Document:

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                                                                     EXHIBIT 4-I

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                            FORD MOTOR CREDIT COMPANY

                                       AND

                              THE BANK OF NEW YORK,
                                     TRUSTEE

                        ---------------------------------

                         SEVENTH SUPPLEMENTAL INDENTURE

                              DATED AS OF [ ], 2005

                            SUPPLEMENTAL TO INDENTURE

                    DATED AS OF JULY 1, 1985, AS SUPPLEMENTED
                    BY THE FIRST SUPPLEMENTAL INDENTURE DATED
                AS OF NOVEMBER 15, 1987, THE SECOND SUPPLEMENTAL
                   INDENTURE DATED AS OF OCTOBER 15, 1988, THE
                    THIRD SUPPLEMENTAL INDENTURE DATED AS OF
                     MARCH 1, 1996, THE FOURTH SUPPLEMENTAL
                    INDENTURE DATED AS OF MARCH 1, 1998, THE
                    FIFTH SUPPLEMENTAL INDENTURE DATED AS OF
                  FEBRUARY 1, 2000, AND THE SIXTH SUPPLEMENTAL
                      INDENTURE DATED AS OF AUGUST 27, 2003

                        ---------------------------------

                           FLOATING RATE DEMAND NOTES

                        ---------------------------------

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         SEVENTH SUPPLEMENTAL INDENTURE, dated as of the [ ] day of [ ], 2005,
between Ford Motor Credit Company, a corporation duly organized and existing
under the laws of the State of Delaware (hereinafter sometimes called the
"Company"), party of the first part, and The Bank of New York, a corporation
duly incorporated and existing under the laws of the State of New York
(hereinafter sometimes called the "Trustee"), as Trustee under the indenture of
the Company (the "Original Indenture"), dated as of July 1, 1985, as
supplemented by a first supplemental indenture (the "First Supplemental
Indenture") dated as of November 15, 1987, a second supplemental indenture (the
"Second Supplemental Indenture") dated as of October 15, 1988, a third
supplemental indenture (the "Third Supplemental Indenture") dated as of March 1,
1996, a fourth supplemental indenture (the "Fourth Supplemental Indenture")
dated as of March 1, 1998, a fifth supplemental indenture (the "Fifth
Supplemental Indenture") dated as of February 1, 2000 and a Sixth Supplemental
Indenture (the "Sixth Supplemental Indenture") dated as of August 27, 2003 (the
"Original Indenture, as supplemented by the First Supplemental Indenture, the
Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth
Supplemental Indenture, the Fifth Supplemental Indenture and the Sixth
Supplemental Indenture, and as amended and further supplemented hereby, being
hereinafter called the "Indenture"), party of the second part.

         WHEREAS, the Company desires to provide for the issuance from time to
time of Floating Rate Demand Notes of the Company (hereinafter called the
"Notes") issuable for the purposes and subject to the limitations contained in
the Indenture, as amended and supplemented hereby;

         WHEREAS, Notes in the aggregate principal amount of $250,000,000 have
been previously authorized for issuance from time to time under the Original
Indenture and additional Notes have been previously authorized for issuance in
the aggregate principal amount of $250,000,000 under the First Supplemental
Indenture, $500,000,000 under the Second Supplemental Indenture, $1,000,000,000
under the Third Supplemental Indenture, $2,000,000,000 under the Fourth
Supplemental Indenture, $3,000,000,000 under the Fifth Supplemental Indenture
and $3,000,000,000 under the Sixth Supplemental Indenture;

         WHEREAS, the Company desires to provide that the aggregate principal
amount of Notes that may be authenticated and delivered under this Indenture is
not limited;

         WHEREAS, Section 11.01(b) of the Indenture provides that the Company
and the Trustee may from time to time enter into one or more indentures
supplemental thereto to add to the covenants of the Company such further
covenants, restrictions, conditions or provisions for the protection of the
holders of the Notes;

         WHEREAS, Section 11.01(c) of the Indenture provides that the Company
and the Trustee may from time to time enter into one or more indentures
supplemental thereto to cure any ambiguity or supplement any provision contained
in the Indenture or in any supplemental indenture which may be defective or
inconsistent with any other provision contained therein or to make such other
provisions in regard to matters of questions arising under the Indenture as
shall not adversely affect the interests of the holders of the Notes;

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         WHEREAS, Section 11.01(f) of the Indenture provides that the Company
and the Trustee may from time to time enter into one or more indentures
supplemental thereto to create Notes in addition to the Notes initially issuable
under the Indenture and identical thereto;

         WHEREAS, Section 11.01(g) of the Indenture provides that the Company
and the Trustee may from time to time enter into one or more indentures
supplemental thereto to modify, amend or supplement the Indenture in such a
manner as to reflect any termination, suspension or modification of the Plan as
permitted under the Plan;

         WHEREAS, the Company has made modifications to the Plan (as defined in
the Original Indenture) to change the name of the "Ford Money Market Account
Plan" to "Ford Interest Advantage Terms and Conditions", to change the name
under which the Notes are offered from "Ford Money Market Account" to "Ford
Interest Advantage", and to provide for the issuance of Notes in global form;

         WHEREAS, the text of the Notes and the Trustee's certificate of
authentication to be borne by the Notes are to be substantially in the forms set
forth in Exhibit A hereto; and

         WHEREAS, the Company represents that all acts and things necessary to
make the Notes, when executed by the Company and authenticated and delivered by
the Trustee as in the Indenture and this Seventh Supplemental Indenture
provided, the valid, binding and legal obligations of the Company and to
constitute these presents a valid indenture and agreement according to its
terms, have been done and performed, and the execution of this Seventh
Supplemental Indenture and the issue under the Indenture, as amended and
supplemented hereby, of the Notes have in all respects been duly authorized, and
the Company, in the exercise of legal right and power in it vested, is executing
this Seventh Supplemental Indenture and proposes to make, execute, issue and
deliver the Notes.

         NOW, THEREFORE:

         In order to declare the terms and conditions upon which the Notes are
authenticated, issued and delivered, and in consideration of the premises, of
the purchase and acceptance of the Notes by the holders thereof and of the sum
of one dollar to it duly paid by the Trustee at the execution of these presents,
the receipt whereof is hereby acknowledged, the Company covenants and agrees
with the Trustee, for the equal and proportionate benefit of the respective
holders from time to time of the Notes, as follows:

                                  ARTICLE ONE.

