Document:

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EXHIBIT 4(A)

SUPPLEMENT TO

GLOBAL AGENCY AGREEMENT

dated as of April 30, 2010

among

BANK OF AMERICA, N.A.,

as Issuer,

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as U.S. Paying Agent and U.S. Registrar,

DEUTSCHE BANK AG, LONDON BRANCH,

as London Paying Agent and London Issuing Agent, and

DEUTSCHE BANK LUXEMBOURG S.A.,

as European Registrar and European Transfer Agent

 

 

     THIS SUPPLEMENT TO GLOBAL AGENCY AGREEMENT, dated as of April 30, 2010 (the “Supplement”), is
made by and among:

     (i) BANK OF AMERICA, N.A., a national banking organization organized under the laws of the
United States of America, as issuer (the “Bank”);

     (ii) DEUTSCHE BANK TRUST COMPANY AMERICAS, as U.S. registrar (the “U.S. Registrar”) and U.S.
paying agent (the “U.S. Paying Agent”), which expressions shall also include any successors
appointed in accordance with Section 27 of the Global Agency Agreement dated as of July 25, 2007,
as supplemented by a Supplement to Global Agency Agreement dated December 19, 2008, as the same may
be further supplemented and amended from time to time, among the Bank, Deutsche Bank Trust Company
Americas, Deutsche Bank AG, London Branch and Deutsche Bank Luxembourg, S.A. (as supplemented and
amended, the “Agreement”);

     (iii) DEUTSCHE BANK AKTIENGESELLSCHAFT, a corporation domiciled in Frankfurt am Main, Germany,
operating in the United Kingdom under branch number BR000005, acting through its London branch at
Winchester House, 1 Great Winchester Street, London EC2N 2DB (“Deutsche Bank AG, London Branch”),
as London paying agent (the “London Paying Agent” and, together with the U.S. Paying Agent, the
“Paying Agents” and each individually, a “Paying Agent”), and London issuing agent (the “London
Issuing Agent”); expressions shall also include any successors appointed in accordance with Section
27 of the Agreement; and

     (iv) DEUTSCHE BANK LUXEMBOURG S.A., as European registrar (the “European Registrar” and,
together with the U.S. Registrar, the “Registrars” and each a “Registrar”) and European transfer
agent (the “European Transfer Agent”), which expressions shall include any successors appointed in
accordance with Section 27 of the Agreement.

WHEREAS:

     A. The Bank has established the Global Bank Note Program described in the Offering Circular,
dated April 30, 2010 (as such document may hereafter be amended, supplemented or replaced by the
Bank, including the material incorporated therein by reference, the “Offering Circular”), which
will be supplemented by one or more product supplements and/or pricing supplements setting forth
additional terms and conditions of bank notes, pursuant to which the Bank may from time to time
issue up to US$75,000,000,000 (or the equivalent thereof in other currencies) in an aggregate
principal amount at any one time outstanding of its bank notes (the “Notes”);

     B. The Offering Circular describes the duties and obligations of certain agents with respect
to the Notes;

     C. Section 34 of the Agreement provides that the Bank and the Agents may modify, amend or
supplement the Agreement without the consent of any holder of Notes, Talons, Receipts or Coupons so
long as such action does not adversely effect the rights of the holders of a series of outstanding
Notes; and

 

 

     D. This Supplement has been duly authorized and approved by an Authorized Representative,
effective as of the date hereof.

     NOW, THEREFORE, in consideration of the premises, and of the mutual covenants,
representations, warranties and agreements contained herein, the parties agree as follows:

ARTICLE I

ADDITIONAL TERMS

     Section 1.1 Section 1(a) of the Agreement is hereby amended by deleting and replacing the
definition of “Administrative Procedures” with the following in lieu thereof:

““Administrative Procedures” means the Administrative Procedures Memorandum set
forth in Exhibit I hereto, which shall not apply to issuances of commercial paper
Notes.”

     Section 1.2 Section 1(a) of the Agreement is hereby amended by deleting and replacing the
definition of “Offering Circular” with the following in lieu thereof:

     “Offering Circular” means the Offering Circular describing the Bank’s Global Bank Note
Program, dated April 30, 2010, as such document may hereafter be amended, supplemented or
replaced by the Bank, and including the material incorporated therein by reference.”

     Section 1.3 Section 1(a) of the Agreement is hereby amended by deleting and replacing the
definitions of “Pricing Supplement,” “Registered Global Note” and “TARGET System” with the
following in lieu thereof (and all references in the Agreement to “Pricing Supplement” or “TARGET
System” shall be construed accordingly):

     “Pricing Supplement” means the pricing supplement, or in the case of commercial paper
issuances, the trade confirmation, prepared by the Bank in relation to a particular Tranche
of Notes as a supplement to the Offering Circular;”

     “Registered Global Note” means a global Registered Note substantially in the form set
out in Exhibit A-1 hereto, or in the case of certain short-term Registered Global
Notes, Exhibit A-2 hereto, or in the case of certain commercial paper Registered
Global Notes, Exhibit A-3 hereto, or in such other form as may be agreed by the
parties hereto.”

     “TARGET2 System” means the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET2) System or any successor thereto.”

     Section 1.4 Section 5(d) of the Agreement is hereby amended by adding (a) “or Master
Commercial Paper Registered Note certificates, as applicable” after “Master Short-Term Registered
Note certificates”; (b) “or each commercial paper Note, as applicable,” after “each short-term
Note” and (c) “or Master Commercial Paper Registered Note, as applicable” after “Master Short-Term
Registered Note.”

2

 

     Section 1.5 Section 9(a) of the Agreement is hereby amended by adding “or a Master Commercial
Paper Registered Note certificate, as applicable,” after “Master Short-Term Registered Note
certificate.”

     Section 1.6 Section 31 of the Agreement is hereby amended by deleting and replacing such
section with the following in lieu thereof:

     “Section 31. Notices.

     Any notice or communication given to any party hereunder shall be sufficiently given or
served (a) if delivered in person to the relevant address specified below (or such other
address from time to time designated by such party to the other parties hereto), and if so
delivered, shall be deemed to have been delivered at the time of receipt; (b) if sent by
mail (whether registered or certified, return receipt requested; postage prepaid; or
overnight courier) to the relevant address specified below (or such other address from time
to time designated by such party to the other parties thereto), and, if so sent, shall be
deemed to be delivered at the time of delivery, provided such delivery is confirmed by
return receipt or signature upon delivery; (c) if sent by facsimile transmission to the
relevant number specified below (or such other number from time to time designated by such
party to the other parties hereto) and, if so sent, shall be deemed to have been delivered
upon transmission, provided such transmission is confirmed when an acknowledgment of receipt
is received; (d) if sent by e-mail to the relevant e-mail address specified below (or such
other e-mail address from time to time designated by such party to the other parties
hereto), and if so sent, shall be deemed to have been delivered at the time of receipt.

In the case of the Bank, to it at:

Bank of America, N.A.

NC1-007-07-13

100 North Tryon Street

Charlotte, North Carolina 28255-0065

U.S.A.

Attn: Corporate Treasury — Governance and Control

Telephone: +1-980-388-2654

Facsimile: +1-980-387-8794

E-mail: securities.administration@bankofamerica.com

Together with a copy to:

Bank of America Corporation

Legal Department

NC1-002-29-01

101 South Tryon Street

Charlotte, North Carolina 28255

Telephone: +1-980-386-4238

Facsimile: +1-704-386-1670

Attention: Teresa M. Brenner, Esq.

3

 

and

McGuireWoods LLP

201 North Tryon Street

Charlotte, North Carolina 28202

Telephone: +1-704-343-2030

Facsimile: +1-704-343-2300

Attention: Boyd C. Campbell, Jr., Esq.

In the case of the U.S. Registrar and U.S. Paying Agent, to it at:

DEUTSCHE BANK TRUST COMPANY AMERICAS

c/o Deutsche Bank National Trust Company

Global Transaction Banking

Trust & Securities Services

100 Plaza One

6th floor, MS JCY03-0699

Jersey City, New Jersey 07311-3901

Telephone: +1-201-593-2507

Facsimile: +1-732-578-4635

E-mail: ken.ring@db.com

In the case of the London Paying Agent and London

Issuing Agent, to it at:

DEUTSCHE BANK AG, LONDON BRANCH

Winchester House

1 Great Winchester Street

London EC2N 2DB

Attention:    Trust and Securities Services

Telephone:     +44 (0) 20 7545 8000

Facsimile:    +44 (0) 20 7547 5782

E-mail:      TSS-GDS.ROW@db.com

In the case of the European Registrar and European Transfer Agent, to it at:

DEUTSCHE BANK LUXEMBOURG S.A.

2 Boulevard Konrad-Adenauer

L-1115 Luxembourg

Attention: Coupon Paying Department

Telephone:    +352 421 221

Facsimile:    +352 473 136

E-mail:      TSS-GDS.ROW@db.com

4

 

     Section 1.7 Each of Exhibit A-1, Exhibit A-2, Exhibit B, and Exhibit C of the Agreement is
hereby amended by deleting and replacing such exhibit with the exhibit set forth in Exhibit A-1,
Exhibit A-2, Exhibit B and Exhibit C to this Supplement, respectively. Exhibit A-3, Form of Master
Commercial Paper Registered Note, is hereby added in its entirety to the Agreement in the form set
forth in Exhibit A-3 to this Supplement.

ARTICLE II

MISCELLANEOUS

     Section 2.1 Agreement Remains in Full Force and Effect. Except as supplemented hereby, all
provisions in the Agreement shall remain in full force and effect.

     Section 2.2 Agreement and Supplement Construed Together. This Supplement is supplemental to
the Agreement, and the Agreement and this Supplement shall henceforth be read and construed
together.

     Section 2.3 Severability. In case any provision in this Supplement shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.

     Section 2.4 Terms Defined in the Agreement. All capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in the Agreement.

     Section 2.5 Headings. The headings of this Supplement have been inserted for convenience of
reference only, are not to be considered part of this Supplement and shall in no way modify or
restrict any of the terms or provisions hereof.

     Section 2.6 Benefits of Supplement. Nothing in this Supplement or the Notes, express or
implied, shall give to any Person, other than (a) the parties hereto and thereto and their
successors hereunder and thereunder, and (b) the holders of the Notes, any benefit of any legal or
equitable right, remedy or claim under the Agreement, this Supplement or the Notes.

     Section 2.7 Counterparts. The parties may sign any number of copies of this Supplement. Each
signed copy shall be an original, but all of them together represent the same agreement.

     Section 2.8 Effective Date. This Supplement shall be effective on the date first set forth
above.

     Section 2.9 Governing Law. This Supplement shall be governed by, and construed in accordance
with, the laws of the State of New York but without giving effect to applicable principles of
conflicts of law to the extent that the application of the laws of another jurisdiction would be
required thereby.

5

 

     IN WITNESS WHEREOF, the parties hereto have executed this Supplement as of the date first
above written.

	 	 	 	 	 

	The Bank	 	 
	 
	 	 	 	 
	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 
	By:

	 	/s/ WILLIAM D. HOBBS	 	 
	 	 	 	 	 
	 

	 	Name: William D. Hobbs	 	 
	 

	 	Title: Senior Vice President	 	 
	 
	 	 	 	 
	The U.S. Registrar and U.S. Paying Agent	 	 
	 
	 	 	 	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS	 	 
	 
	 	 	 	 
	By:

	 	Deutsche Bank National Trust Company	 	 
	 
	 	 	 	 
	By:

	 	/s/ KENNETH R. RING	 	 
	 	 	 	 	 
	 

	 	Name: Kenneth R. Ring	 	 
	 

	 	Title: Vice President	 	 
	 
	 	 	 	 
	By:

	 	/s/ DAVID CONTINO	 	 
	 	 	 	 	 
	 

	 	Name: David Contino	 	 
	 

	 	Title: Vice President	 	 
	 
	 	 	 	 
	The London Paying Agent and London Issuing Agent	 	 
	 
	 	 	 	 
	DEUTSCHE BANK AG, LONDON BRANCH	 	 
	 
	 	 	 	 
	By:

	 	/s/ ROBERT J. BEBB	 	 
	 	 	 	 	 
	 

	 	Name: Robert J. Bebb	 	 
	 

	 	Title: Vice President	 	 
	 
	 	 	 	 
	By:

	 	/s/ MIRIAM C. KEELER	 	 
	 	 	 	 	 
	 

	 	Name: Miriam C. Keeler	 	 
	 

	 	Title: Vice President	 	 
	 
	 	 	 	 
	The European Registrar and European Transfer Agent	 	 
	 
	 	 	 	 
	DEUTSCHE BANK LUXEMBOURG S.A.	 	 
	 
	 	 	 	 
	By:

	 	/s/ ROBERT J. BEBB	 	 
	 	 	 	 	 
	 

	 	Name: Robert J. Bebb	 	 
	 

	 	Title: Attorney	 	 
	 
	 	 	 	 
	By:

	 	/s/ MIRIAM C. KEELER	 	 
	 	 	 	 	 
	 

	 	Name: Miriam C. Keeler	 	 
	 

	 	Title: Vice President	 	 

 

 

Exhibit A-1 to

Supplement to Global Agency Agreement

[FORM OF REGISTERED GLOBAL NOTE]

BANK OF AMERICA, N.A.

REGISTERED GLOBAL BANK NOTE

     [This Note is a global note within the meaning of the Global Agency Agreement dated as of July
25, 2007, as supplemented by a Supplement to Global Agency Agreement dated as of December 19, 2008
and a Supplement to Global Agency Agreement dated as of April 30, 2010, as the same may be further
supplemented and amended from time to time (as supplemented and amended, the “Agency Agreement”)
among Bank of America, N.A., as Issuer, Deutsche Bank Trust Company Americas, as U.S. Registrar and
U.S. Paying Agent, Deutsche Bank AG, London Branch, as London Paying Agent and London Issuing
Agent, and Deutsche Bank Luxembourg S.A., as European Registrar and European Transfer Agent and is
registered in the name of the Depository (as defined below) or a nominee of the Depository. This
Note is not exchangeable for definitive or other Notes registered in the name of a person other
than the Depository or its nominee, except in the limited circumstances described in the Agency
Agreement, and no transfer of this Note (other than a transfer 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) may be registered except in the limited circumstances described in the
Agency Agreement.

     Unless this Note is presented by an authorized representative of The Depository Trust Company
(the “Depository”) (55 Water Street, New York, New York) to the Issuer or its agent for
registration of transfer, exchange or payment, and this Note is registered in the name of CEDE &
CO., or such other name as requested by an authorized representative of The Depository Trust
Company, and unless 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.]1

     [THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” FOR PURPOSES OF SECTIONS 1272, 1273
AND 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE ISSUE PRICE OF THIS
NOTE IS U.S.$                     PER U.S.$1,000 OF PRINCIPAL AMOUNT DUE AT MATURITY; THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT IS U.S.$                     PER U.S.$1,000 OF PRINCIPAL AMOUNT DUE AT MATURITY; THE DISCOUNT IS
U.S.$                     PER U.S.$1,000 OF PRINCIPAL AMOUNT DUE AT MATURITY; THE ISSUE DATE IS

 

			
	1	 	Modify in the case of all Registered Global
Notes other than DTC Global Notes.

A1-1

 

___ AND THE YIELD TO MATURITY ON THE ISSUE DATE IS ___% PER ANNUM, COMPOUNDED
[SEMI-ANNUALLY]. [THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ALLOCABLE TO THE SHORT INITIAL ACCRUAL
PERIOD IS U.S.$___ PER U.S.$1,000 OF PRINCIPAL AMOUNT DUE AT MATURITY; THE PRINCIPAL AMOUNT AND
THE AMOUNT ALLOCABLE TO THE SHORT FINAL ACCRUAL PERIOD IS U.S.$___ PER U.S.$1,000 OF PRINCIPAL
AMOUNT DUE AT MATURITY, EACH DETERMINED ON THE BASIS OF A METHOD TAKING INTO ACCOUNT DAILY
COMPOUNDING.]]2

     THIS NOTE IS NOT A SAVINGS ACCOUNT OR A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

     IF THIS NOTE IS A SENIOR NOTE, AS INDICATED ON THE FACE HEREOF, THIS NOTE IS A DIRECT,
UNCONDITIONAL, UNSECURED AND UNSUBORDINATED GENERAL OBLIGATION OF BANK OF AMERICA, N.A. THE
OBLIGATIONS EVIDENCED BY THIS NOTE RANK PARI PASSU WITH ALL OTHER UNSECURED AND UNSUBORDINATED
OBLIGATIONS OF BANK OF AMERICA, N.A., EXCEPT OBLIGATIONS, INCLUDING DEPOSIT LIABILITIES, THAT ARE
SUBJECT TO ANY PRIORITIES OR PREFERENCES UNDER APPLICABLE LAW.

     IF THIS NOTE IS A SUBORDINATED NOTE, AS INDICATED ON THE FACE HEREOF, THIS NOTE A DIRECT,
UNCONDITIONAL AND UNSECURED OBLIGATION OF BANK OF AMERICA, N.A., IS SUBORDINATED TO CLAIMS OF
GENERAL CREDITORS AND OF DEPOSITORS, AND IS NOT ELIGIBLE AS COLLATERAL FOR A LOAN BY BANK OF
AMERICA, N.A.

     THIS NOTE IS NOT AN OBLIGATION OF OR GUARANTEED BY BANK OF AMERICA CORPORATION OR ANY OTHER
BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA, N.A.

     THIS NOTE IS SOLD IN MINIMUM DENOMINATIONS AS NOTED HEREIN AND IN THE PRICING SUPPLEMENT OR
INDEXED PAYMENT RIDER ATTACHED HERETO AND CANNOT BE EXCHANGED FOR NOTES IN SMALLER DENOMINATIONS.
EACH OWNER OF A BENEFICIAL INTEREST IN THIS NOTE IS REQUIRED TO HOLD A BENEFICIAL INTEREST OF A
PRINCIPAL AMOUNT OF THIS NOTE EQUAL TO THE MINIMUM AUTHORIZED DENOMINATION AT ALL TIMES.

 

			
	2	 	This legend is applicable for an original
issue discount note, as specified in the Pricing Supplement and as described in
Section 16 of the reverse side hereof. Omit the last sentence in the case of
Notes that are issued and mature exactly on regularly scheduled interest
payment dates.

A1-2

 

     THIS NOTE IS OFFERED AND SOLD ONLY TO ACCREDITED INVESTORS AS DEFINED IN REGULATION D UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, AND EACH PURCHASER OF A BENEFICIAL INTEREST IN THIS NOTE
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED TO BANK OF AMERICA, N.A. THAT IT IS AN ACCREDITED
INVESTOR AND THAT IT IS PURCHASING SUCH INTEREST FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
ACCREDITED INVESTOR.

A1-3

 

			
	 	 	 
	No. R-
	 	Registered
	CUSIP No.:	 	 
	ISIN No.:	 	 
	Common Code:
	 	Principal Amount: [$]                                                            
	 	 	 

BANK OF AMERICA, N.A.

[INSERT NAME OF SERIES OR DESIGNATION OF THE NOTES]

REGISTERED GLOBAL BANK NOTE

	 	 	 	 	 	 	 

	ORIGINAL ISSUE DATE3:	 	o	 	This Note is an Extendible Note. [See attached Rider]
	SPECIFIED CURRENCY:	 	o	 	This Note is an Extension of Maturity Note. [See attached Rider]
	 

	 	o U.S. Dollars
	 	o
	 	This Note is an Amortizing Note.
	 

	 	o Other (specify):	 	 	 	 
	 
	 	 	 	 	 	 
	o

	 	FIXED RATE NOTE	 	 	 	 
	o

	 	FLOATING RATE NOTE	 	 	 	 
	o

	 	INDEXED NOTE [See attached Rider]
	 	 	 	 
	o

	 	FLOATING RATE/FIXED RATE NOTE	 	 	 	 
	 
	 	 	 	 	 	 
	o

	 	SENIOR NOTE	 	 	 	 
	o

	 	SUBORDINATED NOTE	 	 	 	 

     BANK OF AMERICA, N.A., a national banking association organized under the laws of the United
States (herein called the “Issuer,” which term includes any successor corporation), for value
received, hereby promises to pay to [CEDE & CO., as nominee for The Depository Trust Company], or
its registered assigns, the principal amount specified above (or if this Note is designated as an
Indexed Note above, the Principal Repayment Amount and/or the Supplemental Payment Amount
calculated in accordance with the provisions set forth in the Pricing Supplement or Indexed Payment
Rider, as applicable, attached hereto (referred to collectively as the “Pricing Supplement”)) as
adjusted in accordance with Schedule 1 hereto, on the Stated Maturity Date4 specified
above (except to the extent redeemed or repaid prior to the Stated Maturity Date), and to pay
interest thereon (i) in accordance with the provisions set forth on the reverse hereof in Section
2(a), if this Note is designated as a “Fixed Rate Note” above, (ii) in

 

			
	3	 	The form provides that interest, if any, will
accrue from the Original Issue Date. In the event a series of Notes is
reopened, interest will accrue from the Original Issue Date for all tranches of
Notes of that series. However, in the event a series of Notes is reopened, the
authentication date for each tranche of Notes will be the date that tranche of
Notes is settled, which may be different from the Original Issue Date.
	 
	4	 	This form provides for Notes that will mature
only on a specified date. If the Maturity of Notes of a series may be extended
at the option of the holder, or if the Issuer may elect the extension of
Maturity of the Notes of a series, the form, as used, will be modified by the
applicable Rider attached to this Note to provide for additional terms relating
to such renewal or extension, as the case may be, including the period or
periods for which the Maturity may be extended, changes in the interest rate,
if any, and requirements for notice.

A1-4

 

accordance with the provisions set forth on the reverse hereof under the Section 2(b), if this Note
is designated as a “Floating Rate Note” above, (iii) in accordance with the provisions set forth on
the reverse hereof in Section 2(c), if this Note is designated as a “Floating Rate/Fixed Rate Note”
above, or (iv) in accordance with the provisions set forth in the Pricing Supplement, if this Note
is designated as an “Indexed Note” above, in each case as such provisions may be modified or
supplemented by the terms and provisions set forth in the Pricing Supplement, and (to the extent
that the payment of such interest shall be legally enforceable) to pay interest at the Default Rate
per annum specified in the Pricing Supplement on any overdue principal and premium, if any, and on
any overdue installment of interest. If no Default Rate is specified in the Pricing Supplement,
the Default Rate shall be the fixed or floating Interest Rate or Interest Rates on this Note
specified in the Pricing Supplement. “Maturity,” when used herein, means the date on which the
principal of this Note or an installment of principal becomes due and payable in full in accordance
with the terms of this Note and of the Agency Agreement, whether at the Stated Maturity Date or by
declaration of acceleration, call for redemption, prepayment at the holder’s option or otherwise.

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will be paid to the person in whose name this Note (or one or more predecessor Notes
evidencing all or a portion of the same debt as this Note) is registered at the close of business
on the date that is one business day prior to such Interest Payment Date (or, if this Note is in
definitive form, the fifteenth calendar day immediately preceding such Interest Payment Date,
unless otherwise specified on the face hereof) (the “Regular Record Date”); provided,
however, that the first payment of interest on any Note with an Original Issue Date between
a Regular Record Date and an Interest Payment Date or on an Interest Payment Date will be made on
the Interest Payment Date following the next Regular Record Date to the person in whose name this
Note is registered at the close of business on such next Regular Record Date; and provided,
further, that interest payable at Maturity (the “Maturity Date”) will be payable to the
person to whom the principal hereof shall be payable. The principal so payable, and punctually paid
or duly provided for, at Maturity will be paid to the person in whose name this Note (or one or
more predecessor Notes evidencing all or a portion of the same debt as this Note) is registered at
the close of business on the Maturity Date. Any such interest or principal not punctually paid or
duly provided for shall be payable as provided in the Agency Agreement.

     Payment of principal of, and premium, if any, and interest on, this Note due at Maturity will
be made in immediately available funds upon presentation and surrender of this Note at the office
of the applicable Paying Agent maintained for that purpose, and in accordance with the procedures
of the depository or clearing system noted hereon; provided, that this Note is presented to such
Paying Agent in time for such Paying Agent to make such payment in accordance with its normal
procedures. Payments of interest on this Note (other than at Maturity) will be made by wire
transfer to such account as has been appropriately designated to the applicable Paying Agent by the
person entitled to such payments.

     The Issuer will pay any administrative costs imposed by any bank 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.

A1-5

 

     Reference is made to the further provisions of this Note set forth on the reverse hereof and
in the Pricing Supplement attached hereto, which shall have the same effect as though fully set
forth at this place. In the event of any conflict between the provisions contained herein or on the
reverse hereof and the provisions contained in the Pricing Supplement attached hereto, the latter
shall control. References herein to “this Note,” “hereof,” “herein” and comparable terms shall
include the Pricing Supplement attached hereto.

     Unless the certificate of authentication hereon has been executed by the applicable Registrar,
by manual signature of an authorized signatory, this Note shall not be entitled to any benefit
under the Agency Agreement or be valid or obligatory for any purpose.

A1-6

 

     IN WITNESS WHEREOF, Bank of America, N.A. has caused this instrument to be duly executed on
its behalf, by manual or facsimile signature.

	 	 	 	 	 	 	 

	Dated: 	 	 	 	BANK OF AMERICA, N.A.
	 

	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

A1-7

 

CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 

	Dated:__________________	 	[DEUTSCHE BANK TRUST COMPANY AMERICAS

as U.S. Registrar
	 
	 	 	 	 
	 	 	By Deutsche Bank National Trust Company
	 
	 	 	 	 
	 

	 	By: 	 	 
	 

	 	 	 
	 	 	Authorized Signatory
	 
	 	 	 	 
	 

	 	By: 	 	 
	 

	 	 	 
	 	 	Authorized Signatory]
	 
	 	 	 	 
	 	 	[DEUTSCHE BANK LUXEMBOURG S.A.

as European Registrar
	 
	 	 	 	 
	 

	 	By: 	 	 
	 

	 	 	 
	 	 	Authorized Signatory
	 
	 	 	 	 
	 

	 	By: 	 	 
	 

	 	 	 
	 	 	Authorized Signatory]

A1-8

 

[ATTACH PRICING SUPPLEMENT OR INDEXED PAYMENT RIDER, AS APPLICABLE]

A1-9

 

[Reverse of Note]

BANK OF AMERICA, N.A.

(REGISTERED GLOBAL BANK NOTE)

     SECTION 1. General. This Note is one of a duly authorized issue of senior or subordinated
Notes of the Issuer, as indicated on the face hereof, issued and to be issued in one or more
series under the Global Agency Agreement dated as of July 25, 2007, as supplemented by a Supplement
to Global Agency Agreement dated as of December 19, 2008 and a Supplement to Global Agency
Agreement dated as of April 30, 2010, as the same may be further supplemented and amended from time
to time (as supplemented and amended, the “Agency Agreement”) among Bank of America, N.A., as
Issuer, Deutsche Bank Trust Company Americas, as U.S. Registrar (the “U.S. Registrar”) and U.S.
Paying Agent (the “U.S. Paying Agent”), Deutsche Bank AG, London Branch, as London Paying Agent
(the “London Paying Agent,” and together with the U.S. Paying Agent, the “Paying Agents” and each,
a “Paying Agent”) and London Issuing Agent (the “London Issuing Agent”), and Deutsche Bank
Luxembourg S.A., as European Registrar (the “European Registrar,” and together with the U.S.
Registrar, the “Registrars” and each, a “Registrar”) and European Transfer Agent (the “European
Transfer Agent,” and together with the Registrars, the Paying Agents and the London Issuing Agent,
the “Agents” and each, an “Agent”), to which Agency Agreement reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Issuer and the Agents thereunder and the holders of the Notes and of the terms upon which the Notes
are, and are to be, authenticated and delivered. The terms U.S. Registrar, U.S. Paying Agent,
London Paying Agent, London Issuing Agent, European Registrar and European Transfer Agent shall
include any additional or successor agents appointed in such capacities by the Issuer.

     This Note is also one of the Notes issued pursuant to an Offering Circular dated April 30,
2010, as it may be amended or supplemented from time to time, for the offer and sale of up to
U.S.$75,000,000,000 aggregate principal amount of senior and subordinated bank notes at any one
time outstanding with maturities of 7 days or more from their respective dates of issue. The Notes
may bear different dates, mature at different times, bear interest at different rates and vary in
such other ways as are provided in the Agency Agreement, and the aggregate principal amount of bank
notes to be offered under the program may be increased from time to time.

     The Issuer has initially appointed [Deutsche Bank Trust Company Americas][Deutsche Bank AG,
London Branch] to act as paying agent in respect of the Notes. This Note may be presented or
surrendered for payment, and notices, designations or requests in respect of payments with respect
to this Note may be served, at the office or agency of the applicable Paying Agent.

     Subject to any fiscal or other laws and regulations applicable thereto in the place of
payment, payments in a Specified Currency other than euro will be made by transfer to an account in
the relevant Specified Currency maintained by the payee with, or by a check in such Specified
Currency drawn on, a bank in the Principal Financial Center (as defined herein) of the

A1-10

 

country of such Specified Currency, and payments in euro will be made by credit or transfer to
a euro account (or any other account to which euro may be credited or transferred) specified by the
payee.

     Unless specified otherwise in the Pricing Supplement, this Note will not be subject to a
sinking fund.

     SECTION 2. Interest Provisions.

     (a) Fixed Rate Notes. If this Note is designated as a “Fixed Rate Note” on the face
hereof, the Issuer will pay interest on the principal amount specified on the face of this Note (as
adjusted in accordance with Schedule 1 hereto) on each Interest Payment Date specified in the
Pricing Supplement and at Maturity, commencing on the first Interest Payment Date succeeding the
Original Issue Date specified above, except as provided on the face hereof, until payment of such
principal sum has been made or duly provided for. Unless otherwise specified in the Pricing
Supplement, if this Note has a Maturity Date of less than one year from the Original Issue Date,
interest on this Note will be paid only at Maturity.

     Payments of interest hereon will include interest accrued from and including the most recent
Interest Payment Date to which interest on this Note (or any predecessor Note) has been paid or
duly provided for (or, unless otherwise specified in the Pricing Supplement, if no interest has
been paid or duly provided for, from and including the Original Issue Date) to but excluding the
relevant Interest Payment Date or Maturity Date, as the case may be.

     Unless otherwise specified in the Pricing Supplement, if this Note has an original maturity
less than one year and is payable in U.S. dollars, interest (including payments for partial
periods) will be computed and paid on the basis of the actual number of days elapsed divided by
360. Unless otherwise specified in the Pricing Supplement, if this Note has an original maturity of
one year or more and is payable in U.S. dollars, interest (including payments for partial periods)
will be computed on the basis of a 360-day year of twelve 30-day months. Unless otherwise specified
in the Pricing Supplement, if this Note is denominated in a Specified Currency other than U.S.
dollars, interest will be computed on the basis of the Actual/Actual (ISMA) Fixed Day Count
Convention.

     “Actual/Actual (ISMA) Fixed Day Count Convention” means:

	 	(a)	 	in the case of fixed-rate notes where the number of days in the relevant period
from and including the most recent Interest Payment Date (or, if none, from and including
the interest commencement date, which unless specified otherwise in the Pricing
Supplement shall be the Original Issue Date) to, but excluding, the relevant payment date
(referred to as the “accrual period”) is equal to or shorter than the determination
period (as defined below) during which the accrual period ends, the number of days in the
accrual period divided by the product of (1) the number of days in that determination
period and (2) the number of determination periods that would occur in one calendar year,
assuming interest was to be payable in respect of the whole of that year; or

A1-11

 

(b) in the case of fixed-rate notes where the accrual period is longer than the
determination period during which the accrual period ends, the 

     
sum of:

(1) the number of days in that accrual period falling in the determination period in
which the accrual period begins divided by the product of (x) the number of days in such
determination period and (y) the number of determination periods that would occur in one
calendar year, assuming interest was to be payable in respect of the whole of that year;
and

(2) the number of days in that accrual period falling in the next determination period
divided by the product of (x) the number of days in such determination period and (y) the
number of determination periods that would occur in one calendar year, assuming interest
was to be payable in respect of the whole of that year.

     “Determination period” means the period from and including a determination date to but
excluding the next determination date (including, where either the interest commencement date or
the final Interest Payment Date is not a determination date, the period commencing on the first
determination date prior to, and ending on the first determination date falling after, such date).

     “Determination date” means each date specified in the Pricing Supplement or, if none is
specified, each Interest Payment Date.

     Unless otherwise specified in the Pricing Supplement, if any Interest Payment Date or the
Maturity Date of this Note falls on a day that is not a Business Day, the related payment of
principal of, or premium, if any, or interest on, this Note will be made on the next succeeding
Business Day with the same force and effect as if made on the date such payments were due, and no
additional interest will accrue in respect of the amount so payable for the period from and after
such Interest Payment Date or the Maturity Date, as the case may be.

     (b) Floating Rate Notes. If this Note is designated as a “Floating Rate Note” on face
hereof, the Issuer will pay interest on the principal amount specified on the face of this Note (as
adjusted in accordance with Schedule 1 hereto) on each Interest Payment Date specified in the
Pricing Supplement and at Maturity, commencing on the first Interest Payment Date succeeding the
Original Issue Date specified on the face hereof, unless the Original Issue Date occurs between a
Regular Record Date (as defined below) and the next Interest Payment Date, in which case interest
shall be payable commencing on the Interest Payment Date following the next Regular Record Date, at
a rate per annum determined in accordance with the provisions hereof and the Pricing Supplement,
until payment of such principal sum has been made or duly provided for. If this Note has a Maturity
Date of less than one year from the Original Issue Date, interest on this Note will be paid only at
Maturity.

     Payments of interest hereon will include interest accrued from and including the most recent
Interest Payment Date to which interest on this Note (or any predecessor Note) has been paid or
duly provided for (or, unless otherwise provided in the Pricing Supplement, if no interest has been
paid or duly provided for, from and including the Original Issue Date) to but excluding the
relevant Interest Payment Date or Maturity Date, as the case may be (each such period, an “Interest
Period”).

A1-12

 

     As set forth in the Pricing Supplement, this Note may have either or both of the following:
(i) a maximum numerical interest rate limitation, or ceiling, on the rate at which interest may
accrue during any Interest Period (“Maximum Interest Rate”); or (ii) a minimum numerical interest
rate limitation, or floor, on the rate at which interest may accrue during any interest period
(“Minimum Interest Rate”); provided, however, that the interest rate on this Note
will in no event be higher than the maximum rate permitted by applicable law.

     The Base Rate (as defined herein) with respect to this Note may be (i) the federal funds rate,
(ii) the London interbank offered rate, or “LIBOR,” (iii) the Eurozone interbank offered rate, or
“EURIBOR,” (iv) the prime rate, (v) the treasury rate or (v) such other rate as is described in the
Pricing Supplement.

     Except as described below, this Note will bear interest at the rate determined by reference to
the appropriate interest rate basis (the “Base Rate”) and Index Maturity, each as specified in the
Pricing Supplement, (i) plus or minus the Spread, if any, specified in the Pricing Supplement
and/or (ii) multiplied by the Spread Multiplier, if any, specified in the Pricing Supplement. The
interest rate in effect during an Interest Period will be the rate determined by the Calculation
Agent specified in the Pricing Supplement on the “calculation date” by reference to the Interest
Determination Date (as described below).

     If “ISDA Rate” is specified in the Pricing Supplement, the rate of interest on this Note for
each Interest Period will be the relevant ISDA Rate plus or minus the margin, if any, specified in
the Pricing Supplement. Unless specified otherwise in the Pricing Supplement, “ISDA Rate” means,
with respect to any Interest Period, the rate equal to the Floating Rate that would be determined
by the Calculation Agent pursuant to an interest rate swap transaction if the Calculation Agent
were acting as Calculation Agent for such swap transaction in accordance with the terms of an
agreement in the form of any ISDA Master Agreement published by the International Swaps and
Derivatives Association, Inc. (including any Annexes thereto, the “ISDA Agreement”) and evidenced
by a Confirmation (as defined in the ISDA Agreement) incorporating the 2006 ISDA definitions, as
amended, updated, supplemented or replaced as at the issue date of the first tranche of bank notes
of the relevant series (the “2006 ISDA Definitions”) published by the International Swaps and
Derivatives Association, Inc. and under which: (i) the Floating Rate Option is as specified in the
Pricing Supplement; (ii) the Designated Maturity is the period specified in the Pricing Supplement;
and (iii) the relevant Reset Date is either (a) if the applicable Floating Rate Option is based on
LIBOR or EURIBOR for a currency, the first day of such interest period or (b) in any other case, as
specified in the Pricing Supplement. Where “ISDA Rate” is specified, interest will be payable on
each Interest Payment Date specified in the Pricing Supplement or, if no express Interest Payment
Dates are specified, on each date which falls at the end of the number of months or other period
specified as the interest period in the Pricing Supplement after the preceding Interest Payment
Date (or after the Original Issue Date, in the case of the first such date). As used in this
paragraph, “Floating Rate,” “Calculation Agent,” “Floating Rate Option,” “Designated Maturity” and
“Reset Date” have the meanings ascribed to those terms in the 2006 ISDA Definitions.

     The “calculation date” pertaining to any Interest Determination Date will be the date by which
the Calculation Agent specified in the Pricing Supplement computes the amount of

A1-13

 

interest owed on this Note for the related Interest Period. Unless otherwise specified in the
Pricing Supplement, the “calculation date” will be the earlier of (a) the tenth calendar day after
the related Interest Determination Date or, if that date is not a Business Day, the next succeeding
Business Day; or (b) the Business Day immediately preceding the applicable Interest Payment Date or
the Stated Maturity Date or the date of redemption or the date of prepayment, as the case may be.

          The interest rate in effect on each day shall be (a) if such day is an Interest Reset Date,
the interest rate determined as of the Interest Determination Date pertaining to such Interest
Reset Date or (b) if such day is not an Interest Reset Date, the interest rate determined as of the
Interest Determination Date pertaining to the immediately preceding Interest Reset Date,
provided that (i) the interest rate in effect from the Original Issue Date to the initial
Interest Reset Date shall be the Initial Interest Rate specified in the Pricing Supplement, and
(ii) the interest rate in effect for the 10 calendar days immediately prior to the Maturity Date
shall be the rate in effect on the 10th calendar day preceding such Maturity Date. Unless otherwise
specified herein or in the Pricing Supplement, if any Interest Reset Date specified in the Pricing
Supplement (including the Initial Interest Reset Date, as specified in the Pricing Supplement)
falls on a day that is not a Business Day, the Interest Reset Date will be postponed to the next
day that is a Business Day, except that, unless otherwise specified in the Pricing Supplement, in
the case of a LIBOR note or a EURIBOR note, if the next Business Day is in the next succeeding
calendar month, the Interest Reset Date will be the immediately preceding Business Day. The
Interest Reset Dates are subject to adjustment as described below.

Unless otherwise specified in the Pricing Supplement: (i) the “Interest Determination Date” with
respect to any Note that has as its Base Rate the federal funds rate or the prime rate will be
the Business Day immediately preceding the related Interest Reset Date; (ii) the “Interest
Determination Date” with respect to any Note that has LIBOR as its Base Rate will be the second
London Banking Day preceding the related Interest Reset Date, unless the Index Currency
specified in the Pricing Supplement is Pounds Sterling, in which case the Interest Determination
Date will be the Interest Reset Date; (iii) the “Interest Determination Date” with respect to
any Note that has as its Base Rate the treasury rate will be the day of the week in which the
related Interest Reset Date falls on which Treasury bills of the Index Maturity specified in the
Pricing Supplement normally would be auctioned; provided, however, that if an
auction is held on the Friday of the week preceding the related Interest Reset Date, the related
“Interest Determination Date” shall be such preceding Friday; and provided,
further, that if an auction is held on any Interest Reset Date then the Interest Reset
Date shall instead be the first Business Day following such auction.

For a Note whose interest rate is determined by reference to two or more Base Rates, unless
otherwise specified in the Pricing Supplement, the “Interest Determination Date” shall be the
most recent Business Day that is at least two Business Days prior to the applicable Interest
Reset Date for the Note on which each Base Rate is applicable.

          Unless otherwise specified in the Pricing Supplement, if any Interest Payment Date falls on a
day that is not a Business Day, the related payment of interest will be made on the next succeeding
Business Day. However, unless otherwise specified in the Pricing Supplement, if this Note has as
its Base Rate LIBOR or EURIBOR, as described below, if an Interest Payment Date

A1-14

 

falls on a date that is not a Business Day, and the next Business Day is in the next calendar
month, the Interest Payment Date will be the immediately preceding Business Day. In each such case,
unless specified otherwise in the applicable Pricing Supplement, except for the Interest Payment
Date falling on the Maturity Date, the Interest Periods and the Interest Reset Dates will be
adjusted for non-Business Days accordingly to calculate the amount of interest payable on this
Note. Unless otherwise specified in the Pricing Supplement, if the Maturity Date of this Note falls
on a day that is not a Business Day, the related payment of principal of, or premium, if any, or
interest on, this Note will be made on the next succeeding Business Day with the same force and
effect as if made on the date such payments were due, and no additional interest will accrue in
respect of the amount so payable for the period from and after the Maturity Date.

