Document:

Exhibit
4.06

 

CUSIP
NO.                     

 

	
  REGISTERED

  	
   

  	
  PRINCIPAL
  AMOUNT:

  

No. 
R-

 

LEHMAN BROTHERS HOLDINGS INC.

MEDIUM-TERM NOTE, SERIES H

RANGERS PlusSM

RISK ADJUSTING EQUITY RANGE SECURITIES PlusSM

PERFORMANCE LINKED TO THE VALUE OF A STOCK INDEX

 

If
the registered owner of this Note (as indicated below) is The Depository Trust
Company (the “Depository”) or a nominee of the Depository, this Note is a Note
in global form (a “Global Security”) and the following legends are applicable
except as specified on the reverse hereof:

 

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

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR NOTES IN CERTIFICATED FORM, (A “CERTIFICATED NOTE”) THIS
GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY
TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE
DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.

 

 

ISSUE PRICE:     % of the Principal Amount

 

AGGREGATE PRINCIPAL
AMOUNT:  $

 

AUTHORIZED DENOMINATIONS:
$[1,000] and integral multiples thereof

 

ISSUE DATE:

 

STATED MATURITY DATE:

 

COUPON RATE:    % per annum

 

ACCRUE TO PAY: o
YES    o
NO

 

COUPON PAYMENT DATES: and
of each year, beginning on

 

REGULAR RECORD DATES:
calendar days prior to each Interest Payment Date

 

INDEX:

 

INITIAL INDEX LEVEL:

 

UPSIDE PARTICIPATION
RATE: %

 

DOWNSIDE PROTECTION RATE:
%

 

DETERMINATION PERIOD:
Business Days

 

DEPOSITORY: [The
Depository Trust Company]

 

Currency Exchanges and Payments

 

SPECIFIED CURRENCY:

 

EXCHANGE RATE AGENT:

 

Redemption

 

REDEEMABLE NOTE: o
YES    o
NO

 

INITIAL REDEMPTION DATE:

 

REDEMPTION NOTICE PERIOD:
Business Days

 

Sinking Funds and Amortizing Notes

 

SINKING FUND:

 

AMORTIZING
NOTE: o YES    o
NO

 

Optional Repurchase

 

OPTIONAL REPURCHASE: o
YES    o
NO

 

OPTIONAL REPURCHASE
CUTOFF PERIOD:  Business Days

 

Optional Interest Reset

 

OPTIONAL INTEREST RATE
RESET: o YES    o
NO

 

OPTIONAL RESET DATES:

 

OID Notes

 

OID NOTE: o
YES    o
NO

 

TOTAL AMOUNT OF OID:

 

YIELD TO MATURITY:

 

INITIAL ACCRUAL PERIOD
OID:

 

OID NOTE PREPAYMENT
AMOUNT:

 

Dual Currency Notes

 

DUAL CURRENCY NOTE: o
YES    o
NO

 

OPTIONAL PAYMENT CURRENCY:

 

DESIGNATED EXCHANGE RATE:

 

OPTION ELECTION DATES:

 

OPTION TO RECEIVE
PAYMENTS IN THE SPECIFIED CURRENCY: o
YES    o
NO

 

OPTION VALUE CALCULATION AGENT:

 

DUAL CURRENCY NOTE
PREPAYMENT AMOUNT:

 

Extension of Maturity Notes

 

EXTENSION OF MATURITY
NOTE: o YES    o
NO

 

EXTENSION PERIOD:

 

NUMBER OF EXTENSION
PERIODS:

 

Extendible Notes

 

EXTENDIBLE NOTE: o
YES    o
NO

 

INITIAL MATURITY DATE:

 

SPECIAL ELECTION
INTERVAL:

 

EXTENDIBLE IN PART: o
YES    o
NO

 

AUTHORIZED EXTENDIBLE
AMOUNTS:

 

SPECIAL ELECTION PERIOD:

 

Miscellaneous

 

OTHER TERMS:

 

 

LEHMAN
BROTHERS HOLDINGS INC., a corporation duly organized and existing under the
laws of the State of Delaware (herein called the “Company,” which term includes
any successor corporation under the Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to CEDE & Co., or
registered assigns, on the Stated Maturity Date, for each $1,000 principal
amount of the Notes represented hereby not previously repurchased or redeemed,
an amount equal to the Maturity Payment Amount and, if so specified above, to
make coupon payments on the principal amount hereof from the Issue Date
specified above or from the most recent Coupon Payment Date specified above to
which coupon payments have been paid or duly provided for at the Coupon Rate
specified above until the amount due on the Stated Maturity Date, the Optional Repurchase
Date or the Redemption Date, as the case may be, is paid in full or made
available for payment and (to the extent that the payment of such coupon
payments shall be legally enforceable) at such rate per annum on any overdue
Payment Amount, premium, if any, and overdue installment of coupon payments.

 

Unless
otherwise specified above, and except as provided in Section 8 on the
reverse hereof if this Note is a Dual Currency Note, payments of the applicable
Payment Amount, premium, if any, and coupon payments hereon will be made in
U.S. dollars; if the Specified Currency set forth above is a currency other
than U.S. dollars (a “Foreign Currency”), such payments will be made in U.S.
dollars based on the equivalent of that Foreign Currency converted into U.S.
dollars in the manner set forth in Section 2 on the reverse hereof.  If the Specified Currency is a Foreign
Currency and it is so provided above, the Holder may elect to receive such
payments in that Foreign Currency by delivery of a written request to the
Trustee (or to any duly appointed Paying Agent) at the Corporate Trust Office
(as defined below) not later than 10 calendar days prior to the applicable
payment date, and such election will remain in effect for the Holder until
revoked by written notice to the Trustee (or to any such Paying Agent) at the
Corporate Trust Office received not later than 10 calendar days prior to the
applicable payment date; provided, however, no such election or
revocation may be made if, with respect to this Note, (i) an Event of
Default has occurred, (ii) the Company has exercised any discharge or
defeasance options or (iii) the Company has given a notice of
redemption.  In the event the Holder
makes any such election pursuant to the preceding sentence, such election will
not be effective on any transferee of such Holder and such transferee shall be
paid in U.S. dollars unless such transferee makes an election pursuant to the
preceding sentence; provided, however, that such election, if in
effect while funds are on deposit with the Trustee to satisfy and discharge
this Note, will be effective on any such transferee unless otherwise specified
above.

 

If
so specified above under “Coupon Payments” and related captions, and subject to
any additional or other provisions set forth above, the Company will, except as
provided in the following paragraph, make coupon payments on the Coupon Payment
Dates specified above, commencing with the first Coupon Payment Date next
succeeding the Issue Date, and on the applicable Principal Payment Date; provided
that any payment of the Payment Amount, premium, if any, or coupon payments to
be made on any Coupon Payment Date or on the Principal Payment Date that is not
a Business Day shall be made on the next succeeding Business Day, unless the next
succeeding Business Day falls in the next calendar month, in which case payment
will be made on the first preceding Business Day, in each case with the same
force and effect as if made on such Coupon Payment Date or such Principal
Payment Date, as the case may be, and, unless Accrue to Pay is specified on the
face of this Note, no additional coupon payments shall accrue as a result of
such delayed payment; provided  further that if the applicable

 

2

 

Principal
Payment Date is postponed due to a Market Disruption Event, coupon payments
will continue to accrue during the period from the originally scheduled
Principal Payment Date to but excluding the postponed Principal Payment Date.  If Accrue to Pay is specified on the face of
this Note, any coupon payment on the Coupon Payment Date will include coupon
payments accrued through the day before the Coupon Payment Date. Each coupon
payment hereon shall include coupon payments accrued through the day before the
Coupon Payment Date or applicable Principal Payment Date, as the case may
be.  Unless otherwise specified above,
coupon payments on this Note will be computed on the basis of a 360-day year of
twelve 30-day months or in the case of an incomplete month, the number of days
elapsed.  In no event shall the coupon
rate of this Note be higher than the maximum rate permitted by applicable law,
as the same may be modified by United States law of general application.

 

Unless
otherwise specified above, the coupon payments due on any Coupon Payment Date
will, as provided in the Indenture, be paid to the person in whose name this
Note (or one or more predecessor Notes) is registered at the close of business
on the Regular Record Date indicated above (whether or not a Business Day) next
preceding such Coupon Payment Date; provided that, notwithstanding any
provision of the Indenture to the contrary, coupon payments due on a Principal
Payment Date shall be payable to the Person to whom the related Payment Amount
shall be payable; and provided, further, that, unless otherwise
specified above, in the case of a Note initially issued between a Regular
Record Date and the Coupon Payment Date relating to such Regular Record Date,
coupon payments for the period beginning on the Issue Date and ending on such
Coupon Payment Date shall be paid on the Coupon Payment Date following the next
succeeding Regular Record Date to the registered Holder on such next succeeding
Regular Record Date.

 

Unless
otherwise specified above and except as provided below, all coupon payments on
this Note may, at the option of the Company, be made by check mailed to the
person entitled thereto at such person’s address as it appears on the registry
books of the Company.

 

Payments
of the Payment Amount, premium, if any, and any coupon payments due on the
related Principal Payment Date will be made in immediately available funds upon
surrender of this Note at the corporate trust office or agency of the Trustee
(or any duly appointed Paying Agent) maintained for that purpose in the Borough
of Manhattan, New York City (the “Corporate Trust Office”), provided that this
Note is presented to the Trustee (or any such Paying Agent) in time for the
Trustee (or any such Paying Agent) to make such payments in such funds in
accordance with its normal procedures.

 

The
Company will pay any administrative costs imposed by banks in making payments
in immediately available funds, but any tax, assessment or governmental charge
imposed upon payments hereunder, including, without limitation, any withholding
tax, will be borne by the Holder hereof.

 

3

 

References
herein to “U.S. dollars” or “U.S.$” or “$” are to the coin or currency of the
United States as at the time of payment is legal tender for the payment of
public and private debts.

 

REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
HEREOF, INCLUDING THE DEFINITIONS OF CERTAIN TERMS.  SUCH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

“RANGERS
Plus” and “Risk AdjustiNG Equity
Range Securities Plus” are
service marks of Lehman Brothers Inc.

 

This
Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Trustee
under the Indenture.

 

4

 

IN
WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be
signed by its Chairman of the Board, its President, its Vice Chairman, its
Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual
or facsimile signature under its corporate seal, attested by its Secretary or
one of its Assistant Secretaries by manual or facsimile signature.

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
  [SEAL]

  	
  LEHMAN
  BROTHERS HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
						

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
  CITIBANK,
  N.A.

  	
   

  
	
   as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  

 

5

 

[REVERSE OF NOTE]

 

LEHMAN BROTHERS HOLDINGS INC.

