any documents to be executed and delivered by the
                  Obligors pursuant to such underwriting agreement, if any.

                  "Fifth Amendment Equity Issuance Proceeds" shall mean the
                  gross proceeds resulting from any Fifth Amendment Equity
                  Issuance.

                                       2

<PAGE>

         (b) Section 9.21 of the Credit Agreement is hereby amended by adding
the following sentence at the end thereof:

                  "Notwithstanding anything herein to the contrary, so long as
         no Default has occurred and is continuing or would otherwise arise
         therefrom, the Parent may enter into customary underwriting or purchase
         agreements in connection with any Equity Issuance or Debt Issuance
         otherwise permissible under the terms of this Agreement and the other
         Credit Documents."

                                   ARTICLE III

                           AUTHORIZATIONS AND CONSENTS

Section 3.1. Fifth Amendment Equity Issuance. The Administrative Agent and the
Majority Lenders hereby consent to all Fifth Amendment Equity Issuances;
provided, that no Fifth Amendment Equity Issuance shall be consummated later
than November 6, 2004.

                                   ARTICLE IV

                              ADDITIONAL AGREEMENTS

In order to induce the Administrative Agent and the Majority Lenders to enter
into this Amendment and Waiver, the Borrower and each of the Obligors hereby
agree as follows:

Section 4.1. Use of Fifth Amendment Equity Issuance Proceeds. The Fifth
Amendment Equity Issuance Proceeds shall be used solely (i) for the prepayment
of the Parent Subordinated Notes (including, without limitation, any accrued and
unpaid interest), (ii) for the payment of reasonable and customary transaction
costs incurred in connection with the Fifth Amendment Equity Issuance, and (iii)
for general corporate purposes in accordance with the terms and provisions of
the Credit Agreement.

Section 4.2. Fee to Approving Lenders. As an inducement to the Lenders and the
Administrative Agent to enter into this Amendment and Waiver, the Borrower
agrees to pay to the Administrative Agent, for the benefit of each Lender that
executes and delivers this Amendment and Waiver on or prior to 11:00 a.m.
(Eastern time) on November 6, 2003 (each such Lender an "Amendment No. 5
Approving Lender"), a fee (an "Approving Lenders Fee") in an amount equal to
0.125% (one-eighth of one percent) of the sum of (i) the aggregate outstanding
principal amount of such Amendment No. 5 Approving Lender's Term Loans and (ii)
such Amendment No. 5 Approving Lender's Revolving Credit Commitment. Such
Approving Lenders Fee shall be earned only upon and shall be payable only upon a
closing date of a Fifth Amendment Equity Issuance (each a "Closing Date"), with
the percentage earned and payable on a Closing Date being determined by the
aggregate amount of Fifth Amendment Equity Issuance Proceeds raised at that and
all prior Closing Dates, as set forth in the relevant columns of the table
below, except with respect to the payment of 34% of the Approving Lenders Fee
which shall be due and payable as set forth in the table below regardless of
whether a Closing Date occurs. If the percentage of the Approving Lenders Fee
set forth in a particular column of the table below shall be paid and another
Closing Date shall occur without the aggregate amount of Fifth Amendment Equity
Issuance Proceeds reaching the threshold for the next column, no additional
Approving Lenders Fee shall be payable at that Closing Date. For the avoidance
of doubt, and notwithstanding anything in this Amendment No. 5 to the contrary,
no Amendment No. 5 Approving Lender shall be entitled to receive more than 100%
of such Approving Lenders Fee. Each Amendment No. 5 Approving Lender shall be
entitled to its Approving

                                       3

<PAGE>

Lenders Fee on the relevant payment date regardless of whether such Amendment
No. 5 Approving Lender continues to hold any of the Loans on the relevant
payment date.

<TABLE>
<S>                       <C>                          <C>                           <C>
DATE WHEN PAYMENT OF      Earlier to occur of (i)      Date when the Obligors        Date when the Obligors
APPROVING LENDERS FEE     May 6, 2004 and (ii)         receive aggregate Fifth       receive aggregate Fifth
IS DUE AND PAYABLE        date when the Obligors       Amendment Equity              Amendment Equity
                          receive aggregate Fifth      Issuance Proceeds of          Issuance Proceeds of
                          Amendment Equity             $50 million up to $100        $100 million to $300
                          Issuance Proceeds of up      million                       million
                          to $50 million

PERCENTAGE OF             34%                          33% (plus 34% if not          33% (plus 67% if not
APPROVING LENDERS                                      previously paid)              previously paid)
FEE DUE AND PAYABLE
ON RELEVANT DATE
</TABLE>

         Section 4.3. Termination of Old Amendment No. 5. On the date hereof,
Old Amendment No. 5 shall automatically terminate.

