Document:

THIS NOTE IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS
NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN
THE DEPOSITORY OR ITS NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF
THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR
BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF
THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.
Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (55 Water Street,
New York, New York) ("DTC"), to the Corporation 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 DTC, 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.

THIS NOTE IS NOT A SAVINGS ACCOUNT OR A DEPOSIT, IS NOT
AN OBLIGATION OF OR GUARANTEED BY ANY BANKING OR NONBANKING AFFILIATE OF
BANK OF AMERICA CORPORATION, AND IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

REGISTERED                                                                                             
$______________________

NUMBER _____________                                                                         
CUSIP _________________

BANK OF AMERICA CORPORATION

MEDIUM-TERM SENIOR NOTE, SERIES K

(Fixed Rate)

ORIGINAL ISSUE DATE(1):

INTEREST RATE:

STATED MATURITY DATE:

FINAL MATURITY DATE:

INITIAL REDEMPTION DATE:

INITIAL REDEMPTION PERCENTAGE:

ANNUAL REDEMPTION:

PERCENTAGE REDUCTION:

OPTIONAL REPAYMENT DATE(S):

ADDITIONAL TERMS:

/  /       This Note
is a Renewable Note.

           
See Attached Rider.

/  /       This Note
is an Extendible Note.

           
See Attached Rider.

        BANK OF AMERICA CORPORATION,
a Delaware corporation (herein called the "Corporation," which term includes
any successor corporation under the Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to CEDE & CO.,
as nominee for The Depository Trust Company, or its registered assigns,
the principal sum of _________________________________________ DOLLARS(2)
on the Stated Maturity Date(3)

 

________________________

(1) The form provides that interest will accrue from the Original Issue
Date.  In the event a series osf Notes is reopened, interest will
accrue from the Original Issue Date for all tranches of Notes of that series. 
However, in the event a serieis 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.

(2) This form provides for Notes denominated in, and principal and
interest payable in, U.S. dollars.  The form, as used, may be modified
to provide, alternatively, for Notes denominated in, and principal and
interest and other amount, if any, payable in a foreign currency or currency
unit, with the specific terms and provisions, including any

 

 

 

 

 
specified above (except to the extent redeemed or repaid prior to the
Stated Maturity Date). The Corporation also promises to pay interest on
such principal amount at the Interest Rate specified above, until payment
of such principal sum has been made or duly provided for, semi-annually(4)
in arrears on _____________ and ____________ of each year (each an "Interest
Payment Date"). Interest shall be payable commencing on the first Interest
Payment Date succeeding the Original Issue Date specified above, 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, and shall be payable on each Interest Payment Date, and at
Maturity (the "Maturity Date").

       The term "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 Indenture, whether at the Stated Maturity Date
or by declaration of acceleration, call for redemption, prepayment at the
holder's option or otherwise.

 

       Interest on this Note will accrue
from the Original Issue Date until the principal amount is paid or duly
provided for. Interest (including payments for partial periods) will be
computed on the basis of a 360-day year of twelve 30-day months. Each interest
payment will include interest accrued from, and including, the Original
Issue Date or the most recent Interest Payment Date to which interest has
been paid or duly provided for, as the case may be, to, but excluding,
the next succeeding Interest Payment Date or the Maturity Date, as the
case may be. If the Maturity Date or an Interest Payment Date falls on
a day that is not a Business Day, principal or interest payable with respect
to such Maturity Date or Interest Payment Date will be paid on the succeeding
Business Day with the same force and effect as if made on such Maturity
Date or Interest Payment Date, as the case may be, and no additional interest
shall accrue for the period from and after such Maturity Date or Interest
Payment Date, as the case may be.

      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 Regular Record Date, which shall be the __________ or
the __________, whether or not a Business Day, as the case may be, immediately
preceding such Interest Payment 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 on the Maturity Date will be payable
to the person to whom the principal hereof shall be payable. The principal
so payable, and

____________________________________

limitations on the issuances of Notes in such currency, additional provisions
regarding paying and other agents and additional provisions regarding the
calculation and payment of such currency, set forth therein.

