Document:

<PAGE>   1
                          FORM OF NOTE -- EXHIBIT 4.2

R- 1                                                                $250,000,000

                     INTERNATIONAL LEASE FINANCE CORPORATION

                          4-3/4% NOTES DUE JUNE 2, 2003

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR NOTES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER
THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED
CIRCUMSTANCES.

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

PRINCIPAL AMOUNT:  Two Hundred Fifty Million ($250,000,000)

MATURITY DATE:  June 2, 2003

DATED DATE:  May 10, 2001

INTEREST RATE:  4-3/4% per annum

CUSIP:    459745 EU5

INTEREST PAYMENT DATES:  December 2 and June 2 commencing December 2, 2001

REGULAR RECORD DATES: The date 15 calendar days prior to each interest payment
date

<PAGE>   2

               INTERNATIONAL LEASE FINANCE CORPORATION, a California corporation
(the "Company"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal amount set forth on the face hereof on the
Maturity Date set forth on the face hereof, and to pay interest thereon, at the
interest rate set forth on the face hereof, from the dated date hereof or from
the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on the Interest Payment Dates set forth on the face
hereof, until the principal hereof has been paid or made available for payment.
The interest so payable, and punctually paid or provided for, on any Interest
Payment Date will, as provided in the Indenture (as hereinafter defined), be
paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest as set forth on the face hereof (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date; provided,
however, interest payable on the Maturity Date hereof will be payable to the
Person to whom the principal hereof shall be payable. Any such interest which is
payable, but is not punctually paid or duly provided for on any Interest Payment
Date, shall forthwith cease to be payable to the registered Holder on such
Regular Record Date, and may be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such defaulted interest to be fixed by
the Trustee, notice whereof shall be given to the Holder of this Note at least
10 days prior to such Special Record Date, or may be paid at any time in any
other lawful manner, all as more fully provided in the Indenture. Payment of the
principal of and interest on this Note will be made at the office of the Trustee
in St. Paul, Minnesota and at the agency maintained by the Trustee for that
purpose in the Borough of Manhattan, City of New York, State of New York, in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that
payment of interest on any Interest Payment Date (other than on the Maturity
Date) may be made at the option of the Company by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security
Register.

               This Note is one of a duly authorized issue of Securities
(hereinafter called the "Securities") of the Company, issued and to be issued
under an Indenture dated as of November 1, 2000 (herein called the "Indenture")
between the Company and The Bank of New York, as Trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, the Trustee
and the Holders of the Securities, and the terms upon which the Securities are,
and are to be, authenticated and delivered. All terms used in this Note which
are defined in the Indenture shall have the meanings assigned to them in the
Indenture.

               This Note is one of the series of Securities designated as set
forth on the face hereof. The Notes may not be redeemed prior to maturity. The
Notes will not have a sinking fund.

               If an Event of Default with respect to the Notes shall occur and
be continuing, the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Notes may declare the principal of all the Notes due
and payable in the manner and with the effect provided in the Indenture.

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

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

               As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note may be registered on the Security
Register of the Company upon surrender of this Note for registration of transfer
at the office of the Trustee in the Borough of Manhattan, City of New York,
State of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and Security Registrar duly
executed by, the Holder hereof or by his attorney duly authorized in writing,
and thereupon one or

<PAGE>   3
more new Notes of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

               The Notes are issuable only in registered form without coupons in
denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000. As provided in the Indenture and subject to certain
limitations therein set forth, the Notes are exchangeable for a like aggregate
principal amount of Notes, as requested by the Holder surrendering the same.

               No service charge will 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.