                                    ARTICLE V

                         REPRESENTATIONS AND WARRANTIES

Section 5.1. Representations and Warranties. Each of the Obligors represents and
warrants (which representations and warranties shall survive the execution and
delivery hereof) to the Creditors that:

         (a) it has the corporate power and authority to execute, deliver and
perform the terms and provisions of this Amendment and Waiver and the
transactions contemplated hereby and has taken or caused to be taken all
necessary corporate action to authorize the execution, delivery and performance
of this Amendment and Waiver and the transactions contemplated hereby;

         (b) no Default or Event of Default shall have occurred and be
continuing;

         (c) the representations and warranties of the Obligors contained in the
Credit Agreement and in the other Credit Documents are true and complete in all
material respects on and as of the Effective Date (as defined in Section 6.1
below) with the same force and effect as if made on and as of the Effective Date
(except to the extent that such representations and warranties expressly relate
to an earlier date, in which case such representations and warranties shall be
true and correct in all material respects as of such earlier date;

         (d) as of October 31, 2003, the outstanding principal amount of the
Parent Subordinated Notes, together with all accrued and unpaid interest thereon
is approximately $215,546,587;

         (e) giving effect to this Amendment and Waiver, the Fifth Amendment
Equity Issuance shall not cause a Default or Event of Default under the Credit
Documents, the Parent Financing Documents, the

                                       4

<PAGE>

Senior Subordinated Notes Financing Documents or any other agreements to which
the Obligors may be a party; and

         (f) the execution, delivery and performance of this Amendment and
Waiver, and the other instruments and documents contemplated hereby will not
violate any law, statute or regulation, or any order or decree of any court or
governmental instrumentality, or conflict with, or result in the breach of, or
constitute a default under any contractual obligation of such party.

                                   ARTICLE VI

                       EFFECTIVENESS; SUBSEQUENT CLOSINGS

Section 6.1. Effective Date. This Amendment and Waiver shall become effective on
the date on which all of the following conditions precedent shall have been
satisfied, or waived in writing (such date being referred to herein as the
"Effective Date"):

         (a) the Administrative Agent shall have received fully executed
counterparts of this Amendment and Waiver executed by (i) the Obligors, (ii) the
Administrative Agent and (iii) the Majority Lenders;

         (b) the Administrative Agent shall have received a reasonably detailed
list of all fees and transaction costs incurred in connection with the Fifth
Amendment Equity Issuance being effected on such date;

         (c) the Administrative Agent shall have received fully executed copies
of each of the Fifth Amendment Equity Issuance Documents relating to such Fifth
Amendment Equity Issuance;

         (d) all representations and warranties contained in this Amendment and
Waiver or otherwise made in writing to the Administrative Agent and the Lenders
in connection herewith shall be true and correct in all material respects;

         (e) the Administrative Agent and the Lenders shall have received by
wire transfer in immediately available funds payment of all fees and other
amounts due and payable on or prior to the Effective Date, including to the
extent invoiced, reimbursement or payment of all out-of-pocket expenses
(including, without limitation, the reasonable fees and disbursements of
Clifford Chance US LLP and FTI Consulting, Inc., financial advisor to Clifford
Chance US LLP ("FTI")), required to be reimbursed or paid by any Obligor
hereunder or under any other Credit Document, it being understood that the fees
and other amounts due and payable to Clifford Chance US LLP, to the extent
previously invoiced, shall be paid on or prior to November 6, 2003;

         (f) the Administrative Agent and its counsel shall have received such
approvals, information, materials and documentation as the Administrative Agent
or its counsel may reasonably request, which approvals, information, materials
and documentation shall be satisfactory in form and substance to the
Administrative Agent and its counsel; and

         (g) all legal matters incident to this Amendment and Waiver and the
effects hereof or any of the Credit Documents shall be acceptable to the
Administrative Agent and its counsel.