MEDIUM-TERM NOTES, SERIES H

RANGERS PlusSM

RISK ADJUSTING EQUITY RANGE SECURITIES PlusSM

PERFORMANCE LINKED TO THE VALUE OF A STOCK INDEX

 

Section 1.  General.  This Note is one of a duly authorized series
of Notes of the Company designated as the Medium-Term Notes, Series H,
RANGERS PlusSM, Risk
AdjustiNG Equity Range Securities PlusSM
of the Company (herein called the “Notes”).  The Notes are one of an indefinite number of
series of debt securities of the Company (collectively, the “Securities”)
issued or issuable under and pursuant to an indenture dated as of September 1,
1987, as amended and supplemented (the “Indenture”), duly executed and
delivered by the Company and Citibank, N.A., as Trustee (herein called the “Trustee”),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the holders of
the Securities.  The separate series of
Securities may be issued in various aggregate principal amounts, may mature at
different times, may bear coupon payments (if any) at different rates, may be
subject to different redemption provisions or repurchase rights (if any), may
be subject to different sinking, purchase or analogous funds (if any), may be
subject to different covenants and Events of Default and may otherwise vary as
in the Indenture provided.

 

Section 2.  Currency
Exchanges and Payments.  If the
Holder elects to receive all or a portion of payments of principal of, premium,
if any, and coupon payments on this Note, if denominated in a Foreign Currency,
in U.S. dollars, the exchange rate agent specified on the face of this Note or
a successor thereto (the “Exchange Rate Agent”), will convert such payments
into U.S. dollars. In the event of such an election, payment to the Holder will
be based upon the exchange rate as determined by the Exchange Rate Agent based
on the highest bid quotation in New York City received by the Exchange Rate
Agent at approximately 11:00 a.m., New York City time, on the second
Business Day preceding the applicable payment date from three recognized
foreign exchange dealers (one of which may be the Exchange Rate Agent unless
the Exchange Rate Agent is an affiliate of the Company) for the purchase by the
quoting dealer of the Foreign Currency for U.S. dollars for settlement on such
payment date in the amount of the Foreign Currency payable in the absence of
such an election to such Holder and at which the applicable dealer commits to
execute a contract. If such bid quotations are not available, such payment will
be made in the Foreign Currency. All currency exchange costs will be borne by
the holder of this Note by deductions from such payments.

 

Unless
otherwise specified on the face of this Note, if payment hereon is required to
be made in a Foreign Currency and such currency is unavailable to the Company
for making payments thereof due to the imposition of exchange controls or other
circumstances beyond the Company’s control, or is no longer used by the
government of the country which issued such currency or for the settlement of
transactions by public institutions of or within the international banking
community, then the Company will be entitled to make payments with respect
hereto in U.S. dollars until such Foreign Currency is again available or so
used.  The amount so payable on any date
in such Foreign Currency shall be converted into U.S. dollars at a rate
determined by the

 

 

Exchange
Rate Agent on the basis of the noon buying rate in New York City for cable
transfers in the Foreign Currency as certified for customs purposes by the
Federal Reserve Bank of New York (the “Market Exchange Rate”) for such Foreign
Currency on the second Business Day prior to such payment date, or on such
other basis as may be specified on the face of this Note.  In the event such Market Exchange Rate is not
then available, the Company will be entitled to make payments in U.S. dollars (i) if
such Foreign Currency is not a composite currency, on the basis of the most
recently available Market Exchange Rate for such Foreign Currency or (ii) if
such Foreign Currency is a composite currency in an amount determined by the
Exchange Rate Agent to be the sum of the results obtained by multiplying the
number of units of each component currency of such composite currency, as of
the most recent date on which such composite currency was used, by the Market
Exchange Rate for such component currency on the second Business Day prior to
such payment date (or if such Market Exchange Rate is not then available, by
the most recently available Market Exchange Rate for such component currency,
or as otherwise specified on the face of this Note).  Any payment in respect hereof made under such
circumstances in U.S. dollars will not constitute an Event of Default under the
Indenture.

 

If
the official unit of any component currency of a composite currency is altered
by way of combination or subdivision, the number of units of that currency as a
component shall be divided or multiplied in the same proportion.  If two or more component currencies are
consolidated into a single currency, the amounts of those currencies as
components shall be replaced by an amount in such single currency equal to the
sum of the amounts of the consolidated component currencies expressed in such
single currency.  If any component currency
is divided into two or more currencies, the amount of that original component
currency as a component shall be replaced by amounts of such two or more
currencies having an aggregate value on the date of division equal to the
amount of the former component currency immediately before such division.

 

In
the event of an official redenomination of the Specified Currency or the
Optional Payment Currency (including, without limitation, an official
redenomination of any such currency that is a composite currency), the
obligations of the Company to make payments in or with reference to such
currency shall, in all cases, be deemed immediately following such
redenomination to be obligations to make payments in or with reference to that
amount of redenominated currency representing the amount of such currency
immediately before such redenomination. 
In no event shall any adjustment be made to any amount payable hereunder
as a result of (i) any redenomination of any component currency of any
composite currency (unless such composite currency is itself officially
redenominated) or (ii) any change in the value of the specified currency
or the Optional Payment Currency relative to any other currency due solely to
fluctuations in exchange rates.

 

All
determinations referred to above made by the Exchange Rate Agent shall be at
its sole discretion (except to the extent expressly provided herein that any
determination is subject to approval by the Company) and, in the absence of
manifest error, shall be conclusive for all purposes and binding on the Holder
hereof, and the Exchange Rate Agent shall have no liability therefor.

 

All
currency exchange costs will be borne by the Holder hereof by deduction from
the payments made hereon.

 

2

 

Section 3.  Redemption.  Unless otherwise specified on the face of
this Note, this Note will not be subject to redemption by the Company. If it is
so specified on the face of this Note that this Note is subject to redemption,
the Company may, at its option, redeem this Note in whole or from time to time
in part on or after the date designated as the Initial Redemption Date on the
face of this Note at the Redemption Payment Amount, together with accrued
coupon payments, if applicable, to but excluding the Redemption Date.

 

The Company may exercise
such option by causing the Trustee to mail by first-class mail to the Holder
hereof a notice (the “Redemption Notice”) of such redemption at least 30 but
not more than 60 days (or such other period as is specified as the “Redemption
Notice Period” on the face of this Note) prior to the Redemption Date.  In
the event of redemption of this Note in part only, a new Note or Notes of this
series for the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof in accordance with the terms of the
Indenture.  Unless otherwise specified on
the face of this Note, if less than all of the Notes of this series are to be
redeemed, the Notes of this series to be redeemed shall be selected by the
Trustee by such method as the Trustee shall deem fair and appropriate.

 

Section 4.  Sinking Funds and Amortizing Notes.  Unless otherwise specified on the face of
this Note or unless this Note is an Amortizing Note, this Note will not be
subject to any sinking fund.  If it is
specified on the face of this Note that this Note is an Amortizing Note, the
Company will make payments combining Redemption Payment Amount and coupon
payments on the dates and in the amounts set forth in the table appearing in Schedule I
attached to this Note or as otherwise specified on the face of this Note.  If this Note is an Amortizing Note, payments
made hereon will be applied first to any coupon payments due and payable on
each such payment date and then to the reduction of the then outstanding
principal amount.

 

Section 5.  Optional Repurchase.  Unless otherwise specified on the face of
this Note, this Note will not be subject to repurchase by the Company at the
option of the Holder. If it is specified on the face of this Note that this
Note is subject to optional repurchase, the Holder may, at its option, cause
the Company to repurchase this Note, subject to the conditions specified below,
on the Optional Repurchase Date at the Optional Repurchase Amount, together
with accrued coupon payments to but excluding the Optional Repurchase Date.

 

Unless
otherwise specified on the face of this Note, in order for this Note to be so
repurchased, the Trustee must receive, before the earlier of (a) the
date the Company gives notice of its intention to redeem this Note pursuant to Section 3
of this Note or (b) eight Business Days (or such other period as is
specified as the “Optional Repurchase Cutoff Period” on the face of this Note)
before the Stated Maturity Date,
either (i) this Note with the form below entitled “Option to Elect
Repurchase” duly completed or (ii) a telegram, telex, fax or letter from a
member of a national securities exchange or the National Association of
Securities Dealers, Inc. or a commercial bank or trust company in the
United States setting forth the name of the Holder hereof, the then outstanding
principal amount of this Note, the principal amount of this Note to be repaid,
the certificate number hereof or a description of the tenor and terms of this
Note, a statement that the option to elect repurchase is being exercised
thereby and a guarantee that this Note with the form below entitled “Option to
Elect Repurchase” duly completed will be received by the Paying Agent not later
than five Business Days after the date of such telegram, telex, fax or letter
and this Note and form duly completed are received by the Paying Agent by such
fifth Business Day.  Exercise of this
repurchase option shall be irrevocable, except as otherwise

 

3

 

provided
under Section 6 of this Note or Section 9 of this Note.  The repurchase option may be exercised by the
Holder of this Note with respect to less than the principal amount of this Note
then outstanding provided that the principal amount of this Note remaining
outstanding after repurchase is an authorized denomination.  Upon such partial repurchase this Note shall
be cancelled and a new Note or Notes of this series for the remaining principal
amount of this Note shall be issued in the name of the Holder of this Note.

 

If
this Note is a Global Security, the Holder of this Note, the nominee of the
Depositary, will be the only entity that can exercise a right to
repurchase.  In order to ensure that the
nominee of the depositary will timely exercise a right to repurchase relating
to this Note, the Holder must instruct the broker or other direct or indirect
participant through which it holds an interest in this Note to notify the
Depositary of its desire to exercise a right to repurchase.

 

Section 6.  Optional Coupon Reset.  If so specified on the face of this Note, the
Coupon Rate on this Note may be reset at the option of the Company, in the
manner set forth below (unless otherwise specified on the face of this Note),
on the Optional Reset Date or Optional Reset Dates specified on the face of
this Note.  The Company may exercise such
option by notifying the Trustee in writing of such exercise at least 45 but not
more than 60 days prior to an Optional Reset Date.  Not later than five Business Days after
receipt thereof, the Trustee will mail by first-class mail to the Holder of
this Note a notice (the “Reset Notice”) setting forth (i) the election of
the Company to reset the coupon rate, (ii) such new coupon rate and (iii) the
provisions, if any, for redemption during the period from such Optional Reset
Date to the next Optional Reset Date or, if there is no such next Optional
Reset Date, to the Stated Maturity Date of this Note (each such period a “Subsequent
Coupon Period”), including the date or dates on which or the period or periods
during which and the price or prices at which such redemption may occur during
such Subsequent Coupon Period.  The Reset
Notice shall be substantially in the form of Exhibit A to this Note.  Upon the transmittal by the Trustee of a
Reset Notice to the Holder of this Note, such new coupon rate shall take effect
automatically, and, except as modified by the Reset Notice and as described in
the next paragraph, this Note will have the same terms as prior to the
transmittal of such Reset Notice.

 

Notwithstanding
the foregoing, not later than 20 days prior to an Optional Reset Date, the
Company may, at its option, revoke the coupon rate provided for in the Reset
Notice and establish a coupon rate that is higher than the coupon rate provided
for in the Reset Notice for the Subsequent Coupon Period commencing on such
Optional Reset Date by causing the Trustee to mail by first-class mail notice
of such higher coupon rate to the Holder of this Note.  Such notice shall be irrevocable and shall be
mailed by the Trustee within five Business Days after receipt thereof.  All Notes of this series with respect to
which the coupon rate is reset on an Optional Reset Date will bear such higher
coupon rate for the Subsequent Coupon Period.