(3) This form provides for Notes that will mature only on a specified
date.  If the Maturity of Notes of a series may be renewed at the
option of the holder, or extended at the option of the Corporation, 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 renewed or extended, as the case may be, changes in the interest
rate, if any, and requirements for notice.

(4) This form provides for semi-annual interest payments.  If
the pricing supplement provides otherwise, this form, as used, may be modified
to provide, alternatively, for annual, quarterly, or other periodic interest
payments.

                                                                               
2

 
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 at Maturity. Any such interest or principal not punctually
paid or duly provided for shall be payable as provided in the Indenture(5).
"Business Day" means any weekday that is not a legal holiday in New York,
New York, Charlotte, North Carolina, or any other place of payment with
respect to this Note and that is not a day on which banking institutions
in those cities are authorized or required by law or regulation to be closed.
"Business Day" also means, with respect to Notes denominated in euro, a
day on which the TransEuropean Real-Time Gross-Settlement Express Transfer,
or "TARGET," System is in place. "Business Day" also means, with respect
to Notes denominated in a specified currency other than U.S. dollars or
euro, a day on which banking institutions generally are authorized or obligated
by law, regulation, or executive order to close in the Principal Financial
Center of the country of the specified currency.

         "Principal Financial
Center" means:

         (1) 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" is New York, Sydney
and Melbourne, Toronto, Johannesburg, and Zurich, respectively, or

         (2) 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" is New York, Sydney,
Toronto, Johannesburg, and Zurich, respectively.

         The principal of and
interest on this Note are payable in immediately available funds in such
coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts at the office or
agency of the Corporation designated as provided in the Indenture; provided,
however, that interest may be paid, at the option of the Corporation,
by check mailed to the person entitled thereto at his address last appearing
on the registry books of the Corporation relating to the Notes. Notwithstanding
the preceding sentence, payments of principal of and interest payable on
the Maturity Date will be made by wire transfer of immediately available
funds to a designated account maintained in the United States upon (i)
receipt of written notice by the Issuing and Paying Agent (as described
on the reverse hereof) from the registered holder hereof not less than
one Business Day prior to the due date of such principal and (ii) presentation
of this Note to the Issuing and Paying Agent at The Bank of New York, 101
Barclay Street, New York, New York 10286 (the "Corporate Trust Office").

          For both this
Note and Notes issued in certificated form, the payment of principal of,
premium (if any), accrued interest, and any other amounts due on or after
the Maturity Date will be made only upon the presentation and surrender
of such Note at the office of the Trustee or successor thereof, and with
respect to this Note, in accordance with the procedures of DTC.

_______________________________

(5)This form does not contemplate the offer of Notes to United States
Aliens (for United States federal income tax purposes).  If Notes
are offered to United States Aliens, the forms of Notes, as used, may be
modified to provide for the payment of additional amounts to such United
States Aliens or, if applicable, the redemption of such Notes in lieu of
payment of such additional amounts.

 

 

                                                                                         
3

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

        Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth at this place.

       Unless the certificate of authentication
hereon has been executed by the Trustee or by an authenticating agent on
behalf of the Trustee by manual signature, this Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

                                                                                         
4

 

 
        IN WITNESS WHEREOF, the Corporation
has caused this Note to be duly executed, by manual or facsimile signature,
under its corporate seal or a facsimile thereof.

 

                                                                        
BANK OF AMERICA CORPORATION

                                                                        
By: ________________________________

[SEAL]                                                            
Title: Senior Vice President

ATTEST:

By:________________________

          Assistant Secretary

                                                                                          
5

 

 

Certificate of Authentication

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

Dated:_____________

                                                                             
THE BANK OF NEW YORK,

                                                                              
as Trustee

                                                                              
By: __________________________________

                                                                                                  
Authorized Signatory

                                                                                              
6

 

 

[Reverse of Note]

BANK OF AMERICA CORPORATION

MEDIUM-TERM SENIOR NOTE, SERIES K

(Fixed Rate)

