Document:

Collaboration and License Agreement

 Exhibit 10.11 
  
  

  
 BY AND BETWEEN 
  
 APHTON CORPORATION 
  
 AND 
  
 DAIICHI PURE CHEMICALS CO., LTD. 
  

  
 COLLABORATION AND LICENSE AGREEMENT 
  

  
 June 22, 2004 
  

  

 TABLE OF CONTENTS 
  

					
	 1.
	  	Definitions	  	1
			
	 2.
	  	Collaborative Commercialization	  	3
			
	 3.
	  	Governance	  	4
			
	 4.
	  	Development of Products	  	5
			
	 5.
	  	Clinical Studies and Registrations	  	6
			
	 6.
	  	Grant of Intellectual Property Rights; Royalty	  	7
			
	 7.
	  	Production and Supply of the Products	  	10
			
	 8.
	  	Terms of the Supply of the Products from Daiichi to Aphton	  	10
			
	 9.
	  	Marketing	  	12
			
	 10.
	  	Product Warranty	  	12
			
	 11.
	  	Regulatory Matters	  	13
			
	 12.
	  	Additional Obligations	  	16
			
	 13.
	  	Additional Obligations and Representations of Aphton	  	17
			
	 14.
	  	Additional Obligations and Representations of Daiichi	  	17
			
	 15.
	  	Confidentiality	  	18
			
	 16.
	  	Indemnification	  	19
			
	 17.
	  	Patent Litigation	  	20
			
	 18.
	  	Dispute Resolution	  	21
			
	 19.
	  	Term and Termination	  	22
			
	 20.
	  	General Provisions	  	24

  

					
	 	 	i	 	 

 COLLABORATION AND LICENSE AGREEMENT 
  
 This Agreement (the “Agreement”), made and entered into June 22, 2004 (“Effective Date”), by and between
Aphton Corporation, a company organized and existing under the laws of Delaware, and having its principal office at 80 SW Eighth Street, Suite 2160, Miami, Florida 33130 (“Aphton”) and Daiichi Pure Chemicals Co., Ltd., a company organized
and existing under the laws of Japan, and having its principal office at 13-5, Nihombashi 3-Chome, Chuuo-ku, Tokyo 103-0027, Japan (“Daiichi”) (Aphton and Daiichi, each a “Party” and collectively the “Parties”).

  
 RECITALS 
  
 WHEREAS, Aphton has developed and is still developing assay methods, as well
as monoclonal antibodies for use therein, for gastrin hormones, gastrin receptor, anti-gastrin antibodies and related materials in human specimens (the “Assay(s)”), and is the owner of all right, title and/or interest in certain patents,
patent applications, know-how and technical information relating to the Assays; 
  
 WHEREAS, Daiichi is engaged in the business of development, manufacture, distribution and sales of in-vitro diagnostic products; 
  

WHEREAS, Aphton and Daiichi have been negotiating the terms and conditions of Collaborative Commercialization of the Products (hereinafter defined)
using both Parties’ expertise, capabilities, know-how and intellectual property; and 
  
 NOW THEREFORE, in consideration of the mutual promises contained herein, the Parties agree as follows: 
  

	1.	Definitions 

  
 1.1 “Assay(s)” shall have the meaning set forth in the Recitals. 
  
 1.2 “Collaborative Commercialization” shall mean the Commercialization of the Products in which Aphton and Daiichi
shall collaborate. 
  
 1.3 “Commercialization” shall
mean the development, manufacture, supply, marketing, distribution and sale of the Products. 
  
 1.4 “the first Market Year” shall mean a period of twelve (12) consecutive months commencing the first day of January, April, July or October, whichever comes first after the date of the first Product launch
in the Territory of Daiichi. 
  
 1.5 “Market Year” shall
mean a fiscal year of the same calendar period of the first Market Year including the first Market Year and thereafter during the term of this Agreement. 
  
 1.6 “Controlling Party” shall have the meaning set forth in Section 6.3(b). 
  

	*	Confidential portions omitted and filed separately with the Commission. 

 1.7 “Development” shall mean all scientific and technical activities required for any and all
Regulatory Approvals, which shall include the research and development of the Assay(s), and development and clinical studies of the Product(s). 
  
 1.8 “Developing Party” shall have the meaning set forth in Section 6.1. 
  
 1.9 “Force Majeure Event” shall mean a flood, earthquake, elements of nature or acts of God; labor disruption or
strike; act of war, terrorism, riots, civil disorders, rebellions or revolutions; epidemics, quarantines, embargoes and other similar governmental action; or any other cause beyond the reasonable control of such Party and which could not have been
prevented by commercially reasonable precautions, workaround plans or other reasonable means. 
  
 1.10 “Intellectual Property” shall mean the Patents and the Know-How, collectively. 
  
 1.11 “JSC” shall have the meaning set forth in Section 3. 
  
 1.12 “Know-How” shall mean all present and future inventions, discoveries, trade secrets, information, experience,
data, formulas, procedures and results, and improvement thereon which are necessary or useful in the Collaborative Commercialization of the Products, and which are developed, owned or controlled by Aphton or Daiichi. 
  
 1.13 “Marketing” shall mean the marketing, promotion, distribution
and sale of the Products. 
  
 1.14 “Marketing Partners”
shall mean the third party partners designated by a Party, for the Marketing within the designating Party’s Territory. 
  
 1.15 “Marks” shall have the meaning set forth in Section 6.4. 
  
 1.16 “Net Sales” in any royalty reporting period shall mean the proceeds of sales by Daiichi to any third parties
of the Products in the Territory of Daiichi, * . 
  
 1.17
“Patent(s)” shall mean present and future patents and patent applications relating to the Collaborative Commercialization, which are and will be owned or controlled by Aphton or Daiichi, and which are listed in the Schedule 1 attached
hereto, as may be amended by the JSC from time to time. Included within the definition of Patents are any patents and/or patent applications listed in the Schedule 1 and any continuations, continuations-in-part, divisions, patents of addition,
reissues, renewals or extensions of such patents and patent applications during the term of this Agreement. 
  
 1.18 “Product(s)” shall mean the finished form of the Assay products and its QC materials, which shall be developed and marketed as commercial
products for the assay of gastrin hormones and related materials in human specimen in conjunction with human diseases. 
  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 2 

 1.19 “Regulatory Approval(s)” shall mean all technical approvals by any Regulatory Authorities,
which are required, by Daiichi, Aphton or third parties designated by either Party to sell the Products in any country in the respective Territories. 
  
 1.20 “Regulatory Authorities” shall mean any authority or agency responsible for regulating the importation of the Product or Commercialization.

  
 1.21 “Supply” shall mean the supply of the Products
produced by Daiichi and/or its designee to Daiichi, Aphton or third parties designated by Aphton or Daiichi for its respective Territory. 
  
 1.22 “Supply Agreement” shall mean the agreement defining the terms and conditions of Product Supply for Marketing, which shall be determined by
JSC, based on the frame work set forth in this Agreement, upon completion of the Development and upon filing of an application for Regulatory Approval for the first Product in the first country in either Territory. Each subsequent Product that comes
out of Development for Commercialization will be added to the Supply Agreement. 
  
 1.23 “Territory” shall mean the exclusive marketing territory of each Party: 
  
 (a) for Daiichi, Asia including but not limiting to Japan, China, Taiwan and Korea, and 
  
 (b) for Aphton, the rest of the world excluding Asia. 
  
 1.24 “Raw Material” shall mean any antibody and its producing hybridoma and/or antigen and its producing
recombinant cell, which will be developed and/or provided by Aphton. Daiichi may produce said antibodies and antigen using hybridoma and recombinant cell provided by Aphton for the development and commercial production of the Products. 

 
 1.25 “The completion of the development of the final Products”
shall mean the successful manufacturing of three lots of the Products for the use of clinical studies. 
  

	2.	Collaborative Commercialization 

  
 2.1 Subject to terms and conditions of this Agreement, Aphton and Daiichi, during the term of this Agreement, shall collaborate in the Commercialization
of the Products using both Parties’ expertise, capabilities, and Intellectual Property. 
  
 2.2 In the Collaborative Commercialization, Aphton and Daiichi shall pursue the following activities: 
  
 (a) Promptly after the Effective Date, Aphton shall transfer and supply to Daiichi any and all Assay(s) heretofore developed and/or
acquired by Aphton. 
  
 (b) Aphton shall pursue
the research and development of the monoclonal antibodies required for Development of the Product(s) by Daiichi. Aphton shall provide 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 3 

 
information about the characteristics of such antibodies and about methods used for their selection and data on which the selection has been based;

  
 (c) Daiichi shall develop the Products based
on the antibodies developed by Aphton, manufacture or have a third party manufacture, and supply the necessary amount and quality of the Products for Regulatory Approval, including clinical studies, and for Marketing by both Parties; and 

 
 (d) Each Party shall have the responsibility to
diligently pursue the activities necessary for Regulatory Approval, including the clinical studies in the countries in its respective Territory. 
  
 2.3 Upon request of Aphton, Daiichi shall assist Aphton in identifying, contacting and introducing Aphton to appropriate diagnostic companies as candidate
partners for the Marketing in the Aphton Territory. In these introductory contacts and technical discussions with the diagnostic companies, Daiichi is willing to accompany Aphton’s representatives to visit the diagnostic companies at reasonable
times agreed to by both Parties. 
  

	3.	Governance 

  
 3.1 (a) Overall governance of the Parties’ Collaborative Commercialization will be approved, directed and facilitated by a joint steering committee
(“JSC”), which shall be established by the Parties to supervise the performance of the Parties hereunder. The functions of the JSC shall be determined by the JSC, subject to the terms of this Agreement, but shall in any event include the
following: 
  
 (i) determining the management and
operations structure of the JSC (e.g., appointing a chairperson and setting the term of such appointment); 
  
 (ii) coordinating the development and implementation of a plan for the Collaborative Commercialization, including but not limited to the
Specifications and procedures for the Supply of Products; 
  
 (iii) resolving disputes or escalating such disputes for resolution; 
  
 (iv) planning and coordinating cooperative efforts between the Parties as well as internal and external communications; 
  
 (v) monitoring compliance with this Agreement; 

 
 (vi) allocating costs and expenses in connection with a
Party performing obligations hereunder at the request of the other Party or which benefit both Parties, unless expressly allocated under the terms of this Agreement; 
  
 (vii) supervising the progress of the Development; and 
  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 4 

 (viii) evaluating the commercial usefulness of the Collaborative Commercialization or
terminating thereof, as it deems appropriate. 
  
 (b) The JSC shall also establish Development milestones, including, without limitation the following: 
  
 (ix) delivery of Intellectual Property and materials; 
  
 (x) developing and defining Specifications; 
  
 (xi) developing the Testing Specification Requirements; 
  
 (xii) prototype production and delivery; 
  
 (xiii) submission of applications for Regulatory Approvals;

  
 (xiv) Product development; 
  
 (xv) Product launch; and 
  
 (xvi) development of standard operating procedures.

  
 (c) The JSC shall meet as often as required,
but in no event less than semi-annually to ensure the effective operation of this Agreement and the Parties’ cooperation hereunder. The JSC shall always have an equal number of members appointed by each Party, which members shall have an
understanding of, or have job responsibilities involving, development, regulatory, manufacturing and marketing issues. Each Party shall identify its initial appointed members of the JSC and each Party may replace its own appointed members at its
sole discretion, upon prior written notice to the other Party. The JSC shall initially be comprised of six (6) members, such number only to be changed by unanimous vote of the JSC. For the avoidance of doubt, each Party shall appoint three (3)
members to represent that Party on the JSC. The members representing each Party at a meeting of the JSC can be less than such Party’s appointed number, but those members representing one Party shall be entitled to represent and vote on behalf
of the absent appointed members of such Party. Each Party’s appointed members shall have one vote, in the aggregate, to cast on behalf of its respective Party and, unless otherwise provided in this Agreement, all the decisions of the JSC must
be made by unanimous vote. Any issue before the JSC that relates to a business strategy of a Party shall be evaluated internally within that Party prior to a vote and final decision on that issue by the JSC. In the event the vote of the members to
the JSC is not unanimous, the dispute shall be escalated for resolution to the officers of each Party in charge of this project. 
  

	4.	Development of Products 

  
 4.1 Promptly after the Effective Date, Aphton shall transfer and supply to Daiichi any and all Know-How and materials heretofore developed or acquired by
Aphton, necessary for the purpose of development of the Products. All the Raw Materials that are 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 5 

 
available at the Effective Date shall be supplied in sufficient quantities, as determined by the Parties, for the development of the
Products,        *        , to Daiichi. 
  
 4.2 After the Effective Date, Aphton shall continue to develop the antibodies against progastrin, gastrin receptor and, subject to decision of the JSC,
other gastrin related substances, which, with the related Know-How and materials, shall be transferred to Daiichi from time to time during the term of this Agreement in sufficient quantities, as determined by the Parties, solely for the development
of the series of the Products. The materials including antigens and respective antibodies with their hybridomas producing the same shall be
supplied,        *        , to Daiichi. 
  
 4.3 In the development of the Products, Daiichi shall evaluate the materials supplied by Aphton against patients’ specimens obtained from selected
hospitals by Daiichi, after having obtained the appropriate IRB-Informed Consent process at the hospitals where the specimens will be provided. The evaluation period may be affected by the IRB-Informed Consent process. 
  
 4.4 Upon confirmation of the characteristics of the materials, Daiichi shall
develop the Products. Should the materials supplied by Aphton not conform to the characteristics specified by Aphton against the specimens set forth in Section 4.3, then the Parties shall cooperate to take proper measures for the development of the
Products. 
  
 4.5 Daiichi shall produce the prototype Products
within six (6) months after the confirmation of the characteristics of the materials and shall thereafter evaluate the performance of, improve and select, in collaboration with Aphton, the Products for the rest of the Commercialization, including
clinical studies, Regulatory Approvals and Marketing. 
  
 4.6 In
the event that any unexpected or unusual findings are found during the course of the development of the Assay and/or the Product, each Party shall immediately inform the other Party of such findings and, where necessary, both Parties shall discuss
the matter promptly. 
  
 4.7 Any and all costs and expenses
associated with the Development of the Assays and the Products shall be borne by the respective Party who has the responsibility for each of the activities set forth in Section 2, until otherwise agreed by both Parties, determined by the JSC or
otherwise set forth in this Agreement. 
  

	5.	Clinical Studies and Registrations 

  
 5.1 Upon completion of the development of the final Products, Daiichi and Aphton shall collaborate, by themselves or with third party Marketing Partners
designated by each Party for its Territory, to prepare and obtain the Regulatory Approvals for Marketing. 
  
 5.2 In the collaboration, the Parties involved in the Registrations will provide each other with i) patients’ specimens and related information
obtained during the clinical studies (subject to applicable privacy laws and regulations), ii) a copy of the documents submitted or 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 6 

 
filed upon filing or submission of the Regulatory Approvals in its Territory and iii) a copy of any supplemental documents submitted thereafter to the
Regulatory Authorities. 
  
 5.3 Any and all responsibility
including the costs and expenses associated with the Regulatory Approvals including but not limited to clinical studies and regulatory procedures within each Territory, unless otherwise agreed by both Parties, determined by the JSC or otherwise set
forth in this Agreement, shall be borne by the Party who has the Marketing rights in the Territory. 
  

	6.	Grant of Intellectual Property Rights; Royalty 

  
 6.1 All Intellectual Property obtained and/or invented, by Aphton and/or Daiichi, prior to and/or during the term of this Agreement, shall be owned by the
Party who develops or invents the same (the “Developing Party”). Notwithstanding the foregoing, each Party hereby grants to the other Party the exclusive license to use and practice under its Intellectual Property solely to the extent of
the Collaborative Commercialization, with the right to sublicense to third parties for the Marketing, within such other Party’s Territory. The Developing Party shall be solely responsible for the filing, prosecution and maintenance of patent
applications and patents relating to all such Intellectual Property and shall have the sole authority to determine what actions in that regard it shall take. If the other Party wishes to have the Party owning the invention undertake any action
concerning a patent, or an application for a patent, to that invention which the Developing Party does not routinely undertake or which the Developing Party has decided not to undertake, such other Party may raise the issue to the JSC and if the JSC
determines the issue is critical for the success of the Commercialization, the Developing Party shall take such action, to be paid for or reimbursed in accordance with the cost-sharing allocation set by the JSC, thereafter the patent or invention
thereon shall be jointly owned and treated as if jointly developed by both Parties as set forth in Section 6.3. If it is so determined by the JSC that the issue is not critical, such other Party can request the Developing Party to take such action,
the cost of which would be included within the definition of costs to be shared if the Developing Party determines (in its sole discretion) to undertake such requested action. 
  
 6.2 From time to time during the term of this Agreement, Aphton and Daiichi shall disclose and license to each other all the
Intellectual Property, which the Parties hereafter develop or acquire during the course of and in connection with the Collaborative Commercialization. 
  
 6.3 Ownership of Newly Created Intellectual Property. 
  
 (a) Notwithstanding Section 6.1 above, any Intellectual Property (i) created or developed at the direction, request or under the authority
of the JSC or (ii) whose creation or development was funded, in whole or in part (or the cost of which has or will be shared) by both of the Parties, shall be jointly owned and treated as if jointly developed in accordance with Section 6.3(b) below.

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 7 

 (b) All Intellectual Property developed jointly by the Parties as set forth in Section
6.3(a) or an invention in which one or more inventors from each such Party, including individuals normally obliged to assign an invention to a Party, have made an inventive contribution as determined by United States patent law, and any patent
applications and patents thereon, shall be jointly owned by the Parties. With respect to any such joint invention, the Parties jointly owning the invention shall consult with each other regarding the filing, prosecution and maintenance of any patent
applications and patents thereon, and, provided each of the activities above is agreed by the JSC to be undertaken, responsibility for such activities will be the obligation of the Party from whom the majority of the data underlying such patent
application arises (the “Controlling Party”). The Controlling Party, provided the JSC agrees that it should do so, shall undertake such filings, prosecutions and maintenance and the Parties shall pay all reasonable out of pocket expenses
and legal fees, in the portions allocated between the Parties by the JSC. Any disputes over the identity of the Controlling Party shall be determined by the JSC. The Controlling Party shall have the following obligations with respect to the filing,
prosecution and maintenance of patent applications and patents on any such joint invention: 
  
 (i) the Controlling Party shall permit the non-Controlling Party to review and comment at least two weeks prior to the filing of any
priority patent application by the Controlling Party; 
  
 (ii) the Controlling Party shall notify the non-Controlling Party within 30 days after the filing of a patent application by the Controlling Party; 
  
 (iii) the Controlling Party shall notify the non-Controlling Party within eight (8) months from the filing of the priority application
whether and in which countries it intends to file convention applications; 
  
 (iv) the Controlling Party shall provide the non-Controlling Party promptly with copies of all communications received from or filed in patent offices with respect to such filings; and 
  
 (v) the Controlling Party shall provide the non-Controlling
Party, a reasonable time prior to taking or failing to take action that would affect the scope or validity of rights under any patent applications or patents (including but not limited to substantially narrowing or canceling any claim without
reserving the right to file a continuing or divisional application, abandoning any patent or not filing or perfecting the filing of any patent application in any country), with notice of such proposed action or inaction so that the non-Controlling
Party has a reasonable opportunity to review and make comments, and take such actions as may be appropriate in the circumstances. 
  
 Subject to the non-Controlling Party’s prior review and the approval of the JSC, all of the out-of-pocket costs of filing, prosecuting and maintaining jointly owned
Patents and applications 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 8 

 
therefore shall be assumed and paid by each Party for those of its respective Territories in which such filings, prosecution and maintenance occurs.

  
 In the event that the Controlling Party materially breaches the foregoing
obligations and such breach is not cured within thirty (30) days of a written notice from the non-Controlling Party to the Controlling Party describing such breach, or in the event that the Controlling Party fails to undertake the filing of a patent
application within ninety (90) days of a written request by the non-Controlling Party to do so, the Controlling Party is deemed to withdraw from its joint ownership of the patent or patent application hereunder and the non-Controlling Party may
assume the Controlling Party’s responsibility for filing, prosecution and maintenance of any such patent application or patent at the non-Controlling Party’s sole expense and discretion. In addition to the foregoing, either Party may
withdraw from or abandon any jointly owned patent application or patent hereunder on thirty (30) days prior notice to the other Party providing a free-of-charge option to assume the prosecution or maintenance thereof at its sole expense and at such
other Party’s election, the withdrawing Party shall assign all right, title and interest in and to such patent or patent application to such other Party. 
  