Section 6.2. Subsequent Closing Dates. On or before each Closing Date, the
Borrower shall deliver to Administrative Agent:

                                       5

<PAGE>

         (a) a reasonably detailed list of all fees and transaction costs
incurred in connection with the Fifth Amendment Equity Issuance being effected
on such date; and

         (b) fully executed copies of each of the Fifth Amendment Equity
Issuance Documents relating to such Fifth Amendment Equity Issuance.

                                  ARTICLE VII

                                ACKNOWLEDGEMENTS

Section 7.1. Confirmation and Acknowledgement of the Obligations. Each of
Borrower, Parent and PR Borrower hereby reaffirms and admits the validity and
enforceability of the Credit Agreement and the Credit Documents and the Liens on
the Collateral which were granted pursuant to any of the Credit Documents or
otherwise.

Section 7.2. Acknowledgement and Consent by Guarantors.

         (a) Each of the Guarantors hereby acknowledges that it has read this
Amendment and Waiver and consents to the terms hereof and further confirms and
agrees that, notwithstanding the effectiveness of this Amendment and Waiver, its
obligations pursuant to the Credit Documents shall not be impaired and its
guarantee pursuant to the Credit Agreement is, and shall continue to be, in full
force and effect and is hereby confirmed and ratified in all respects.

         (b) Each of the Guarantors hereby reaffirms and admits the validity and
enforceability of the Credit Agreement and the Credit Documents to which it is a
party and the Liens on the Collateral which were granted by it pursuant to any
of the Credit Documents or otherwise.

                                  ARTICLE VIII

                                  MISCELLANEOUS

Section 8.1. Consultation with Advisors. Each of the Obligors acknowledges that
it has consulted with counsel and with such other experts and advisors as it has
deemed necessary in connection with the negotiation, execution and delivery of
this Amendment and Waiver.

Section 8.2. Limited Waiver or Modification; Ratification of Credit Agreement.

         (a) Except to the extent hereby expressly waived or modified, the
Credit Agreement and each of the Credit Documents remain in full force and
effect and are hereby ratified and confirmed.

         (b) This Amendment and Waiver shall be limited precisely as written and
shall not be deemed: (i) to be a consent granted pursuant to, or a waiver or
modification of, any other term or condition of the Credit Agreement or any of
the instruments or agreements referred to therein or a waiver of any Default or
Event of Default under the Credit Agreement, whether or not known to the
Creditors; or (ii) to prejudice any right or rights which the Creditors may now
have or have in the future under or in connection with any Credit Document or
any of the instruments or agreements referred to in a Credit Document. Except to
the extent hereby modified, the Credit Agreement and each of the Credit
Documents shall continue in full force and effect in accordance with the
provisions thereof on the date

                                       6

<PAGE>

hereof and the Credit Agreement as heretofore amended or modified and as
modified by this Amendment and Waiver are hereby ratified and confirmed.

Section 8.3. References. All references to the "Credit Agreement," "this
Agreement," "herein," "hereafter," "hereto," "hereof," and words of similar
import appearing in the Credit Agreement, shall, unless the context otherwise
requires, mean the Credit Agreement as modified by this Amendment and Waiver.
Reference to the terms "Agreement" or "Credit Agreement" appearing in the
Exhibits or Schedules to the Credit Agreement or in the other Credit Documents
shall, unless the context otherwise requires, mean the Credit Agreement as
modified by this Amendment and Waiver. This Amendment and Waiver shall be deemed
to have been jointly drafted, and no provision of it shall be interpreted or
construed for or against any party hereto because such party purportedly
prepared or requested such provision, any other provision, or this Amendment and
Waiver as a whole.

Section 8.4. Counterparts. This Amendment and Waiver may be executed in any
number of counterparts and by the different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same instrument. Delivery of an executed signature page to this Amendment and
Waiver by facsimile shall be as effective as delivery of a manually executed
counterpart of this Amendment and Waiver.

Section 8.5. Credit Document. This Amendment and Waiver is a Credit Document
pursuant to the Credit Agreement and shall (unless expressly indicated herein or
therein) be construed, administered, and applied, in accordance with all of the
terms and provisions of the Credit Agreement.

Section 8.6. Severability. Any provision of this Amendment and Waiver which is
invalid, illegal or unenforceable under the applicable law of any jurisdiction,
shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without invalidating the remaining provisions
hereof, and any such invalidity, illegality or unenforceability in any
jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 8.7. GOVERNING LAW. THIS AMENDMENT AND WAIVER AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICTS OF LAWS PRINCIPLES THEREOF.