     Accrued interest on this Note is calculated by multiplying the principal amount of the Note by
an accrued interest factor. The accrued interest factor is the sum of the interest factors
calculated for each day in the period for which accrued interest is being calculated. Unless
otherwise indicated in the Pricing Supplement, the daily interest factor will be computed on the
basis of a 360-day year of twelve 30-day months if the Day Count Convention specified in the
Pricing Supplement is “30/360” for the period specified thereunder, or on the basis of the actual
number of days in the Interest Period divided by 360 if the Day Count Convention specified in the
Pricing Supplement is “Actual/360” for the period specified thereunder, or on the basis of the
actual number of days in the Interest Period divided by 365, or in the case of an Interest Payment
Date falling in a leap year, 366, if the Day Count Convention specified in the Pricing Supplement
is “Actual/Actual” for the period specified thereunder. If no Day Count Convention is specified in
the Pricing Supplement, the daily interest factor will be computed and interest will be paid
(including payments for partial periods) as follows: (i) for Notes that have as a Base Rate the
federal funds rate, LIBOR, EURIBOR, the prime rate, or any other rate other than the treasury rate,
as if “Actual/360” had been specified in the Pricing Supplement; and (ii) for Notes that have the
treasury rate as a Base Rate, as if “Actual/Actual” had been specified in the Pricing Supplement.

     All amounts used in or resulting from any calculation on this Note will be rounded to the
nearest cent, if the Specified Currency is U.S. dollars, or to the nearest corresponding hundredth
of a unit, if the Specified Currency is other than U.S. dollars, with one-half cent or one-half of
a corresponding hundredth of a unit or more being rounded upward. Unless otherwise specified in
the Pricing Supplement, all percentages resulting from any calculation are rounded to the nearest
one hundred-thousandth of a percent, with five one-millionths of a percentage point rounded upward.
For example, 9.876545% (or .09876545) will be rounded to 9.87655% (or .0987655).

     Notwithstanding the calculations determined as specified below, the interest rate hereon shall
not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if
any, specified in the Pricing Supplement.

     The Calculation Agent shall calculate the interest rate hereon in accordance with the
procedures described below on or before each calculation date. At the request of the registered
holder hereof, the Calculation Agent will provide to such holder the interest rate hereon then in
effect and, if determined, the interest rate which will become effective as of the next Interest
Reset Date.

A1-15

 

     Determination of LIBOR. LIBOR for any Interest Determination Date will be the
arithmetic mean of the offered rates for deposits in the relevant Index Currency having the Index
Maturity described in the Pricing Supplement, commencing on the related Interest Reset Date, as the
rates appear on the designated LIBOR page in the Pricing Supplement as of 11:00 A.M., London time,
on that Interest Determination Date, if at least two offered rates appear on the designated LIBOR
page, except that, if the designated LIBOR page only provides for a single rate, that single rate
will be used.

     If fewer than two of the rates described above appears on that page or no rate appears on any
page on which only one rate normally appears, then the Calculation Agent will determine LIBOR as
follows:

	 	•	 	The Calculation Agent will select four major banks in the London interbank
market, after consultation with the Issuer. On the Interest Determination Date, those
four banks will be requested to provide their offered quotations for deposits in the
relevant Index Currency having an Index Maturity specified in the Pricing Supplement
commencing on the Interest Reset Date to prime banks in the London interbank market at
approximately 11:00 A.M., London time.
	 
	 	•	 	If at least two quotations are provided, the Calculation Agent will
determine LIBOR as the arithmetic mean of those quotations.
	 
	 	•	 	If fewer than two quotations are provided, the Calculation Agent will
select, after consultation with the Issuer, three major banks in New York City. On the
Interest Determination Date, those three banks will be requested to provide their
offered quotations for loans in the relevant Index Currency having an Index Maturity
specified in the Pricing Supplement commencing on the Interest Reset Date to leading
European banks at approximately 11:00 A.M., New York time. The Calculation Agent will
determine LIBOR as the average of those quotations.
	 
	 	•	 	If fewer than three New York City banks selected by the Calculation Agent
are quoting rates, LIBOR for that interest period will remain LIBOR then in effect on
the Interest Determination Date.

     Determination of EURIBOR. EURIBOR means, for any Interest Determination Date, the rate
for deposits in euro as sponsored, calculated, and published jointly by the European Banking
Federation and ACI—The Financial Market Association, or any company established by the joint
sponsors for purposes of compiling and publishing those rates, having the Index Maturity specified
in the Pricing Supplement, as that rate appears on the display on Reuters, or any successor
service, on page EURIBOR01 or any other page as may replace such page (“Reuters Page EURIBOR01”),
as of 11:00 A.M., Brussels time.

     The following procedures will be followed if EURIBOR cannot be determined as described above:

	 	•	 	If no offered rate appears on Reuters Page EURIBOR01 on an Interest
Determination Date at approximately 11:00 A.M., Brussels time, then the Calculation
Agent, after

A1-16

 

	 	 	 	consultation with the Issuer, will select four major banks in the Eurozone interbank
market to provide a quotation of the rate at which deposits in euro having the Index
Maturity specified in the Pricing Supplement are offered to prime banks in the Eurozone
interbank market, and in a principal amount not less than the equivalent of
€1,000,000, that is representative of a single transaction in euro in that market at
that time. If at least two quotations are provided, EURIBOR will be the arithmetic
average of those quotations.

	 	•	 	If fewer than two quotations are provided, then the Calculation Agent,
after consultation with the Issuer, will select four major banks in the Eurozone
interbank market to provide a quotation of the rate offered by them, at approximately
11:00 A.M., Brussels time, on the Interest Determination Date, for loans in euro to
prime banks in the Eurozone interbank market for a period of time equivalent to the
Index Maturity specified in the Pricing Supplement commencing on that Interest Reset
Date and in a principal amount not less than the equivalent of €1,000,000, that is
representative of a single transaction in euro in that market at that time. If at least
three quotations are provided, EURIBOR will be the arithmetic average of those
quotations.

	 	•	 	If three quotations are not provided, EURIBOR for that Interest
Determination Date will be equal to EURIBOR for the immediately preceding interest
period.

     “Eurozone” means the region comprising Member States of the European Union that have adopted
the euro as their single currency in accordance with the Treaty establishing European Community, as
amended.

     Determination of Treasury Rate. The “treasury rate” for any Interest Determination
Date is the rate set at the auction of direct obligations of the United States (“Treasury bills”)
having the Index Maturity described in the Pricing Supplement, as specified under the caption
“Investment Rate” on the display on Reuters, or any successor service, on page USAUCTION 10/11 or
any other page as may replace such page.

     The following procedures will be followed if the treasury rate cannot be determined as
described above:

	 	•	 	If the rate is not displayed on Reuters by 3:00 P.M., New York City time,
on the related calculation date, the treasury rate will be the rate of Treasury bills
as published in H.15 Daily Update, or another recognized electronic source for the
purpose of displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Auction High.”
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
published by 3:00 P.M., New York City time, on the related calculation date, the
treasury rate will be the bond equivalent yield, as defined below, of the auction rate
of the applicable Treasury bills as announced by the U.S. Department of the Treasury.
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
announced by the U.S. Department of the Treasury, or if the auction is not held, the
treasury rate

A1-17

 

	 	 	 	will be the bond equivalent yield of the rate on the particular Interest Determination
Date of the applicable Treasury bills as published in H.15(519) under the caption “U.S.
Government Securities/Treasury Bills/Secondary Market.”

	 	•	 	If the alternative rate described in the paragraph immediately above is not
published by 3:00 P.M., New York City time, on the related calculation date, the
treasury rate will be the rate on the particular Interest Determination Date of the
applicable Treasury bills as published in H.15 Daily Update, or another recognized
electronic source used for the purpose of displaying the applicable rate, under the
caption “U.S. Government Securities/Treasury Bills/Secondary Market.”
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
published by 3:00 P.M., New York City time, on the related calculation date, the
treasury rate will be the rate on the particular Interest Determination Date calculated
by the Calculation Agent as the bond equivalent yield of the arithmetic mean of the
secondary market bid rates, as of approximately 3:30 P.M., New York City time, on that
Interest Determination Date, of three primary U.S. government securities dealers,
selected by the Calculation Agent, after consultation with the Issuer, for the issue of
Treasury bills with a remaining maturity closest to the particular Index Maturity.
	 
	 	•	 	If the dealers selected by the Calculation Agent are not quoting as
described in the paragraph immediately above, the treasury rate will be the treasury
rate in effect on the particular Interest Determination Date.

     The bond equivalent will be calculated using the following formula:

	 	 	 	 	 

	Bond Equivalent Yield =

	 	D x N
	 	x 100
	 	 	 
	 	360 — (D x M)	 

where “D” refers to the applicable annual rate for Treasury bills quoted on a bank discount basis
and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the
actual number of days in the applicable interest period.

     “H.15(519)” means the weekly statistical release designated as H.15(519), or any successor
publication, published by the Federal Reserve Board.

     “H.15 Daily Update” means the daily update of H.15(519), available through the website of the
Federal Reserve Board at www.federalreserve.gov/releases/h15/update, or any successor site or
publication.

     Determination of Federal Funds Rate. The “federal funds rate” for any Interest
Determination Date will be as follows:

	 	•	 	if “Federal Funds (Effective) Rate” is specified in the Pricing Supplement,
the federal funds rate will be the rate on that Interest Determination Date for U.S.
dollar federal funds, as published in H.15(519) under the heading “Federal Funds
(Effective)” and displayed on Reuters, or any successor service, on page FEDFUNDS1 or
any other page as may replace the specified page on that service

A1-18

 

	 	 	(“Reuters Page FEDFUNDS1”), or if such rate is not published in H.15(519) by 3:00 P.M.,
New York City time, on the related calculation date or does not appear on Reuters Page
FEDFUNDS1, the federal funds rate will be the rate on that Interest Determination Date,
as published in H.15 Daily Update, or any other recognized electronic source for the
purposes of displaying the applicable rate, under the caption “Federal Funds
(Effective).” If the alternate rate described in the preceding sentence is not published
in H.15 Daily Update, or other recognized electronic source for the purpose of
displaying the applicable rate, by 3:00 P.M., New York City time, on the related
calculation date, then the Calculation Agent will determine the federal funds rate to be
the arithmetic mean of the rates for the last transaction in overnight U.S. dollar
federal funds, quoted prior to 9:00 A.M., New York City time, on the business day
following that Interest Determination Date, by each of three leading brokers of U.S.
dollar federal funds transactions in New York City, selected by the Calculation Agent,
after consultation with the Issuer; provided, however, if fewer than three brokers
selected by the Calculation Agent are quoting as described above, the federal funds rate
will be the federal funds rate then in effect on that Interest Determination Date.
	 
	•	 	if “Federal Funds Open Rate” is specified in the Pricing Supplement, the
federal funds rate will be the rate on that Interest Determination Date for U.S. dollar
federal funds transactions among member of the U.S. Federal Reserve System arranged by
federal funds brokers on such day, under the heading “Federal Funds” for the applicable
Index Maturity and opposite the caption “Open” and displayed on Reuters, or any
successor service, on page 5 or any other page as may replace the specified page on
that service (“Reuters Page 5”), or if such rate does not appear on Reuters Page 5 by
3:00 P.M., New York City time, on the related calculation date, the federal funds rate
will be the rate on that Interest Determination Date displayed on FFPREBON Index page
on Bloomberg L.P. (“Bloomberg”), which is the Fed Funds Opening Rate as reported by
Prebon Yamane (or a successor) on Bloomberg. If the alternate rate described in the
preceding sentence is not displayed on FFPREBON Index page on Bloomberg, or any other
recognized electronic source for the purpose of displaying the applicable rate, by 3:00
P.M., New York City time, on the related calculation date, then the Calculation Agent
will determine the federal funds rate to be the arithmetic mean of the rates for the
last transaction in overnight U.S. dollar federal funds, quoted prior to 9:00 A.M., New
York City time, on that Interest Determination Date, by each of three leading brokers
of U.S. dollar federal funds transactions in New York City, selected by the Calculation
Agent, after consultation with the Issuer; provided, however, if fewer than three
brokers selected by the Calculation Agent are quoting as described above, the federal
funds rate will be the federal funds rate then in effect on that Interest Determination
Date.
	 
	•	 	if “Federal Funds Target Rate” is specified in the Pricing Supplement, the
federal funds rate will be the rate on that Interest Determination Date for U.S. dollar
federal funds displayed on the FDTR Index page on Bloomberg. If such rate does not
appear on the FDTR Index page on Bloomberg by 3:00 P.M., New York City time, on the
calculation date, the federal funds rate for such Interest Determination Date will be
the rate for that day appearing on Reuters, or any successor service, on page

A1-19

 

	 	 	USFFTARGET= or any other page as may replace the specified page on that service
(“Reuters Page USFFTARGET=”). If such rate does not appear on the FDTR Index page on
Bloomberg or is not displayed on Reuters Page USFFTARGET= by 3:00 P.M., New York City
time, on the related calculation date, then the Calculation Agent will determine the
federal funds rate to be the arithmetic mean of the rates for the last transaction in
overnight U.S. dollar federal funds, quoted prior to 9:00 A.M., New York City time, on
that Interest Determination Date, by each of three leading brokers of U.S. dollar
federal funds transactions in New York City, selected by the Calculation Agent, after
consultation with the Issuer; provided, however, if fewer than three brokers selected by
the Calculation Agent are quoting as described above, the federal funds rate will be the
federal funds rate then in effect on that Interest Determination Date.

     Determination of Prime Rate. The “prime rate” for any Interest Determination Date is
the prime rate or base lending rate on that date, as published in H.15(519) prior to 3:00 P.M., New
York City time, on the related calculation date, under the heading “Bank Prime Loan.”

     The following procedures will be followed if the prime rate cannot be determined as described
above:

	 	•	 	If the rate is not published in H.15(519) by 3:00 P.M., New York City time,
on the related calculation date, then the prime rate will be the rate as published in
H.15 Daily Update, or any other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “Bank Prime Loan.”
	 
	 	•	 	If the alternative rate described above is not published in H.15 Daily
Update or another recognized electronic source by 3:00 P.M., New York City time, on the
related calculation date, then the Calculation Agent will determine the prime rate to
be the arithmetic mean of the rates of interest publicly announced by each bank that
appears on the Reuters screen US PRIME 1, as defined below, as that bank’s prime rate
or base lending rate as in effect as of 11:00 A.M., New York City time, on that
Interest Determination Date.
	 
	 	•	 	If fewer than four rates appear on the Reuters screen US PRIME 1 for that
Interest Determination Date, by 3:00 P.M., New York City time, then the Calculation
Agent will determine the prime rate to be the average of the prime rates or base
lending rates furnished in New York City by three substitute banks or trust companies
(all organized under the laws of the United States or any of its states and having
total equity capital of at least U.S.$500,000,000) selected by the Calculation Agent,
after consultation with the Issuer.
	 
	 	•	 	If the banks selected by the Calculation Agent are not quoting as described
above, the prime rate will remain the prime rate then in effect on the Interest
Determination Date.

     “Reuters screen US PRIME 1” means the display designated as page “US PRIME 1” on the Reuters
Monitor Money Rates Service (or any other page as may replace the US PRIME 1

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page on that service for the purpose of displaying prime rates or base lending rates of major
U.S. banks).

     (c) Floating Rate/Fixed Rate Notes. If this Note is designated as a “Floating
Rate/Fixed Rate Note” on the face hereof, this Note may bear interest at a fixed rate for a
specified period and at a floating rate for a specified period, in each case calculated as set
forth in (a) and (b) above, as applicable, and in the Pricing Supplement.

     SECTION 3. Amortizing Notes. If this Note is designated as an “Amortizing Note” on the face
hereof, the Issuer will make payments combining principal and interest on the dates and in the
amounts set forth in the table included in the Pricing Supplement. If this Note is an Amortizing
Note, payments made hereon will be applied first to interest due and payable on each such payment
date and then to the reduction of the Outstanding Face Amount. The term “Outstanding Face Amount”
means, at any time, the amount of unpaid principal hereof at such time.

     SECTION 4. Optional Redemption. If so specified in the Pricing Supplement, this Note may be
redeemed at the option of the Issuer on any date on and after the Initial Redemption Date, if any,
specified in the Pricing Supplement (the “Redemption Date”). IF NO INITIAL REDEMPTION DATE IS SET
FORTH IN THE PRICING SUPPLEMENT, THIS NOTE MAY NOT BE REDEEMED AT THE OPTION OF THE ISSUER PRIOR TO
THE STATED MATURITY DATE, EXCEPT AS PROVIDED BELOW IN THE EVENT THAT ANY ADDITIONAL AMOUNTS (AS
DEFINED BELOW) ARE REQUIRED TO BE PAID BY THE ISSUER WITH RESPECT TO THIS NOTE. If so specified in
the Pricing Supplement, on and after the Initial Redemption Date, if any, this Note may be redeemed
at any time in whole or from time to time in part at the option of the Issuer at the applicable
Redemption Price (as defined below), together with accrued and unpaid interest hereon payable at
the applicable rate or rates borne by this Note to, but excluding, the Redemption Date, on notice
given not more than 60 nor less than 30 calendar days (unless specified otherwise in the Pricing
Supplement) prior to the Redemption Date; provided, however, that in the event of redemption of
this Note in part only, the unredeemed portion hereof shall be at least the minimum Authorized
Denomination specified in the Pricing Supplement, or if no such Authorized Denomination is so
specified, U.S. $250,000 or its equivalent in the Specified Currency. In the event of redemption of
this Note in part only, a new Note for the unredeemed portion hereof shall be issued in the name of
the registered holder hereof upon the surrender of this Note or, where applicable, an appropriate
notation will be made on Schedule 1 attached hereto. Unless otherwise specified above, if less than
all of the Notes with like tenor and terms are to be redeemed, the Notes to be redeemed shall be
selected by the applicable Registrar by such method as such Registrar shall deem fair and
appropriate. If this Note is redeemable at the option of the Issuer, then if so specified in the
Pricing Supplement, the “Redemption Price” initially shall be the Initial Redemption Percentage
specified in the Pricing Supplement of the principal amount of this Note to be redeemed and shall
decline at each anniversary of the Initial Redemption Date by the Annual Redemption Percentage
Reduction, if any, specified in the Pricing Supplement, of the principal amount to be redeemed
until the Redemption Price is 100% of such principal amount.

A1-21

 

     From and after any redemption date, if monies for the redemption of this Note (or portion
hereof) shall have been made available for redemption on such redemption date, this Note (or such
portion hereof) shall cease to bear interest and the holder’s only right with respect to this Note
(or such portion hereof) shall be to receive payment of the principal amount of the Note being
redeemed (or, if this is an Original Issue Discount Note as specified in the Pricing Supplement,
the amortized face amount hereof) and, if appropriate, all unpaid interest accrued to such
redemption date.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be redeemed at the option of the Issuer prior to the Stated Maturity Date
without the prior written approval of the United States Office of the Comptroller of the Currency
(the “OCC”) or any other bank supervisory authority having jurisdiction over the Issuer and
requiring such approval.

     SECTION 5. Optional Repayment. If so specified in the Pricing Supplement, this Note will be
repayable prior to the Stated Maturity Date at the option of the registered holder on the Optional
Repayment Date(s), if any, specified in the Pricing Supplement. IF NO OPTIONAL REPAYMENT DATES ARE
SET FORTH IN THE PRICING SUPPLEMENT, THIS NOTE MAY NOT BE SO REPAID AT THE OPTION OF THE HOLDER
HEREOF PRIOR TO THE STATED MATURITY DATE. Unless otherwise specified in the Pricing Supplement, on
any Optional Repayment Date, this Note shall be repayable in whole or in part at the option of the
holder hereof at a repayment price equal to 100% of the principal amount to be repaid, together
with accrued and unpaid interest hereon payable at the applicable rate or rates borne by this Note
to, but excluding, the date of repayment; provided, however, that, in the event of
repayment of this Note in part only, the unrepaid portion hereof shall be at least the minimum
Authorized Denomination specified in the Pricing Supplement, or if no such Authorized Denomination
is so specified, U.S. $250,000 or its equivalent in the Specified Currency. For this Note to be
repaid in whole or in part at the option of the holder hereof on any Optional Repayment Date, this
Note must be received, with the form attached hereto entitled “Option to Elect Repayment” duly
completed, by the applicable Paying Agent (as appropriate in accordance with such attached form),
at the address set forth on such form or at such other address which the Issuer shall from time to
time notify the holders of the Notes not more than 60 nor less than 30 days prior to such holder’s
Optional Repayment Date. In the event of repayment of this Note in part only, a new Note for the
unrepaid portion hereof shall be issued in the name of the registered holder hereof upon the
surrender hereof or, where applicable, an appropriate notation will be made on Schedule 1 attached
hereto. Exercise of such repayment option by the holder hereof shall be irrevocable.

     From and after any Optional Repayment Date, if monies for the repayment of this Note (or
portion hereof) shall have been made available for repayment on such Optional Repayment Date, this
Note (or such portion hereof) shall cease to bear interest and the holder’s only right with respect
to this Note (or such portion hereof) shall be to receive payment of the principal amount of the
Note being repaid (or, if this is an Original Issue Discount Note as specified in the Pricing
Supplement, the amortized face amount hereof) and, if appropriate, all unpaid interest accrued to
such redemption date.

A1-22

 

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be repaid at the option of the holder prior to the Stated Maturity Date
without the prior written approval of the OCC or any other bank supervisory authority having
jurisdiction over the Issuer and requiring such approval.

     SECTION 6. Additional Amounts. All payments of principal, premium, if any, and interest with
respect to this Note will be made without withholding or deduction at source for, or on account of,
any present or future taxes, fees, duties, assessments, or governmental charges of whatever nature
imposed or levied by the United States or any political subdivision or taxing authority thereof or
therein, except to the extent such withholding or deduction is required by (i) the laws (or any
regulations or rulings promulgated thereunder) of the United States or any political subdivision or
taxing authority thereof or therein or (ii) an official position regarding the application,
administration, interpretation, or enforcement of any such laws, regulations, or rulings
(including, without limitation, a holding by a court of competent jurisdiction or by a taxing
authority in the United States or any political subdivision thereof). If so specified in the
Pricing Supplement, if a withholding or deduction at source is required, the Bank will, subject to
the exceptions and limitations set forth below, pay to the beneficial owner of this Note that is a
“non-U.S. person” (as defined below) additional amounts (“Additional Amounts”) to ensure that every
net payment on this Note will not be less, due to the payment of U.S. withholding tax, than the
amount then otherwise due and payable. For this purpose, a “net payment” on this Note means a
payment by the Issuer or any Paying Agent, including payment of principal and interest, after
deduction for any present or future tax, assessment, or other governmental charge of the United
States (other than a territory or possession). These Additional Amounts will constitute additional
interest on this Note. For this purpose, “U.S. withholding tax” means a withholding tax of the
United States, other than a territory or possession.

     However, notwithstanding the Issuer’s obligation, if so specified in the Pricing Supplement,
to pay Additional Amounts, the Issuer will not be required to pay Additional Amounts in any of the
circumstances described in items (1) through (14) below, unless specified otherwise in the Pricing
Supplement.

(1) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note:

	 	•	 	having a relationship with the United States as a citizen, resident, or
otherwise;
	 
	 	•	 	having had such a relationship in the past; or
	 
	 	•	 	being considered as having had such a relationship.

(2) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note:

	 	•	 	being treated as present in or engaged in a trade or business in the
United States;

A1-23

 

	 	•	 	being treated as having been present in or engaged in a trade or
business in the United States in the past;

	 	•	 	having or having had a permanent establishment in the United States; or
	 
	 	•	 	having or having had a qualified business unit which has the U.S. dollar
as its functional currency.

(3) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note being or having been a:

	 	•	 	personal holding company;
	 
	 	•	 	foreign personal holding company;
	 
	 	•	 	private foundation or other tax-exempt organization;
	 
	 	•	 	passive foreign investment company;
	 
	 	•	 	controlled foreign corporation; or
	 
	 	•	 	corporation which has accumulated earnings to avoid U.S. federal income
tax.

(4) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note owning or having owned, actually or constructively, 10%
or more of the total combined voting power of all classes of the Issuer’s stock entitled to
vote.

(5) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note being a bank extending credit under a loan agreement
entered into in the ordinary course of business.

     For purposes of items (1) through (5) above, “beneficial owner” includes, without
limitation, a holder and a fiduciary, settlor, partner, member, shareholder, or beneficiary of
the holder if the holder is an estate, trust, partnership, limited liability company,
corporation, or other entity, or a person holding a power over an estate or trust administered
by a fiduciary holder.

(6) Additional Amounts will not be payable to any beneficial owner of this Note that is:

	 	•	 	a fiduciary;
	 
	 	•	 	a partnership;
	 
	 	•	 	a limited liability company;
	 
	 	•	 	another fiscally transparent entity; or

A1-24

 

	 	•	 	not the sole beneficial owner of this Note or any portion of this Note.

     However, this exception to the obligation to pay Additional Amounts will apply only to
the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner,
partner, or member of the partnership, limited liability company, or other fiscally
transparent entity, would not have been entitled to the payment of an additional amount had
the beneficiary, settlor, beneficial owner, partner, or member received directly its
beneficial or distributive share of the payment.

(7) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the failure of the beneficial owner of this Note or any other person to comply with
applicable certification, identification, documentation, or other information reporting
requirements. This exception to the obligation to pay Additional Amounts will apply only if
compliance with such requirements is required as a precondition to exemption from such tax,
assessment, or other governmental charge by statute or regulation of the United States or by
an applicable income tax treaty to which the United States is a party.

(8) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is collected or imposed by any method
other than by withholding from a payment on this Note by the Issuer or any Paying Agent.

(9) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld by reason of a
change in law, regulation, or administrative or judicial interpretation that becomes effective
more than 15 days after the payment becomes due or is duly provided for, whichever occurs
later.

(10) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any tax, assessment, or other governmental charge that is imposed or withheld by reason of
the presentation by the beneficial owner of this Note for payment more than 30 days after the
date on which such payment becomes due or is duly provided for, whichever occurs later.

(11) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any:

	 	•	 	estate tax;
	 
	 	•	 	inheritance tax;
	 
	 	•	 	gift tax;
	 
	 	•	 	sales tax;
	 
	 	•	 	excise tax;

A1-25

 

	 	•	 	transfer tax;
	 
	 	•	 	wealth tax;
	 
	 	•	 	personal property tax; or
	 
	 	•	 	any similar tax, assessment, or other governmental charge.

(12) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any tax, assessment, or other governmental charge required to be withheld by any Paying
Agent from a payment of principal or interest on the this Note if such payment can be made
without such withholding by any other Paying Agent.

(13) Additional amounts will not be payable if a payment on this Note is reduced as a result
of any tax, assessment, or other governmental charge that is imposed or withheld by reason of
the application of Section 1471 (or any successor provision) or Section 1472 (or any successor
provision) of the U.S. Internal Revenue Code of 1986, as amended, or any related
administrative regulation or pronouncement.

(14) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any combination of items (1) through (13) above.

               Except as specifically provided in this section or in the Pricing Supplement, the Issuer will
not be required to make any payment of any tax, assessment, or other governmental charge with
respect to this Note imposed by any government, political subdivision, or taxing authority of that
government.

               For purposes of determining whether the payment of Additional Amounts is required, the term
“U.S. person” means any individual who is a citizen or resident of the United States; any
corporation, partnership, or other entity created or organized in or under the laws of the United
States; any estate if the income of such estate falls within the federal income tax jurisdiction of
the United States regardless of the source of that income; and any trust if a U.S. court is able to
exercise primary supervision over its administration and one or more U.S. persons have the
authority to control all of the substantial decisions of the trust. Additionally, for this purpose,
“non-U.S. person” means a person who is not a U.S. person, and “United States” means the United
States of America, including each state of the United States and the District of Columbia, its
territories, its possessions, and other areas within its jurisdiction.

               SECTION 7. Redemption for Tax Reasons. If so specified in the Pricing Supplement, the Issuer
may redeem this Note in whole, but not in part, at any time (in the case of Notes other than
Floating Rate Notes) or on any Interest Payment Date (in the case of Floating Rate Notes), after
giving not less than 30 nor more than 60 calendar days’ notice to the applicable Paying Agent and
to the holder of this Note, if the Issuer has or will become obligated to pay Additional Amounts,
as described above, as a result of any change in, or amendment to, the laws or regulations of the
United States or any political subdivision or any authority of the United States having power to
tax, or any change in the application or official interpretation of such laws or regulations, which
change or amendment becomes effective on or after the date of the Pricing Supplement, and the
Issuer cannot avoid such obligation by taking reasonable measures available

A1-26

 

to it. No such redemption notice shall be given earlier than 90 calendar days prior to the
earliest date on which the Issuer would be obligated to pay such Additional Amounts if a payment in
respect of this Note were then due.

     Before the Issuer delivers or publishes any notice of redemption for tax reasons, it will
deliver to the applicable Paying Agent a certificate signed by the Issuer’s chief financial officer
or a senior vice president stating that it is entitled to redeem this Note and that the conditions
precedent, if any, to redemption have occurred.

     Unless otherwise specified in the Pricing Supplement, any Note redeemed for tax reasons will
be redeemed at 100% of its principal amount (or, in the case of an Original Issue Discount Note,
the amortized face amount hereof determined as of the date of redemption), together with any
interest accrued up to, but excluding, the redemption date.

     From and after any redemption date, if monies for the redemption of this Note shall have been
made available for redemption on such redemption date, this Note shall cease to bear interest and
the holder’s only right with respect to this Note shall be to receive payment of the principal
amount of the Note (or, if this is an Original Issue Discount Note as specified in the Pricing
Supplement, the amortized face amount hereof) and, if appropriate, all unpaid interest accrued to
such redemption date.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be redeemed prior to the Stated Maturity Date without the prior written
approval of the OCC or any other bank supervisory authority having jurisdiction over the Issuer and
requiring such approval.

     SECTION 8. Modification and Waivers. The Agency Agreement permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of
the Issuer thereunder. In addition, the terms and conditions of this Note may be modified, amended
or supplemented by the Issuer, without the consent of the holder hereof: (i) to evidence succession
of another party to the Issuer, and such party’s assumption of the Issuer’s obligations under this
Note, upon the occurrence of a merger or consolidation, or transfer, sale or lease of assets as
described below in Section 10; (ii) to add additional covenants, restrictions or conditions
for the protection of the registered holder hereof; (iii) to cure ambiguities in this Note, or
correct defects or inconsistencies in the provisions hereof; (iv) to reflect the replacement of any
Agent, or the assumption, by the Issuer or any substitute Agent, of some or all of any such Agent’s
responsibilities under the Agency Agreement; (v) to evidence the replacement or change of address
of DTC or such other depository or clearing system noted hereon; (vi) in the case of a Note that is
extendible, subject to extension at the option of the Issuer, amortizing or indexed as provided in
this Note, or upon prepayment or redemption of the Note, to reduce the principal amount of the Note
to reflect the payment, prepayment or redemption of a portion of the outstanding principal amount
of the Note; (vii) in the case of a Note that is extendible, subject to extension at the option of
the Issuer, amortizing or indexed as provided in this Note, to reflect any change in the Stated
Maturity Date of the Note in accordance with the terms hereof; (viii) to reflect the issuance in
exchange herefor, in accordance with the terms hereof, of one or more

A1-27

 

definitive and fully registered Notes; or (ix) to permit further issuances of bank notes in
accordance with the terms of the distribution agreement among the Issuer and the selling agents
party thereto. However, this Note may not be modified or amended without the express written
consent of the holder and, if applicable, the OCC or other then primary federal regulator (to the
extent such consent is required under applicable law or regulation), to: (i) change the Stated
Maturity Date, except in the case of a Note that is extendible, subject to extension at the option
of the Issuer, amortizing or indexed as provided in this Note; (ii) extend the time of payment for
the premium, if any, or interest on this Note, except in the case of a Note that is extendible,
subject to extension at the option of the Issuer, amortizing or indexed as provided in this Note;
(iii) change the coin or currency in which the principal of, premium (if any), interest, or other
amounts payable (if any) on this Note is payable; (iv) reduce the principal amount of this Note or
the interest rate hereon, except in the case of a Note that is extendible, subject to extension at
the option of the Issuer, amortizing or indexed or upon prepayment or redemption as provided in
this Note; (v) change the method of payment for this Note to other than wire transfer in
immediately available funds; (vi) impair the right of the registered holder hereof to institute
suit for the enforcement of payments or principal of, premium (if any), interest, or other amounts
payable (if any) on this Note; (vii) change the definition of “Event of Default” below or otherwise
eliminate or impair any remedy available hereunder upon the occurrence of any Event of Default; or
(viii) modify the provisions governing the amendment of this Note. Any instrument given by or on
behalf of the holder of this Note in connection with any consent to such modification, amendment or
waiver shall be irrevocable once given and shall be conclusive and binding on all subsequent
holders of this Note. Any modifications, amendments or waiver to the Agency Agreement or the
provisions of this Note made in accordance with the terms of the Agency Agreement or the terms
hereof, as applicable, shall be conclusive and binding on all holders of Notes, whether or not
notation of such modifications, amendments or waivers is made upon this Note.

     Any action by the holder of this Note shall bind all future holders of this Note, and of any
Note issued in exchange or substitution hereof or in place hereof, in respect of anything done or
permitted by the Issuer or by the Agents in pursuance of such action.

     Notes authenticated and delivered after the execution of any agreement modifying, amending or
supplementing this Note may bear a notation in a form approved by the Issuer as to any matter
provided for in such modification, amendment or supplement to the Agency Agreement or the Notes.
New Notes so modified as to conform, in the opinion of the Issuer, to any provisions contained in
any such modification, amendment or supplement may be prepared by the Issuer, authenticated by the
applicable Registrar and delivered in exchange for this Note. Notes are deemed to be “outstanding”
as of any date of determination if, as of any date of determination, they have been authenticated
and delivered, except (i) those which have been redeemed in full in accordance with their terms and
the Agency Agreement; (ii) those with respect to which the redemption date in accordance with their
terms has occurred and the redemption monies therefor (including any premium and all interest (if
any) accrued thereon to the redemption date and any interest (if any) payable after such date) have
been duly paid to or deposited to the account of a Paying Agent as provided in the Agency Agreement
(and, where appropriate, notice has been given to the holder of this Note in accordance with the
terms hereof and of the Agency Agreement; (iii) those which have been canceled or delivered to the

A1-28

 

applicable Registrar for cancellation; or (iv) those mutilated or defaced Notes which have
been surrendered in exchange for replacement Notes in accordance with their terms.

     SECTION 9. Obligations Unconditional. No reference herein to the Agency Agreement and no
provision of this Note or of the Agency Agreement shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and
interest, if any, on this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

     SECTION 10. Successor to Issuer. The Issuer may not consolidate or merge with or into any
other person, or convey, transfer or lease its properties and assets substantially as an entirety
to any person, unless (i) the surviving entity in such consolidation or merger, or the person that
acquires by conveyance or transfer, or that leases, the properties and assets of the Issuer
substantially as an entirety, shall be a bank, corporation, limited liability company or
partnership organized and validly existing under the laws of the United States, any State thereof
or the District of Columbia, and shall expressly assume the due and punctual payment of the
principal of, premium, if any, and interest or other amounts payable (if any) on this Note, and the
performance or observance of every provision of this Note on the part of the Issuer to be performed
or observed; and (ii) immediately after giving effect to such transaction, no Event of Default with
respect to the Issuer as set forth herein, and no event which, after notice or the lapse of time or
both, would become an Event of Default with respect to the Issuer, shall have happened and be
continuing.

     SECTION 11. Authorized Denominations. This Note, and any Note issued in exchange or
substitution herefor or in place hereof, or upon registration of transfer, exchange or partial
redemption or repayment of this Note, may be issued only in an Authorized Denomination as specified
in the Pricing Supplement, or if no Authorized Denomination is so specified, in minimum
denominations of U.S.$250,000 and any integral multiple of U.S.$1,000 in excess of U.S.$250,000 (or
equivalent denominations in other currencies, subject to any other statutory or regulatory
minimums).

     SECTION 12. Registration of Transfer. The Issuer shall cause to be kept at the office of the
U.S. Registrar at [Deutsche Bank Trust Company Americas, Global Transaction Banking, Trust and
Securities Services, 60 Wall Street — 27th Floor, New York, New York 10005], or the
office of the European Registrar at [2 Boulevard Konrad-Adenauer, L-1115 Luxembourg], as
applicable, a register in which, subject to such reasonable regulations as it may prescribe, the
Issuer shall provide for the registration of Notes issued in registered form and of transfers of
such Notes. As provided in the Agency Agreement and subject to certain limitations as therein set
forth, the transfer of this Note is registrable in the note register maintained by the applicable
Registrar, upon surrender of this Note for registration of transfer at the office or agency of the
applicable Registrar or any transfer agent maintained for that purpose, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the applicable Registrar
(or such transfer agent) duly executed by, the holder hereof or its 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.

A1-29

 

     This Note may be exchanged in whole, but not in part, for security-printed definitive Notes,
only if that exchange is permitted by applicable law and (i) if this Note is a DTC global note, DTC
notifies the Issuer that it is unwilling or unable to continue as depository for the DTC global
note or DTC ceases to be a clearing agency registered under the United States Securities Exchange
Act of 1934, as amended, if so required by applicable law or regulation, and, in either case, a
successor depository is not appointed by the Issuer within 90 days after receiving such notice or
becoming aware that DTC is no longer so registered; or (ii) in the case of any other registered
global note, if the Issuer is notified that any clearing system through which this Note is cleared
and settled has been closed for business for a continuous period of 14 days (other than by reason
of holidays, whether statutory, or otherwise) after the original issuance of the relevant bank
notes or has announced an intention to cease business permanently or has in fact done so and no
alternative clearance system approved by the applicable noteholders is available; or (iii) the
Issuer, in its sole discretion, elects to issue definitive registered notes; or (iv) after the
occurrence of an Event of Default with respect to this Note, beneficial owners representing a
majority in principal amount of the Notes represented by this Note advise the relevant clearing
system through its participants to cease acting as a depository for this Note.

     In any such instance, an owner of a beneficial interest in this Note will be entitled to
physical delivery in definitive form of Notes equal in principal amount to such beneficial interest
and to have such Notes registered in its name. Unless otherwise set forth above, Notes so issued
in definitive form will be issued in authorized denominations only and will be issued in registered
form only, without coupons.

     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
payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the Issuer, the Agents,
and any agent of the Issuer or any Agent may treat the person in whose name this Note is registered
as the owner hereof for all purposes, whether not this Note be overdue, and neither the Issuer, the
Agents nor any such agent shall be affected by notice to the contrary, except as required by
applicable law.

     SECTION 13. Events of Default.

     (a) Senior Notes. If this Note is a Senior Note, as indicated on the face hereof, the
following will be the only “Events of Default” with respect to this Senior Note: (a) a default in
the payment of any interest upon this Senior Note when due, which continues for 30 calendar days;
(b) a default in the payment of any principal of or premium, if any, upon this Senior Note when
due; (c) a default in the performance of any covenant or agreement of the Issuer contained herein
which, unless otherwise specified herein, continues for 90 calendar days; (d) a court having
jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in
an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization, or
other similar law now or hereafter in effect, or appointing a receiver, liquidator, conservator,
assignee, custodian, trustee, sequestrator, or similar official, of the Issuer

A1-30

 

or for any substantial part of its property, or ordering the winding-up or liquidation of the
Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (e) the Issuer shall commence a voluntary case or proceeding under any
applicable bankruptcy, insolvency, liquidation, receivership, reorganization, or other similar law
now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary
case under any such law, or shall consent to the appointment of or taking possession by a receiver,
liquidator, conservator, assignee, trustee, custodian, sequestrator, or similar official, of the
Issuer or for any substantial part of its property, or shall make any general assignment for the
benefit of creditors, or shall admit in writing its inability to pay its respective debts as they
become due, or shall take any corporate action in furtherance of any of the foregoing.

     If an Event of Default with respect to this Senior Note shall occur and be continuing, the
registered holder hereof may: (i) by written notice to the applicable Paying Agent declare the
entire outstanding principal amount of this Senior Note, together with any unpaid interest and
premium accrued hereon, to be immediately due and payable; (ii) institute a judicial proceeding of
the enforcement of the terms hereof including the collection of all sums due and unpaid hereunder,
and prosecute such proceeding to judgment or final decree, and enforce the same against the Issuer
and collect monies adjudged or decreed to be payable in the manner provided by law out of the
property of the Issuer; and (iii) take such other action at law or in equity as may appear
necessary or desirable to collect and enforce this Senior Note; provided, however,
that the registered holder hereof may waive any Event of Default that occurs with respect hereto.

     (b) Subordinated Notes. If this Note is a Subordinated Note, as indicated on the face
hereof, the following will be the only “Events of Default” with respect to this Subordinated Note:
(a) a court having jurisdiction in the premises shall enter a decree or order for relief in respect
of the Issuer in an involuntary case or proceeding under any applicable bankruptcy, insolvency,
reorganization, or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, conservator, assignee, custodian, trustee, sequestrator, or similar official, of the
Issuer or for any substantial part of its property, or ordering the winding-up or liquidation of
the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of
60 consecutive days; or (b) the Issuer shall commence a voluntary case or proceeding under any
applicable bankruptcy, insolvency, liquidation, receivership, reorganization, or other similar law
now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary
case under any such law, or shall consent to the appointment of or taking possession by a receiver,
liquidator, conservator, assignee, trustee, custodian, sequestrator, or similar official, of the
Issuer or for any substantial part of its property, or shall make any general assignment for the
benefit of creditors, or shall admit in writing its inability to pay its respective debts as they
become due, or shall take any corporate action in furtherance of any of the foregoing.

     If an Event of Default with respect to this Subordinated Note shall occur and be continuing,
and any prior written consent of the OCC is obtained before acceleration, the registered holder
hereof may: (i) by written notice to the applicable Paying Agent declare the entire outstanding
principal amount of this Subordinated Note, together with any unpaid interest and premium accrued
hereon, to be immediately due and payable; (ii) institute a judicial proceeding of the enforcement
of the terms hereof including the collection of all sums due and unpaid hereunder, and prosecute
such proceeding to judgment or final decree, and enforce the

A1-31

 

same against the Issuer and collect monies adjudged or decreed to be payable in the manner
provided by law out of the property of the Issuer; and (iii) take such other action at law or in
equity as may appear necessary or desirable to collect and enforce this Subordinated Note;
provided, however, that the registered holder hereof may waive any Event of Default
that occurs with respect hereto.