 

If
the Company elects to reset the coupon rate of this Note, the Holder of this
Note will have the option to elect repurchase by the Company of this Note, or
any portion hereof, on any Optional Reset Date at a price calculated with reference
to (a) the then outstanding principal amount of this Note, (b) the
Maturity Payment Amount calculated as though the Optional Reset Date were the
Stated Maturity Date and the date that is a number of business days equal to
the Determination Period before that date were the Valuation Date, or (c) such
other amount or amounts, in each case as specified on the face of this Note,
plus any coupon payments accrued to, such Optional Reset Date.  In order to obtain repurchase on an Optional
Reset Date, the Holder

 

4

 

must
follow the procedures set forth above in Section 5 of this Note for
Optional Repurchase except that the period for delivery or notification to the
Trustee shall be at least 25 but not more than 35 days prior to such Optional
Reset Date and except that, if the Holder has tendered this Note for repurchase
pursuant to the Reset Notice, the Holder may, by written notice to the Trustee,
revoke such tender for repurchase until the close of business on the tenth day
prior to such Optional Reset Date; provided, however, that if
such day is not a Business Day, then such notice may be given on the next
succeeding Business Day.

 

Section 7.  OID Notes.  If this Note is an OID Note, the amount
payable in the event of Redemption, Optional Repurchase or acceleration of
maturity shall be (i) the Amortized Principal Amount of this Note as of
the Redemption Date, Optional Repurchase Date or date of such acceleration, as
the case may be, rather than the relevant Payment Amount of this Note or (ii) such
other amount as specified on the face of this Note (such amount, the “OID Note
Prepayment Amount”).

 

Section 8.  Dual Currency Notes.  If it is specified on the face of this Note
that this Note is a Dual Currency Note, the Company has a one time option,
exercisable on any one of the Option Election Dates specified on the face of
this Note in whole, but not in part, with respect to all Dual Currency Notes of
this series, of thereafter making all payments of Maturity Payment Amount,
premium, if any, and coupon payments (which payments would otherwise be made in
the Specified Currency of such Notes) in the Optional Payment Currency
specified on the face of this Note.  If
the Company makes such an election, the amount of Optional Payment Currency
payable in respect hereof shall be determined by the Exchange Rate Agent by
converting the amount of Specified Currency that would otherwise be payable
into the Optional Payment Currency at the Designated Exchange Rate specified on
the face of this Note.

 

The
Company may exercise such option by notifying the Trustee of such exercise on
or prior to the Option Election Date. 
The Trustee will mail by first-class mail to each holder of a Note of
this series a notice of such election within five Business Days of the Option
Election Date which shall state (i) the first date, whether a Coupon
Payment Date and/or the Stated Maturity Date, on which scheduled payments in
the Optional Payment Currency will be made and (ii) the Designated Exchange
Rate.  Any such notice by the Company,
once given, may not be withdrawn.

 

If
this Note is a Dual Currency Note, notwithstanding any prior election made by
the Company, the amount payable hereon in the event of any Redemption, any
Optional Repurchase, any acceleration of the maturity of this Note or other
prepayment of this Note prior to the Stated Maturity Date shall be (a) an
amount equal to the amount otherwise due and payable plus accrued coupon
payments to but excluding the Redemption Date, Optional Repurchase Date, date
of acceleration or other prepayment minus the Total Option Value
multiplied by a fraction, the numerator of which is the then outstanding
principal amount of this Note and the denominator of which is the aggregate
principal amount of all Dual Currency Notes of this series then outstanding or (b) such
other amount as specified on the face of this Note (such amount, the “Dual
Currency Note Prepayment Amount”).  In no
event will such payment be less than zero. 
Notwithstanding any prior election made by the Company, such payment
shall be made in the Specified Currency unless otherwise provided on the face
of this Note.

 

5

 

All
determinations referred to above made by the Exchange Rate Agent or the Option
Value Calculation Agent shall be at their sole discretion (except to the extent
expressly provided herein that any determination is subject to approval by the
Company) and, in the absence of manifest error, shall be conclusive for all
purposes and binding on the Holder hereof, and neither the Exchange Rate Agent
nor the Option Value Calculation Agent shall have any liability therefor.

 

Section 9.  Extension of Maturity Notes.  If it is specified on the face of this Note
that this Note is an Extension of Maturity Note, the Company has the option to
extend the Stated Maturity Date for the number of Extension Periods set forth
on the face of this Note, each of which Extension Periods shall be a period of
from one to five whole years.  Unless
otherwise specified on the face of this Note, the following procedures shall
apply if this Note is an Extension of Maturity Note.

 

The
Company may exercise its option by notifying the Trustee of such exercise at
least 45 but not more than 60 days prior to the Stated Maturity Date in effect
prior to the exercise of such option (the “Original Stated Maturity”).  Not later than five Business Days after
receipt thereof, the Trustee will mail to the Holder a notice (the “Extension
Notice”), first class, postage prepaid, setting forth (i) the election of
the Company to extend the Stated Maturity Date, (ii) the new Stated
Maturity Date, (iii) the Coupon Rate applicable to the Extension Period
and (iv) the provisions, if any, for redemption during the Extension
Period, including the date on which or the period or periods during which and
the price at which such redemption may occur during the Extension Period.  Upon the mailing by the Trustee of an
Extension Notice to the Holder, the Stated Maturity Date hereof shall be extended
automatically, and, except as modified by the Extension Notice and as described
in the next paragraph, this Note will have the same terms as prior to the
mailing of such Extension Notice.

 

Notwithstanding
the foregoing, not later than 20 days prior to the Original Stated Maturity
hereof, the Company may, at its option, revoke the coupon rate provided for in
the Extension Notice and establish a higher coupon rate for the Extension
Period by causing the Trustee to mail notice of such higher coupon rate, first
class, postage prepaid, to the Holder. 
Such notice shall be irrevocable and shall be mailed by the Trustee
within three Business Days after receipt thereof.  This Note will bear such higher coupon rate
for the Extension Period, whether or not tendered for repurchase.

 

If
the Company extends the Stated Maturity Date of this Note, the Holder will have
the option to elect repurchase by the Company of this Note, or any portion
hereof, on the Original Stated Maturity at a price calculated with reference to
(a) the then outstanding principal amount of this Note, (b) the
Optional Repurchase Amount calculated as though the Original Stated Maturity
were the Stated Maturity Date and the date that is a number of business days
equal to the Determination Period before that date were the Valuation Date, or (c) such
other amount or amounts, in each case as specified on the face of this
Note.  In order for this Note to be so
repaid on the Original Stated Maturity, the Holder must follow the procedures
set forth in Section 4 of this Note for Optional Repurchase, except that
the period for delivery of this Note or notification to the Trustee shall be at
least 25 but not more than 35 days prior to the Original Stated Maturity and
except that the Holder may, by written notice to the Trustee, revoke any such
tender for repurchase until the close of business on the tenth day prior to the
Original Stated

 

6

 

Maturity;
provided, however, that if such day is not a Business Day, then
such notice may be given on the next succeeding Business Day.

 

Section 10.  Extendible Notes.  If it is specified on the face of this Note
that this Note is an Extendible Note, this Note will mature on the Stated
Maturity Date specified on the face of this Note unless the maturity of all or
any portion of this Note is extended in accordance with the procedures
described below.

 

On
the Coupon Payment Date occurring in the sixth month (unless a different
Special Election Interval is specified on the face of this Note) prior to the
Initial Stated Maturity Date specified on the face of this Note (the “Initial
Maturity Extension Date”) and on the Coupon Payment Date occurring in each
sixth month (or the last month of each Special Election Interval) after such Initial
Maturity Extension Date (each, together with the Initial Maturity Extension
Date, a “Maturity Extension Date”), the Stated Maturity Date of this Note will
be extended to the Coupon Payment Date occurring in the twelfth month (or, if a
Special Election Interval is specified on the face of this Note, the last month
in a period equal to twice the Special Election Interval) after such Maturity
Extension Date, unless the Holder elects to terminate the extension of the
Stated Maturity Date hereof or any portion hereof as described below.

 

If
the Holder elects to terminate the extension of the Stated Maturity Date of any
portion of the principal amount of this Note during the specified period prior
to any Maturity Extension Date, such portion will become due and payable on the
Coupon Payment Date occurring in the sixth month (or the last month in the
Special Election Interval) after such Maturity Extension Date (the “Extended
Stated Maturity Date”).

 

The
Holder may elect to extend the Stated Maturity Date of this Note, or if so
specified above, any portion hereof, by delivering a notice to such effect to
the Trustee (or any duly appointed Paying Agent) at the Corporate Trust Office
not less than 3 nor more than 15 days prior to such Maturity Extension Date (unless
another period is specified on the face of this Note as the “Special Election
Period”).  Such election will be
irrevocable and will be binding upon each subsequent Holder of this Note.  An election to extend the Stated Maturity
Date of this Note may be exercised with respect to less than the entire
principal amount of this Note then outstanding only if so specified on the face
of this Note and only in such principal amount, or any integral multiple in
excess thereof, as is specified on the face of this Note.  Notwithstanding the foregoing, the maturity
of this Note will not be extended beyond the Stated Maturity Date specified on
the face of this Note.

 

Unless otherwise specified above, any election not to extend will be
effective only if this Note is presented to the Trustee (or any duly appointed
Paying Agent) as soon as practicable. 
Following receipt of this Note the Trustee (or any duly appointed Paying
Agent) shall issue in exchange herefor in the name of the Holder (i) a
Note, in a face amount equal to the principal amount of this Note for which no
election to extend was exercised, with terms identical to those specified
herein (except for the Issue Date and the Initial Coupon Rate and except that
such Note shall have a fixed, non-extendable maturity on the Extended Stated
Maturity Date) and (ii) if such election not to extend is made with
respect to less than the principal amount of this Note then outstanding, a
replacement Extendible Note, in a face amount equal to the principal amount of
this Note for which an election to extend was made, with terms identical to
this Note.

 

7

 

Section 11.  Principal Amount for Indenture Purposes.  For the purpose of determining whether
Holders of the requisite amount of Notes of this series outstanding under the
Indenture have made a demand, given a notice or waiver or taken any other
action, the principal amount of this Note will be deemed to be the principal
amount of this Note then outstanding; provided, however, if this Note is an OID
Note, the outstanding principal amount of this Note will be deemed to be the
amount of the principal thereof that would be due and payable as of the date of
such determination upon a declaration of acceleration of the maturity thereof.