                             DEFINED TERMS AND NAMES

         SECTION 1.01. Definitions. Effective on the date of this Seventh
Supplemental Indenture, with respect to Notes issued on or after the date of
this Seventh Supplemental Indenture, for all purposes of the Indenture and this
Seventh Supplemental Indenture, except as otherwise expressly provided or unless
the context otherwise requires, (i) the terms defined in this Article have the
meanings assigned to them in this Article, (ii) any term that is defined in both
the Original Indenture and this Seventh Supplemental Indenture shall have the
meaning assigned to such term in this Seventh Supplemental Indenture, (iii) any
capitalized term that is used in this Seventh

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Supplemental Indenture but not defined herein shall have the meaning specified
in the Original Indenture, and (iv) as used in this Seventh Supplemental
Indenture, the terms "herein," "hereof," "hereby," "hereto," "hereunder" and
other words of similar import refer to this Seventh Supplemental Indenture.

Board Resolution:

         The term "Board Resolution" shall mean a copy of a resolution certified
by the Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors and to be in full force and effect on the date
of such certification, and delivered to the Trustee.

Definitive Note:

         The term "Definitive Note" shall mean a certificated Note registered in
the name of the Noteholder thereof and issued in accordance with Section 2.12 of
the Indenture, as amended hereby, in the form of Exhibit A hereto.

Depositary:

         The term "Depositary" shall mean, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in Section 2.11
of the Indenture, as amended hereby, as the Depositary with respect to the
Notes, and any and all successors thereto appointed as depositary under the
Indenture, as amended hereby, by the Company.

Global Note Legend:

         The term "Global Note Legend" shall mean the legend set forth in
Section 2.02 of the Indenture, as amended hereby, which is required to be placed
on all Global Notes issued under this Seventh Supplemental Indenture.

Global Notes:

         The term "Global Notes" shall mean a permanent global note in the form
of Exhibit A attached hereto that is deposited with or on behalf of and
registered in the name of the Depositary.

Program Account:

         The term "Program Account" shall mean, with respect to each beneficial
holder of Notes issued hereunder pursuant to the Terms and Conditions, an
account established by the Agent Bank for such person to which all investments
in Notes, whether in global or definitive form, made by such person from time to
time under the Terms and Conditions shall be credited, all interest paid by the
Company from time to time in respect of such investments shall be credited and
all amounts paid to such person in connection with the redemption of Notes or
otherwise in respect of such investments shall be debited.

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Program Balance and Principal Balance:

         The terms "Program Balance" and "Principal Balance" shall mean (i) with
respect to a Global Note and the Program Accounts relating thereto, the
aggregate principal amount from time to time credited to all such Program
Accounts, including but not limited to the aggregate principal amount invested
and accrued interest, if any, after deducting amounts debited from all such
Program Accounts from time to time, including but not limited to the redemption
of the aggregate principal amount and accrued interest, if any, and (ii) with
respect to a Definitive Note and the Program Account relating thereto, the
aggregate amount from time to time credited to such Program Account after
deducting amounts debited from all such Program Account from time to time.

Terms and Conditions:

         The term "Terms and Conditions" shall mean the Ford Interest Advantage
Terms and Conditions established by the Company, as amended or supplemented from
time to time.

         SECTION 1.02. Change of Name. Effective on the date of this Seventh
Supplemental Indenture, with respect to Notes issued on or after the date of
this Seventh Supplemental Indenture, all references in the Indenture to "Ford
Money Market Account," "Plan Balance" and "Ford Money Market Account Plan" are
hereby replaced by "Ford Interest Advantage," "Program Balance" and "Ford
Interest Advantage Terms and Conditions," respectively. Additionally, with
respect to the Notes issued on or after the date hereof, the definition for the
term "Plan" shall be deleted from Section 1.01 of the Indenture, and all
references to the defined term "Plan" in the Indenture shall be replaced with
references to the defined term "Terms and Conditions." With respect to the Notes
issued on or after the date hereof, the definition for the term "Plan Account"
shall be deleted from Section 1.01 of the Indenture, and all references to the
defined term "Plan Account" in the Indenture shall be replaced with references
to the defined term "Program Account."

                                  ARTICLE TWO.

                                    THE NOTES

         SECTION 2.01. Change in Designation; Amount Unlimited. Effective on the
date of this Seventh Supplemental Indenture, with respect to the Notes issued on
or after the date of this Seventh Supplemental Indenture, Section 2.01 of the
Indenture is hereby amended and restated in its entirety to read as follows:

                  "SECTION 2.01. Designation; Amount Unlimited; Authentication
         and Delivery of Notes. The Notes shall be designated as Floating Rate
         Demand Notes and shall be issued in accordance with the Terms and
         Conditions, the provisions of which are incorporated herein. The
         aggregate principal amount of Notes that may be authenticated and
         delivered under this Indenture is not limited. Prior to the issuance of
         Notes under this Indenture, there may be established in or pursuant to
         a Board Resolution and set forth, or determined in the manner provided,
         in an Officers' Certificate any limit upon the aggregate principal
         amount of Notes that

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         may be authenticated and delivered under this Indenture. Any such Board
         Resolution and the Officers' Certificate shall be delivered to the
         Trustee at or prior to the delivery of the applicable Notes for
         authentication to the Trustee. Subject to the foregoing sentence, the
         Notes may be signed on behalf of the Company in accordance with Section
         2.04 of this Indenture and delivered to the Trustee for authentication
         accompanied by a written order of the Company, signed by its Chairman
         of the Board or its President or a Vice President or its Treasurer or
         its Controller or its Secretary or an Assistant Treasurer or an
         Assistant Controller or an Assistant Secretary directing the Trustee to
         authenticate and deliver said Notes, and the Trustee shall thereupon
         authenticate and deliver said Notes as directed in such written order,
         without any further action by the Company."

         SECTION 2.02. Global Note Provisions.

         (a) Effective on the date of this Seventh Supplemental Indenture, with
respect to Notes issued on or after the date of this Seventh Supplemental
Indenture, Section 2.02 of the Indenture is hereby amended and restated in its
entirety to read as follows:

                  "SECTION 2.02. Form of Notes and Trustee's Certificate. The
         Notes may be issued in global form and shall be substantially in the
         form of Exhibit A attached hereto (including the Global Note Legend
         thereon). The Notes may have additional notations, legends or
         endorsements required by law, regulation, stock exchange rule or usage.
         Each Global Note shall represent such of the outstanding Notes as shall
         be specified therein and each shall provide that it shall represent the
         aggregate Principal Balance outstanding from time to time as reflected
         on the books and records of the Company maintained by the Agent Bank
         under the Terms and Conditions. Each Global Note shall bear a legend in
         substantially the following form:

         "THIS SECURITY MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO
         ANOTHER NOMINEE OF THE BANK OF NEW YORK OR TO A SUCCESSOR DEPOSITARY OR
         TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE BANK OF NEW YORK, A NEW YORK CORPORATION, OR ANY SUCCESSOR
         DEPOSITARY (THE "DEPOSITARY"), TO THE COMPANY OR ITS AGENT FOR
         REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
         ISSUED IS REGISTERED IN SUCH NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO THE
         DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE
         HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INSOMUCH
         AS THE DEPOSITARY, AS THE REGISTERED OWNER HEREOF, HAS AN INTEREST
         HEREIN."