     Payment of principal of, the interest accrued on or other amounts then payable on, this
Subordinated Note may not be accelerated in the case of a default in the payment of principal,
interest or other amounts then payable or the performance of any other covenant of the Issuer.
Payment of the principal on, the interest accrued on or other amounts then payable on, this
Subordinated Note may be accelerated only in the case of the bankruptcy or insolvency of the
Issuer. Notwithstanding anything herein to the contrary, to the extent then required under
applicable capital regulations of the OCC, no payment may be made on this Subordinated Note after
an acceleration resulting from an Event of Default with respect to this Subordinated Note without
the prior approval of the OCC.

     SECTION 14. Subordination. If this Note is a Subordinated Note, as indicated on the face
hereof, the indebtedness of the Issuer evidenced by this Subordinated Note, including the
principal, premium (if any), interest, or other amounts payable (if any), shall be subordinate and
junior in right of payment to its obligation to its depositors, its obligations under bankers’
acceptances and letters of credit, and its obligations to its other creditors, including its
obligations to the United States Federal Reserve Bank, the United States Federal Deposit Insurance
Corporation (the “FDIC”), and to any rights acquired by the FDIC as a result of loans made by the
FDIC to the Issuer or the purchase or guarantee of any of the Issuer’s assets by the FDIC pursuant
to the provisions of 12 U.S.C. Sections 1823(c), (d) or (e), whether now outstanding or hereafter
incurred. In the event of any insolvency, receivership, conservatorship, reorganization,
readjustment of debt, marshaling of assets and liabilities or similar proceedings or any
liquidation or winding up of or relating to the Issuer, whether voluntary or involuntary, all such
obligations shall be entitled to be paid in full before any payment shall be made on account of the
principal of, or premium (if any), interest, or other amounts payable (if any) on, this
Subordinated Note. In the event of any such proceedings, after payment in full of all sums owing
such prior obligations, the holder of this Subordinated Note, together with any obligations of the
Issuer ranking on a parity with this Subordinated Note, shall be entitled to be paid from the
remaining assets of the Issuer the unpaid principal hereof and any unpaid premium (if any),
interest, and other amounts payable (if any) before any payment or other distribution, whether in
cash, property, or otherwise, shall be made on account of any capital stock or any obligations of
the Issuer ranking junior to this Subordinated Note.

     Notwithstanding any other provisions of this Subordinated Note, including specifically those
set forth in the sections relating to subordination, events of default and covenants of the Issuer,
it is expressly understood and agreed that the OCC or any receiver or conservator of the Issuer
appointed by the OCC as to its assets shall have the right in the performance of its legal duties,
and as part of liquidation designed to protect or further the continued existence of the Issuer or
the rights of any parties or agencies with an interest in, or claim against, the Issuer or its
assets, to transfer or direct the transfer of the obligations of this Subordinated Note to any bank
or bank holding company selected by such official which shall expressly assume the obligation

A1-32

 

of the due and punctual payment of the unpaid principal, and interest and premium, if any (and any
other amounts payable), on this Subordinated Note and the due and punctual performance of all
covenants and conditions; and the completion of such transfer and assumption shall serve to
supersede and void any default, acceleration or subordination which may have occurred, or which may
occur due to or related to such transaction, plan, transfer or assumption, pursuant to the
provisions of this Subordinated Note, and shall serve to return the holder of this Subordinated
Note to the same position, other than for substitution of the obligor, it would have occupied had
no default, acceleration or subordination occurred; except that any interest, principal, or other
amounts previously due, other than by reason of acceleration, and not paid, in the absence of a
contrary agreement by the holder of this Subordinated Note, shall be deemed to be immediately due
and payable as of the date of such transfer and assumption, together with the interest from its
original due date at the rate provided for herein.

     SECTION 15. Specified Currency. Unless otherwise provided herein or in the Pricing
Supplement, the principal of, and premium, if any, and interest on, this Note are payable in the
Specified Currency indicated on the face hereof (or, if such Specified Currency is not at the time
of such payment legal tender for the payment of public and private debts, in (x) such other coin or
currency of the country that issued such Specified Currency or (y) (if such Specified Currency is
the euro) the successor currency under applicable law, in each case as at the time of such payment
is legal tender for the payment of debts.

     In the event the Specified Currency indicated on the face hereof has been replaced by another
currency (a “Replacement Currency”), any amount due pursuant to this Note may be repaid, at the
option of the Issuer, in the Replacement Currency or in U.S. dollars, at a rate of exchange which
takes into account the conversion, at the rate prevailing on the most recent date on which official
conversion rates were quoted or set by the national government or other authority responsible for
issuing the Replacement Currency, from the Specified Currency to the Replacement Currency and, if
necessary, the conversion of the Replacement Currency into U.S. dollars at the rate prevailing on
the date of such conversion. Notwithstanding the foregoing, if this Note originally was issued in a
domestic currency of a state that is or subsequently becomes a Member State of the European Union,
then this Note may be redenominated in euro, if subsequent to the issuance of this Note, such state
participates in the European monetary union, as indicated in the Pricing Supplement. This Note may
be redenominated as a matter of law whether or not the Pricing Supplement provides for
redenomination.

     If the Specified Currency indicated on the face hereof is other than U.S. dollars, if the
Issuer determines that a payment hereon cannot be made in the Specified Currency due to
restrictions imposed by the government of such currency or any agency or instrumentality thereof or
any monetary authority in such country, such payment will be made outside the United States in U.S.
dollars by a check drawn on or by credit or transfer to an account maintained by the holder hereof
with a bank located outside the United States. The London Paying Agent, on receipt of the Issuer’s
written instructions and at the Issuer’s expense, will give prompt notice to the beneficial holders
of this Note if such determination is made. The amount of U.S. dollars to be paid in connection
with any payment shall be the amount of U.S. dollars that could be purchased by the London Paying
Agent with the amount of the Specified Currency payable on the date the payment is due, at the rate
for sale in financial transactions of U.S. dollars (for

A1-33

 

delivery in the principal financial center of the Specified Currency two business days later)
quoted by that bank at 10:00 A.M., local time in the Principal Financial Center of the Specified
Currency on the second Business Day prior to the date the payment is due.

     Any payment made under such circumstances in U.S. dollars, where the payment is required to be
made in the Specified Currency, will not constitute an “Event of Default” with respect to this
Note.

     SECTION 16. Original Issue Discount Note. If this Note is identified as an Original Issue
Discount Note in the Pricing Supplement, then unless otherwise specified therein, the amount
payable to the holder of this Note in the event of redemption, repayment or acceleration of
Maturity will be the Amortized Face Amount of this Note (as defined below) as of the date of such
event. The “Amortized Face Amount” shall be the amount equal to (A) the Issue Price (as set forth
in the Pricing Supplement) plus (B) the original issue discount amortized from the Original Issue
Date to the date as of which the Amortized Face Amount is calculated, as specified in the Pricing
Supplement.

     SECTION 17. Dual Currency Note. If this Note is identified as a Dual Currency Note in the
Pricing Supplement, the Issuer has the option of making each scheduled payment of principal and
interest, if any, due on this Note either in the Specified Currency designated on the face hereof
or in the optional payment currency specified in the Pricing Supplement. If the Issuer elects to
make a payment in the optional payment currency, the amount payable in such optional payment
currency shall be determined using the exchange rate specified in the Pricing Supplement, on the
terms specified in the Pricing Supplement.

     SECTION 18. Mutilated, Defaced, Destroyed, Lost or Stolen Notes. In case this Note shall at
any time become mutilated, defaced, destroyed, lost or stolen, and this Note or evidence of the
loss, theft or destruction hereof satisfactory to the Issuer and the applicable Registrar and such
other documents or proof as may be required by the Issuer and the applicable Registrar shall be
delivered to the applicable Registrar, the applicable Registrar shall issue a new Note of like
tenor and principal amount, having a serial number not contemporaneously outstanding, in exchange
and substitution for the mutilated or defaced Note or in lieu of the Note destroyed, lost or stolen
but, in the case of any destroyed, lost or stolen Note, only upon receipt of evidence satisfactory
to the Issuer and the applicable Registrar that this Note was destroyed, stolen or lost, and, if
required, upon receipt of indemnity satisfactory to the Issuer and the applicable Registrar. Upon
the issuance of any substituted Note, the Issuer may require the payment of a sum sufficient to
cover all expenses and reasonable charges connected with the preparation and delivery of a new
Note. If any Note which has matured or has been redeemed or repaid or is about to mature or to be
redeemed or repaid shall become mutilated, defaced, destroyed, lost or stolen, the Issuer may,
instead of issuing a substitute Note, pay or authorize the payment of the same (without surrender
thereof except in the case of a mutilated or defaced Note) upon compliance by the holder with the
provisions of this paragraph.

     SECTION 19. Miscellaneous. No recourse shall be had for the payment of principal of (and
premium, if any) or interest on, this Note for any claim based hereon, or otherwise in respect
hereof, against any shareholder, employee, agent, officer or director, as such, past, present or
future, of the Issuer or of any successor organization, either directly or through the

A1-34

 

Issuer or any successor organization, whether by virtue of any constitution, statute or rule
of law or by the enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived
and released.

     SECTION 20. Defined Terms. All terms used in this Note which are defined in the Agency
Agreement and are not otherwise defined in this Note shall have the meanings assigned to them in
the Agency Agreement.

     Unless specified otherwise in the Pricing Supplement, “Business Day” means, a day that meets
all the following requirements:

     (a) for all Notes, is any weekday that is not a legal holiday in [New York, New York
or] Charlotte, North Carolina, or any other place of payment of the applicable Note, and is
not a date on which banking institutions in those cities are authorized or required by law
or regulation to be closed;

     (b) for any Note where the base rate is LIBOR (as defined in the Note), also is a day
on which commercial banks are open for business (including dealings in the Index Currency
specified in the Pricing Supplement) in London, England;

     (c) for any Note denominated in euro or any Note where the base rate is EURIBOR (as
defined in the Note), also is a day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer System or any successor is operating; and

     (d) for any Note that has a Specified Currency other than U.S. dollars or euro, also is
not a day on which commercial banks and foreign exchange markets settle payments and are
open for general business (including dealings in foreign exchange and foreign currency
deposits) in the Principal Financial Center of the country of the specified currency (if
other than London).

     Unless specified otherwise in the Pricing Supplement, “Principal Financial Center” means (i)
the capital city of the country issuing the Specified Currency, except that with respect to U.S.
Dollars, Australian dollars, Canadian dollars, South African rand and Swiss francs, the “Principal
Financial Center” shall be The City of New York, Sydney and Melbourne, Toronto, Johannesburg and
Zurich, respectively; and (ii) the capital city of the country to which the Index Currency relates,
except that with respect to U.S. Dollars, Australian dollars, Canadian dollars, South African rand
and Swiss francs, the “Principal Financial Center” shall be The City of New York, Sydney, Toronto,
Johannesburg and Zurich, respectively.

     SECTION 21. GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING ANY OTHERWISE APPLICABLE CONFLICTS OF LAWS
PROVISIONS AND ALL APPLICABLE UNITED STATES FEDERAL LAWS AND REGULATIONS.

A1-35

 

ABBREVIATIONS

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

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

	 	 	 	 	 	 	 

	UNIF GIFT MIN ACT —

	 	 	 	as Custodian for	 	 
	 

	 	 
	 	 	 	 
	 

	 	(Cust)
	 	 	 	(Minor)
	 	 	Under Uniform Gifts to Minors Act
	 
	 	 	 	 	 	 
	 	 	 	 
	 	 	(State)	 

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

 

FOR VALUE RECEIVED, the undersigned hereby

sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

	 	 	 

	          /          /          
	 	 
	 

	 	 
	 

	 	Please print or type name and address, including zip code of assignee

 

the within Note of BANK OF AMERICA, N.A. and all rights thereunder and does hereby irrevocably
constitute and appoint

 

                                                             Attorney

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

Dated:                                                            

	 	 	 

	SIGNATURE GUARANTEED:
	 	 
	 

	 	 
	 

	 	NOTICE: The signature to this assignment must correspond
with the name as it appears upon the face of this Note

A1-36

 

Schedule 1

SCHEDULE OF TRANSFERS AND EXCHANGES

     The following increases and decreases in the principal amount of this Note have been made:

	 	 	 	 	 	 	 

	Date of Transfer,

Redemption or

Repayment, as

Applicable

	 	Increase (Decrease)

in Principal Amount

of this Note Due to

Transfer Among

Global Notes or

Redemption or

Repayment of a

Portion of Global

Note
	 	Principal

Amount of this Note

After Transfer,

Redemption or

Repayment
	 	Notation made

by or on

behalf of the Issuer

	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 

A1-37

 

[OPTION TO ELECT REPAYMENT]

     The undersigned hereby irrevocably request(s) and instruct(s) the Issuer to repay this Note
(or portion hereof specified below) pursuant to its terms at a price equal to the principal amount
hereof together with interest to the repayment date, to the undersigned, at

					
	 	 	 	 	 
	 
	 	 	 	 	.

(Please print or typewrite name and address of the undersigned)

     For this Note to be repaid, the [U.S. Paying Agent must receive at Global Transaction Banking,
Trust and Securities Services, 60 Wall Street – 27th Floor, New York, New York
10005,][London Paying Agent must receive at Deutsche Bank AG, London Branch, Winchester House, 1
Great Winchester Street, London EC2N 2DB, Attention: Trust and Securities Services], or at such
other place or places of which the Issuer from time to time shall notify the registered holder of
this Note, not more than 60 nor less than 30 calendar days prior to an Optional Repayment Date, if
any, shown in the Pricing Supplement, this Note with this “Option to Elect Repayment” form duly
completed.

     If less than the entire principal amount of this Note is to be repaid, (a) specify the portion
hereof which the registered holder elects to have repaid and (b) specify the portion hereof (which
shall be a minimum amount equal to the minimum Authorized Denomination) which is not being repaid
(in the absence of any such specification to the contrary, one such Note will be issued for the
portion not being repaid).

	 	 	 	 	 

	Date: 
	 	 	 	 
	 

	 
	 	 
	 

	 	 	 	NOTICE: The signature on this Option to Elect
Repayment must correspond with the name as written
upon the face of this Note in every particular,
without alteration or enlargement or any change
whatever.

A1-38

 

Principal amount to be repaid, if amount to be repaid is less than the principal amount of this
Note (principal amount remaining must be in the minimum authorized denomination or any authorized
integral multiple in excess thereof):

[U.S.$]                                                            

Amount to be Reissued (principal amount remaining must be in the minimum authorized denomination or
any authorized integral multiples in excess thereof):

[U.S.$]                                                            

[U.S.$]                                                            

o [Option To Use DTC Tender Procedures]

DTC Participant Number:                                                            

DTC Participant Name:                                                            

DTC Participant Telephone Number:                                                            

A1-39

 

Fill in registration of Notes 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

                                                                     
           

A1-40

 

[EXTENDIBLE NOTE RIDER]

     The Issuer and the purchaser of this Note have agreed that this Note is an Extendible Note
which initially matures on the Stated Maturity Date shown on the face hereof. Unless otherwise
provided in the Pricing Supplement, at each Extension Date, as specified in the Pricing Supplement,
the Maturity of this Note automatically will be extended to the corresponding New Maturity Date, as
specified in the Pricing Supplement, until the Final Maturity Date specified in the Pricing
Supplement, unless the registered holder of this Note elects to terminate the automatic extension
of the Maturity of this Note or any portion hereof and delivers a completed “Extension Termination
Notice” to the applicable Paying Agent (or any duly appointed paying agent) not less than 15 nor
more than 30 calendar days prior to the applicable Extension Date. The “Extension Termination
Notice” may specify that the automatic extension of Maturity of this Note is terminated with
respect to all or a portion of the outstanding principal amount of the Note so long as the
principal amount of the Note remaining outstanding after repayment is in at least an Authorized
Denomination as specified in the Pricing Supplement, or if no Authorized Denomination is so
specified, U.S. $250,000 or its equivalent in the applicable Specified Currency, unless otherwise
specified in the Pricing Supplement. Upon timely delivery of such Extension Termination Notice, the
term of the principal amount of this Note subject to such notice will be deemed automatically to
mature on the Stated Maturity Date or the then applicable New Maturity Date, as the case may be.
The remaining principal balance of such Note, if any, will be deemed to automatically be extended
to the corresponding New Maturity Date but in no circumstances may such Maturity be extended beyond
the Final Maturity Date set forth below. An election to terminate the automatic extension of the
Maturity hereof shall be irrevocable and

A1-41

 

binding on each holder hereof. Notwithstanding any such extension, the interest rate
applicable to this Note will continue to be calculated as set forth in this Note.

STATED MATURITY DATE:                                                            

FINAL MATURITY DATE:                                                            

	 	 	 	 	 
	Renewal Date(s)	 	New Maturity Date(s)	 
	 
	 	 	 	 

A1-42

 

[EXTENSION OF MATURITY NOTE RIDER]

     The Issuer and the purchaser of this Note have agreed that this Note is an Extension of
Maturity Note, whereby the Issuer has the option to extend the maturity of this Note for one or
more whole year periods, as specified in the Pricing Supplement (each, an “Extension Period”), up
to but not beyond the Final Maturity Date specified in the Pricing Supplement, under the terms of
this Note as supplemented by this Extension of Maturity Note Rider.

     Unless otherwise specified in the Pricing Supplement, the following provisions will apply to
an Extension of Maturity Note: The Issuer may exercise its option with respect hereto by delivery
to the applicable Paying Agent a notice of such exercise at least 45, but not more than 60,
calendar days prior to the Stated Maturity Date originally in effect with respect hereto or, if the
Stated Maturity Date has already been extended, prior to the maturity date then in effect (each, an
“Extended Maturity Date”). After such receipt and not later than 40 calendar days prior to the
Stated Maturity Date or an Extended Maturity Date, as the case may be (each, an “Existing Maturity
Date”), the applicable Paying Agent (or any duly appointed paying agent) will mail by first class
mail, postage prepaid, to the registered holder hereof a notice (the “Extension Notice”) relating
to such extension period (the “Extension Period”) setting forth (i) the election of the Issuer to
extend the Maturity hereof, (ii) the new Extended Maturity Date, (iii) the interest rate applicable
to the Extension Period (which interest rate may be higher during the Extension Period), and (iv)
the provisions, if any, for redemption during the Extension Period, including the date or dates on
which, the period or periods during which and the price or prices at which such redemption may
occur during the Extension Period. Upon the mailing by the applicable Paying Agent (or any duly
appointed paying agent) of an Extension Notice to the registered holder hereof, the maturity shall
be extended automatically as set forth in the Extension Notice, 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 calendar days prior to the Existing Maturity
Date hereof (or, if such date is not a Business Day, on the immediately succeeding Business Day),
the Issuer, at its option, may revoke the interest rate provided for in the Extension Notice and
establish a higher interest rate for the Extension Period by mailing or causing the applicable
Paying Agent to mail notice of such higher interest rate, by first class mail, postage prepaid, to
the registered holder hereof. Such notice shall be irrevocable. Thereafter, this Note will bear
such higher interest rate for the Extension Period.

     If the Issuer elects to extend the maturity hereof, the registered holder hereof will have the
option to elect repayment hereof in whole or in part by the Issuer on the Existing Maturity Date
then in effect at a price equal to the principal amount hereof plus any accrued and unpaid interest
to such date. In order for this Note to be so repaid on the Existing Maturity Date, the Issuer
must receive, at least 15 days but not more than 30 calendar days prior to the Existing Maturity
Date then in effect with respect hereto: (i) this Note with the form “Option to Elect Repayment”
below duly completed, or (ii) a telegram, telex, facsimile transmission, or a 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 registered
holder hereof, the principal amount hereof to be repaid, the certificate number,

A1-43

 

or a description of the tenor and terms hereof, a statement that the option to elect repayment
is being exercised thereby, and a guarantee that this Note, together with the duly completed form
entitled “Option to Elect Repayment” attached hereto, will be received by the applicable Paying
Agent not later than the fifth Business Day after the date of such telegram, telex, facsimile
transmission, or letter; provided, however, that such telegram, telex, facsimile
transmission, or letter shall only be effective if this Note and duly completed form are received
by the applicable Paying Agent by such fifth Business Day. Such option may be exercised by the
registered holder hereof for less than the aggregate principal amount hereof then outstanding,
provided that the principal amount hereof remaining outstanding after repayment is at least an
Authorized Denomination as specified in the Pricing Supplement, or if no such Authorized
Denomination is so specified, U.S. $250,000 or its equivalent in the applicable Specified Currency,
unless otherwise specified in the Pricing Supplement.

A1-44

 

Exhibit A-2 to

Supplement to Global Agency Agreement

[FORM OF MASTER SHORT-TERM REGISTERED NOTE]

BANK OF AMERICA, N.A.

MASTER SHORT-TERM REGISTERED BANK NOTE

     This Master Note is a global note within the meaning of the Global Agency Agreement dated as
of July 25, 2007, as supplemented by a Supplement to Global Agency Agreement dated as of December
19, 2008 and a Supplement to Global Agency Agreement dated as of April 30, 2010, as the same may be
further supplemented and amended from time to time (as supplemented and amended, the “Agency
Agreement”) among Bank of America, N.A., as Issuer, Deutsche Bank Trust Company Americas, as U.S.
Registrar and U.S. Paying Agent, Deutsche Bank AG, London Branch, as London Paying Agent and London
Issuing Agent, and Deutsche Bank Luxembourg S.A., as European Registrar and European Transfer Agent
and is registered in the name of the Depository (as defined below) or a nominee of the Depository.
This Master Note is not exchangeable for definitive or other Notes registered in the name of a
person other than the Depository or its nominee, except in the limited circumstances described in
the Agency Agreement and as provided below, and no transfer of this Master Note (other than a
transfer 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) may be registered
except in the limited circumstances described in the Agency Agreement.

     Unless this Master Note is presented by an authorized representative of The Depository Trust
Company (the “Depository”) (55 Water Street, New York, New York) to the Issuer or its agent for
registration of transfer, exchange or payment, and this Master Note is registered in the name of
CEDE & CO., or such other name as requested by an authorized representative of The Depository Trust
Company, and unless 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.

     NEITHER THIS MASTER NOTE NOR THE SECURITIES REPRESENTED HEREBY ARE SAVINGS ACCOUNTS OR
DEPOSITS, AND THIS MASTER NOTE AND THE SECURITIES REPRESENTED HEREBY ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

     IF THE SECURITIES REPRESENTED BY THIS MASTER NOTE ARE SENIOR NOTES, AS INDICATED IN THE
UNDERLYING RECORDS (DEFINED HEREIN),

A2-1

 

SUCH SECURITIES ARE DIRECT, UNCONDITIONAL, UNSECURED AND UNSUBORDINATED GENERAL OBLIGATIONS OF
BANK OF AMERICA, N.A. SUCH OBLIGATIONS EVIDENCED BY THIS MASTER NOTE RANK PARI PASSU WITH ALL
OTHER UNSECURED AND UNSUBORDINATED OBLIGATIONS OF BANK OF AMERICA, N.A., EXCEPT OBLIGATIONS,
INCLUDING DEPOSIT LIABILITIES, THAT ARE SUBJECT TO ANY PRIORITIES OR PREFERENCES UNDER APPLICABLE
LAW.

     IF THE SECURITIES REPRESENTED BY THIS MASTER NOTE ARE SUBORDINATED NOTES, AS INDICATED IN THE
UNDERLYING RECORDS, SUCH SECURITIES ARE DIRECT, UNCONDITIONAL AND UNSECURED OBLIGATIONS OF BANK OF
AMERICA, N.A., ARE SUBORDINATED TO CLAIMS OF GENERAL CREDITORS AND DEPOSITORS, AND ARE NOT ELIGIBLE
AS COLLATERAL FOR A LOAN BY BANK OF AMERICA, N.A.

     THE SECURITIES REPRESENTED BY THIS MASTER NOTE ARE NOT OBLIGATIONS OF OR GUARANTEED BY BANK OF
AMERICA CORPORATION OR ANY OTHER BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA, N.A.

     THE SECURITIES REPRESENTED BY THIS MASTER NOTE ARE SOLD IN MINIMUM DENOMINATIONS AS SPECIFIED
IN THE UNDERLYING RECORDS AND NEITHER THIS MASTER NOTE NOR THE SECURITIES REPRESENTED HEREBY CAN BE
EXCHANGED FOR NOTES IN SMALLER DENOMINATIONS. EACH OWNER OF A BENEFICIAL INTEREST IN THE SECURITIES
REPRESENTED BY THIS MASTER NOTE IS REQUIRED TO HOLD A BENEFICIAL INTEREST OF A PRINCIPAL AMOUNT OF
THE SECURITIES REPRESENTED BY THIS MASTER NOTE EQUAL TO THE MINIMUM AUTHORIZED DENOMINATION AT ALL
TIMES.

     THE SECURITIES REPRESENTED BY THIS MASTER NOTE ARE OFFERED AND SOLD ONLY TO ACCREDITED
INVESTORS AS DEFINED IN REGULATION D UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND EACH
PURCHASER OF A BENEFICIAL INTEREST IN THE SECURITIES REPRESENTED BY THIS MASTER NOTE WILL BE DEEMED
TO HAVE REPRESENTED AND WARRANTED TO BANK OF AMERICA, N.A. THAT IT IS AN ACCREDITED INVESTOR AND
THAT IT IS PURCHASING SUCH INTEREST FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER ACCREDITED
INVESTOR.

A2-2

 

Registered

Date of Issuance:                                                            

BANK OF AMERICA, N.A.

MASTER SHORT-TERM REGISTERED BANK NOTE

     BANK OF AMERICA, N.A., a national banking association organized under the laws of the United
States (herein called the “Issuer,” which term includes any successor corporation), for value
received, hereby promises to pay to CEDE & CO., as nominee for The Depository Trust Company, or its
registered assigns, (i) the principal amount, together with accrued and unpaid interest thereon, if
any, on the maturity date of each obligation (each, a “Note” and collectively, the “Notes”)
identified on the records of the Issuer (the “Underlying Records”) as being evidenced by this
Master Note, which Underlying Records are maintained by Deutsche Bank Trust Company Americas (the
“U.S. Registrar and Paying Agent”); (ii) interest on the principal amount of each such obligation
that is payable in installments, if any, on the due date of each installment, as specified in the
Underlying Records; (iii) the principal amount of each such obligation that is payable in
installments, if any, on the due date of each installment, as specified in the Underlying Records,
and (iv) any other payments required to be paid under each such obligation, as specified in the
Underlying Records. Interest shall be calculated at the rate and according to the calculation
convention specified in the Underlying Records. Payments shall be made by wire transfer to the
registered holder of this Master Note from the U.S. Registrar and Paying Agent without necessity of
presentation and surrender of this Master Note.

     Reference is made to the further provisions of this Master Note set forth on the reverse
hereof and in the Underlying Records, which shall have the same effect as though fully set forth at
this place. In the event of any conflict between the provisions contained herein or on the reverse
hereof and the provisions contained in the Underlying Records, the latter shall control. References
herein to “this Note,” “hereof,” “herein” and comparable terms shall mean this Master Note.

     The Underlying Records shall be deemed to include, without limitation, (a) the terms and
conditions of the securities represented by this Master Note, as set forth in the Issuer’s Offering
Circular dated April 30, 2010, as it may be amended or supplemented from time to time, and (b) each
pricing supplement that sets forth the terms and conditions of the specific securities represented
by this Master Note.

     Unless the certificate of authentication hereon has been executed by the applicable Registrar,
by manual signature of an authorized signatory, this Master Note shall not be entitled to any
benefit under the Agency Agreement or be valid or obligatory for any purpose.

A2-3

 

     IN WITNESS WHEREOF, Bank of America, N.A. has caused this instrument to be duly executed on
its behalf, by manual or facsimile signature.

	 	 	 	 	 	 	 

	Dated:	 	 	 	BANK OF AMERICA, N.A.
	 

	 	 	 	 	 	 
	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

A2-4

 

CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 

	Dated:	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS
as U.S. Registrar
	 	 
	 	 	 	 
	 	 
	 	 	 	 
	 	 	 	By Deutsche Bank National Trust Company
	 	 
	 	 	 	 
	 	 

	 	By:	 	 
	 	 

	 	 	 	 
	 	 	 	Authorized Signatory
	 	 
	 	 	 	 
	 	 

	 	By:	 	 
	 	 

	 	 	 	 
	 	 	 	Authorized Signatory

A2-5

 

[Reverse of Note]

BANK OF AMERICA, N.A.

MASTER SHORT-TERM REGISTERED BANK NOTE

     This Master Note represents one or more duly authorized issues of senior and/or subordinated
Notes of the Issuer, as indicated in the Underlying Records, to be issued in one or more series
under the Global Agency Agreement dated as of July 25, 2007, as supplemented by a Supplement to
Global Agency Agreement dated as of December 19, 2008 and a Supplement to Global Agency Agreement
dated as of April 30, 2010, as the same may be further supplemented and amended from time to time
(as supplemented and amended, the “Agency Agreement”) among Bank of America, N.A., as Issuer,
Deutsche Bank Trust Company Americas, as U.S. Registrar (the “U.S. Registrar”) and U.S. Paying
Agent (the “U.S. Paying Agent”), Deutsche Bank AG, London Branch, as London Paying Agent (the
“London Paying Agent,” and together with the U.S. Paying Agent, the “Paying Agents” and each, a
“Paying Agent”) and London Issuing Agent (the “London Issuing Agent”), and Deutsche Bank Luxembourg
S.A., as European Registrar (the “European Registrar,” and together with the U.S. Registrar, the
“Registrars” and each, a “Registrar”) and European Transfer Agent (the “European Transfer Agent,”
and together with the Registrars, the Paying Agents and the London Issuing Agent, the “Agents” and
each, an “Agent”), to which Agency Agreement reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Issuer and the
Agents thereunder and the holders of this Master Note. The terms U.S. Registrar, U.S. Paying
Agent, London Paying Agent, London Issuing Agent, European Registrar and European Transfer Agent
shall include any additional or successor agents appointed in such capacities by the Issuer.

     This Master Note is issued pursuant to an Offering Circular dated April 30, 2010, as it may be
amended or supplemented from time to time, for the offer and sale of up to $75,000,000,000
aggregate principal amount of senior and subordinated bank notes at any one time outstanding with
maturities of 7 days or more from their respective dates of issue. The Notes represented by this
Master Note may bear different dates, mature at different times, bear interest at different rates
and vary in such other ways as are provided in the Agency Agreement, and the aggregate principal
amount of bank notes to be offered under the program may be increased from time to time.

     The Issuer has initially appointed Deutsche Bank Trust Company Americas to act as paying agent
in respect of the Notes represented by this Master Note. This Master Note may be presented or
surrendered for payment, and notices, designations or requests in respect of payments with respect
to this Master Note may be served, at the office or agency of the U.S. Paying Agent.

     The Issuer will pay any administrative costs imposed by any bank 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.

A2-6

 

     Any interest payable, and punctually paid or duly provided for, on any Interest Payment Date
with respect to any of the Notes represented by this Master Note will be paid to the person in
whose name this Master Note (or one or more predecessor notes evidencing all or a portion of the
same obligations as this Note) is registered at the close of business on the date that is one
business day prior to such Interest Payment Date (the “Regular Record Date”); provided,
however, that interest payable at Maturity (the “Maturity Date”) with respect to any of the
Notes represented by this Master Note will be payable to the person to whom the principal hereof
shall be payable. The principal so payable, and punctually paid or duly provided for, at Maturity
of any Notes represented by this Master Note will be paid to the person in whose name this Master
Note (or one or more predecessor Notes evidencing all or a portion of the same obligations as this
Master Note) is registered at the close of business on the Maturity Date. Any such interest or
principal not punctually paid or duly provided for shall be payable as provided in the Agency
Agreement. “Maturity,” when used herein, means the date on which the principal of any notes
represented by this Master Note or an installment of principal becomes due and payable in full in
accordance with the terms of such Notes and of the Agency Agreement, whether at the Stated Maturity
Date or by declaration of acceleration, call for redemption, prepayment at the holder’s option or
otherwise.

     No reference herein to the Agency Agreement and no provision of this Master Note or of the
Agency Agreement shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of, premium, if any, and interest, if any, on the Notes
represented by this Master Note at the times, place and rates, and in the coins or currencies,
herein prescribed.

     The Issuer shall cause to be kept at the office of the U.S. Registrar at c/o Deutsche Bank
National Trust Company, Global Transaction Banking, 100 Plaza One, 6th floor, MS JCY03-0699, Jersey
City, New Jersey 07311-3901, a register in which, subject to such reasonable regulations as it may
prescribe, the Issuer shall provide for the registration and transfer of this Master Note and any
Notes represented hereby. As provided in the Agency Agreement and subject to certain limitations as
therein set forth, the transfer of this Master Note is registrable in the note register maintained
by the applicable Registrar, upon surrender of this Master Note for registration of transfer at the
office or agency of the applicable Registrar or any transfer agent maintained for that purpose,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
applicable Registrar (or such transfer agent) duly executed by, the holder hereof or its attorney
duly authorized in writing, and thereupon one or more new Notes represented by this Master Note
will be issued to the designated transferee or transferees.

     This Master Note may be exchanged in whole or in part (except in the case of (i) below, in
which case this Master Note shall be exchanged in whole, but not in part), for security-printed
definitive Notes of the Series represented by this Master Note, only if that exchange is permitted
by applicable law and (i) DTC notifies the Issuer that it is unwilling or unable to continue as
depository for this Master Note or DTC ceases to be a clearing agency registered under the United
States Securities Exchange Act of 1934, as amended, if so required by applicable law or regulation,
and, in either case, a successor depository is not appointed by the Issuer within 90 days after
receiving such notice or becoming aware that DTC is no longer so registered; or (ii) the Issuer, in
its sole discretion, elects to issue definitive registered Notes of the Series

A2-7

 

represented by this Master Note; or (iii) after the occurrence of an Event of Default with
respect to a series of Notes represented by this Master Note, beneficial owners representing a
majority in principal amount of such series of Notes advise the relevant clearing system through
its participants to cease acting as a depository for such Notes.

     In any such instance, an owner of a beneficial interest in this Master Note will be entitled
to physical delivery in definitive form of Notes equal in principal amount to such beneficial
interest and to have such Notes registered in its name. Unless otherwise set forth above, Notes so
issued in definitive form will be issued in authorized denominations only and will be issued in
registered form only, without coupons.

     The U.S. Registrar shall make an appropriate written or electronic notification in the
Underlying Records to reflect the issuance of any Notes represented by this Master Note in
definitive form.

     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
payable in connection therewith.

     Prior to due presentment of this Master Note for registration of transfer, the Issuer, the
Agents, and any agent of the Issuer or any Agent may treat the person in whose name this Master
Note is registered as the owner hereof for all purposes, whether not any payment under this Master
Note be overdue, and neither the Issuer, the Agents nor any such agent shall be affected by notice
to the contrary, except as required by applicable law.

     No recourse shall be had for the payment of principal of (and premium, if any) or interest on,
the Notes represented by this Master Note for any claim based hereon, or otherwise in respect
hereof, against any shareholder, employee, agent, officer or director, as such, past, present or
future, of the Issuer or of any successor organization, either directly or through the Issuer or
any successor organization, whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived and released.

     All terms used in this Master Note which are defined in the Agency Agreement and are not
otherwise defined in this Master Note shall have the meanings assigned to them in the Agency
Agreement.

     THIS MASTER NOTE AND THE NOTES REPRESENTED HEREBY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING ANY OTHERWISE APPLICABLE
CONFLICTS OF LAWS PROVISIONS AND ALL APPLICABLE UNITED STATES FEDERAL LAWS AND REGULATIONS.

A2-8

 

ABBREVIATIONS

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

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

	 	 	 	 	 	 	 

	UNIF GIFT MIN ACT —

	 	 	 	as Custodian for	 	 
	 

	 	 
	 	 	 	 
	 

	 	(Cust)
	 	 	 	(Minor)
	 	 	Under Uniform Gifts to Minors Act
	 
	 	 	 	 	 	 
	 	 	 	 
	 	 	(State)	 

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

 

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

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

	 	 	 

	          /          /          
	 	 
	 

	 	 
	 

	 	Please print or type name and address, including zip code of assignee

 

the within Note of BANK OF AMERICA, N.A. and all rights thereunder and does hereby irrevocably
constitute and appoint

 

                                                             Attorney

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

Dated:                                                            

	 	 	 

	SIGNATURE GUARANTEED:
	 	 
	 

	 	 
	 

	 	NOTICE: The signature to this assignment must correspond
with the name as it appears upon the face of this Note.

A2-9

 

Exhibit A-3 to

Supplement to Global Agency Agreement

[FORM OF MASTER COMMERCIAL PAPER REGISTERED NOTE]

BANK OF AMERICA, N.A.

MASTER COMMERCIAL PAPER REGISTERED NOTE

     This Master Note is a global note within the meaning of the Global Agency Agreement dated as
of July 25, 2007, as supplemented by a Supplement to Global Agency Agreement dated as of December
19, 2008 and a Supplement to Global Agency Agreement dated as of April 30, 2010, as the same may be
further supplemented and amended from time to time (as supplemented and amended, the “Agency
Agreement”) among Bank of America, N.A., as Issuer, Deutsche Bank Trust Company Americas, as U.S.
Registrar and U.S. Paying Agent, Deutsche Bank AG, London Branch, as London Paying Agent and London
Issuing Agent, and Deutsche Bank Luxembourg S.A., as European Registrar and European Transfer Agent
and is registered in the name of the Depository (as defined below) or a nominee of the Depository.
This Master Note is not exchangeable for definitive or other Notes registered in the name of a
person other than the Depository or its nominee, except in the limited circumstances described in
the Agency Agreement and as provided below, and no transfer of this Master Note (other than a
transfer 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) may be registered
except in the limited circumstances described in the Agency Agreement.

     Unless this Master Note is presented by an authorized representative of The Depository Trust
Company (the “Depository”) (55 Water Street, New York, New York) to the Issuer or its agent for
registration of transfer, exchange or payment, and this Master Note is registered in the name of
CEDE & CO., or such other name as requested by an authorized representative of The Depository Trust
Company, and unless 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.

     NEITHER THIS MASTER NOTE NOR THE SECURITIES REPRESENTED HEREBY ARE SAVINGS ACCOUNTS OR
DEPOSITS, AND THIS MASTER NOTE AND THE SECURITIES REPRESENTED HEREBY ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

     THE SECURITIES REPRESENTED BY THIS MASTER NOTE ARE DIRECT, UNCONDITIONAL, UNSECURED AND
UNSUBORDINATED GENERAL OBLIGATIONS OF BANK OF AMERICA, N.A. SUCH OBLIGATIONS EVIDENCED BY THIS
MASTER NOTE RANK PARI PASSU WITH ALL OTHER UNSECURED AND UNSUBORDINATED OBLIGATIONS OF BANK OF
AMERICA, N.A., EXCEPT OBLIGATIONS, INCLUDING

A3-1

 

DEPOSIT LIABILITIES, THAT ARE SUBJECT TO ANY PRIORITIES OR PREFERENCES UNDER APPLICABLE LAW.

     THE SECURITIES REPRESENTED BY THIS MASTER NOTE ARE NOT OBLIGATIONS OF OR GUARANTEED BY BANK OF
AMERICA CORPORATION OR ANY OTHER BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA, N.A.

     THE SECURITIES REPRESENTED BY THIS MASTER NOTE ARE SOLD IN MINIMUM DENOMINATIONS AS SPECIFIED
IN THE UNDERLYING RECORDS AND NEITHER THIS MASTER NOTE NOR THE SECURITIES REPRESENTED HEREBY CAN BE
EXCHANGED FOR NOTES IN SMALLER DENOMINATIONS. EACH OWNER OF A BENEFICIAL INTEREST IN THE SECURITIES
REPRESENTED BY THIS MASTER NOTE IS REQUIRED TO HOLD A BENEFICIAL INTEREST OF A PRINCIPAL AMOUNT OF
THE SECURITIES REPRESENTED BY THIS MASTER NOTE EQUAL TO THE MINIMUM AUTHORIZED DENOMINATION AT ALL
TIMES.

A3-2

 

Registered

Date of Issuance:_________________

BANK OF AMERICA, N.A.

MASTER COMMERCIAL PAPER REGISTERED NOTE

     BANK OF AMERICA, N.A., a national banking association organized under the laws of the United
States (herein called the “Issuer,” which term includes any successor corporation), for value
received, hereby promises to pay to CEDE & CO., as nominee for The Depository Trust Company, or its
registered assigns, (i) the principal amount, together with accrued and unpaid interest thereon, if
any, on the maturity date of each obligation (each, a “Note” and collectively, the “Notes”)
identified on the records of the Issuer (the “Underlying Records”) as being evidenced by this
Master Note, which Underlying Records are maintained by Deutsche Bank Trust Company Americas (the
“U.S. Registrar and Paying Agent”); (ii) interest on the principal amount of each such obligation
that is payable in installments, if any, on the due date of each installment, as specified in the
Underlying Records; (iii) the principal amount of each such obligation that is payable in
installments, if any, on the due date of each installment, as specified in the Underlying Records,
and (iv) any other payments required to be paid under each such obligation, as specified in the
Underlying Records. Interest shall be calculated at the rate and according to the calculation
convention specified in the Underlying Records. Payments shall be made by wire transfer to the
registered holder of this Master Note from the U.S. Registrar and Paying Agent without necessity of
presentation and surrender of this Master Note.