<PAGE>   4

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

                                        INTERNATIONAL LEASE FINANCE CORPORATION

[Seal]

                                        By:
                                             -----------------------------------
                                             Chairman of the Board

                                             -----------------------------------
                                             President

Attest:

----------------------------------
        Secretary

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

                          CERTIFICATE OF AUTHENTICATION

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

                                        THE BANK OF NEW YORK, as Trustee

                                        By:
                                             -----------------------------------
                                                   Authorized Signatory

<PAGE>   5

                              [FORM OF ASSIGNMENT]

                                  ABBREVIATIONS

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

        TEN COM --    as tenants in common
        TEN ENT --    as tenants by the entireties
        JT TEN  --    as joint tenants with right of survivorship and not as
                      tenants in common

UNIF GIFT MIN ACT -- __________________ Custodian ___________________
                             (Cust)                (Minor)

under Uniform Gifts to Minors Act _____________________________
                                            (State)

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

                         ______________________________

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

Please insert Social Security or Other
Identifying Number of Assignee              _________________________________

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

______________________________________________________

______________________________________________________

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

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

Dated: ________________________________

                                    ____________________________________________

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

LOUISIANA-PACIFIC
CORPORATION

EXECUTIVE LOAN PROGRAM

As Amended and Restated November
24, 2000

1.     Purpose.  To provide loans to company executives for the purchase by them
of shares of company stock.  Such
purchases shall be of shares of treasury stock held by the company.

2.     Covered Executives.  (a) The CEO, all Vice Presidents and all
other employees who are “executive officers” of the company under Section 16 of
the Securities Exchange Act of 1934, 
(b) Business Team Leaders and (c) other executives as designated by the
CEO.

3.     Loan Amount.  Equal to the total cost of the shares of company stock purchased
in one transaction by the executive from the company during the 60-day period
following the effective date of this Executive Loan Program (the "Loan Program")
for such executive. The loan shall be made upon written notification to the
company by the executive of the number of shares he or she desires to
purchase.  Such shares shall be sold to
the executive on the date such notification is received by the company at a
price equal to the closing price of company stock on the New York Stock
Exchange (NYSE) on such date or, if there is no trading on the NYSE on such
date, the next preceding day on which there was such trading, and the necessary
loan documents for the loan in an amount equal to the cost of such shares shall
be executed by the parties as of such date.

4.     Maximum Loan Amount.  Three (3) times an executive’s  annual base pay as of the effective date of
the Loan Program for such executive.

5.     Minimum Purchase and Loan.  To qualify for the loan, the executive must
purchase a minimum of 10,000 shares of company stock.

6.     Maximum Total Loans.  The lesser of $20 million or 1.7 million
shares of company stock.

7.     Interest on Loan.  The interest rate shall be the lowest
prevailing rate that will avoid imputed interest under Section 7872 of the
Internal Revenue Code.

8.     Accrued Interest.  Annual accrued interest shall be added to
the principal amount each year and shall be paid when the principal amount becomes
due.

9.     Term of Loan.  Six years following the expiration of the 60-day period referred
to in paragraph 3 above, except five years following the expiration of such
60-day period for those executives who become covered executives on or after
November 24, 2000, unless earlier terminated as provided below.

10.   Security.  Loans shall be unsecured.

11.   Termination of Employment.  The outstanding amount of principal and
accrued interest under the loan shall be paid within 30 days following an
executive’s resignation or involuntary termination of employment.

12.   Loan Forgiveness.  The provisions of this Paragraph 12 apply to those executives
with outstanding loans under the Loan Program on or after November 24, 2000.

        (a)    Length of Service Forgiveness.  If the executive remains continuously
employed by the company until January 23, 2004, January 23, 2005 or January 23,
2006 ("Applicable Forgiveness Dates”), the following percentages of the
original loan principal amount and the amount of accrued interest as of such
date shall be forgiven:

	

 Applicable

Forgiveness Date

  
  

  

  	

Original Loan

Principal
  Forgiveness

  
  

  

  	

Accrued Loan

Interest
  Forgiveness

  
  

  

  
	 

  	 

  	 

  
	

January 23, 2004

  	

50
  percent

  	

-0-

  
	

January 23, 2005

  	

25
  percent

  	

50
  percent

  
	

January 23, 2006

  	

25
  percent

  	

100
  percent

  

In the event that, after January 23, 2001 and
before January 23, 2006, the executive terminates employment with the company
by reason of death, disability or involuntary termination by the company
without cause, the executive shall be forgiven a prorated amount of the loan
principal and accrued interest forgiveness percentages set forth above based
upon his actual period of employment by the company during the period January
23, 2001 (or his last Applicable Forgiveness Date, if later) to the next
Applicable Forgiveness Date following such 

termination. 
The provisions of paragraph 11 of the Loan Program shall apply to the
remaining unforgiven loan principal and accrued interest amounts.