Section 8.8. Further Assurance. The parties hereto shall, at any time and from
time to time following the execution of this Amendment and Waiver, execute and
deliver all such further instruments and take all such further action as may be
reasonably necessary or appropriate in order to carry out the provisions of this
Amendment and Waiver.

Section 8.9. Successors and Assigns. The provisions of this Amendment and Waiver
shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns.

Section 8.10. Headings. The headings of this Amendment and Waiver are for the
purposes of reference only and shall not affect the construction of, or be taken
into consideration in interpreting, this Amendment and Waiver.

Section 8.11. Relationship. The Obligors agree that the relationship between the
Administrative Agent and the Lenders, on the one hand, and the Obligors, on the
other hand, is that of creditor and debtor and not that of partners or joint
venturers. This Amendment and Waiver does not constitute a partnership agreement
or any other association between the Administrative Agent, the Lenders and the
Obligors. The

                                       7

<PAGE>

Obligors acknowledge that the Administrative Agent and the Lenders have acted at
all times only as creditors to the Obligors within the normal and usual scope of
the activities normally undertaken by a creditor and in no event have the
Administrative Agent or any of the Lenders attempted to exercise any control
over the Obligors or their respective businesses or affairs.

Section 8.12. No Third Party Beneficiaries. This Amendment and Waiver is made
and entered into for the sole protection and benefit of the Obligors, the
Administrative Agent and the Lenders and no other person or entity shall have
any right of action herein, right to claim any right or benefit from the terms
contained herein, or be deemed a third party beneficiary hereunder.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       8

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the day and the year first above written.

                           BORROWER:

                           CENTENNIAL CELLULAR OPERATING CO. LLC

                           By:            /s/ TONY L. WOLK
                              --------------------------------------------------
                              Name:       Tony L. Wolk
                              Title:      Senior Vice President, General Counsel

                           PR BORROWER:

                           CENTENNIAL PUERTO RICO OPERATIONS CORP.

                           By:            /s/ TONY L. WOLK
                              --------------------------------------------------
                              Name:       Tony L. Wolk
                              Title:      Senior Vice President, General Counsel

                           PARENT AND GUARANTOR:

                           CENTENNIAL COMMUNICATIONS CORP. (formerly known as
                           Centennial Cellular Corp.)

                           By:            /s/ TONY L. WOLK
                              --------------------------------------------------
                              Name:       Tony L. Wolk
                              Title:      Senior Vice President, General Counsel

                           AGENTS AND LENDERS:

                           BANK OF AMERICA, N.A., individually and as
                           Administrative Agent and as Amendment Arranger

                           By:            /s/ JOHN W. WOODIEL
                              --------------------------------------------------
                              Name:       John W. Woodiel III
                              Title:      Managing Director

                           JP MORGAN CHASE BANK (formerly known as The Chase
                           Manhattan Bank), individually and as Co-Syndication
                           Agent and as Amendment Arranger

                           By:            /s/ DAVID E. OLIVER
                              --------------------------------------------------
                              Name:       David E. Oliver
                              Title:      Vice President

                           MERRILL LYNCH & CO., and MERRILL LYNCH, PIERCE,
                           FENNER & SMITH INCORPORATED, individually and as
                           Co-Syndication Agent

                                       9

<PAGE>

                           By:            /s/ KEVIN LYDON
                              --------------------------------------------------
                              Name:       Kevin Lydon
                              Title:      Managing Director

                           THE BANK OF NOVA SCOTIA, individually and as
                           Documentation Agent

                           By:            /s/ STEPHEN C. LEVI
                              --------------------------------------------------
                              Name:       Stephen C. Levi
                              Title:      Director

                                       10<PAGE>
                                                                    Exhibit 4.01

            This Note is a Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of the Depository named
below or a nominee of the Depository. This Note is not exchangeable for Notes
registered in the name of a Person other than the Depository or its nominee
except in the limited circumstances described herein and in the Indenture, and
no transfer of this Note (other than a transfer of this Note as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to
the Depository or another nominee of the Depository) may be registered except in
the limited circumstances described herein.