 

Section 12.  Modification and Waivers.  The Indenture contains provisions permitting
the Company and the Trustee, with the consent of the Holders of not less than 66-2/3%
in aggregate principal amount of each series of the Securities at the time
Outstanding to be affected, evidenced as in the Indenture provided, to execute
supplemental indentures adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental
indenture or modifying in any manner the rights of the holders of the
Securities of all such series; provided, however, that no such
supplemental indenture shall, among other things, (i) change the fixed
maturity of any Security, or reduce the Payment Amount or the principal amount
thereof, or reduce the rate or extend the time to make coupon payments thereon
or reduce any premium or other amount payable on redemption, or make the
Payment Amount or the principal amount thereof, premium or other amount
payable, if any, or coupon payments thereon payable in any coin or currency
other than that hereinabove provided, without the consent of the Holder of each
Security so affected, or (ii) change the place of payment on any Security,
or impair the right to institute suit for payment on any Security, or reduce
the aforesaid percentage of Securities, the holders of which are required to
consent to any such supplemental indenture, without the consent of the holders
of each Security so affected.  It is also
provided in the Indenture that, prior to any declaration accelerating the
maturity of any series of Securities, the holders of a majority in aggregate
principal amount of the Securities of such series Outstanding may on behalf of
the holders of all the Securities of such series waive any past default or
Event of Default under the Indenture with respect to such series and its
consequences, except a default in the payment of coupon payments, if any, on
the Payment Amount, or the principal amount or premium, if any, on any of the
Securities of such series, or in the payment of any sinking fund installment or
analogous obligation with respect to Securities of such series.  Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
holders and owners of this Note and any Notes of this series which may be
issued in exchange or substitution herefor, irrespective of whether or not any
notation thereof is made upon this Note or such other Notes of this series.

 

Section 13.  Obligations Unconditional.  No reference herein to the Indenture and no
provisions of this Note or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
Payment Amount or the principal amount, premium, if any, and coupon payments,
if any, on this Note at the place, at the respective times, at the rate, and in
the coin or currency herein prescribed.

 

Section 14.  Defeasance.  The Indenture contains provisions for the
discharge of the Indenture and defeasance at any time of the indebtedness on
this Note upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

 

Section 15.  Authorized Form and Denominations.  The Notes of this series are issuable in
registered form, without coupons.  Notes
of this series denominated in U.S. dollars

 

8

 

shall
be issued in principal amount denominations specified on the face of this
Note.  Notes of this series denominated
in a Foreign Currency will be issued in a denomination approximately equivalent
to Notes of this series denominated in U.S. dollars.  Each Note will be issued initially as either
a Global Security or a Certificated Note, at the option of the Company, either
at the office or agency to be designated and maintained by the Company for such
purpose in the Borough of Manhattan, New York City, pursuant to the provisions
of the Indenture or at any of such other offices or agencies as may be
designated and maintained by the Company for such purpose pursuant to the
provisions of the Indenture, and in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge,
except for any tax or other governmental charges imposed in connection therewith.  Notes of this series are exchangeable for a
like aggregate principal amount of Notes of this series of a different
authorized denomination, except that Global Securities will not be exchangeable
for Certificated Notes of this series.

 

Section 16.  Registration of Transfer.  As provided in the Indenture and subject to
certain limitations as therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for
registration of transfer, at the Corporate Trust Office or agency in a Place of
Payment for this Note, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar
requiring such written instrument of transfer duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more
new Notes of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

 

If
this Note is a Global Security and if at any time the Depository notifies the
Company that it is unwilling or unable to continue as Depository or if at any
time the Depository shall no longer be eligible under the Indenture, the
Company shall appoint a successor Depository. 
If a successor Depository for the Notes of this series is not appointed
by the Company within 90 days after the Company receives such notice or becomes
aware of such ineligibility, the Company will issue, and the Trustee will
authenticate and deliver, Notes of this series in definitive form in an
aggregate principal amount equal to the principal amount of this Note.

 

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

 

Prior
to due presentment of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the person in
whose name this Note is registered as the owner hereof for all purposes, and
neither the Company nor the Trustee nor any agent of the Company or of the
Trustee shall be affected by any notice to the contrary.

 

Section 17.  Events of Default.  If an Event of Default with respect to Notes
of this series shall occur and be continuing, the principal of the Notes of
this series may be declared due and payable in the manner and with the effect
provided in the Indenture.  Unless
otherwise provided on the face of this Note, the amount payable to the Holder
hereof upon any acceleration permitted under the Indenture will be equal to the
Maturity Payment Amount calculated as though the date to which the maturity has
been accelerated were the Stated Maturity Date and the

 

9

 

date
that is a number of business days equal to the Determination Period before that
date were the Valuation Date.  Upon
payment (i) of the aggregate applicable amounts on the Notes of this series
so declared due and payable and (ii) of coupon payments on any overdue
Payment Amount and overdue coupon payments (in each case to the extent that the
payment of such coupon payments shall be legally enforceable), all of the
Company’s obligations in respect of the payment of the Maturity Payment Amount
and coupon payments, if any, on the Notes of this series shall terminate.

 

Section 18.  No Recourse Against Certain Persons.  No recourse for the payment of Payment
Amount, premium, if any, or coupon payments on this Note, if any, or for any
claim based hereon or otherwise in respect hereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in the Indenture or
any Indenture supplemental thereto or in any Note, or because of the creation
of any indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the Company
or any successor corporation, whether by virtue of any constitution, statute or
rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issue hereof, expressly waived and released.

 

Section 19.  Defined Terms.  All terms used but not defined in this Note
are used herein as defined in the Indenture.

 

Section 18.  Tax Treatment.  The Company intends to treat and, by
purchasing this Note, the Holder hereof agrees to treat, for all tax purposes,
this Note as a financial contract rather than as a debt instrument.

 

Section 20.  GOVERNING LAW.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 21.  Definitions.  Set forth below are definitions of certain of
the terms used in this Note.  The
definitions set forth below are subject to the terms and provisions on the face
of this Note.  If any definition below is
different than, or inconsistent with, the terms and provisions on the face of
this Note, the terms and provisions on the face shall prevail.

 

“ADS”
shall mean American Depositary Share.

 

“AMEX”
shall mean the American Stock Exchange LLC.

 

“Amortized
Principal Amount” of this Note at any time shall mean the amount equal to (a) the
Issue Price multiplied by the then outstanding principal amount of this Note
plus (b) that portion of the difference between the amount calculated
pursuant to clause (a) and the principal amount of this Note that has
accrued at the Yield to Maturity set forth on the face of this Note (computed
in accordance with generally accepted United States bond yield computation
principles) at the date as of which the Amortized Principal Amount is
calculated, but in no event shall the Amortized Principal Amount of this Note
exceed the principal amount of this Note.

 

“Business
Day”, notwithstanding any provision in the Indenture, shall mean, unless
otherwise set forth on the face of this Note, any day that is not a Saturday, a
Sunday or a

 

10

 

day
on which the NYSE, the Nasdaq or the AMEX is not open for trading or banking
institutions or trust companies in New York City are authorized or obligated by
law or executive order to close, and, (a) if the Specified Currency is a
Foreign Currency other than Euros, not a day on which banking institutions are
authorized or required by law to close in the Principal Financial Center of the
country issuing the Foreign Currency and (b) if the Specified Currency is
Euros, a day on which the Trans-European Automated Real-Time Gross Settlement
Express Transfer System is open.  “Principal
Financial Center” shall mean the capital city of the country issuing the
specified currency.  However, for U.S.
dollars, Australian dollars, Canadian dollars and Swiss francs, the Principal
Financial Center will be New York City, Sydney, Toronto and Zurich,
respectively.

 

“Calculation
Agency Agreement” shall mean the Calculation Agency Agreement, dated as of May 18,
2005, between the Company and
the Calculation Agent, as amended from time to time, or any successor
calculation agency agreement.

 

“Calculation
Agent” shall mean the person that has entered into an agreement with the
Company providing for, among other things, the determination of the Final Index
Level and the Payment Amount, which term shall, unless the context otherwise
requires, include its successors and assigns. 
The initial Calculation Agent shall be Lehman Brothers Inc.

 

“Close
of Trading” shall mean, in respect of any Relevant Exchange or other
exchange or quotation system, the scheduled weekday closing time on a day on
which the Relevant Exchange or other exchange or quotation system is scheduled
to be open for trading for its respective regular trading session, without
regard to after hours or any other trading outside of the regular trading
session hours.

 

“Closing Level”,
shall mean, when used with respect to any Relevant Index on any particular day,
(a) the closing level of the Relevant Index on such day as reported by the
publisher of the Relevant Index, as determined and adjusted by the Calculation
Agent pursuant to the Calculation Agency Agreement, or (b) as otherwise
determined by the Calculation Agent pursuant to the Calculation Agency
Agreement if the Relevant Index has been discontinued or in the circumstances
described in the definition of the term “Valuation Date” herein.

 

“common
stock” shall mean common stock or any other equity security (which may be
an ADS).

 

“Company”
shall have the meaning set forth on the face of this Note.

 

“Coupon
Payment Date” shall have the meaning set forth on the face of this Note.

 

“Coupon
Rate” shall have the meaning set forth on the face of this Note.

 

“Downside
Protection Rate” shall be the rate specified as such on the face of this
Note.

 

“Designated
Exchange Rate” shall mean the exchange rate specified as such on the face
of this Note.

 

11

 

“Determination
Period” shall be the number of days specified as such on the face of this
Note.

 

“Dual
Currency Note” shall mean any Note designated as such on the face of this
Note.

 

“Dual
Currency Note Prepayment Amount” shall have the meaning set forth in Section 8
of this Note.

 

“Exchange
Rate Agent” shall have the meaning set forth in Section 2 of this
Note.

 

“Extended Stated Maturity Date” shall have the meaning set forth
in Section 10 of this Note.

 

“Extension
Notice” shall have the meaning set forth in Section 9 of this Note.

 

“Final
Index Level” shall mean the Closing Level of the Index on the applicable
Valuation Date.

 

“Foreign
Currency” shall mean any currency other than U.S. dollars.

 

“Global
Security” shall have the meaning set forth on the face of this Note.

 

“Indenture” shall have the meaning set
forth in Section 1 of this Note.

 

“Index” shall be the stock index specified as
such on the face of this Note.

 

“Initial
Index Level” shall be the index level specified as such on the face of this
Note.

 

“Initial
Maturity Extension Date” shall have the meaning set forth in Section 10
of this Note.

 

“Initial
Redemption Date” shall mean the date specified as such on the face of this
Note.

 

“Issue
Date” shall have the meaning set forth on the face of this Note.

 

“Issue
Price” shall mean the price specified as such on the face of this Note.

 

“Market
Disruption Event”, unless indicated otherwise on the face of this
Note, with respect to the Relevant Index shall mean any of the following events
has occurred on any day as determined by the Calculation Agent in accordance
with the Calculation Agency Agreement:

 

(1)           A material suspension of or
limitation imposed on trading relating to the securities that then comprise 20%
or more of the Relevant Index, by the Relevant Exchange for each security, at
any time during the one-hour period that ends at the Close of Trading on such
day, whether by reason of movements in price exceeding limits permitted by that
Relevant Exchange or otherwise.

 

12

 

Limitations on trading
during significant market fluctuations imposed pursuant to NYSE Rule 80B
or any applicable rule or regulation enacted or promulgated by the NYSE,
any other exchange, quotation system or market, any other self regulatory
organization or the Securities and Exchange Commission of similar scope or as a
replacement for Rule 80B may be considered material.

 

(2)           A material suspension of or
limitation imposed on trading in futures or options contracts relating to the
Relevant Index by the primary exchange or quotation system on which those
futures or options contracts are traded, at any time during the one-hour period
that ends at the Close of Trading on such day, whether by reason of movements
in price exceeding limits permitted by that primary exchange or quotation
system or otherwise.