         The Trustee's certificate of authentication to be borne by the Notes
         shall be substantially in the form included in Exhibit A hereto. Notes
         issued in definitive form shall be substantially in the form of Exhibit
         A attached hereto (but without the Global Note Legend thereon) and
         shall be issuable without coupons."

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         (b) Effective on the date of this Seventh Supplemental Indenture, with
respect to Notes issued on or after the date of this Seventh Supplemental
Indenture, Section 2.03 of the Indenture is hereby amended and restated in its
entirety to read as follows:

                  "SECTION 2.03 Date. Each Note shall be dated the date of its
         authentication and shall bear interest from and after such date in
         accordance with the provisions of the Terms and Conditions."

         (c) Effective on the date of this Seventh Supplemental Indenture, with
respect to Notes issued on or after the date of this Seventh Supplemental
Indenture, the following Sections shall be added at the end of Article Two of
the Indenture:

                  "SECTION 2.11. Depositary. The Company initially appoints The
         Bank of New York to act as Depositary with respect to the Global Notes
         and reserves the right to appoint successor depositaries from time to
         time."

                  "SECTION 2.12. Transfer and Exchange of Global Notes.
         Notwithstanding Section 2.10 of this Indenture, a Global Note may be
         transferred by the Depositary to a nominee of the Depositary, by a
         nominee of the Depositary to the Depositary or to another nominee of
         the Depositary, by the Depositary or any such nominee to a successor
         Depositary or a nominee of such successor Depositary. All Global Notes
         shall be exchanged by the Company for Definitive Notes if (i) the
         Depositary delivers to the Company a written notice that it is
         unwilling or unable to continue to act as Depositary and a successor
         Depositary is not appointed by the Company within 90 days after the
         date of such notice from the Depositary or (ii) the Company in its sole
         discretion determines that the Global Notes (in whole but not in part)
         should be exchanged for Definitive Notes and delivers a written notice
         to such effect to the Trustee. Upon the occurrence of any of the
         preceding events in (i) or (ii) above, Definitive Notes shall be issued
         in such names as the Depositary shall instruct the Trustee. Global
         Notes also may be exchanged or replaced, in whole or in part, as
         provided in Section 2.07 hereof. Every Note authenticated and delivered
         in exchange for, or in lieu of, a Global Note or any portion thereof,
         pursuant to this Section 2.12 or Section 2.07 hereof, shall be
         authenticated and delivered in the form of, and shall be, a Global
         Note."

                  "SECTION 2.13. Cancellation and/or Adjustment of Global Notes.
         At such time as all beneficial interests in a particular Global Note
         have been exchanged for Definitive Notes pursuant to Section 2.12
         hereof, or a particular Global Note has been redeemed or canceled in
         whole and not in part, each such Global Note shall be returned to or
         retained and canceled by the Trustee in accordance with Section 2.08
         hereof. At any time prior to such cancellation, if any particular
         Global Note is redeemed in part, the Principal Balance of Notes
         represented by such Global Note shall be reduced accordingly on the
         books and records of the Company maintained by the Agent Bank under the
         Terms and Conditions to reflect such reduction."

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                                 ARTICLE THREE.

                            MISCELLANEOUS PROVISIONS.

         SECTION 3.01. This Seventh Supplemental Indenture is executed by the
Company and the Trustee pursuant to the provisions of subsections (b), (c), (f)
and (g) of Section 11.01 of the Original Indenture, and the terms and conditions
hereof shall be deemed to be part of the Indenture for all purposes. The
Indenture, as amended and supplemented hereby, is in all respects hereby
adopted, ratified and confirmed.

         SECTION 3.02. This Seventh Supplemental Indenture may be executed in
any number of counterparts, each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument.

         SECTION 3.03. The Trustee assumes no responsibility for the correctness
of the recitals herein contained, which shall be taken as the statements of the
Company. The Trustee makes no representations and shall have no responsibility
as to the validity or sufficiency of this Seventh Supplemental Indenture or the
due authorization and execution hereof by the Company.

         SECTION 3.04. Except as specifically amended hereby, all terms and
conditions of the Indenture remain in full force and effect.

         SECTION 3.05. This Seventh Supplemental Indenture and each Note shall
be deemed to be a contract made under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of such State.

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         IN WITNESS WHEREOF, FORD MOTOR CREDIT COMPANY, the party of the first
part, has caused this Seventh Supplemental Indenture to be duly signed and
acknowledged by its Chairman of the Board or its President or an Executive Vice
President or a Vice President or its Treasurer, its Secretary or an Assistant
Secretary thereunto duly authorized, and its corporate seal to be affixed
hereunto, and the same to be attested by its Secretary or an Assistant
Secretary; and THE BANK OF NEW YORK, as Trustee under the Indenture, the party
of the second part, has caused this Seventh Supplemental Indenture to be duly
signed and acknowledged by one of its Vice Presidents or Assistant Vice
Presidents thereunto duly authorized, and its corporate seal to be affixed
hereunto, and the same to be attested by one of its duly authorized officers.