SECTION 1. General. This Note is one of a duly authorized series
of Securities of the Corporation unlimited in aggregate principal amount
(herein called the "Notes") issued and to be issued under an Indenture
dated as of January 1, 1995 (herein called the "Indenture"), between the
Corporation (successor to NationsBank Corporation) and The Bank of New
York, as Trustee (successor in interest to U.S. Bank Trust National Association,
successor trustee to BankAmerica National Trust Company, herein called
the "Trustee," which term includes any successor trustee under the Indenture),
as supplemented by a First Supplemental Indenture dated as of September
18, 1998 and a Second Supplemental Indenture dated as of May 7, 2001, to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights thereunder of the Corporation,
the Trustee, and the holders of the Notes, and the terms upon which the
Notes are, and are to be, authenticated and delivered. This Note is also
one of the Notes designated as the Corporation's Senior Medium-Term Notes,
Series K, initially limited in aggregate principal amount to $10,000,000,000.
The Trustee initially shall act as Security Registrar, Transfer Agent,
and Issuing and Paying Agent in connection with the Notes. 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 Indenture.

SECTION 2. No Sinking Fund. This Note is not subject to any sinking
fund.

SECTION 3. Optional Repayment. If so specified above, 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
above. IF NO OPTIONAL REPAYMENT DATES ARE SET FORTH ABOVE, THIS NOTE
MAY NOT BE REPAID AT THE OPTION OF THE HOLDER PRIOR TO THE STATED MATURITY
DATE. 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 interest
thereon payable to the date of repayment. For this Note to be repaid in
whole or in part at the option of the holder hereof, this Note must be
received, with the form below entitled "Option to Elect Repayment" duly
completed, by the Trustee at The Bank of New York, 101 Barclay Street,
New York, New York 10186, or such other address of which the Corporation
from time to time shall notify the holders of the Notes, not more than
60 nor less than 30 calendar days prior to an Optional Repayment Date.
Exercise of such repayment option by the holder hereof shall be irrevocable.

SECTION 4. Optional Redemption. If so specified above, this Note
may be redeemed at the option of the Corporation on any date on and after
the Initial Redemption Date, if any, specified above (the "Redemption Date").
IF NO INITIAL REDEMPTION DATE IS SET FORTH ABOVE, THIS NOTE MAY NOT
BE REDEEMED AT THE OPTION OF THE CORPORATION PRIOR TO THE STATED MATURITY
DATE. 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 Corporation at the applicable Redemption Price (as defined below)

                                                                                            
7

together with interest thereon payable to the Redemption Date, on notice
given not more than 60 nor less than 30 calendar days prior to the Redemption
Date. 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. 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 Trustee by
such method as the Trustee shall deem fair and appropriate. If this Note
is redeemable at the option of the Corporation, the "Redemption Price"
initially shall be the Initial Redemption Percentage specified above 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 above of the principal amount to be redeemed
until the Redemption Price is 100% of such principal amount.

SECTION 5. Defeasance. The provisions of Article Fourteen of
the Indenture do [not] apply to Securities of this Series.

SECTION 6. Events of Default. If an Event of Default (defined
in the Indenture as (a) the Corporation's failure to pay the principal
of (or premium, if any, on) the Notes; (b) the Corporation's failure to
pay interest on the Notes within 30 calendar days after the same becomes
due; (c) the Corporation's breach of its other covenants contained in this
Note or in the Indenture, which breach is not cured within 90 calendar
days after written notice by the Trustee or the holders of at least 25%
in outstanding principal amount of all Securities issued under the Indenture
and affected thereby; and (d) certain events involving the bankruptcy,
insolvency or liquidation of the Corporation) shall occur with respect
to the Notes, the principal of all the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.

SECTION 7. Modifications and Waivers. The Indenture permits,
with certain exceptions as therein provided, the amendment of the Indenture
and the modification of the rights and obligations of the Corporation and
the rights of the holders of the Notes under the Indenture at any time
by the Corporation with the consent of the holders of not less than 66
2/3% in aggregate principal amount of the Notes then outstanding and all
other Securities then outstanding under the Indenture and affected by such
amendment and modification. The Indenture also contains provisions permitting
the holders of a majority in aggregate principal amount of the Notes then
outstanding and all other Securities then outstanding under the Indenture
and affected thereby, on behalf of the holders of all such Securities,
to waive compliance by the Corporation with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the holder of this Note shall be conclusive and
binding upon such holder and upon all future holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver
is made upon this Note.