 

(3)           Any event, other than an early
closure, that disrupts or impairs the ability of market participants in general
to effect transactions in, or obtain market values for, the securities that
then comprise 20% or more of the Relevant Index on the Relevant Exchanges for
those securities, or in the case of a security not listed or quoted in the
United States, on the primary exchange, quotation system or market for such
security, at any time during the one hour period that ends at the Close of
Trading on such day.

 

(4)           Any event, other than an early
closure, that disrupts or impairs the ability of market participants in general
to effect transactions in, or obtain market values for, the futures or options
contracts relating to the Relevant Index on the primary exchange or quotation
system on which those futures or options contracts are traded at any time
during the one hour period that ends at the Close of Trading on such day.

 

(5)           The closure of the Relevant Exchanges
for securities that then comprise 20% or more of the Relevant Index or the
primary exchange or quotation system on which futures or options contracts
relating to the Relevant Index are traded prior to its scheduled closing time
unless the earlier closing time is announced by the exchanges or quotation
system at least one hour prior to the earlier of (i) the actual closing
time for the regular trading session on the exchanges or quotation system and (ii) the
submission deadline for orders to be entered into the exchanges or quotation
system for execution at the Close of Trading on such day.

 

For
purposes of determining whether a Market Disruption Event has occurred the
relevant percentage contribution of a security to the level of the Relevant
Index will be based on a comparison of (x) the portion of the level of the
Index attributable to that security and (y) the overall level of the Index, in
each case immediately before the occurrence of the Market Disruption Event.

 

“Market
Exchange Rate” shall have the meaning set forth in Section 2 of this
Note.

 

13

 

 “Maturity Extension Date” shall have
the meaning set forth in Section 10 of this Note.

 

“Maturity
Payment Amount” shall, mean for each $1,000 principal amount of the Notes
represented hereby:

 

If
the Final Index Level is greater
than the Initial Index Level, the sum
of:

 

	
  (1)

  	
   

  	
  $1,000; and

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Upside

  	
   

  	
   

  	
   

  	
  Final

  	
   

  	
   

  	
   

  	
  Initial

  	
   

  
	
  (2)

  	
   

  	
  $1,000

  	
  x

  	
   

  	
  Participation

  	
   

  	
  x

  	
   

  	
  Index
  Level

  	
   

  	
  -

  	
   

  	
  Index
  Level

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Rate

  	
   

  	
   

  	
   

  	
  Initial
  Index Level

  	
   

  

 

If
the Final Index Level is less than
or equal to the Initial Index Level, the lesser
of:

 

	
  (1)

  	
   

  	
  $1,000; and

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Downside

  	
   

  
	
  (2)

  	
   

  	
  $1,000

  	
  x

  	
  (

  	
  Final
  Index Level

  	
  +

  	
  Protection

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Initial
  Index Level

  	
  Rate

  	
   

  

 

“Nasdaq”
shall mean The Nasdaq Stock Market, Inc.

 

“Notes”
shall have the meaning set forth in Section 1 of this Note.

 

“NYSE”
shall mean The New York Stock Exchange, Inc.

 

“OID
Note” shall mean any Note (a) that has been issued at an Issue Price
less, by more than a de minimis amount (as determined under United States
federal income tax rules applicable to original issue discount
instruments), than 100% and (b) any other Note that for United States
federal income tax purposes would be considered an original issue discount
instrument.

 

“OID
Note Prepayment Amount” shall have the meaning set forth in Section 7
of this Note.

 

“Option
Election Dates” shall mean the date(s) specified as such on the face of
this Note.

 

“Option
Value” shall mean, with respect to a Coupon Payment Date or the Stated
Maturity Date, the amount calculated by the Option Value Calculation Agent to
be the arithmetic average of the prices quoted on the date of calculation by
three reference banks (which banks shall be selected by the Option Value
Calculation Agent and shall be reasonably acceptable to the Company) for the
right on the Option Election Date immediately preceding such Coupon Payment
Date or Stated Maturity Date to purchase for value on such Coupon Payment Date
or Stated Maturity Date from such reference banks (A) the aggregate amount
of the Specified Currency due on such Coupon Payment Date or Stated Maturity
Date with respect to all of the

 

14

 

Dual
Currency Notes of this series in exchange for (B) the amount of the
Optional Payment Currency that would be received if the amount in clause (A) were
converted into the Optional Payment Currency at the Designated Exchange Rate.

 

“Optional Payment
Currency” shall mean the currency specified as such on the face of this
Note.

 

“Optional
Repurchase” shall mean the option of a Holder to elect to require the
Company to repurchase Notes of this series pursuant to Section 5 of this
Note.

 

“Optional Repurchase
Amount” shall equal,
for each $1,000 principal amount of Notes represented hereby, the Maturity
Payment Amount calculated as though the date of repurchase were the Stated
Maturity Date and the date that is a number of business days equal to the
Determination Period before that date were the Valuation Date, as specified on
the face of this Note, or such other amount or amounts, as specified on the
face of this Note.

 

“Optional
Repurchase Cutoff Period” shall by the number of days specified as such on
the face of this Note.

 

“Optional Repurchase Date” shall mean the
date specified as such on the face of this Note; provided, however,
if the Calculation Agent determines that a Market Disruption Event with respect
to any Relevant Index has occurred on the day that would otherwise be the
applicable Valuation Date, or if the applicable Valuation Date is not a
Scheduled Trading Day, then the Optional Repurchase Date shall be postponed by
a number of Business Days equal to the number of Scheduled Trading Days by
which the applicable Valuation Date is postponed.

 

“Optional Reset Dates” shall be the dates
specified as such on the face of this Note.

 

“Original Stated Maturity” shall have the
meaning set forth in Section 7 of this Note.

 

“Payment Amount” shall mean the
Maturity Payment Amount, the Redemption Payment Amount or the Optional
Repurchase Amount, as the case may be.

 

“Principal
Payment Date” shall mean the Stated Maturity Date, the Redemption Date or
the Optional Repurchase Date, as the case may be.

 

“Redemption” shall mean the option of the
Company to redeem, at any time on or after the date specified on the face of
this Note, in whole or from time to time in part, the Notes of this series
pursuant to Section 3 of this Note.

 

“Redemption Date”
shall mean the date specified as such in the notice demanded in Section 3
of this Note; provided, however, if the Calculation Agent determines
that a Market Disruption Event with respect to any Relevant Index has occurred
on a day that would otherwise be the applicable Valuation Date, or if the
applicable Valuation Date is not a Scheduled Trading Day, then the Redemption
Date shall be postponed by a number of Business Days equal to the number of
Scheduled Trading Days by which the applicable Valuation Date is postponed.

 

15

 

“Redemption Notice”
shall mean the notice of redemption mailed to the Holders pursuant to Section 3
of this Note.

 

“Redemption Notice
Period” shall have
the meaning set forth in Section 3 of this Note.

 

“Redemption Payment
Amount” shall mean, for each $1,000 principal amount of Notes represented
hereby, (a) $1,000 or (b) the Maturity Payment Amount calculated as though the Redemption Date
were the Stated Maturity Date and the date that is a number of Business Days
equal to the Determination Period before that date were the Valuation Date, as
specified on the face of this Note, or such other amount or amounts as
specified on the face of this Note.

 

“Relevant Exchange”
shall mean, for each security included in a Relevant Index, the primary United
States national securities exchange, quotation system, including any bulletin board
service, or market on which such security is traded, or in case such security
is not listed or quoted in the United States, the primary exchange, quotation
system or market for such security.

 

“Relevant Index” shall mean any stock index
designated as such by the Calculation Agent in accordance with the Calculation
Agency Agreement, including any successor or substitute index selected by the
Calculation Agent in accordance with the Calculation Agency Agreement upon
discontinuance of an index. The Relevant Index will initially consist of the
stock index designated as the Index on the face of this Note.

 

“Reset Notice” shall have the meaning
specified in Section 5 of this Note.

 

“Scheduled
Trading Day” shall mean any day on which a Relevant Index is published
by its publisher or otherwise determined by the Calculation Agent pursuant to
the Calculation Agency Agreement.

 

“Securities”
shall have the meaning set forth in Section 1 of this Note.

 

“Special
Election Interval” shall be the number of days specified as such on the
face of this Note.

 

“Special
Election Period” shall be the number of days specified as such on the face
of this Note.

 

“Specified
Currency” shall mean U.S. dollars or such other currency as is specified as
such on the face of this Note.

 

“Stated Maturity Date” shall mean the
date specified as such on the face of this Note (except as otherwise provided
in the case of an Extension of Maturity Note or an Extendible Note); provided,
that if a Market Disruption Event with respect to any Relevant Index occurs on
the applicable Valuation Date, or if the applicable Valuation Date is not a
Scheduled Trading Day, then the Stated Maturity Date shall be postponed by a
number of Business Days equal to the number of Scheduled Trading Days by which
the applicable Valuation Date is postponed. In the event of any acceleration of
the maturity of this Note prior to the Stated Maturity Date specified on the
face of this Note, the term “Stated Maturity Date” when used herein shall
refer, where applicable, to the date of acceleration of this Note.

 

16

 

“Subsequent Coupon Period” shall have
the meaning set forth in Section 6 of this Note.

 

“Total
Option Value” shall mean, with respect to any Dual Currency Note on any date,
an amount (calculated as of such date by the Option Value Calculation Agent
specified on the face of this Note) equal to the sum of the Option Values
(calculated as of such date by the Option Value Calculation Agent) for all
Coupon Payment Dates occurring after the date of calculation up to and
including the Stated Maturity Date.

 

“Trustee”
shall have the meaning set forth in Section 1 of this Note.

 

“Upside
Participation Rate” shall be the rate specified as such on the face of this
Note.

 

“Valuation Date”
shall mean, unless otherwise specified on the face of this Note, (a) in
the case of payment on the Stated Maturity Date, the third Business Day prior
to the Stated Maturity Date, (b) in the case of Redemption, the date that
the Redemption Notice is mailed and (c) in the case of Optional
Repurchase, the date that is a number of Business Days equal to the
Determination Period before the Optional Repurchase Date; provided, however,
in each case, if a Market Disruption Event occurs on any such date as determined
by the Calculation Agent pursuant to the Calculation Agency Agreement, or if
such date is not a Scheduled Trading Day, the Valuation Date shall be postponed
to the next Scheduled Trading Day on which no Market Disruption Event occurs; provided,
further, if a Market Disruption Event occurs on each of the eight
Scheduled Trading Days following the originally scheduled Valuation Date, then
that eighth Scheduled Trading Day shall be deemed the Valuation Date and the
Calculation Agent shall determine, in accordance with the Calculation Agency
Agreement, the Closing Level of the Relevant Index based upon its estimate of
the value of any Relevant Index, as of the Close of Trading on that eighth
Scheduled Trading Day.

 

“Yield to Maturity” shall mean the percentage specified as such
on the face of this Note.