6.4 Any trademarks or service marks (“Mark(s)”) developed by or on behalf of either Party (the “Owner Party”) in connection with
the Collaborative Commercialization shall be owned by the Owner Party on a worldwide basis. Each Party agrees to grant the other Party (the “Granted Party”) a
        *         license to use such Mark(s) in connection with the Collaborative Commercialization in its Territory, subject to quality control procedures to be
established by the JSC. In the event the Owner Party chooses to register a Mark in any Territory, it shall do so at its sole cost and expense. If the Owner Party has not registered a Mark in any respective Territory, the Granted Party may request
that the Owner Party do so, but the Granted Party shall pay all costs and expenses related to the filing, prosecution, registration and maintenance thereof (including, without limitation, the costs of prosecuting third party infringers or defending
against third party infringement claims in such Territory). All use of each Mark shall inure to the benefit of the Owner Party. 
  
 6.5 In consideration of the contribution of Aphton, including its Intellectual Property, Daiichi shall pay Aphton a royalty of
        *         of Net Sales commencing with the first launch of the first Product in the Territory of Daiichi. Payment shall be made net 60 days after the end of each
six-month period of each Market Year, in accordance with the payment instructions to be provided by Aphton to Daiichi and pursuant to that semi annual marketing report as required in Section 9.6. Late payments shall incur interest at a rate equal to
the lesser of         *         per month or the highest amount permissible under applicable law. 
  
 6.6 The minimum amount of sales of the Products by Daiichi shall be determined by the JSC in consideration of various
pertinent factors, including the amount of the Products sold by Daiichi in its Territory during the first Market Year and the prior Market Year. Commencing from the beginning of the next Market Year after the end of such first year, if Daiichi fails
to reach the minimum amount of sales set forth above at any Market Year within its Territory, Daiichi shall pay to Aphton the balance of a royalty calculated based on the difference between the minimum amount of sales and actual sales. 

 

	*	Confidential portions omitted and filed separately with the Commission. 

  
 9 

	7.	Production and Supply of the Products 

  
 7.1 Daiichi shall have the worldwide exclusive rights to manufacture and supply the Products, under the Intellectual Property to the extent set forth in
this Agreement. For the purpose of clarification, Daiichi’s exclusive right to manufacture and supply the Products shall include the production of the Products by Daiichi and/or its designated third party manufacturer, at any site which is or
will be qualified by the Regulatory Authorities in any of the respective Territories. 
  
 7.2 Daiichi shall produce, and/or have a third party produce on behalf of Daiichi, and supply the entire amount of the Products for all Territories, provided the Commercialization shall not knowingly infringe or
misappropriate a third party’s intellectual property. All Supplies of the Products sold by Daiichi to Aphton during the term of this Agreement shall be subject to the terms and conditions set forth in Section 8 of this Agreement;
provided, however, the Products for the clinical studies by Aphton and/or its designees, for the purpose of obtaining the first Regulatory Approval within Aphton’ s Territory, will be supplied at
        *        . The supply price of the Products for the clinical studies set forth in this Section 7.2 shall not be applied to the studies to obtain the Regulatory
Approvals of the same Products in other jurisdictions in the same Territory. 
  

	8.	Terms of the Supply of the Products from Daiichi to Aphton 

  
 8.1 Commencing sixty (60) days prior to the earliest date set by the JSC for launch of a Product, which is to be marketed by Aphton in its Territory
(“Aphton Commercial Launch Date”), Daiichi will supply, and Aphton will purchase from Daiichi, quantities of Product determined in accordance with the procedures set forth in Section 8.2. 
  
 8.2 Beginning at least six (6) months prior to the Aphton Commercial Launch
Date and not less than three months prior to the end of each calendar quarter thereafter, Aphton shall provide Daiichi with a rolling forecast of its Supply requirements for the Products for the following twelve (12) months period (each, a
“Forecast”). The first Forecast for the first year beginning with the Aphton Commercial Launch Date shall be used for planning purposes only. Thereafter, the quantity of a Product for the first three (3) months period of each Forecast
shall constitute an irrevocable firm order (“Firm Order”) as to the quantities of Product, delivery dates and delivery locations specified therein. A Firm Order shall be deemed accepted by Daiichi unless Daiichi rejects such Firm Order
within five (5) business days after receipt, in which case Daiichi shall have no liability to Aphton with respect to such a rejected Firm Order. Notwithstanding the foregoing, if market conditions require an increase or decrease in the quantities of
Product specified in the Firm Order, the Parties will negotiate in good faith alternative arrangements to meet the business objectives of the Parties. 
  
 8.3 Daiichi shall use its commercially reasonable efforts to deliver the Products specified in the Firm Order, so long as the Firm Order is no more than
        *         of the Forecast for that quarter (“Order Amount”). If a) a Firm Order exceeds the Order Amount and Daiichi is unable to supply the amount
that exceeds the Order Amount or b) Daiichi is unable to 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 10 

 
supply any amount because of the occurrence of a Force Majeure Event, the Parties will negotiate in good faith alternative arrangements for the needed
Products. 
  
 8.4 The Supply prices for the Products to be
purchased by Aphton and/or its designees for Marketing, commencing with the first Regulatory Approval within Aphton’s Territory, will be determined by the JSC and defined in the Supply Agreement upon completion of the development of the final
Products for Marketing, and shall be based on the direct and indirect costs of manufacturing and shipping the Products,         *        . 
  
 8.5 The Supply prices set forth in Section 8.4 do not include any foreign,
federal, state or local taxes that may be applicable to the Products. In the event that any such taxes are applicable, Aphton shall pay such taxes in Aphton’s Territory, and Daiichi shall pay such taxes in Daiichi’ s Territory. 

 
 8.6 Payment for Product shall be made within
        *         after the invoice date (provided the invoice accompanies delivery of the Product, otherwise payment shall be made
        *         after receipt of invoice), and payment shall be made by wire transfer, cheque or other instrument reasonably approved by Daiichi.

  
 8.7 All Products to be shipped by Daiichi to Aphton are
F.C.A., by the definition of INCOTERMS 2000, Narita airport or other location defined by Daiichi from time to time. All Products delivered pursuant to the terms of this Agreement shall be suitably packed for air freight shipment in Daiichi’s
standard shipping cartons, marked for shipment at Daiichi’s manufacturing plant to Aphton’s address designated by Aphton in the purchase order, accompanied with data, a Certificate of Analysis in the form set forth on Appendix A, which
shall be completed upon the completion of the development of the final Products for Marketing, and other documents required by Aphton, and delivered to Aphton’ s carrier agent, at which time title to such Product and risk of loss shall pass to
Aphton. The Certificate of Analysis shall state that the Product meets all Testing Specification Requirements as defined in Appendix B, which shall be completed after the completion of the development of the final Products for Marketing. Daiichi
shall deliver the Products to the carrier selected by Aphton; provided, however, that if Aphton does not provide written notice of such carrier, Daiichi shall select the carrier. 
  
 8.8 Aphton shall notify Daiichi in writing of its rejection of any Product
within thirty (30) days after receipt of the Product by Aphton. The sole basis for rejection of a Product shall be the failure of the Product to conform to the Specifications as set forth in Appendix B hereto (the “Specifications”), or to
meet Daiichi’s warranty as set forth in Section 14.1. Aphton may return Product that does not conform to the Specifications or meet Daiichi’ s warranty, at Daiichi’s expense, for refund or credit, at Daiichi’s option. Failure of
Aphton to reject a shipment of the Product in accordance with this Section 8.8 shall constitute acceptance of the Product. If the Parties disagree as to whether a specific quantity of the Product conforms to the Specifications, then the Parties
shall cooperate to have the quantity in dispute analyzed using agreed upon analytical methods by a qualified third party selected by the JSC. If the Product is determined to have adhered to the Specifications, then Aphton shall bear the cost of the
third party analysis and shall be deemed to have accepted such Product. If the Product is determined not to have adhered to the Specifications, then Daiichi shall replace the affected Product at no 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 11 

 
charge to Aphton and pay for the cost of shipping and analysis. With respect to defects which will not be found in normal practice to determine whether the
Products are defective or not, Aphton shall have the right to notify Daiichi in writing of any claim of such defect. The remedy for such defect shall be made by Daiichi pursuant to Section 10.2 hereof. 
  

	9.	Marketing 

  
 9.1 Within ninety (90) days following receipt by Aphton or Daiichi, or its respective Marketing Partners, if any, of the Regulatory Approval in each
jurisdiction of the Territory, Aphton or Daiichi shall, and shall make its respective Marketing Partners, if any, start the Marketing and sales of the Products in such country of the Territory with its reasonable efforts at its own expense,
consistent with accepted diagnostic business practice and legal requirements, to promote, market, distribute and sell the Products with the same standard of efforts used by each Party in the marketing of its own major products in order to obtain the
optimum sales turnover for the Products in such country. Such Marketing shall be carried out by all means recognized as effective to sustain the sale of the Products in such country according to the methods and in the manner recognized as effective
by the profession in such country. 
  
 9.2 The design of the
package, package inserts and labels of the Products may be decided by each Party for its own Territory at its sole discretion. However, each Party shall furnish the other with copies of all Product packages, package inserts and monographs as well as
major promotional materials such as brochures, pamphlets and the like to be used for Marketing in its Territory within a reasonable time after its preparation. 
  

9.3 Aphton and Daiichi shall not directly or indirectly export the Products or undertake Marketing to the other Party’s Territory. 
  
 9.4 Aphton and Daiichi shall not promote or solicit orders for the Products
outside of its Territory. 
  
 9.5 In the event that Aphton or
Daiichi receives requests for information relating to, or purchase orders for, the Products from customers or potential customers within the other Party’s Territory, Aphton or Daiichi shall not fill such orders directly, but shall promptly
forward such requests or orders to the other Party for fulfillment. 
  
 9.6 Within two (2) months after the close of each 6 month period of each Market Year and for as long as Daiichi is marketing in any country of its Territory, Daiichi shall send to Aphton a semi annual marketing report on such 6 month period
specifying the quantities in units of the Products sold, gross invoice amount, deduction items and their sums, and the Net Sales of the Products in the Territory; as well as, to the extent reasonably possible, any important information on the
relevant market situation in each of those countries including information on main channels of distribution and competitive products. 
  

	10.	Product Warranty 

  
 10.1 Daiichi warrants that the Product supplied to Aphton shall: (i) be free from material defects in design, construction, material and workmanship at
the time of shipment to 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 12 

 
Aphton, (ii) comply with the Specifications for the Product provided that the Product is handled and stored in accordance with Daiichi’s reasonable
instructions and (iii) have a remaining shelf life to be agreed by both Parties in writing. This warranty is contingent upon proper use of the Product in the application for which such Product was intended and does not cover Product that was
modified without Daiichi’s approval or instruction. 
  
 10.2
As the sole and exclusive remedy for breach of the warranty described above, Daiichi agrees to repair or replace at no cost to Aphton any Product supplied hereunder that is proven to have any shortage or a defect in construction materials or
workmanship and of which defect Daiichi is notified in writing by Aphton within thirty (30) days after Aphton discovers the alleged defect in the Product. Aphton will use commercially reasonable efforts to return promptly to Daiichi all defective
Products of which it becomes aware. 
  
 10.3 EXCEPT FOR THE
EXPRESS LIMITED WARRANTY SET FORTH ABOVE, DAIICHI GRANTS NO WARRANTIES FOR THE PRODUCTS, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND DAIICHI SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTY OF QUALITY, WARRANTY
OF MERCHANTABILITY, WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. 
  

	11.	Regulatory Matters 

  
 11.1 Each Party,         *        , shall be responsible for seeking,
obtaining and maintaining the Regulatory Approval for the Products in its Territory subject to the following conditions: 
  
 (a) Information contained in or related to the application for Regulatory Approval or subsequent submissions shall be maintained in strict
confidence by each Party in accordance with Section 15 of this Agreement. 
  
 (b) Each Party shall inform the other Party within no more than five (5) business days of the receipt of Regulatory Approval and other significant decisions and actions that may be taken from time to time by the
Regulatory Authorities, and shall forward copies of any correspondence from Regulatory Authorities relating thereto (accompanied by a certified translation in English of the same) within a reasonable time frame for such translation after the receipt
of such correspondence. 
  
 (c) In the event that
a regulation governing Regulatory Approval is altered, at either Party’s reasonable request, the other Party shall provide the requesting Party with information and assistance to seek, obtain and maintain Regulatory Approval. 
  
 (d) Each Party shall provide, or cause to be provided, to
the other Party a copy of any correspondence from the Regulatory Authorities or any governmental authority concerning the Regulatory Approval or any post-approval issues relating to the Product within five (5) business days upon receipt. All
responses to the Regulatory Authorities or 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 13 

 
governmental authorities shall be forwarded by the other Party for review prior to submission. 
  
 (e) Each Party represents and warrants the other Party that it (i) is not an employer, officer or agent of a
government within its Territory (ii) has never been subject to any disciplinary action by any governmental or regulatory authority within its Territory, and (iii) has never been the subject of litigation involving allegations of fraud or corruption.
Both Parties agree to indemnify and hold harmless the other from any breaches of or misrepresentations concerning the above. 
  
 11.2 Each Party shall be responsible, in its Territory, for seeking, obtaining and maintaining Regulatory Approvals such as (i) all licenses,
registrations and permits required to be obtained by itself or its designees to enable it to market the Product pursuant to this Agreement, and (ii) all approvals from the Regulatory Authorities regarding Marketing and advertising materials to be
used by it in making and maintaining all filings that may be necessary or desirable in connection with obtaining and maintaining any Regulatory Approvals necessary for it to market the Product in its Territory. 
  
 11.3 Marketing and promotional materials related to the Product for use in
each Party’s Territory shall be prepared by the respective Party in a manner consistent with relevant local statutes and regulations. 
  
 11.4 Each Party shall have responsibility for communications with the Regulatory Authorities concerning the Regulatory Approval and approval of Marketing
and advertising materials in its Territory. Each Party shall advise the other Party of material developments and events relating to its regulatory responsibilities in writing within five (5) business days after notice of such material developments
and events. 
  
 11.5 Each Party shall advise the other of any
governmental visits to, or written or oral inquiries about, any facilities or procedures for the manufacture, storage, or handling of the Product, or the Marketing, promptly (but in no event later than five (5) business days) after notice of such
visit or inquiry. Each Party shall, within five (5) business days of receipt or submission, furnish to the other Party any report or correspondence issued by or provided to the governmental authority in connection with such visit or inquiry.

  
 11.6 Each Party shall collect and investigate complaints or
inquiries as to the safety, quality or efficacy of the Product, and shall, within five (5) business days of the receipt of such complaint or inquiry, forward all complaints and inquiries to the other Party and to assist such other Party as may be
required to allow it to comply with the laws, regulations and requirements, as in force in its Territory at the time of the Effective Date or as such law, regulations or requirements may subsequently be amended or legislated. Each Party shall
respond to all complaints and inquiries relating to the Product in a timely manner. If an investigation by the other Party is needed in response to a complaint or inquiry, the other Party shall conduct such an investigation and will forward the
results thereof to the requesting Party within a reasonable time. Each Party shall retain records of all Product related complaints, inquiries and Serious Adverse Events for a period of not less than three (3) years beyond the 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 14 

 
termination or expiration of this Agreement or for such longer period as may be required by applicable law. 
  
 11.7 Each Party, at its sole cost and expense, shall have the responsibility
for preparing and filing all required regulatory reports and updates and for conducting Post Marketing Surveillance (“PMS”) for the Products sold in its respective Territory. Each Party shall fully cooperate with the other Party in its
efforts to conduct PMS and will provide to the other Party such assistance as may be necessary for the other Party to fully satisfy its PMS obligations, including the collection of Product related information and the preparation of reports with
respect to such information. The scope and details of such cooperation shall be agreed upon by the Parties. 
  
 11.8 Upon completion of the development of the final Products, both Parties shall collaborate to prepare and maintain a written standard operating
procedure (an “SOP”) to handle any recalls of the Product in both Parties’ Territories. Such SOP shall include, without limitation, prior notice to and approval by the other Party of any recall. In the event that (i) any governmental
agency or authority issues a request or directive or orders that the Product be recalled or retrieved, (ii) a court of competent jurisdiction orders that the Product be recalled or retrieved or (iii) Aphton and Daiichi reasonably determine, after
mutual consultation, that the Product should be recalled, retrieved or a “Dear Doctor” letter is required relating to restrictions on use of the Product, both Parties shall collaborate to conduct such activity and the Parties shall take
all appropriate corrective actions and shall execute the steps detailed in the SOP. In the event such action results from either Party’s negligence or willful misconduct, such Party shall be responsible for the expenses thereof. For purposes of
this Agreement, the expenses of the action shall be the expenses of notification and return or destruction (if authorized by Daiichi) of units of the Product, the cost of replacement of the Product, any costs directly associated with the
distribution of replacement Product and the expenses of compliance with all laws and regulations governing the recall, including attorneys’ fees. Otherwise, the Parties shall share equally the expenses of the action. Both Parties shall
cooperate fully with one another in conducting any such action. Aphton shall destroy units of Product lawfully recalled only upon Daiichi’s (or any governmental authority’s) written instruction to destroy such units of Product, and only
then in accordance with Daiichi’s procedures and instructions. Otherwise, Aphton may return the recalled units of Product to Daiichi within thirty (30) days after completion of the action. 
  
 11.9 Unless otherwise stated in this Section 11, both Parties shall
create and maintain records of all duties performed under this Section 11 and shall retain such records for the duration of this Agreement or as otherwise expressly set forth herein. 
  
 11.10 (a) Aphton is authorized upon reasonable notice and at reasonable times to inspect Daiichi’s manufacturing
facilities, operations and quality control records to review compliance with this Agreement at its own cost. All such inspection and review shall be subject to the obligations of confidentiality set forth in Section 15. Aphton shall provide Daiichi
with copies of all notes, reports and other written documents, which contain information or data obtained during the inspection. Further, Aphton may designate a qualified third party to conduct such inspection provided that the third party shall
sign a confidentiality agreement in a form 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 15 

 
satisfactory to Daiichi. Aphton may exercise its rights under this Section 11.11 not more than once each Market Year. 
  
 (b) Each Party shall maintain complete and accurate books
and records in connection with its respective Commercialization efforts. Upon a reasonable written request of a Party (not to occur more than once per year), the other Party shall permit the requesting Party to use an independent accounting firm to
inspect and audit such books and records to confirm that such other Party is complying with its Commercialization and payment obligations under this Agreement at the requesting Party’s cost; provided the requesting Party’s representatives
conducting such inspection agree to be bound by confidentiality restrictions consistent with those set forth herein. In the event an audit reflects that there have been underpayments of royalties of at least 5%, Daiichi shall promptly reimburse
Aphton for the cost of such audit. 
  

	12.	Additional Obligations 

  
 12.1 Each Party shall comply fully, at its own expense, with any and all applicable laws and regulations (including but not limited to health and safety
laws and regulations) relating to the export, import, distribution and sale of the Product in its respective Territory. 
  
 12.2 Each Party shall commence Marketing in its Territory promptly after receipt of all required Regulatory Approvals required in the applicable
jurisdiction. 
  
 12.3 Each Party shall use commercially
reasonable efforts to conduct Marketing for use only by qualified individuals, as appropriate in its Territory, in compliance with local laws and regulations and good commercial practice and for uses and applications approved by applicable
Regulatory Authorities for the Product. 
  
 12.4 Each Party shall,
at its own expense and consistent with good business practice: (i) maintain communications with existing and potential customers within its Territory on a regular basis, and (ii) assist the other Party in assessing customer requirements for the
Product, including modifications and improvements thereto, in terms of quality, design, functional capability, and other features. 
  
 12.5 Each Party shall, at its own expense, use commercially reasonable efforts to promote the sale of the Product in its Territory. Such promotion shall
include, but not be limited to, the following: 
  
 (a) advertising the Product in its Territory, and 
  
 (b) participating in appropriate trade shows held in its Territory. 
  
 12.6 Each Party shall not knowingly make any false or misleading representations to customers or others regarding the other Party or the Product. Each
Party and its employees and agents shall not make any representations, warranties or guarantees with respect to the Specifications, features or capabilities of the Product that are not contained within 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 16 

 
other Party’s documentation accompanying the Product or other Party’s literature describing the Product, including the other Party’s standard
limited warranty and disclaimers. 
  
 12.7 Each Party is
responsible for payment of any and all product liability and other third party claims associated with the Commercialization in such Party’s respective Territory(ies). The Parties shall maintain the sufficient amount of insurance to cover such
product liability claims. 
  
 12.8 Each Party represents and
warrants that it is not debarred under subsections 306(a) or (b) of the Federal Food, Drug, and Cosmetic Act and that it has not and will not use in any capacity the services of any person or entity debarred under such law with respect to services
to be performed under this Agreement. Each Party will immediately notify the other Party in the event that it or any such person or entity is debarred during the term of this Agreement. 
  