No recourse shall be had for the payment of the principal of, premium
on (if any), interest, or other amounts payable on this Note, or for any
claim based hereon, or otherwise in respect hereof, or based on or in respect
of the Indenture or any indenture supplemental thereto, against any incorporator,
stockholder, officer, or director, as such, past, present, or future, of
the Corporation or any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise, all such

                                                                                             
8

liability being, by the acceptance hereof and as part of the consideration
for issue hereof, expressly waived and released.

SECTION 8. Obligations Unconditional. No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter
or impair the obligation of the Corporation, which is absolute and unconditional,
to pay the principal of, premium (if any), interest, and other amounts
payable on this Note at the times, place and rate, and in the coin or currency,
herein prescribed.

SECTION 9. Authorized Denominations. The Notes are issuable only
as registered Notes without coupons, and unless otherwise set forth above,
only in denominations of $_________ and any integral multiple thereof.
As provided in the Indenture, and subject to certain limitations therein
set forth, Notes are exchangeable for a like aggregate principal amount
of Notes of different authorized denominations, as requested by the holder
surrendering the same.

SECTION 10. Registration of Transfer. As provided in the Indenture
and subject to certain limitations as therein set forth, the transfer of
this Note is registrable in the register maintained by the Registrar, upon
surrender of this Note for registration of transfer at the office or agency
of the Corporation designated by it pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory
to the Corporation and the Trustee or the Security Registrar requiring
such written instrument of transfer duly executed by, the registered holder
hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of this series, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee
or transferees.

This Note is being issued by means of a book-entry system with no physical
distribution of certificates to be made except as provided in the Indenture.
The book-entry system maintained by The Depository Trust Company ("DTC")
will evidence ownership of the Notes, with transfers of ownership effected
on the records of DTC and its participants pursuant to rules and procedures
established by DTC and its participants. The Corporation will recognize
Cede & Co., as nominee of DTC, while the registered holder of the Notes,
as the owner of the Notes for all purposes, including payment of principal
(premium, if any) and interest, notices and voting. Transfer of principal
(premium, if any) and interest to participants of DTC will be the responsibility
of DTC, and transfer of principal, premium (if any), interest, and other
amounts payable to beneficial owners of the Notes by participants of DTC
will be the responsibility of such participants and other nominees of such
beneficial owners. So long as the book-entry system is in effect, the selection
of any Notes to be redeemed will be determined by DTC pursuant to rules
and procedures established by DTC and its participants. The Corporation
will not be responsible or liable for such transfers or payments or for
maintaining, supervising or reviewing the records maintained by DTC, its
participants, or persons acting through such participants.

This Note may be exchanged in whole, but not in part, for security-printed
certificated Notes, only if (i) DTC notifies the Corporation or the Trustee
that it is unwilling or unable to continue to act as depository for this
Note in global form or if at any time DTC ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and in
either

                                                                                           
9

such case, a successor depository is not appointed by the Corporation
within 60 calendar days, or (ii) the Corporation executes and delivers
to the Trustee a written notification that this Note in global form shall
be so exchangeable, or (iii) an Event of Default occurs and is continuing
with respect to this Note in global form. In any such instance, an owner
of a beneficial interest in this Note will be entitled to physical delivery
in certificated 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 certificated 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 Corporation may require payment of a sum sufficient
to cover any tax, assessment, or other governmental charge, including,
without limitation, any withholding tax, payable in connection therewith.

Prior to due presentment of this Note for registration of transfer,
the Corporation, the Trustee, the Issuing and Paying Agent and any agent
of the Corporation, the Trustee or any Issuing and Paying Agent may treat
the person in whose name this Note is registered as the owner hereof for
all purposes.

SECTION 11. Defined Terms. All terms used in this Note which
are not defined herein but are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

SECTION 12. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS.