 

17

 

OPTION TO ELECT REPURCHASE

 

The undersigned owner of this Note hereby irrevocably elects to have
the Company repurchase the principal amount of this Note or portion hereof
below designated at (i) the Optional Repurchase Amount plus any accrued
coupon payments to but excluding the Optional Repurchase Date, if this Note is
to be repurchased pursuant to the Optional Repurchase provision described in Section 5
of this Note, or (ii) the price specified pursuant to the Optional Coupon
Reset provision described in Section 6 of this Note or the Extension of
Maturity Notes provision described in Section 9 of this Note.  Any such election is irrevocable except as
provided in Section 6 of this Note or Section 9 of this Note.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
  Sign exactly as name
  appears on the front of this Note [SIGNATURE 

  
	
   

  	
   

  	
  GUARANTEED - required
  only if Notes of this series are to be issued and 

  
	
   

  	
   

  	
  delivered to other than
  the registered Holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Principal Amount to be
  repurchased, if amount to be repurchased is less than the principal amount of
  this Note (principal amount remaining must be an authorized denomination)

  	
   

  	
  Fill in for
  registration of Notes of this series if to be issued otherwise than to 

  
	
   

  	
  the registered Holder:

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Please print name and
  address including zip code)

  
	
  $                            

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SOCIAL SECURITY OR

  
	
   

  	
   

  	
  OTHER TAXPAYER ID
  NUMBER:

  
	
   

  	
   

  	
   

  	
   

  
										

 

 

OPTION TO ELECT TERMINATION OF AUTOMATIC EXTENSION

 

The
undersigned owner of this Note hereby irrevocably elects to terminate the
automatic extension of this Note or of the portion of the principal amount of
this Note below designated.  Any such election
is irrevocable and will be binding on any subsequent Holder hereof.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
  Sign exactly as name
  appears on the front of this Note [SIGNATURE 

  
	
   

  	
   

  	
  GUARANTEED - required
  only if Notes of this series are to be issued and 

  
	
   

  	
   

  	
  delivered to other than
  the registered Holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Principal Amount to be
  terminated, if amount 

  	
   

  	
  Fill in for
  registration of Notes of this series if to be issued otherwise than to 

  
	
  to be terminated is
  less than the principal 

  	
   

  	
  the registered Holder:

  
	
  amount of this Note
  (such principal amount

  	
   

  	
   

  
	
  must be an authorized
  denomination)

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Please print name and
  address including zip code)

  
	
  $                            

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SOCIAL SECURITY OR

  
	
   

  	
   

  	
  OTHER TAXPAYER ID NUMBER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
										

 

 

The following
abbreviations, when used in the inscription on the face of 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

  	
   

  	
  UNIF GIFT MIN ACT -
              Custodian

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  (Cust)

  	
  (Minor)

  
	
  TEN ENT -

  	
   

  	
  as tenants by the
  entireties

  	
   

  	
  under Uniform Gifts to
  Minors

  
	
  JT TEN -

  	
   

  	
  as joint tenants with
  right of

  	
   

  	
  Act

  
	
   

  	
   

  	
  Survivorship and not as
  tenants in common

  	
   

  	
  (State)

  

 

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

 

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

 

PLEASE INSERT
SOCIAL SECURITY OR OTHER

IDENTIFYING
NUMBER OF ASSIGNEE

 

	
   

  

 

 

(Name and Address of Assignee, including zip code, must be printed or
typewritten.)

 

 

the within Note of Lehman Brothers Holdings, Inc., and all rights
thereunder, hereby irrevocably constituting and appointing

 

 

to transfer the said Note on the books of the within-named Company,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  Signature:

  	
   

  	
   

  

 

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

 

Signature(s)
Guaranteed:

 

 

 

	
   

  	
   

  

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE
17Ad-15.

 

 

Schedule I

 

Amortization Table

 

	
  Date

  	
   

  	
  Payment

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

EXHIBIT A

 

RESET NOTICE

 

LEHMAN BROTHERS
HOLDINGS INC.

Medium-Term Notes, Series H

RANGERS PlusSM

Risk AdjustiNG Equity Range Securities PlusSM

Performance Linked to the Value of a Stock Index

CUSIP No.

Registered Nos.      -     

 

LEHMAN
BROTHERS HOLDINGS INC., a corporation duly organized and existing under the
laws of the State of Delaware (the “Company”), is the issuer of the
above-referenced Notes (the “Notes”). 
Capitalized terms used herein and not defined are used as defined in the
Notes.

 

The
Company hereby elects to reset the Coupon Rate set forth on the face of the
Notes.  On and after                          (1),
the Coupon Rate shall be                                    .

 

Each
Holder of a Note has the option to elect repurchase by the Company of such
Note, or any portion thereof, on any Optional Reset Date pursuant to the terms
of such Note.  The Notes may be repaid on
the dates and at the prices set forth below:

 

	
  Date

  	
  Redemption
  Price

  

 

 

IN
WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this Reset Notice to
be signed by its Chairman of the Board, its President, its Vice Chairman, its
Chief Financial Officer, one of its Vice Presidents or its Treasurer and to be
attested by its Secretary or one of its Assistant Secretaries.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
  LEHMAN
  BROTHERS HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  
	
   

  	
   

  	
  Title:

  

 

(1)           Insert applicable Optional
Reset Date.Exhibit 4.07

 

MEDIUM-TERM
NOTE – MASTER NOTE

 

	
   

  	
  May 18, 2005

  
	
   

  	
  (Date of Issuance)

  
			

 

Lehman Brothers Holdings Inc. (“Issuer”), a corporation organized and
existing under the laws of the State of Delaware, for value received, hereby
promises to pay to Cede & Co. or its registered assigns:  (i) on each principal payment date,
including each amortization date, redemption date, repayment date, maturity
date, and extended maturity date, as applicable, of each obligation identified
on the records of Issuer (which records are maintained by Citibank, N.A.(“Paying
Agent”)) as being evidenced by this Master Note, the principal amount then due
and payable for each such obligation, and (ii) on each interest payment
date, if any, the interest then due and payable on the principal amount for
each such obligation.  Payment shall be
made by wire transfer of United States dollars to the registered owner, or in
immediately available funds or the equivalent to a party as authorized by the
registered owner and in the currency other than United States dollars as
provided for in each such obligation, by Paying Agent without the necessity of
presentation and surrender of this Master Note.

 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS MASTER NOTE
SET FORTH ON THE REVERSE HEREOF.

 

This Master
Note is a valid and binding obligation of Issuer.

 

IN WITNESS
WHEREOF, Issuer has caused this instrument to be duly executed under its
corporate seal.

 

	
  ATTEST:

  	
  Lehman Brothers Holdings Inc.

  	
   

  
	
   

  	
  (Issuer)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  	
   

  	
  (Authorized Signature)

  	
   

  

 

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

 

	
   

  	
  Citibank,
  N.A.

  	
   

  
	
   

  	
  (Trustee)

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  (Authorized Signature)

  	
   

  

 

 

	
  This Master Note evidences
  indebtedness of Issuer of a single Series

  	
  B

  
	
   

  	
  (Series Designator)

  
	
  and Rank

  	
    senior,
  which are designated Lehman Notes

  	
   

  
	
   

  	
  (Secured/Unsecured/Senior/Junior/Subordinated/Unsubordinated)

  
				

(the “Debt
Obligations”), all issued or to be issued under and pursuant to an Indenture
dated as of September 1, 1987, as amended (the “Indenture”), duly executed
and delivered by Issuer to Citibank, N.A., as Trustee (“Trustee”), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a description of the rights, duties, and immunities thereunder of Trustee and
the rights thereunder of the holders of the Debt Obligations.  As provided in the Indenture, the Debt
Obligations may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption and repayment
provisions, if any, may be subject to different sinking, purchase, or analogous
funds, if any, may be subject to different covenants and events of default, any
may otherwise vary as in the Indenture provided or permitted.  The Debt Obligations aggregated with any
other indebtedness of Issuer of this Series are limited (except as
provided in the Indenture) to the principal amount of $5,000,000,000 designated
as the Medium-Term Notes of Issuer.

 

No reference
herein to the Indenture and no provision of this Master Note or of the
Indenture shall alter or impair the obligation of Issuer, which is absolute and
unconditional, to pay the principal of, premium, if any, and interest, if any,
on each Debt Obligation at the times, places, and rates, and in the coin or
currency, identified on the records of Issuer.

 

At the request
of the registered owner, Issuer shall promptly issue and deliver one or more
separate note certificates evidencing each Debt Obligation evidenced by this
Master Note.  As of the date any such
note certificate or certificates are issued, the Debt Obligations which are
evidenced thereby shall no longer be evidenced by this Master Note.

 

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

 

(Name,
Address, and Taxpayer Identification Number of Assignee)

the Master Note and all rights thereunder,
hereby irrevocably constituting and appointing                               
attorney to transfer said Master Note on the books of Issuer with full power of
substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Signature(s) Guaranteed:

  	
  NOTICE: The signature on this assignment must correspond with the
  name as written upon the face of this Master Note, in every particular,
  without alteration or enlargement or any change whatsoever.

  

 

Unless this
certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation (“DTC”), to Issuer or its agent for
registration of transfer, exchange, or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), 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.

 

Reference is
hereby made to the further provisions of this Master Note set forth in the
Master Note Rider attached hereto.

 

 

LEHMAN
BROTHERS HOLDINGS INC.

RIDER

TO MASTER NOTE
DATED MAY 18, 2005

LEHMAN NOTES,
SERIES B

 

This RIDER forms a part of and is incorporated into the Master Note
dated May 18, 2005, of Lehman Brothers Holdings Inc. (the “Issuer”)
registered in the name of Cede & Co, or its registered assigns,
evidencing the Issuer’s Lehman Notes, Series B (the “Debt Obligations”).

 

REFERENCE IS
HEREBY MADE TO THE FURTHER PROVISIONS OF SUCH MASTER NOTE (TOGETHER WITH THIS
RIDER, HEREIN REFERRED TO AS THIS “MASTER NOTE”) SET FORTH IN THE RECORDS OF
THE ISSUER MAINTAINED BY THE TRUSTEE, WHICH RECORDS CONSIST OF THE PRICING
SUPPLEMENT(S) TO THE PROSPECTUS SUPPLEMENT DATED MAY 18, 2005, AND
PROSPECTUS DATED MAY 18, 2005 (EACH, AS IT MAY BE AMENDED OR
SUPPLEMENTED, A “PRICING SUPPLEMENT”) RELATING TO EACH ISSUANCE OF DEBT
OBLIGATIONS, AS FILED BY THE ISSUER WITH THE SECURITIES AND EXCHANGE
COMMISSION.  SUCH FURTHER PROVISIONS
SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS
PLACE.

 

THIS MASTER
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED
IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”) OR A NOMINEE
THEREOF.  UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A
NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO SUCH DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

Section 1.  Defined Terms.

 

“Interest payment date”, as used on the face
of this Master Note, shall have the same meaning as “Interest Payment Date”, as
defined in the Indenture.

 

“Issuer”, as used in this Master Note, shall
have the same meaning as “Company”, as defined in the Indenture.

 

“Principal payment date”, as used on the face
of this Master Note, shall have the same meaning as “Maturity”, as defined in
the Indenture.

 

All terms used but not defined in this Master
Note are used herein as defined in the Indenture.

 

Section 2.  General.  This Note is one of a duly authorized series
of Notes of the Issuer designated as the Lehman Notes, Series B.  The
Debt Obligations evidenced by this Master Note are one of an indefinite number
of series of debt securities of the Company (herein called the “Securities”)
issued or issuable under and pursuant to the Indenture.  The separate series of Securities may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions or repayment or repurchase rights (if any), may be
subject to different sinking, purchase or analogous funds (if any), may be
subject to different covenants and Events of Default and may otherwise vary as
in the Indenture provided.