	13.	Additional Obligations and Representations of Aphton 

  
 13.1 Daiichi shall supply Aphton with Product packaged and labeled in accordance with the requirements of the FDA or any other Regulatory Authority of the
jurisdiction where the Marketing by Aphton is to occur, provided such requirements shall be provided to Daiichi by Aphton. Aphton shall be responsible for additional packaging and labeling the Product in accordance with the requirements of the
Regulatory Authorities in its Territory. 
  
 13.2 Subject to
Daiichi’s ability to Supply Product, Aphton shall maintain at all times inventory of the Product in quantities sufficient to meet the reasonably anticipated demands of its customers. On a semi-annual basis, Aphton shall furnish Daiichi a
summary of the inventory of Products held by Aphton. 
  
 13.3
Aphton shall not have the right to copy, modify or remanufacture the Product or part thereof. Aphton shall not make any changes, alterations, modifications or additions to the Product without the prior written approval of Daiichi, which approval may
not be unreasonably withheld. 
  
 13.4 Aphton represents and
warrants that the execution and delivery of this Agreement by it and the performance of its obligations hereunder will not conflict with, result in the breach of, or constitute a default under any agreement to which Aphton is a party, or by which it
is or may be bound. 
  
 13.5 Aphton shall comply with, and Aphton
warrants that the Marketing in its Territory will comply with, all applicable national, federal, state, provincial or local laws, orders, rules and regulations in any country in the Territory. 
  

	14.	Additional Obligations and Representations of Daiichi 

  
 14.1 Pursuant to Section 8 of this Agreement, Daiichi shall supply Aphton with all of Aphton’s commercial requirements for the Product in its
Territory for Marketing. Daiichi 
  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 17 

 
shall maintain at all times inventory of raw materials for manufacturing the Product in quantities sufficient to meet the reasonably anticipated demands of
Aphton. Should Daiichi for any reason expect limitation or discontinuation of the Supply of the Product or a change thereto which is unacceptable to Aphton, Daiichi shall use all reasonable efforts to give Aphton twelve (12) months’ advance
written notice. In the event Daiichi gives such notice, Aphton and Daiichi shall commence discussion in good faith, as to this matter, in order to minimize disruption of the Supply of the Product to the customers of Aphton. 
  
 14.2 Daiichi shall prepare a Certificate of Analysis in the form set forth on
Appendix A, which shall accompany each shipment of the Product to Aphton. 
  
 14.3 Daiichi represents and warrants that the execution and delivery of this Agreement by it and the performance of its obligations hereunder will not conflict with, result in the breach of, or constitute a default
under any agreement to which Daiichi is a party, or by which Daiichi is or may be bound. 
  
 14.4 Daiichi shall comply with, and Daiichi warrants that all Products will comply with, all applicable national, federal, state, provincial or local laws, orders, rules and regulations, including, without limitation,
Good Manufacturing Practices. 
  
 14.5 Daiichi shall comply with,
and Daiichi warrants that the Marketing in its Territory will comply with, all applicable national, federal, state, provincial or local laws, orders, rules and regulations in any country in the Territory. 
  
 14.6 Daiichi shall provide Aphton the Certificate of Analysis as set forth on
Appendix A which meets the Specifications for such Products described in Appendix A for use by Aphton in quality control testing at the prices and on the delivery terms set forth on Appendix A. 
  

	15.	Confidentiality 

  
 15.1 Each Party acknowledges that by reason of its relationship to the other Party hereunder, it will have access to certain proprietary information and
materials concerning such other Party’s business, plans, customers, technology, and products, including but not limited to trademarks, trade names, patents, copyrights, design, drawings, formulas or other data, photographs, samples, literature,
and sales aids, conveyed orally (and confirmed in writing within thirty (30) days after oral conveyance), in writing or through other tangible materials (the “Confidential Information”). Each Party agrees that it will not use in any way
for its own account or the account of any third party (except for the purpose of performing its obligations under this Agreement), nor disclose to any third party, any such Confidential Information revealed to it by the other Party without the
express written consent of the disclosing Party, for a period of five (5) years following the termination or expiration of this Agreement. Each of the Parties further agrees to use the same degree of care concerning Confidential Information as it
uses to protect its own confidential and proprietary technical information (but no less than reasonable care) to prevent the unauthorized disclosure to any third party of the Confidential Information received from the disclosing Party hereunder. The
Parties agree that they shall 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 18 

 
acquire no rights with respect to Confidential Information of the other Party received hereunder. The Parties agree that the Confidential Information
received by a disclosing Party hereunder shall not be disclosed to any third party or to any employee, officer or director of the receiving Party, except to those employees, officers and directors of the receiving Party, third party consultants and
Marketing Partners whose responsibilities require such disclosure for purposes of performing the Parties’ obligations under this Agreement; provided that such employees, officers, directors, third party consultants and Marketing Partners
shall be informed of the confidential nature of the “Confidential Information” and be bound by obligations of confidentiality and limitation of use at least as stringent as set forth herein. 
  
 15.2 The obligations hereunder shall not apply to Confidential Information:
(i) which the receiving Party can demonstrate by written records was known to the receiving Party prior to the date of disclosure by the disclosing Party; provided that such information was not obtained by the receiving Party through
disclosure by a third party receiving such information in confidence from the disclosing Party; (ii) which is now in the public knowledge, or becomes public knowledge in the future other than by breach of this Agreement by the receiving Party; (iii)
which, as can be established by written records, is independently developed by the receiving Party without benefit of Confidential Information received from the disclosing Party; (iv) which is disclosed to the receiving Party, after the date of
disclosure by the disclosing Party, by a third party having a right to make such disclosure; or (v) which is required to be included in any filing or action taken by the receiving Party to obtain government approval to market the Products;
provided, however, that when permitted by the provisions of local laws, the receiving Party shall use its reasonable best efforts to protect the confidentiality of such Confidential Information submitted to governmental agencies or
authorities pursuant to this Agreement. 
  
 15.3 Following
termination of this Agreement, upon request, within thirty (30) days thereafter such request is delivered the receiving Party shall return to the disclosing Party any and all tangible copies of any Confidential Information provided to it by the
disclosing Party hereunder except that the receiving Party may retain one copy of the Confidential Information solely for the purpose of monitoring its surviving obligations under this Agreement. 
  

	16.	Indemnification 

  
 16.1 Subject to Aphton’s compliance with its obligations hereunder, Daiichi agrees to defend, indemnify and hold harmless Aphton and its officers,
directors and employees from and against all demands, claims, actions, causes of action, assessments, liabilities, losses, damages, costs and expenses including without limitation interest, penalties and disbursements, including reasonable attorneys
fees, (collectively, “Damages”), insofar as such Damages are asserted against, imposed upon or incurred by Aphton, or its officers, directors and employees as a proximate result of (i) a breach by Daiichi of the terms and conditions of
this Agreement, or any misrepresentation or breach of the representations made by Daiichi in this Agreement (ii) any negligence or willful misconduct of Daiichi, and (iii) any negligent mishandling or packaging of the Products, or willful wrongdoing
by Daiichi. As a condition precedent to Daiichi’s obligations hereunder, Aphton shall in a timely manner notify, and provide a copy to, Daiichi of any complaint, summons or other written or verbal notice that Aphton receives of any claim,
action, liability or the like that may be subject to such obligations, allow Daiichi the sole 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 19 

 
and complete control of the defense and settlement thereof, and assist in such defense and settlement as Daiichi may reasonably request. 
  
 16.2 Subject to Daiichi’s compliance with its obligations hereunder,
Aphton agrees to defend, indemnify and hold harmless Daiichi and its affiliates, officers, directors and employees from and against the Damages insofar as the same are asserted against, imposed upon or incurred by Daiichi, or its officers, directors
and employees as a proximate result of (i) a breach by Aphton of the terms and conditions of this Agreement, or any misrepresentation or breach of the representation made by Aphton in this Agreement or (ii) any negligence or willful misconduct of
Aphton. As a condition precedent to Aphton’s obligations hereunder, Daiichi shall in a timely manner notify, and provide a copy to, Aphton of any complaint, summons, or other written or verbal notice that Daiichi receives of any claim, action,
liability or the like that may be subject to such obligations, allow Aphton the sole and complete control of the defense and settlement thereof, and assist in such defense and settlement as Aphton may reasonably request. 
  
 16.3 With respect to any claim by one Party against the other Party arising
out of the performance of failure of performance of the other Party under this Agreement, the Parties expressly agree that the liability of such Party to the other Party for such breach shall be limited under this Agreement or otherwise at law or
equity to direct damages, lost profits directly related to the Product, attorneys fees and the like, and in no event shall a Party be liable to the other Party for indirect, special or consequential damages, including without limitation, lost
profits not directly related to the Product. 
  

	17.	Patent Litigation 

  
 17.1 If either Party receives a claim that the Product infringes upon a patent of a third party, the Party will notify the other Party promptly in writing
and give the other Party all necessary information and assistance. Both Parties shall collaborate to evaluate, defend and settle any such claim, or terminate this Agreement, subject to the conditions set forth in this Agreement, as they deem
appropriate. 
  
 (a) If a claim arises in
Daiichi’s Territory and circumstances may favor settlement, regardless of the actual receipt of such claim from such third party, Daiichi will make good faith efforts to negotiate a settlement. If settlement involves payment of a settlement
amount, Daiichi can decide, in its sole discretion, whether or not to pay the settlement amount. 
  
 (b) In above case (a), if Daiichi decides not to pay the settlement amount (and Aphton chooses to do so) or if settlement means that
Daiichi must cease manufacturing the Products, at Aphton’s request, Daiichi shall grant Aphton a non-exclusive, worldwide, royalty-free, fully-paid-up, transferable license to its Intellectual Property and assist Aphton for a maximum period of
one year in the transfer of the technology to a manufacturer of Aphton’s selection at Aphton’s cost. Until such transfer is complete, Daiichi will continue to manufacture and supply as provided in Section 8.3 of this 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 20 

 
Agreement, provided that Aphton shall indemnify Daiichi for any patent infringement liability arising from such technology transfer and continued
manufacture. 
  
 (c) If a claim arises in
Aphton’s Territory and circumstances may favor settlement, regardless of the actual receipt of such claim from such third party, Aphton will make good faith efforts to negotiate a settlement. If settlement involves payment of a settlement
amount, Aphton can decide, in its sole discretion, whether or not to pay the settlement amount. 
  
 (d) In above case (c), if Aphton decides not to settle the claim but instead decides to defend against such claim, Daiichi shall continue,
at Aphton’s request, to supply the Product(s) for Aphton’s Territory, provided that Aphton shall indemnify Daiichi for any patent infringement liability arising from Aphton’s continued sales of Product(s) until such claim is
resolved. Upon a resolution of such claim that permits Aphton to continue to market Product(s), Daiichi will supply the Product(s) exclusively for Aphton’s Territory according to this Agreement. If Daiichi decides, in its sole discretion, not
to continue to supply the Product(s), then Daiichi will be deemed to have terminated this Agreement pursuant to Section 19.2(iv) and Section 19.5 will then apply. 
  
 17.2 Each Party shall have the sole right and option, at its sole and absolute discretion, to file and maintain lawsuits in
its own name for infringement or misappropriation by third parties of its Intellectual Property or other proprietary rights that occur within the Territory. The infringed Party shall keep the other Party informed from time to time of the status of
such proceeding. The other Party shall, at the request of the infringed Party, give the infringed Party all reasonable assistance and cooperation in any such proceedings at the infringed Party’s expense. Notwithstanding any decision on the part
of the infringed Party to forego bringing or continuing to prosecute any suit, claim or litigation, even if permitted under law, the other Party shall not have the right to bring, file or litigate any claim for infringement by third parties of any
proprietary rights held by the infringed Party occurring in the other Party’s Territory without the infringed Party’s prior written consent. If such consent is granted, the infringed Party shall cooperate with the other Party, and shall
assign to the other Party such rights as are reasonably determined by the infringed Party to be necessary to bring, litigate or settle such claim. 
  
 17.3 Each Party shall have the right and option, at the direction of JSC, to file and maintain lawsuits for infringement or misappropriation by third
parties of both Parties’ jointly developed Intellectual Property or other proprietary rights that occur within such Party’s respective Territory. The infringed Party shall keep the other Party informed from time to time of the status of
such proceeding. The other Party shall, at the request of the infringed Party, give the infringed Party all reasonable assistance and cooperation in any such proceedings at the infringed Party’s expense or as otherwise equitably directed by the
JSC. 
  

	18.	Dispute Resolution 

  
 18.1 Any disputes arising between the Parties relating to, arising out of or in any way connected with this Agreement or any term or condition hereof, or
the performance by any Party of its obligations hereunder, whether before or after termination of this Agreement (a 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 21 

 
“Dispute”), which are not settled by the Parties within thirty (30) days after notice of such Dispute is given by one Party to the other in
writing, shall be referred to the Senior Vice President of Aphton Corporation and the Director, Research & Development Division of Daiichi Pure Chemicals Co., Ltd., who are authorized to settle such disputes on behalf of their respective
companies (“Senior Executives”). The Senior Executives will meet for negotiations within thirty (30) days of the end of the initial 30 day negotiation period referred to above, at a time and place mutually acceptable to all Senior
Executives. If the Dispute has not been resolved within thirty (30) days after the end of the initial 30 day negotiation period referred to above (which period may be extended by mutual agreement), subject to any rights to injunctive relief and
unless otherwise specifically provided for herein, any Dispute will be finally resolved by binding arbitration as provided in Section 18.2. 
  
 18.2 Any and all disputes arising from this Agreement shall be amicably and promptly settled upon consultation between the Parties, but in case of failure
of amicable settlement of any dispute, it shall be resolved by arbitration. If the arbitration is requested by Daiichi, the arbitration shall be held in Miami, Florida, and if the arbitration is requested by Aphton, the arbitration shall be held in
Tokyo, Japan. All such proceedings shall be conducted as agreed by the Parties at the time of a request for an arbitration. The award rendered shall be final and binding upon both Parties. The arbitrators shall have no power to add to, subtract
from, or modify any of the terms or conditions of this Agreement. Any award rendered in such arbitration may be enforced by either Party in the court with proper jurisdiction, as the case may be, to whose jurisdiction for such purposes each of the
Parties hereby irrevocably consents and submits. Each Party shall bear its own legal and arbitration expenses; except, if the arbitrators determine that a Party has acted in bad faith or committed willful misconduct, the arbitrators may assess as
part of their award the legal fees and arbitration expenses of the other Party. Either Party may require that the arbitrators set forth in writing their findings of fact and basis for their award. The arbitrators will have the power to award an
equitable remedy. Notwithstanding anything herein, a Party may seek equitable relief in any court of competent jurisdiction to maintain the status quo pending resolution of a dispute in arbitration pursuant to this Agreement. 
  

	19.	Term and Termination 

  
 19.1 This Agreement shall commence on the Effective Date and, unless terminated earlier in accordance with this Section 19, shall continue in full force
and effect until a date of the decision not to execute a Supply Agreement or a date set by the JSC. If a Supply Agreement has been executed, the JSC shall determine the term and termination of the Supply Agreement, provided such agreement will be in
effect until the expiration in the last major country (determined by JSC according to the sales and marketing efforts of each respective Party) of the last Patent owned by a Party that contains valid and enforceable claims covering any Product
unless terminated earlier according to the conditions set forth in this Section 19. 
  
 19.2 This Agreement may be terminated prior to the term referred to in Section 19.1 above, under the following circumstances and conditions: (i) by either Party, for material breach of any provision of this Agreement
upon sixty (60) days written notice to the other Party, unless such breach is cured during such sixty days period, (ii) by either Party, immediately upon such event, if that other Party becomes insolvent, files or has filed against it a petition in

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 22 

 
bankruptcy, make an assignment for the benefit of creditors, has a receiver appointed for it or any of its assets, or otherwise takes advantage of any
statute or law designed for relief of debtors, (iii) for any reason, by mutual agreement between the Parties, or (iv) notwithstanding anything to the contrary in this Agreement, upon thirty (30) days prior written notice by the decision of either
Party if, in its sole discretion, it determines that the commercial usefulness of the entire Collaborative Commercialization is no longer justified. Each Party shall immediately notify the other Party in writing if it becomes subject to any event of
the type described in Section 19.2(ii). 
  
 19.3 In the event of
termination in accordance with any of the provisions of this Agreement, neither Party shall be liable to the other because of such termination, for compensation, reimbursement or damages on account of the loss of prospective profits or anticipated
sales or on account of expenditures, inventory, investments, leases or commitments in connection with the business or goodwill of Aphton or Daiichi, provided, however, that any such termination shall not relieve any Party of
obligations incurred prior to the termination. 
  
 19.4 The
provisions of Sections 6.5, 10, 12.7, 15, 16, 17, 18, 19 and 20, and all payment obligations (and audit rights to confirm conformance with such payment obligations) hereunder, shall survive the termination or expiration of this Agreement for any
reason. All other rights and obligations of the Parties shall cease upon termination or expiration of this Agreement. 
  
 19.5 In the event Aphton terminates this Agreement pursuant to Section 19.2(i) or (ii) or Daiichi terminates this Agreement pursuant to Section 19.2(iv),
Aphton shall have the right to sell any inventory of the Product that it holds as of the effective date of such termination for a period of twelve (12) months following the effective date of such termination anywhere in the world, without regard to
any territorial restrictions set forth in this Agreement, and Daiichi shall transfer to Aphton all of its ownerships and rights of Intellectual Property and Regulatory Approvals generated and obtained from/for the Collaborative Commercialization
solely so that Aphton (and its successors, sublicensees and assigns) can continue the Commercialization anywhere in the world, without regard to any territorial restrictions set forth in this Agreement. In the event of early termination set forth in
this Section 19.5, Daiichi shall continue to supply for a maximum of one year after having given prior written notice and shall assist with transfer of the technology of manufacturing of the Products to Aphton or its designated manufacturer upon
Aphton’s request and cost for the technology transfer; provided, however, Daiichi shall be relieved from the obligation of such technology transfer after the period of twelve (12) months following the effective date of such
termination. 
  
 19.6 In the event Daiichi terminates this
Agreement pursuant to Section 19.2(i) or (ii) or Aphton terminates this Agreement pursuant to Section 19.2(iv), subject to its continued payment of royalties on such sales pursuant to Section 6.5, Daiichi shall have the right to sell any inventory
of the Product that it holds as of the effective date of such termination for a period of twelve (12) months, subject to Section 6.5, following the effective date of such termination anywhere in the world, without regard to any territorial
restrictions set forth in this Agreement, and Aphton shall transfer to Daiichi all of its ownerships and rights of Intellectual Property and Regulatory Approvals generated and obtained from/for the Collaborative Commercialization solely so that
Daiichi (and its successors, sublicensees and assigns) can continue the 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 23 

 
Commercialization anywhere in the world, without regard to any territorial restrictions set forth in this Agreement. 
  
 19.7 In the event both Parties agree to terminate this Agreement pursuant to
Section 19.2(iii) before the expiration of this Agreement, both Parties shall have the right to sell any inventory of the Product that it holds as of the effective date of such termination, and shall be relieved from the obligations to supply the
other Party any data, information and Product set forth in this Agreement after the effective date of such termination, subject to Section 6.5, without any further rights to the Intellectual Property of the other Party (except as otherwise granted
by each Party, in its sole discretion). 
  
 19.8 In the event a
Supply Agreement is executed, this Section 19 will be incorporated in its entirety into such Supply Agreement. 
  

	20.	General Provisions 

  
 20.1 This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of Delaware without reference to conflicts of laws
principles. 
  
 20.2 This Agreement sets forth the entire
agreement and understanding of the Parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective
unless in writing signed by the Party to be charged. 
  
 20.3 Any
notice required or permitted by this Agreement shall be in writing (in the English language) and shall be made by personal delivery or sent by facsimile transmission, overnight express courier (such as Federal Express) or by prepaid registered or
certified mail, return receipt requested, addressed to the other Party at the address shown below or at such other address for which such Party gives notice hereunder. Such notice shall be deemed to have been given upon the earlier of receipt by the
Party to whom notice was sent if by personal service, facsimile transmission or overnight express courier (and as evidenced by sender’s confirmation receipt in the case of facsimile transmission or overnight express courier) or three (3) days
after deposit in the mail, if by certified or registered mail: 
  
 If to Aphton: 
  
 Aphton Corporation 
 80 SW 8th Street, Suite 2160 
 Miami, Florida
33130 
 USA 
 Attn: President and
CEO 
 Tel: 1-305-374-0703 
 Fax:
1-305-374-7615 
  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 24 

 With a copy to: 
  

White & Case LLP 
 1155 Avenue of the
Americas 
 New York, New York 10036 
 Attn: Dimitrios T. Drivas, Esq. 
 Tel: 1-212-819-8200 
 Fax: 1-212-354-8113 
  
 If to
Daiichi: 
  
 Daiichi Pure Chemicals Co., Ltd. 
 13-5 Nihombashi 3-Chome 
 Chuo-ku, Tokyo
103-0027 Japan 
 Attn: President and CEO 
 Tel: 81-3-3272-0681 
 Fax: 81-3-3281-0510 
  

With a copy to: 
  
 Daiichi Pure Chemicals Co., Ltd. 
 13-5
Nihombashi 3-Chome 
 Chuo-ku, Tokyo 103-0027 
 Japan 
 Attn: Director, Diagnostic Division 
 Tel: 81-3-3272-0681 
 Fax: 81-3-3281-0510

  
 20.4 Non-performance of either Party shall be excused to the
extent that performance is rendered impossible by strike, earthquake, fire, flood, governmental acts or orders or restrictions, failure of suppliers, or any other reason where failure to perform is beyond the reasonable control of and is not caused
by the negligence of the non-performing Party. 
  