 

 

                                                                                          
10

ABBREVIATIONS

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

                
TEN COM-- as tenants in common

                
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.

_____________________________

ASSIGNMENT

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

[PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS

INCLUDING ZIP CODE OF ASSIGNEE]

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

Please Insert Social Security or Other Identifying Number of Assignee:
____________________

the within Note and all rights thereunder, hereby irrevocably constituting
and appointing __________________________________ Attorney to transfer
said Note on the books of the Corporation, with full power of substitution
in the premises.

Dated:_________________________               
_________________________________________

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

 

                                                                                                 
11

 

[OPTION TO ELECT REPAYMENT]

The undersigned hereby irrevocably request(s) and instruct(s) the Corporation
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 Trustee must receive at 101 Barclay
Street, New York, New York 10186, or at such other place or places of which
the Corporation 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 on the face hereof, 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 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.

Principal amount to be repaid, if amount to be          
/     /      Option To Use
DTC Tender

repaid is less than the principal amount of this                         
Procedures

Note:                                                                        
DTC Participant

$______________________________                    
Number:  ____________________________

                                                                                 
DTC Participant

Amount to be Reissued:                                              
Name: _______________________________

                                                                                  
DTC Participant Telephone

$_______________________________                   
Number: _____________________________

 

                                                                                     
12

 

 
Fill in registration of Notes if to be issued

otherwise than to the registered holder:                          
SOCIAL SECURITY OR OTHER

                                                                                      
TAXPAYER ID NUMBER

Name: __________________________

Address: ________________________

             
_________________________

(Please print name and address including zip code)

 

 

                                                                                         
13

[EXTENDIBLE NOTE RIDER]

The Corporation and the purchaser of this Note have agreed that this
Note is an Extendible Note, whereby the Corporation has the option to extend
the maturity of this Note for one or more whole year periods, as set forth
below (each, an "Extension Period"), up to but not beyond the Final Maturity
Date set forth below, under the terms of this Note as supplemented by this
Extendible Note Rider.

                               
Stated Maturity Date: _________________

                               
Final Maturity Date: __________________

 
	
Extension Notice

Due Date
	
Extended

Maturity Date

		
		
		
		

The Corporation may exercise its option with respect hereto by delivery
to the Trustee 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 Issuing and 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 Corporation 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 Trustee (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 Corporation, 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 Trustee 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.

 

 

                                                                                           
14

If the Corporation 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 Corporation 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 Corporation 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, 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 Trustee 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 Trustee 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.

15

 
[RENEWABLE NOTE RIDER]

The Corporation and the purchaser of this Note have agreed that this
Note is a Renewable Note which initially matures on the Stated Maturity
Date shown on the face hereof. At each Renewal Date, as specified below,
the Maturity of this Note automatically will be extended to the corresponding
New Maturity Date, as specified below, until the Final Maturity Date specified
below, 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 Trustee
(or any duly appointed paying agent) not less than 15 nor more than 30
calendar days prior to the applicable Renewal 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. 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 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)THIS NOTE IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS
NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN
THE DEPOSITORY OR ITS NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF
THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR
BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF
THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.
Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (55 Water Street,
New York, New York) ("DTC"), to the Corporation 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 DTC, 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.

THIS NOTE IS NOT A SAVINGS ACCOUNT OR A DEPOSIT, IS NOT
AN OBLIGATION OF OR GUARANTEED BY ANY BANKING OR NONBANKING AFFILIATE OF
BANK OF AMERICA CORPORATION, AND IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

REGISTERED                                                                                               
$______________________

NUMBER ___________                                                                               
CUSIP _________________

BANK OF AMERICA CORPORATION

MEDIUM-TERM SENIOR NOTE, SERIES K

(Floating Rate)

ORIGINAL ISSUE DATE(1):                                                                                            
BASE RATE:

STATED MATURITY DATE:                                                                                         
(check one)

FINAL MATURITY DATE:                                                                                             
___Federal Funds Rate

INITIAL INTEREST RATE:                                                                                             
___LIBOR ____________

INDEX MATURITY FOR INITIAL                                                                                 
___Prime Rate