        (b)    Stock Price Forgiveness.  In addition to any loan principal and interest
forgiveness provided under paragraph 12(a) above based upon length of service,
if the company stock has traded on the NYSE at or above the price per share
("Price") set forth below (to be appropriately adjusted for any stock
dividends or splits or recapitalizations that hereafter occur) for at least
five consecutive trading days during the 12-month period immediately preceding
an Applicable Forgiveness Date on which the executive remains employed by the
company, the following additional percentages of the original loan principal
amount and the amount of accrued interest as of such date shall be forgiven:

	

Applicable

  Forgiveness Date

  
  

  

  	

Price

  
  

  

  	

Additional
  

  Original Loan
  

  Principal Forgiveness

  
  

  

  	

Additional
  

  Accrued Interest 

  Forgiveness

  
  

  

  
	

January 23, 2004

  	

$16.00

  	

25
  percent

  	

50
  percent

  
	 

  	

20.00

  	

50
  percent

  	

100
  percent

  
	

 January 23, 2005

  	

18.00

  	

25
  percent

  	

50
  percent

  

        (c)    Change In Control.  In the event of a Change in Control prior to
January 23, 2006, the executive shall be forgiven the amount of original
principal and the amount of accrued interest equal to the amount he would be
forgiven under paragraph 12(a) above had he had a termination of employment
described therein on the date of the Change in Control.  Following the date of such Change in Control
there shall be no further loan principal or accrued interest forgiveness under
this paragraph 12.  The term
"Change in Control" shall, for purposes of this paragraph 12, have
the same meaning as set forth in Section 2.5 of the Louisiana-Pacific
Corporation Executive Deferred Compensation Plan as amended and restated
September 1, 2000.

        (d)    Stock Ownership.  Notwithstanding paragraphs (a), (b) and (c)
above, no amount of loan principal or interest shall be forgiven on a
forgiveness date if the executive no longer owns on such date, directly or
beneficially, all of the shares of company stock originally purchased under the
Loan Program.

14.  Loan Forgiveness - Income
Taxes.   In the event of loan forgiveness under Paragraph 12 above, the
executive shall be required to make arrangements satisfactory to the company
for payment of all withholding and payroll taxes due in connection with 

such
forgiveness.  At the option of the
executive, or at the option of the company if no other arrangement  for tax payment by the executive is made,
income and other taxes that become payable by the executive with respect to
such loan forgiveness and which are required to be withheld and paid over by
the company may be satisfied by the transfer by the executive to the company of
shares of company stock purchased under the Loan Program equal in fair market
value to the amount of the tax obligation.

15.  Dividends.  Dividends paid on company stock that is subject to a loan under
the Loan Program shall be paid to the executive.  Shares issued as a result of a stock dividend or split or
recapitalization shall be issued in the name of the executive and held pursuant
to the custody agreement referred to in Paragraph 15 below.

16.
Loan
Documents.  As a
condition of receiving the loan or any extension thereof, the executive shall
execute a promissory note and such other agreements as may be required by the
company including, subject to applicable law, a custody agreement with respect
to the stock purchased under the Loan Program and agreement authorizing the
company to deduct any loan amount due and payable from any amounts owed by the
company to the executive as compensation or otherwise.

17.  Securities Laws.  Purchases and sales of company stock
pursuant to the Loan Program shall comply in all respects to federal and state
securities laws and L-P’s policies on insider trading.

18.  Effective Date.  The Loan Program is effective November 24,
1999 as to executives who are covered executives under Paragraph 2 above during
the period November 24, 1999 to January 23, 2000.  The Loan Program is effective November 24, 2000 for all other
executives who are covered executives under Paragraph 2 above during the period
November 24, 2000 to January 23, 2001.

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