 20.5 This
Agreement may not be assigned by either Party without the prior written consent of the other Party, which consent shall not be unreasonably withheld; provided, that either Party may assign this Agreement without the consent of the other Party
to an affiliate or to a successor in connection with the merger, consolidation or sale of all or substantially all of its assets or that portion of its business to which this Agreement relates. Subject to the foregoing sentence, this Agreement shall
be binding upon and inure to the benefit of the Parties and their respective successors and assigns. 
  
 20.6 The relationship of Aphton and Daiichi established by this Agreement is that of independent contractors, and nothing contained in this Agreement
shall be construed to give either Party the power to direct and control the day-to-day activities of the other or allow one Party to create or assume any obligation on behalf of the other for any purpose whatsoever. 

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 25 

 
All financial obligations associated with the each Party’s business are the sole responsibility of the respective Party. 
  
 20.7 The obligations of each Party shall be severable, and no Party shall be
liable for breach of this Agreement by the other Party. 
  
 20.8
If any provision of this Agreement is held to be invalid, then the remaining provisions shall nevertheless remain in full force and effect. The Parties agree to renegotiate in good faith any term held invalid and to be bound by the agreed substitute
provision. 
  
 20.9 This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 
  
 IN WITNESS WHEREOF, the undersigned have executed this Agreement on behalf of Aphton and Daiichi, as applicable, intending it to be legally binding on the
Parties as of the Effective Date. 
  

			
	 APHTON CORPORATION

		
	 By:
	 	/s/    PHILIP C. GEVAS        
	 Name:
	 	Philip C. Gevas
	 Title:
	 	Chairman
	 Date:
	 	 June 22, 2004

	
	 DAIICHI PURE CHEMICALS CO., LTD.

		
	By:	 	/s/    SHIN-ICHIRO
ASHIDA        
	 Name:
	 	Shin-ichiro Ashida, Ph.D.
	 Title:
	 	President & CEO
	 Date:
	 	 June 22, 2004

  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 26 

 SCHEDULE 1 
  

U.S. PATENTS AND PATENT APPLICATIONS 
  
 * 
  
 * 
  
 * 
  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 27 

 APPENDIX A 
  

CERTIFICATE OF ANALYSIS 
  
 This Appendix shall be prepared after the completion of the development of the final Products for Marketing. 
  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 28 

 APPENDIX B 
  
 SPECIFICATIONS AND TESTING SPECIFICATION REQUIREMENTS 
  
 This Appendix shall be prepared after the completion of the development of the final Products for Marketing. 
  

	*	Confidential portions omitted and filed separately with the Commission. 

  
 29EXHIBIT 4.1

 Exhibit 4.1 
  

PRICING SUPPLEMENT DATED JUNE 2, 2004 
 (to Offering
Circular dated April 29, 2004) 
  
 Capital One Bank

 (a Bank organized pursuant to the Laws of Virginia) 
  
 Global Bank Notes 
 Issue of US$500,000,000 5.000% Senior Global Bank Notes due 2009 
  
 UNDER THE U.S.$8,000,000,000 GLOBAL BANK NOTE PROGRAM 
  
 This document constitutes the Pricing Supplement relating to the issue of Notes described herein. Terms used herein shall be deemed to be defined as such for the purposes of the conditions set forth in the Offering
Circular dated April 29, 2004. This Pricing Supplement is supplemental to and must be read in conjunction with such Offering Circular. 
  

					
	1.	  	Issuer:	  	Capital One Bank
			
	2.	  	 (i)     Series Number:
	  	1
			
	 	  	 (ii)    Tranche Number:
	  	Not Applicable
			
	3.	  	Specified Currency	  	USD
			
	4.	  	Aggregate Principal Amount:	  	$500,000,000
			
	5.	  	Original Issue Date and Interest Commencement Date:	  	June 9, 2004
			
	6.	  	Stated Maturity Date:	  	June 15, 2009
			
	7.	  	Status of the Notes:	  	Senior
			
	8.	  	Interest Basis:	  	5.000 per cent. Fixed Rate
			
	9.	  	Redemption/Payment Basis:	  	Redemption at par
			
	10.	  	Change of Interest or Redemption/Payment Basis:	  	Not Applicable
			
	11.	  	Issue Price:	  	99.740 per cent. of the aggregate principal amount of the Notes
			
	12.	  	Default Rate (if other than Interest Rate):	  	Not Applicable (Required only for listed issues)
			
	13.	  	Authorized Denominations:	  	Minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof
			
	14.	  	Listing:	  	None
			
	15.	  	Method of distribution:	  	Syndicated

  
 PROVISIONS RELATING TO INTEREST (IF
ANY) PAYABLE 
  

					
	16.	  	Fixed Rate Note Provisions:	  	Applicable
			
	 	  	 (i)     Interest Rate(s):
	  	5.000 per cent. per annum payable semi-annually in arrears
			
	 	  	 (ii)    Interest Payment Date(s):
	  	June 15 and December 15 (or the next Business Day) in each year, commencing on December 15, 2004 up to and including the Stated Maturity Date
			
	 	  	 (iii)  Day Count Convention:
	  	30/360
			
	 	  	 (iv)   Interest Determination Date(s):
	  	Not Applicable
			
	 	  	 (v)    Other terms relating to the method of calculating interest for Fixed Rate Notes:
	  	None
			
	17.	  	Floating Rate Note Provisions:	  	Not Applicable
			
	18.	  	Original Issue Discount Note (including Zero Coupon Note) Provisions:	  	Not Applicable
			
	19.	  	Index/Formula Linked Interest Note Provisions:	  	Not Applicable
			
	20.	  	Dual Currency Note Provisions:	  	Not Applicable
		
	PROVISIONS RELATING TO REDEMPTION	  	 
			
	21.	  	Redeemable at Option of Issuer:	  	Not Applicable
			
	22.	  	Repayable at Option of Holders:	  	Not Applicable
		
	GENERAL PROVISIONS APPLICABLE TO THE NOTES	  	 
			
	23.	  	Form of Notes:	  	 
			
	 	  	 (i)     Bearer Notes:
	  	Not Applicable
			
	 	  	 (ii)    Registered Notes:
	  	Applicable
			
	 	  	 — Registrar:
	  	JPMorgan Chase Bank
			
	 	  	 — Transfer Agent:
	  	JPMorgan Chase Bank
			
	 	  	 — Record Dates:
	  	15th calendar day (whether or not a Business Day) immediately preceding the related Interest Payment Date
			
	24.	  	Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including the right of the Issuer
to forfeit the Notes and interest due on late payment:	  	Not Applicable

  

 2 

					
	25.	  	Installment Notes:	  	 
			
	 	  	 (i)     Installment amount(s):
	  	Not Applicable
			
	 	  	 (ii)    Installment date(s):
	  	Not Applicable
			
	26.	  	Other terms or specified conditions:	  	Certain of the Distribution Agents may make the notes available for distribution on the Internet through a third-party system operated by Market Axess Inc., an Internet-based communications
technology provider. Market Axess Inc. is providing the system as a conduit for communications between such Distribution Agents and their respective customers and is not a party to any transactions. Market Axess Inc. is a registered broker-dealer
and will receive compensation from the relevant Distribution Agent based on transactions conducted through the system. The relevant Distribution Agents will make the notes available to their respective customers through the Internet on the same
terms as distributions of the notes made through other channels.
			
	27.	  	Talons for future Coupons or Receipts to be attached to Definitive Bearer Notes (and dates on which such Talons mature):	  	Not Applicable
			
	28.	  	Details of any additional or different Paying Agents, Registrars, London Issuing Agents, Transfer Agents:	  	Not Applicable
		
	DISTRIBUTION	  	 
			
	29.	  	 (i)     If syndicated, names of Distribution Agents:
	  	 Deutsche Bank Securities Inc.                   
          $200,000,000
 J.P. Morgan Securities Inc.         
                         $200,000,000
 Barclays
Capital Inc.                                          
    $25,000,000
 Credit Suisse First Boston LLC           
                  $25,000,000
 HSBC Securities (USA) Inc.
                                  $25,000,000
 Wachovia Capital Markets, LLC
                            $25,000,000

			
	 	  	 (ii)    Stabilization Manager (if any):
	  	 Deutsche Bank Securities Inc.
 The Stabilization
Manager or any other person acting for the Stabilization Manager may over-allot or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail for a limited period. However,
there may be no obligation on the Stabilization Manager or any agent of the Stabilization Manager to do this. Such stabilization, if commenced, may be discontinued at any time and must be terminated after a limited period. Such stabilization, if
any, must comply with all applicable laws, regulations and rules.

			
	30.	  	If non-syndicated, name of Distribution Agent:	  	Not Applicable

  

 3 

					
	31.	  	Additional selling restrictions:	  	Not Applicable
		
	OPERATIONAL INFORMATION	  	 
			
	32.	  	CUSIP Code:	  	14040EHL9
			
	33.	  	ISIN Code:	  	US14040EHL92
			
	34.	  	Common Code:	  	019427285
			
	35.	  	Clearing System(s):	  	DTC, Euroclear and Clearstream, Luxembourg through DTC
			
	36.	  	Delivery:	  	Delivery against payment
			
	37.	  	Redenomination applicable:	  	Redenomination not applicable
			
	38.	  	“Business Day” definition (if other than as defined in the Offering Circular):	  	Not Applicable
			
	39.	  	Governing Law:	  	New York

  
 [Remainder of Page
Intentionally Left Blank] 
  

 4 

 RESPONSIBILITY 
  
 The Issuer accepts responsibility for the information contained in this Pricing Supplement. Signed on behalf of the Issuer: 
  

			
		
	By:	 	 /s/ Tom Feil

	 	 	Tom Feil, Vice President, Capital Markets
and Assistant Treasurer
Duly authorized

  

 5 

 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. 
  
 THIS NOTE IS A DTC GLOBAL NOTE WITHIN THE MEANING OF THE GLOBAL AGENCY AGREEMENT REFERRED TO HEREINAFTER. 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
“DEPOSITARY”) TO CAPITAL ONE BANK (THE “BANK”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS
CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO 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 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 TRANSFERS OF THIS DTC GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 
  
 THIS NOTE IS A DIRECT, UNCONDITIONAL, UNSECURED AND UNSUBORDINATED GENERAL OBLIGATION OF THE BANK. THIS NOTE RANKS PARI PASSU WITH ALL OTHER UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE BANK, EXCEPT OBLIGATIONS, INCLUDING
DEPOSIT LIABILITIES AND OTHER OBLIGATIONS THAT ARE SUBJECT TO ANY PRIORITY OR PREFERENCE UNDER APPLICABLE LAW. 
  
 THIS NOTE DOES NOT EVIDENCE A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (“FDIC”) OR ANY OTHER INSURER. 
  
 THIS NOTE IS ISSUABLE ONLY IN MINIMUM DENOMINATIONS OF U.S. $100,000 AND INTEGRAL MULTIPLES
OF U.S. $1,000 IN EXCESS THEREOF. EACH OWNER OF A BENEFICIAL INTEREST IN THIS NOTE IS REQUIRED TO HOLD A BENEFICIAL INTEREST OF U.S. $100,000 PRINCIPAL AMOUNT AND INTEGRAL MULTIPLES OF U.S. $1,000 IN EXCESS THEREOF OF THIS NOTE AT ALL TIMES.

  

 1 

			
	 No. R- _______________
	 	REGISTERED

 CUSIP No.: 14040EHL9 
 ISIN No.: US14040EHL92 
 Common Code: 019427285 
  
 CAPITAL ONE BANK 
 GLOBAL BANK NOTE

 (Registered Global Note) 
  

					
	ORIGINAL ISSUE DATE:	  	June 9, 2004	 	PRINCIPAL AMOUNT: U.S.$ 500,000,000
			
	 	  	 	 	SPECIFIED CURRENCY:
			
	MATURITY DATE:	  	June 15, 2009	 	x U.S. dollar
			
	x FIXED RATE NOTE	  	5.000%	 	Other:
			
	FLOATING RATE NOTE	  	 	 	 

  
 CAPITAL ONE BANK, a bank organized
under the laws of the Commonwealth of Virginia (the “Bank”), for value received, hereby promises to pay to CEDE & CO, or registered assigns, the principal amount specified above as adjusted in accordance with Schedule 1 hereto,
on the Maturity Date specified above (except to the extent redeemed or repaid prior to the Maturity Date) and to pay interest thereon (i) in accordance with the provisions set forth on the reverse hereof under the caption “Fixed Rate Interest
Provisions,” if this Note is designated as a “Fixed Rate Note” above, or (ii) in accordance with the provisions set forth on the reverse hereof under the caption “Floating Rate Interest Provisions,” if this Note is
designated as a “Floating Rate Note” above, in each case as such provisions may be modified or supplemented by the terms and provisions set forth in the Pricing Supplement attached hereto (the “Pricing Supplement”),
and (to the extent that the payment of such interest shall be legally enforceable) to pay interest at the Default Rate per annum specified in the Pricing Supplement on any overdue principal and premium, if any, and on any overdue installment of
interest. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date specified in the Pricing Supplement will be paid to the person in whose name this Note (or any predecessor Note) is registered at the close of
business on the fifteenth calendar day (whether or not a Business Day (as defined on the reverse hereof)) next preceding the applicable Interest Payment Date (unless otherwise specified in the Pricing Supplement) (each, a “Record
Date”); provided, however, that interest payable at Maturity (as defined on the reverse hereof) will be payable to the person to whom principal shall be payable. Any such interest not so punctually paid or duly provided
for shall forthwith cease to be payable to the holder as of the close of business on such Record Date, and shall instead be payable to the person in whose name this Note (or any predecessor Note) is registered at the close of business on a special
record date for the payment of such defaulted interest (the “Special Record Date”) to be fixed by the Registrar (as defined below), notice whereof shall be given by the Registrar to the holder of this Note not less
than 15 calendar days prior to such Special Record Date. 
  

 2 

 This Note is one of a duly authorized issue of the Bank’s notes due from 30 days to 30 years or more from date of
issue (the “Notes”). The Notes are issued and to be issued in accordance with the Global Agency Agreement, dated as of April 29, 2004 (the “Global Agency Agreement”), among the Bank and JPMorgan Chase
Bank as paying agent (the “Domestic Paying Agent”) and as registrar (the “Registrar”), JPMorgan Chase Bank, London Branch, as paying agent (the “London Paying Agent”) and
as issuing agent (the “London Issuing Agent”) and J.P. Morgan Bank Luxembourg S.A. as transfer agent (the “Transfer Agent”) and as paying agent (the “Luxembourg Paying
Agent”, together with the Domestic Paying Agent and the London Paying Agent, the “Paying Agents”, and each individually, a “Paying Agent”) and Kredietbank S.A. Luxembourgeoise as listing agent
(the “Listing Agent”). The terms Domestic Paying Agent, Registrar, London Paying Agent, London Issuing Agent, Luxembourg Paying Agent, Transfer Agent and Listing Agent shall include any additional or successor agents
appointed in such capacities by the Bank. 
  
 The Bank shall cause to be kept at
the office of the Registrar a register (the register maintained in such office or any other office or agency of the Registrar, herein referred to as the “Note Register”) in which, subject to such reasonable regulations as it
may prescribe, the Bank shall provide for the registration of Notes issued in registered form and of transfers of such Notes. The Bank has initially appointed JPMorgan Chase Bank, acting through its principal office at JPMorgan Chase Bank,
Institutional Trust Services, 4 New York Plaza, 15th Floor, New York, New York 10004, as “Registrar” for
the purpose of registering Notes issued in registered form and transfers of such Notes. The Bank reserves the right to rescind such designation at any time, and to transfer such function to another bank or financial institution. 
  
 The transfer of this Note is registrable in the Note Register, upon surrender of this Note
for registration of transfer at the office or agency of the Registrar or any transfer agent maintained for that purpose, accompanied by a written instrument of transfer in form satisfactory to the Registrar (or such transfer agent) duly executed by,
the registered holder hereof in person or its attorney thereunto duly authorized in writing. 
  
 Payment of principal, premium, if any, and interest with respect to this Note at Maturity to be made in U.S. Dollars, will be made in immediately available funds upon surrender of this Note at a specified office of a
Paying Agent; provided, that this Note is surrendered to such Paying Agent in time for such Paying Agent to make such payment in immediately available funds in accordance with its normal procedures. Payments of interest on this Note (other
than at Maturity) will be made by wire transfer to such account as has been appropriately designated to a Paying Agent by the person entitled to such payments. 
  

Reference is made to the further provisions of this Note set forth on the reverse hereof and in the Pricing Supplement, which further provisions shall for all purposes
have the same effect as if set forth at this place. In the event of any conflict between the provisions contained herein or on the reverse hereof and the provisions contained in the Pricing Supplement attached hereto, the latter shall control.
References herein to “this Note,” “hereof,” “herein” and comparable terms shall include the Pricing Supplement attached hereto. 
  
 Unless the certificate of authentication hereon has been executed by the Registrar, by manual signature of an authorized signatory, this Note shall not be valid or
obligatory for any purpose. 
  
 This Note shall be governed by, and construed
in accordance with, the laws of the State of New York, without regard to the conflicts of law principles thereof. 
  

 3 

 IN WITNESS WHEREOF, the Bank has caused this Note to be duly executed. 
  

			
	 CAPITAL ONE BANK

		
	By:	 	/s/  Stephen Linehan
	 	 	 Name:  Stephen Linehan

	 	 	 Title:    Senior Vice President and Treasurer

  
 Dated: 
  
 REGISTRAR’S CERTIFICATE OF AUTHENTICATION 

 
 This is one of the Notes referred to in the 
 within-mentioned Global Agency Agreement. 
  

			
	 JPMORGAN CHASE BANK,
 as
Registrar

		
	By:	 	/s/  Indira Javier
	 	 	 Name:  Indira Javier

	 	 	 Title:    Trust Administrator

  

 4 

 [ATTACH PRICING SUPPLEMENT.] 
  

 5 

 Reverse of Note 
  

	1.	Authorized Denomination. 

  
 This Note, and any Note issued in exchange or substitution herefor or in place hereof, or upon registration of transfer, exchange or partial redemption or repayment of
this Note, may be issued only in an Authorized Denomination specified in the Pricing Supplement. 
  

	2.	Payment of Principal, Premium, if any, and Interest. 

  
 (a) Unless otherwise provided herein or in the Pricing Supplement and subject to the provisions with respect to DTC Global Notes in clause (b) below, the
principal, premium, if any, and interest with respect to this Note are payable in the Specified Currency indicated on the face hereof (or, if such Specified Currency is not at the time of such payment legal tender for the payment of public and
private debts, in such other coin or currency of the country which issued such Specified Currency as at the time of such payment is legal tender for the payment of debts). 
  
 (b) Unless otherwise provided herein or in the Pricing Supplement, if this Note is a DTC Global Note and the Specified
Currency indicated on the face hereof is other than U.S. dollars: 
  
 (i) Any such amounts paid by the Bank will be converted by JPMorgan Chase Bank, as Exchange Rate Agent (or such other agent as may be specified in the Pricing Supplement), which for these purposes shall act as
currency exchange agent (the “Exchange Rate Agent”), into U.S. dollars for payment to the holder of this Note. 
  
 (ii) Any U.S. dollar amount to be received by the holder of this Note will be based on the Exchange Rate Agent’s bid quotation as of
11:00 a.m., London time, on the second day on which banks are open for business in London, New York City and McLean, Virginia, preceding the applicable payment date, for the purchase of U.S. dollars with the Specified Currency for settlement on such
payment date of the aggregate amount of the Specified Currency payable to all holders of Notes denominated other than in U.S. dollar scheduled to receive U.S. dollar payments. If such bid quotation is not available, the Exchange Rate Agent will
obtain a bid quotation from a leading foreign exchange bank in London or New York City selected by the Exchange Rate Agent for such purchase. If no such bids are available, payment of the aggregate amount due to the holder of this Note on the
payment date will be made in the Specified Currency, subject to the other provisions of this Note relating to payment in such Specified Currency. All currency exchange costs will be borne by the holder of this Note by deductions from such payments.
All determinations referred to above made by the Exchange Rate Agent shall, in the absence of manifest error, be conclusive for all purposes and binding upon the holder of this Note. 
  