INTEREST RATE (IF DIFFERENT):                                                                                
___Treasury Rate

INDEX MATURITY:                                                                                                          
___Other:________________

INDEX MATURITY FOR FINAL                                                                                                      
________________

   INTEREST PAYMENT PERIOD                                                                                                      
________________

   (IF DIFFERENT):

SPREAD:

SPREAD MULTIPLIER:

MAXIMUM INTEREST RATE:

MINIMUM INTEREST RATE:

INTEREST PAYMENT DATES:

INTEREST RESET DATES:                                                                                               
/  /     This Note is a Renewable

INTEREST RESET PERIOD:                                                                                                         
Note.

INITIAL REDEMPTION DATE:                                                                                                   
See Attached Rider.

INITIAL REDEMPTION PERCENTAGE:

ANNUAL REDEMPTION PERCENTAGE REDUCTION:                                              
/  /      This Note is an

OPTIONAL PAYMENT DATE(S):                                                                                               
Extendible Note.

CALCULATION AGENT:                                                                                                              
See Attached Rider.

ADDITIONAL TERMS:

_______________________________

(1)This form provides that interest 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 tranaches 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.

 

 

        BANK OF AMERICA CORPORATION,
a Delaware corporation (herein called the "Corporation," which term includes
any successor corporation under the Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to CEDE & CO.,
as nominee for The Depository Trust Company, or its registered assigns,
the principal sum of ____________________________________________ DOLLARS(2)
on the Stated Maturity Date(3) specified above (except to the extent redeemed
or repaid prior to the Stated Maturity Date). The Corporation also promises
to pay interest on such principal amount at a rate per annum equal to the
Initial Interest Rate specified above until the Initial Interest Reset
Date specified above and thereafter at a rate determined in accordance
with the provisions on the reverse hereof, until the principal hereof is
paid or duly made available for payment. The Corporation also promises
to pay interest on the Interest Payment Dates specified above, commencing
with the first Interest Payment Date succeeding the Original Issue Date
specified above, 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, and shall be payable on each subsequent
Interest Payment Date and at Maturity (the "Maturity Date").

      The term "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 Indenture, whether at the Stated Maturity Date
or by declaration of acceleration, call for redemption, prepayment at the
holder's option or otherwise.

      Interest on this Note will accrue from
the Original Issue Date until the principal amount is paid or duly provided
for and will be computed as hereinafter described. Interest payable on
this Note on any Interest Payment Date or on the Maturity Date will include
interest accrued from and including the preceding Interest Payment Date
in respect of which interest has been paid or duly provided for (or from
and including the Original Issue Date specified above if no interest has
been paid or duly provided for, as the case may be) to, but excluding,
such Interest Payment Date or Maturity Date, as the case may be. If any
Interest Payment Date falls on a day that is not a Business Day (as defined
below), such Interest Payment Date shall be the following day that is a
Business Day, except that if the Base Rate is LIBOR, if such next Business
Day falls in the next calendar month, such Interest Payment Date will be
the preceding day that is a Business Day; and if the Maturity Date falls
on a day that is not a Business Day, principal or interest payable with
respect to such Maturity Date will be paid on the next Business Day with
the same force and effect as if made on such Maturity Date, and no additional
interest shall accrue for the period from and after such Maturity Date.

____________________

(2)This form provides for Notes denominated in, and principal and interest
payable in, U.S. dollars.  The form, as used, may be modified to provide,
alternatively, for Notes denominated in, and principal and interest and
other amount, if any, payable in a foreign currency or currency unit, with
the specific terms and provisions, including any limitations on the issuances
of Notes in such currency, additional provisions regarding paying and other
agents and additional provisions regarding the calculation and payment
of such currency, set forth therein.

(3)This form provides for Notes that will mature only on a specified
date.  If the Maturity of Notes of a series may be renewed at the
option of the holder, or extended at the option of the Corporation, the
form, as used, will be modified by the applicable Rider attached to this
Note to provide for additinal terms relating to such renewal or extension,
as may be, changes in the interest rate, if any, and requirements for notice.