                                     FORD MOTOR CREDIT COMPANY

                                     By:
                                         -------------------------------------
                                         Name:
                                         Title:

Attest:

Assistant Secretary

[CORPORATE SEAL]

                                     THE BANK OF NEW YORK

                                     By:
                                         -------------------------------------
                                         Name:
                                         Title:

Attest:

Name:
     -------------------------------

Title:
      ------------------------------

[CORPORATE SEAL]

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STATE OF MICHIGAN )
                  )    ss.:
COUNTY OF WAYNE   )

         On this _____ day of ________________, 2005, before me personally came
_________________, to me known, who, being by me duly sworn, did depose and say
that she/he resides at _______________________________; that she/he is
__________________ of FORD MOTOR CREDIT COMPANY, one of the corporations
described in and which executed the above instrument; that she/he knows the
corporate seal of said corporation; that the seal affixed to the said instrument
is such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation, and that she/he signed her/his name thereto by
like authority.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                    ________________________________________
                                    Notary Public

[NOTARIAL SEAL]

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STATE OF NEW YORK  )
                   )    ss.:
COUNTY OF NEW YORK )

         On this _____ day of __________, 2005, before me personally came
__________________, to me known, by me duly sworn, did depose and say that
she/he resides at ______________________________________; that she/he is
______________ of THE BANK OF NEW YORK, one of the corporations described in and
which executed the above instrument; that she/he knows the corporate seal of
said corporation; that the seal affixed to the said instrument is such corporate
seal; that it was so affixed by authority of the Board of Directors of said
corporation; and that she/he signed her/his name thereto by like authority.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                    __________________________________
                                    Notary Public

[NOTARIAL SEAL]

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                                                                       EXHIBIT A
                                 [FORM OF NOTE]

SUBJECT TO THE TERMS AND CONDITIONS, THIS NOTE IS NOT ASSIGNABLE OR
TRANSFERABLE, IN WHOLE OR IN PART, EITHER DIRECTLY OR BY OPERATION OF LAW OR
OTHERWISE. NO ATTEMPTED ASSIGNMENT OR TRANSFER HEREOF OTHERWISE SHALL BE
EFFECTIVE. NOTWITHSTANDING THE FOREGOING, THIS SECURITY MAY BE TRANSFERRED, IN
WHOLE BUT NOT IN PART, TO ANOTHER NOMINEE OF THE BANK OF NEW YORK OR TO A
SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK
OF NEW YORK, A NEW YORK CORPORATION, AND ANY SUCCESSOR DEPOSITARY (THE
"DEPOSITARY"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN SUCH NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS
MADE TO THE DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INSOMUCH AS THE DEPOSITARY,
AS THE REGISTERED OWNER HEREOF, HAS AN INTEREST HEREIN.

                            FORD MOTOR CREDIT COMPANY

                             Ford Interest Advantage
                           Floating Rate Demand Notes

      FORD MOTOR CREDIT COMPANY, a corporation duly organized and existing under
the laws of the State of Delaware (hereinafter called the "Company", which term
includes any successor corporation under the Indenture hereinafter referred to),
for value received, hereby promises to pay to The Bank of New York, as
Depositary, the aggregate unpaid principal amount of up to $ [ ] billion
("Principal Balance"), if any, outstanding from time to time hereunder as shown
on the books and records of the Company maintained by the agent (the "Agent
Bank") for the Company under the Ford Interest Advantage Terms and Conditions
(the "Terms and Conditions"), and, to the extent permitted by law, to pay
interest on the Principal Balance, at a rate per annum from time to time
determined pursuant to the Terms and Conditions.

      Interest on the Principal Balance shall be accrued daily and credited to
the Principal Balance hereof as of the last day of each calendar month until the
Principal Balance has been paid or duly provided for in accordance with the
provisions of the Terms and Conditions.

      The Principal Balance is payable, in whole or in part, on demand by the
holder of this Note at any time after the date hereof. Accrued interest
hereunder not credited to the Principal Balance as herein provided shall be
payable in whole on demand by the holder of this Note at any time after the date
hereof in accordance with the provisions of the Terms and Conditions. The
Principal Balance hereof together with accrued interest hereunder not credited
to the Principal Balance as herein provided may be redeemed by the Company in
whole at any time following the date hereof, all as more fully set forth below.

      Payment of the Principal Balance and accrued and unpaid interest of this
Note will be made to the person whose name is set forth above, or in accordance
with the instructions of such person given in accordance with the provisions of
the Terms and Conditions, at the office or

                                       A-1

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agency of the Company maintained for that purpose, in the Borough of Manhattan,
the City of New York, in such coin or currency of the United States of America
as at the time of payment shall be legal tender for the payment of public and
private debts.

      SUBJECT TO THE TERMS AND CONDITIONS, THIS NOTE IS NOT ASSIGNABLE OR
TRANSFERABLE, IN WHOLE OR IN PART, EITHER DIRECTLY OR BY OPERATION OF LAW OR
OTHERWISE. NO ATTEMPTED ASSIGNMENT OR TRANSFER HEREOF OTHERWISE SHALL BE
EFFECTIVE.

      This Note is a duly authorized issue of Notes of the Company, designated
as its Floating Rate Demand Notes (hereinafter called the "Notes"), all issued
under and pursuant to an indenture dated as of July 1, 1985, duly executed and
delivered by the Company and The Bank of New York, a New York corporation
(hereinafter called the "Trustee"), to which indenture and all indentures
supplemental thereto (hereinafter called the "Indenture") reference is hereby
made for a description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the holders of the
Notes.

      The Company, at its option, may redeem this Note, together with interest
thereon accrued and unpaid in accordance with the provisions of the Terms and
Conditions (a) to the extent that the aggregate Principal Balance payable to any
investor hereunder is less than $1,000 (or such other amount as the Company from
time to time may determine), or (b) in the event that the Company shall have
elected at any time to suspend or terminate the offering of the Notes.

      The Notes are subject to repayment in whole or in part at the option of
the beneficial holders thereof on demand by written request, or, if arrangements
therefor have been made with the Agent Bank in accordance with the provisions of
the Terms and Conditions, by check redemption or electronic transfer.

      The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the holders of not less than 66 2/3% of the aggregate
Principal Balance of the Notes at the time outstanding, evidenced as in the
Indenture provided, to execute supplemental indentures adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or modifying in any manner the rights of the
holders of the Notes (other than supplements to the Indenture or supplemental
indentures increasing the aggregate principal amount of Notes for issuance
thereunder or reflecting modifications of the Plan as permitted thereunder);
provided, however, that no such supplemental indenture shall (i) diminish the
Principal Balance of any Note, or accrued and unpaid interest thereon, or (ii)
reduce the aforesaid percentage of Notes, the consent of the holders of which is
required for any such supplemental indenture, without the consent of the holders
of all Notes then outstanding. It is also provided in the Indenture that, prior
to the declaration of maturity of the Notes upon the occurrence of an Event of
Default as permitted by the Indenture, the holders of a majority of the
aggregate Principal Balance of the Notes at the time outstanding may on behalf
of the holders of all of the Notes waive any past default under the Indenture
and its consequences, except a default in the payment of the Principal Balance
of or interest on any of the Notes. Any such consent or waiver by the holder of
this Note (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such holder.

      No reference herein to the Indenture and no reference to any 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 Balance of
and interest on this Note at the place, at the respective times, at the rate and
in the currency herein prescribed.