 (iii) If DTC, acting on instructions from any beneficial owner of this Note, notifies the Paying Agents in
writing prior to 5:00 P.M., New York City time, on the fifth Business Day following any Record Date in the case of interest and the tenth calendar 

  

 6 

 
day prior to any payment date for the payment of principal, of such beneficial owner’s election to receive payments with respect to this Note in the
Specified Currency, together with wire transfer instructions to an account denominated in the Specified Currency, payments from and including the related payment date will be made to such beneficial owner in the Specified Currency by wire transfer
of same day funds in accordance with the relevant wire transfer instructions on the relevant payment date. If the Paying Agents have not been so notified, payments will be made in U.S. dollar as provided under clauses (i) and (ii) above. Any such
notification from DTC to the Paying Agents shall remain in effect with respect to any further payments of principal, premium if any, and interest with respect to this Notes to such beneficial owner, unless and until DTC, acting on instructions from
such beneficial owner, notifies the Paying Agents on or prior to 5:00 P.M., New York City time, on the fifth Business Day following any Record Date in the case of interest and the tenth calendar day prior to any payment date for the payment of
principal, of such beneficial owner’s revocation of its election. Any beneficial owner must rely on the procedures of DTC and, if such person is not a participant in DTC, on the procedures of the participant therein through which the beneficial
owner owns its interest, with respect to making and revoking its election to receive payments in the Specified Currency. 
  
 (c) Subject to any fiscal or other laws and regulations applicable thereto in the place of payment, payments on registered Notes to be made in a Specified
Currency other than the U.S. Dollar and payments on bearer Notes will be made by transfer to an account in the Specified Currency (which, in the case of a payment in Yen to a non-resident of Japan, shall be a non-resident account) maintained by the
payee with, or by a check in the Specified Currency drawn on, a bank (which, in the case of a payment in Yen to a non-resident of Japan, shall be an authorized foreign exchange bank) in the Principal Financial Center (as defined below) of the
Specified Currency (or such other location designated in the Pricing Supplement); provided, however, that a check may not be delivered to an address in, and an amount may not be transferred to an account at a bank in, the United States
of America or its possessions by any office or agency of the Bank or any Paying Agent. 
  
 (d) If the principal, premium, if any, and interest with respect to this Note pursuant to the terms of this Note is payable in a Specified Currency and such Specified Currency has been replaced by another currency (a
“Replacement Currency”), the Bank will be entitled to satisfy its obligations to the holder of this Note by making such payments of principal, premium, if any, and interest with respect to this Note, at the option of the Bank, in
the Replacement Currency or in U.S. dollars, at a rate of exchange which takes into account the conversion, at the rate prevailing on the most recent date on which official conversion rates were quoted or set by the national government or other
authority responsible for issuing the Replacement Currency, from the Specified Currency to the Replacement Currency and, if necessary, the conversion of the Replacement Currency into U.S. Dollars at the rate prevailing on the date of such
conversion.  
  
 (e) If the principal, premium, if any, and
interest with respect to this Note pursuant to the terms of this Note is payable in a Specified Currency other than the U.S. dollar and such Specified Currency is not available due to the imposition of exchange controls or other circumstances beyond
the control of the Bank, the Bank will be entitled to satisfy its obligations to the holder of this Note by making such payments of principal, premium, if any, and interest 

  

 7 

 
with respect to this Note in U.S. dollars (until, in the sole discretion of the Bank, the Specified Currency is again available) on the basis of the most
recently available bid quotation from a leading foreign exchange bank in London or New York City selected by the Exchange Rate Agent, for the purchase of U.S. dollars with the Specified Currency for settlement on such payment date of the aggregate
amount of the Specified Currency payable to all holders of Notes denominated other than in the U.S. dollar scheduled to receive U.S. dollar payments. Any payment made under such circumstances in U.S. dollars, where the payment is required to be made
in the Specified Currency, will not constitute an “Event of Default” with respect to this Note. 
  
 (f) If the Specified Currency for this Notes is a domestic currency of a state that is or subsequent to the Original Issue Date of this Note becomes a
European Union member state and “Redenomination” is specified as applicable in the Pricing Supplement, and, subsequent to the Original Issue Date, such state participates in the European monetary union, this Note may be redenominated in
euro. In addition, this Note may be redenominated as a matter of law whether or not the Pricing Supplement provides for redenomination. 
  
 (g) If this Note is in registered form, this Note may be presented or surrendered for payment, and notices, designations or requests in respect of
payments with respect to this Note may be served, at the office or agency of any Paying Agent maintained for that purpose. The Bank may at any time rescind any designation of a Paying Agent, appoint any additional or successor Paying Agents or
approve a change in the office through which a Paying Agent acts. 
  
 (h) If this Note is in bearer form, this Note and any related receipts and coupons shall become void to the extent not presented for payment within a period of two years after the date on which a payment of principal or interest shall have
become due and payable and monies sufficient therefor shall have been made available for payment. 
  

	3.	Interest Rate Provisions. 

  
 (a) The Bank will pay interest on each Interest Payment Date specified in the Pricing Supplement and on the Maturity Date or any Redemption Date (as
defined below), if any, or Holder’s Optional Repayment Date (as defined below), if any (each such Maturity Date, Redemption Date and Holder’s Optional Repayment Date and the date on which the principal or an installment of principal is due
and payable by declaration of acceleration as provided herein being hereinafter referred to as a “Maturity” with respect to the principal repayable on such date), commencing, unless otherwise specified in the Pricing Supplement, on the
first Interest Payment Date next succeeding the Original Issue Date specified on the face hereof (or if this is a registered Note, if the Original Issue Date is between a Record Date and the Interest Payment Date immediately following such Record
Date, on the Second Interest Payment Date following the Original Issue Date) at the rate specified in the Pricing Supplement or determined in accordance with the provisions hereof and in accordance with the Pricing Supplement, until the principal
hereof is paid or duly made available for payment. 
  
 (b)
Payments of interest hereon will include interest accrued from and including the most recent Interest Payment Date to which interest on this Note (or any predecessor Note) has been paid or duly provided for (or, if no interest has been paid or duly
provided for, from and 

  

 8 

 
including the Original Issue Date) to but excluding the relevant Interest Payment Date or Maturity, as the case may be (each such period, an
“Interest Period”).  
  
 (c) Fixed Rate
Interest Provisions 
  
 If this Note is designated as a “Fixed Rate
Note” on the face hereof: 
  
 (i) Unless
otherwise specified in the Pricing Supplement, if this Note is denominated in U.S. dollars and (1) the Maturity Date specified on the face hereof falls more than one year from the Original Issue Date, then interest payments for this Note shall be
computed and paid on the basis of a 360-day year of twelve 30-day months, or (2) the Maturity Date specified on the face hereof falls one year or less from the Original Issue Date, then interest payments for this Note shall be computed and paid on
the basis of the actual number of days in the Interest Period divided by 360. 
  
 (ii) Unless otherwise specified in the Pricing Supplement, interest on Fixed Rate Notes denominated other than in U.S. dollars will be computed on the basis of the “Actual/Actual (ISMA)” Fixed Day Count
Convention. 
  
 “Actual/Actual (ISMA)”
Fixed Day Count Convention means: 
  
 (A) in the
case of Fixed Rate Notes where the number of days in the relevant period from and including the most recent Interest Payment Date (or, if none, from and including the Interest Commencement Date, which unless otherwise specified in the Pricing
Supplement shall be the Original Issue Date) to but excluding the relevant payment date (the “Accrual Period”) is equal to or shorter than the Determination Period (as defined below) during which the Accrual Period ends, the number of days
in such Accrual Period divided by the product of (1) the number of days in such Determination Period and (2) the number of Determination Periods that would occur in one calendar year, assuming interest were payable in respect of the whole of that
year; or 
  
 (B) in the case of Fixed Rate Notes
where the Accrual Period is longer than the Determination Period during which the Accrual Period ends, the sum of: 
  
 (1) the number of days in such Accrual Period falling in the Determination Period in which the Accrual Period begins divided by the
product of (x) the number of days in such Determination Period and (y) the number of Determination Periods that would occur in one calendar year, assuming interest were payable in respect of the whole of that year; and 
  
 (2) the number of days in such Accrual Period falling in
the next Determination Period divided by the product of (x) the number of days in such Determination Period and (y) the number of Determination Periods that would occur in one calendar year, assuming interest were payable in respect of the whole of
that year. 
  

 9 

 “Determination Period” means the period from and including an Interest
Determination Date to but excluding the next Interest Determination Date (including, where either the Interest Commencement Date or the final Interest Payment Date is not an Interest Determination Date, the period commencing on the first Interest
Determination Date prior to, and ending on the first Interest Determination Date falling after, such date. 
  
 “Interest Determination Date” means each date specified in the Pricing Supplement or, if none is specified, each Interest
Payment Date. 
  
 (iii) Unless otherwise provided
herein or in the Pricing Supplement, if any Interest Payment Date or the Maturity of this Note falls on a day which is not a Business Day, the related payment of principal, premium, if any, and interest with respect to this Note shall be made on the
next succeeding Business Day with the same force and effect as if made on the date such payments were due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or the Maturity, as the case
may be. 
  
 (d) Floating Rate Interest Provisions

  
 If this Note is designated as a “Floating Rate Note” on the
face hereof: 
  
 (i) Unless otherwise specified
herein or in the Pricing Supplement, if any Interest Payment Date (or other date which is subject to adjustment in accordance with a Business Day Convention specified in the Pricing Supplement) in respect of this Note (other than an Interest Payment
Date at Maturity) would otherwise fall on a day that is not a Business Day, then, if the Business Day Convention specified in the Pricing Supplement is: 
  
 (A) the “Floating Rate Convention,” such Interest Payment Date (or other date) shall be postponed to the next succeeding
Business Day unless it would thereby fall into the next calendar month, in which event (A) such Interest Payment Date (or other date) shall be brought forward to the immediately preceding Business Day and (B) each subsequent Interest Payment Date
(or other date) shall be the last Business Day in the month which falls the number of months or other period specified as the Interest Payment Period in the Pricing Supplement after the preceding applicable Interest Payment Date (or other date)
occurred; or 
  
 (B) the “Following Business
Day Convention,” such Interest Payment Date (or other date) shall be postponed to the next succeeding Business Day; or 
  
 (C) the “Modified Following Business Day Convention,” such Interest Payment Date (or other date) shall be postponed to the next
succeeding Business Day unless it would thereby fall into the next calendar month, in which event such Interest Payment Date (or other date) shall be brought forward to the immediately preceding Business Day; or 
  

 10 

 (D) the “Preceding Business Day Convention,” such Interest Payment Date (or
other date) shall be brought forward to the immediately preceding Business Day. 
  
 If the Maturity of this Note falls on a day that is not a Business Day, the related payment of principal, premium, if any, and interest with respect to this Note will be made on the next succeeding Business Day with
the same force and effect as if made on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Maturity. 
  
 (ii) If “ISDA Rate” is specified in the Pricing Supplement in connection with the
determination of the rate of interest on this Note, the rate of interest on this Note for each Interest Period will be the relevant ISDA Rate (as defined below) plus or minus the Margin, if any, specified in the Pricing Supplement. Unless otherwise
specified in the Pricing Supplement, “ISDA Rate” means, with respect to any Interest Period, the rate equal to the Floating Rate that would be determined by the Calculation Agent or other person specified in the Pricing Supplement pursuant
to an interest rate swap transaction if the Calculation Agent or that other person were acting as calculation agent for that swap transaction in accordance with the terms of an agreement in the form of the Interest Rate and Currency Exchange
Agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”) (the “ISDA Agreement”) and evidenced by a Confirmation (as defined in the ISDA Agreement) incorporating the 2000 ISDA
Definitions as in effect on the Original Issue Date and under which: 
  
 (A) the Floating Rate Option is as specified in the Pricing Supplement; 
  
 (B) the Designated Maturity is the period specified in the Pricing Supplement; 
  
 (C) the relevant Reset Date is either (i) if the applicable
Floating Rate Option is based on the London inter-bank offered rate (“LIBOR”) for a currency or on the Euro-zone inter-bank offered rate for a currency (“EURIBOR”), the first day of that Interest Period or (ii) in any other case,
as specified in the Pricing Supplement; 
  
 (D)
the Interest Commencement Date is the Effective Date; and 
  
 (E) all other terms are as specified in the Pricing Supplement. 
  
 As used in this paragraph, “Floating Rate,” “Floating Rate Option,” “Designated Maturity,” “Reset Date” and
“Effective Date” have the meanings ascribed to those terms in the 2000 ISDA Definitions. 
  
 (iii) If “Reference Rate Determination” is specified in the Pricing Supplement in connection with the determination of
the rate of interest on this Note: 
  
 (A) This
Note will bear interest at a rate per annum equal to the Initial Interest Rate specified in the Pricing Supplement until the Initial Interest Reset 

  

 11 

 
Date specified in the Pricing Supplement and thereafter at a rate per annum determined as follows: 
  
 1. If this Note is designated as a “Regular Floating Rate
Note” in the Pricing Supplement or if no designation is made for Interest Calculation in the Pricing Supplement, then, except as described below (or in the Pricing Supplement), this Note shall bear interest at the rate determined by
reference to the applicable Interest Rate Basis or Bases specified in the Pricing Supplement (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and applied in the manner
described in the Pricing Supplement. Commencing on the Initial Interest Reset Date specified in the Pricing Supplement, the rate at which interest on this Note shall be payable shall be reset as of each Interest Reset Date specified in the Pricing
Supplement; provided, however, that the interest rate in effect for the period from and including the Original Issue Date to but excluding the Initial Interest Reset Date will be the Initial Interest Rate. 
  
 2. If this Note is designated as a “Floating Rate/Fixed Rate
Note” in the Pricing Supplement, then, except as described below or in the Pricing Supplement, this Note shall bear interest at the rate determined by reference to the applicable Interest Rate Basis or Bases specified in the Pricing
Supplement (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and applied in the manner described in the Pricing Supplement. Commencing on the Initial Interest Reset Date,
the rate at which interest on this Note shall be payable shall be reset as of each Interest Reset Date specified in the Pricing Supplement; provided, however, that (i) the interest rate in effect for the period from the Original Issue
Date to but excluding the Initial Interest Reset Date shall be the Initial Interest Rate and (ii) the interest rate in effect commencing on the Fixed Rate Commencement Date specified in the Pricing Supplement to but excluding Maturity shall be the
Fixed Interest Rate, if such a rate is specified in the Pricing Supplement, or if no such Fixed Interest Rate is so specified, the interest rate in effect hereon on the Business Day immediately preceding the Fixed Rate Commencement Date. 

 
 3. If this Note is designated as an “Inverse Floating Rate
Note” in the Pricing Supplement, then, except as described below or in the Pricing Supplement, this Note shall bear interest equal to the Fixed Interest Rate specified in the Pricing Supplement minus the rate determined by reference to
the applicable Interest Rate Basis or Bases specified in the Pricing Supplement (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and applied in the manner described in the
Pricing Supplement; provided, however, that, unless otherwise specified in the Pricing Supplement, the interest rate hereon will not be less than zero percent. Commencing on the Initial Interest Reset Date, the rate at which interest
on this Note shall be 

  

 12 

 
payable shall be reset as of each Interest Rate Reset Date specified in the Pricing Supplement; provided, however, that the interest rate in
effect for the period from and including the Original Issue Date to but excluding the Initial Interest Reset Date shall be the Initial Interest Rate. 
  
 Except as provided above, if “Reference Rate Determination” is specified in the Pricing Supplement in connection with the determination of the
rate of interest on this Note, the interest rate in effect on each day in an Interest Reset Period shall be the rate determined as of the Interest Determination Date immediately preceding the Interest Reset Date on which such Interest Reset Period
commenced. Each Interest Rate Basis shall be the rate determined in accordance with the applicable provision below. If any Interest Reset Date (which term includes the term Initial Interest Reset Date unless the context otherwise requires) would
otherwise be a day that is not a Business Day, such Interest Reset Date shall be adjusted in accordance with the Business Day Convention specified in the Pricing Supplement. 
  
 (B) Unless otherwise specified in the Pricing Supplement, the “Interest Determination
Date”: 
  
 (1) with respect to the
CD Rate, the CMT Rate, the Commercial Paper Rate, the Federal Funds Rate and the Prime Rate shall be the second Business Day preceding each Interest Reset Date; 
  
 (2) with respect to EURIBOR shall be the second day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer System (or any successor thereto) is open immediately preceding each Interest Reset Date; 
  
 (3) with respect to LIBOR shall be the second London Banking Day (as defined below) preceding each Interest Reset Date; 
  
 (4) with respect to the Treasury Rate shall be the day in
the week in which the related Interest Reset Date falls on which day Treasury Bills (as defined below) are normally auctioned (Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the
auction is normally held on the following Tuesday, except that such auction may be held on the preceding Friday; provided,however, that if an auction is held on the Friday of the week preceding the related Interest Reset Date, the
related Interest Determination Date shall be such preceding Friday; and provided, further, that if an auction shall fall on any Interest Reset Date, then the Interest Reset Date shall instead be the first Business Day following such auction.

  
 (5) if the interest rate of this Note is
determined with reference to two or more Interest Rate Bases as specified in the Pricing Supplement, shall be the latest Business Day which is at least two Business Days prior 

  

 13 

 
to such Interest Reset Date on which each Interest Rate Basis is determinable. 
  
 Each Interest Rate Basis shall be determined on such date, and the applicable interest rate shall take effect on the
Interest Reset Date. 
  
 (C) Unless otherwise
specified in the Pricing Supplement, the “Calculation Date” pertaining to any Interest Determination Date will be the earlier of (i) the tenth calendar day after such Interest Determination Date or, if such day is not a
Business Day, the next succeeding Business Day and (ii) the Business Day immediately preceding the applicable Interest Payment Date or Maturity Date, as the case may be. All calculations in respect of determining the interest rate applicable to this
Note (other than any calculations made by the Exchange Rate Agent) shall be made by the Calculation Agent specified, in the Pricing Supplement or such successor thereto as is duly appointed by the Bank. The determination of any interest rate by the
Calculation Agent shall, in the absence of manifest error, be final and conclusive for all purposes and binding upon the holder hereof. 
  
 (D) Determination of CD Rate. If an Interest Rate Basis for this Note is the CD Rate, as specified in the Pricing
Supplement, unless otherwise specified in the Pricing Supplement, the CD Rate shall be determined as of the applicable Interest Determination Date (a “CD Rate Interest Determination Date”) as: 
  
 (1) the rate on that CD Rate Interest Determination Date
for negotiable United States dollar certificates of deposit having the Index Maturity specified in the Pricing Supplement as published in H.15(519) (as hereinafter defined) under the heading “CDs (secondary market);” or 
  
 (2) if the rate referred to in clause (1) above is not so
published in H.15(519) prior to 3:00 P.M., New York City time, on the related Calculation Date, then the CD Rate shall be the rate on that CD Rate Interest Determination Date for negotiable United States dollar certificates of deposit having the
Index Maturity specified in the Pricing Supplement as published in H.15 Daily Update (as hereinafter defined), or another recognized electronic source used for the purpose of displaying that rate, under the heading “CDs (secondary
market);” or 
  
 (3) if the rate referred
to in clauses (1) and (2) above is not yet so published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 P.M., New York City time, on the related Calculation Date, then the CD Rate for that CD Rate Interest
Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the secondary market offered rates, as of 10:00 A.M., New York City time, on that CD Rate Interest Determination Date, of three leading nonbank
dealers of negotiable United States dollar certificates of deposit in The City of New York (which may include the Distribution Agents and any of their respective affiliates) selected by the 

  

 14 

 
Calculation Agent for negotiable United States dollar certificates of deposit of major United States money market banks for negotiable certificates of
deposit with a remaining maturity closest to the Index Maturity specified in the Pricing Supplement in an amount that is representative for a single transaction in that market at that time; or 
  
 (4) if fewer than three dealers so selected by the
Calculation Agent are quoting as described in clause (3) above, the CD Rate on that CD Rate Interest Determination Date shall be the CD Rate in effect immediately prior to that CD Rate Interest Determination Date. 
  
 “H.15(519)” means the weekly statistical release designated as
such, or any successor publication, published by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”). 
  
 “H.15 Daily Update” means the daily update of H.15(519), available through the web site of the Federal Reserve Board at
http://www.federalreserve.gov/releases/h15/update, or any successor site or publication. 
  