     Reference is made to the further provisions of this Master Note set forth on the reverse
hereof and in the Underlying Records, which shall have the same effect as though fully set forth at
this place. In the event of any conflict between the provisions contained herein or on the reverse
hereof and the provisions contained in the Underlying Records, the latter shall control. References
herein to “this Note,” “hereof,” “herein” and comparable terms shall mean this Master Note.

     The Underlying Records shall be deemed to include, without limitation, (a) the terms and
conditions of the securities represented by this Master Note, as set forth in the Issuer’s Offering
Circular dated April 30, 2010, as it may be amended or supplemented from time to time, (b) the
Product Supplement No. CP-1 dated April 30, 2010, as it may be amended or supplemented from time to
time, and (c) the trade confirmation that sets forth the terms and conditions of the specific
securities represented by this Master Note.

     Unless the certificate of authentication hereon has been executed by the applicable Registrar,
by manual signature of an authorized signatory, this Master Note shall not be entitled to any
benefit under the Agency Agreement or be valid or obligatory for any purpose.

A3-3

 

     IN WITNESS WHEREOF, Bank of America, N.A. has caused this instrument to be duly executed on
its behalf, by manual or facsimile signature.

	 	 	 	 	 	 	 

	Dated:	 	 	 	BANK OF AMERICA, N.A.
	 

	 	 	 	 	 	 
	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

A3-4

 

CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 

	Dated:	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS
as U.S. Registrar
	 	 
	 	 	 	 
	 	 
	 	 	 	 
	 	 	 	By Deutsche Bank National Trust Company
	 	 
	 	 	 	 
	 	 

	 	By:	 	 
	 	 

	 	 	 	 
	 	 	 	Authorized Signatory
	 	 
	 	 	 	 
	 	 

	 	By:	 	 
	 	 

	 	 	 	 
	 	 	 	Authorized Signatory

A3-5

 

[Reverse of Note]

BANK OF AMERICA, N.A.

MASTER COMMERCIAL PAPER REGISTERED NOTE

     This Master Note represents one or more duly authorized issues of senior Notes of the Issuer,
as indicated in the Underlying Records, to be issued in one or more series under the Global Agency
Agreement dated as of July 25, 2007, as supplemented by a Supplement to Global Agency Agreement
dated as of December 19, 2008 and a Supplement to Global Agency Agreement dated as of April 30,
2010, as the same may be further supplemented and amended from time to time (as supplemented and
amended, the “Agency Agreement”) among Bank of America, N.A., as Issuer, Deutsche Bank Trust
Company Americas, as U.S. Registrar (the “U.S. Registrar”) and U.S. Paying Agent (the “U.S. Paying
Agent”), Deutsche Bank AG, London Branch, as London Paying Agent (the “London Paying Agent,” and
together with the U.S. Paying Agent, the “Paying Agents” and each, a “Paying Agent”) and London
Issuing Agent (the “London Issuing Agent”), and Deutsche Bank Luxembourg S.A., as European
Registrar (the “European Registrar,” and together with the U.S. Registrar, the “Registrars” and
each, a “Registrar”) and European Transfer Agent (the “European Transfer Agent,” and together with
the Registrars, the Paying Agents and the London Issuing Agent, the “Agents” and each, an “Agent”),
to which Agency Agreement reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Issuer and the Agents thereunder and
the holders of this Master Note. The terms U.S. Registrar, U.S. Paying Agent, London Paying Agent,
London Issuing Agent, European Registrar and European Transfer Agent shall include any additional
or successor agents appointed in such capacities by the Issuer.

     This Master Note is issued pursuant to an Offering Circular dated April 30, 2010, as it may be
amended or supplemented from time to time, and the Product Supplement No. CP-1 dated April 30,
2010, as it may be amended or supplemented from time to time, for the offer and sale of up to
$75,000,000,000 aggregate principal amount of senior and subordinated bank notes and commercial
paper at any one time outstanding with maturities of 7 days or more from their respective dates of
issue. The Notes represented by this Master Note may bear different dates, mature at different
times, bear interest at different rates and vary in such other ways as are provided in the Agency
Agreement, and the aggregate principal amount of bank notes and commercial paper to be offered
under the program may be increased from time to time.

     The Issuer has initially appointed Deutsche Bank Trust Company Americas to act as paying agent
in respect of the Notes represented by this Master Note. This Master Note may be presented or
surrendered for payment, and notices, designations or requests in respect of payments with respect
to this Master Note may be served, at the office or agency of the U.S. Paying Agent.

     The Issuer will pay any administrative costs imposed by any bank 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.

     Any interest payable, and punctually paid or duly provided for, on any Interest Payment Date
with respect to any of the Notes represented by this Master Note will be paid to the person in
whose name this Master Note (or one or more predecessor notes evidencing all or a portion of the
same obligations as this Note) is registered at the close of business on the date that is one
business day prior to such Interest Payment Date (the “Regular Record Date”); provided,
however, that interest payable at Maturity (the “Maturity Date”) with respect to any of the
Notes represented by this Master Note will be payable to the person to whom the principal hereof
shall be payable. The principal so payable, and punctually paid or duly provided for, at Maturity
of any Notes represented by this Master Note will be paid to the person in

A3-6

 

whose name this Master Note (or one or more predecessor Notes evidencing all or a portion of
the same obligations as this Master Note) is registered at the close of business on the Maturity
Date. Any such interest or principal not punctually paid or duly provided for shall be payable as
provided in the Agency Agreement. “Maturity,” when used herein, means the date on which the
principal of any Notes represented by this Master Note or an installment of principal becomes due
and payable in full in accordance with the terms of such Notes and of the Agency Agreement, whether
at the Stated Maturity Date or by declaration of acceleration, call for redemption, prepayment at
the holder’s option or otherwise.

     No reference herein to the Agency Agreement and no provision of this Master Note or of the
Agency Agreement shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of, premium, if any, and interest, if any, on the Notes
represented by this Master Note at the times, place and rates, and in the coins or currencies,
herein prescribed.

     The Issuer shall cause to be kept at the office of the U.S. Registrar at c/o Deutsche Bank
National Trust Company, Global Transaction Banking, 100 Plaza One, 6th floor, MS JCY03-0699, Jersey
City, New Jersey 07311-3901, a register in which, subject to such reasonable regulations as it may
prescribe, the Issuer shall provide for the registration and transfer of this Master Note and any
Notes represented hereby. As provided in the Agency Agreement and subject to certain limitations as
therein set forth, the transfer of this Master Note is registrable in the note register maintained
by the applicable Registrar, upon surrender of this Master Note for registration of transfer at the
office or agency of the applicable Registrar or any transfer agent maintained for that purpose,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
applicable Registrar (or such transfer agent) duly executed by, the holder hereof or its attorney
duly authorized in writing, and thereupon one or more new Notes represented by this Master Note
will be issued to the designated transferee or transferees.

     This Master Note may be exchanged in whole or in part (except in the case of (i) below, in
which case this Master Note shall be exchanged in whole, but not in part), for security-printed
definitive Notes of the Series represented by this Master Note, only if that exchange is permitted
by applicable law and (i) DTC notifies the Issuer that it is unwilling or unable to continue as
depository for this Master Note or DTC ceases to be a clearing agency registered under the United
States Securities Exchange Act of 1934, as amended, if so required by applicable law or regulation,
and, in either case, a successor depository is not appointed by the Issuer within 90 days after
receiving such notice or becoming aware that DTC is no longer so registered; or (ii) the Issuer, in
its sole discretion, elects to issue definitive registered Notes of the Series represented by this
Master Note; or (iii) after the occurrence of an Event of Default with respect to a series of Notes
represented by this Master Note, beneficial owners representing a majority in principal amount of
such series of Notes advise the relevant clearing system through its participants to cease acting
as a depository for such Notes.

     In any such instance, an owner of a beneficial interest in this Master Note will be entitled
to physical delivery in definitive form of Notes equal in principal amount to such beneficial
interest and to have such Notes registered in its name. Unless otherwise set forth above, Notes so
issued in definitive form will be issued in authorized denominations only and will be issued in
registered form only, without coupons.

     The U.S. Registrar shall make an appropriate written or electronic notification in the
Underlying Records to reflect the issuance of any Notes represented by this Master Note in
definitive form.

     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
payable in connection therewith.

A3-7

 

     Prior to due presentment of this Master Note for registration of transfer, the Issuer, the
Agents, and any agent of the Issuer or any Agent may treat the person in whose name this Master
Note is registered as the owner hereof for all purposes, whether not any payment under this Master
Note be overdue, and neither the Issuer, the Agents nor any such agent shall be affected by notice
to the contrary, except as required by applicable law.

     No recourse shall be had for the payment of principal of (and premium, if any) or interest on,
the Notes represented by this Master Note for any claim based hereon, or otherwise in respect
hereof, against any shareholder, employee, agent, officer or director, as such, past, present or
future, of the Issuer or of any successor organization, either directly or through the Issuer or
any successor organization, whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived and released.

     All terms used in this Master Note which are defined in the Agency Agreement and are not
otherwise defined in this Master Note shall have the meanings assigned to them in the Agency
Agreement.

     THIS MASTER NOTE AND THE NOTES REPRESENTED HEREBY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING ANY OTHERWISE APPLICABLE
CONFLICTS OF LAWS PROVISIONS AND ALL APPLICABLE UNITED STATES FEDERAL LAWS AND REGULATIONS.

A3-8

 

ABBREVIATIONS

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

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

	 	 	 	 	 	 	 

	UNIF GIFT MIN ACT —

	 	 	 	as Custodian for	 	 
	 

	 	 
	 	 	 	 
	 

	 	(Cust)
	 	 	 	(Minor)
	 	 	Under Uniform Gifts to Minors Act
	 
	 	 	 	 	 	 
	 	 	 	 
	 	 	(State)	 

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

 

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

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

	 	 	 

	          /          /          
	 	 
	 

	 	 
	 

	 	Please print or type name and address, including zip code of assignee

 

the within Note of BANK OF AMERICA, N.A. and all rights thereunder and does hereby irrevocably
constitute and appoint

 

                                                             Attorney

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

Dated:                                                            

	 	 	 

	SIGNATURE GUARANTEED:
	 	 
	 

	 	 
	 

	 	NOTICE: The signature to this assignment must correspond
with the name as it appears upon the face of this Note.

A3-9

 

Exhibit B to

Supplement to Global Agency Agreement

[FORM OF TEMPORARY BEARER GLOBAL NOTE]

BANK OF AMERICA, N.A.

TEMPORARY GLOBAL BANK NOTE

     [THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR
PARTICIPATION IN THIS NOTE MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS
TERRITORIES, ITS POSSESSIONS AND OTHER AREAS SUBJECT TO ITS JURISDICTION OR TO ANY PERSON DEEMED A
U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT, UNLESS THIS NOTE IS REGISTERED UNDER THE
SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS
AVAILABLE.]5

     THIS NOTE MAY NOT BE OFFERED, SOLD, OR DELIVERED WITHIN THE UNITED STATES OR ITS POSSESSIONS
OR TO ANY CITIZEN, NATIONAL OR RESIDENT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER
ENTITY CREATED OR ORGANIZED IN OR UNDER THE LAWS OF THE UNITED STATES OR ANY POLITICAL SUBDIVISION
THEREOF, OR TO ANY ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION
REGARDLESS OF ITS SOURCE OR ANY TRUST WITH RESPECT TO WHICH A COURT WITHIN THE UNITED STATES IS
ABLE TO EXERCISE PRIMARY SUPERVISION OVER ITS ADMINISTRATION, AND ONE OR MORE UNITED STATES PERSONS
HAVE THE AUTHORITY TO CONTROL ALL OF ITS SUBSTANTIAL DECISIONS, EXCEPT AS PERMITTED UNDER
APPLICABLE UNITED STATES TREASURY REGULATIONS.

     THIS NOTE IS A TEMPORARY GLOBAL NOTE IN BEARER FORM, WITHOUT COUPONS, EXCHANGEABLE FOR A
BEARER NOTE IN PERMANENT GLOBAL FORM OR BANK NOTES IN DEFINITIVE FORM. THE RIGHTS ATTACHING TO THIS
TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR A PERMANENT
GLOBAL NOTE OR BANK NOTES IN DEFINITIVE FORM, ARE AS SPECIFIED HEREIN AND IN THE AGENCY AGREEMENT
(AS DEFINED HEREIN).

 

			
	5	 	Modify legend, as appropriate, for any bank
notes in bearer form offered under exemptions other than Regulation S.

B-1

 

     THIS NOTE IS NOT A SAVINGS ACCOUNT OR A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

     IF THIS NOTE IS A SENIOR NOTE, AS INDICATED ON THE FACE HEREOF, THIS NOTE IS A DIRECT,
UNCONDITIONAL, UNSECURED AND UNSUBORDINATED GENERAL OBLIGATION OF BANK OF AMERICA, N.A. THE
OBLIGATIONS EVIDENCED BY THIS NOTE RANK PARI PASSU WITH ALL OTHER UNSECURED AND UNSUBORDINATED
OBLIGATIONS OF BANK OF AMERICA, N.A., EXCEPT OBLIGATIONS, INCLUDING DEPOSIT LIABILITIES, THAT ARE
SUBJECT TO ANY PRIORITIES OR PREFERENCES UNDER APPLICABLE LAW.

     IF THIS NOTE IS A SUBORDINATED NOTE, AS INDICATED ON THE FACE HEREOF, THIS NOTE A DIRECT,
UNCONDITIONAL AND UNSECURED OBLIGATION OF BANK OF AMERICA, N.A., IS SUBORDINATED TO CLAIMS OF
GENERAL CREDITORS AND OF DEPOSITORS, AND IS NOT ELIGIBLE AS COLLATERAL FOR A LOAN BY BANK OF
AMERICA, N.A.

     THIS NOTE IS NOT AN OBLIGATION OF OR GUARANTEED BY BANK OF AMERICA CORPORATION OR ANY OTHER
BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA, N.A.

     NEITHER THE HOLDER NOR THE BENEFICIAL OWNER OF THIS GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE
PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE PROVISIONS HEREOF.

     ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE
UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF
THE INTERNAL REVENUE CODE.

     THIS NOTE IS SOLD IN MINIMUM DENOMINATIONS AS NOTED HEREIN AND IN THE PRICING SUPPLEMENT OR
INDEXED PAYMENT RIDER ATTACHED HERETO AND CANNOT BE EXCHANGED FOR NOTES IN SMALLER DENOMINATIONS.
EACH OWNER OF A BENEFICIAL INTEREST IN THIS NOTE IS REQUIRED TO HOLD A BENEFICIAL INTEREST OF A
PRINCIPAL AMOUNT OF THIS NOTE EQUAL TO THE MINIMUM AUTHORIZED DENOMINATION AT ALL TIMES.

     THIS NOTE IS OFFERED AND SOLD ONLY TO ACCREDITED INVESTORS AS DEFINED IN REGULATION D UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, AND EACH PURCHASER OF A BENEFICIAL INTEREST IN THIS NOTE
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED TO BANK OF AMERICA, N.A. THAT IT IS AN ACCREDITED
INVESTOR AND THAT IT IS

B-2

 

PURCHASING SUCH INTEREST FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER ACCREDITED
INVESTOR.

B-3

 

	 	 	 

	Common Code:

	 	ISIN No.:
	 

	 	Principal Amount: [$]________

BANK OF AMERICA, N.A.

[INSERT NAME OF SERIES OR DESIGNATION OF THE NOTES]

TEMPORARY GLOBAL BANK NOTE

	 	 	 	 	 	 	 

	ORIGINAL ISSUE
DATE6:	 		 	
	

SPECIFIED CURRENCY:

	 	o
o
o
	 	This Note is an Extendible Note. [See attached Rider]
This Note is an Extension of Maturity Note. [See attached Rider]
This Note is an Amortizing Note.
	 

	 	o U.S. Dollars
	 		 	
	 

	 	o Other (specify):	 	 	 	 
	 
	 	 	 	 	 	 
	o

	 	FIXED RATE NOTE	 	 	 	 
	o

	 	FLOATING RATE NOTE	 	 	 	 
	o

	 	INDEXED NOTE [See attached Rider]
	 	 	 	 
	o

	 	FLOATING RATE/FIXED RATE NOTE	 	 	 	 
	 
	 	 	 	 	 	 
	o

	 	SENIOR NOTE	 	 	 	 
	o

	 	SUBORDINATED NOTE	 	 	 	 

     BANK OF AMERICA, N.A., a national banking association organized under the laws of the United
States (herein called the “Issuer,” which term includes any successor corporation), for value
received, hereby promises to pay to the bearer hereof the principal amount specified above (or if
this Note is designated as an Indexed Note above, the Principal Repayment Amount and/or the
Supplemental Payment Amount calculated in accordance with the provisions set forth in the Pricing
Supplement or Indexed Payment Rider, as applicable, attached hereto (referred to collectively as
the “Pricing Supplement”)) as adjusted in accordance with Schedules 1 and 2 hereto, on the Stated
Maturity Date7 specified above (except to the extent redeemed or repaid prior to the
Stated Maturity Date), and to pay interest thereon (i) in accordance with the provisions set forth
on the reverse hereof in Section 2(a), if this Note is designated as a “Fixed Rate Note” above,
(ii) in accordance with the provisions set forth on the reverse hereof under the

 

			
	6	 	The form provides that interest, if any, will
accrue from the Original Issue Date. In the event a series of Notes is
reopened, interest will accrue from the Original Issue Date for all tranches of
Notes of that series. However, in the event a series of Notes is reopened, the
authentication date for each tranche of Notes will be the date that tranche of
Notes is settled, which may be different from the Original Issue Date.
	 
	7	 	This form provides for Notes that will mature
only on a specified date. If the Maturity of Notes of a series may be extended
at the option of the holder, or if the Issuer may elect the extension of
Maturity of the Notes of a series, the form, as used, will be modified by the
applicable Rider attached to this Note to provide for additional terms relating
to such renewal or extension, as the case may be, including the period or
periods for which the Maturity may be extended, changes in the interest rate,
if any, and requirements for notice.

B-4

 

Section 2(b), if this Note is designated as a “Floating Rate Note” above, (iii) in accordance
with the provisions set forth on the reverse hereof in Section 2(c), if this Note is designated as
a “Floating Rate/Fixed Rate Note” above, or (iv) in accordance with the provisions set forth in the
Pricing Supplement, if this Note is designated as an “Indexed Note” above, in each case as such
provisions may be modified or supplemented by the terms and provisions set forth in the Pricing
Supplement, and (to the extent that the payment of such interest shall be legally enforceable) to
pay interest at the Default Rate per annum specified in the Pricing Supplement on any overdue
principal and premium, if any, and on any overdue installment of interest. If no Default Rate is
specified in the Pricing Supplement, the Default Rate shall be the fixed or floating Interest Rate
or Interest Rates on this Note specified in the Pricing Supplement. “Maturity,” when used herein,
means the date on which the principal of this Note or an installment of principal becomes due and
payable in full in accordance with the terms of this Note and of the Agency Agreement, whether at
the Stated Maturity Date or by declaration of acceleration, call for redemption, prepayment at the
holder’s option or otherwise.

     This Global Note is a Temporary Global Note in bearer form without interest coupons and is one
of a duly authorized issue of senior or subordinated Notes of the Issuer issued and to be issued in
one or more series under the Global Agency Agreement dated as of July 25, 2007, as supplemented by
a Supplement to Global Agency Agreement dated as of December 19, 2008 and a Supplement to Global
Agency Agreement dated as of April 30, 2010, as the same may be further supplemented and amended
from time to time (as supplemented and amended, the “Agency Agreement”) among the Issuer, Deutsche
Bank Trust Company Americas, as U.S. Registrar (the “U.S. Registrar”) and U.S. Paying Agent (the
“U.S. Paying Agent”), Deutsche Bank AG, London Branch, as London Paying Agent (the “London Paying
Agent,” and together with the U.S. Paying Agent, the “Paying Agents” and each, a “Paying Agent”)
and as London Issuing Agent (the “London Issuing Agent”), and Deutsche Bank Luxembourg S.A., as
European Registrar (the “European Registrar,” and together with the U.S. Registrar, the
“Registrars” and each, a “Registrar”) and European Transfer Agent (the “European Transfer Agent,”
and together with the Registrars, the Paying Agents and the London Issuing Agent, the “Agents” and
each, an “Agent”), to which Agency Agreement reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Issuer and the
Agents and the holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. The terms U.S. Registrar, U.S. Paying Agent, London Paying Agent,
London Issuing Agent, European Registrar and European Transfer Agent shall include any additional
or successor agents appointed in such capacities by the Issuer.

     The Issuer and any Paying Agent may (except as otherwise required by law) deem and treat the
bearer of this Note as the absolute owner hereof (whether or not overdue and notwithstanding any
notice of ownership or writing thereon or notice of any previous loss or theft hereof) for all
purposes but, in the case of this Global Note, without prejudice to the provisions set out in the
next paragraph.

     So long as this Global Note is held on behalf of Euroclear Bank S.A. N.V. (“Euroclear”) or
Clearstream Banking, société anonyme (“Clearstream, Luxembourg”), each person who is shown in the
records of Euroclear or of Clearstream, Luxembourg as the holder of a particular nominal amount of
Notes represented by this Global Note (any certificate or other document

B-5

 

issued by Euroclear or Clearstream, Luxembourg as to the nominal amount of Notes standing on
the account of any person shall be conclusive and binding for all purposes, except in the case of
manifest error) shall be treated by the Issuer, the London Paying Agent, and any other Agent as the
holder of such nominal amount of such Notes for all purposes, except with respect to the payment of
principal, premium, if any, interest, or any other amounts payable on the Notes, the bearer of this
Global Note shall be treated by the Issuer, the London Paying Agent and any other Agent as the
holder of such Notes in accordance with and subject to the terms of this Global Note (the
expressions “noteholder” and “holder of Notes” and related expressions shall be construed
accordingly). Notes which are represented by this Global Note will be transferable only in
accordance with the rules and procedures for the time being of Euroclear or Clearstream,
Luxembourg, as the case may be.

     On any redemption, repayment or purchase and cancellation of any of the Notes represented by
this Global Note, the Issuer shall procure that details of such redemption, repayment or purchase
and cancellation (as the case may be) shall be entered in the relevant column in Part II, III or IV
of Schedule 1 or Schedule 2 hereto recording any such redemption, repayment or purchase and
cancellation (as the case may be) and shall be signed by or on behalf of the Issuer. Upon any such
redemption, repayment or purchase and cancellation, the principal amount of such Notes represented
by this Global Note shall be reduced by the principal amount of the Notes so redeemed, repurchased
or purchased and cancelled.

     Prior to the Exchange Date (as defined below), all payments (if any) on this Global Note will
only be made to the bearer hereof to the extent that there is presented to the London Paying Agent
by Euroclear or Clearstream, Luxembourg, a certificate, substantially in the form set out in
Exhibit J to the Agency Agreement, to the effect that it has received from or in respect of a
person entitled to a particular principal amount of the Notes (as shown by its records) a
certificate in or substantially in the form of the certificate as set out in Exhibit K to the
Agency Agreement. Payments due in respect of Notes for the time being represented by this Global
Note shall be made to the bearer of this Global Note and each payment so made will discharge the
Issuer’s obligations in respect thereof. Any failure to make the entries referred to in the
paragraph above shall not affect such discharge. After the Exchange Date, the bearer of this Global
Note will not be entitled to receive any payment of interest hereon.

     On or after the Exchange Date (as defined below), this Global Note may be exchanged in whole
or in part (free of charge) for either (a) a Permanent Global Note which is in or substantially in
the form set out in Exhibit C of the Agency Agreement (together with the Pricing Supplement
attached to it), upon notice being given by a relevant clearing system acting on the instructions
of any holder of an interest in this Global Note or (b) under certain limited circumstances
described in Section 8 of the Agency Agreement, security printed Definitive Notes and (if
applicable) Coupons, Talons and/or Receipts in the form set out in Exhibits D, E, F and G,
respectively, of the Agency Agreement (on the basis that all the appropriate details have been
included on the face of such Definitive Notes and (if applicable) Coupons, Receipts and/or Talons
and the terms of the Pricing Supplement have been incorporated in such Definitive Notes). The
“Exchange Date” for this Global Note will normally be the 40th day after the later of
the date on which the Issuer receives the proceeds of the sale of the Global Note and the closing
date for the Global Note. However, if the Issuer, a selling agent or any distributor, as defined in

B-6

 

U.S. Treasury Regulation Sec. 1-163(c)(2)(i)(D)(4), holds a Note represented by this Global
Note as part of an unsold allotment or subscription for more than 40 days after the later of the
date on which the Issuer receives the proceeds of the sale of the Global Note and the closing date
for the Global Note, the Exchange Date with respect to such Note will be the day after the date on
which the Issuer, selling agent or distributor sells such Note.

     This Global Note may be exchanged by the bearer hereof on any day (other than a Saturday or
Sunday) on which banks are open for business in London. The Issuer shall procure that Definitive
Notes and interests in the Permanent Global Note shall be so issued and delivered in exchange for
only that portion of this Global Note in respect of which there shall have been presented to the
London Issuing Agent by Euroclear or Clearstream, Luxembourg a certificate, substantially in the
form set out in Exhibit J to the Agency Agreement, to the effect that it has received from or in
respect of a person entitled to a beneficial interest in a particular principal amount of the Notes
(as shown by its records) a certificate from such person in or substantially in the form of the
certificate set out in Exhibit K to the Agency Agreement, unless such certificate has already been
given in accordance with the above provisions. The aggregate principal amount of interests in a
Permanent Global Note issued upon exchange of this Global Note subject to the terms hereof, will be
equal to the aggregate principal amount of this Global Note submitted by the bearer hereof for
exchange (to the extent that such principal amount does not exceed the aggregate principal amount
of this Global Note).

     Any such exchanges will be made upon presentation of this Global Note by the bearer hereof at
the offices of the London Issuing Agent (or at such other place outside the United States and its
possessions as the London Issuing Agent may agree). On an exchange of the whole of this Global
Note, this Global Note shall be surrendered to the London Issuing Agent. On an exchange of only
part of this Global Note, the Issuer shall procure that details of such exchange shall be entered
in Schedule 2 hereto and the relevant space in Schedule 2 hereto recording such exchange and shall
be signed by or on behalf of the Issuer and the principal amount of this Global Note and the Notes
represented by this Global Note shall be reduced by the principal amount so exchanged.

     If, following the issue of a Permanent Global Note in exchange for some of the Notes
represented by this Global Note, further Notes presented by this Global Note are to be exchanged
for interests in a Permanent Global Note, such exchange may be effected, subject as provided
herein, without the issue of a new Permanent Global Note, by the Issuer or its agent endorsing
Schedule 2 of the Permanent Global Note by an amount equal to the aggregate principal amount of the
Permanent Global Note which would otherwise have been issued on such exchange.

     Until the exchange of the whole of this Global Note as aforesaid, the bearer hereof shall in
all respects (except as otherwise provided herein) be entitled to the same benefits as if he were
the bearer of Definitive Notes and (if applicable) Coupons, Talons and Receipts in the form set out
in Exhibits D, E, F and G, respectively, to the Agency Agreement.

     Notwithstanding any provision to the contrary contained in this Temporary Global Note, the
Issuer irrevocably agrees, for the benefit of such noteholders and their successors and assigns,
that each noteholder or its successors or assigns may file without the consent and to the

B-7

 

exclusion of the bearer hereof, any claim, take any action or institute any proceeding to
enforce directly against the Issuer, the obligation of the Issuer hereunder to pay any amount due
or to become due in respect of each Note represented by this Temporary Global Note which is
credited to such noteholder’s securities account with Euroclear or Clearstream, Luxembourg without
production of this Temporary Global Note; provided that the bearer hereof shall not theretofore
have filed a claim, taken action or instituted proceedings to enforce the same in respect of such
Note.

     Until exchanged in full for the Permanent Global Note, this Temporary Global Note in all
respects shall be entitled to the same benefits under, and subject to the same terms and conditions
of, the Agency Agreement as the Permanent Global Note authenticated and delivered hereunder, except
that neither the holder hereof nor the beneficial owners of this Temporary Global Note shall be
entitled to receive payment of interest hereon.

     Subject to any fiscal or other laws and regulations applicable thereto in the place of
payment, payments in a Specified Currency other than euro will be made by transfer to an account in
the relevant Specified Currency maintained by the payee with, or by a check in such Specified
Currency drawn on, a bank in the principal financial center of the country of such Specified
Currency, and payments in euro will be made by credit or transfer to a euro account (or any other
account to which euro may be credited or transferred) specified by the payee; provided, however,
that, in either case, a check or a credit or transfer, as applicable, may not be delivered to an
address in, and an amount may not be transferred to an account at a bank located in, the United
States or any of its possessions by any office or agency of the Issuer or any Paying Agent.

     If at the time of payment the Specified Currency is not legal tender for the payment of public
and private debts, the Issuer will make payments in (a) such other coin or currency of the country
that issued such Specified Currency or (b) if the Specified Currency is the euro, the successor
currency under applicable law, in each case as at the time of such payment is legal tender for
payment of debts. Unless otherwise specified in the Pricing Supplement, and except as described
below, generally holders are not entitled to receive payments in U.S. dollars of an amount due in
another Specified Currency.

     Except as provided below, payments of principal of, and premium, if any, and interest on this
Global Note will be made outside the United States and its possessions against presentation or
surrender, as the case may be, of this Global Note at the office of the London Paying Agent
maintained for that purpose, subject to the requirements for certification provided herein. The
London Paying Agent will record on this Global Note each payment made against presentation or
surrender of the Note, distinguishing between any payment of principal and premium, if any, and any
payment of interest, and such record shall be prima facie evidence that the payment has been made.

     Payment on this Note will not be made: (i) at any office or agency of the Issuer in the United
States or its possessions; (ii) by check mailed to any address in the United States or its
possessions; or (iii) by wire transfer to an account maintained with a bank located in the United
States or its possessions; provided, however, that U.S. dollar payments with respect to this Global
Note may be made at the specified office of a paying agent in the United States or its

B-8

 

possessions if: (A) the Issuer has appointed paying agents with specified offices outside the
United States and its possessions with the reasonable expectation that such paying agents will be
able to make payment of the full amount of principal, premium, if any, interest, or any other
amounts payable on the bank notes in the manner provided above when due in U.S. dollars at such
specified offices; (B) payment of the full amount due of such principal, premium, if any, interest,
or any other amounts payable, at all such specified offices outside the United States and its
possessions is illegal or effectively precluded by exchange controls or other similar restrictions
on the full payment or receipt of principal and interest in U.S. dollars; and (C) such payment is
then permitted under U.S. law without involving, in the Issuer’s opinion, adverse tax consequences
for the Issuer.

     The bearer of this Global Note shall be the only person entitled to receive payments with
respect hereto, and the Issuer shall be discharged by payment to, or to the order of, the bearer of
this Global Note with respect to each amount so paid. Each person in the records of Euroclear or
Clearstream, Luxembourg as the beneficial owner of a particular nominal amount of this Global Note
must look solely to Euroclear or Clearstream, Luxembourg, as the case may be, for its share of each
payment so made by the Issuer to, or to the order of, the bearer of this Global Note. No person
other than the bearer hereof shall have any claim against the Issuer with respect to payments due
hereon.

     If the date for payment of any amount with respect to this Note is not a Payment Business Day
(as defined below) in the place of presentation, the holder of this Note shall not be entitled to
payment of the amount due until the next succeeding Payment Business Day. Except as provided
otherwise herein for floating-rate notes, the holder shall not be entitled to further interest or
other payment with respect to such delay. For these purposes, unless otherwise specified in the
Pricing Supplement, “Payment Business Day” means any Business Day which is also a day on which
commercial banks and foreign exchange markets settle payments and are open for general business
(including dealings in foreign exchanges and foreign currency deposits) in the relevant place of
presentation (and in the case of payment in euro in the place where the euro account specified by
the payee is located) or any additional financial center specified in the Pricing Supplement.

     Unless specified otherwise in the Pricing Supplement, this Note will not be subject to a
sinking fund.

     This Note will become void unless presented for payment within a period of two years from the
date on which such payment first becomes due (the “Relevant Date”). However, if the full amount of
the money payable has not been duly received by the London Paying Agent or other applicable paying
agent on or prior to the Relevant Date, then the Relevant Date shall mean the date on which, after
the full amount of such money has been so received, notice to that effect is duly given to the
noteholder.

     Reference is made to the further provisions of this Note set forth on the reverse hereof and
in the Pricing Supplement attached hereto, which shall have the same effect as though fully set
forth at this place. In the event of any conflict between the provisions contained herein or on the
reverse hereof and the provisions contained in the Pricing Supplement attached hereto, the

B-9

 

latter shall control. References herein to “this Note,” “hereof,” “herein” and comparable
terms shall include the Pricing Supplement attached hereto.

     This Temporary Global Note shall not become valid or obligatory for any purpose until the
certificate of authentication hereon shall have been duly signed by or on behalf of the London
Issuing Agent acting in accordance with the Agency Agreement.

B-10

 

     IN WITNESS WHEREOF, Bank of America, N.A. has caused this Temporary Global Note to be duly
executed on its behalf, by manual or facsimile signature.

	 	 	 	 	 	 	 

	Dated:	 	 	 	BANK OF AMERICA, N.A.
	 

	 	 	 	 	 	 
	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

B-11

 

CERTIFICATE OF AUTHENTICATION

     This Temporary Global Note is one of the Notes referred to in the within-mentioned
Agency Agreement and is authenticated by or on behalf of the London Issuing Agent.

	 	 	 	 	 	 

	Dated:	 	 	DEUTSCHE BANK AG, LONDON BRANCH
as London Issuing Agent
	 	 
	 	 	 	 
	 	 
	 	 	 	 
	 	 

	 	By:	 	 
	 	 

	 	 	 	 
	 	 	 	Authorized Signatory
	 	 
	 	 	 	 
	 	 

	 	By:	 	 
	 	 

	 	 	 	 
	 	 	 	Authorized Signatory

B-12

 

[ATTACH PRICING SUPPLEMENT OR INDEXED PAYMENT RIDER, AS APPLICABLE]

B-13

 

[Reverse of Note]

BANK OF AMERICA, N.A.

(TEMPORARY GLOBAL BANK NOTE)

     SECTION 1. General. This Note is one of the Notes issued pursuant to an Offering Circular
dated April 30, 2010, as it may be amended or supplemented from time to time, for the offer and
sale of up to U.S.$75,000,000,000 aggregate principal amount of senior and subordinated bank notes
at any one time outstanding with maturities of 7 days or more from their respective dates of issue.
The Notes may bear different dates, mature at different times, bear interest at different rates and
vary in such other ways as are provided in the Agency Agreement, and the aggregate principal amount
of bank notes to be offered under the program may be increased from time to time.

     The Issuer has initially appointed Deutsche Bank AG, London Branch, to act as London Paying
Agent in respect of this Note. This Note may be presented or surrendered for payment, and notices,
designations or requests in respect of payments with respect to this Note may be served, at the
office or agency of the London Paying Agent.

     SECTION 2. Interest Provisions.

     (a) Fixed Rate Notes. If this Note is designated as a “Fixed Rate Note” on the face
hereof, the Issuer will pay interest on the principal amount specified on the face of this Note (as
adjusted in accordance with Schedule 1 and Schedule 2 hereto) on each Interest Payment Date
specified in the Pricing Supplement and at Maturity, commencing on the first Interest Payment Date
succeeding the Original Issue Date specified above, except as provided on the face hereof, until
payment of such principal sum has been made or duly provided for. Unless otherwise specified in the
Pricing Supplement, if this Note has a Maturity Date of less than one year from the Original Issue
Date, interest on this Note will be paid only at Maturity.

     Payments of interest hereon will include interest accrued from and including the most recent
Interest Payment Date to which interest on this Note (or any predecessor Note) has been paid or
duly provided for (or, unless otherwise specified in the Pricing Supplement, if no interest has
been paid or duly provided for, from and including the Original Issue Date) to but excluding the
relevant Interest Payment Date or Maturity Date, as the case may be.

     Unless otherwise specified in the Pricing Supplement, if this Note has an original maturity
less than one year and is payable in U.S. dollars, interest (including payments for partial
periods) will be computed and paid on the basis of the actual number of days elapsed divided by
360. Unless otherwise specified in the Pricing Supplement, if this Note has an original maturity of
one year or more and is payable in U.S. dollars, interest (including payments for partial periods)
will be computed on the basis of a 360-day year of twelve 30-day months. Unless otherwise specified
in the Pricing Supplement, if this Note is denominated in a Specified Currency other than U.S.
dollars, interest will be computed on the basis of the Actual/Actual (ISMA) Fixed Day Count
Convention.

B-14

 

     “Actual/Actual (ISMA) Fixed Day Count Convention” means:

	 	(a)	 	in the case of fixed-rate notes where the number of days in the relevant period
from and including the most recent Interest Payment Date (or, if none, from and including
the interest commencement date, which unless specified otherwise in the Pricing
Supplement shall be the Original Issue Date) to, but excluding, the relevant payment date
(referred to as the “accrual period”) is equal to or shorter than the determination
period (as defined below) during which the accrual period ends, the number of days in the
accrual period divided by the product of (1) the number of days in that determination
period and (2) the number of determination periods that would occur in one calendar year,
assuming interest was to be payable in respect of the whole of that year; or
	 
	 	(b)	 	in the case of fixed-rate notes where the accrual period is longer than the
determination period during which the accrual period ends, the sum of:

(1) the number of days in that accrual period falling in the determination period in
which the accrual period begins divided by the product of (x) the number of days in such
determination period and (y) the number of determination periods that would occur in one
calendar year, assuming interest was to be payable in respect of the whole of that year;
and

(2) the number of days in that accrual period falling in the next determination period
divided by the product of (x) the number of days in such determination period and (y) the
number of determination periods that would occur in one calendar year, assuming interest
was to be payable in respect of the whole of that year.

     “Determination period” means the period from and including a determination date to but
excluding the next determination date (including, where either the interest commencement date or
the final Interest Payment Date is not a determination date, the period commencing on the first
determination date prior to, and ending on the first determination date falling after, such date).

     “Determination date” means each date specified in the Pricing Supplement or, if none is
specified, each Interest Payment Date.

     Unless otherwise specified in the Pricing Supplement, if any Interest Payment Date or the
Maturity Date of this Note falls on a day that is not a Business Day, the related payment of
principal of, or premium, if any, or interest on, this Note will be made on the next succeeding
Business Day with the same force and effect as if made on the date such payments were due, and no
additional interest will accrue in respect of the amount so payable for the period from and after
such Interest Payment Date or the Maturity Date, as the case may be.

     (b) Floating Rate Notes. If this Note is designated as a “Floating Rate Note” on face
hereof, the Issuer will pay interest on the principal amount specified on the face of this Note (as
adjusted in accordance with Schedule 1 and Schedule 2 hereto) on each Interest Payment Date
specified in the Pricing Supplement and at Maturity, commencing on the first Interest Payment

B-15

 

Date succeeding the Original Issue Date specified on the face hereof, unless the Original
Issue Date occurs between a Regular Record Date (as defined below) and the next Interest Payment
Date, in which case interest shall be payable commencing on the Interest Payment Date following the
next Regular Record Date, at a rate per annum determined in accordance with the provisions hereof
and the Pricing Supplement, until payment of such principal sum has been made or duly provided for.
If this Note has a Maturity Date of less than one year from the Original Issue Date, interest on
this Note will be paid only at Maturity.

     Payments of interest hereon will include interest accrued from and including the most recent
Interest Payment Date to which interest on this Note (or any predecessor Note) has been paid or
duly provided for (or, unless otherwise provided in the Pricing Supplement, if no interest has been
paid or duly provided for, from and including the Original Issue Date) to but excluding the
relevant Interest Payment Date or Maturity Date, as the case may be (each such period, an “Interest
Period”).

     As set forth in the Pricing Supplement, this Note may have either or both of the following:
(i) a maximum numerical interest rate limitation, or ceiling, on the rate at which interest may
accrue during any Interest Period (“Maximum Interest Rate”); or (ii) a minimum numerical interest
rate limitation, or floor, on the rate at which interest may accrue during any interest period
(“Minimum Interest Rate”); provided, however, that the interest rate on this Note
will in no event be higher than the maximum rate permitted by applicable law.

     The Base Rate (as defined herein) with respect to this Note may be (i) the federal funds rate,
(ii) the London interbank offered rate, or “LIBOR,” (iii) the Eurozone interbank offered rate, or
“EURIBOR,” (iv) the prime rate, (v) the treasury rate or (v) such other rate as is described in the
Pricing Supplement.

     Except as described below, this Note will bear interest at the rate determined by reference to
the appropriate interest rate basis (the “Base Rate”) and Index Maturity, each as specified in the
Pricing Supplement, (i) plus or minus the Spread, if any, specified in the Pricing Supplement
and/or (ii) multiplied by the Spread Multiplier, if any, specified in the Pricing Supplement. The
interest rate in effect during an Interest Period will be the rate determined by the Calculation
Agent specified in the Pricing Supplement on the “calculation date” by reference to the Interest
Determination Date (as described below).