      At all times after the date hereof the Company, the Trustee, the Agent
Bank and any other paying agent may deem and treat the holder hereof, as set
forth in the books and records of the

                                       A-2

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Company maintained by the Agent Bank, as the absolute owner hereof (whether or
not this Note shall be overdue and notwithstanding any notation of ownership or
other writing hereon) for the purpose of receiving payment as herein provided
and for all other purposes, and neither the Company nor the Trustee nor any
paying agent shall be affected by any notice to the contrary.

      No recourse shall be had for the payment of the Principal Balance of or
the interest on this Note, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any incorporator, stockholder, officer, director
or employee, as such, past, present or future, of the Company or of any
successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

      In the event (i) the Depositary delivers to the Company a written notice
that it is unwilling or unable to continue to act as Depositary and a successor
Depositary is not appointed by the Company within 90 days after the date of such
notice from the Depositary or (ii) the Company in its sole discretion determines
that the Global Notes (in whole but not in part) should be exchanged for
Definitive Notes and delivers a written notice to such effect to the Trustee,
the Depositary shall surrender this Note to the Trustee for cancellation
whereupon the Company will execute and the Trustee will authenticate and deliver
Notes of this series in definitive registered form without coupons, in an
aggregate principal amount equal to the principal amount of this Note at the
time outstanding in exchange for this Note.

      This Note shall be deemed to be a contract made under the law of the State
of New York and for all purposes shall be governed by and construed in
accordance with the laws of said State.

                                       A-3

<PAGE>

      This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication shall have been signed manually or in
facsimile by the Trustee under the Indenture referred to on the reverse hereof.

      IN WITNESS WHEREOF, Ford Motor Credit Company has caused this instrument
to be signed by its Chairman of the Board, or its President, or one of its Vice
Presidents, and by its Treasurer or one of its Assistant Treasurers, manually or
in facsimile, and a facsimile of its corporate seal to be imprinted hereon.

Dated: ___________________                     FORD MOTOR CREDIT COMPANY

                                               By __________________________

(Corporate Seal)                               By __________________________

                                       A-4

<PAGE>

                [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

      This is one of the Notes described in the within-mentioned Indenture.

                                                 THE BANK OF NEW YORK,
                                                 not in its individual capacity,
                                                 but solely as Trustee,

                                                 By _________________________
                                                     Authorized Signature

Dated: __________________

                                       A-5

<PAGE>

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to

__________________________________________________________________________
(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE)

______________________________________
(Print or Type Name and Address, including Zip Code, of Assignee)

the attached 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__________________

NOTE: The signature to this assignment must correspond with the name as written
upon the face of the attached Note in every particular without alteration or
enlargement or any change whatsoever and must be guaranteed by a commercial bank
or trust company having its principal office or correspondent in The City of New
York or by a member of the New York Stock Exchange.

                                       A-6<PAGE>
                                                                     EXHIBIT 4-J

                             FORD INTEREST ADVANTAGE

                              TERMS AND CONDITIONS

         The Ford Interest Advantage Terms and Conditions ("Ford Interest
Advantage" or the "Program") has been established by Ford Motor Credit Company
to provide investors with a convenient means of making investments in floating
rate demand notes of Ford Motor Credit Company.

I.       Definitions

         As hereinafter used:

         1.       "Investment Application" shall have the meaning set forth in
                  paragraph II hereof.

         2.       "Investment Register" shall have the meaning set forth in
                  paragraph II hereof.

         3.       "Agent Bank" shall have the meaning set forth in paragraph VII
                  hereof.

         4.       "Base Rate" shall have the meaning set forth in paragraph IV
                  hereof.

         5.       "Business Day" shall mean any day other than a Saturday or a
                  Sunday or a day on which the Agent Bank is authorized or
                  obligated by law to close.

         6.       "Committee" shall have the meaning set forth in paragraph VIII
                  hereof.

         7.       "Company" shall mean Ford Motor Credit Company, a Delaware
                  corporation.

         8.       "Federal Funds" shall mean amounts deposited in a Federal
                  Reserve Bank which are capable of being transferred
                  electronically among member institutions of the Federal
                  Reserve System and which have good value on the date of such
                  transfer.

         9.       "Incremental Rate" shall have the meaning set forth in
                  paragraph IV hereof.

         10.      "Indenture" shall have the meaning set forth in paragraph VI
                  hereof.

         11.      "Money Fund Report" shall mean the report titled Money Fund
                  Report(TM) published weekly by iMoneyNet, Inc., or any
                  successor thereto designated by the Company, which reports the
                  most recent seven-day average yield (non-compounded) for all
                  taxable money funds.

         12.      "Notes" shall mean the non-transferable floating rate demand
                  notes of the Company issued as a global security pursuant to
                  and in accordance with the terms, conditions and provisions of
                  the Indenture, as in effect from time to time.

         13.      "Participating Investor" shall mean a person, firm,
                  corporation, or association having a Program Investment
                  registered in his, her or its name.

         14.      "Program Investment" shall mean a Participating Investor's
                  aggregate investment in the Notes pursuant to the Program as
                  recorded on the Investment Register.

                                       1

<PAGE>

         15.      "Program Investment Balance" shall have the meaning set forth
                  in paragraph II hereof.

         16.      "Registered Investment Address" shall have the meaning set
                  forth in paragraph II hereof.

         17.      "Registered Investment Owner" shall mean the Participating
                  Investor, a trust established for the benefit of such
                  participating Investor, or in the case of a joint Program
                  Investment, persons, firms, corporations or associations who
                  have been designated by the Participating Investor as having a
                  joint interest in the Program Investment, all as recorded on
                  the Investment Register.

         18.      "Signature Guarantee" shall have the meaning set forth in
                  paragraph V hereof.

         19.      "Trustee" shall have the meaning set forth in paragraph VI
                  hereof.

II.      Establishment of Program Investments; Investment Register

         Subject to such limitations or regulations as the Company from time to
time may prescribe, an investor may establish and maintain one or more of the
following types of investments: individual investments; joint investments;
investments by a firm, corporation or association; trust investments; custodial
investments pursuant to the applicable Uniform Gifts to Minors Act of the state
in which the investor resides; and such other categories of investments as the
Company from time to time may determine. Program Investments shall be
established by the investor (i) delivering to the Company or to the Agent Bank,
as the Company from time to time may designate, a properly executed application
(the "Investment Application") which shall require such information and provide
such elections as the Company from time to time may determine, together with
such other forms and undertakings as may be determined by the Company from time
to time, and (ii) making an investment by check concurrently with delivery of
the Investment Application, or making an investment by any other method which
the Company from time to time may determine.