 (E) Determination of CMT Rate. If an Interest Rate Basis for this Note is the CMT Rate, as specified in the Pricing
Supplement, unless otherwise specified in the Pricing Supplement, the CMT Rate shall be determined by the Calculation Agent as of the applicable Interest Determination Date (a “CMT Rate Interest Determination Date”) in accordance
with the following provisions: 
  
 (1) If
“CMT Moneyline Telerate Page 7051” is the specified CMT Moneyline Telerate Page in the Pricing Supplement: 
  
 (a) the CMT Rate on that CMT Rate Interest Determination Date shall be a percentage equal to the yield for United States Treasury
securities at “constant maturity” having the Index Maturity specified in the Pricing Supplement as published in H.15(519) under the heading “Treasury Constant Maturities,” for such CMT Rate Interest Determination Date as such
yield is displayed on Moneyline Telerate, Inc. (or any successor service) on page 7051 (or any other page as may replace such page on such service) (“Moneyline Telerate Page 7051”); or 
  
 (b) if the rate referred to in subclause (a) above is not
so displayed on Moneyline Telerate Page 7051, then the CMT Rate on that CMT Rate Interest Determination Date shall be a percentage equal to the yield for United States Treasury securities at “constant maturity” having the Index Maturity
specified in the Pricing Supplement as published in H.15(519) under the heading 

  

 15 

 
“Treasury Constant Maturities” for such CMT Rate Interest Determination Date; or 
  
 (c) if the rate referred to in subclause (b) above is not so published in H.15(519), then the CMT Rate on
that CMT Rate Interest Determination Date shall be a percentage equal to the yield for United States Treasury Securities at “constant maturity” having the Index Maturity specified in the Pricing Supplement as may then be published by
either the Federal Reserve Board or the United States Department of the Treasury that the Calculation Agent determines to be comparable to the rate which would otherwise have been published in H.15(519); or 
  
 (d) if neither the Federal Reserve Board nor the United
States Department of the Treasury publishes a yield for United States Treasury securities at “constant maturity” having the Index Maturity specified in the Pricing Supplement for that CMT Rate Interest Determination Date as referred to in
subclause (c) above, then the CMT Rate on that CMT Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be a yield-to-maturity based on the arithmetic mean of the secondary market bid prices at approximately 3:30
P.M., New York City time, on such CMT Rate Interest Determination Date of three leading primary United States government securities dealers in The City of New York (each, a “Reference Dealer”) selected by the Calculation Agent (from five
such Reference Dealers and eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest)) for United States Treasury securities with an original
maturity equal to the Index Maturity specified in the Pricing Supplement, a remaining term to maturity no more than 1 year shorter than such Index Maturity and in a principal amount that is representative for a single transaction in such securities
in such market at such time; or 
  
 (e) if fewer
than five but more than two such prices are provided as requested pursuant to subclause (d) above, then the CMT Rate on that CMT Rate Interest Determination Date shall be based on the arithmetic mean of the bid prices obtained and neither the
highest nor lowest of such quotations shall be eliminated; or 
  
 (f) if fewer than three prices are provided as requested pursuant to subclause (d) above, then the CMT Rate on that CMT Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be a
yield-to-maturity based on the arithmetic mean of the secondary market bid prices as of approximately 3:30 P.M., New York City time, on that CMT Rate 

  

 16 

 
Interest Determination Date of three Reference Dealers selected by the Calculation Agent (from five such Reference Dealers and eliminating the highest
quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest)) for United States Treasury securities with an original maturity longer than the Index Maturity specified in the
Pricing Supplement, a remaining term to maturity closest to such Index Maturity and in a principal amount that is representative for a single transaction in such securities in such market at such time; or 
  
 (g) if fewer than five but more than two such prices are
provided as requested pursuant to subclause (f) above, then the CMT Rate on such CMT Rate Interest Determination Date shall be based on the arithmetic mean of the bid prices obtained and neither the highest nor the lowest of such quotations shall be
eliminated; or 
  
 (h) if fewer than three such
prices are provided as requested pursuant to subclause (f) above, then the CMT Rate on that CMT Rate Interest Determination Date shall be the CMT Rate in effect immediately prior to that CMT Rate Interest Determination Date. 
  
 For purposes of subclause (f) above, if two such United States Treasury
securities with an original maturity greater than the Index Maturity have remaining terms to maturity equally close to the Index Maturity, the quotes for the Treasury security with the shorter original term to maturity will be used. 
  
 (2) If “CMT Moneyline Telerate Page 7052” is the
specified CMT Moneyline Telerate Page in Pricing Supplement: 
  
 (a) the CMT Rate on that CMT Rate Interest Determination Date shall be a percentage equal to the one-week or one-month, as specified in the Pricing Supplement, average yield for United States Treasury securities at
“constant maturity” having the Index Maturity specified in the Pricing Supplement as published in H.15(519) opposite the heading “Treasury Constant Maturities,” for the week or month, as applicable, ended immediately preceding
the week or month, as applicable, in which such CMT Rate Interest Determination Date falls, as such yield is displayed on Moneyline Telerate, Inc. (or any successor service) on page 7052 (or any other page as may replace such page on such service)
(“Moneyline Telerate Page 7052”); or 
  
 (b) if the rate referred to in subclause (a) above is not so displayed on the Moneyline Telerate Page 7052, then the CMT 

  

 17 

 
Rate on that CMT Rate Interest Determination Date shall be a percentage equal to the one-week or one-month, as applicable, average yield for United States
Treasury securities at “constant maturity” having the Index Maturity specified in the Pricing Supplement as published in H.15(519) opposite the heading “Treasury Constant Maturities,” for the week or month, as applicable, ending
immediately preceding the week or month, as applicable, in which such CMT Rate Interest Determination Date falls; or 
  
 (c) if the rate referred to in subclause (b) above is not so published in H.15(519), then the CMT Rate on that CMT Rate Interest
Determination Date shall be a percentage equal to the one-week or one-month, as applicable, average yield for United States Treasury securities at “constant maturity” having the Index Maturity specified in the Pricing Supplement as may
then be published by the Federal Reserve Bank of New York for the week or month, as applicable, ended immediately preceding the week or month, as applicable, in which such CMT Rate Interest Determination Date falls; or 
  
 (d) if the Federal Reserve Bank of New York does not
publish a one-week or one-month, as applicable, average yield for United States Treasury securities at “constant maturity” having the Index Maturity specified in the Pricing Supplement for the applicable week or month as referred to in
subclause (c) above, then the CMT Rate on that CMT Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be a yield-to-maturity based on the arithmetic mean of the secondary market bid prices at approximately 3:30
P.M., New York City time, on such CMT Rate Interest Determination Date of three Reference Dealers selected by the Calculation Agent (from five such Reference Dealers and eliminating the highest quotation (or, in the event of equality, one of the
highest) and the lowest quotation (or, in the event of equality, one of the lowest)) for United States Treasury securities with an original maturity equal to the Index Maturity specified in the Pricing Supplement, a remaining term to maturity of no
more than 1 year shorter than such Index Maturity and in a principal amount that is representative for a single transaction in such securities in such market at such time; or 
  
 (e) if fewer than five but more than two such prices are provided as requested pursuant to subclause (d)
above, then the CMT Rate on that CMT Rate Interest Determination Date shall be based on the arithmetic mean of the bid prices obtained and neither the highest nor lowest of such quotations shall be eliminated; or 
  

 18 

 (f) if fewer than three prices are provided as requested pursuant to subclause (d)
above, then the CMT Rate on that CMT Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be a yield-to-maturity based on the arithmetic mean of the secondary market bid prices as of approximately 3:30 P.M., New
York City time, on such CMT Rate Interest Determination Date of three Reference Dealers selected by the Calculation Agent (from five such Reference Dealers and eliminating the highest quotation (or, in the event of equality, one of the highest) and
the lowest quotation (or, in the event of equality, one of the lowest)) for United States Treasury securities with an original maturity longer than the Index Maturity specified in the Pricing Supplement, a remaining term to maturity closest to such
Index Maturity and in a principal amount that is representative for a single transaction in such securities in such market at such time; 
  
 (g) if fewer than five but more than two such prices are provided as requested pursuant to subclause (f) above, then the CMT Rate on that
CMT Rate Interest Determination Date shall be based on the arithmetic mean of the bid prices obtained and neither the highest nor lowest of such quotations shall be eliminated; or 
  
 (h) if fewer than three such prices are provided as requested pursuant to subclause (f) above, the CMT Rate
on that CMT Rate Interest Determination Date shall be the CMT Rate in effect immediately prior to that CMT Rate Interest Determination Date. 
  
 For purposes of subclause (f) above, if two United States Treasury securities with an original maturity greater than the Index Maturity have remaining
terms to maturity equally close to the Index Maturity, the quotes for the Treasury security with the shorter original term to maturity will be used. 
  
 (F) Determination of Commercial Paper Rate. If an Interest Rate Basis for this Note is the Commercial Paper Rate, as
specified in the Pricing Supplement, unless otherwise specified in the Pricing Supplement, the Commercial Paper Rate shall be determined as of the applicable Interest Determination Date (a “Commercial Paper Rate Interest Determination
Date”) as: 
  
 (1) the Money Market
Yield (as defined hereinafter) on that Commercial Paper Rate the Money Market Yield (as defined hereinafter) on that Commercial Paper Rate Interest Determination Date of the rate for commercial paper having the Index Maturity specified in the
Pricing Supplement as published in H.15(519) under the caption “Commercial Paper-Nonfinancial;” or 
  

 19 

 (2) if the rate referred to in clause (1) above is not so published in H.15(519) by 3:00
P.M., New York City time, on the related Calculation Date, then the Commercial Paper Rate shall be the Money Market Yield on that Commercial Paper Rate Interest Determination Date of the rate for commercial paper having the Index Maturity specified
in the Pricing Supplement as published in H.15 Daily Update, or another recognized electronic source used for the purpose of displaying such rate, under the heading “Commercial Paper-Nonfinancial;” or 
  
 (3) if the rate referred to in clauses (1) and (2) above is
not yet so published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 P.M., New York City time, on the related Calculation Date, then the Commercial Paper Rate on that Commercial Paper Rate Interest Determination Date
shall be calculated by the Calculation Agent and shall be the Money Market Yield of the arithmetic mean of the offered rates at approximately 11:00 A.M., New York City time, on such Commercial Paper Rate Interest Determination Date of three leading
dealers of United States dollar commercial paper in The City of New York (which may include the Distribution Agents and any of their respective affiliates) selected by the Calculation Agent for commercial paper having the Index Maturity specified in
the Pricing Supplement placed for industrial issuers whose bond rating is “Aa”, or the equivalent, from a nationally recognized statistical rating organization; or 
  
 (4) if fewer than three dealers so elected by the Calculation Agent are quoting as described in clause (3)
above, the Commercial Paper Rate on that Commercial Paper Rate Interest Determination Date shall be the Commercial Paper Rate in effect immediately prior to that Commercial Paper Rate Interest Determination Date. 
  
 “Money Market Yield” means a yield (expressed as a percentage)
calculated in accordance with the following formula: 
  

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

  
 where “D”
refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal, and “M” refers to the actual number of days in the applicable Interest Reset Period. 
  

 20 

 (G) Determination of EURIBOR. If an Interest Rate Basis for this
Note is EURIBOR, as specified in the Pricing Supplement, unless otherwise specified in the Pricing Supplement, EURIBOR shall be determined by the Calculation Agent as of the applicable Interest Determination Date (a “EURIBOR Interest
Determination Date”), as: 
  
 (1) the
rate for deposits in euro as sponsored, calculated and published jointly by the European Banking Federation and ACI — The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing
those rates, having the Index Maturity specified in the Pricing Supplement, commencing on the applicable Interest Reset Date, as that rate is displayed on Moneyline Telerate, Inc., or any successor service, on page 248 (or any other page as may
replace such page on such service) (“Moneyline Telerate Page 248”) as of 11:00 A.M., Brussels time, on that EURIBOR Interest Determination Date; or 
  

(2) if the rate referred to in clause (1) above is not so published or is not displayed on Moneyline Telerate Page 248, by 11:00 A.M.,
Brussels time, on that EURIBOR Interest Determination Date, then EURIBOR for that EURIBOR Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of at least two quotations obtained by the
Calculation Agent after requesting the principal Euro-zone (as defined hereinafter) offices of four major banks in the Euro-zone interbank market, in the European interbank market, to provide the Calculation Agent with its offered quotation for
deposits in euro for the period of the Index Maturity specified in the Pricing Supplement, commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on that EURIBOR
Interest Determination Date and in a principal amount not less than the equivalent of U.S.$1,000,000 in euros that is representative for a single transaction in euro in such market at such time; or 
  
 (3) if fewer than two quotations referred to in clause (2)
above are so provided, then EURIBOR for that EURIBOR Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates quoted at approximately 11:00 A.M., Brussels time, on that EURIBOR Interest
Determination Date by four major banks in the Euro-zone selected by the Calculation Agent for loans to leading European banks in euro having the Index Maturity specified in the Pricing Supplement, commencing on the applicable Interest Reset Date and
in a principal amount not less than the equivalent of U.S.$1,000,000 in euros that is representative for a single transaction in euro in such market at such time; or 
  
 (4) if fewer than four banks so selected by the Calculation Agent are quoting as described in clause (3)
above, EURIBOR on that EURIBOR Interest Determination Date shall be EURIBOR in effect immediately prior to that EURIBOR Interest Determination Date. 
  
 “Euro-zone” means the region comprised of member states that adopt the single currency in accordance with the Treaty on European Union of 1992,
as amended. 
  

 21 

 (H) Determination of Federal Funds Rate. If an Interest Rate Basis
for this Note is the Federal Funds Rate, as specified in the Pricing Supplement, unless otherwise specified in the Pricing Supplement, the Federal Funds Rate shall be determined as of the applicable Interest Determination Date (a “Federal Funds
Rate Interest Determination Date”) as: 
  
 (1) the rate on that Federal Funds Rate Interest Determination Date for United States dollar federal funds as published in H.15(519) under the heading “Federal Funds (Effective),” as such rate is displayed on Moneyline Telerate,
Inc. (or any successor service) on page 120 (or any other page as may replace such page on such service) (“Moneyline Telerate Page 120”); or 
  
 (2) if the rate referred to in clause (1) is not so published in H.15(519) or is not displayed on Moneyline Telerate Page 120 by 3:00
P.M., New York City time, on the related Calculation Date, then the Federal Funds Rate shall be the rate on that Federal Funds Rate Interest Determination Date for United States dollar federal funds as published in H.15 Daily Update, or another
recognized electronic source used for the purpose of displaying such rate, under the caption “Federal Funds (Effective);” or 
  
 (3) if the rate referred to in clauses (1) and (2) is not displayed on Moneyline Telerate Page 120 or is not yet so published in
H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 P.M., New York City time, on the related Calculation Date, then the Federal Funds Rate on that Federal Funds Rate Interest Determination Date shall be calculated by the
Calculation Agent and shall be the arithmetic mean of the rates for the last transaction in overnight United States dollar federal funds arranged by three leading brokers of United States dollar federal funds transactions in The City of New York
(which may include the Distribution Agents and any of their respective affiliates) selected by the Calculation Agent, prior to 9:00 A.M., New York City time, on such Federal Funds Rate Interest Determination Date; or 
  
 (4) if fewer than three brokers so selected by the
Calculation Agent are quoting as described in clause (3) above, the Federal Funds Rate on that Federal Funds Rate Interest Determination Date shall be the Federal Funds Rate in effect immediately prior to that Federal Funds Rate Interest
Determination Date. 
  

 22 

 (I) Determination of LIBOR. If an Interest Rate Basis for this Note
is LIBOR, as specified in the Pricing Supplement, unless otherwise specified in the Pricing Supplement, LIBOR shall be determined by the Calculation Agent as of the applicable Interest Determination Date (a “LIBOR Interest Determination
Date”), as: 
  
 (1) either (a) if
“LIBOR Moneyline Telerate” is specified in the Pricing Supplement or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is specified in the Pricing Supplement as the method for calculating LIBOR, the rate for
deposits in the Designated LIBOR Currency having the Index Maturity specified in such Pricing Supplement, commencing on the applicable Interest Reset Date, that appears on the Designated LIBOR Page (as defined hereinafter) as of 11:00 A.M., London
time, on such LIBOR Interest Determination Date; or (b) if “LIBOR Reuters” is specified in the Pricing Supplement, then LIBOR shall be calculated by the Calculation Agent and shall be the arithmetic mean of the offered rates (unless the
Designated LIBOR Page (as defined hereinafter) by its terms provides only for a single rate, in which case such single rate shall be used) for deposits in the Designated LIBOR Currency having the Index Maturity specified in such Pricing Supplement,
commencing on the applicable Interest Reset Date, that appear (or, if only a single rate is required as aforesaid, appears) on the Designated LIBOR Page as of 11:00 A.M., London time, on such LIBOR Interest Determination Date; or 
  
 (2) if fewer than two offered rates appear, or no rate
appears, as the case may be, on the Designated LIBOR Page as required pursuant to clause (1) above, then the Calculation Agent shall request the principal London offices of each of four major reference banks (which may include the Distribution
Agents and any of their respective affiliates) in the London interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in the Designated LIBOR Currency for the period of the
Index Maturity specified in the Pricing Supplement, commencing on the applicable Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on such LIBOR Interest Determination Date and in a
principal amount that is representative for a single transaction in the Designated LIBOR Currency in such market at such time. If at least two such quotations are so provided, then LIBOR on such LIBOR Interest Determination Date shall be the
arithmetic mean of such quotations calculated by the Calculation Agent; or 
  
 (3) if fewer than two quotations referred to in clause (2) above are so provided, then LIBOR on such LIBOR Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of
the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center (as defined hereinafter), on such LIBOR Interest Determination Date by three major banks (which may include the Distribution Agents and any of their
respective affiliates) in such Principal Financial Center selected by the Calculation Agent for loans to leading European banks in the Designated LIBOR Currency having the Index Maturity specified in the Pricing Supplement and in a principal amount

  

 23 

 
that is representative for a single transaction in the Designated LIBOR Currency in such market at such time; or 
  
 (4) if fewer than three banks so selected by the
Calculation Agent are quoting as described in clause (3) above, LIBOR on that LIBOR Interest Determination Date shall be LIBOR in effect immediately prior to that LIBOR Interest Determination Date. 
  
 “Designated LIBOR Currency” means the currency specified in the
Pricing Supplement as to which LIBOR shall be calculated or, if no such currency is specified in the Pricing Supplement, United States dollars. 
  
 “Designated LIBOR Page” means (a) if “LIBOR Reuters” is specified in the Pricing Supplement, the display on the Reuters Monitor Money
Rates Service (or any successor service) on the page specified in the Pricing Supplement (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for the Designated LIBOR
Currency, or (b) if “LIBOR Moneyline Telerate” is specified in the Pricing Supplement or neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is specified in the Pricing Supplement as the method for calculating LIBOR,
the display on Moneyline Telerate, Inc. (or any successor service) on the page specified in the Pricing Supplement (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks
for the Designated LIBOR Currency. 
  
 “Principal Financial
Center” means (i) the capital city of the country issuing the specified currency or (ii) the capital city of the country to which the Designated LIBOR Currency, if applicable, relates, except, in each case (i) and (ii), that (x) with respect to
United States dollars, Australian dollars, Canadian dollars, New Zealand dollars, South African rand and Swiss francs, the “Principal Financial Center” shall be The City of New York, Sydney, Toronto, Wellington, Johannesburg and Zurich,
respectively and (y) with respect to euros, the Principal Financial Center may be any principal financial center in the Euro-zone, as selected by the Calculation Agent. 
  
 “London Banking Day” means any day (other than a Saturday or Sunday) on which dealings in deposits in the
Designated LIBOR Currency are transacted in the London interbank market. 
  
 (J) Determination of Prime Rate. If an Interest Rate Basis for this Note is the Prime Rate, as specified in the Pricing Supplement, unless the Pricing Supplement specifies otherwise, the Prime
Rate shall be determined as of the applicable Interest Determination Date (a “Prime Rate Interest Determination Date”) as: 
  
 (1) the rate on that Prime Rate Interest Determination Date as such rate is published in H.15(519) under the heading “Bank Prime
Loan;” or 
  

 24 

 (2) if the rate referred to in clause (1) above is not so published in H.15(519) by 3:00
P.M., New York City time, on the related Calculation Date, then the Prime Rate shall be the rate on that Prime Rate Interest Determination Date as such rate is published in H.15 Daily Update, or another recognized electronic source used for the
purpose of displaying such rate, under the heading “Bank Prime Loan;” or 
  
 (3) if the rate referred to in clauses (1) and (2) above is not yet so published in H.15(519), H.15 Daily Update or another recognized
electronic source by 3:00 P.M., New York City time, on the related Calculation Date, the Prime Rate for that Prime Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates of
interest publicly announced by each bank that appears on the Reuters Screen US PRIME 1 Page (as defined hereinafter) as such bank’s prime rate or base lending rate as of 11:00 A.M., New York City time, on that Prime Rate Interest Determination
Date; or 
  
 (4) if fewer than four such rates
referred to in clause (3) above so appear on the Reuters Screen US PRIME 1 Page for that Prime Rate Interest Determination Date, by 3:00 p.m., New York City time, on the related Calculation Date, the Prime Rate shall be calculated by the Calculation
Agent and shall be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by a 360-day year by three major banks (which may include any affiliate of any Distribution Agent)
in The City of New York selected by the Calculation Agent as of the close of business on such Prime Rate Interest Determination Date; or 
  
 (5) if less than three banks so selected by the Calculation Agent are quoting as described in clause (4) above, the Prime Rate on that
Prime Rate Interest Determination Date shall be the Prime Rate in effect on such Prime Rate Interest Determination Date. 
  