     If “ISDA Rate” is specified in the Pricing Supplement, the rate of interest on this Note for
each Interest Period will be the relevant ISDA Rate plus or minus the margin, if any, specified in
the Pricing Supplement. Unless specified otherwise in the Pricing Supplement, “ISDA Rate” means,
with respect to any Interest Period, the rate equal to the Floating Rate that would be determined
by the Calculation Agent pursuant to an interest rate swap transaction if the Calculation Agent
were acting as Calculation Agent for such swap transaction in accordance with the terms of an
agreement in the form of any ISDA Master Agreement published by the International Swaps and
Derivatives Association, Inc. (including any Annexes thereto, the “ISDA Agreement”) and evidenced
by a Confirmation (as defined in the ISDA Agreement) incorporating the 2006 ISDA definitions, as
amended, updated, supplemented or replaced as at the issue date of the first tranche of bank notes
of the relevant series (the “2006 ISDA Definitions”) published by the International Swaps and
Derivatives Association, Inc. and under

B-16

 

which: (i) the Floating Rate Option is as specified in the Pricing Supplement; (ii) the
Designated Maturity is the period specified in the Pricing Supplement; and (iii) the relevant Reset
Date is either (a) if the applicable Floating Rate Option is based on LIBOR or EURIBOR for a
currency, the first day of such interest period or (b) in any other case, as specified in the
Pricing Supplement. Where “ISDA Rate” is specified, interest will be payable on each Interest
Payment Date specified in the Pricing Supplement or, if no express Interest Payment Dates are
specified, on each date which falls at the end of the number of months or other period specified as
the interest period in the Pricing Supplement after the preceding Interest Payment Date (or after
the Original Issue Date, in the case of the first such date). As used in this paragraph, “Floating
Rate,” “Calculation Agent,” “Floating Rate Option,” “Designated Maturity” and “Reset Date” have the
meanings ascribed to those terms in the 2006 ISDA Definitions.

          The “calculation date” pertaining to any Interest Determination Date will be the date by which
the Calculation Agent specified in the Pricing Supplement computes the amount of interest owed on
this Note for the related Interest Period. Unless otherwise specified in the Pricing Supplement,
the “calculation date” will be the earlier of (a) the tenth calendar day after the related Interest
Determination Date or, if that date is not a Business Day, the next succeeding Business Day; or (b)
the Business Day immediately preceding the applicable Interest Payment Date or the Stated Maturity
Date or the date of redemption or the date of prepayment, as the case may be.

          The interest rate in effect on each day shall be (a) if such day is an Interest Reset Date,
the interest rate determined as of the Interest Determination Date pertaining to such Interest
Reset Date or (b) if such day is not an Interest Reset Date, the interest rate determined as of the
Interest Determination Date pertaining to the immediately preceding Interest Reset Date,
provided that (i) the interest rate in effect from the Original Issue Date to the initial
Interest Reset Date shall be the Initial Interest Rate specified in the Pricing Supplement, and
(ii) the interest rate in effect for the 10 calendar days immediately prior to the Maturity Date
shall be the rate in effect on the 10th calendar day preceding such Maturity Date. Unless otherwise
specified herein or in the Pricing Supplement, if any Interest Reset Date specified in the Pricing
Supplement (including the Initial Interest Reset Date, as specified in the Pricing Supplement)
falls on a day that is not a Business Day, the Interest Reset Date will be postponed to the next
day that is a Business Day, except that, unless otherwise specified in the Pricing Supplement, in
the case of a LIBOR note or a EURIBOR note, if the next Business Day is in the next succeeding
calendar month, the Interest Reset Date will be the immediately preceding Business Day. The
Interest Reset Dates are subject to adjustment as described below.

Unless otherwise specified in the Pricing Supplement: (i) the “Interest Determination Date” with
respect to any Note that has as its Base Rate the federal funds rate or the prime rate will be
the Business Day immediately preceding the related Interest Reset Date; (ii) the “Interest
Determination Date” with respect to any Note that has LIBOR as its Base Rate will be the second
London Banking Day preceding the related Interest Reset Date, unless the Index Currency
specified in the Pricing Supplement is Pounds Sterling, in which case the Interest Determination
Date will be the Interest Reset Date; (iii) the “Interest Determination Date” with respect to
any Note that has as its Base Rate the treasury rate will be the day of the week in which the
related Interest Reset Date falls on which Treasury bills of the Index Maturity specified in the
Pricing Supplement normally would be auctioned; provided, however, that if

B-17

 

an auction is held on the Friday of the week preceding the related Interest Reset Date, the
related “Interest Determination Date” shall be such preceding Friday; and provided,
further, that if an auction is held on any Interest Reset Date then the Interest Reset
Date shall instead be the first Business Day following such auction.

For a Note whose interest rate is determined by reference to two or more Base Rates, unless
otherwise specified in the Pricing Supplement, the “Interest Determination Date” shall be the
most recent Business Day that is at least two Business Days prior to the applicable Interest
Reset Date for the Note on which each Base Rate is applicable.

          Unless otherwise specified in the Pricing Supplement, if any Interest Payment Date falls on a
day that is not a Business Day, the related payment of interest will be made on the next succeeding
Business Day. However, unless otherwise specified in the Pricing Supplement, if this Note has as
its Base Rate LIBOR or EURIBOR, as described below, if an Interest Payment Date falls on a date
that is not a Business Day, and the next Business Day is in the next calendar month, the Interest
Payment Date will be the immediately preceding Business Day. In each such case, unless specified
otherwise in the applicable Pricing Supplement, except for the Interest Payment Date falling on the
Maturity Date, the Interest Periods and the Interest Reset Dates will be adjusted for non-Business
Days accordingly to calculate the amount of interest payable on this Note. Unless otherwise
specified in the Pricing Supplement, if the Maturity Date of this Note falls on a day that is not a
Business Day, the related payment of principal of, or premium, if any, or interest on, this Note
will be made on the next succeeding Business Day with the same force and effect as if made on the
date such payments were due, and no additional interest will accrue in respect of the amount so
payable for the period from and after the Maturity Date.

          Accrued interest on this Note is calculated by multiplying the principal amount of the Note by
an accrued interest factor. The accrued interest factor is the sum of the interest factors
calculated for each day in the period for which accrued interest is being calculated. Unless
otherwise indicated in the Pricing Supplement, the daily interest factor will be computed on the
basis of a 360-day year of twelve 30-day months if the Day Count Convention specified in the
Pricing Supplement is “30/360” for the period specified thereunder, or on the basis of the actual
number of days in the Interest Period divided by 360 if the Day Count Convention specified in the
Pricing Supplement is “Actual/360” for the period specified thereunder, or on the basis of the
actual number of days in the Interest Period divided by 365, or in the case of an Interest Payment
Date falling in a leap year, 366, if the Day Count Convention specified in the Pricing Supplement
is “Actual/Actual” for the period specified thereunder. If no Day Count Convention is specified in
the Pricing Supplement, the daily interest factor will be computed and interest will be paid
(including payments for partial periods) as follows: (i) for Notes that have as a Base Rate the
federal funds rate, LIBOR, EURIBOR, the prime rate, or any other rate other than the treasury rate,
as if “Actual/360” had been specified in the Pricing Supplement; and (ii) for Notes that have the
treasury rate as a Base Rate, as if “Actual/Actual” had been specified in the Pricing Supplement.

          All amounts used in or resulting from any calculation on this Note will be rounded to the
nearest cent, if the Specified Currency is U.S. dollars, or to the nearest corresponding hundredth
of a unit, if the Specified Currency is other than U.S. dollars, with one-half cent or one-half of
a corresponding hundredth of a unit or more being rounded upward. Unless otherwise specified in

B-18

 

the Pricing Supplement, all percentages resulting from any calculation are rounded to the
nearest one hundred-thousandth of a percent, with five one-millionths of a percentage point rounded
upward. For example, 9.876545% (or .09876545) will be rounded to 9.87655% (or .0987655).

     Notwithstanding the calculations determined as specified below, the interest rate hereon shall
not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if
any, specified in the Pricing Supplement.

     The Calculation Agent shall calculate the interest rate hereon in accordance with the
procedures described below on or before each calculation date. At the request of the holder hereof,
the Calculation Agent will provide to such holder the interest rate hereon then in effect and, if
determined, the interest rate which will become effective as of the next Interest Reset Date.

     Determination of LIBOR. LIBOR for any Interest Determination Date will be the
arithmetic mean of the offered rates for deposits in the relevant Index Currency having the Index
Maturity described in the Pricing Supplement, commencing on the related Interest Reset Date, as the
rates appear on the designated LIBOR page in the Pricing Supplement as of 11:00 A.M., London time,
on that Interest Determination Date, if at least two offered rates appear on the designated LIBOR
page, except that, if the designated LIBOR page only provides for a single rate, that single rate
will be used.

     If fewer than two of the rates described above appears on that page or no rate appears on any
page on which only one rate normally appears, then the Calculation Agent will determine LIBOR as
follows:

	 	•	 	The Calculation Agent will select four major banks in the London interbank
market, after consultation with the Issuer. On the Interest Determination Date, those
four banks will be requested to provide their offered quotations for deposits in the
relevant Index Currency having an Index Maturity specified in the Pricing Supplement
commencing on the Interest Reset Date to prime banks in the London interbank market at
approximately 11:00 A.M., London time.
	 
	 	•	 	If at least two quotations are provided, the Calculation Agent will
determine LIBOR as the arithmetic mean of those quotations.
	 
	 	•	 	If fewer than two quotations are provided, the Calculation Agent will
select, after consultation with the Issuer, three major banks in New York City. On the
Interest Determination Date, those three banks will be requested to provide their
offered quotations for loans in the relevant Index Currency having an Index Maturity
specified in the Pricing Supplement commencing on the Interest Reset Date to leading
European banks at approximately 11:00 A.M., New York time. The Calculation Agent will
determine LIBOR as the average of those quotations.
	 
	 	•	 	If fewer than three New York City banks selected by the Calculation Agent
are quoting rates, LIBOR for that interest period will remain LIBOR then in effect on
the Interest Determination Date.

B-19

 

     Determination of EURIBOR. EURIBOR means, for any Interest Determination Date, the rate
for deposits in euro as sponsored, calculated, and published jointly by the European Banking
Federation and ACI—The Financial Market Association, or any company established by the joint
sponsors for purposes of compiling and publishing those rates, having the Index Maturity specified
in the Pricing Supplement, as that rate appears on the display on Reuters, or any successor
service, on page EURIBOR01 or any other page as may replace such page (“Reuters Page EURIBOR01”),
as of 11:00 A.M., Brussels time.

     The following procedures will be followed if EURIBOR cannot be determined as described above:

	 	•	 	If no offered rate appears on Reuters Page EURIBOR01 on an Interest
Determination Date at approximately 11:00 A.M., Brussels time, then the Calculation
Agent, after consultation with the Issuer, will select four major banks in the Eurozone
interbank market to provide a quotation of the rate at which deposits in euro having
the Index Maturity specified in the Pricing Supplement are offered to prime banks in
the Eurozone interbank market, and in a principal amount not less than the equivalent
of €1,000,000, that is representative of a single transaction in euro in that market
at that time. If at least two quotations are provided, EURIBOR will be the arithmetic
average of those quotations.
	 
	 	•	 	If fewer than two quotations are provided, then the Calculation Agent,
after consultation with the Issuer, will select four major banks in the Eurozone
interbank market to provide a quotation of the rate offered by them, at approximately
11:00 A.M., Brussels time, on the Interest Determination Date, for loans in euro to
prime banks in the Eurozone interbank market for a period of time equivalent to the
Index Maturity specified in the Pricing Supplement commencing on that Interest Reset
Date and in a principal amount not less than the equivalent of €1,000,000, that is
representative of a single transaction in euro in that market at that time. If at least
three quotations are provided, EURIBOR will be the arithmetic average of those
quotations.
	 
	 	•	 	If three quotations are not provided, EURIBOR for that Interest
Determination Date will be equal to EURIBOR for the immediately preceding interest
period.

     “Eurozone” means the region comprising Member States of the European Union that have adopted
the euro as their single currency in accordance with the Treaty establishing European Community, as
amended.

     Determination of Treasury Rate. The “treasury rate” for any Interest Determination
Date is the rate set at the auction of direct obligations of the United States (“Treasury bills”)
having the Index Maturity described in the Pricing Supplement, as specified under the caption
“Investment Rate” on the display on Reuters, or any successor service, on page USAUCTION 10/11 or
any other page as may replace such page.

     The following procedures will be followed if the treasury rate cannot be determined as
described above:

B-20

 

	 	•	 	If the rate is not displayed on Reuters by 3:00 P.M., New York City time,
on the related calculation date, the treasury rate will be the rate of Treasury bills
as published in H.15 Daily Update, or another recognized electronic source for the
purpose of displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Auction High.”
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
published by 3:00 P.M., New York City time, on the related calculation date, the
treasury rate will be the bond equivalent yield, as defined below, of the auction rate
of the applicable Treasury bills as announced by the U.S. Department of the Treasury.
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
announced by the U.S. Department of the Treasury, or if the auction is not held, the
treasury rate will be the bond equivalent yield of the rate on the particular Interest
Determination Date of the applicable Treasury bills as published in H.15(519) under the
caption “U.S. Government Securities/Treasury Bills/Secondary Market.”
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
published by 3:00 P.M., New York City time, on the related calculation date, the
treasury rate will be the rate on the particular Interest Determination Date of the
applicable Treasury bills as published in H.15 Daily Update, or another recognized
electronic source used for the purpose of displaying the applicable rate, under the
caption “U.S. Government Securities/Treasury Bills/Secondary Market.”
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
published by 3:00 P.M., New York City time, on the related calculation date, the
treasury rate will be the rate on the particular Interest Determination Date calculated
by the Calculation Agent as the bond equivalent yield of the arithmetic mean of the
secondary market bid rates, as of approximately 3:30 P.M., New York City time, on that
Interest Determination Date, of three primary U.S. government securities dealers,
selected by the Calculation Agent, after consultation with the Issuer, for the issue of
Treasury bills with a remaining maturity closest to the particular Index Maturity.
	 
	 	•	 	If the dealers selected by the Calculation Agent are not quoting as
described in the paragraph immediately above, the treasury rate will be the treasury
rate in effect on the particular Interest Determination Date.

     The bond equivalent will be calculated using the following formula:

	 	 	 	 	 

	Bond Equivalent Yield =

	 	D x N
	 	x 100
	 	 	 
	 	360 – (D x M)	 

where “D” refers to the applicable annual rate for Treasury bills quoted on a bank discount basis
and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the
actual number of days in the applicable interest period.

     “H.15(519)” means the weekly statistical release designated as H.15(519), or any successor
publication, published by the Federal Reserve Board.

B-21

 

     “H.15 Daily Update” means the daily update of H.15(519), available through the website of the
Federal Reserve Board at www.federalreserve.gov/releases/h15/update, or any successor site or
publication.

     Determination of Federal Funds Rate. The “federal funds rate” for any Interest
Determination Date will be as follows:

	 	•	 	if “Federal Funds (Effective) Rate” is specified in the Pricing Supplement,
the federal funds rate will be the rate on that Interest Determination Date for U.S.
dollar federal funds, as published in H.15(519) under the heading “Federal Funds
(Effective)” and displayed on Reuters, or any successor service, on page FEDFUNDS1 or
any other page as may replace the specified page on that service (“Reuters Page
FEDFUNDS1”), or if such rate is not published in H.15(519) by 3:00 P.M., New York City
time, on the related calculation date or does not appear on Reuters Page FEDFUNDS1, the
federal funds rate will be the rate on that Interest Determination Date, as published
in H.15 Daily Update, or any other recognized electronic source for the purposes of
displaying the applicable rate, under the caption “Federal Funds (Effective).” If the
alternate rate described in the preceding sentence is not published in H.15 Daily
Update, or other recognized electronic source for the purpose of displaying the
applicable rate, by 3:00 P.M., New York City time, on the related calculation date,
then the Calculation Agent will determine the federal funds rate to be the arithmetic
mean of the rates for the last transaction in overnight U.S. dollar federal funds,
quoted prior to 9:00 A.M., New York City time, on the business day following that
Interest Determination Date, by each of three leading brokers of U.S. dollar federal
funds transactions in New York City, selected by the Calculation Agent, after
consultation with the Issuer; provided, however, if fewer than three brokers selected
by the Calculation Agent are quoting as described above, the federal funds rate will be
the federal funds rate then in effect on that Interest Determination Date.

	 	•	 	if “Federal Funds Open Rate” is specified in the Pricing Supplement, the
federal funds rate will be the rate on that Interest Determination Date for U.S. dollar
federal funds transactions among member of the U.S. Federal Reserve System arranged by
federal funds brokers on such day, under the heading “Federal Funds” for the applicable
Index Maturity and opposite the caption “Open” and displayed on Reuters, or any
successor service, on page 5 or any other page as may replace the specified page on
that service (“Reuters Page 5”), or if such rate does not appear on Reuters Page 5 by
3:00 P.M., New York City time, on the related calculation date, the federal funds rate
will be the rate on that Interest Determination Date displayed on FFPREBON Index page
on Bloomberg L.P. (“Bloomberg”), which is the Fed Funds Opening Rate as reported by
Prebon Yamane (or a successor) on Bloomberg. If the alternate rate described in the
preceding sentence is not displayed on FFPREBON Index page on Bloomberg, or any other
recognized electronic source for the purpose of displaying the applicable rate, by 3:00
P.M., New York City time, on the related calculation date, then the Calculation Agent
will determine the federal funds rate to be the arithmetic mean of the rates for the
last transaction in overnight U.S. dollar federal funds, quoted prior to 9:00 A.M., New
York City time, on that Interest

B-22

 

	 	 	 	Determination Date, by each of three leading brokers of U.S. dollar federal funds
transactions in New York City, selected by the Calculation Agent, after consultation
with the Issuer; provided, however, if fewer than three brokers selected by the
Calculation Agent are quoting as described above, the federal funds rate will be the
federal funds rate then in effect on that Interest Determination Date.

	 	•	 	if “Federal Funds Target Rate” is specified in the Pricing Supplement, the
federal funds rate will be the rate on that Interest Determination Date for U.S. dollar
federal funds displayed on the FDTR Index page on Bloomberg. If such rate does not
appear on the FDTR Index page on Bloomberg by 3:00 P.M., New York City time, on the
calculation date, the federal funds rate for such Interest Determination Date will be
the rate for that day appearing on Reuters, or any successor service, on page
USFFTARGET= or any other page as may replace the specified page on that service
(“Reuters Page USFFTARGET=”). If such rate does not appear on the FDTR Index page on
Bloomberg or is not displayed on Reuters Page USFFTARGET= by 3:00 P.M., New York City
time, on the related calculation date, then the Calculation Agent will determine the
federal funds rate to be the arithmetic mean of the rates for the last transaction in
overnight U.S. dollar federal funds, quoted prior to 9:00 A.M., New York City time, on
that Interest Determination Date, by each of three leading brokers of U.S. dollar
federal funds transactions in New York City, selected by the Calculation Agent, after
consultation with the Issuer; provided, however, if fewer than three brokers selected
by the Calculation Agent are quoting as described above, the federal funds rate will be
the federal funds rate then in effect on that Interest Determination Date.

     Determination of Prime Rate. The “prime rate” for any Interest Determination Date is
the prime rate or base lending rate on that date, as published in H.15(519) prior to 3:00 P.M., New
York City time, on the related calculation date, under the heading “Bank Prime Loan.”

     The following procedures will be followed if the prime rate cannot be determined as described
above:

	 	•	 	If the rate is not published in H.15(519) by 3:00 P.M., New York City time,
on the related calculation date, then the prime rate will be the rate as published in
H.15 Daily Update, or any other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “Bank Prime Loan.”
	 
	 	•	 	If the alternative rate described above is not published in H.15 Daily
Update or another recognized electronic source by 3:00 P.M., New York City time, on the
related calculation date, then the Calculation Agent will determine the prime rate to
be the arithmetic mean of the rates of interest publicly announced by each bank that
appears on the Reuters screen US PRIME 1, as defined below, as that bank’s prime rate
or base lending rate as in effect as of 11:00 A.M., New York City time, on that
Interest Determination Date.

	 	•	 	If fewer than four rates appear on the Reuters screen US PRIME 1 for that
Interest Determination Date, by 3:00 P.M., New York City time, then the Calculation
Agent will determine the prime rate to be the average of the prime rates or base
lending rates

B-23

 

	 	 	 	furnished in New York City by three substitute banks or trust companies (all organized
under the laws of the United States or any of its states and having total equity capital
of at least U.S.$500,000,000) selected by the Calculation Agent, after consultation with
the Issuer.

	 	•	 	If the banks selected by the Calculation Agent are not quoting as described
above, the prime rate will remain the prime rate then in effect on the Interest
Determination Date.

     “Reuters screen US PRIME 1” means the display designated as page “US PRIME 1” on the Reuters
Monitor Money Rates Service (or any other page as may replace the US PRIME 1 page on that service
for the purpose of displaying prime rates or base lending rates of major U.S. banks).

     (c) Floating Rate/Fixed Rate Notes. If this Note is designated as a “Floating
Rate/Fixed Rate Note” on the face hereof, this Note may bear interest at a fixed rate for a
specified period and at a floating rate for a specified period, in each case calculated as set
forth in (a) and (b) above, as applicable, and in the Pricing Supplement.

     SECTION 3. Amortizing Notes. If this Note is designated as an “Amortizing Note” on the face
hereof, the Issuer will make payments combining principal and interest on the dates and in the
amounts set forth in the table included in the Pricing Supplement. If this Note is an Amortizing
Note, payments made hereon will be applied first to interest due and payable on each such payment
date and then to the reduction of the Outstanding Face Amount. The term “Outstanding Face Amount”
means, at any time, the amount of unpaid principal hereof at such time.

     SECTION 4. Optional Redemption. If so specified in the Pricing Supplement, this Note may be
redeemed at the option of the Issuer on any date on and after the Initial Redemption Date, if any,
specified in the Pricing Supplement (the “Redemption Date”). IF NO INITIAL REDEMPTION DATE IS SET
FORTH IN THE PRICING SUPPLEMENT, THIS NOTE MAY NOT BE REDEEMED AT THE OPTION OF THE ISSUER PRIOR TO
THE STATED MATURITY DATE, EXCEPT AS PROVIDED BELOW IN THE EVENT THAT ANY ADDITIONAL AMOUNTS (AS
DEFINED BELOW) ARE REQUIRED TO BE PAID BY THE ISSUER WITH RESPECT TO THIS NOTE. If so specified in
the Pricing Supplement, on and after the Initial Redemption Date, if any, this Note may be redeemed
at any time in whole or from time to time in part at the option of the Issuer at the applicable
Redemption Price (as defined below), together with accrued and unpaid interest hereon payable at
the applicable rate or rates borne by this Note to, but excluding, the Redemption Date, on notice
given not more than 60 nor less than 30 calendar days (unless specified otherwise in the Pricing
Supplement) prior to the Redemption Date; provided, however, that in the event of redemption of
this Note in part only, the unredeemed portion hereof shall be at least the minimum Authorized
Denomination specified in the Pricing Supplement, or if no such Authorized Denomination is so
specified, €50,000 or its equivalent in the Specified Currency. In the event of redemption of
this Note in part only, a new Note for the unredeemed portion hereof shall be issued to the bearer
hereof upon the surrender of this Note or, where applicable, an appropriate notation will be made
on Schedule 1 attached hereto. Unless otherwise specified

B-24

 

above, if less than all of the Notes with like tenor and terms are to be redeemed, the Notes
to be redeemed shall be selected by the applicable Registrar by such method as such Registrar shall
deem fair and appropriate. If this Note is redeemable at the option of the Issuer, then if so
specified in the Pricing Supplement, the “Redemption Price” initially shall be the Initial
Redemption Percentage specified in the Pricing Supplement of the principal amount of this Note to
be redeemed and shall decline at each anniversary of the Initial Redemption Date by the Annual
Redemption Percentage Reduction, if any, specified in the Pricing Supplement, of the principal
amount to be redeemed until the Redemption Price is 100% of such principal amount.

     From and after any redemption date, if monies for the redemption of this Note (or portion
hereof) shall have been made available for redemption on such redemption date, this Note (or such
portion hereof) shall cease to bear interest and the holder’s only right with respect to this Note
(or such portion hereof) shall be to receive payment of the principal amount of the Note being
redeemed (or, if this is an Original Issue Discount Note as specified in the Pricing Supplement,
the amortized face amount hereof) and, if appropriate, all unpaid interest accrued to such
redemption date.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be redeemed at the option of the Issuer prior to the Stated Maturity Date
without the prior written approval of the United States Office of the Comptroller of the Currency
(the “OCC”) or any other bank supervisory authority having jurisdiction over the Issuer and
requiring such approval.

     SECTION 5. Optional Repayment. If so specified in the Pricing Supplement, this Note will be
repayable prior to the Stated Maturity Date at the option of the bearer on the Optional Repayment
Date(s), if any, specified in the Pricing Supplement. IF NO OPTIONAL REPAYMENT DATES ARE SET FORTH
IN THE PRICING SUPPLEMENT, THIS NOTE MAY NOT BE SO REPAID AT THE OPTION OF THE BEARER HEREOF PRIOR
TO THE STATED MATURITY DATE. Unless otherwise provided in the Pricing Supplement, on any Optional
Repayment Date, this Note shall be repayable in whole or in part at the option of the bearer hereof
at a repayment price equal to 100% of the principal amount to be repaid, together with accrued and
unpaid interest hereon payable at the applicable rate or rates borne by this Note to, but
excluding, the date of repayment; provided, however, that, in the event of
repayment of this Note in part only, the unrepaid portion hereof shall be at least the minimum
Authorized Denomination specified in the Pricing Supplement, or if no such Authorized Denomination
is so specified, €50,000 or its equivalent in the Specified Currency. For this Note to be repaid
in whole or in part at the option of the bearer hereof on any Optional Repayment Date, this Note
must be presented, with the form attached hereto entitled “Option to Elect Repayment” duly
completed, at the offices of the London Paying Agent not more than 60 nor less than 30 days prior
to the Optional Repayment Date. Upon such proper presentment, this Note will be repaid on the
Optional Repayment Date, subject to the provisions hereof governing payments. In the event of
repayment of this Note in part only, a new Note for the unrepaid portion hereof shall be issued to
the bearer hereof upon the surrender hereof or, where applicable, an appropriate notation will be
made on Schedule 1 attached hereto. Exercise of such repayment option by the holder bearer shall be
irrevocable.

B-25

 

     From and after any Optional Repayment Date, if monies for the repayment of this Note (or
portion hereof) shall have been made available for repayment on such Optional Repayment Date, this
Note (or such portion hereof) shall cease to bear interest and the bearer’s only right with respect
to this Note (or such portion hereof) shall be to receive payment of the principal amount of the
Note being repaid (or, if this is an Original Issue Discount Note as specified in the Pricing
Supplement, the amortized face amount hereof) and, if appropriate, all unpaid interest accrued to
such Optional Repayment Date.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be repaid at the option of the holder prior to the Stated Maturity Date
without the prior written approval of the OCC or any other bank supervisory authority having
jurisdiction over the Issuer and requiring such approval.

     SECTION 6. Additional Amounts. All payments of principal, premium, if any, and interest with
respect to this Note will be made without withholding or deduction at source for, or on account of,
any present or future taxes, fees, duties, assessments, or governmental charges of whatever nature
imposed or levied by the United States or any political subdivision or taxing authority thereof or
therein, except to the extent such withholding or deduction is required by (i) the laws (or any
regulations or rulings promulgated thereunder) of the United States or any political subdivision or
taxing authority thereof or therein or (ii) an official position regarding the application,
administration, interpretation, or enforcement of any such laws, regulations, or rulings
(including, without limitation, a holding by a court of competent jurisdiction or by a taxing
authority in the United States or any political subdivision thereof). If so specified in the
Pricing Supplement, if a withholding or deduction at source is required, the Bank will, subject to
the exceptions and limitations set forth below, pay to the beneficial owner of this Note that is a
“non-U.S. person” (as defined below) additional amounts (“Additional Amounts”) to ensure that every
net payment on this Note will not be less, due to the payment of U.S. withholding tax, than the
amount then otherwise due and payable. For this purpose, a “net payment” on this Note means a
payment by the Issuer or any Paying Agent, including payment of principal and interest, after
deduction for any present or future tax, assessment, or other governmental charge of the United
States (other than a territory or possession). These Additional Amounts will constitute additional
interest on this Note. For this purpose, “U.S. withholding tax” means a withholding tax of the
United States, other than a territory or possession.

     However, notwithstanding the Issuer’s obligation, if so specified in the Pricing Supplement,
to pay Additional Amounts, the Issuer will not be required to pay Additional Amounts in any of the
circumstances described in items (1) through (14) below, unless specified otherwise in the Pricing
Supplement.

(1) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note:

	 	•	 	having a relationship with the United States as a citizen, resident, or
otherwise;

	 	•	 	having had such a relationship in the past; or

B-26

 

	 	•	 	being considered as having had such a relationship.

(2) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note:

	 	•	 	being treated as present in or engaged in a trade or business in the
United States;
	 
	 	•	 	being treated as having been present in or engaged in a trade or
business in the United States in the past;
	 
	 	•	 	having or having had a permanent establishment in the United States; or
	 
	 	•	 	having or having had a qualified business unit which has the U.S. dollar
as its functional currency.

(3) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note being or having been a:

	 	•	 	personal holding company;
	 
	 	•	 	foreign personal holding company;
	 
	 	•	 	private foundation or other tax-exempt organization;
	 
	 	•	 	passive foreign investment company;
	 
	 	•	 	controlled foreign corporation; or
	 
	 	•	 	corporation which has accumulated earnings to avoid U.S. federal income
tax.

(4) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note owning or having owned, actually or constructively, 10%
or more of the total combined voting power of all classes of the Issuer’s stock entitled to
vote.

(5) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note being a bank extending credit under a loan agreement
entered into in the ordinary course of business.

     For purposes of items (1) through (5) above, “beneficial owner” includes, without
limitation, a holder and a fiduciary, settlor, partner, member, shareholder, or beneficiary of
the holder if the holder is an estate, trust, partnership, limited liability company,
corporation, or other entity, or a person holding a power over an estate or trust administered
by a fiduciary holder.

B-27

 

(6) Additional Amounts will not be payable to any beneficial owner of this Note that is:

	 	•	 	a fiduciary;
	 
	 	•	 	a partnership;
	 
	 	•	 	a limited liability company;
	 
	 	•	 	another fiscally transparent entity; or
	 
	 	•	 	not the sole beneficial owner of this Note or any portion of this Note.

      However, this exception to the obligation to pay Additional Amounts will apply only to
the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner,
partner, or member of the partnership, limited liability company, or other fiscally
transparent entity, would not have been entitled to the payment of an additional amount had
the beneficiary, settlor, beneficial owner, partner, or member received directly its
beneficial or distributive share of the payment.

(7) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the failure of the beneficial owner of this Note or any other person to comply with
applicable certification, identification, documentation, or other information reporting
requirements. This exception to the obligation to pay Additional Amounts will apply only if
compliance with such requirements is required as a precondition to exemption from such tax,
assessment, or other governmental charge by statute or regulation of the United States or by
an applicable income tax treaty to which the United States is a party.

(8) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is collected or imposed by any method
other than by withholding from a payment on this Note by the Issuer or any Paying Agent.

(9) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld by reason of a
change in law, regulation, or administrative or judicial interpretation that becomes effective
more than 15 days after the payment becomes due or is duly provided for, whichever occurs
later.

(10) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any tax, assessment, or other governmental charge that is imposed or withheld by reason of
the presentation by the beneficial owner of this Note for payment more than 30 days after the
date on which such payment becomes due or is duly provided for, whichever occurs later.

B-28

 

(11) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any:

	 	•	 	estate tax;
	 
	 	•	 	inheritance tax;
	 
	 	•	 	gift tax;
	 
	 	•	 	sales tax;
	 
	 	•	 	excise tax;
	 
	 	•	 	transfer tax;
	 
	 	•	 	wealth tax;
	 
	 	•	 	personal property tax; or
	 
	 	•	 	any similar tax, assessment, or other governmental charge.

(12)
Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any tax, assessment, or other governmental charge required to be withheld by any Paying
Agent from a payment of principal or interest on the this Note if such payment can be made
without such withholding by any other Paying Agent.

(13)
 Additional amounts will not be payable if a payment on this Note or related Receipt or
Coupon is reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld by reason of the application of Section 1471 (or any successor provision)
or Section 1472 (or any successor provision) of the U.S. Internal Revenue Code of 1986, as
amended, or any related administrative regulation or pronouncement.

(14) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any combination of items (1) through (13) above.

          Except as specifically provided in this section or in the Pricing Supplement, the Issuer will
not be required to make any payment of any tax, assessment, or other governmental charge with
respect to this Note imposed by any government, political subdivision, or taxing authority of that
government.

          For purposes of determining whether the payment of Additional Amounts is required, the term
“U.S. person” means any individual who is a citizen or resident of the United States; any
corporation, partnership, or other entity created or organized in or under the laws of the United
States; any estate if the income of such estate falls within the federal income tax jurisdiction of
the United States regardless of the source of that income; and any trust if a U.S. court is able to
exercise primary supervision over its administration and one or more U.S. persons have the
authority to control all of the substantial decisions of the trust. Additionally, for this purpose,
“non-U.S. person” means a person who is not a U.S. person, and “United States” means the

B-29

 

United States of America, including each state of the United States and the District of
Columbia, its territories, its possessions, and other areas within its jurisdiction.

     SECTION 7. Redemption for Tax Reasons. If so specified in the Pricing Supplement, the Issuer
may redeem this Note in whole, but not in part, at any time (in the case of Notes other than
Floating Rate Notes) or on any Interest Payment Date (in the case of Floating Rate Notes), after
giving not less than 30 nor more than 60 calendar days’ notice to the applicable Paying Agent and
to the holder of this Note, if the Issuer has or will become obligated to pay Additional Amounts,
as described above, as a result of any change in, or amendment to, the laws or regulations of the
United States or any political subdivision or any authority of the United States having power to
tax, or any change in the application or official interpretation of such laws or regulations, which
change or amendment becomes effective on or after the date of the Pricing Supplement, and the
Issuer cannot avoid such obligation by taking reasonable measures available to it. No such
redemption notice shall be given earlier than 90 calendar days prior to the earliest date on which
the Issuer would be obligated to pay such Additional Amounts if a payment in respect of this Note
were then due.

     Before the Issuer delivers or publishes any notice of redemption for tax reasons, it will
deliver to the applicable Paying Agent a certificate signed by the Issuer’s chief financial officer
or a senior vice president stating that it is entitled to redeem this Note and that the conditions
precedent, if any, to redemption have occurred.

     Unless otherwise provided in the Pricing Supplement, any Note redeemed for tax reasons will be
redeemed at 100% of its principal amount (or, in the case of an Original Issue Discount Note, the
amortized face amount hereof determined as of the date of redemption), together with any interest
accrued up to, but excluding, the redemption date.

     From and after any redemption date, if monies for the redemption of this Note shall have been
made available for redemption on such redemption date, this Note shall cease to bear interest and
the holder’s only right with respect to this Note shall be to receive payment of the principal
amount of the Note (or, if this is an Original Issue Discount Note as specified in the Pricing
Supplement, the amortized face amount hereof) and, if appropriate, all unpaid interest accrued to
such redemption date.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be redeemed prior to the Stated Maturity Date without the prior written
approval of the OCC or any other bank supervisory authority having jurisdiction over the Issuer and
requiring such approval.

     SECTION 8. Special Tax Redemption. If the Issuer determines that any payment made outside the
United States by the Issuer or any Paying Agent in respect of this Note under any present or future
laws or regulations of the United States, would be subject to any certification, documentation,
information, or other reporting requirement of any kind the effect of which is the disclosure to
the Issuer, any Paying Agent, or any governmental authority of the nationality, residence, or
identity of a beneficial owner of this Note who is a non-U.S. person (as defined above) (other than
a requirement (1) that would not be applicable to a payment by the Issuer or

B-30

 

any Paying Agent (x) directly to the beneficial owner, or (y) to a custodian, nominee, or
other agent of the beneficial owner, (2) that can be satisfied by such custodian, nominee, or other
agent certifying to the effect that the beneficial owner is a non-U.S. person, provided that, in
any case referred to in clause (1)(y) or (2), payment by the custodian, nominee, or agent to the
beneficial owner is not otherwise subject to any such requirement, or (3) that would not be
applicable to a payment by at least one Paying Agent), the Issuer shall at its option either: (i)
redeem this Note in whole but not in part, at any time (in the case of bank notes other than
floating-rate Notes) or on any Interest Payment Date (in the case of floating-rate Notes), at a
redemption price equal to the principal amount of this Note (or, in the case of an Original Issue
Discount Note as specified in the Pricing Supplement, the amortized face amount of this Note
determined as of the date of redemption), together with, if appropriate, interest accrued to but
excluding the date of redemption; or (ii) if the conditions of the next succeeding paragraph are
satisfied, pay the Additional Amounts specified in such paragraph.

     The Issuer shall make its determination as soon as practicable and promptly publish notice
thereof (the “determination notice”) stating the effective date of such certification,
documentation, information, or other reporting requirement, whether it will redeem the Note or pay
the Additional Amounts specified in the next succeeding paragraph, and (if applicable) the last
date by which the redemption of this Note must take place, as provided in the next succeeding
sentence. If this Note is to be redeemed as described above, that redemption shall take place on
such date, not later than one year after publication of the determination notice, as the Issuer
shall elect by notice to the London Paying Agent at least 45 calendar days before the redemption
date. Notice of such redemption of the Notes will be given to the noteholders not more than 60 nor
less than 30 calendar days prior to the redemption date. Notwithstanding the foregoing, the Issuer
shall not redeem the bank notes if it shall subsequently determine not less than 30 calendar days
prior to the redemption date, that subsequent payments on the Notes would not be subject to any
such certification, documentation, information, or other reporting requirement, in which case the
Issuer shall give prompt notice of its subsequent determination, and any earlier redemption notice
shall be revoked and of no further effect.

     Notwithstanding the foregoing, if and so long as the certification, documentation,
information, or other reporting requirements referred to in the preceding paragraph would be fully
satisfied by payment of a backup withholding tax or similar charge, the Issuer may elect to pay
such Additional Amounts as may be necessary so that every net payment made outside the United
States following the effective date of that requirement by the Issuer or any Paying Agent in
respect of this Note of which the beneficial owner is a non-U.S. person (but without any
requirement that the nationality, residence, or identity, other than status as a non-U.S. person,
of such beneficial owner be disclosed to the Issuer, any paying agent, or any governmental
authority), after deduction or withholding for or on account of that backup withholding tax or
similar charge (other than a backup withholding tax or similar charge that (1) would not be
applicable in the circumstances referred to in the parenthetical clause of the first sentence of
the preceding paragraph or (2) is imposed as a result of the presentation of this Note for payment
more than 15 calendar days after the date on which that payment became due and payable or on which
payment thereof was duly provided for, whichever occurred later), will not be less than the amount
provided for in this Note to be then due and payable. If the Issuer elects to pay Additional
Amounts pursuant to this paragraph, the Issuer shall have the right to redeem this Note in whole,
but not in part, at any time (in the case of bank notes other than floating-rate

B-31

 

Notes) or on any Interest Payment Date (in the case of floating-rate Notes), subject to the
provisions of the last two sentences of the immediately preceding paragraph. If the Issuer elects
to pay Additional Amounts pursuant to this paragraph and the condition specified in the first
sentence of this paragraph should no longer be satisfied, then the Issuer shall redeem this Note
pursuant to the provisions of the immediately preceding paragraph.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be redeemed prior to the Stated Maturity Date without the prior written
approval of the OCC or any other bank supervisory authority having jurisdiction over the Issuer and
requiring such approval.

     SECTION 9. Modification and Waivers. The Agency Agreement permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of
the Issuer thereunder. In addition, the terms and conditions of this Note may be modified, amended
or supplemented by the Issuer, without the consent of the holder hereof: (i) to evidence succession
of another party to the Issuer, and such party’s assumption of the Issuer’s obligations under this
Note, upon the occurrence of a merger or consolidation, or transfer, sale or lease of assets as
described below in Section 11; (ii) to add additional covenants, restrictions or conditions
for the protection of the holder hereof; (iii) to relax or eliminate the restrictions on payment of
principal and interest in respect hereof in the United States, provided that such payment is
permitted by U.S. tax laws and regulations then in effect and provided that no adverse tax
consequences would result to the holder of this Note; (iv) to cure ambiguities in this Note, or
correct defects or inconsistencies in the provisions hereof; (v) to reflect the replacement of any
Agent, or the assumption, by the Issuer or any substitute Agent, of some or all of any such Agent’s
responsibilities under the Agency Agreement; (vi) to evidence the replacement or change of address
of the depository or clearing system noted hereon; (vii) in the case of a Note that is extendible,
subject to extension at the option of the Issuer, amortizing or indexed as provided in this Note,
or upon prepayment or redemption of the Note, to reduce the principal amount of the Note to reflect
the payment, prepayment or redemption of a portion of the outstanding principal amount of the Note;
(viii) in the case of a Note that is extendible, subject to extension at the option of the Issuer,
amortizing or indexed as provided in this Note, to reflect any change in the Stated Maturity Date
of the Note in accordance with the terms hereof; (ix) to reflect the issuance in exchange herefor,
in accordance with the terms hereof, of one or more definitive Notes; or (x) to permit further
issuances of bank notes in accordance with the terms of the distribution agreement among the Issuer
and the selling agents party thereto. However, this Note may not be modified or amended without
the express written consent of the holder and, if applicable, the OCC or other then primary federal
regulator (to the extent such consent is required under applicable law or regulation), to: (i)
change the Stated Maturity Date, except in the case of a Note that is extendible, subject to
extension at the option of the Issuer, amortizing or indexed as provided in this Note; (ii) extend
the time of payment for the premium, if any, or interest on this Note, except in the case of a Note
that is extendible, subject to extension at the option of the Issuer, amortizing or indexed as
provided in this Note; (iii) change the coin or currency in which the principal of, premium (if
any), interest, or other amounts payable (if any) on this Note is payable; (iv) reduce the
principal amount of this Note or the interest rate hereon, except in the case of a Note that is
extendible, subject to extension at the option of the Issuer, amortizing or indexed or upon
prepayment or redemption as provided in this Note; (v) change the method of

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payment for this Note to other than wire transfer in immediately available funds; (vi) impair
the right of the holder hereof to institute suit for the enforcement of payments of principal of,
premium (if any), interest, or other amounts payable (if any) on this Note; (vii) change the
definition of “Event of Default” below or otherwise eliminate or impair any remedy available
hereunder upon the occurrence of any Event of Default; or (viii) modify the provisions governing
the amendment of this Note. Any instrument given by or on behalf of the holder of this Note in
connection with any consent to such modification, amendment or waiver shall be irrevocable once
given and shall be conclusive and binding on all subsequent holders of this Note. Any
modifications, amendments or waiver to the Agency Agreement or the provisions of this Note made in
accordance with the terms of the Agency Agreement or the terms hereof, as applicable, shall be
conclusive and binding on all holders of Notes, whether or not notation of such modifications,
amendments or waivers is made upon this Note.