 

Each Pricing Supplement shall specify the
terms of a particular issuance of Debt Obligations that are not set forth, or
are different from those set forth, in this Master Note, including, without
limitation, the CUSIP

 

 

Number, the
aggregate principal amount of such issuance (the “Principal Amount”), the issue
date, the interest rate per annum, the interest payment frequency, the first
Interest Payment Date, the Maturity, whether optional redemption applies to the
Debt Obligations, the terms of such optional redemption, if applicable, as set
forth below, whether optional repayment applies to the Debt Obligations, the terms
of such optional repayment, if applicable, as set forth below, and whether the
Survivor’s Option (as defined below) applies to the Debt Obligations.  The terms in a Pricing Supplement may vary
from and supersede the terms contained in this Master Note; if any terms in the
applicable Pricing Supplement are inconsistent with this Master Note, the terms
in the Pricing Supplement shall control.

 

The Issuer may, without the consent of the
holders of the Debt Obligations, create and issue additional notes ranking
equally with the Debt Obligations and otherwise similar in all respects, except
for the issue date, issue price and the payment of interest accruing prior to
the issue date of such additional notes, so that such further notes shall be
consolidated and form a single issuance with the Debt Obligations; provided,
however, that no additional notes can be issued if an Event of Default
has occurred with respect to the Debt Obligations.

 

Section 3.  Payments of Principal
and Interest.  Unless
otherwise stated in the applicable Pricing Supplement, if the applicable
Pricing Supplement provides for monthly interest payments, the Interest Payment
Date shall be the fifteenth day of each calendar month, commencing in the
calendar month that next succeeds the month of the Issue Date; if the
applicable Pricing Supplement provides for quarterly interest payments, the
Interest Payment Dates shall be the fifteenth day of each third month,
commencing in the third succeeding calendar month following the month of the
Issue Date; if the applicable Pricing Supplement provides for semiannual
interest payments, the Interest Payment Dates shall be the fifteenth day of
each sixth month, commencing in the sixth succeeding calendar month following
the month of the Issue Date; and if the applicable Pricing Supplement provides
for annual interest payments, the Interest Payment Date shall be the fifteenth
day of every twelfth month, commencing in the twelfth succeeding calendar month
following the month of the Issue Date. 
Interest on a Debt Obligation
shall be computed on the basis of a 360-day year of twelve 30-day months or, in
the case of an incomplete month, the number of days elapsed.  Each payment of interest hereon shall include
interest accrued through the day before the Interest Payment Date or date of
Maturity, as the case may be.  In no
event shall the interest rate of a Debt
Obligation be higher than the maximum rate permitted by applicable law,
as the same may be modified by United States law of general application.

 

Any payment of principal, premium, if any, or
interest to be made on any Interest Payment Date or on a date of Maturity that
is not a Business Day shall be made on the next succeeding Business Day with
the same force and effect as if made on such Interest Payment Date or such date
of Maturity, as the case may be, and no additional interest shall accrue as a
result of such delayed payment.

 

Unless otherwise stated in the applicable
Pricing Supplement, the interest so payable on any Interest Payment Date shall,
subject to certain exceptions provided in the Indenture, be paid to the person
in whose name a Debt Obligation is registered at the close of business on the
fifteenth day preceding the Interest Payment Date (the “Regular Record Date”),
whether or not a Business Day; provided, however, that,
notwithstanding any provision of the Indenture to the contrary, interest
payable on any date of Maturity shall be payable to the Person to whom
principal shall be payable; and provided, further, that, unless
otherwise specified in the applicable Pricing Supplement, in the case of a Debt
Obligation initially issued between a Regular Record Date and the Interest
Payment Date relating to such Regular Record Date, interest for the period
beginning on the Issue Date and ending on such Interest Payment Date shall be
paid on the Interest Payment Date following the next succeeding Regular Record
Date to the registered Holder on such next succeeding Regular Record Date.

 

Section 4.  Redemption.  If so specified in the applicable Pricing Supplement,
the Issuer may at its option redeem a Debt Obligation (i) in whole or from
time to time in part, or (ii) in whole but not in part, (a) on or
after the date designated as the initial Redemption Date in the applicable
Pricing Supplement, or (b) on the specific date or dates specified in the
applicable Pricing Supplement, at either a price based on a constant percentage
of the Principal Amount of such Debt Obligation as specified in the applicable
Pricing Supplement or at prices declining from the premium specified in the
applicable Pricing Supplement, if any, to 100% of the Principal Amount
specified in the applicable Pricing Supplement, together, in each case, with
accrued interest to the Redemption Date. 
The Issuer may exercise such option by causing the Trustee to mail by
first-class mail to the Holder hereof a notice of such redemption at least 30
but not more than 60 days prior to the Redemption Date.  Unless otherwise specified in

 

 

the applicable
Pricing Supplement, if less than all of the Debt Obligations with like tenor
and terms to a Debt Obligation are to be redeemed, the Debt Obligations to be
redeemed shall, in the case of Debt Obligations evidenced by this Master Note,
be determined by the Depository and its direct and indirect participants in
accordance with standing instructions and customary practices, and, in the case
of certificated Debt Obligations, be selected by the Trustee by such method as
the Trustee shall deem fair and appropriate in accordance with the provisions
of the Indenture.

 

Section 5.  Sinking Funds.  Unless otherwise specified in the applicable
Pricing Supplement, no Debt Obligation shall be subject to any sinking fund.

 

Section 6.  Optional Repayment.  If so specified in the applicable Pricing
Supplement, all or a specified part of a Debt Obligation shall be repayable
prior to the Maturity Date at the option of the Holder on the date or dates
specified in the applicable Pricing Supplement (each, an “Optional Repayment
Date”) at the price specified in the applicable Pricing Supplement (the “Optional
Repayment Price”), together with accrued interest to the applicable Optional
Repayment Date.  If a Debt Obligation is
in certificated form, in order for such Debt Obligation to be so repaid, the
Trustee must receive, at least 30 but not more than 45 days prior to an
Optional Repayment Date, either (i) such Debt Obligation with the form
below entitled “Option to Elect Repayment” duly completed or (ii) a
telegram, telex, fax or letter from a member of a national securities exchange
or the National Association of Securities Dealers, Inc. or a commercial
bank or trust issuer in the United States setting forth the name of the Holder
hereof, the Principal Amount, the Principal Amount to be repaid, a description
of the tenor and terms of such Debt Obligation, a statement that the option to
elect repayment is being exercised thereby and a guarantee that such Debt
Obligation with the form below entitled “Option to Elect Repayment” duly
completed will be received by the Paying Agent not later than five Business
Days after the date of such telegram, telex, fax or letter and such Debt
Obligation and form duly completed are received by the Paying Agent by such
fifth Business Day.  Exercise of this repayment
option shall be irrevocable.  Unless
otherwise stated in the applicable Pricing Supplement, the repayment option may
be exercised by the Holder of a Debt Obligation with respect to less than the
Principal Amount then outstanding; provided, however, that the
Principal Amount of the Debt Obligation remaining outstanding after repayment
is an authorized denomination.

 

Section 7.  Survivor’s Option.  If so specified in the applicable Pricing
Supplement, the Representative (defined below) of a deceased beneficial owner
of a Debt Obligation shall have the option to elect to require repayment, in
whole or from time to time in part, of such Debt Obligation following the death
of the beneficial owner (a “Survivor’s Option”). The Survivor’s Option may not
be exercised unless the Debt Obligation was acquired by the beneficial owner at
least six months prior to the trustee’s receipt of written request for
repayment as provided below.

 

If the Survivor’s Option is applicable to a
Debt Obligation, upon the valid exercise of the Survivor’s Option, the Issuer
shall repay the Debt Obligation (or portion thereof), properly tendered for
repayment by or on behalf of the person (the “Representative”) that has
authority to act on behalf of the deceased beneficial owner of a Debt
Obligation under the laws of the appropriate jurisdiction (including, without
limitation, the personal representative or executor of the deceased beneficial
owner or the surviving joint owner of the deceased beneficial owner) at a price
equal to 100% of the principal amount of the deceased beneficial owner’s
beneficial interest in such Debt Obligation plus accrued interest to the date
of such repayment, subject to the following limitations:

 

1.               The
Issuer may, in its sole discretion, (i) limit the aggregate principal
amount of all Lehman Notes, without regard to series, as to which exercises of
the Survivor’s Option shall be accepted from all deceased beneficial owners in
any calendar year (the “Annual Put Limitation”) to an amount equal to the
greater of $2,000,000 or 2% of the Outstanding principal amount of all Lehman
Notes, without regard to series, as of the end of the most recent calendar
year, or such greater amount as the Issuer in its sole discretion may determine
for such calendar year, and (ii) limit the aggregate principal amount of
Lehman Notes, without regard to series, as to which exercises of the Survivor’s
Option will be accepted in any calendar year from the authorized representative
for any individual deceased beneficial owner to $250,000, or such greater
amount as the Issuer in its sole discretion may determine for such calendar
year (the “Individual Put Limitation”).

 

 

2.               The
Issuer shall not make principal repayments pursuant to exercise of the Survivor’s
Option in amounts that are less than the minimum authorized denomination, and,
in the event that any partial exercise of the Survivor’s Option or the
limitations described in the preceding sentence would result in the partial
repayment of any Debt Obligation, the principal amount of such Debt Obligation
remaining Outstanding after repayment must be at least the minimum authorized
denomination.

 

3.               A
valid exercise of the Survivor’s Option with respect to any Debt Obligation (or
portion thereof) may not be withdrawn.

 

Each Debt Obligation (or portion thereof)
that is tendered pursuant to a valid exercise of the Survivor’s Option shall be
accepted in the order of all such exercises that are received by the Trustee,
except for any Debt Obligation (or portion thereof) the acceptance of which
would contravene (i) the Annual Put Limitation, if applied, or (ii) the
Individual Put Limitation, if applied, with respect to the relevant individual
deceased beneficial owner. If, as of the end of any calendar year, the
aggregate principal amount of Debt Obligations (or portions thereof) that have
been tendered pursuant to the valid exercise of the Survivor’s Option during
such year has exceeded either the Annual Put Limitation, if applied, or the
Individual Put Limitation, if applied, for such year, any exercise(s) of the
Survivor’s Option with respect to Debt Obligations (or portions thereof) not
accepted during such calendar year because such acceptance would have
contravened either such limitation, if applied, shall be deemed to be tendered
in the following calendar year in the order all such Debt Obligations (or
portions thereof) were originally tendered. Any Debt Obligation (or portion
thereof) accepted for repayment pursuant to exercise of the Survivor’s Option
shall be repaid on the first Interest Payment Date that occurs 20 or more
calendar days after the date of such acceptance. In the event that a Debt
Obligation (or any portion thereof) tendered for repayment pursuant to a valid
exercise of the Survivor’s Option is not accepted, the Trustee shall deliver a
notice by first-class mail to the registered holder thereof, at its last known
address as indicated in the Security Register, that states the reason such Debt
Obligation (or portion thereof) has not been accepted for payment.