 “Reuters Screen US PRIME 1 Page” means the display on the Reuters Monitor Money Rates Service (or any successor service) on the “US PRIME 1
Page” (or such other page as may replace the US PRIME 1 page on such service) for the purpose of displaying prime rates or base lending rates of major United States banks. 
  

 25 

 (K) Determination of Treasury Rate. If an Interest Rate Basis for
this Note is the Treasury Rate, as specified in the Pricing Supplement, unless otherwise specified in the Pricing Supplement, the Treasury Rate shall be determined as of the applicable Interest Determination Date (a “Treasury Rate Interest
Determination Date”) as: 
  
 (1) the
rate from the auction held on such Treasury Rate Interest Determination Date (the “Auction”) of direct obligations of the United States (“Treasury Bills”) having the Index Maturity specified in the Pricing Supplement under the
caption “INVESTMENT RATE” on the display on Moneyline Telerate, Inc. (or any successor service) on page 56 (or any other page as may replace such page on such service) (“Moneyline Telerate Page 56”) or page 57 (or any other page
as may replace such page on such service) (“Moneyline Telerate Page 57”); or 
  
 (2) if the rate referred to in clause (1) above is not so displayed on Moneyline Telerate Page 56 or Moneyline Telerate Page 57 by 3:00
P.M., New York City time, on the related Calculation Date, then the Treasury Rate on that Treasury Rate Interest Determination Date shall be the Bond Equivalent Yield (as defined hereinafter) of the auction rate for such Treasury Bills having the
Index Maturity specified in the Pricing Supplement as published in H.15 Daily Update, or another recognized electronic source used for the purpose of displaying such rate, under the heading “U.S. Government Securities/Treasury Bills/Auction
High;” or 
  
 (3) if the rate referred to
in clause (2) above is not so published in H.15 Daily Update or another recognized electronic source by 3:00 P.M., New York City time, on the related Calculation Date, then the Treasury Rate on that Treasury Rate Interest Determination Date shall be
the Bond Equivalent Yield of the auction rate of such Treasury Bills having the Index Maturity specified in the Pricing Supplement as announced by the United States Department of the Treasury; or 
  
 (4) if the rate referred to in clause (3) above is not so
announced by the United States Department of the Treasury on such Calculation Date or if no such Auction is held, then the Treasury Rate on that Treasury Rate Interest Determination Date shall be the Bond Equivalent Yield of the rate on that
Treasury Rate Interest Determination Date of Treasury Bills having the Index Maturity specified in the Pricing Supplement as published in H.15(519) under the heading “U.S. Government Securities/Treasury Bills/Secondary Market;” or

  
 (5) if the rate referred to in clause (4)
above is not yet so published in H.15(519) by 3:00 P.M., New York City time, on the related Calculation Date, then the Treasury Rate on that Treasury Rate Interest Determination Date shall be the rate on such Treasury Rate Interest Determination
Date of such Treasury Bills having the Index Maturity specified in the Pricing Supplement as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying such rate, under the heading “U.S.
Government Securities/Treasury Bills/Secondary Market;” or 
  

 26 

 (6) if the rate referred to in clause (4) and (5) above is not yet so published in
H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 P.M., New York City time, on the related Calculation Date, then the Treasury Rate on such Treasury Rate Interest Determination Date shall be calculated by the Calculation
Agent and shall be the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 P.M., New York City time, on such Treasury Rate Interest Determination Date, of three leading primary United States
government securities dealers (which may include the Distribution Agents or any of their respective affiliates) selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in
the Pricing Supplement; or 
  
 (7) if fewer than
three dealers so selected by the Calculation Agent are quoting as described in clause (6) above, then the Treasury Rate on that Treasury Rate Interest Determination Date shall be the Treasury Rate in effect on such Treasury Rate Interest
Determination Date. 
  
 “Bond Equivalent Yield” means a
yield (expressed as a percentage) calculated in accordance with the following formula: 
  

							
	Bond Equivalent Yield =	  	                 D x
N
	 	 X 100
	  	 
	 	  	         360 – (D x M)
	 	  	 

  
 where “D”
refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable
Interest Reset Period. 
  
 (iv) Unless otherwise
specified in the Pricing Supplement, if this Note is designated a “Floating Rate Note” on the face hereof, accrued interest hereon shall be an amount calculated by multiplying the face amount hereof by an accrued interest factor. Such
accrued interest factor shall be computed by adding the interest factor calculated for each day in the period for which accrued interest is being calculated. Unless otherwise specified in the Pricing Supplement, the interest factor for each such day
shall be computed on the basis of a 360-day year of twelve 30-day months if the Day Count Convention specified in the Pricing Supplement is “30/360” for the period specified thereunder, or by dividing the applicable per annum interest rate
by 360 if the Day Count Convention specified in the Pricing Supplement is “Actual/360” for the period specified thereunder, or by dividing the applicable per annum interest rate by the actual number of days in the year if the Day Count
Convention specified in the Pricing Supplement is “Actual/Actual” for the period specified thereunder. If no Day Count Convention is specified in the Pricing Supplement, the interest factor for each day in the relevant Interest Period
shall be computed, if an Interest Rate Basis specified in the Pricing Supplement is the CMT Rate or Treasury Rate or if this Note is denominated in Sterling, as if “Actual/Actual” had been specified thereon and, in all other cases, as if

  

 27 

 
“Actual/360” had been specified therein. Unless otherwise specified in the Pricing Supplement, if interest on this Note is to be calculated with
reference to two or more Interest Rate Bases as specified in the Pricing Supplement, the interest factor will be calculated in each period in the same manner as if only one of the applicable Interest Rate Bases applied as specified in the Pricing
Supplement. 
  
 (v) All percentages resulting
from any calculation on this Note shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or 0.09876545) shall be rounded to
9.87655% (or 0.0987655%) and 9.876544% (or 0.09876544) shall be rounded to 987654% (or 0.0987654)), and all dollar amounts used in or resulting from such calculation shall be rounded to the nearest cent or, if the Specified Currency is other than
dollars, to the nearest unit (with one-half cent or unit being rounded upward). 
  
 (vi) At the request of the holder hereof, the Calculation Agent shall provide to the holder hereof the interest rate hereon then in effect
and, if determined, the interest rate which shall become effective as a result of a determination made for the next Interest Period with respect to this Note. 
  

(vii) Notwithstanding the foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than
the Minimum Interest Rate, if any, specified in the Pricing Supplement. In addition to any Maximum Interest Rate applicable hereto pursuant to the above provisions, the interest rate on this Note will in no event be higher than the maximum rate
permitted by New York law, as the same may be modified by United States law of general application. Under present New York law, the maximum rate of interest is 25% per annum on a simple basis, with certain exceptions. The limit may not apply to
Floating Rate Notes in which $2,500,000 or more has been invested. 
  

	4.	Redemption Provisions. 

  
 (a) Redemption at the Option of the Bank 
  
 (i) Unless otherwise specified in the Pricing Supplement, this Note will not be subject to any sinking fund. 
  
 (ii) This Note may be redeemed by the Bank either in whole
or in part on and after the Initial Redemption Date, if any, specified in the Pricing Supplement. If no Initial Redemption Date is specified in the Pricing Supplement, this Note may not be redeemed prior to the Maturity Date except as provided below
in the event that any Additional Amounts (as defined below) are required to be paid by the Bank with respect to this Note. On and after the Initial Redemption Date, if any, this Note may be redeemed in increments of US$1,000 (or, if the Specified
Currency of this Note is not U.S. dollars, the authorized integral multiple in excess of the minimum denomination specified in the Pricing Supplement or as otherwise provided in the Pricing Supplement or required by applicable laws and regulations
for currencies other than the U.S. Dollar) 

  

 28 

 
at the option of the Bank at the applicable Redemption Price (as defined below) together with unpaid interest accrued hereon at the applicable rate borne by
this Note to the date of redemption (each such date, a “Redemption Date”), on written notice to the holder hereof given by or on behalf of the Bank not more than 60 and not less than 30 calendar days prior to the Redemption Date
(unless otherwise specified in the Pricing Supplement); provided, however, that, in the event of redemption of this Note in part only, the unredeemed portion thereof shall be at least an Authorized Denomination specified in the Pricing
Supplement. In the event of redemption of this Note in part only, either a new Note for the unredeemed portion hereof shall be issued in the name of the holder hereof upon the surrender of this Note, or, where applicable, the aggregate principal
amount of this Note shall be reduced by the amount so redeemed by an appropriate notation made on the schedule attached hereto for such notations. 
  
 The “Redemption Price” shall initially be the Initial Redemption Percentage, specified in the Pricing Supplement, of the principal amount of
this Note to be redeemed and shall decline at each anniversary of the Initial Redemption Date, specified in the Pricing Supplement, by the Annual Redemption Percentage Reduction, if any, specified in the Pricing Supplement, of the principal amount
to be redeemed until the Redemption Price is 100% of such principal amount. 
  
 Unless otherwise specified in the Pricing Supplement, if less than the entire outstanding principal amount of this Note is to be redeemed, the Notes to be so redeemed shall be selected by the Registrar by lot or in
any usual manner approved by it. Unless otherwise specified in the Pricing Supplement, if this is a Floating Rate Note, the redemption date shall be an Interest Payment Date. 
  
 (iii) Notwithstanding clause (ii) above, if this Note is a Subordinated Note, to the extent then required
under or pursuant to applicable capital regulations, this Note may not be redeemed at the option of the Bank prior to the Maturity Date pursuant to clause (ii) above, without the prior written consent of the Federal Reserve Board. If then required
under applicable capital regulations, the Bank shall apply to the Federal Reserve Board for such prior written consent. 
  
 (b) Repayment at the Option of the Holder 
  
 (i) This Note may be subject to repayment at the option of the holder hereof in accordance with the terms hereof on any Holder’s
Optional Repayment Date(s), if any, specified in the Pricing Supplement. If no Holder’s Optional Repayment Date is specified in the Pricing Supplement, this Note will not be repayable at the option of the holder hereof prior to the Maturity
Date. 
  
 (ii) On any Holder’s Optional
Repayment Date, if any, specified in the Pricing Supplement, this Note will be repayable in whole or in part in increments of US$1,000 (or, if the Specified Currency of this Note is not U.S. dollars, the authorized integral multiple in excess of the
minimum denomination specified in the Pricing Supplement or as otherwise provided in the Pricing Supplement or required by applicable laws and regulations for currencies other than the U.S. Dollar) at the option of the holder hereof at the repayment
price equal to 100% of the principal amount to be repaid, together with 

  

 29 

 
accrued and unpaid interest hereon payable to the date of repayment; provided, however, that, in the event of repayment of this Note in part only, the
unrepaid portion hereof shall be at least an Authorized Denomination specified in the Pricing Supplement. For this Note to be repaid in whole or in part at the option of the holder hereof on a Holder’s Optional Repayment Date, this Note must be
received, together with the form entitled “Option to Elect Repayment” duly completed attached hereto, by the Domestic Paying Agent or the London Paying Agent (as appropriate in accordance with such attached form) at the address set forth
on such form (or at such other address which the Bank shall from time to time notify the holders of the Notes) not more than 60 and not less than 30 days prior to such Holder’s Optional Repayment Date. In the event of repayment of this Note in
part only, either a new Note for the unrepaid portion hereof shall be issued in the name of the holder hereof upon the surrender hereof, or, where applicable, the aggregate principal amount of this Note shall be reduced by an appropriate notation
made on the schedule attached hereto for such notations. Exercise of such repayment option by the holder hereof shall be irrevocable. 
  
 (iii) Notwithstanding clause (ii) above, if this Note is a Subordinated Note, to the extent then required under or pursuant to applicable
capital regulations, this Note may not be repaid at the option of the holder pursuant to clause (ii) above, without the prior written consent of the Federal Reserve Board. If then required under applicable capital regulations, the Bank shall apply
to the Federal Reserve Board for such prior written consent. 
  

	5.	Additional Amounts. 

  
 (a) All payments of principal, premium, if any and interest with respect to this Note will be made without withholding or deduction at source for, or on
account of, any present or future taxes, fees, duties, assessments or governmental charges of whatever nature imposed or levied by the United States or any political subdivision or taxing authority thereof or therein, unless such withholding or
deduction is required by (i) the laws (or any regulations or rulings promulgated thereunder) of the United States or any political subdivision or taxing authority thereof or therein or (ii) an official position regarding the application,
administration, interpretation or enforcement of any such laws, regulations or rulings including, without limitation, a holding by a court of competent jurisdiction or by a taxing authority in the United States or any political subdivision thereof).
If a withholding or deduction at source is required, the Bank will, subject to certain limitations and exceptions (set forth below), pay to the holder hereof on behalf of an owner of a beneficial interest herein (an “Owner”) who is
a United States Alien (as defined below) such additional amounts (“Additional Amounts”) as may be necessary so that every net payment of principal, premium, if any, or interest made to the holder hereof on behalf of such Owner,
after such withholding or deduction, will not be less than the amount provided for in this Note; provided, however, that the Bank shall not be required to make any payment of Additional Amounts for or on account of: 
  
 (i) any tax, fee, duty, assessment or other governmental
charge which would not have been imposed but for (1) the existence of any present or former connection between such Owner (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Owner, if such
Owner is an estate, trust, 

  

 30 

 
partnership or corporation) and the United States, including, without limitation, such Owner (or such fiduciary, settlor, beneficiary, member, shareholder or
possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein, or (2) the presentation of this Note for payment on a
date more than 15 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 
  
 (ii) any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or other
governmental charge; 
  
 (iii) any tax, fee,
duty, assessment or other governmental charge imposed by reason of such Owner’s past or present status as a personal holding company, foreign personal holding company, passive foreign investment company or controlled foreign corporation with
respect to the United States or as a corporation which accumulates earnings to avoid United States federal income tax; 
  
 (iv) any tax, fee, duty, assessment or other governmental charge which is payable otherwise than by withholding from payments of principal
or interest with respect to this Note; 
  
 (v)
any tax, fee, duty, assessment or other governmental charge imposed on interest received by anyone who owns (actually or constructively) 10% or more of the total combined voting power of all classes of stock of the Bank; 
  
 (vi) any tax, fee, duty, assessment or other governmental
charge required to be withheld by any Paying Agent from any payment of principal, premium, if any, or interest with respect to this Note, if such payment can be made without such withholding by any other Paying Agent with respect to this Note;

  
 (vii) any tax, fee, duty, assessment or other
governmental charge which would not have been imposed but for the failure to comply with certification, information or other reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder
hereof or of such Owner, if such compliance is required by statute or by regulation of the United States Treasury Department as a precondition to relief or exemption from such tax, assessment or other governmental charge; 
  
 (viii) any tax, assessment or other governmental charge
imposed as a result of such holder of this Notes being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of business; 
  
 (ix) any tax, assessment or other governmental charge
required to be imposed or withheld on a payment to an individual and such deduction or withholding is required to be made pursuant to any European Union Directive on the taxation of savings or any law implementing or complying with, or introduced in
order to conform to, such Directive; or 
  

 31 

 (x) any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix);

  
 nor shall Additional Amounts be paid to any holder of this Note on behalf of
any Owner who is a fiduciary or partnership or other than the sole Owner to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or Owner would not have been entitled to payment of the Additional Amounts
had such beneficiary, settlor, member or Owner been the sole Owner of this Note. 
  
 As used herein, the term “United States Alien” means any person who, for United States federal income tax purposes, is a foreign corporation, a nonresident alien individual, a nonresident alien fiduciary of a foreign estate or
trust, or a foreign partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a nonresident alien individual or a nonresident alien fiduciary of a foreign estate or trust. 

 
 (b) If this Note is in bearer form and the Bank shall determine,
based upon a written opinion of independent counsel selected by the Bank, that any payment made outside the United States by the Bank or any of its Paying Agents of the full amount of the next scheduled payment of either principal (and premium, if
any) or interest due with respect to this Note would, under any present or future laws or regulations of the United States affecting taxation or otherwise, be subject to any certification, information or other reporting requirements of any kind, the
effect of which requirements is the disclosure to the Bank, any of its Paying Agents or any governmental authority of the nationality, residence or identity (as distinguished from status as a United States Alien) of any Owner of this Note who is a
United States Alien (other than such requirements which (i) would not be applicable to a payment made to a custodian, nominee or other agent of the Owner, or which can be satisfied by such a custodian, nominee or other agent certifying to the effect
that such Owner is a United States Alien; provided, however, in each case that payment by such custodian, nominee or agent to such Owner is not otherwise subject to any requirements referred to in this sentence, (ii) are applicable
only to payment by a custodian, nominee or other agent of the Owner to or on behalf of such Owner, or (iii) would not be applicable to a payment made by any other paying agent of the Bank), the Bank shall redeem this Note as a whole but not in part
at a redemption price equal to the principal amount hereof (or, if this is an Original Issue Discount Note, the Amortized Face Amount (as defined herein) hereof determined as of the date of redemption), together, if appropriate, with accrued
interest to, but excluding, the date fixed for redemption, such redemption to take place on such date not later than one year after notice of such determination has been given as described herein. If the Bank becomes aware of an event that might
give rise to such certification, information or other reporting requirements, the Bank shall, as soon as practicable, solicit advice of independent counsel selected by the Bank to establish whether such certification, information or other reporting
requirements will apply and, if such requirements will, in the written opinion of such counsel, apply, the Bank shall give prompt notice of such determination (a “Tax Notice”) stating in such notice the effective date of such
certification, information or other reporting requirements and, if applicable, the date by which the redemption shall take place. Notwithstanding the foregoing, the Bank shall not redeem this Note if the Bank, based upon the written opinion of
independent counsel selected by the Bank, shall subsequently determine not less than 30 days prior to the date fixed for redemption that subsequent payments would not be subject to any such requirements, in which case the Bank shall give prompt
notice of such determination and any earlier redemption notice shall thereby be revoked and of no further effect. 
  

 32 

 Notwithstanding the foregoing, if and so long as the certification information or other reporting requirements referred
to in the preceding paragraph would be fully satisfied by payment of a withholding tax, backup withholding tax or similar charge, the Bank may elect prior to giving the Tax Notice to have the provisions described in this paragraph apply in lieu of
the provisions described in the preceding paragraph, in which case the Tax Notice shall state the effective date of such certification, information or reporting requirements and that the Bank has elected to pay Additional Amounts rather than redeem
this Note. In such event, the Bank will also pay as Additional Amounts such sums as may be necessary so that every net payment made following the effective date of such certification, information or reporting requirements outside the United States
by the Bank or any of its Paying Agents of principal, premium, if any, or interest due with respect to this Note to the bearer hereof who certifies to the effect that the beneficial owner of this Note is a United States Alien (provided that
such certification shall not have the effect of communicating to the Bank or any of its Paying Agents or any governmental authority the nationality, residence or identity of such beneficial owners) after deduction or withholding for or on account of
such withholding, backup withholding tax or similar charge (other than a withholding, backup withholding tax or similar charge which (i) is imposed as a result of certification, information or other reporting requirements referred to in the second
parenthetical clause of the first sentence of the preceding paragraph or (ii) is imposed as a result of the fact that the Bank or any of its Paying Agents has actual knowledge that the bearer hereof or any beneficial owner of this Note is not a
United States Alien but is within the category of persons, corporations or other entities described in Section 5(a)(i)(1) above, or (iii) is imposed as a result of presentation of this Note for payment more than 15 days after the date on which such
payment becomes due and payable or on which payment thereof is duly provided for, whichever occurs later), will not be less than the amount provided for in this Note to be then due and payable. In the event the Bank elects to pay such Additional
Amounts, the Bank will have the right, at its sole option, at any time, to redeem this Note, as a whole but not in part, at a redemption price equal to the principal amount hereof (or, if this is an Original Issue Discount Note, the Amortized Face
Amount hereof determined as of the date of redemption), together, if appropriate, with accrued interest to the date fixed for redemption including any Additional Amounts required to be paid under this paragraph. If the Bank has made the
determination described in the preceding paragraph with respect to certification, information or other reporting requirements applicable to interest only and subsequently makes a determination in the manner and of the nature referred to in such
preceding paragraph with respect to such requirements applicable to principal, the Bank will redeem this Note in the manner and on the terms described in the preceding paragraph (except as provided below), unless the Bank elects to have the
provisions of this paragraph apply rather than the provisions of the immediately preceding paragraph. If in such circumstances this Note is to be redeemed, the Bank will be obligated to pay Additional Amounts with respect to interest, if any,
accrued to the date of redemption. If the Bank has made the determination described in the preceding paragraph and subsequently makes a determination in the manner and of the nature referred to in such preceding paragraph that the level of
withholding applicable to principal or interest has been increased, the Bank will redeem this Note in the manner and on the terms described in the preceding paragraph (except as provided below), unless the Bank elects to have the provisions of this
paragraph apply rather than the provisions of the immediately preceding paragraph. If in such circumstances this Note is to be redeemed, the Bank will be obligated to pay Additional Amounts with respect to the original level of withholding on
principal and interest, if any, accrued to the date of redemption. 
  