     Any action by the bearer of this Note shall bind all future bearers of this Note and of any
Note issued in exchange or substitution hereof or in place hereof, in respect of anything done or
permitted by the Issuer or by the Paying Agents in pursuance of such action.

     Notes authenticated and delivered after the execution of any agreement modifying, amending or
supplementing this Note may bear a notation in a form approved by the Issuer as to any matter
provided for in such modification, amendment or supplement to the Agency Agreement or the Notes.
New Notes so modified as to conform, in the opinion of the Issuer, to any provisions contained in
any such modification, amendment or supplement may be prepared by the Issuer, authenticated by the
London Issuing Agent and delivered in exchange for this Note. Notes are deemed to be “outstanding”
as of any date of determination if, as of any date of determination, they have been authenticated
and delivered, except (i) those which have been redeemed in full in accordance with their terms and
the Agency Agreement; (ii) those with respect to which the redemption date in accordance with their
terms has occurred and the redemption monies therefor (including any premium and all interest (if
any) accrued thereon to the redemption date and any interest (if any) payable after such date) have
been duly paid to or deposited to the account of the London Paying Agent as provided in the Agency
Agreement (and, where appropriate, notice has been given to the holder of this Note in accordance
with the terms hereof and of the Agency Agreement; (iii) those which have been canceled or
delivered to the applicable Agent for cancellation; or (iv) those mutilated or defaced Notes which
have been surrendered in exchange for replacement Notes in accordance with their terms.

     SECTION 10. Obligations Unconditional. No reference herein to the Agency Agreement and no
provision of this Note or of the Agency Agreement shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and
interest, if any, on this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

     SECTION 11. Successor to Issuer. The Issuer may not consolidate or merge with or into any
other person, or convey, transfer or lease its properties and assets substantially as an entirety
to any person, unless (i) the surviving entity in such consolidation or merger, or the person that
acquires by conveyance or transfer, or that leases, the properties and assets of the Issuer
substantially as an entirety, shall be a bank, corporation, limited liability company or
partnership

B-33

 

organized and validly existing under the laws of the United States, any State thereof or the
District of Columbia, and shall expressly assume the due and punctual payment of the principal of,
premium, if any, and interest or other amounts payable (if any) on this Note, and the performance
or observance of every provision of this Note on the part of the Issuer to be performed or
observed; and (ii) immediately after giving effect to such transaction, no Event of Default with
respect to the Issuer as set forth herein, and no event which, after notice or the lapse of time or
both, would become an Event of Default with respect to the Issuer, shall have happened and be
continuing.

     SECTION 12. Authorized Denominations. This Note, and any Note issued in exchange or
substitution herefor or in place hereof, or upon exchange or partial redemption or repayment of
this Note, may be issued only in an Authorized Denomination as specified in the Pricing Supplement,
or if no Authorized Denomination is so specified, in minimum denominations of €50,000 (or
equivalent denominations in other currencies, subject to any other statutory or regulatory
minimums).

     SECTION 13. Events of Default.

     (a) Senior Notes. If this Note is a Senior Note, as indicated on the face hereof, the
following will be the only “Events of Default” with respect to this Senior Note: (a) a default in
the payment of any interest upon this Senior Note when due, which continues for 30 calendar days;
(b) a default in the payment of any principal of or premium, if any, upon this Senior Note when
due; (c) a default in the performance of any covenant or agreement of the Issuer contained herein
which, unless otherwise specified herein, continues for 90 calendar days; (d) a court having
jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in
an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization, or
other similar law now or hereafter in effect, or appointing a receiver, liquidator, conservator,
assignee, custodian, trustee, sequestrator, or similar official, of the Issuer or for any
substantial part of its property, or ordering the winding-up or liquidation of the Issuer’s
affairs, and such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (e) the Issuer shall commence a voluntary case or proceeding under any
applicable bankruptcy, insolvency, liquidation, receivership, reorganization, or other similar law
now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary
case under any such law, or shall consent to the appointment of or taking possession by a receiver,
liquidator, conservator, assignee, trustee, custodian, sequestrator, or similar official, of the
Issuer or for any substantial part of its property, or shall make any general assignment for the
benefit of creditors, or shall admit in writing its inability to pay its respective debts as they
become due, or shall take any corporate action in furtherance of any of the foregoing.

     If an Event of Default with respect to this Senior Note shall occur and be continuing, the
holder hereof may: (i) by written notice to the applicable Paying Agent declare the entire
outstanding principal amount of this Senior Note, together with any unpaid interest and premium
accrued hereon, to be immediately due and payable; (ii) institute a judicial proceeding of the
enforcement of the terms hereof including the collection of all sums due and unpaid hereunder, and
prosecute such proceeding to judgment or final decree, and enforce the same against the Issuer and
collect monies adjudged or decreed to be payable in the manner provided by law out

B-34

 

of the property of the Issuer; and (iii) take such other action at law or in equity as may
appear necessary or desirable to collect and enforce this Senior Note; provided,
however, that the holder hereof may waive any Event of Default that occurs with respect
hereto.

     (b) Subordinated Notes. If this Note is a Subordinated Note, as indicated on the face
hereof, the following will be the only “Events of Default” with respect to this Subordinated Note:
(a) a court having jurisdiction in the premises shall enter a decree or order for relief in respect
of the Issuer in an involuntary case or proceeding under any applicable bankruptcy, insolvency,
reorganization, or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, conservator, assignee, custodian, trustee, sequestrator, or similar official, of the
Issuer or for any substantial part of its property, or ordering the winding-up or liquidation of
the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of
60 consecutive days; or (b) the Issuer shall commence a voluntary case or proceeding under any
applicable bankruptcy, insolvency, liquidation, receivership, reorganization, or other similar law
now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary
case under any such law, or shall consent to the appointment of or taking possession by a receiver,
liquidator, conservator, assignee, trustee, custodian, sequestrator, or similar official, of the
Issuer or for any substantial part of its property, or shall make any general assignment for the
benefit of creditors, or shall admit in writing its inability to pay its respective debts as they
become due, or shall take any corporate action in furtherance of any of the foregoing.

     If an Event of Default with respect to this Subordinated Note shall occur and be continuing,
and any prior written consent of the OCC is obtained before acceleration, the holder hereof may:
(i) by written notice to the applicable Paying Agent declare the entire outstanding principal
amount of this Subordinated Note, together with any unpaid interest and premium accrued hereon, to
be immediately due and payable; (ii) institute a judicial proceeding of the enforcement of the
terms hereof including the collection of all sums due and unpaid hereunder, and prosecute such
proceeding to judgment or final decree, and enforce the same against the Issuer and collect monies
adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer;
and (iii) take such other action at law or in equity as may appear necessary or desirable to
collect and enforce this Subordinated Note; provided, however, that the holder
hereof may waive any Event of Default that occurs with respect hereto.

     Payment of principal of, the interest accrued on or other amounts then payable on, this
Subordinated Note may not be accelerated in the case of a default in the payment of principal,
interest or other amounts then payable or the performance of any other covenant of the Issuer.
Payment of the principal on, the interest accrued on or other amounts then payable on, this
Subordinated Note may be accelerated only in the case of the bankruptcy or insolvency of the
Issuer. Notwithstanding anything herein to the contrary, to the extent then required under
applicable capital regulations of the OCC, no payment may be made on this Subordinated Note after
an acceleration resulting from an Event of Default with respect to this Subordinated Note without
the prior approval of the OCC.

     SECTION 14. Subordination. If this Note is a Subordinated Note, as indicated on the face
hereof, the indebtedness of the Issuer evidenced by this Subordinated Note, including the
principal, premium (if any), interest, or other amounts payable (if any), shall be subordinate and

B-35

 

junior in right of payment to its obligation to its depositors, its obligations under bankers’
acceptances and letters of credit, and its obligations to its other creditors, including its
obligations to the United States Federal Reserve Bank, the United States Federal Deposit Insurance
Corporation (the “FDIC”), and to any rights acquired by the FDIC as a result of loans made by the
FDIC to the Issuer or the purchase or guarantee of any of the Issuer’s assets by the FDIC pursuant
to the provisions of 12 U.S.C. Sections 1823(c), (d) or (e), whether now outstanding or hereafter
incurred. In the event of any insolvency, receivership, conservatorship, reorganization,
readjustment of debt, marshaling of assets and liabilities or similar proceedings or any
liquidation or winding up of or relating to the Issuer, whether voluntary or involuntary, all such
obligations shall be entitled to be paid in full before any payment shall be made on account of the
principal of, or premium (if any), interest, or other amounts payable (if any) on, this
Subordinated Note. In the event of any such proceedings, after payment in full of all sums owing
such prior obligations, the holder of this Subordinated Note, together with any obligations of the
Issuer ranking on a parity with this Subordinated Note, shall be entitled to be paid from the
remaining assets of the Issuer the unpaid principal hereof and any unpaid premium (if any),
interest, and other amounts payable (if any) before any payment or other distribution, whether in
cash, property, or otherwise, shall be made on account of any capital stock or any obligations of
the Issuer ranking junior to this Subordinated Note.

     Notwithstanding any other provisions of this Subordinated Note, including specifically those
set forth in the sections relating to subordination, events of default and covenants of the Issuer,
it is expressly understood and agreed that the OCC or any receiver or conservator of the Issuer
appointed by the OCC as to its assets shall have the right in the performance of its legal duties,
and as part of liquidation designed to protect or further the continued existence of the Issuer or
the rights of any parties or agencies with an interest in, or claim against, the Issuer or its
assets, to transfer or direct the transfer of the obligations of this Subordinated Note to any bank
or bank holding company selected by such official which shall expressly assume the obligation of
the due and punctual payment of the unpaid principal, and interest and premium, if any (and any
other amounts payable), on this Subordinated Note and the due and punctual performance of all
covenants and conditions; and the completion of such transfer and assumption shall serve to
supersede and void any default, acceleration or subordination which may have occurred, or which may
occur due to or related to such transaction, plan, transfer or assumption, pursuant to the
provisions of this Subordinated Note, and shall serve to return the holder of this Subordinated
Note to the same position, other than for substitution of the obligor, it would have occupied had
no default, acceleration or subordination occurred; except that any interest, principal, or other
amounts previously due, other than by reason of acceleration, and not paid, in the absence of a
contrary agreement by the holder of this Subordinated Note, shall be deemed to be immediately due
and payable as of the date of such transfer and assumption, together with the interest from its
original due date at the rate provided for herein.

     SECTION 15. Specified Currency. Unless otherwise provided herein or in the Pricing
Supplement, the principal of, and premium, if any, and interest on, this Note are payable in the
Specified Currency indicated on the face hereof (or, if such Specified Currency is not at the time
of such payment legal tender for the payment of public and private debts, in (x) such other coin or
currency of the country that issued such Specified Currency or (y) (if such Specified Currency

B-36

 

is the euro) the successor currency under applicable law, in each case as at the time of such
payment is legal tender for the payment of debts.

     In the event the Specified Currency indicated on the face hereof has been replaced by another
currency (a “Replacement Currency”), any amount due pursuant to this Note may be repaid, at the
option of the Issuer, in the Replacement Currency or in U.S. dollars, at a rate of exchange which
takes into account the conversion, at the rate prevailing on the most recent date on which official
conversion rates were quoted or set by the national government or other authority responsible for
issuing the Replacement Currency, from the Specified Currency to the Replacement Currency and, if
necessary, the conversion of the Replacement Currency into U.S. dollars at the rate prevailing on
the date of such conversion. Notwithstanding the foregoing, if this Note originally was issued in a
domestic currency of a state that is or subsequently becomes a Member State of the European Union,
then this Note may be redenominated in euro, if subsequent to the issuance of this Note, such state
participates in the European monetary union, as indicated in the Pricing Supplement. This Note may
be redenominated as a matter of law whether or not the Pricing Supplement provides for
redenomination.

     If the Specified Currency indicated on the face hereof is other than U.S. dollars, if the
Issuer determines that a payment hereon cannot be made in the Specified Currency due to
restrictions imposed by the government of such currency or any agency or instrumentality thereof or
any monetary authority in such country, such payment will be made outside the United States in U.S.
dollars by a check drawn on or by credit or transfer to an account maintained by the holder hereof
with a bank located outside the United States. The London Paying Agent, on receipt of the Issuer’s
written instructions and at the Issuer’s expense, will give prompt notice to the beneficial holders
of this Note if such determination is made. The amount of U.S. dollars to be paid in connection
with any payment shall be the amount of U.S. dollars that could be purchased by the London Paying
Agent with the amount of the Specified Currency payable on the date the payment is due, at the rate
for sale in financial transactions of U.S. dollars (for delivery in the principal financial center
of the Specified Currency two business days later) quoted by that bank at 10:00 A.M., local time in
the Principal Financial Center of the Specified Currency on the second Business Day prior to the
date the payment is due.

     Any payment made under such circumstances in U.S. dollars, where the payment is required to be
made in the Specified Currency, will not constitute an “Event of Default” with respect to this
Note.

     SECTION 16. Original Issue Discount Note. If this Note is identified as an Original Issue
Discount Note in the Pricing Supplement, then unless otherwise specified therein, the amount
payable to the holder of this Note in the event of redemption, repayment or acceleration of
Maturity will be the Amortized Face Amount of this Note (as defined below) as of the date of such
event. The “Amortized Face Amount” shall be the amount equal to (A) the Issue Price (as set forth
in the Pricing Supplement) plus (B) the original issue discount amortized from the Original Issue
Date to the date as of which the Amortized Face Amount is calculated, as specified in the Pricing
Supplement.

B-37

 

     SECTION 17. Dual Currency Note. If this Note is identified as a Dual Currency Note in the
Pricing Supplement, the Issuer has the option of making each scheduled payment of principal and
interest, if any, due on this Note either in the Specified Currency designated on the face hereof
or in the optional payment currency specified in the Pricing Supplement. If the Issuer elects to
make a payment in the optional payment currency, the amount payable in such optional payment
currency shall be determined using the exchange rate specified in the Pricing Supplement, on the
terms specified in the Pricing Supplement.

     SECTION 18. Mutilated, Defaced, Destroyed, Lost or Stolen Notes. In case this Note shall at
any time become mutilated, defaced, destroyed, lost or stolen, and this Note or evidence of the
loss, theft or destruction hereof satisfactory to the Issuer and the London Issuing Agent and such
other documents or proof as may be required by the Issuer and the applicable Registrar shall be
delivered to the London Issuing Agent, the London Issuing Agent shall issue a new Note of like
tenor and principal amount, having a serial number not contemporaneously outstanding, in exchange
and substitution for the mutilated or defaced Note or in lieu of the Note destroyed, lost or stolen
but, in the case of any destroyed, lost or stolen Note, only upon receipt of evidence satisfactory
to the Issuer and the London Issuing Agent that this Note was destroyed, stolen or lost, and, if
required, upon receipt of indemnity satisfactory to the Issuer and the applicable Registrar. Upon
the issuance of any substituted Note, the Issuer may require the payment of a sum sufficient to
cover all expenses and reasonable charges connected with the preparation and delivery of a new
Note. If any Note which has matured or has been redeemed or repaid or is about to mature or to be
redeemed or repaid shall become mutilated, defaced, destroyed, lost or stolen, the Issuer may,
instead of issuing a substitute Note, pay or authorize the payment of the same (without surrender
thereof except in the case of a mutilated or defaced Note) upon compliance by the holder with the
provisions of this paragraph.

     SECTION 19. Miscellaneous. No recourse shall be had for the payment of principal of (and
premium, if any) or interest on, this Note for any claim based hereon, or otherwise in respect
hereof, against any shareholder, employee, agent, officer or director, as such, past, present or
future, of the Issuer or of any successor organization, either directly or through the Issuer or
any successor organization, whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived and released.

     SECTION 20. Defined Terms. All terms used in this Note which are defined in the Agency
Agreement and are not otherwise defined in this Note shall have the meanings assigned to them in
the Agency Agreement.

     Unless specified otherwise in the Pricing Supplement, “Business Day” means a day that meets
all the following requirements:

     (a) for all Notes, is any weekday that is not a legal holiday in Charlotte, North
Carolina, or any other place of payment of the applicable Note, and is not a date on which
banking institutions in those cities are authorized or required by law or regulation to be
closed;

B-38

 

     (b) for all Notes, also is a day on which commercial banks are open for business
(including dealings in the Index Currency specified in the Pricing Supplement) in London,
England;

     (c) for any Note denominated in euro or any Note where the base rate is EURIBOR (as
defined in the Note), also is a day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer System or any successor is operating; and

     (d) for any Note that has a Specified Currency other than U.S. dollars or euro, also is
not a day on which commercial banks and foreign exchange markets settle payments and are
open for general business (including dealings in foreign exchange and foreign currency
deposits) in the Principal Financial Center of the country of the specified currency (if
other than London).

     Unless specified otherwise in the Pricing Supplement, “Principal Financial Center” means (i)
the capital city of the country issuing the Specified Currency, except that with respect to U.S.
Dollars, Australian dollars, Canadian dollars, South African rand and Swiss francs, the “Principal
Financial Center” shall be The City of New York, Sydney and Melbourne, Toronto, Johannesburg and
Zurich, respectively; and (ii) the capital city of the country to which the Index Currency relates,
except that with respect to U.S. Dollars, Australian dollars, Canadian dollars, South African rand
and Swiss francs, the “Principal Financial Center” shall be The City of New York, Sydney, Toronto,
Johannesburg and Zurich, respectively.

     SECTION 21. GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING ANY OTHERWISE APPLICABLE CONFLICTS OF LAWS
PROVISIONS AND ALL APPLICABLE UNITED STATES FEDERAL LAWS AND REGULATIONS.

B-39

 

[OPTION TO ELECT REPAYMENT]

[To be completed, based upon the terms of the applicable Notes.]

B-40

 

[EXTENDIBLE NOTE RIDER]

[To be completed, based on the terms of the applicable Notes.]

B-41

 

[EXTENSION OF MATURITY NOTE]

[To be completed, based on the terms of the applicable Notes.]

B-42

 

Schedule 1 to the

Temporary Global Note

PART I

INTEREST PAYMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Confirmation of	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	payment by or on	 
	Interest	 	 	 	 	 	Total Amount of	 	 	Amount of Interest	 	 	behalf of the	 
	Payment Date	 	Date of Payment	 	 	Interest Payable	 	 	Paid	 	 	Issuer	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

First*

 

			
	*	 	 Continue renumbering until the appropriate
number of interest payments for the particular Tranche of Notes is reached.

B-43

 

PART II

INSTALLMENT PAYMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Remaining 	 	 	 
	 	 	 	 	 	 	 Total of	 	 	 	 	 	 	 principal amount	 	 	 Confirmation of 	 
	 	 	 	 	 	 	Installment	 	 	Amount of	 	 	 of this Global	 	 	payment by or	 
	 	 	 	 	 	 	Amounts 	 	 	Installment 	 	 	Note following	 	 	on behalf of the	 
	Installment Date	 	Date of Payment	 	 	Payable	 	 	Amounts
 Paid	 	 	such
payment8	 	 	Issuer	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

First*

 

			
	8	 	See most recent entry in Part II, III or IV
of Schedule 1 or Schedule 2 in order to determine this amount.
	 
	*	 	 Continue renumbering until the appropriate
number of installment payments for the particular Tranche of Notes is reached.

B-44

 

PART III

REDEMPTIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total principal	 	 	 	 	 	 	Remaining principal	 	 	Confirmation of	 
	 	 	amount of this	 	 	 	 	 	 	amount of this Global	 	 	redemption by or on	 
	 	 	Global Note to be	 	 	Principal amount	 	 	Note following such	 	 	behalf of the	 
	Date of Redemption	 	redeemed	 	 	redeemed	 	 	redemption9	 	 	Issuer	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	9	 	See most recent entry in Part II, III, or IV
of Schedule 1 or Schedule 2 in order to determine this amount.

B-45

 

PART IV

PURCHASES AND CANCELLATIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Part of principal	 	 	Remaining principal	 	 	Confirmation of	 
	 	 	amount of this	 	 	amount of this Global	 	 	purchase and	 
	Date of	 	Global Note	 	 	Note following such	 	 	cancellation by or	 
	purchase and	 	purchased and	 	 	purchase and	 	 	on behalf of the	 
	cancellation	 	cancelled	 	 	cancellation10	 	 	Issuer	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	10	 	See most recent entry in Part II, III or IV
of Schedule 1 or Schedule 2 in order to determine this amount.

B-46

 

Schedule 2 to the

Temporary Global Note

SCHEDULE OF EXCHANGES

FOR DEFINITIVE NOTES OR PERMANENT GLOBAL NOTE

The following exchanges of a part of this Global Note for Definitive Notes or Notes represented by
a Permanent Global Note have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Principal amount of	 	 	 	 	 	 	 
	 	 	this Global Note	 	 	 	 	 	 	 
	 	 	exchanged for	 	 	 	 	 	 	 
	 	 	Definitive Notes or	 	 	Remaining Principal	 	 	 	 
	 	 	Notes represented	 	 	Amount of this Global	 	 	Notation made by or	 
	 	 	by a Permanent	 	 	Note following such	 	 	on behalf of the	 
	Date of Exchange	 	Global Note	 	 	exchange11	 	 	Issuer	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	11	 	See most recent entry in Part II, III or IV
of Schedule 1 or Schedule 2 in order to determine this amount.

B-47

 

Exhibit C to

Supplement to Global Agency Agreement

[FORM OF PERMANENT BEARER GLOBAL NOTE]

BANK OF AMERICA, N.A.

PERMANENT GLOBAL BANK NOTE

     [THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR
PARTICIPATION IN THIS NOTE MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS
TERRITORIES, ITS POSSESSIONS AND OTHER AREAS SUBJECT TO ITS JURISDICTION OR TO ANY PERSON DEEMED A
U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT, UNLESS THIS NOTE IS REGISTERED UNDER THE
SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS
AVAILABLE.]12

     THIS NOTE MAY NOT BE OFFERED, SOLD, OR DELIVERED WITHIN THE UNITED STATES OR ITS POSSESSIONS
OR TO ANY CITIZEN, NATIONAL OR RESIDENT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER
ENTITY CREATED OR ORGANIZED IN OR UNDER THE LAWS OF THE UNITED STATES OR ANY POLITICAL SUBDIVISION
THEREOF, OR TO ANY ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION
REGARDLESS OF ITS SOURCE OR ANY TRUST WITH RESPECT TO WHICH A COURT WITHIN THE UNITED STATES IS
ABLE TO EXERCISE PRIMARY SUPERVISION OVER ITS ADMINISTRATION, AND ONE OR MORE UNITED STATES PERSONS
HAVE THE AUTHORITY TO CONTROL ALL OF ITS SUBSTANTIAL DECISIONS, EXCEPT AS PERMITTED UNDER
APPLICABLE UNITED STATES TREASURY REGULATIONS.

     THIS NOTE IS NOT A SAVINGS ACCOUNT OR A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

     IF THIS NOTE IS A SENIOR NOTE, AS INDICATED ON THE FACE HEREOF, THIS NOTE IS A DIRECT,
UNCONDITIONAL, UNSECURED AND UNSUBORDINATED GENERAL OBLIGATION OF BANK OF AMERICA, N.A. THE
OBLIGATIONS EVIDENCED BY THIS NOTE RANK PARI PASSU WITH ALL

 

			
	12	 	Modify legend, as appropriate, for any bank
notes in bearer form offered under exemptions other than Regulation S.

C-1

 

OTHER UNSECURED AND UNSUBORDINATED OBLIGATIONS OF BANK OF AMERICA, N.A., EXCEPT OBLIGATIONS,
INCLUDING DEPOSIT LIABILITIES, THAT ARE SUBJECT TO ANY PRIORITIES OR PREFERENCES UNDER APPLICABLE
LAW.

     IF THIS NOTE IS A SUBORDINATED NOTE, AS INDICATED ON THE FACE HEREOF, THIS NOTE A DIRECT,
UNCONDITIONAL AND UNSECURED OBLIGATION OF BANK OF AMERICA, N.A., IS SUBORDINATED TO CLAIMS OF
GENERAL CREDITORS AND OF DEPOSITORS, AND IS NOT ELIGIBLE AS COLLATERAL FOR A LOAN BY BANK OF
AMERICA, N.A.

     THIS NOTE IS NOT AN OBLIGATION OF OR GUARANTEED BY BANK OF AMERICA CORPORATION OR ANY OTHER
BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA, N.A.

     NEITHER THE HOLDER NOR THE BENEFICIAL OWNER OF THIS GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE
PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE PROVISIONS HEREOF.

     ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE
UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF
THE INTERNAL REVENUE CODE.

     THIS NOTE IS SOLD IN MINIMUM DENOMINATIONS AS NOTED HEREIN AND IN THE PRICING SUPPLEMENT OR
INDEXED PAYMENT RIDER ATTACHED HERETO AND CANNOT BE EXCHANGED FOR NOTES IN SMALLER DENOMINATIONS.
EACH OWNER OF A BENEFICIAL INTEREST IN THIS NOTE IS REQUIRED TO HOLD A BENEFICIAL INTEREST OF A
PRINCIPAL AMOUNT OF THIS NOTE EQUAL TO THE MINIMUM AUTHORIZED DENOMINATION AT ALL TIMES.

     THIS NOTE IS OFFERED AND SOLD ONLY TO ACCREDITED INVESTORS AS DEFINED IN REGULATION D UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, AND EACH PURCHASER OF A BENEFICIAL INTEREST IN THIS NOTE
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED TO BANK OF AMERICA, N.A. THAT IT IS AN ACCREDITED
INVESTOR AND THAT IT IS PURCHASING SUCH INTEREST FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
ACCREDITED INVESTOR.

C-2

 

	 	 	 

	Common Code:

	 	ISIN No.:
	 

	 	Principal Amount: [$]_______

BANK OF AMERICA, N.A.

[INSERT NAME OF SERIES OR DESIGNATION OF THE NOTES]

PERMANENT GLOBAL BANK NOTE

	 	 	 	 	 	 	 

	ORIGINAL ISSUE
DATE13:	 		 	
	

SPECIFIED CURRENCY:

	 	o
o
o
	 	This Note is an Extendible Note. [See attached Rider]
This Note is an Extension of Maturity Note. [See attached Rider]
This Note is an Amortizing Note.
	 

	 	o U.S. Dollars
	 		 	
	 

	 	o Other (specify):	 	 	 	 
	 
	 	 	 	 	 	 
	o

	 	FIXED RATE NOTE	 	 	 	 
	o

	 	FLOATING RATE NOTE	 	 	 	 
	o

	 	INDEXED NOTE [See attached Rider]
	 	 	 	 
	o

	 	FLOATING RATE/FIXED RATE NOTE	 	 	 	 
	 
	 	 	 	 	 	 
	o

	 	SENIOR NOTE	 	 	 	 
	o

	 	SUBORDINATED NOTE	 	 	 	 

     BANK OF AMERICA, N.A., a national banking association organized under the laws of the United
States (herein called the “Issuer,” which term includes any successor corporation), for value
received, hereby promises to pay to the bearer hereof the principal amount specified above (or if
this Note is designated as an Indexed Note above, the Principal Repayment Amount and/or the
Supplemental Payment Amount calculated in accordance with the provisions set forth in the Pricing
Supplement or Indexed Payment Rider, as applicable, attached hereto (referred to collectively as
the “Pricing Supplement”)) as adjusted in accordance with Schedules 1 and 2 hereto, on the Stated
Maturity Date14 specified above (except to the extent redeemed or repaid prior to the
Stated Maturity Date), and to pay interest thereon (i) in accordance with the provisions set forth
on the reverse hereof in Section 2(a), if this Note is designated as a “Fixed Rate Note” above,
(ii) in accordance with the provisions set forth on the reverse hereof under the

 

			
	13	 	The form provides that interest, if any,
will accrue from the Original Issue Date. In the event a series of Notes is
reopened, interest will accrue from the Original Issue Date for all tranches of
Notes of that series. However, in the event a series of Notes is reopened, the
authentication date for each tranche of Notes will be the date that tranche of
Notes is settled, which may be different from the Original Issue Date.
	 
	14	 	This form provides for Notes that will
mature only on a specified date. If the Maturity of Notes of a series may be
extended at the option of the holder, or if the Issuer may elect the extension
of Maturity of the Notes of a series, the form, as used, will be modified by
the applicable Rider attached to this Note to provide for additional terms
relating to such renewal or extension, as the case may be, including the period
or periods for which the Maturity may be extended, changes in the interest
rate, if any, and requirements for notice.

C-3

 

Section 2(b), if this Note is designated as a “Floating Rate Note” above, (iii) in accordance
with the provisions set forth on the reverse hereof in Section 2(c), if this Note is designated as
a “Floating Rate/Fixed Rate Note” above, or (iv) in accordance with the provisions set forth in the
Pricing Supplement, if this Note is designated as an “Indexed Note” above, in each case as such
provisions may be modified or supplemented by the terms and provisions set forth in the Pricing
Supplement, and (to the extent that the payment of such interest shall be legally enforceable) to
pay interest at the Default Rate per annum specified in the Pricing Supplement on any overdue
principal and premium, if any, and on any overdue installment of interest. If no Default Rate is
specified in the Pricing Supplement, the Default Rate shall be the fixed or floating Interest Rate
or Interest Rates on this Note specified in the Pricing Supplement. “Maturity,” when used herein,
means the date on which the principal of this Note or an installment of principal becomes due and
payable in full in accordance with the terms of this Note and of the Agency Agreement, whether at
the Stated Maturity Date or by declaration of acceleration, call for redemption, prepayment at the
holder’s option or otherwise.

     This Global Note is a Permanent Global Note in bearer form without interest coupons and is one
of a duly authorized issue of senior or subordinated Notes of the Issuer issued and to be issued in
one or more series under the Global Agency Agreement dated as of July 25, 2007, as supplemented by
a Supplement to Global Agency Agreement dated as of December 19, 2008 and a Supplement to Global
Agency Agreement dated as of April 30, 2010, as the same may be further supplemented and amended
from time to time (as supplemented and amended, the “Agency Agreement”) among the Issuer, Deutsche
Bank Trust Company Americas, as U.S. Registrar (the “U.S. Registrar”) and U.S. Paying Agent (the
“U.S. Paying Agent”), Deutsche Bank AG, London Branch, as London Paying Agent (the “London Paying
Agent,” and together with the U.S. Paying Agent, the “Paying Agents” and each, a “Paying Agent”)
and as London Issuing Agent (the “London Issuing Agent”), and Deutsche Bank Luxembourg S.A., as
European Registrar (the “European Registrar,” and together with the U.S. Registrar, the
“Registrars” and each, a “Registrar”) and European Transfer Agent (the “European Transfer Agent,”
and together with the Registrars, the Paying Agents and the London Issuing Agent, the “Agents” and
each, an “Agent”), to which Agency Agreement reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Issuer and the
Agents and the holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. The terms U.S. Registrar, U.S. Paying Agent, London Paying Agent,
London Issuing Agent, European Registrar and European Transfer Agent shall include any additional
or successor agents appointed in such capacities by the Issuer.

     The Issuer and any Paying Agent may (except as otherwise required by law) deem and treat the
bearer of this Note as the absolute owner hereof (whether or not overdue and notwithstanding any
notice of ownership or writing thereon or notice of any previous loss or theft hereof) for all
purposes but, in the case of this Global Note, without prejudice to the provisions set out in the
next paragraph.

     So long as this Global Note is held on behalf of Euroclear Bank S.A./N.V. (“Euroclear”) or
Clearstream Banking, société anonyme (“Clearstream, Luxembourg”), each person who is shown in the
records of Euroclear or of Clearstream, Luxembourg as the holder of a particular nominal amount of
Notes represented by this Global Note (any certificate or other document

C-4

 

issued by Euroclear or Clearstream, Luxembourg as to the nominal amount of Notes standing on
the account of any person shall be conclusive and binding for all purposes, except in the case of
manifest error) shall be treated by the Issuer, the London Paying Agent, and any other Agent as the
holder of such nominal amount of such Notes for all purposes, except with respect to the payment of
principal, premium, if any, interest, or any other amounts payable on the Notes, the bearer of this
Global Note shall be treated by the Issuer, the London Paying Agent and any other Agent as the
holder of such Notes in accordance with and subject to the terms of this Global Note (the
expressions “noteholder” and “holder of Notes” and related expressions shall be construed
accordingly). Notes which are represented by this Global Note will be transferable only in
accordance with the rules and procedures for the time being of Euroclear or Clearstream,
Luxembourg, as the case may be.

     On any redemption, repayment or purchase and cancellation of any of the Notes represented by
this Global Note, the Issuer shall procure that details of such redemption, repayment or purchase
and cancellation (as the case may be) shall be entered in the relevant column in Part II, III or IV
of Schedule 1 or Schedule 2 hereto recording any such redemption, repayment or purchase and
cancellation (as the case may be) and shall be signed by or on behalf of the Issuer. Upon any such
redemption, repayment or purchase and cancellation, the principal amount of such Notes represented
by this Global Note shall be reduced by the principal amount of the Notes so redeemed, repurchased
or purchased and cancelled.

     The Notes represented by this Global Note were represented originally by one or more Temporary
Global Notes (each Tranche of Notes comprised in the Series of Notes to which this Global Note
relates having been represented originally by one Temporary Global Note). Unless any such Temporary
Global Note was exchanged in whole on the issue date hereof, an interest in such Temporary Global
Note may be further exchanged, on the terms and conditions set out therein, for an interest in the
Global Note. The Issuer shall procure that details of such exchange shall be entered in Schedule 2
hereto to reflect the increase in the aggregate principal amount of this Global Note due to each
such exchange, whereupon the principal amount hereof shall be increased for all purposes by the
amount so exchanged and endorsed.

     In certain circumstances, further bank notes may be issued which are intended on issue to be
consolidated and form a single series with this Note. In such circumstances the Issuer shall
procure that details of such further notes shall be entered in the relevant column in Part II, III
or IV of Schedule 1 or Schedule 2 hereto recording such exchange and shall be signed by or on
behalf of the Issuer, whereupon the nominal amount of the Notes represented by this Global Note
shall be increased by the nominal amount of any such Temporary Global Note so exchanged, and more
than one Pricing Supplement reflecting the series may be attached to this Note to reflect the
increased principal amount.

     This Global Note may be exchanged in whole, but not in part (free of charge), for security
printed Definitive Notes and (if applicable) Coupons, Talons and/or Receipts in the form set out in
Exhibits D, E, F and G, respectively, of the Agency Agreement (on the basis that all the
appropriate details have been included on the face of such Definitive Notes and (if applicable)
Coupons, Receipts and/or Talons and the terms of the Pricing Supplement have been incorporated in
such Definitive Notes). This exchange will be made upon at least 60 days’

C-5

 

written notice being given to the London Issuing Agent by Euroclear and/or Clearstream,
Luxembourg, acting on the instructions of any holder of an interest in the Global Note, upon
presentation of this Global Note by the bearer hereof on any day (other than a Saturday or Sunday)
on which banks are open for business in London at the office of the London Paying Agent specified
above.

     In addition, this Global Note may be exchanged in whole, but not in part (free of charge), for
security printed Definitive Notes and (if applicable) Coupons, Talons and/or Receipts in the form
set out in Exhibits D, E, F and G, respectively, of the Agency Agreement (on the basis that all the
appropriate details have been included on the face of such Definitive Notes and (if applicable)
Coupons, Receipts and/or Talons and the terms of the Pricing Supplement have been incorporated on
such Definitive Notes), under the limited circumstances provided in Section 8 of the Agency
Agreement.

     The aggregate principal amount of Definitive Notes issued upon an exchange of this Global Note
will be equal to the aggregate principal amount of this Global Note submitted by the bearer hereof
for exchange (to the extent that such principal amount does not exceed the aggregate principal
amount of this Global Note most recently entered in the relevant column in Part II, III or IV of
Schedule 1 or Schedule 2 hereto), provided that, subject as aforesaid, the first notice given to
the London Paying Agent by Euroclear and Clearstream, Luxembourg shall give rise to the issue of
Definitive Notes in exchange for the total amount of the Notes represented by this Global Note.

     Any such exchanges will be made upon presentation of this Global Note by the bearer hereof at
the offices of the London Issuing Agent (or at such other place outside the United States and its
possessions as the London Issuing Agent may agree). On an exchange of the whole of this Global
Note, this Global Note shall be surrendered to the London Issuing Agent.

     Until the exchange of the whole of this Global Note as aforesaid, the bearer hereof shall in
all respects (except as otherwise provided herein) be entitled to the same benefits as if he were
the bearer of Definitive Notes and (if applicable) Coupons, Talons and Receipts in the form set out
in Exhibits D, E, F and G, respectively, to the Agency Agreement (on the basis that all appropriate
details have been included on the face of such Definitive Notes and (if applicable) Coupons,
Receipts and/or Talons).

     Notwithstanding any provision to the contrary contained in this Permanent Global Note, the
holder of this Permanent Global Note shall be the only person entitled to receive payments in
respect to the Notes represented by this Permanent Global Note and the Issuer will be discharged by
payment to, or to the order of, the holder of this Permanent Global Note in respect of each amount
so paid. Any failure to make the entries referred to above shall not affect such discharge. Each of
the persons shown in the records of Euroclear or Clearstream, Luxembourg as the beneficial holder
of a particular principal amount of Notes represented by this Permanent Global Note must look
solely to Euroclear or Clearstream, Luxembourg, as the case may be, for his share of each payment
so made by the Issuer to, or to the order of, the holder of this Permanent Global Note. No person
other than the holder of this Permanent Global Note shall have any claim against the Issuer in
respect of any payments due on this Permanent Global Note.

C-6

 

     Subject to any fiscal or other laws and regulations applicable thereto in the place of
payment, payments in a Specified Currency other than euro will be made by transfer to an account in
the relevant Specified Currency maintained by the payee with, or by a check in such Specified
Currency drawn on, a bank in the principal financial center of the country of such Specified
Currency, and payments in euro will be made by credit or transfer to a euro account (or any other
account to which euro may be credited or transferred) specified by the payee; provided, however,
that, in either case, a check or a credit or transfer, as applicable, may not be delivered to an
address in, and an amount may not be transferred to an account at a bank located in, the United
States or any of its possessions by any office or agency of the Issuer or any Paying Agent.

     If at the time of payment the Specified Currency is not legal tender for the payment of public
and private debts, the Issuer will make payments in (a) such other coin or currency of the country
that issued such Specified Currency or (b) if the Specified Currency is the euro, the successor
currency under applicable law, in each case as at the time of such payment is legal tender for
payment of debts. Unless otherwise specified in the Pricing Supplement, and except as described
below, generally holders are not entitled to receive payments in U.S. dollars of an amount due in
another Specified Currency.

     Except as provided below, payments of principal of, and premium, if any, and interest on this
Global Note will be made outside the United States and its possessions against presentation or
surrender, as the case may be, of this Global Note at the office of the London Paying Agent
maintained for that purpose, subject to the requirements for certification provided herein. The
London Paying Agent will record on this Global Note each payment made against presentation or
surrender of the Note, distinguishing between any payment of principal and premium, if any, and any
payment of interest, and such record shall be prima facie evidence that the payment has been made.

     Payment on this Note will not be made: (i) at any office or agency of the Issuer in the United
States or its possessions; (ii) by check mailed to any address in the United States or its
possessions; or (iii) by wire transfer to an account maintained with a bank located in the United
States or its possessions; provided, however, that U.S. dollar payments with respect to this Global
Note may be made at the specified office of a paying agent in the United States or its possessions
if: (A) the Issuer has appointed paying agents with specified offices outside the United States
and its possessions with the reasonable expectation that such paying agents will be able to make
payment of the full amount of principal, premium, if any, interest, or any other amounts payable on
the bank notes in the manner provided above when due in U.S. dollars at such specified offices; (B)
payment of the full amount due of such principal, premium, if any, interest, or any other amounts
payable, at all such specified offices outside the United States and its possessions is illegal or
effectively precluded by exchange controls or other similar restrictions on the full payment or
receipt of principal and interest in U.S. dollars; and (C) such payment is then permitted under
U.S. law without involving, in the Issuer’s opinion, adverse tax consequences for the Issuer.

     The bearer of this Global Note shall be the only person entitled to receive payments with
respect hereto, and the Issuer shall be discharged by payment to, or to the order of, the bearer of

C-7

 

this Global Note with respect to each amount so paid. Each person in the records of Euroclear
or Clearstream, Luxembourg as the beneficial owner of a particular nominal amount of this Global
Note must look solely to Euroclear or Clearstream, Luxembourg, as the case may be, for its share of
each payment so made by the Issuer to, or to the order of, the bearer of this Global Note. No
person other than the bearer hereof shall have any claim against the Issuer with respect to
payments due hereon.