         The Agent Bank shall maintain a listing (the "Investment Register")
setting forth such information regarding each Program Investment as the Company
from time to time may determine, including but not limited to the name of the
Participating Investor, his or her social security number or, if a firm,
corporation or association, its Tax Identification Number, the names of other
Registered Investment Owners, if any, the address to which notices under the
Program are to be sent (the "Registered Investment Address"), the amounts
credited to the Program Investment from time to time after deducting amounts
debited from the Program Investment from time to time (the "Program Investment
Balance") and accrued and unpaid interest on the Program Investment Balance.

III.     Investment under the Program; Issuance of Notes

         All investments under the Program by a Participating Investor shall be
recorded by the Agent Bank as a Program Investment of such Participating
Investor. Notes relating to all Program Investments shall be issued as global
certificates under the Indenture between the Company and the Trustee, as amended
or supplemented from time to time in accordance with the terms thereof. The
global certificates will be deposited with a depositary appointed by the

                                       2

<PAGE>

Company, and a record of all beneficial interests in the global certificates
corresponding to each Program Investment will be maintained by the depositary or
the Agent Bank.

         The principal amount of each Note issued to a Participating Investor
under the Program shall at all times be equal to the Program Investment Balance
in such investor's Program Investment and shall bear interest from time to time
at the rate provided for in paragraph IV hereof.

         Subject to such limitations and requirements as the Company from time
to time may determine, a Participating Investor may make investments under the
Program from time to time by delivering to the Agent Bank a check for the amount
of the investment. Investments by check shall be credited to a Participating
Investor's Program Investment no later than the first Business Day following the
Business Day on which the check investment shall be received by the Agent Bank
in proper form. Interest shall begin to accrue on such check investment as of
the Business Day such check investment shall have been credited to the
applicable Program Investment. Anything herein to the contrary notwithstanding,
checks shall be accepted for investment under the Program subject to collection
at full face value and must be drawn on a U.S. bank payable in U.S. dollars.
Amounts invested by check may not be redeemed from a Program Investment for a
period of 10 business days following receipt of the check investment in proper
form by the Agent Bank or such shorter or longer time as shall be determined
from time to time by the Company.

         Subject to such limitations and requirements as the Company from time
to time may determine, a Participating Investor may make investments under the
Program from time to time by electronic transfer of funds to the Agent Bank in
the amount of the investment. Investments under the Program by electronic
transfer of funds shall be credited to a Participating Investor's Program
Investment no later than the Business Day next following the Business Day on
which the investment shall be received by the Agent Bank in proper form.
Interest shall begin to accrue on such investment at such time as the investment
shall have been credited to the the Participating Investor's Program Investment.
Anything herein to the contrary notwithstanding, neither the Company nor the
Agent Bank shall assume any responsibility for delays in the crediting of
investments by electronic transfer resulting from delays in funds wiring
systems.

         Investments under the Program may be made by such further methods and
subject to such limitations and requirements as the Company from time to time
may determine.

IV.      Interest Rate

         Each Note shall earn interest at a floating rate per annum equal to the
most recent seven-day average yield (non-compounded), expressed as a percentage,
for all taxable money funds listed weekly in the Money Fund Report plus at least
1/4 of one percentage point (the "Base Rate). In addition, the Company may from
time to time, at its sole discretion, increase the rate of interest earned on
the Notes by adding a per annum percentage to the Base Rate (such percentage
added to the Base Rate is hereinafter called the "Incremental Rate"). The amount
of any Incremental Rate as applicable to the Program Investment Balance of any
Participating Investor may be determined on the basis of the daily balance of
such Program Investment or such other basis as shall be determined by the
Company and may be changed in whole or in part at any time at the Company's
discretion. The Base Rate shall be determined and shall become effective,
together with any Incremental Rate determined by the Company, as of the next
following Monday each time a new seven-day average yield (non-compounded),
expressed as a percentage, for all taxable money funds listed in Money Fund
Report is reported

                                       3

<PAGE>

therein. In the event Money Fund Report is not published in any week, or in the
event the seven-day average yield for all taxable money funds normally reported
therein is not reported in Money Fund Report for any week, then the Base Rate
most recently in effect shall continue in effect until such seven-day average
yield is next reported. If Money Fund Report ceases to be published, or ceases
permanently to set forth seven-day average yields for taxable money funds on a
basis comparable to that available at the date the Program first becomes
effective, an approximately equivalent effective interest rate shall be selected
as the Base Rate based on a formula determined by the Company and communicated
to Participating Investors in sufficient time before the effective date thereof,
to permit redemptions at the previously effective interest rate.

         Interest on each Note shall accrue daily and shall be credited to the
principal amount of such Note as of the last day of each calendar month.

V.       Redemption of Notes; Termination of Program Investments

         Subject to the provisions of this paragraph V, each Registered
Investment Owner may redeem all or part of the principal amount of the Note
representing amounts credited to such Registered Investment Owner's Program
Investment at any time and from time to time as provided in the following
paragraphs, or by such other methods and subject to such limitations and
requirements as the Company from time to time may determine. The Company may
impose such controls on any method of redemption as are deemed necessary to
prevent fraud and otherwise protect investors against unauthorized redemptions.

         The redemption of invested amounts by a check drawn by a Registered
Investment Owner against all or part of the Registered Investment Balance (the
"Check Redemption Option") shall be available only in the event a Participating
Investor shall have elected the same by a properly completed Investment
Application or subsequent written request therefor. If the Check Redemption
Option is requested otherwise than by the election of the same on the initial
Investment Application, such request shall be accompanied by a Signature
Guarantee for each Registered Investment Owner of the Program Investment. For
purposes of the Program, a Signature Guarantee ("Signature Guarantee") shall
mean a guarantee of signature executed by an authorized signatory of a U.S.
commercial bank or Trust Company or member of any national or regional stock
exchange or such other financial institution or other source as the Company may
in its discretion determine to be acceptable for this purpose. Any redemption of
a Program Investment Balance by redemption check may be in any amount not less
than $250 (or such other minimum amount as the Company from time to time may
determine for all investors under the Program or categories thereof) and shall
be signed by each Registered Investment Owner of the Program Investment whose
signature is specified as being required on redemption checks in the Investment
Application or subsequent written request to add the Check Redemption Option.
The Company may, in its sole discretion, accept for payment redemption checks in
an amount less than $250 and may assess a fee for processing of such checks.