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

                                 CITIGROUP INC.
                    FLOATING RATE NOTES DUE JANUARY 12, 2007

REGISTERED                                                            REGISTERED

                                                          CUSIP: 172967 ___
                                                        ISIN: US172967 ____
                                                               Common Code:

No. R-                                                                    $

            CITIGROUP INC., a Delaware corporation (the "Company", which term
includes any successor Person under the Indenture), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of
$____________ on January 12, 2007 and to pay interest thereon from and including
January 12, 2004 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, quarterly, on January 12, April 12, July 12
and October 12 of each year, commencing April 12, 2004, at the rate per annum
for each Interest Period of three-month LIBOR plus 0.07%, determined as provided
herein, until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note is registered at the close of business on the Record Date for
such interest, which shall be the Business Day immediately preceding such
Interest Payment Date.
<PAGE>
            Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the holder on such Record Date and may either
be paid to the Person in whose name this Note is registered at the close of
business on a subsequent Record Date, such subsequent Record Date to be not less
than five days prior to the date of payment of such defaulted interest, notice
whereof shall be given to holders of Notes of this series not less than 15 days
prior to such subsequent Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on
which the Notes of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.

            Interest hereon will be calculated on the basis of the actual number
of days elapsed in an Interest Period and a 360-day year. Dollar amounts
resulting from such calculation will be rounded to the nearest cent, with
one-half cent being rounded upward. An "Interest Period" shall be the period
from and including an Interest Payment Date (or from January 12, 2004 in the
case of the first Interest Payment Date) to and including the day immediately
preceding the next Interest Payment Date.

            If an Interest Payment Date falls on a day that is not a Business
Day, such Interest Payment Date will be the next succeeding Business Day. If the
Maturity of the Notes falls on a day that is not a Business Day, the payment due
on Maturity will be postponed to the next succeeding Business Day, and no
further interest will accrue in respect of such postponement. If a date for
payment of interest or principal on the Notes falls on a day that is not a
business day in the place of payment, such payment will be made on the next
succeeding business day in such place of payment as if made on the date the
payment was due. No interest will accrue on any amounts payable for the period
from and after the due date for payment of such principal or interest.

            For these purposes, "Business Day" means any day which is a day on
which commercial banks settle payments and are open for general business in The
City of New York.

            Payment of the principal of and interest on this Note will be made
at the office or agency of the Trustee maintained for that purpose in The City
of New York.

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

            Unless the certificate of authentication hereon has been executed by
the Trustee or by an authenticating agent on behalf of the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose.

                                       2
<PAGE>
            IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed under its corporate seal.

Dated:  January 12, 2004

                                            CITIGROUP INC.

                                            By:_________________________________
                                               Title: Assistant Treasurer

ATTEST:

By:___________________________
Title:  Assistant Secretary

                                       3
<PAGE>
            This is one of the Notes of the series issued under the
within-mentioned Indenture.

Dated:  January 12, 2004

                                            THE BANK OF NEW YORK,
                                            as Trustee

                                            By:_________________________________
                                                  Name:
                                                  Title:

                                            -or-

                                            CITIBANK, N.A.,
                                            as Authenticating Agent

                                            By:_________________________________
                                                  Name:
                                                  Title:

                                       4
<PAGE>
      This Note is one of a duly authorized issue of Securities of the Company
(the "Notes"), issued and to be issued in one or more series under the
Indenture, dated as of March 15, 1987 (as amended and supplemented to date, the
"Indenture"), between the Company and The Bank of New York, as Trustee (the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and
delivered. This Note is one of the series designated on the face hereof,
initially limited in aggregate principal to $1,000,000,000.

      This Note will bear interest for each Interest Period at a rate determined
by Citibank, N.A., acting as Calculation Agent. The interest rate on this Note
for a particular Interest Period will be a per annum rate equal to LIBOR as
determined on the related Interest Determination Date plus 0.07%. The Interest
Determination Date for an Interest Period will be the second London business day
preceding such Interest Period. Promptly upon determination, the Calculation
Agent will inform the Trustee and the Company of the interest rate for the next
Interest Period. Absent manifest error, the determination of the interest rate
by the Calculation Agent shall be binding and conclusive on the holders of
Notes, the Trustee and the Company.

      A London business day is a day on which dealings in deposits in U.S.
dollars are transacted in the London interbank market.

      On any Interest Determination Date, LIBOR will be equal to the offered
rate for deposits in U.S. dollars having an index maturity of three months for
the next Interest Period, in amounts of at least $1,000,000, as such rate
appears on Telerate Page 3750 at approximately 11:00 a.m., London time, on such
Interest Determination Date. If the Telerate Page 3750 is replaced by another
service or ceases to exist, the Calculation Agent will use the replacing service
or such other service that may be nominated by the British Bankers' Association
for the purpose of displaying London interbank offered rates for U.S. dollar
deposits.