     If the date for payment of any amount with respect to this Note is not a Payment Business Day
(as defined below) in the place of presentation, the holder of this Note shall not be entitled to
payment of the amount due until the next succeeding Payment Business Day. Except as provided
otherwise herein for floating-rate notes, the holder shall not be entitled to further interest or
other payment with respect to such delay. For these purposes, unless otherwise specified in the
Pricing Supplement, “Payment Business Day” means any Business Day which is also a day on which
commercial banks and foreign exchange markets settle payments and are open for general business
(including dealings in foreign exchanges and foreign currency deposits) in the relevant place of
presentation (and in the case of payment in euro in the place where the euro account specified by
the payee is located) or any additional financial center specified in the Pricing Supplement.

     Unless specified otherwise in the Pricing Supplement, this Note will not be subject to a
sinking fund.

     This Note will become void unless presented for payment within a period of two years from the
date on which such payment first becomes due (the “Relevant Date”). However, if the full amount of
the money payable has not been duly received by the London Paying Agent or other applicable paying
agent on or prior to the Relevant Date, then the Relevant Date shall mean the date on which, after
the full amount of such money has been so received, notice to that effect is duly given to the
noteholder.

     Reference is made to the further provisions of this Note set forth on the reverse hereof and
in the Pricing Supplement attached hereto, which shall have the same effect as though fully set
forth at this place. In the event of any conflict between the provisions contained herein or on the
reverse hereof and the provisions contained in the Pricing Supplement attached hereto, the latter
shall control. References herein to “this Note,” “hereof,” “herein” and comparable terms shall
include the Pricing Supplement attached hereto.

     This Permanent Global Note shall not become valid or obligatory for any purpose until the
certificate of authentication hereon shall have been duly signed by or on behalf of the London
Issuing Agent acting in accordance with the Agency Agreement.

C-8

 

     IN WITNESS WHEREOF, Bank of America, N.A. has caused this Permanent Global Note to be duly
executed on its behalf, by manual or facsimile signature.

	 	 	 	 	 	 	 

	Dated:	 	 	 	BANK OF AMERICA, N.A.
	 

	 	 	 	 	 	 
	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

C-9

 

CERTIFICATE OF AUTHENTICATION

	 	 	This Permanent Global Note is one of the Notes referred to in the within-mentioned
Agency Agreement and is authenticated by or on behalf of the London Issuing Agent.

	 	 	 	 	 	 

	Dated:	 	 	
DEUTSCHE BANK AG, LONDON BRANCH

as London Issuing Agent
	 	 
	 	 	 	 
	 	 
	 	 	 	 
	 	 

	 	By:	 	 
	 	 

	 	 	 	 
	 	 	 	Authorized Signatory
	 	 
	 	 	 	 
	 	 

	 	By:	 	 
	 	 

	 	 	 	 
	 	 	 	Authorized Signatory

C-10

 

[ATTACH PRICING SUPPLEMENT OR INDEXED PAYMENT RIDER, AS APPLICABLE]

C-11

 

[Reverse of Note]

BANK OF AMERICA, N.A.

(PERMANENT GLOBAL BANK NOTE)

     SECTION 1. General. This Note is one of the Notes issued pursuant to an Offering Circular
dated April 30, 2010, as it may be amended or supplemented from time to time, for the offer and
sale of up to U.S.$75,000,000,000 aggregate principal amount of senior and subordinated bank notes
at any one time outstanding with maturities of 7 days or more from their respective dates of issue.
The Notes may bear different dates, mature at different times, bear interest at different rates and
vary in such other ways as are provided in the Agency Agreement, and the aggregate principal amount
of bank notes to be offered under the program may be increased from time to time.

     The Issuer has initially appointed Deutsche Bank AG, London Branch, to act as London Paying
Agent in respect of this Note. This Note may be presented or surrendered for payment, and notices,
designations or requests in respect of payments with respect to this Note may be served, at the
office or agency of the London Paying Agent.

     SECTION 2. Interest Provisions.

     (a) Fixed Rate Notes. If this Note is designated as a “Fixed Rate Note” on the face
hereof, the Issuer will pay interest on the principal amount specified on the face of this Note (as
adjusted in accordance with Schedule 1 and Schedule 2 hereto) on each Interest Payment Date
specified in the Pricing Supplement and at Maturity, commencing on the first Interest Payment Date
succeeding the Original Issue Date specified above, except as provided on the face hereof, until
payment of such principal sum has been made or duly provided for. Unless otherwise specified in the
Pricing Supplement, if this Note has a Maturity Date of less than one year from the Original Issue
Date, interest on this Note will be paid only at Maturity.

     Payments of interest hereon will include interest accrued from and including the most recent
Interest Payment Date to which interest on this Note (or any predecessor Note) has been paid or
duly provided for (or, unless otherwise specified in the Pricing Supplement, if no interest has
been paid or duly provided for, from and including the Original Issue Date) to but excluding the
relevant Interest Payment Date or Maturity Date, as the case may be.

     Unless otherwise specified in the Pricing Supplement, if this Note has an original maturity
less than one year and is payable in U.S. dollars, interest (including payments for partial
periods) will be computed and paid on the basis of the actual number of days elapsed divided by
360. Unless otherwise specified in the Pricing Supplement, if this Note has an original maturity of
one year or more and is payable in U.S. dollars, interest (including payments for partial periods)
will be computed on the basis of a 360-day year of twelve 30-day months. Unless otherwise specified
in the Pricing Supplement, if this Note is denominated in a Specified Currency other than U.S.
dollars, interest will be computed on the basis of the Actual/Actual (ISMA) Fixed Day Count
Convention.

C-12

 

     “Actual/Actual (ISMA) Fixed Day Count Convention” means:

	 	(a)	 	in the case of fixed-rate notes where the number of days in the relevant period
from and including the most recent Interest Payment Date (or, if none, from and including
the interest commencement date, which unless specified otherwise in the Pricing
Supplement shall be the Original Issue Date) to, but excluding, the relevant payment date
(referred to as the “accrual period”) is equal to or shorter than the determination
period (as defined below) during which the accrual period ends, the number of days in the
accrual period divided by the product of (1) the number of days in that determination
period and (2) the number of determination periods that would occur in one calendar year,
assuming interest was to be payable in respect of the whole of that year; or
	 
	 	(b)	 	in the case of fixed-rate notes where the accrual period is longer than the
determination period during which the accrual period ends, the sum of:

(1) the number of days in that accrual period falling in the determination period in
which the accrual period begins divided by the product of (x) the number of days in such
determination period and (y) the number of determination periods that would occur in one
calendar year, assuming interest was to be payable in respect of the whole of that year;
and

(2) the number of days in that accrual period falling in the next determination period
divided by the product of (x) the number of days in such determination period and (y) the
number of determination periods that would occur in one calendar year, assuming interest
was to be payable in respect of the whole of that year.

     “Determination period” means the period from and including a determination date to but
excluding the next determination date (including, where either the interest commencement date or
the final Interest Payment Date is not a determination date, the period commencing on the first
determination date prior to, and ending on the first determination date falling after, such date).

     “Determination date” means each date specified in the Pricing Supplement or, if none is
specified, each Interest Payment Date.

     Unless otherwise specified in the Pricing Supplement, if any Interest Payment Date or the
Maturity Date of this Note falls on a day that is not a Business Day, the related payment of
principal of, or premium, if any, or interest on, this Note will be made on the next succeeding
Business Day with the same force and effect as if made on the date such payments were due, and no
additional interest will accrue in respect of the amount so payable for the period from and after
such Interest Payment Date or the Maturity Date, as the case may be.

     (b) Floating Rate Notes. If this Note is designated as a “Floating Rate Note” on face
hereof, the Issuer will pay interest on the principal amount specified on the face of this Note (as
adjusted in accordance with Schedule 1 and Schedule 2 hereto) on each Interest Payment Date
specified in the Pricing Supplement and at Maturity, commencing on the first Interest Payment

C-13

 

Date succeeding the Original Issue Date specified on the face hereof, unless the Original
Issue Date occurs between a Regular Record Date (as defined below) and the next Interest Payment
Date, in which case interest shall be payable commencing on the Interest Payment Date following the
next Regular Record Date, at a rate per annum determined in accordance with the provisions hereof
and the Pricing Supplement, until payment of such principal sum has been made or duly provided for.
If this Note has a Maturity Date of less than one year from the Original Issue Date, interest on
this Note will be paid only at Maturity.

     Payments of interest hereon will include interest accrued from and including the most recent
Interest Payment Date to which interest on this Note (or any predecessor Note) has been paid or
duly provided for (or, unless otherwise provided in the Pricing Supplement, if no interest has been
paid or duly provided for, from and including the Original Issue Date) to but excluding the
relevant Interest Payment Date or Maturity Date, as the case may be (each such period, an “Interest
Period”).

     As set forth in the Pricing Supplement, this Note may have either or both of the following:
(i) a maximum numerical interest rate limitation, or ceiling, on the rate at which interest may
accrue during any Interest Period (“Maximum Interest Rate”); or (ii) a minimum numerical interest
rate limitation, or floor, on the rate at which interest may accrue during any interest period
(“Minimum Interest Rate”); provided, however, that the interest rate on this Note
will in no event be higher than the maximum rate permitted by applicable law.

     The Base Rate (as defined herein) with respect to this Note may be (i) the federal funds rate,
(ii) the London interbank offered rate, or “LIBOR,” (iii) the Eurozone interbank offered rate, or
“EURIBOR,” (iv) the prime rate, (v) the treasury rate or (v) such other rate as is described in the
Pricing Supplement.

     Except as described below, this Note will bear interest at the rate determined by reference to
the appropriate interest rate basis (the “Base Rate”) and Index Maturity, each as specified in the
Pricing Supplement, (i) plus or minus the Spread, if any, specified in the Pricing Supplement
and/or (ii) multiplied by the Spread Multiplier, if any, specified in the Pricing Supplement. The
interest rate in effect during an Interest Period will be the rate determined by the Calculation
Agent specified in the Pricing Supplement on the “calculation date” by reference to the Interest
Determination Date (as described below).

     If “ISDA Rate” is specified in the Pricing Supplement, the rate of interest on this Note for
each Interest Period will be the relevant ISDA Rate plus or minus the margin, if any, specified in
the Pricing Supplement. Unless specified otherwise in the Pricing Supplement, “ISDA Rate” means,
with respect to any Interest Period, the rate equal to the Floating Rate that would be determined
by the Calculation Agent pursuant to an interest rate swap transaction if the Calculation Agent
were acting as Calculation Agent for such swap transaction in accordance with the terms of an
agreement in the form of any ISDA Master Agreement published by the International Swaps and
Derivatives Association, Inc. (including any Annexes thereto, the “ISDA Agreement”) and evidenced
by a Confirmation (as defined in the ISDA Agreement) incorporating the 2006 ISDA definitions, as
amended, updated, supplemented or replaced as at the issue date of the first tranche of bank notes
of the relevant series (the “2006 ISDA Definitions”) published by the International Swaps and
Derivatives Association, Inc. and under

C-14

 

which: (i) the Floating Rate Option is as specified in the Pricing Supplement; (ii) the
Designated Maturity is the period specified in the Pricing Supplement; and (iii) the relevant Reset
Date is either (a) if the applicable Floating Rate Option is based on LIBOR or EURIBOR for a
currency, the first day of such interest period or (b) in any other case, as specified in the
Pricing Supplement. Where “ISDA Rate” is specified, interest will be payable on each Interest
Payment Date specified in the Pricing Supplement or, if no express Interest Payment Dates are
specified, on each date which falls at the end of the number of months or other period specified as
the interest period in the Pricing Supplement after the preceding Interest Payment Date (or after
the Original Issue Date, in the case of the first such date). As used in this paragraph, “Floating
Rate,” “Calculation Agent,” “Floating Rate Option,” “Designated Maturity” and “Reset Date” have the
meanings ascribed to those terms in the 2006 ISDA Definitions.

     The “calculation date” pertaining to any Interest Determination Date will be the date by which
the Calculation Agent specified in the Pricing Supplement computes the amount of interest owed on
this Note for the related Interest Period. Unless otherwise specified in the Pricing Supplement,
the “calculation date” will be the earlier of (a) the tenth calendar day after the related Interest
Determination Date or, if that date is not a Business Day, the next succeeding Business Day; or (b)
the Business Day immediately preceding the applicable Interest Payment Date or the Stated Maturity
Date or the date of redemption or the date of prepayment, as the case may be.

     The interest rate in effect on each day shall be (a) if such day is an Interest Reset Date,
the interest rate determined as of the Interest Determination Date pertaining to such Interest
Reset Date or (b) if such day is not an Interest Reset Date, the interest rate determined as of the
Interest Determination Date pertaining to the immediately preceding Interest Reset Date,
provided that (i) the interest rate in effect from the Original Issue Date to the initial
Interest Reset Date shall be the Initial Interest Rate specified in the Pricing Supplement, and
(ii) the interest rate in effect for the 10 calendar days immediately prior to the Maturity Date
shall be the rate in effect on the 10th calendar day preceding such Maturity Date. Unless otherwise
specified herein or in the Pricing Supplement, if any Interest Reset Date specified in the Pricing
Supplement (including the Initial Interest Reset Date, as specified in the Pricing Supplement)
falls on a day that is not a Business Day, the Interest Reset Date will be postponed to the next
day that is a Business Day, except that, unless otherwise specified in the Pricing Supplement, in
the case of a LIBOR note or a EURIBOR note, if the next Business Day is in the next succeeding
calendar month, the Interest Reset Date will be the immediately preceding Business Day. The
Interest Reset Dates are subject to adjustment as described below.

Unless otherwise specified in the Pricing Supplement: (i) the “Interest Determination Date” with
respect to any Note that has as its Base Rate the federal funds rate or the prime rate will be
the Business Day immediately preceding the related Interest Reset Date; (ii) the “Interest
Determination Date” with respect to any Note that has LIBOR as its Base Rate will be the second
London Banking Day preceding the related Interest Reset Date, unless the Index Currency
specified in the Pricing Supplement is Pounds Sterling, in which case the Interest Determination
Date will be the Interest Reset Date; (iii) the “Interest Determination Date” with respect to
any Note that has as its Base Rate the treasury rate will be the day of the week in which the
related Interest Reset Date falls on which Treasury bills of the Index Maturity specified in the
Pricing Supplement normally would be auctioned; provided, however, that if

C-15

 

an auction is held on the Friday of the week preceding the related Interest Reset Date, the
related “Interest Determination Date” shall be such preceding Friday; and provided,
further, that if an auction is held on any Interest Reset Date then the Interest Reset
Date shall instead be the first Business Day following such auction.

For a Note whose interest rate is determined by reference to two or more Base Rates, unless
otherwise specified in the Pricing Supplement, the “Interest Determination Date” shall be the
most recent Business Day that is at least two Business Days prior to the applicable Interest
Reset Date for the Note on which each Base Rate is applicable.

          Unless otherwise specified in the Pricing Supplement, if any Interest Payment Date falls on a
day that is not a Business Day, the related payment of interest will be made on the next succeeding
Business Day. However, unless otherwise specified in the Pricing Supplement, if this Note has as
its Base Rate LIBOR or EURIBOR, as described below, if an Interest Payment Date falls on a date
that is not a Business Day, and the next Business Day is in the next calendar month, the Interest
Payment Date will be the immediately preceding Business Day. In each such case, unless specified
otherwise in the applicable Pricing Supplement, except for the Interest Payment Date falling on the
Maturity Date, the Interest Periods and the Interest Reset Dates will be adjusted for non-Business
Days accordingly to calculate the amount of interest payable on this Note. Unless otherwise
specified in the Pricing Supplement, if the Maturity Date of this Note falls on a day that is not a
Business Day, the related payment of principal of, or premium, if any, or interest on, this Note
will be made on the next succeeding Business Day with the same force and effect as if made on the
date such payments were due, and no additional interest will accrue in respect of the amount so
payable for the period from and after the Maturity Date.

          Accrued interest on this Note is calculated by multiplying the principal amount of the Note by
an accrued interest factor. The accrued interest factor is the sum of the interest factors
calculated for each day in the period for which accrued interest is being calculated. Unless
otherwise indicated in the Pricing Supplement, the daily interest factor will be computed on the
basis of a 360-day year of twelve 30-day months if the Day Count Convention specified in the
Pricing Supplement is “30/360” for the period specified thereunder, or on the basis of the actual
number of days in the Interest Period divided by 360 if the Day Count Convention specified in the
Pricing Supplement is “Actual/360” for the period specified thereunder, or on the basis of the
actual number of days in the Interest Period divided by 365, or in the case of an Interest Payment
Date falling in a leap year, 366, if the Day Count Convention specified in the Pricing Supplement
is “Actual/Actual” for the period specified thereunder. If no Day Count Convention is specified in
the Pricing Supplement, the daily interest factor will be computed and interest will be paid
(including payments for partial periods) as follows: (i) for Notes that have as a Base Rate the
federal funds rate, LIBOR, EURIBOR, the prime rate, or any other rate other than the treasury rate,
as if “Actual/360” had been specified in the Pricing Supplement; and (ii) for Notes that have the
treasury rate as a Base Rate, as if “Actual/Actual” had been specified in the Pricing Supplement.

          All amounts used in or resulting from any calculation on this Note will be rounded to the
nearest cent, if the Specified Currency is U.S. dollars, or to the nearest corresponding hundredth
of a unit, if the Specified Currency is other than U.S. dollars, with one-half cent or one-half of
a corresponding hundredth of a unit or more being rounded upward. Unless otherwise specified in

C-16

 

the Pricing Supplement, all percentages resulting from any calculation are rounded to the
nearest one hundred-thousandth of a percent, with five one-millionths of a percentage point rounded
upward. For example, 9.876545% (or .09876545) will be rounded to 9.87655% (or .0987655).

     Notwithstanding the calculations determined as specified below, the interest rate hereon shall
not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if
any, specified in the Pricing Supplement.

     The Calculation Agent shall calculate the interest rate hereon in accordance with the
procedures described below on or before each calculation date. At the request of the holder hereof,
the Calculation Agent will provide to such holder the interest rate hereon then in effect and, if
determined, the interest rate which will become effective as of the next Interest Reset Date.

     Determination of LIBOR. LIBOR for any Interest Determination Date will be the
arithmetic mean of the offered rates for deposits in the relevant Index Currency having the Index
Maturity described in the Pricing Supplement, commencing on the related Interest Reset Date, as the
rates appear on the designated LIBOR page in the Pricing Supplement as of 11:00 A.M., London time,
on that Interest Determination Date, if at least two offered rates appear on the designated LIBOR
page, except that, if the designated LIBOR page only provides for a single rate, that single rate
will be used.

     If fewer than two of the rates described above appears on that page or no rate appears on any
page on which only one rate normally appears, then the Calculation Agent will determine LIBOR as
follows:

	 	•	 	The Calculation Agent will select four major banks in the London interbank
market, after consultation with the Issuer. On the Interest Determination Date, those
four banks will be requested to provide their offered quotations for deposits in the
relevant Index Currency having an Index Maturity specified in the Pricing Supplement
commencing on the Interest Reset Date to prime banks in the London interbank market at
approximately 11:00 A.M., London time.
	 
	 	•	 	If at least two quotations are provided, the Calculation Agent will
determine LIBOR as the arithmetic mean of those quotations.
	 
	 	•	 	If fewer than two quotations are provided, the Calculation Agent will
select, after consultation with the Issuer, three major banks in New York City. On the
Interest Determination Date, those three banks will be requested to provide their
offered quotations for loans in the relevant Index Currency having an Index Maturity
specified in the Pricing Supplement commencing on the Interest Reset Date to leading
European banks at approximately 11:00 A.M., New York time. The Calculation Agent will
determine LIBOR as the average of those quotations.
	 
	 	•	 	If fewer than three New York City banks selected by the Calculation Agent
are quoting rates, LIBOR for that interest period will remain LIBOR then in effect on
the Interest Determination Date.

C-17

 

     Determination of EURIBOR. EURIBOR means, for any Interest Determination Date, the rate
for deposits in euro as sponsored, calculated, and published jointly by the European Banking
Federation and ACI—The Financial Market Association, or any company established by the joint
sponsors for purposes of compiling and publishing those rates, having the Index Maturity specified
in the Pricing Supplement, as that rate appears on the display on Reuters, or any successor
service, on page EURIBOR01 or any other page as may replace such page (“Reuters Page EURIBOR01”),
as of 11:00 A.M., Brussels time.

     The following procedures will be followed if EURIBOR cannot be determined as described above:

	 	•	 	If no offered rate appears on Reuters Page EURIBOR01 on an Interest
Determination Date at approximately 11:00 A.M., Brussels time, then the Calculation
Agent, after consultation with the Issuer, will select four major banks in the Eurozone
interbank market to provide a quotation of the rate at which deposits in euro having
the Index Maturity specified in the Pricing Supplement are offered to prime banks in
the Eurozone interbank market, and in a principal amount not less than the equivalent
of €1,000,000, that is representative of a single transaction in euro in that market
at that time. If at least two quotations are provided, EURIBOR will be the arithmetic
average of those quotations.
	 
	 	•	 	If fewer than two quotations are provided, then the Calculation Agent,
after consultation with the Issuer, will select four major banks in the Eurozone
interbank market to provide a quotation of the rate offered by them, at approximately
11:00 A.M., Brussels time, on the Interest Determination Date, for loans in euro to
prime banks in the Eurozone interbank market for a period of time equivalent to the
Index Maturity specified in the Pricing Supplement commencing on that Interest Reset
Date and in a principal amount not less than the equivalent of €1,000,000, that is
representative of a single transaction in euro in that market at that time. If at least
three quotations are provided, EURIBOR will be the arithmetic average of those
quotations.
	 
	 	•	 	If three quotations are not provided, EURIBOR for that Interest
Determination Date will be equal to EURIBOR for the immediately preceding interest
period.

     “Eurozone” means the region comprising Member States of the European Union that have adopted
the euro as their single currency in accordance with the Treaty establishing European Community, as
amended.

     Determination of Treasury Rate. The “treasury rate” for any Interest Determination
Date is the rate set at the auction of direct obligations of the United States (“Treasury bills”)
having the Index Maturity described in the Pricing Supplement, as specified under the caption
“Investment Rate” on the display on Reuters, or any successor service, on page USAUCTION 10/11 or
any other page as may replace such page.

     The following procedures will be followed if the treasury rate cannot be determined as
described above:

C-18

 

	 	•	 	If the rate is not displayed on Reuters by 3:00 P.M., New York City time,
on the related calculation date, the treasury rate will be the rate of Treasury bills
as published in H.15 Daily Update, or another recognized electronic source for the
purpose of displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Auction High.”
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
published by 3:00 P.M., New York City time, on the related calculation date, the
treasury rate will be the bond equivalent yield, as defined below, of the auction rate
of the applicable Treasury bills as announced by the U.S. Department of the Treasury.
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
announced by the U.S. Department of the Treasury, or if the auction is not held, the
treasury rate will be the bond equivalent yield of the rate on the particular Interest
Determination Date of the applicable Treasury bills as published in H.15(519) under the
caption “U.S. Government Securities/Treasury Bills/Secondary Market.”
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
published by 3:00 P.M., New York City time, on the related calculation date, the
treasury rate will be the rate on the particular Interest Determination Date of the
applicable Treasury bills as published in H.15 Daily Update, or another recognized
electronic source used for the purpose of displaying the applicable rate, under the
caption “U.S. Government Securities/Treasury Bills/Secondary Market.”
	 
	 	•	 	If the alternative rate described in the paragraph immediately above is not
published by 3:00 P.M., New York City time, on the related calculation date, the
treasury rate will be the rate on the particular Interest Determination Date calculated
by the Calculation Agent as the bond equivalent yield of the arithmetic mean of the
secondary market bid rates, as of approximately 3:30 P.M., New York City time, on that
Interest Determination Date, of three primary U.S. government securities dealers,
selected by the Calculation Agent, after consultation with the Issuer, for the issue of
Treasury bills with a remaining maturity closest to the particular Index Maturity.
	 
	 	•	 	If the dealers selected by the Calculation Agent are not quoting as
described in the paragraph immediately above, the treasury rate will be the treasury
rate in effect on the particular Interest Determination Date.

     The bond equivalent will be calculated using the following formula:

	 	 	 	 	 

	Bond Equivalent Yield =

	 	D x N
	 	x 100
	 	 	 
	 	360 – (D x M)	 

where “D” refers to the applicable annual rate for Treasury bills quoted on a bank discount basis
and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the
actual number of days in the applicable interest period.

     “H.15(519)” means the weekly statistical release designated as H.15(519), or any successor
publication, published by the Federal Reserve Board.

C-19

 

     “H.15 Daily Update” means the daily update of H.15(519), available through the website of the
Federal Reserve Board at www.federalreserve.gov/releases/h15/update, or any successor site or
publication.

     Determination of Federal Funds Rate. The “federal funds rate” for any Interest
Determination Date will be as follows:

	 	•	 	if “Federal Funds (Effective) Rate” is specified in the Pricing Supplement,
the federal funds rate will be the rate on that Interest Determination Date for U.S.
dollar federal funds, as published in H.15(519) under the heading “Federal Funds
(Effective)” and displayed on Reuters, or any successor service, on page FEDFUNDS1 or
any other page as may replace the specified page on that service (“Reuters Page
FEDFUNDS1”), or if such rate is not published in H.15(519) by 3:00 P.M., New York City
time, on the related calculation date or does not appear on Reuters Page FEDFUNDS1, the
federal funds rate will be the rate on that Interest Determination Date, as published
in H.15 Daily Update, or any other recognized electronic source for the purposes of
displaying the applicable rate, under the caption “Federal Funds (Effective).” If the
alternate rate described in the preceding sentence is not published in H.15 Daily
Update, or other recognized electronic source for the purpose of displaying the
applicable rate, by 3:00 P.M., New York City time, on the related calculation date,
then the Calculation Agent will determine the federal funds rate to be the arithmetic
mean of the rates for the last transaction in overnight U.S. dollar federal funds,
quoted prior to 9:00 A.M., New York City time, on the business day following that
Interest Determination Date, by each of three leading brokers of U.S. dollar federal
funds transactions in New York City, selected by the Calculation Agent, after
consultation with the Issuer; provided, however, if fewer than three brokers selected
by the Calculation Agent are quoting as described above, the federal funds rate will be
the federal funds rate then in effect on that Interest Determination Date.

	 	•	 	if “Federal Funds Open Rate” is specified in the Pricing Supplement, the
federal funds rate will be the rate on that Interest Determination Date for U.S. dollar
federal funds transactions among member of the U.S. Federal Reserve System arranged by
federal funds brokers on such day, under the heading “Federal Funds” for the applicable
Index Maturity and opposite the caption “Open” and displayed on Reuters, or any
successor service, on page 5 or any other page as may replace the specified page on
that service (“Reuters Page 5”), or if such rate does not appear on Reuters Page 5 by
3:00 P.M., New York City time, on the related calculation date, the federal funds rate
will be the rate on that Interest Determination Date displayed on FFPREBON Index page
on Bloomberg L.P. (“Bloomberg”), which is the Fed Funds Opening Rate as reported by
Prebon Yamane (or a successor) on Bloomberg. If the alternate rate described in the
preceding sentence is not displayed on FFPREBON Index page on Bloomberg, or any other
recognized electronic source for the purpose of displaying the applicable rate, by 3:00
P.M., New York City time, on the related calculation date, then the Calculation Agent
will determine the federal funds rate to be the arithmetic mean of the rates for the
last transaction in overnight U.S. dollar federal funds, quoted prior to 9:00 A.M., New
York City time, on that Interest

C-20

 

	 	 	 	Determination Date, by each of three leading brokers of U.S. dollar federal funds
transactions in New York City, selected by the Calculation Agent, after consultation
with the Issuer; provided, however, if fewer than three brokers selected by the
Calculation Agent are quoting as described above, the federal funds rate will be the
federal funds rate then in effect on that Interest Determination Date.

	 	•	 	if “Federal Funds Target Rate” is specified in the Pricing Supplement, the
federal funds rate will be the rate on that Interest Determination Date for U.S. dollar
federal funds displayed on the FDTR Index page on Bloomberg. If such rate does not
appear on the FDTR Index page on Bloomberg by 3:00 P.M., New York City time, on the
calculation date, the federal funds rate for such Interest Determination Date will be
the rate for that day appearing on Reuters, or any successor service, on page
USFFTARGET= or any other page as may replace the specified page on that service
(“Reuters Page USFFTARGET=”). If such rate does not appear on the FDTR Index page on
Bloomberg or is not displayed on Reuters Page USFFTARGET= by 3:00 P.M., New York City
time, on the related calculation date, then the Calculation Agent will determine the
federal funds rate to be the arithmetic mean of the rates for the last transaction in
overnight U.S. dollar federal funds, quoted prior to 9:00 A.M., New York City time, on
that Interest Determination Date, by each of three leading brokers of U.S. dollar
federal funds transactions in New York City, selected by the Calculation Agent, after
consultation with the Issuer; provided, however, if fewer than three brokers selected
by the Calculation Agent are quoting as described above, the federal funds rate will be
the federal funds rate then in effect on that Interest Determination Date.

     Determination of Prime Rate. The “prime rate” for any Interest Determination Date is
the prime rate or base lending rate on that date, as published in H.15(519) prior to 3:00 P.M., New
York City time, on the related calculation date, under the heading “Bank Prime Loan.”

     The following procedures will be followed if the prime rate cannot be determined as described
above:

	 	•	 	If the rate is not published in H.15(519) by 3:00 P.M., New York City time,
on the related calculation date, then the prime rate will be the rate as published in
H.15 Daily Update, or any other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “Bank Prime Loan.”
	 
	 	•	 	If the alternative rate described above is not published in H.15 Daily
Update or another recognized electronic source by 3:00 P.M., New York City time, on the
related calculation date, then the Calculation Agent will determine the prime rate to
be the arithmetic mean of the rates of interest publicly announced by each bank that
appears on the Reuters screen US PRIME 1, as defined below, as that bank’s prime rate
or base lending rate as in effect as of 11:00 A.M., New York City time, on that
Interest Determination Date.
	 
	 	•	 	If fewer than four rates appear on the Reuters screen US PRIME 1 for that
Interest Determination Date, by 3:00 P.M., New York City time, then the Calculation
Agent will determine the prime rate to be the average of the prime rates or base
lending rates

C-21

 

	 	 	 	furnished in New York City by three substitute banks or trust companies (all organized
under the laws of the United States or any of its states and having total equity capital
of at least U.S.$500,000,000) selected by the Calculation Agent, after consultation with
the Issuer.

	 	•	 	If the banks selected by the Calculation Agent are not quoting as described
above, the prime rate will remain the prime rate then in effect on the Interest
Determination Date.

     “Reuters screen US PRIME 1” means the display designated as page “US PRIME 1” on the Reuters
Monitor Money Rates Service (or any other page as may replace the US PRIME 1 page on that service
for the purpose of displaying prime rates or base lending rates of major U.S. banks).

     (c) Floating Rate/Fixed Rate Notes. If this Note is designated as a “Floating
Rate/Fixed Rate Note” on the face hereof, this Note may bear interest at a fixed rate for a
specified period and at a floating rate for a specified period, in each case calculated as set
forth in (a) and (b) above, as applicable, and in the Pricing Supplement.

     SECTION 3. Amortizing Notes. If this Note is designated as an “Amortizing Note” on the face
hereof, the Issuer will make payments combining principal and interest on the dates and in the
amounts set forth in the table included in the Pricing Supplement. If this Note is an Amortizing
Note, payments made hereon will be applied first to interest due and payable on each such payment
date and then to the reduction of the Outstanding Face Amount. The term “Outstanding Face Amount”
means, at any time, the amount of unpaid principal hereof at such time.

     SECTION 4. Optional Redemption. If so specified in the Pricing Supplement, this Note may be
redeemed at the option of the Issuer on any date on and after the Initial Redemption Date, if any,
specified in the Pricing Supplement (the “Redemption Date”). IF NO INITIAL REDEMPTION DATE IS SET
FORTH IN THE PRICING SUPPLEMENT, THIS NOTE MAY NOT BE REDEEMED AT THE OPTION OF THE ISSUER PRIOR TO
THE STATED MATURITY DATE, EXCEPT AS PROVIDED BELOW IN THE EVENT THAT ANY ADDITIONAL AMOUNTS (AS
DEFINED BELOW) ARE REQUIRED TO BE PAID BY THE ISSUER WITH RESPECT TO THIS NOTE. If so specified in
the Pricing Supplement, on and after the Initial Redemption Date, if any, this Note may be redeemed
at any time in whole or from time to time in part at the option of the Issuer at the applicable
Redemption Price (as defined below), together with accrued and unpaid interest hereon payable at
the applicable rate or rates borne by this Note to, but excluding, the Redemption Date, on notice
given not more than 60 nor less than 30 calendar days (unless specified otherwise in the Pricing
Supplement) prior to the Redemption Date; provided, however, that in the event of redemption of
this Note in part only, the unredeemed portion hereof shall be at least the minimum Authorized
Denomination specified in the Pricing Supplement, or if no such Authorized Denomination is so
specified, €50,000 or its equivalent in the Specified Currency. In the event of redemption of
this Note in part only, a new Note for the unredeemed portion hereof shall be issued to the bearer
hereof upon the surrender of this Note or, where applicable, an appropriate notation will be made
on Schedule 1 attached hereto. Unless otherwise specified

C-22

 

above, if less than all of the Notes with like tenor and terms are to be redeemed, the Notes
to be redeemed shall be selected by the applicable Registrar by such method as such Registrar shall
deem fair and appropriate. If this Note is redeemable at the option of the Issuer, then if so
specified in the Pricing Supplement, the “Redemption Price” initially shall be the Initial
Redemption Percentage specified in the Pricing Supplement of the principal amount of this Note to
be redeemed and shall decline at each anniversary of the Initial Redemption Date by the Annual
Redemption Percentage Reduction, if any, specified in the Pricing Supplement, of the principal
amount to be redeemed until the Redemption Price is 100% of such principal amount.

     From and after any redemption date, if monies for the redemption of this Note (or portion
hereof) shall have been made available for redemption on such redemption date, this Note (or such
portion hereof) shall cease to bear interest and the holder’s only right with respect to this Note
(or such portion hereof) shall be to receive payment of the principal amount of the Note being
redeemed (or, if this is an Original Issue Discount Note as specified in the Pricing Supplement,
the amortized face amount hereof) and, if appropriate, all unpaid interest accrued to such
redemption date.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be redeemed at the option of the Issuer prior to the Stated Maturity Date
without the prior written approval of the United States Office of the Comptroller of the Currency
(the “OCC”) or any other bank supervisory authority having jurisdiction over the Issuer and
requiring such approval.

     SECTION 5. Optional Repayment. If so specified in the Pricing Supplement, this Note will be
repayable prior to the Stated Maturity Date at the option of the bearer on the Optional Repayment
Date(s), if any, specified in the Pricing Supplement. IF NO OPTIONAL REPAYMENT DATES ARE SET FORTH
IN THE PRICING SUPPLEMENT, THIS NOTE MAY NOT BE SO REPAID AT THE OPTION OF THE BEARER HEREOF PRIOR
TO THE STATED MATURITY DATE. Unless otherwise provided in the Pricing Supplement, on any Optional
Repayment Date, this Note shall be repayable in whole or in part at the option of the bearer hereof
at a repayment price equal to 100% of the principal amount to be repaid, together with accrued and
unpaid interest hereon payable at the applicable rate or rates borne by this Note to, but
excluding, the date of repayment; provided, however, that, in the event of
repayment of this Note in part only, the unrepaid portion hereof shall be at least the minimum
Authorized Denomination specified in the Pricing Supplement, or if no such Authorized Denomination
is so specified, €50,000 or its equivalent in the Specified Currency. For this Note to be repaid
in whole or in part at the option of the bearer hereof on any Optional Repayment Date, this Note
must be presented, with the form attached hereto entitled “Option to Elect Repayment” duly
completed, at the offices of the London Paying Agent not more than 60 nor less than 30 days prior
to the Optional Repayment Date. Upon such proper presentment, this Note will be repaid on the
Optional Repayment Date, subject to the provisions of this Note governing payments. In the event of
repayment of this Note in part only, a new Note for the unrepaid portion hereof shall be issued to
the bearer hereof upon the surrender hereof or, where applicable, an appropriate notation will be
made on Schedule 1 attached hereto. Exercise of such repayment option by the bearer hereof shall be
irrevocable.

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     From and after any Optional Repayment Date, if monies for the repayment of this Note (or
portion hereof) shall have been made available for repayment on such Optional Repayment Date, this
Note (or such portion hereof) shall cease to bear interest and the bearer’s only right with respect
to this Note (or such portion hereof) shall be to receive payment of the principal amount of the
Note being repaid (or, if this is an Original Issue Discount Note as specified in the Pricing
Supplement, the amortized face amount hereof) and, if appropriate, all unpaid interest accrued to
such Optional Repayment Date.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be repaid at the option of the holder prior to the Stated Maturity Date
without the prior written approval of the OCC or any other bank supervisory authority having
jurisdiction over the Issuer and requiring such approval.

     SECTION 6. Additional Amounts. All payments of principal, premium, if any, and interest with
respect to this Note will be made without withholding or deduction at source for, or on account of,
any present or future taxes, fees, duties, assessments, or governmental charges of whatever nature
imposed or levied by the United States or any political subdivision or taxing authority thereof or
therein, except to the extent such withholding or deduction is required by (i) the laws (or any
regulations or rulings promulgated thereunder) of the United States or any political subdivision or
taxing authority thereof or therein or (ii) an official position regarding the application,
administration, interpretation, or enforcement of any such laws, regulations, or rulings
(including, without limitation, a holding by a court of competent jurisdiction or by a taxing
authority in the United States or any political subdivision thereof). If so specified in the
Pricing Supplement, if a withholding or deduction at source is required, the Bank will, subject to
the exceptions and limitations set forth below, pay to the beneficial owner of this Note that is a
“non-U.S. person” (as defined below) additional amounts (“Additional Amounts”) to ensure that every
net payment on this Note will not be less, due to the payment of U.S. withholding tax, than the
amount then otherwise due and payable. For this purpose, a “net payment” on this Note means a
payment by the Issuer or any Paying Agent, including payment of principal and interest, after
deduction for any present or future tax, assessment, or other governmental charge of the United
States (other than a territory or possession). These Additional Amounts will constitute additional
interest on this Note. For this purpose, “U.S. withholding tax” means a withholding tax of the
United States, other than a territory or possession.

     However, notwithstanding the Issuer’s obligation, if so specified in the Pricing Supplement,
to pay Additional Amounts, the Issuer will not be required to pay Additional Amounts in any of the
circumstances described in items (1) through (14) below, unless specified otherwise in the Pricing
Supplement.

(1) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note:

	 	•	 	having a relationship with the United States as a citizen, resident, or
otherwise;

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	 	•	 	having had such a relationship in the past; or
	 
	 	•	 	being considered as having had such a relationship.

(2) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note:

	 	•	 	being treated as present in or engaged in a trade or business in the
United States;
	 
	 	•	 	being treated as having been present in or engaged in a trade or
business in the United States in the past;
	 
	 	•	 	having or having had a permanent establishment in the United States; or
	 
	 	•	 	having or having had a qualified business unit which has the U.S. dollar
as its functional currency.

	 	(3) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note being or having been a:

	 	•	 	personal holding company;
	 
	 	•	 	foreign personal holding company;
	 
	 	•	 	private foundation or other tax-exempt organization;
	 
	 	•	 	passive foreign investment company;
	 
	 	•	 	controlled foreign corporation; or
	 
	 	•	 	corporation which has accumulated earnings to avoid U.S. federal income
tax.

(4) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note owning or having owned, actually or constructively, 10%
or more of the total combined voting power of all classes of the Issuer’s stock entitled to
vote.

(5) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner of this Note being a bank extending credit under a loan agreement
entered into in the ordinary course of business.

     For purposes of items (1) through (5) above, “beneficial owner” includes, without
limitation, a holder and a fiduciary, settlor, partner, member, shareholder, or beneficiary of
the holder if the holder is an estate, trust, partnership, limited liability company,
corporation, or other entity, or a person holding a power over an estate or trust administered
by a fiduciary holder.

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(6) Additional Amounts will not be payable to any beneficial owner of this Note that is:

	 	•	 	a fiduciary;
	 
	 	•	 	a partnership;
	 
	 	•	 	a limited liability company;
	 
	 	•	 	another fiscally transparent entity; or
	 
	 	•	 	not the sole beneficial owner of this Note or any portion of this Note.

     However, this exception to the obligation to pay Additional Amounts will apply only to
the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner,
partner, or member of the partnership, limited liability company, or other fiscally
transparent entity, would not have been entitled to the payment of an additional amount had
the beneficiary, settlor, beneficial owner, partner, or member received directly its
beneficial or distributive share of the payment.

(7) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld solely by reason
of the failure of the beneficial owner of this Note or any other person to comply with
applicable certification, identification, documentation, or other information reporting
requirements. This exception to the obligation to pay Additional Amounts will apply only if
compliance with such requirements is required as a precondition to exemption from such tax,
assessment, or other governmental charge by statute or regulation of the United States or by
an applicable income tax treaty to which the United States is a party.

(8) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is collected or imposed by any method
other than by withholding from a payment on this Note by the Issuer or any Paying Agent.

(9) Additional Amounts will not be payable if a payment on this Note is reduced as a result of
any tax, assessment, or other governmental charge that is imposed or withheld by reason of a
change in law, regulation, or administrative or judicial interpretation that becomes effective
more than 15 days after the payment becomes due or is duly provided for, whichever occurs
later.

(10) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any tax, assessment, or other governmental charge that is imposed or withheld by reason of
the presentation by the beneficial owner of this Note for payment more than 30 days after the
date on which such payment becomes due or is duly provided for, whichever occurs later.

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(11) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any:

	 	•	 	estate tax;
	 
	 	•	 	inheritance tax;
	 
	 	•	 	gift tax;
	 
	 	•	 	sales tax;
	 
	 	•	 	excise tax;
	 
	 	•	 	transfer tax;
	 
	 	•	 	wealth tax;
	 
	 	•	 	personal property tax; or
	 
	 	•	 	any similar tax, assessment, or other governmental charge.