         Upon presentment of a properly executed redemption check meeting the
requirements hereof, the Agent Bank will debit the amount of the redemption
check from the Program Investment Balance and shall pay the proceeds thereof to
the presenter of the check. Interest on the amount of such redemption check
shall continue to accrue to but not including the Business Day on which the
redemption check is presented for payment to the Agent Bank. A redemption check
for the amount greater than the Program Investment Balance at the time of
presentment for payment shall not be honored by the Agent Bank.

                                       4

<PAGE>

         Anything herein to the contrary notwithstanding, (i) the availability
of the option to redeem Notes by redemption check shall not create a checking or
other bank account or a depositor or banking relationship with the Company or
the Agent Bank, and (ii) the Company may at any time and from time to time
modify, suspend or terminate the provisions hereof permitting redemption of
Notes by redemption check.

         A participating Investor may at any time redeem all or part of the
principal amount of a Note by written request to the Agent Bank or, if the
Redemption by Bank Check Option has been selected on the Investment Application
or in a subsequent written request, telephone or telex request for redemption by
bank check in such form and subject to such regulations as the Company from time
to time may prescribe. In the event of a request for Redemption by Bank Check,
the redemption proceeds shall be paid by bank check and delivered in accordance
with the redemption request as soon as practicable following receipt of a
redemption request in proper form. Written requests for redemption by bank check
shall be signed by the Participating Investor and all other Registered
Investment Owners of the Program Investment. Unless the Participating Investor
shall have elected the Redemption by Bank Check Option on the Investment
Application or in a subsequent written request, each such written redemption
request also shall be accompanied by Signature Guarantees for all required
signatures. Redemption proceeds by bank check (i) shall be mailed only to the
Registered Investment Address or to the bank account designated in the
Investment Application or designated in a subsequent written notice or (ii)
shall be delivered to the Participating Investor or other Registered Investment
Owner in person or at the office of the Agent Bank. By participating in the
Program and electing the Redemption by Bank Check Option, the Registered
Investment Owners thereby authorize the Agent Bank to effect redemptions by bank
check from Program Investments pursuant to redemption instructions received from
any person or persons representing themselves to be authorized to deliver such
redemption instructions. The records maintained by the Agent Bank with regard to
such instructions shall be conclusive and binding on all Registered Investment
Owners of the respective Program Investment. Interest on the amount of the
redemption shall continue to accrue to but not including the Business day the
Agent Bank prepares the bank check.

         Subject to such regulations as the Company from time to time may
prescribe and if the Redemption by Electronic Transfer Option shall have been
elected, a Participating Investor may at any time redeem all or part of the
principal amount of a Note by telephone, telex, secure electronic or written
request for electronic transfer of Federal Funds, to an account in a commercial
bank, the number of which shall have been designated by the investor on the
related Investment Application or in a subsequent written request. Written
requests for redemption by electronic transfer of Federal Funds shall be signed
by the Participating Investor and all other Registered Investment Owners of the
Program Investment. Any new election of or change to such predesignated bank
account must be requested in writing accompanied by Signature Guarantees for all
Registered Investment Owners. Any redemption of amounts included in a Program
Investment Balance by electronic transfer of Federal Funds may be in any amount
not less than $1,000 (or such other minimum amount as the Company from time to
time may determine). By electing the Redemption by Electronic Transfer Option,
the Registered Investment Owners thereby authorize the Agent Bank to effect
redemptions of the Note by electronic transfer of Federal Funds pursuant to
telephone, telex or written redemption instructions received from any person or
persons representing themselves to be authorized to deliver such redemption
instructions. No signature Guarantees shall be required in connection with
redemption instructions for redemption by electronic transfer of Federal Funds
to the predesignated bank account. The records maintained by the Agent Bank with
regard to such

                                       5

<PAGE>

instructions shall be conclusive and binding on all Registered Investment Owners
of the Program Investment. Redemption proceeds distributed pursuant to an
electronic redemption request shall be sent by the Agent Bank as soon as
practicable to the predesignated bank account following receipt of such request
in proper form. Interest on the amount of such electronic redemption shall
continue to accrue to but not including the Business day the Agent Bank
transfers the redemption proceeds.

         Anything herein to the contrary notwithstanding (i) neither the Company
nor the Agent Bank assumes any responsibility for delays in the crediting of
redemption proceeds upon redemption by electronic transfer of Federal Funds
resulting from delays in the funds wiring system or for the authenticity of
expedited redemption instructions, and (ii) the Company may modify, terminate or
suspend at any time and from time to time provisions of the Program permitting
redemption of Notes pursuant to the Redemption by Electronic Transfer Option.

         With respect to any Program Investment which shall have a Program
Investment Balance of less than $1,000 (or such other amount as the Company from
time to time may determine) the Company shall have the right, after 30 days
following the mailing of a written notice to the Participating Investor, to
terminate such Participating Investor's participation in the Program, to redeem
the principal amount of the Note together with accrued and unpaid interest
thereon, to mail the proceeds thereof to the Registered Investment Owners as
their registered interests shall appear at the Registered Investment Address and
to terminate the Program Investment.

         The Company also reserves the right to redeem any Program Investment as
to which the redemption provisions or other provisions of the Program are
determined by the Company, in its sole discretion, to have been abused, or for
such other reason as the Company may determine. In such instances the Company
may decline to accept future investments from any Registered Investment Owner
associated with such Program Investment.

         The Company also shall have the right to redeem any Note, together with
accrued and unpaid interest thereon, and to terminate the related Program
Investment in the event the Program is suspended or terminated pursuant to
paragraph XI hereof.

         A participating Investor may elect voluntarily to terminate
participation in the Program and close a Program Investment by notice to the
Agent Bank. Upon election by a Participating Investor to terminate participation
in the Program, all amounts credited to the principal amount of the Note held by
such investor, together with accrued and unpaid interest to but not including
the Business Day next following the effective date of such termination, shall be
paid to the Registered Investment Owners as their registered interests shall
appear.

VI.      Trustee

         The Company shall appoint one or more corporations to act as trustee
(the "Trustee") for Notes issued pursuant to the Program and shall enter into an
indenture (the "Indenture") with such corporation or corporations which meet the
requirements of the U. S. Trust Indenture Act of 1939. Subject to the
requirements of the Indenture, the Company and the Trustee may amend or
supplement the Indenture from time to time.

                                       6

<PAGE>
VII.     Agent Bank

         The Company shall appoint one or more banks or corporations to act as
agent under the Program (the "Agent Bank") and at any time may remove the Agent
Bank and appoint a successor Agent Bank. The Company may without reference to or
any action by any Participating Investor or other Registered Investment Owner,
enter into such agreement or further agreements and take such other steps and
execute such other instruments as the Company in its sole discretion may deem
necessary or desirable to carry the Program into effect or to facilitate its
administration.