      If no offered rate appears on Telerate Page 3750 on an Interest
Determination Date at approximately 11:00 a.m., London time, then the
Calculation Agent (after consultation with the Company) will select four major
banks in the London interbank market and shall request each of their principal
London offices to provide a quotation of the rate at which three-month deposits
in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime
banks in the London interbank market, on that date and at that time, that is
representative of single transactions at that time. If at least two quotations
are provided, LIBOR will be the arithmetic average of the quotations provided.
Otherwise, the Calculation Agent will select three major banks in New York City
and shall request each of them to provide a quotation of the rate offered by
them at approximately 11:00 a.m., New York City time, on the Interest
Determination Date for loans in U.S. dollars to leading European banks having an
index maturity of three months for the applicable Interest Period in an amount
of at least $1,000,000 that is representative of single transactions at that
time. If three quotations are provided, LIBOR will be the arithmetic average

                                       5
<PAGE>
of the quotations provided. Otherwise, the rate of LIBOR for the next Interest
Period will be set equal to the rate of LIBOR for the current Interest Period.

      The interest rate in effect for this Note for the first Interest Period of
January 12, 2004 through April 11, 2004 shall be [__________]%.

      Upon request from any Noteholder, the Calculation Agent will provide the
interest rate in effect on this Note for the current Interest Period and, if it
has been determined, the interest rate to be in effect for the next Interest
Period.

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

      The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Note upon compliance by the Company with certain conditions
set forth in Sections 11.03 and 11.04 thereof, which provisions apply to this
Note.

      The Indenture contains provisions permitting the Company and the Trustee,
without the consent of the holders of the Securities, to establish, among other
things, the form and terms of any series of Securities issuable thereunder by
one or more supplemental indentures, and, with the consent of the holders of not
less than 66 2/3% in aggregate principal amount of Securities at the time
outstanding which are affected thereby, to modify the Indenture or any
supplemental indenture or the rights of the holders of Securities of such series
to be affected, provided that no such modification will (i) extend the fixed
maturity of any Securities, reduce the rate or extend the time of payment of
interest thereon, reduce the principal amount thereof or the premium, if any,
thereon, reduce the amount of the principal of Original Issue Discount
Securities payable on any date, change the currency in which Securities are
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the maturity thereof, without the consent of the holder of
each Security so affected, or (ii) reduce the aforesaid percentage of Securities
of any series the consent of the holders of which is required for any such
modification without the consent of the holders of all Securities of such series
then outstanding, or (iii) modify, without the written consent of the Trustee,
the rights, duties or immunities of the Trustee.

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

      This Note is a Global Security registered in the name of a nominee of the
Depository. This Note is exchangeable for Notes registered in the name of a
person other than the Depository or its nominee only in the limited
circumstances hereinafter described. Unless and until it is exchanged in whole
or in part for definitive Notes in certificated form, this Note may not be
transferred except as a whole by the Depository to a nominee of the Depository
or by a nominee of the Depository to the Depository or another nominee of the
Depository.

                                       6
<PAGE>
      The Notes represented by this Global Security are exchangeable for
definitive Notes in certificated form of like tenor as such Notes in
denominations of $1,000 and integral multiples thereof only if (i) the
Depository notifies the Company that it is unwilling or unable to continue as
Depository for the Notes or (ii) the Depository ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, or (iii) the
Company in its sole discretion decides to allow the Notes to be exchanged for
definitive Notes in registered form. Any Notes that are exchangeable pursuant to
the preceding sentence are exchangeable for certificated Notes issuable in
authorized denominations and registered in such names as the Depository shall
direct. As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of definitive Notes in certificated form is registrable
in the register maintained by the Company in The City of New York for such
purpose, upon surrender of the definitive Note for registration of transfer at
the office or agency of the registrar, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
registrar duly executed by, the holder thereof or his attorney duly authorized
in writing, and thereupon one or more new Notes of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees. Subject to the
foregoing, this Note is not exchangeable, except for a Global Security or Global
Securities of this issue of the same principal amount to be registered in the
name of the Depository or its nominee.

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

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

      All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture. The Notes are governed by the
laws of the State of New York.

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}]]