(12) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any tax, assessment, or other governmental charge required to be withheld by any Paying
Agent from a payment of principal or interest on the this Note if such payment can be made
without such withholding by any other Paying Agent.

(13) Additional amounts will not be payable if a payment on this Note or related Receipt or
Coupon is reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld by reason of the application of Section 1471 (or any successor provision)
or Section 1472 (or any successor provision) of the U.S. Internal Revenue Code of 1986, as
amended, or any related administrative regulation or pronouncement.

(14) Additional Amounts will not be payable if a payment on this Note is reduced as a result
of any combination of items (1) through (13) above.

          Except as specifically provided in this section or in the Pricing Supplement, the Issuer will
not be required to make any payment of any tax, assessment, or other governmental charge with
respect to this Note imposed by any government, political subdivision, or taxing authority of that
government.

          For purposes of determining whether the payment of Additional Amounts is required, the term
“U.S. person” means any individual who is a citizen or resident of the United States; any
corporation, partnership, or other entity created or organized in or under the laws of the United
States; any estate if the income of such estate falls within the federal income tax jurisdiction of
the United States regardless of the source of that income; and any trust if a U.S. court is able to
exercise primary supervision over its administration and one or more U.S. persons have the
authority to control all of the substantial decisions of the trust. Additionally, for this purpose,
“non-U.S. person” means a person who is not a U.S. person, and “United States” means the

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United States of America, including each state of the United States and the District of
Columbia, its territories, its possessions, and other areas within its jurisdiction.

     SECTION 7. Redemption for Tax Reasons. If so specified in the Pricing Supplement, the Issuer
may redeem this Note in whole, but not in part, at any time (in the case of Notes other than
Floating Rate Notes) or on any Interest Payment Date (in the case of Floating Rate Notes), after
giving not less than 30 nor more than 60 calendar days’ notice to the applicable Paying Agent and
to the holder of this Note, if the Issuer has or will become obligated to pay Additional Amounts,
as described above, as a result of any change in, or amendment to, the laws or regulations of the
United States or any political subdivision or any authority of the United States having power to
tax, or any change in the application or official interpretation of such laws or regulations, which
change or amendment becomes effective on or after the date of the Pricing Supplement, and the
Issuer cannot avoid such obligation by taking reasonable measures available to it. No such
redemption notice shall be given earlier than 90 calendar days prior to the earliest date on which
the Issuer would be obligated to pay such Additional Amounts if a payment in respect of this Note
were then due.

     Before the Issuer delivers or publishes any notice of redemption for tax reasons, it will
deliver to the applicable Paying Agent a certificate signed by the Issuer’s chief financial officer
or a senior vice president stating that it is entitled to redeem this Note and that the conditions
precedent, if any, to redemption have occurred.

     Unless otherwise specified in the Pricing Supplement, any Note redeemed for tax reasons will
be redeemed at 100% of its principal amount (or, in the case of an Original Issue Discount Note,
the amortized face amount hereof determined as of the date of redemption), together with any
interest accrued up to, but excluding, the redemption date.

     From and after any redemption date, if monies for the redemption of this Note shall have been
made available for redemption on such redemption date, this Note shall cease to bear interest and
the holder’s only right with respect to this Note shall be to receive payment of the principal
amount of the Note (or, if this is an Original Issue Discount Note as specified in the Pricing
Supplement, the amortized face amount hereof) and, if appropriate, all unpaid interest accrued to
such redemption date.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be redeemed prior to the Stated Maturity Date without the prior written
approval of the OCC or any other bank supervisory authority having jurisdiction over the Issuer and
requiring such approval.

     SECTION 8. Special Tax Redemption. If the Issuer determines that any payment made outside the
United States by the Issuer or any Paying Agent in respect of this Note under any present or future
laws or regulations of the United States, would be subject to any certification, documentation,
information, or other reporting requirement of any kind the effect of which is the disclosure to
the Issuer, any Paying Agent, or any governmental authority of the nationality, residence, or
identity of a beneficial owner of this Note who is a non-U.S. person (as defined above) (other than
a requirement (1) that would not be applicable to a payment by the Issuer or

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any Paying Agent (x) directly to the beneficial owner, or (y) to a custodian, nominee, or
other agent of the beneficial owner, (2) that can be satisfied by such custodian, nominee, or other
agent certifying to the effect that the beneficial owner is a non-U.S. person, provided that, in
any case referred to in clause (1)(y) or (2), payment by the custodian, nominee, or agent to the
beneficial owner is not otherwise subject to any such requirement, or (3) that would not be
applicable to a payment by at least one Paying Agent), the Issuer shall at its option either: (i)
redeem this Note in whole but not in part, at any time (in the case of bank notes other than
floating-rate Notes) or on any Interest Payment Date (in the case of floating-rate Notes), at a
redemption price equal to the principal amount of this Note (or, in the case of an Original Issue
Discount Note as specified in the Pricing Supplement, the amortized face amount of this Note
determined as of the date of redemption), together with, if appropriate, interest accrued to but
excluding the date of redemption; or (ii) if the conditions of the next succeeding paragraph are
satisfied, pay the Additional Amounts specified in such paragraph.

     The Issuer shall make its determination as soon as practicable and promptly publish notice
thereof (the “determination notice”) stating the effective date of such certification,
documentation, information, or other reporting requirement, whether it will redeem the Note or pay
the Additional Amounts specified in the next succeeding paragraph, and (if applicable) the last
date by which the redemption of this Note must take place, as provided in the next succeeding
sentence. If this Note is to be redeemed as described above, that redemption shall take place on
such date, not later than one year after publication of the determination notice, as the Issuer
shall elect by notice to the London Paying Agent at least 45 calendar days before the redemption
date. Notice of such redemption of the Notes will be given to the noteholders not more than 60 nor
less than 30 calendar days prior to the redemption date. Notwithstanding the foregoing, the Issuer
shall not redeem the bank notes if it shall subsequently determine not less than 30 calendar days
prior to the redemption date, that subsequent payments on the Notes would not be subject to any
such certification, documentation, information, or other reporting requirement, in which case the
Issuer shall give prompt notice of its subsequent determination, and any earlier redemption notice
shall be revoked and of no further effect.

     Notwithstanding the foregoing, if and so long as the certification, documentation,
information, or other reporting requirements referred to in the preceding paragraph would be fully
satisfied by payment of a backup withholding tax or similar charge, the Issuer may elect to pay
such Additional Amounts as may be necessary so that every net payment made outside the United
States following the effective date of that requirement by the Issuer or any Paying Agent in
respect of this Note of which the beneficial owner is a non-U.S. person (but without any
requirement that the nationality, residence, or identity, other than status as a non-U.S. person,
of such beneficial owner be disclosed to the Issuer, any paying agent, or any governmental
authority), after deduction or withholding for or on account of that backup withholding tax or
similar charge (other than a backup withholding tax or similar charge that (1) would not be
applicable in the circumstances referred to in the parenthetical clause of the first sentence of
the preceding paragraph or (2) is imposed as a result of the presentation of this Note for payment
more than 15 calendar days after the date on which that payment became due and payable or on which
payment thereof was duly provided for, whichever occurred later), will not be less than the amount
provided for in this Note to be then due and payable. If the Issuer elects to pay Additional
Amounts pursuant to this paragraph, the Issuer shall have the right to redeem this Note in whole,
but not in part, at any time (in the case of bank notes other than floating-rate

C-29

 

Notes) or on any Interest Payment Date (in the case of floating-rate Notes), subject to the
provisions of the last two sentences of the immediately preceding paragraph. If the Issuer elects
to pay Additional Amounts pursuant to this paragraph and the condition specified in the first
sentence of this paragraph should no longer be satisfied, then the Issuer shall redeem this Note
pursuant to the provisions of the immediately preceding paragraph.

     To the extent then required under or pursuant to applicable laws or regulations (including,
without limitation, capital regulations), if this Note is a Subordinated Note, as indicated on the
face hereof, it may not be redeemed prior to the Stated Maturity Date without the prior written
approval of the OCC or any other bank supervisory authority having jurisdiction over the Issuer and
requiring such approval.

     SECTION 9. Modification and Waivers. The Agency Agreement permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of
the Issuer thereunder. In addition, the terms and conditions of this Note may be modified, amended
or supplemented by the Issuer, without the consent of the holder hereof: (i) to evidence succession
of another party to the Issuer, and such party’s assumption of the Issuer’s obligations under this
Note, upon the occurrence of a merger or consolidation, or transfer, sale or lease of assets as
described below in Section 11; (ii) to add additional covenants, restrictions or conditions
for the protection of the holder hereof; (iii) to relax or eliminate the restrictions on payment of
principal and interest in respect hereof in the United States, provided that such payment is
permitted by U.S. tax laws and regulations then in effect and provided that no adverse tax
consequences would result to the holder of this Note; (iv) to cure ambiguities in this Note, or
correct defects or inconsistencies in the provisions hereof; (v) to reflect the replacement of any
Agent, or the assumption, by the Issuer or any substitute Agent, of some or all of any such Agent’s
responsibilities under the Agency Agreement; (vi) to evidence the replacement or change of address
of the depository or clearing system noted hereon; (vii) in the case of a Note that is extendible,
subject to extension at the option of the Issuer, amortizing or indexed as provided in this Note,
or upon prepayment or redemption of the Note, to reduce the principal amount of the Note to reflect
the payment, prepayment or redemption of a portion of the outstanding principal amount of the Note;
(viii) in the case of a Note that is extendible, subject to extension at the option of the Issuer,
amortizing or indexed as provided in this Note, to reflect any change in the Stated Maturity Date
of the Note in accordance with the terms hereof; (ix) to reflect the issuance in exchange herefor,
in accordance with the terms hereof, of one or more definitive Notes; or (x) to permit further
issuances of bank notes in accordance with the terms of the distribution agreement among the Issuer
and the selling agents party thereto. However, this Note may not be modified or amended without
the express written consent of the holder and, if applicable, the OCC or other then primary federal
regulator (to the extent such consent is required under applicable law or regulation), to: (i)
change the Stated Maturity Date, except in the case of a Note that is extendible, subject to
extension at the option of the Issuer, amortizing or indexed as provided in this Note; (ii) extend
the time of payment for the premium, if any, or interest on this Note, except in the case of a Note
that is extendible, subject to extension at the option of the Issuer, amortizing or indexed as
provided in this Note; (iii) change the coin or currency in which the principal of, premium (if
any), interest, or other amounts payable (if any) on this Note is payable; (iv) reduce the
principal amount of this Note or the interest rate hereon, except in the case of a Note that is
extendible, subject to extension at the option of the Issuer, amortizing or indexed or upon
prepayment or redemption as provided in this Note; (v) change

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the method of payment for this Note to other than wire transfer in immediately available
funds; (vi) impair the right of the holder hereof to institute suit for the enforcement of payments
or principal of, premium (if any), interest, or other amounts payable (if any) on this Note; (vii)
change the definition of “Event of Default” below or otherwise eliminate or impair any remedy
available hereunder upon the occurrence of any Event of Default; or (viii) modify the provisions
governing the amendment of this Note. Any instrument given by or on behalf of the holder of this
Note in connection with any consent to such modification, amendment or waiver shall be irrevocable
once given and shall be conclusive and binding on all subsequent holders of this Note. Any
modifications, amendments or waiver to the Agency Agreement or the provisions of this Note made in
accordance with the terms of the Agency Agreement or the terms hereof, as applicable, shall be
conclusive and binding on all holders of Notes, whether or not notation of such modifications,
amendments or waivers is made upon this Note.

     Any action by the bearer of this Note shall bind all future bearers of this Note and of any
Note issued in exchange or substitution hereof or in place hereof, in respect of anything done or
permitted by the Issuer or by the Paying Agents in pursuance of such action.

     Notes authenticated and delivered after the execution of any agreement modifying, amending or
supplementing this Note may bear a notation in a form approved by the Issuer as to any matter
provided for in such modification, amendment or supplement to the Agency Agreement or the Notes.
New Notes so modified as to conform, in the opinion of the Issuer, to any provisions contained in
any such modification, amendment or supplement may be prepared by the Issuer, authenticated by the
London Issuing Agent and delivered in exchange for this Note. Notes are deemed to be “outstanding”
as of any date of determination if, as of any date of determination, they have been authenticated
and delivered, except (i) those which have been redeemed in full in accordance with their terms and
the Agency Agreement; (ii) those with respect to which the redemption date in accordance with their
terms has occurred and the redemption monies therefor (including any premium and all interest (if
any) accrued thereon to the redemption date and any interest (if any) payable after such date) have
been duly paid to or deposited to the account of the London Paying Agent as provided in the Agency
Agreement (and, where appropriate, notice has been given to the holder of this Note in accordance
with the terms hereof and of the Agency Agreement; (iii) those which have been canceled or
delivered to the applicable Agent for cancellation; or (iv) those mutilated or defaced Notes which
have been surrendered in exchange for replacement Notes in accordance with their terms.

     SECTION 10. Obligations Unconditional. No reference herein to the Agency Agreement and no
provision of this Note or of the Agency Agreement shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and
interest, if any, on this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

     SECTION 11. Successor to Issuer. The Issuer may not consolidate or merge with or into any
other person, or convey, transfer or lease its properties and assets substantially as an entirety
to any person, unless (i) the surviving entity in such consolidation or merger, or the person that
acquires by conveyance or transfer, or that leases, the properties and assets of the Issuer
substantially as an entirety, shall be a bank, corporation, limited liability company or
partnership

C-31

 

organized and validly existing under the laws of the United States, any State thereof or the
District of Columbia, and shall expressly assume the due and punctual payment of the principal of,
premium, if any, and interest or other amounts payable (if any) on this Note, and the performance
or observance of every provision of this Note on the part of the Issuer to be performed or
observed; and (ii) immediately after giving effect to such transaction, no Event of Default with
respect to the Issuer as set forth herein, and no event which, after notice or the lapse of time or
both, would become an Event of Default with respect to the Issuer, shall have happened and be
continuing.

     SECTION 12. Authorized Denominations. This Note, and any Note issued in exchange or
substitution herefor or in place hereof, or upon partial redemption or repayment of this Note, may
be issued only in an Authorized Denomination as specified in the Pricing Supplement, or if no
Authorized Denomination is so specified, in minimum denominations of €50,000 (or equivalent
denominations in other currencies, subject to any other statutory or regulatory minimums).

     SECTION 13. Events of Default.

     (a) Senior Notes. If this Note is a Senior Note, as indicated on the face hereof, the
following will be the only “Events of Default” with respect to this Senior Note: (a) a default in
the payment of any interest upon this Senior Note when due, which continues for 30 calendar days;
(b) a default in the payment of any principal of or premium, if any, upon this Senior Note when
due; (c) a default in the performance of any covenant or agreement of the Issuer contained herein
which, unless otherwise specified herein, continues for 90 calendar days; (d) a court having
jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in
an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization, or
other similar law now or hereafter in effect, or appointing a receiver, liquidator, conservator,
assignee, custodian, trustee, sequestrator, or similar official, of the Issuer or for any
substantial part of its property, or ordering the winding-up or liquidation of the Issuer’s
affairs, and such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (e) the Issuer shall commence a voluntary case or proceeding under any
applicable bankruptcy, insolvency, liquidation, receivership, reorganization, or other similar law
now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary
case under any such law, or shall consent to the appointment of or taking possession by a receiver,
liquidator, conservator, assignee, trustee, custodian, sequestrator, or similar official, of the
Issuer or for any substantial part of its property, or shall make any general assignment for the
benefit of creditors, or shall admit in writing its inability to pay its respective debts as they
become due, or shall take any corporate action in furtherance of any of the foregoing.

     If an Event of Default with respect to this Senior Note shall occur and be continuing, the
holder hereof may: (i) by written notice to the applicable Paying Agent declare the entire
outstanding principal amount of this Senior Note, together with any unpaid interest and premium
accrued hereon, to be immediately due and payable; (ii) institute a judicial proceeding of the
enforcement of the terms hereof including the collection of all sums due and unpaid hereunder, and
prosecute such proceeding to judgment or final decree, and enforce the same against the Issuer and
collect monies adjudged or decreed to be payable in the manner provided by law out

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of the property of the Issuer; and (iii) take such other action at law or in equity as may
appear necessary or desirable to collect and enforce this Senior Note; provided,
however, that the holder hereof may waive any Event of Default that occurs with respect
hereto.

     (b) Subordinated Notes. If this Note is a Subordinated Note, as indicated on the face
hereof, the following will be the only “Events of Default” with respect to this Subordinated Note:
(a) a court having jurisdiction in the premises shall enter a decree or order for relief in respect
of the Issuer in an involuntary case or proceeding under any applicable bankruptcy, insolvency,
reorganization, or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, conservator, assignee, custodian, trustee, sequestrator, or similar official, of the
Issuer or for any substantial part of its property, or ordering the winding-up or liquidation of
the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of
60 consecutive days; or (b) the Issuer shall commence a voluntary case or proceeding under any
applicable bankruptcy, insolvency, liquidation, receivership, reorganization, or other similar law
now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary
case under any such law, or shall consent to the appointment of or taking possession by a receiver,
liquidator, conservator, assignee, trustee, custodian, sequestrator, or similar official, of the
Issuer or for any substantial part of its property, or shall make any general assignment for the
benefit of creditors, or shall admit in writing its inability to pay its respective debts as they
become due, or shall take any corporate action in furtherance of any of the foregoing.

     If an Event of Default with respect to this Subordinated Note shall occur and be continuing,
and any prior written consent of the OCC is obtained before acceleration, the holder hereof may:
(i) by written notice to the applicable Paying Agent declare the entire outstanding principal
amount of this Subordinated Note, together with any unpaid interest and premium accrued hereon, to
be immediately due and payable; (ii) institute a judicial proceeding of the enforcement of the
terms hereof including the collection of all sums due and unpaid hereunder, and prosecute such
proceeding to judgment or final decree, and enforce the same against the Issuer and collect monies
adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer;
and (iii) take such other action at law or in equity as may appear necessary or desirable to
collect and enforce this Subordinated Note; provided, however, that the holder
hereof may waive any Event of Default that occurs with respect hereto.

     Payment of principal of, the interest accrued on or other amounts then payable on, this
Subordinated Note may not be accelerated in the case of a default in the payment of principal,
interest or other amounts then payable or the performance of any other covenant of the Issuer.
Payment of the principal on, the interest accrued on or other amounts then payable on, this
Subordinated Note may be accelerated only in the case of the bankruptcy or insolvency of the
Issuer. Notwithstanding anything herein to the contrary, to the extent then required under
applicable capital regulations of the OCC, no payment may be made on this Subordinated Note after
an acceleration resulting from an Event of Default with respect to this Subordinated Note without
the prior approval of the OCC.

     SECTION 14. Subordination. If this Note is a Subordinated Note, as indicated on the face
hereof, the indebtedness of the Issuer evidenced by this Subordinated Note, including the
principal, premium (if any), interest, or other amounts payable (if any), shall be subordinate and

C-33

 

junior in right of payment to its obligation to its depositors, its obligations under bankers’
acceptances and letters of credit, and its obligations to its other creditors, including its
obligations to the United States Federal Reserve Bank, the United States Federal Deposit Insurance
Corporation (the “FDIC”), and to any rights acquired by the FDIC as a result of loans made by the
FDIC to the Issuer or the purchase or guarantee of any of the Issuer’s assets by the FDIC pursuant
to the provisions of 12 U.S.C. Sections 1823(c), (d) or (e), whether now outstanding or hereafter
incurred. In the event of any insolvency, receivership, conservatorship, reorganization,
readjustment of debt, marshaling of assets and liabilities or similar proceedings or any
liquidation or winding up of or relating to the Issuer, whether voluntary or involuntary, all such
obligations shall be entitled to be paid in full before any payment shall be made on account of the
principal of, or premium (if any), interest, or other amounts payable (if any) on, this
Subordinated Note. In the event of any such proceedings, after payment in full of all sums owing
such prior obligations, the holder of this Subordinated Note, together with any obligations of the
Issuer ranking on a parity with this Subordinated Note, shall be entitled to be paid from the
remaining assets of the Issuer the unpaid principal hereof and any unpaid premium (if any),
interest, and other amounts payable (if any) before any payment or other distribution, whether in
cash, property, or otherwise, shall be made on account of any capital stock or any obligations of
the Issuer ranking junior to this Subordinated Note.

     Notwithstanding any other provisions of this Subordinated Note, including specifically those
set forth in the sections relating to subordination, events of default and covenants of the Issuer,
it is expressly understood and agreed that the OCC or any receiver or conservator of the Issuer
appointed by the OCC as to its assets shall have the right in the performance of its legal duties,
and as part of liquidation designed to protect or further the continued existence of the Issuer or
the rights of any parties or agencies with an interest in, or claim against, the Issuer or its
assets, to transfer or direct the transfer of the obligations of this Subordinated Note to any bank
or bank holding company selected by such official which shall expressly assume the obligation of
the due and punctual payment of the unpaid principal, and interest and premium, if any (and any
other amounts payable), on this Subordinated Note and the due and punctual performance of all
covenants and conditions; and the completion of such transfer and assumption shall serve to
supersede and void any default, acceleration or subordination which may have occurred, or which may
occur due to or related to such transaction, plan, transfer or assumption, pursuant to the
provisions of this Subordinated Note, and shall serve to return the holder of this Subordinated
Note to the same position, other than for substitution of the obligor, it would have occupied had
no default, acceleration or subordination occurred; except that any interest, principal, or other
amounts previously due, other than by reason of acceleration, and not paid, in the absence of a
contrary agreement by the holder of this Subordinated Note, shall be deemed to be immediately due
and payable as of the date of such transfer and assumption, together with the interest from its
original due date at the rate provided for herein.

     SECTION 15. Specified Currency. Unless otherwise provided herein or in the Pricing
Supplement, the principal of, and premium, if any, and interest on, this Note are payable in the
Specified Currency indicated on the face hereof (or, if such Specified Currency is not at the time
of such payment legal tender for the payment of public and private debts, in (x) such other coin or
currency of the country that issued such Specified Currency or (y) (if such Specified Currency

C-34

 

is the euro) the successor currency under applicable law, in each case as at the time of such
payment is legal tender for the payment of debts.

     In the event the Specified Currency indicated on the face hereof has been replaced by another
currency (a “Replacement Currency”), any amount due pursuant to this Note may be repaid, at the
option of the Issuer, in the Replacement Currency or in U.S. dollars, at a rate of exchange which
takes into account the conversion, at the rate prevailing on the most recent date on which official
conversion rates were quoted or set by the national government or other authority responsible for
issuing the Replacement Currency, from the Specified Currency to the Replacement Currency and, if
necessary, the conversion of the Replacement Currency into U.S. dollars at the rate prevailing on
the date of such conversion. Notwithstanding the foregoing, if this Note originally was issued in a
domestic currency of a state that is or subsequently becomes a Member State of the European Union,
then this Note may be redenominated in euro, if subsequent to the issuance of this Note, such state
participates in the European monetary union, as indicated in the Pricing Supplement. This Note may
be redenominated as a matter of law whether or not the Pricing Supplement provides for
redenomination.

     If the Specified Currency indicated on the face hereof is other than U.S. dollars, if the
Issuer determines that a payment hereon cannot be made in the Specified Currency due to
restrictions imposed by the government of such currency or any agency or instrumentality thereof or
any monetary authority in such country, such payment will be made outside the United States in U.S.
dollars by a check drawn on or by credit or transfer to an account maintained by the holder hereof
with a bank located outside the United States. The London Paying Agent, on receipt of the Issuer’s
written instructions and at the Issuer’s expense, will give prompt notice to the beneficial holders
of this Note if such determination is made. The amount of U.S. dollars to be paid in connection
with any payment shall be the amount of U.S. dollars that could be purchased by the London Paying
Agent with the amount of the Specified Currency payable on the date the payment is due, at the rate
for sale in financial transactions of U.S. dollars (for delivery in the principal financial center
of the Specified Currency two business days later) quoted by that bank at 10:00 A.M., local time in
the Principal Financial Center of the Specified Currency on the second Business Day prior to the
date the payment is due.

     Any payment made under such circumstances in U.S. dollars, where the payment is required to be
made in the Specified Currency, will not constitute an “Event of Default” with respect to this
Note.

     SECTION 16. Original Issue Discount Note. If this Note is identified as an Original Issue
Discount Note in the Pricing Supplement, then unless otherwise specified therein, the amount
payable to the holder of this Note in the event of redemption, repayment or acceleration of
Maturity will be the Amortized Face Amount of this Note (as defined below) as of the date of such
event. The “Amortized Face Amount” shall be the amount equal to (A) the Issue Price (as set forth
in the Pricing Supplement) plus (B) the original issue discount amortized from the Original Issue
Date to the date as of which the Amortized Face Amount is calculated, as specified in the Pricing
Supplement.

C-35

 

     SECTION 17. Dual Currency Note. If this Note is identified as a Dual Currency Note in the
Pricing Supplement, the Issuer has the option of making each scheduled payment of principal and
interest, if any, due on this Note either in the Specified Currency designated on the face hereof
or in the optional payment currency specified in the Pricing Supplement. If the Issuer elects to
make a payment in the optional payment currency, the amount payable in such optional payment
currency shall be determined using the exchange rate specified in the Pricing Supplement, on the
terms specified in the Pricing Supplement.

     SECTION 18. Mutilated, Defaced, Destroyed, Lost or Stolen Notes. In case this Note shall at
any time become mutilated, defaced, destroyed, lost or stolen, and this Note or evidence of the
loss, theft or destruction hereof satisfactory to the Issuer and the London Issuing Agent and such
other documents or proof as may be required by the Issuer and the applicable Registrar shall be
delivered to the London Issuing Agent, the London Issuing Agent shall issue a new Note of like
tenor and principal amount, having a serial number not contemporaneously outstanding, in exchange
and substitution for the mutilated or defaced Note or in lieu of the Note destroyed, lost or stolen
but, in the case of any destroyed, lost or stolen Note, only upon receipt of evidence satisfactory
to the Issuer and the London Issuing Agent that this Note was destroyed, stolen or lost, and, if
required, upon receipt of indemnity satisfactory to the Issuer and the applicable Registrar. Upon
the issuance of any substituted Note, the Issuer may require the payment of a sum sufficient to
cover all expenses and reasonable charges connected with the preparation and delivery of a new
Note. If any Note which has matured or has been redeemed or repaid or is about to mature or to be
redeemed or repaid shall become mutilated, defaced, destroyed, lost or stolen, the Issuer may,
instead of issuing a substitute Note, pay or authorize the payment of the same (without surrender
thereof except in the case of a mutilated or defaced Note) upon compliance by the holder with the
provisions of this paragraph.

     SECTION 19. Miscellaneous. No recourse shall be had for the payment of principal of (and
premium, if any) or interest on, this Note for any claim based hereon, or otherwise in respect
hereof, against any shareholder, employee, agent, officer or director, as such, past, present or
future, of the Issuer or of any successor organization, either directly or through the Issuer or
any successor organization, whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived and released.

     SECTION 20. Defined Terms. All terms used in this Note which are defined in the Agency
Agreement and are not otherwise defined in this Note shall have the meanings assigned to them in
the Agency Agreement.

     Unless specified otherwise in the Pricing Supplement, “Business Day” means a day that meets
all the following requirements:

     (a) for all Notes, is any weekday that is not a legal holiday in Charlotte, North
Carolina, or any other place of payment of the applicable Note, and is not a date on which
banking institutions in those cities are authorized or required by law or regulation to be
closed;

C-36

 

     (b) for all Notes, also is a day on which commercial banks are open for business
(including dealings in the Index Currency specified in the Pricing Supplement) in London,
England;

     (c) for any Note denominated in euro or any Note where the base rate is EURIBOR (as
defined in the Note), also is a day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer System or any successor is operating; and

     (d) for any Note that has a Specified Currency other than U.S. dollars or euro, also is
not a day on which commercial banks and foreign exchange markets settle payments and are
open for general business (including dealings in foreign exchange and foreign currency
deposits) in the Principal Financial Center of the country of the specified currency (if
other than London).

     Unless specified otherwise in the Pricing Supplement, “Principal Financial Center” means (i)
the capital city of the country issuing the Specified Currency, except that with respect to U.S.
Dollars, Australian dollars, Canadian dollars, South African rand and Swiss francs, the “Principal
Financial Center” shall be The City of New York, Sydney and Melbourne, Toronto, Johannesburg and
Zurich, respectively; and (ii) the capital city of the country to which the Index Currency relates,
except that with respect to U.S. Dollars, Australian dollars, Canadian dollars, South African rand
and Swiss francs, the “Principal Financial Center” shall be The City of New York, Sydney, Toronto,
Johannesburg and Zurich, respectively.

     SECTION 21. GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING ANY OTHERWISE APPLICABLE CONFLICTS OF LAWS
PROVISIONS AND ALL APPLICABLE UNITED STATES FEDERAL LAWS AND REGULATIONS.

C-37

 

[OPTION TO ELECT REPAYMENT]

[To be completed, based upon the terms of the applicable Notes.]

C-38

 

[EXTENDIBLE NOTE RIDER]

[To be completed, based upon the terms of the applicable Notes.]

C-39

 

[EXTENSION OF MATURITY NOTE RIDER]

[To be completed, based upon the terms of the applicable Notes.]

C-40

 

Schedule 1 to the

Permanent Global Note

PART I

INTEREST PAYMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Confirmation of	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	payment by or on	 
	Interest	 	 	 	 	 	Total Amount of	 	 	Amount of Interest	 	 	behalf of the	 
	Payment Date	 	Date of Payment	 	 	Interest Payable	 	 	Paid	 	 	Issuer	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

First*

 

			
	*	 	Continue renumbering until the appropriate
number of interest payments for the particular Tranche of Notes is reached.

C-41

 

PART II

INSTALLMENT PAYMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Remaining 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	principal  amount	 	Confirmation of
	 	 	 	 	 	 	Total of	 	 	Amount of	 	 	 of this Global 	 	payment by or
	 	 	 	 	 	 	Installment Amounts	 	 	Installment 	 	 	 Note following 	 	 on behalf of the
	Installment Date	 	Date of Payment	 	 	Payable	 	 	Amounts
Paid	 	 	such
payment1516	 	Issuer
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		

First*

 

			
	15	 	See most recent entry in Part II, III or IV
of Schedule 1 or Schedule 2 in order to determine this amount.

	 
	*	 	 Continue renumbering until the appropriate
number of installment payments for the particular Tranche of Notes is reached.

C-42

 

PART III

REDEMPTIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total principal	 	 	 	 	 	 	Remaining principal	 	 	Confirmation of	 
	 	 	amount of this	 	 	 	 	 	 	amount of this Global	 	 	redemption by or on	 
	 	 	Global Note to be	 	 	Principal amount	 	 	Note following such	 	 	behalf of the	 
	Date of Redemption	 	redeemed	 	 	redeemed	 	 	redemption17	 	 	Issuer	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	17	 	See most recent entry in Part II, III, or IV
of Schedule 1 or Schedule 2 in order to determine this amount.

C-43

 

PART IV

PURCHASES AND CANCELLATIONS

	 	 	 	 	 	 	 
	 	 	Part of principal	 	Remaining principal	 	Confirmation of
	 	 	amount of this	 	amount of this Global	 	purchase and
	Date of	 	Global Note	 	Note following such	 	cancellation by or
	purchase and	 	purchased and	 	purchase and	 	on behalf of the
	cancellation	 	cancelled	 	cancellation18	 	Issuer
	 
	 	 	 	 	 	 

 

			
	18	 	See most recent entry in Part II, III or IV
of Schedule 1 or Schedule 2 in order to determine this amount.

C-44

 

Schedule 2 to the

Permanent Global Note

SCHEDULE OF EXCHANGES

The following exchanges of the Temporary Global Note(s) for Notes represented by this Permanent
Global Note have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Increase in	 	 	 	 	 	 	 
	 	 	principal amount of	 	 	 	 	 	 	 
	 	 	this Global Note	 	 	Remaining Principal	 	 	 	 
	 	 	due to exchanges of	 	 	Amount of this	 	 	 	 
	 	 	a Temporary Global	 	 	Global Note	 	 	Notation made by or	 
	 	 	Note for this	 	 	following such	 	 	on behalf of the	 
	Date of Exchange	 	Global Note	 	 	exchange19	 	 	Issuer	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	19	 	See most recent entry in Part II, III or IV
of Schedule 1 or Schedule 2 in order to determine this amount.

C-45exv10w1

	 	 	 	 	 

Exhibit 10.1

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked
“* * *” and has been filed separately with the Securities and Exchange Commission pursuant to a
Confidential Treatment Application filed with the Commission.

FOURTH AMENDMENT AGREEMENT

     This Amendment Agreement is made effective May 5, 2010 (the “Effective Date”) by and
among Albert Einstein College of Medicine of Yeshiva University, a Division of Yeshiva University,
a corporation organized and existing under the laws of the State of New York, having an office and
place of business at 1300 Morris Park Avenue, Bronx, New York 10461 (“AECOM”), Industrial Research
Ltd., a company organized and existing under the laws of New Zealand, having an office and place of
business at Gracefield Research Centre, Gracefield Road, P.O. Box 31-310, Lower Hutt, New Zealand
(“Industrial”) (AECOM and Industrial are collectively referred to herein as “Licensors”), and
BioCryst Pharmaceuticals, Inc., a corporation organized and existing under the laws of the State of
Delaware having an office and place of business at 2190 Parkway Lake Drive, Birmingham, Alabama
35244 (“Licensee”).

Statement

     Licensors and Licensee are parties to a License Agreement dated June 27, 2000, as amended by a
First Amendment Agreement effective July 26, 2002, a Second Amendment Agreement effective April 15,
2005 and a Third Amendment Agreement effective December 11, 2009 (collectively “the License
Agreement”), and now wish to further amend the License Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants contained in the License Agreement
and in this Fourth Amendment Agreement and other good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

	 	1.	 	The first sentence of paragraph 1.05 of the License Agreement is hereby amended
to delete the word “royalties”.

	 	2.	 	The last sentence of paragraph 1.05 of the License Agreement is hereby amended
to read in its entirety as follows:

Notwithstanding the foregoing, Net Proceeds does not include (i) Contract Research or (ii)
consideration, in any form, received by Licensee or its Affiliates as a result of the
commercial sale or other similar disposition of Licensed Products by a Sublicensee (clause
(ii) is hereinafter referred to as “Sublicensee Royalties”).

	 	3.	 	Paragraph 6.02 of the License Agreement is hereby amended to read in its
entirety as follows:

	 	6.02	 	(a) Licensee shall pay to Licensors *** percent (***%) of Net Proceeds;
provided, however, that Licensee shall pay to Licensors *** percent (***%) of
Net Proceeds received by Licensee under the License and Development Agreement
dated as of February 1, 2006 by and between Licensee and Mundipharma
International Corporation Limited (as assignee of Mundipharma International
Holdings Limited).

 

 

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked
“* * *” and has been filed separately with the Securities and Exchange Commission pursuant to a
Confidential Treatment Application filed with the Commission.

	 	(b)	 	Licensee shall pay to Licensors *** percent (***%) of
Sublicensee Royalties.

	 	(c)	 	Any payments due to be paid by Licensee to Licensors under paragraph
6.02(a) may be made either in cash or, at the sole option of Licensee, in
Qualified Licensee Shares or a combination of cash and Qualified Licensee
Shares. Any such Qualified Licensee Shares shall be subject to the terms of
Sections 6 and 8 hereof. Any Qualified Licensee Shares issued under paragraph
6.02(a) shall be valued based on the Volume Weighted Average Price of
such shares determined as of the date payment is due under paragraph 7.02 of the
License Agreement. Notwithstanding the foregoing, unless otherwise agreed to
by the parties, Licensee shall not be permitted to issue Qualified Licensee
Shares (i) to the extent that the number of Qualified Licensee Shares to be
issued would exceed six (6) times the average daily trading volume of
Licensee’s common stock for the twenty (20) consecutive trading days ending
on the trading day immediately before the date such Qualified Licensee Shares
are to be issued or (ii) if Licensee does not meet the eligibility
requirements for continued listing on the applicable Trading Market (as
defined below).

	 	4.	 	As soon as reasonably practicable following the Effective Date, but in no event
later than five (5) days thereafter, Licensee shall issue to Licensors a number of
Qualified Licensee Shares (the “Securities”) with a total value of Six Million Dollars
($6,000,000), half of which shall be issued to each of the Licensors through separate
brokerage accounts at Morgan Stanley to be established on behalf of and in the name of
each of the Licensors at Licensee’s expense. Any Qualified Licensee Shares issued under
this Section 4 shall be valued based on their Volume Weighted Average Price as of the
Effective Date.

	 	5.	 	For the avoidance of doubt, Licensee shall pay the Licensors
in cash, and not in shares of its common stock, pursuant to paragraph 6.02(a) of the License Agreement, as
amended hereby, and Section 4 hereof, to the extent such shares do not constitute
Qualified Licensee Shares.

	 	6.	 	Each Licensor hereby agrees (with respect to itself only, and not the other Licensor)
that, without the prior written consent of Licensee, it will not, during any trading day,
(a) offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase,
lend, or otherwise transfer or dispose of, directly or indirectly, or (b) enter into any
swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of more than an amount of the Securities equal to
fifteen percent
(15%) of the average daily trading volume of Licensee’s common stock for the previous ten (10)
trading days, whether any such transaction described in

 

 

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked
“* * *” and has been filed separately with the Securities and Exchange Commission pursuant to a
Confidential Treatment Application filed with the Commission.

	 	 	 	clause (a) or (b) above is to be
settled by delivery of such Securities, in cash or otherwise. Licensee agrees that a Licensor
may engage in a transaction in excess of that permitted by the foregoing sentence up to the
cumulative amount permitted to be sold by the Licensors collectively on a specific trading day
in the event that the other Licensor has not engaged and has represented to Licensee that it
will not engage in a transaction with respect to the Securities on that same trading day.

	 	7.	 	Each Licensor represents that it is not relying upon any representations, warranties or
prior or contemporaneous disclosures by Licensee, express or implied, except as otherwise
expressly provided herein and in any instruments of transfer for any shares of the
Licensee’s common stock issued hereunder, and, except as may be expressly provided in the
License Agreement, Licensors specifically do not request, desire or require Licensee to
make any other representations, warranties or disclosures, or to update or supplement any
prior disclosures whatsoever with respect to any Qualified Licensee Shares or Licensee,
Licensee’s operations, financial position or performance, future plans or business or any
other matter. Each Licensor is freely making the decision to renegotiate the original
terms of the License Agreement and to accept modified payment terms, as described in
paragraph 6.02 of the License Agreement, in exchange for the Securities for its own
reasons and based upon its own analysis and is fully satisfied with these terms.

	 	8.	 	Licensee hereby agrees to pay reasonable and customary brokerage commissions incurred by
each of the Licensors in connection with subsequent sales or other
dispositions of any shares of its common stock issued to the Licensors hereunder; provided however, that
Licensee shall have no obligation to pay for the portion of any brokerage commissions in
excess of 1.5% of the sale price of such shares sold in any transaction other than a
direct market sale by Licensor.

	 	9.	 	As used herein, the following Capitalized terms shall have the following meanings:

	 	(a)	 	“Qualified Licensee Shares” shall mean shares of Licensee’s common stock that are (i)
issued pursuant to an effective registration statement under the Securities Act of 1933,
as amended, and (ii) listed or quoted for trading on the NASDAQ Global Market, the NASDAQ
Global Select Market or the New York Stock Exchange (each, a “Trading Market”).

	 	(b)	 	“Volume Weighted Average Price” means, for the applicable date, the price determined by
the average of the daily volume weighted average price of the common stock of Licensee
for the twenty (20) consecutive trading days ending on the trading day immediately before
the
applicable date on the applicable Trading Market as reported by Bloomberg L.P., based
on a trading day from 9:30 a.m. to 4:02 p.m. (New York City time).

 

 

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked “* * *”
and has been filed separately with the Securities and Exchange Commission pursuant to a
Confidential Treatment Application filed with the Commission.

	 	10.	 	The applicable provisions of this Fourth Amendment Agreement shall be deemed to be
incorporated into the License Agreement in full and to be an integral part thereof as
though fully set forth therein. With the exception of the above amendments, all other
provisions of the License Agreement shall remain in full force and effect.

	 	11.	 	This Fourth Amendment Agreement may be executed in counterparts, all of which together
shall constitute one agreement binding on all the parties hereto, notwithstanding that
all such parties are not signatories to the original or the same counterpart.

[Signature Page Follows]

 

 

Pursuant to 17 CFR 240.24b-2, confidential information has been omitted in places marked “* * *”
and has been filed separately with the Securities and Exchange Commission pursuant to a
Confidential Treatment Application filed with the Commission.

     IN WITNESS WHEREOF, the parties hereto have entered into and executed this Fourth Amendment
Agreement as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 

	ALBERT EINSTEIN COLLEGE	 	 	 	BIOCRYST	 	 
	OF MEDICINE OF YESHIVA	 	 	 	PHARMACEUTICALS, INC.	 	 
	UNIVERSITY	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ John L. Harb
 

	 	 	 	By:
	 	/s/ Alane Barnes
 

	 	 
	 

	 	Name: John L. Harb
	 	 	 	 	 	Name: Alane Barnes	 	 
	 

	 	Title: Assistant Dean

          Scientific Operations
	 	 	 	 	 	Title: General Counsel	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	INDUSTRIAL RESEARCH LTD.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Shaun Coffey
 

	 	 	 	 	 	 	 	 
	 

	 	Name: Shaun Coffey	 	 	 	 	 	 	 	 
	 

	 	Title: Chief Executive Officer

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