 33 

 Notwithstanding the foregoing, if this is a Subordinated Note, to the extent then required under or pursuant to
applicable capital regulations, this Note may not be redeemed by the Bank prior to their Stated Maturity Date under the circumstances described above without the prior written consent of the Federal Reserve Board. 
  
 (c) Whenever in this Note there is mentioned, in any context, the payment of
the principal, premium, if any, or interest with respect to this Note, such mention shall be deemed to include mention of the payment of Additional Amounts provided for herein to the extent that, in such context, Additional Amounts are, were or
would be payable in respect hereof pursuant to the provisions of this Note and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions
hereof where such express mention is not made. 
  
 (d) Except as
specifically provided in the Pricing Supplement (i) neither the Bank nor any Paying Agent shall be required to make, any payment with respect to any tax, fee, duty, assessment or other governmental charge imposed by any government or a political
subdivision or taxing authority thereof or therein; (ii) a Paying Agent on behalf of the Bank shall have the right, but not the duty, to withhold from any amounts otherwise payable to a holder of this Note such amount as is necessary for the payment
of any such taxes, fees, duties, assessments or other governmental charges; and (iii) if such an amount is withheld, the amount payable to the holder of this Note shall be the amount otherwise payable reduced by the amount so withheld. 

 

	6.	Redemption for Tax Reasons. 

  
 (a) The Bank may redeem this Note in whole, but not in part, at any time at a redemption price equal to the principal amount hereof (or, if this is an
Original Issue Discount Note, the Amortized Face Amount hereof determined as of the date of redemption), together, if appropriate, with accrued interest to but excluding the date fixed for redemption, if the Bank shall determine, based upon a
written opinion of independent counsel selected by the Bank, that (1) as a result of any change in or amendment to the laws (or any regulations or rulings promulgated thereunder) of the United States (or of any political subdivision or taxing
authority thereof or therein affecting taxation) or the relevant taxing jurisdiction (or any political subdivision or taxing authority thereof or therein affecting taxation), or (2) any change in application or official interpretation of such laws,
regulations or rulings, which amendment or change is effective on or after the Original Issue Date of this Notes, the Bank would be required to pay Additional Amounts on the occasion of the next payment due with respect to such Note. 
  
 (b) If this Note is in bearer form, it is subject to redemption as set forth
under Section 5 (Additional Amounts) above. 
  
 (c) Notice of
intention to redeem this Note, in whole but not in part, pursuant to clause (a) above shall be given at least once not less than 30 days and not more than 60 days prior to the date fixed for redemption, provided that no such notice of
redemption shall be given earlier than 90 days prior to the effective date of such change or amendment and that at the time notice of such redemption is given, such obligation to pay such Additional Amounts remains in effect and cannot be avoided by
the Bank’s taking reasonable measures available to it. From and after any redemption date, if monies for the redemption of this Note shall have been made available for redemption on such redemption date, this Note shall cease to bear interest
(and, if 

  

 34 

 
this Note is a definitive bearer Note, any Coupons appertaining hereto (whether or not attached) maturing after the redemption date shall become void and no
payment shall be made in respect thereof), and the only right of the holder of this Note shall be to receive payment of the principal amount hereof (or, if this is an Original Issue Discount Note, the Amortized Face Amount hereof) and, if
appropriate, all unpaid interest accrued to such redemption date. 
  
 Unless
otherwise specified in the Pricing Supplement, if this is a Floating Rate Note, the redemption date shall be an Interest Payment Date. 
  
 Notwithstanding the foregoing, if this Note is a Subordinated Note, to the extent then required under or pursuant to applicable capital regulations, this Note may not be
redeemed by the Bank prior to the Maturity Date pursuant to this Section 6 (Redemption for Tax Reasons), without the prior written consent of the Federal Reserve Board. 
  

	7.	Events of Default, Acceleration of Maturity. 

  
 (a) Senior Notes 
  
 (i) If this Note is a Senior Note, the occurrence of any of the following events shall constitute an “Event of Default” with
respect to this Note: 
  
 (A) default in the
payment of any interest (including any Additional Amounts) with respect to this Note when due, which continues for 30 calendar days; 
  
 (B) default, in the payment of any principal, or premium, if any, with respect to this Note when due whether at maturity or upon early
redemption or otherwise; 
  
 (C) the entry by a
court or other governmental agency or body having jurisdiction in the premises of: 
  
 (1) a decree or order for relief in respect of the Bank in a case or proceeding under any applicable United States federal or state
bankruptcy, insolvency, reorganization or other similar law; or 
  
 (2) a decree or order appointing a conservator, receiver, liquidator, assignee, trustee, sequestrator or any other similar official of the Bank, or of substantially all of the property of the Bank, or ordering the
winding up or liquidation of the affairs of the Bank, 
  
 and in either case (1) and (2) such decree or order for relief or any such other decree or order shall have remained in force undischarged or unstayed for a period of 60 consecutive days; or 
  
 (D) the commencement by the Bank of a voluntary case or
proceeding under any applicable United States federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by the Bank to the entry of a

  

 35 

 
decree or order for relief in an involuntary case or proceeding under any applicable United States federal or state bankruptcy, insolvency, reorganization or
other similar law, or the filing by the Bank of a petition or answer or consent seeking reorganization or relief under any applicable United States federal or state bankruptcy, insolvency, reorganization or similar law, or the consent by the Bank to
the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Bank or of substantially all of the property of the Bank, or the making by the
Bank of an assignment for the benefit of creditors, or the taking of corporate action by the Bank in furtherance of any such action. 
  
 (ii) If an Event of Default shall occur and be continuing with respect to this Senior Note, the holder of this Senior Note may declare the
principal amount of, and accrued interest and premium, if any, on, this Note due and payable immediately by written notice to the Bank. Upon such declaration and notice, such principal amount, accrued interest and premium, if any, shall become
immediately due and payable. Any Event of Default with respect to this Senior Note may be waived by the holder thereof. 
  
 (b) Subordinated Notes 
  
 (i) If this Note is a Subordinated Note, the occurrence of any of the following events shall constitute an “Event of Default”
with respect to this Subordinated Note: 
  
 (A)
the Bank shall consent to the appointment of a receiver or other similar official (other than a conservator) in any liquidation, insolvency or similar proceeding with respect to the Bank or all or substantially all of the property of the Bank; or

  
 (B) a court or other governmental agency or
body having jurisdiction in the premises shall enter a decree or order for the appointment of a receiver or other similar official (other than a conservator) in any liquidation, insolvency or similar proceeding with respect to the Bank or all or
substantially all of the property of the Bank, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days. 
  
 (ii) If an Event of Default shall occur and be continuing, the holder of this Subordinated Note may declare the principal amount of,
premium, if any, and accrued interest on, this Subordinated Note due and payable immediately by written notice to the Bank. Upon such declaration and notice, such principal amount (and premium, if any) and accrued interest shall become immediately
due and payable. Any Event of Default with respect to this Subordinated Note may be waived by the holder of this Note. 
  
 (iii) The indebtedness of the Bank evidenced by this Note, including the principal, premium, if any and interest (including any Additional
Amounts), shall be, and the registered holder of this Note (or, if this Note is in bearer form, the bearer of this Note), by its acceptance hereof, agrees that the indebtedness of the Bank evidenced by this Note, including the principal (and
premium, if any) and interest (including any 

  

 36 

 
Additional Amounts) is, unsecured and subordinate and junior in right of payment to the Bank’s obligations to its depositors, the Bank’s
obligations under bankers’ acceptances and letters of credit, and the Bank’s obligations to its other creditors, including its obligations to any Federal Reserve Bank and the Federal Deposit Insurance Corporation (the
“FDIC”) (except for obligations to the FDIC arising under provisions of Section 1815(e) of Title 12 of the United States Code) and any rights acquired by the FDIC as a result of loans made by the FDIC to the Bank or the purchase or
guarantee of any of its assets by the FDIC pursuant to the provisions of Section 1823(c) or (d) of Title 12 of the United States Code, whether outstanding a the time this Note is issued or thereafter incurred other than any obligations, if any,
which by their express terms rank on parity with, or junior to, the Subordinated Notes. In the event of any insolvency proceeding, receivership, conservatorship, reorganization, readjustment of debt, marshalling of assets and liabilities or similar
proceedings or any liquidation or winding up of or relating to the Bank, whether voluntary or involuntary, all such obligations (except obligations which by their express terms rank on parity with, or junior to, the Subordinated Notes) shall be
entitled to be paid in full before any payment shall be made on account of the principal, premium, if any, or interest with respect to this Note. In the event of any such proceedings, after payment in full of all sums owing with respect to such
prior obligations, the holder of this Note, together with the holders of any obligations of the Bank ranking on a parity with this Note, shall be entitled to be paid from the remaining assets of the Bank the unpaid principal, premium, if any, and
interest with respect to this Note and such other obligations, before any payment or other distribution, whether in cash, property, or otherwise, shall be made on account of any capital stock or any obligations of the Bank ranking junior to this
Note. Nothing herein shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the principal, premium, if any, and any interest with respect to this Note in accordance with its terms. 
  
 This Note and any Subordinated Notes issued subsequently hereto pursuant to the Offering
Circular, will rank pari passu among themselves and pari passu, in the event of a liquidation or similar proceeding with respect to the Bank, whether voluntary or involuntary, with all other present or future unsecured
subordinated debt obligations of the Bank, except any unsecured subordinated debt which may be expressly stated to be subordinated to this Note. 
  
 Notwithstanding any other provisions of this Note, including specifically those set forth in the paragraphs relating to subordination, Events of Default and covenants of
the Bank, it is expressly understood and agreed that the FDIC or any receiver or conservator of the Bank shall have the right in the performance of his legal duties, and as part of any transaction or plan of reorganization or liquidation designed to
protect or further the continued existence of the Bank or the rights of any parties or agencies with an interest in, or claim against, the Bank or its assets, to transfer or direct the transfer of the obligations represented by this Note to any
state bank, national banking association, or bank holding company selected by such official which shall expressly assume the obligation of the due and punctual payment of the unpaid principal, premium, if any, and interest with respect to this Note
and the due and punctual performance of all covenants and conditions contained herein; and that the completion of such transfer and assumption shall serve to supersede and void any default, acceleration or subordination which may have occurred, or
which may occur due or related to such transaction, plan, transfer or assumption, pursuant to the provisions of this Note, and shall serve to return the holder hereof to 

  

 37 

 
the same position, other than for substitution of the obligor, it would have occupied had no default, acceleration or subordination occurred; except that any
interest and principal (and premium, if any) previously due, other than by reason of acceleration, and not paid shall, in the absence of a contrary agreement by the holder of this Note, be deemed to be immediately due and payable as of the date of
such transfer and assumption, together with interest from its original due date at the rate provided for herein. 
  
 This Note contains no limitation on the amount of senior debt, deposit liabilities or other obligations that rank senior to this Note that may be hereafter incurred or
assumed by the Bank. 
  

	8.	Miscellaneous. 

  
 (a) Original Issue Discount Note 
  
 Notwithstanding anything to the contrary contained herein, if this Note is identified as an Original Issue Discount Note in the Pricing Supplement, unless otherwise
specified in the Pricing Supplement, the amount payable to the holder of this Note in the event of redemption, repayment or acceleration of maturity will be equal to (i) the Amortized Face Amount (as defined below) determined as of the date of such
redemption, repayment or acceleration of Maturity, plus (ii) with respect to any redemption of this Note (other than as provided above in the event that Additional Amounts are required to be paid by the Bank with respect to this Note), the Initial
Redemption Percentage specified in the Pricing Supplement (as adjusted by the Annual Redemption Percentage Reduction specified in the Pricing Supplement, if any) minus 100% multiplied by the Issue Price specified in the Pricing Supplement, net of
any portion of such Issue Price which has been paid prior to the date of redemption, or the portion of the Issue Price (or the net amount) proportionate to the portion of the unpaid principal amount to be redeemed, plus (iii) any accrued interest to
the date of such event the payment of which would constitute qualified stated interest payments within the meaning of U.S. Treasury Regulation 1. 1273-1 (c) under the Code. The “Amortized Face Amount” shall mean an amount equal to
(i) the Issue Price plus (ii) the aggregate portions of the OID (as specified in the Pricing Supplement which shall theretofore have accrued pursuant to Section 1272 of the Code (without regard to Section 1272(a)(7) of the Code) from the Original
Issue Date of this Note to the date of determination, minus (iii) any amount considered as part of the “stated redemption price at maturity” of this Note which has been paid from the Original Issue Date to the date of determination.

  
 (b) Business Day 
  
 As used herein, “Business Day” means, unless otherwise specified in the Pricing
Supplement, a day which is both (i) a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency
deposits) in The City of New York, McLean, Virginia, and London; and (ii) either (a) if this is a Note denominated in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open for
general business (including dealings in foreign exchange and foreign currency deposits) in the principal financial center of the country of the relevant Specified Currency (if other than the City of New York or London) or (b) if this is a Note
denominated in euro, a day (other than a Saturday or a Sunday) on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open. As used herein, “London Business Day” means 

  

 38 

 
any day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments in London. 
  
 (c) Action by Holders 
  
 Any action by the holder of this Note shall bind all future holders of this Note, and of any
Note issued in exchange or substitution hereof or in place hereof, in respect of anything done or permitted by the Bank or by the Paying Agents in pursuance of such action. 
  
 (d) Issue of Replacement Notes 
  
 In case this Note shall at any time become mutilated, defaced, destroyed, lost or stolen, the London Issuing Agent or the Registrar, as
applicable, shall issue a replacement Note of like tenor and principal amount, having a serial number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Note or in lieu of this Note if it is destroyed, lost
or stolen, provided the applicant therefor prior to the issuance of such replacement Note shall have (i) furnished it with such evidence (including the serial number of the Note) and such indemnity as the Bank and the Registrar or the London
Issuing Agent, as the case may be, may require, (ii) in the case of any mutilated or defaced Note, surrendered such Note, and (iii) paid such costs as may be incurred in connection with the preparation and delivery of a new Note. If any Note which
has matured or for which a redemption date or repayment date has occurred or which is about to mature or to be redeemed or repaid, shall become mutilated, defaced, destroyed, lost or stolen, the Bank may, instead of issuing a replacement Note, pay
or authorize the payment of the same (without surrender thereof except in the case of a mutilated or defaced Note) upon compliance by the holder with the provisions of this paragraph. 
  
 (e) No Recourse Against Shareholder, Employee, Agent, Officer or Director of Bank 
  
 No recourse shall be had for the payment of principal, premium, if any, or interest with
respect to this Note for any claim based hereon, or otherwise in respect hereof, against any shareholder, employee, agent, officer or director, as such, past, present or future, of the Bank or of any successor organization, either directly or
through the Bank or any successor organization, 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. 
  
 (f) Amendments 
  
 The Notes are issued in accordance with the
Global Agency Agreement. The Notes, and any receipts or interest coupons appertaining thereto, may be amended by the Bank, and the Global Agency Agreement may be amended by the parties thereto, (i) for the purpose of curing any ambiguity, or of
curing, correcting or supplementing any defective provision contained therein, (ii) to make any further modifications of the terms of the Global Agency Agreement necessary or desirable to allow for the issuance of any additional Notes (which
modifications shall not be materially adverse to holders of outstanding Notes) or (iii) in any manner which the Bank (and, in the case of the Global Agency Agreement, the parties thereto) may deem necessary or desirable and which shall not
materially adversely affect the interests of the holders of the Notes, or any receipts, talons or interest coupons appertaining thereto, to all of which each holder of Notes, receipts, talons or interest coupons shall, by acceptance thereof, be
deemed to have 

  

 39 

 
consented; provided, however, that no such modification or amendment may, without the consent of the holder of each outstanding Note affected
thereby, (1) change the Maturity Date with respect to any Note or reduce or cancel the amount payable at Maturity; (2) reduce the amount payable or modify the payment date for any interest with respect to any Note or vary the method of calculating
the rate of interest with respect to any Note; (3) reduce any Minimum Interest Rate and/or Maximum Interest Rate with respect to any Note; (4) modify the currency in which payments under any Note and/or any receipts, coupons or talons appertaining
thereto are to be made; (5) change the obligation of the Bank to pay Additional Amounts with respect to Notes, receipts, talons or coupons; or (6) reduce the percentage in principal amount of outstanding Notes the consent of the holders of which is
necessary to modify the provisions of the Notes or to waive any future compliance or past default. Any instrument given by or on behalf of any holder of a Note in connection with any consent to any such modification, amendment or waiver shall be
irrevocable once given and shall be conclusive and binding on all subsequent holders of such Note. Any modifications, amendments or waivers to the Global Agency Agreement or the provisions of the Notes, receipts, talons or coupons shall be
conclusive and binding on all holders of Notes, receipts, talons or coupons, whether or not notation of such modifications, amendments or waivers is made upon the Notes, receipts, talons or coupons. It will not be necessary for the consent of the
holders of Notes to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. 
  
 (g) General 
  
 No provision of this Note shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay principal, premium, if any, interest and any
Additional Amounts with respect to this Note in accordance with its terms. 
  
 Except as provided in the Pricing Supplement, no service charge shall be made to a holder of this Note for any transfer or exchange of this Note, but the Bank or Registrar may require payment of a sum sufficient to cover any stamp tax or
other tax, duty, assessment governmental charge that may be imposed in connection therewith. 
  
 Subject to the terms of the Global Agency Agreement, if this Note is in registered form, the Bank, Domestic Paying Agent, Registrar, London Paying Agent, Luxembourg Paying Agent, Transfer Agent and Listing Agent
(collectively, together with any successors thereto, the “Agents”) or any representative or agent of the Bank or the Agents may treat the holder in whose name this Note is registered as the owner hereof for all purposes, whether or
not this Note be overdue, and neither the Bank, the Agents nor any such representative or agent shall be affected by notice to the contrary except as required by applicable law. 
  
 All notices to the Bank under this Note shall be in writing and addressed to the Bank at Capital One Bank, 1680 Capital One Drive, McLean,
Virginia 22102, USA, Attention: Treasurer; telephone: (703) 720-1000; and facsimile: (703) 720-2156 or to such other address of the Bank as the Bank may notify the holders of the Notes. 
  

 40 

 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the within Note, 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. 
  

 41 

 ASSIGNMENT 
  

							
	FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto	  	 
				
	 	 	 	 	 	  	 
				
	 	 	 	 	 	  	 
	
	PLEASE INSERT SOCIAL SECURITY NUMBER 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, and hereby	  	 
				
	irrevocably constitutes and appoints	 	 	 	 	  	 
				
	 	 	 	 	 	  	 
	to transfer said Note in the Note Register and on the books of the Bank, with full power of substitution in the premises.	  	 

  

									
					
	Dated:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the within Note in every particular, without alteration or enlargement or any change
whatsoever.
					
	 	 	 	 	 	 	 	 	 
	Signature Guarantee	 	 	 	 	 	 
				
	NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (i.e., banks, stockbrokers, savings and loan associations, and credit unions with membership in an
approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.	 	 	 	 	 	 

  

 42 

 Schedule 1 
  
 SCHEDULE OF TRANSFERS AND EXCHANGES 
  
 The following increases and decreases in the principal amount of this Note have been made: 
  

													
	 Date of Transfer

	  	 	 	 Increase (Decrease) in Principal
Amount of this Note Due to
Transfer Among Global Notes

	  	 	 	 Principal Amount of this Note
After Transfer

	  	 	  	 Notation made by or on
behalf of the Bank

							
	 	  	 	 	 	  	 	 	 	  	 	  	 
							
	 	  	 	 	 	  	 	 	 	  	 	  	 
							
	 	  	 	 	 	  	 	 	 	  	 	  	 
							
	 	  	 	 	 	  	 	 	 	  	 	  	 

  

 48

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