 

In order for a Survivor’s Option to be
validly exercised with respect to any Debt Obligation (or portion thereof), the
Trustee must receive from the Representative (i) a written request for
repayment signed by the Representative, and such signature must be guaranteed
by a firm that is a participant in the Security Transfer Agents Medallion
Program, the New York Stock Exchange Medallion Signature Program or the Stock
Exchange Medallion Program, (ii) appropriate evidence satisfactory to the
Trustee that (A) the deceased was the beneficial owner of such Debt Obligation
at the time of death and the interest in such Debt Obligation was acquired by
the deceased beneficial owner at least six months prior to the Trustee’s
receipt of the request for repayment, (B) the death of such beneficial
owner has occurred, and the date of such death, and (C) the Representative
has authority to act on behalf of the deceased beneficial owner, (iii) if
the interest in such Debt Obligation is held by a nominee or trustee of,
custodian for, or another person in a similar capacity to, the deceased
beneficial owner, evidence satisfactory to the Trustee from such nominee,
trustee, custodian or similar person attesting to the deceased’s beneficial
ownership in such Debt Obligation, (iv) tax waivers and such other
instruments or documents that the Trustee reasonably requires in order to
establish the validity of the beneficial ownership of the Debt Obligations and
the claimant’s entitlement to payment, and (v) any additional information
the Trustee requires to evidence satisfaction of any conditions to the exercise
of such Survivor’s Option or to document beneficial ownership or authority to
make the election and to cause the repayment of such Debt Obligation. Subject
to the Issuer’s right hereunder to impose the Annual Put Limitation and the
Individual Put Limitation, all questions as to the eligibility or validity of
any exercise of the Survivor’s Option shall be determined by the Trustee, in
its sole discretion, which determination shall be final and binding on all
parties.

 

The death of a
person holding a beneficial ownership interest in a Debt Obligation: (a) with
any person in a joint tenancy with right of survivorship; or (b) with his
or her spouse in tenancy by the entirety, tenancy in common, as community
property or in any other joint ownership arrangement, shall be deemed the death
of a beneficial owner of that note, and the entire principal amount of the Debt
Obligation held in this manner shall be subject to repayment by the Issuer upon
valid exercise of the Survivor’s Option; provided, however, that
the death of a person holding a beneficial ownership interest in a Debt
Obligation as tenant in common with a person other than his or her spouse shall
be deemed the death of a beneficial owner only with respect to the such
deceased person’s interests in the Debt Obligation, and only the deceased
beneficial owner’s percentage interest in the principal amount of the Debt
Obligation shall be subject to repayment. 
If the ownership interest in a Debt Obligation is held by a nominee for
a

 

 

beneficial
owner or by a custodian under the Uniform Gifts to Minors Act or Uniform
Transfer to Minors Act, or by a trustee of a trust that is wholly revocable by
the beneficial owner, or by a guardian or committee for a beneficial owner, the
death of the beneficial owner of that Debt Obligation shall constitute the
death of the beneficial owner for purposes of the Survivor’s Option, if the
beneficial ownership interest can be established to the satisfaction of the
Trustee.  In these cases, the death of the
nominee, custodian, trustee, guardian or committee shall not be deemed the
death of the beneficial owner of such Debt Obligation for purposes of the
Survivor’s Option.

 

Section 8.  Principal Amount For
Indenture Purposes.  For the purpose
of determining whether Holders of the requisite amount of Debt Obligations
outstanding under the Indenture have made a demand, given a notice or waiver or
taken any other action, the outstanding principal amount of this Master Note
shall be deemed to be the aggregate principal amount outstanding of the Debt
Obligations.

 

Section 9.  Modification and Waivers.  The Indenture contains provisions permitting
the Issuer and the Trustee, with the consent of the holders of not less than 66-2/3%
in aggregate principal amount of each series of the Securities at the time
Outstanding to be affected, evidenced as in the Indenture provided, to execute
supplemental indentures adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental
indenture or modifying in any manner the rights of the holders of the
Securities of all such series; provided, however, that no such
supplemental indenture shall, among other things, (i) change the fixed
maturity of any Security, or reduce the principal amount thereof, or reduce the
rate or extend the time of payment of interest thereon or reduce any premium
payable on redemption, or make the principal thereof, or premium, if any, or
interest thereon payable in any coin or currency other than the lawful currency
of the United States of America, without the consent of the holder of each
Security so affected, or (ii) change the place of payment on any Security,
or impair the right to institute suit for payment on any Security, or reduce
the aforesaid percentage of Securities, the holders of which are required to
consent to any such supplemental indenture, without the consent of the holders
of each Security so affected.  It is also
provided in the Indenture that, prior to any declaration accelerating the
Maturity of any series of Securities, the holders of a majority in aggregate
principal amount of the Securities of such series Outstanding may on behalf of
the holders of all the Securities of such series waive any past default or
Event of Default under the Indenture with respect to such series and its
consequences, except a default in the payment of interest, if any, on or the
principal of, or premium if any, on any of the Securities of such series, or in
the payment of any sinking fund installment or analogous obligation with
respect to Securities of such series. 
Any such consent or waiver by the Holder of this Master Note shall be
conclusive and binding upon such Holder and upon all future holders and owners
of this Master Note and any Debt Obligations which may be issued in exchange or
substitution herefor, irrespective of whether or not any notation thereof is
made upon this Master Note or such other Debt Obligations.

 

Section 10.  Defeasance.  The Indenture contains provisions for the
discharge of the Indenture and defeasance at any time of the indebtedness on a
Debt Obligation upon compliance by the Issuer with certain conditions set forth
therein, which provisions apply to all Debt Obligations.

 

Section 11.  Authorized Form and
Denominations.  Unless otherwise set forth in the applicable Pricing Supplement,
Debt Obligations shall be issued in denominations of $1,000 and any integral
multiple of $1,000.  Each Debt
Obligation shall be represented by this Master Note.

 

In the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge,
except for any tax or other governmental charges imposed in connection
therewith, Debt Obligations may be exchanged for an equal aggregate principal
amount of Debt Obligations of like tenor and of other authorized denominations,
except that Debt Obligations in global form shall not be exchangeable for Debt
Obligations in definitive certificated form except as provided below.

 

Section 12.  Registration of Transfer.  If at any time the Depository notifies the
Issuer that it is unwilling or unable to continue as Depository or if at any
time the Depository shall no longer be eligible under the Indenture, the Issuer
may appoint a successor Depository.  If (a) a
successor depository for any Debt Obligations is not appointed by the Issuer
within 90 days after the Issuer receives such notice or becomes aware of such
ineligibility or (b) the Issuer in its sole discretion decides to allow
some or all Debt Obligations to be exchangeable for definitive securities in
registered form, the Issuer shall issue, and the Trustee shall authenticate and
deliver, Debt Obligations in definitive form in an aggregate principal amount
equal to the Principal Amount of each such Debt

 

 

Obligation,
registered in the name or names of the person or persons specified by the
Depository in a written instruction to the Security Registrar.

 

As provided in the Indenture and subject to certain limitations as
therein set forth, the transfer of a Debt Obligation is registrable in the
Security Register, upon surrender of such Debt Obligation for registration of
transfer, at the Corporate Trust Office or other office or agency of the Issuer
in a Place of Payment for such Debt Obligation, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Issuer and the
Security Registrar duly executed by, the Holder hereof or the Holder’s attorney
duly authorized in writing, and thereupon one or more new Debt Obligations of
this series of like tenor and of authorized denominations and for the same
aggregate principal amount, shall be issued to the designated transferee or
transferees.

 

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

 

Prior to due presentment of a Debt Obligation
for registration of transfer, the Issuer, the Trustee and any agent of the
Issuer or of the Trustee may deem and treat the person in whose name such Debt
Obligation is registered as the absolute owner hereof (whether or not such Debt
Obligation shall be overdue and notwithstanding any notation of ownership or
other writing hereon), for the purpose of receiving payment hereof, or on
account hereof, and for all other purposes, and neither the Issuer nor the
Trustee nor any agent of the Issuer or of the Trustee shall be affected by any
notice to the contrary.  All such
payments made to or upon the order of such registered holder shall, to the
extent of the sum or sums paid, effectually satisfy and discharge liability for
moneys payable on such Debt Obligation.

 

Section 13.  Events of Default.  If an Event of Default with respect to this
Master Note shall occur and be continuing, the outstanding principal amount of
this Master Note may be declared due and payable in the manner and with the
effect provided in the Indenture.  Upon
payment (i) of the aggregate applicable amounts of principal of this
Master Note so declared due and payable and (ii) of interest on any
overdue principal and overdue interest (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the Issuer’s
obligations in respect of the payment of the principal of and interest, if any,
on this Master Note shall terminate.

 

Section 14.  No Recourse Against
Certain Persons.  No recourse for the
payment of the principal of, or premium, if any, or interest on this Master
Note or any Debt Obligation, or for any claim based hereon or otherwise in
respect hereof, and no recourse under or upon any obligation, covenant or
agreement of the Issuer in the Indenture or any indenture supplemental thereto
or in this Master Note or any Debt Obligation, or because of the creation of
any indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Issuer or of any successor corporation, either directly or through the Issuer
or any successor corporation, whether by virtue of any constitution, statute or
rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and of each Debt
Obligation and as part of the consideration for the issue hereof and of each
Debt Obligation, expressly waived and released.

 

Section 15.  GOVERNING LAW.  THIS MASTER NOTE AND THE DEBT OBLIGATIONS
EVIDENCED BY IT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK.

 

 

LEHMAN NOTES, SERIES B

OPTION TO ELECT REPAYMENT

 

The undersigned owner of the Debt Obligation
specified below hereby irrevocably elects to have the Issuer repay the
principal amount of such Debt Obligation or portion thereof below designated at
(i) the Optional Repayment Percentage multiplied by the principal amount
of such Debt Obligation to be repaid in respect of such principal amount plus
accrued interest to the Optional Repayment Date, if such Debt Obligation is to
be repaid pursuant to the Optional Repayment provision described in Section 6
of the Master Note Rider.  Any such
election is irrevocable.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
  Sign exactly as name appears on the front
  of this Debt Obligation [SIGNATURE GUARANTEED - required only if Debt
  Obligations are to be issued and delivered to other than the registered
  Holder]

  
	
   

  	
   

  
	
   

  	
   

  
	
  CUSIP No.:

  	
   

  	
   

  	
   

  
	
  Interest rate:

  	
   

  	
   

  	
   

  
	
  Maturity:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Principal Amount to be

  	
  Fill in for registration of

  	
   

  
	
  repaid, if amount to be

  	
  Debt Obligations if to be issued otherwise

  	
   

  
	
  repaid is less than the

  	
  than to the
  registered Holder:

  	
   

  
	
  Principal Amount of this

  	
   

  	
   

  
	
  Debt Obligation (Principal Amount

  	
  Name:

  	
   

  
	
  remaining must be an

  	
  Address:

  	
   

  
	
  authorized denomination)

  	
   

  	
   

  
	
   

  	
  (Please
  print name

  	
   

  
	
  $            

  	
  and address
  including

  	
   

  
	
   

  	
  zip code)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SOCIAL
  SECURITY OR OTHER TAXPAYER

  
	
   

  	
  ID NUMBER

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