VIII.    Committee

         The Company shall create a Ford Interest Advantage Committee (the
"Committee") consisting of at least three members. The Company shall from time
to time designate the members of the Committee and an alternate for each of such
members, who shall have full power to act in the absence or inability to act of
such member. The Committee shall act by a majority of its members, with or
without a meeting.

         The duly appointed manager or managers responsible for the operation of
the Ford Interest Advantage program will oversee the conduct of business
provided for under the Program. Such management is responsible for the conduct
of day-to-day business operations, development of policies required to meet
changing business conditions, and revisions to operating procedures required by
the general business purposes of the Company, consistent with the provisions of
the Indenture. When substantial changes to the structure of the Program are
considered, or where questions arise requiring interpretation of the provisions
of the Program, management may consult the Committee.

         In such circumstances, the Committee shall have full power and
authority to direct the administration of the Program, to interpret its
provisions, to adopt forms of use thereunder, to adopt rules and regulations in
connection therewith and to make the determinations thereunder provided for it
to be made. Any interpretation of the provisions of the Program by the Committee
shall be final and conclusive, and shall bind and may be relied on by all
parties in interest to the Program.

         No member of the Committee or alternate for a member or a director,
officer or employee of the Company shall be liable for any action or failure to
act under or in connection with the Program, except for his own bad faith. Each
director, officer or employee of the Company who is or shall have been
designated to act on behalf of the Company and each person who is or shall have
been a member of the Committee or an alternate for a member, as such, shall be
indemnified and held harmless by the Company against and from any and all loss,
cost, liability or expense that may be imposed upon or reasonably incurred by
him in connection with or resulting from any claim, action, suit or proceeding
to which he may be a party or in which he may be involved by reason of any
action taken or failure to act under the Program and against and from any and
all amounts paid by him in settlement thereof (with the Company's written
approval) or paid by him in satisfaction of a judgment in any such action, suit
or proceeding, except a judgment in favor of the Company based upon a finding of
his bad faith; subject, however to the condition that, upon the assertion or
institution of any such claim, action, suit or proceeding against him, he shall
in writing give the Company an opportunity, at its own expense, to handle and
defend the same before he undertakes to handle and defend it on his own behalf.
The foregoing right of indemnification shall not be exclusive of any other right
to which such person may be entitled as a matter of law or otherwise, or any
power that the Company may have to indemnify him or hold him harmless.

                                       7

<PAGE>

IX.      Program Investment Statements

         As soon as practicable after the end of each calendar month, or such
other period as may be determined from time to time by the Company, there shall
be furnished with respect to each Program Investment a statement setting forth a
summary of all transactions in such Program Investment during such month, or
other period, including beginning and ending Program Investment Balances,
interest credited, and such additional information as the Company from time to
time may determine. Such statements shall be deemed to have been accepted by the
Participating Investor and other Registered Investment Owners as correct unless
written notice to the contrary shall be received by the Agent Bank within 30
days after the mailing of such statement to the Registered Investment Address.

X.       Notices, etc.

         All notices, statements and other communications from the Agent Bank or
the Company to a Participating Investor or other Registered Investment Owner
shall be deemed to have been duly given, furnished, delivered or transmitted, as
the case may be, when delivered to (or when mailed to) the most recent
Registered Investment Address.

         All notices, instructions and other communications from a Participating
Investor or other Registered Investment Owner to the Company or Agent Bank
required or permitted hereunder (including without limitation Investment
Applications and changes and terminations thereof and redemption requests) shall
be in the respective forms from time to time prescribed therefor by the Company,
shall be mailed by first-class mail or delivered to such location as shall be
specified in regulations and upon forms prescribed by the Company and shall be
deemed to have been duly given and delivered upon receipt by the Company or the
Agent Bank, as the case may be, at such location.

         From time to time as necessary to facilitate the administration of the
Program, the Company, the Agent Bank, the Trustee and the Committee shall
deliver to each other copies or consolidations of such notices, instructions or
other communications in respect of the Program as it may receive from
Participating Investors and Registered Investment Owners.

XI.      Termination, Suspension and Modification

         The Company may terminate the Program at any time or from time to time
suspend or modify any provision thereof. The Company may at any time or from
time to time terminate or modify the Program or suspend for any period the
operation of any provision thereof in respect of any investors located in one or
more jurisdictions. Any such termination, modification or suspension of the
Program may affect participants in the Program at the time thereof, as well as
future participants, but may not affect the rights of a Participating Investor
unless such proposed action shall have been communicated to such Participating
Investor in sufficient time prior to the effective date thereof to permit such
Participating Investor to redeem amounts credited to a Program Investment
together with accrued and unpaid interest in accordance with the terms of the
Program in effect prior to the effective date of such termination, modification
or suspension.

         Anything herein to the contrary notwithstanding, no such termination or
modification of the Program or suspension of any provision thereof may diminish
the principal amount of any Note, or accrued and unpaid interest thereon.

                                        8

<PAGE>
XII.    Miscellaneous

         Each Participating Investor shall, upon request, be given a copy of the
Program as in effect at the time, and by participating shall be deemed to accept
and agree to all the provisions of the Program.

         The records of the Company, the Agent Bank, the Trustee and the
Committee shall be conclusive in respect of all matters involved in the
administration of the Program.

         All expenses of administering the Program, including without limitation
the fees of the Agent Bank and the Trustee and other expenses charged or
incurred by the Agent Bank and the Trustee shall be borne by the Company. No
charge or penalty shall be imposed by the Company, the Agent Bank or the Trustee
against any Program Investment or Registered Investment Owner solely by reason
of participation in the Program; provided, however, that the Company the Agent
Bank and the Trustee shall have no liability for any cost incurred by a
Registered Investment Owner including, but not limited to, costs incurred in
obtaining required Signature Guarantees or in connection with the wiring of
funds to make investments under the Program. The Company may also assess charges
with respect to any Program Investment for investment activity not in compliance
with the terms of the Program, including the issuance of redemption checks in an
amount in excess of the amount available for redemption, issuance of checks
below the minimum redemption amount, or failure to maintain the minimum
investment balance specified by the Company.

         The Participating Investor will be charged for dishonored redemption
checks and redemption checks on which a stop order has been placed, in an amount
determined from time to time by the Company.

         The Program shall be governed by and construed in accordance with the
laws of the State of Michigan.

                                       9

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