                                                                                      
2

        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 15 calendar days prior to
such Interest Payment Date, whether or not a Business Day (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 on 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 at Maturity. Any such interest or principal not punctually
paid or duly provided for shall be payable as provided in the Indenture(4).
"Business Day" means any weekday that is not a legal holiday in New York,
New York, Charlotte, North Carolina, or any other place of payment with
respect to this Note and that is not a day on which banking institutions
in those cities are authorized or required by law or regulation to be closed.
"Business Day" also means, with respect to Notes denominated in LIBOR,
a London Business Day. A "London Business Day" is any day on which commercial
banks are open for business (including dealing in the index currency) in
London, England. "Business Day" also means, with respect to Notes denominated
in euro, a day on which the TransEuropean Real-Time Gross-Settlement Express
Transfer, or "TARGET," System is in place. "Business Day" also means, with
respect to Notes denominated in a specified currency other than U.S. dollars
or euro, a day on which banking institutions generally are authorized or
obligated by law, regulation, or executive order to close in the Principal
Financial Center of the country of the specified currency.

         "Principal Financial
Center" means:

          (1) 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" is New York, Sydney
and Melbourne, Toronto, Johannesburg, and Zurich, respectively; or

          (2) 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" is New York, Sydney,
Toronto, Johannesburg, and Zurich, respectively.

           The principal
of and interest on this Note are payable in immediately available funds
in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts at the
office or agency of the Corporation designated as provided in the Indenture;
provided, however, that interest may be paid, at the option
of the

____________________

(4)This form does not contemplate the offer of Notes to United States
Aliens (for United States federal income tax purposes).  If Notes
are offered to United States Aliens, the forms of Notes, as used, may be
modified to provide for the payment of additional amounts to such United
States Aliens or, if applicable, the redemption of such Notes in lieu of
payment of such additional amounts.

 

 

                                                                                          
3

 
Corporation, by check mailed to the person entitled thereto at his address
last appearing on the registry books of the Corporation relating to the
Notes. Notwithstanding the preceding sentence, payments of principal of
and interest payable on the Maturity Date will be made by wire transfer
of immediately available funds to a designated account maintained in the
United States upon (i) receipt of written notice by the Issuing and Paying
Agent (as described on the reverse hereof) from the registered holder hereof
not less than one Business Day prior to the due date of such principal
and (ii) presentation of this Note to The Bank of New York, as Issuing
and Paying Agent, 101 Barclay Street, New York, New York 10286 (the "Corporate
Trust Office").

        For both this Note and Notes
issued in certificated form, the payment of principal of, premium (if any),
accrued interest, and any other amounts due on or after the Maturity Date
will be made only upon the presentation and surrender of such Note at the
office of the Trustee or successor thereof, and with respect to this Note,
in accordance with the procedures of DTC.

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

       Reference is hereby made to the
further provisions of this Note set forth on the reverse hereof, which
shall have the same effect as though fully set forth at this place.

      Unless the certificate of authentication
hereon has been executed by the Trustee or an authenticating agent on behalf
of the Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

                                                                                       
4

 

 
         IN WITNESS WHEREOF,
the Corporation has caused this Note to be duly executed, by manual or
facsimile signature, under its corporate seal or a facsimile thereof.

                                                                         
BANK OF AMERICA CORPORATION

                                                                          
By:________________________________

[SEAL]                                                              
Title: Senior Vice President

ATTEST:

____________________________

Assistant Secretary

                                                                                    
5

 

Certificate of Authentication

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

Dated: ____________________________

                                                                             
THE BANK OF NEW YORK,

                                                                              
as Trustee and Authenticating Agent

                                                                             
By:___________________________

                                                                                          
Authorized Signatory

 

 

                                                                                      
6

 

 

[Reverse of Note]

BANK OF AMERICA CORPORATION

MEDIUM-TERM SENIOR NOTE, SERIES K

(Floating Rate)

SECTION 1. General. This Note is one of a duly authorized series
of Securities of the Corporation unlimited in aggregate principal amount
(herein called the "Notes") issued and to be issued under an Indenture
dated as of January 1, 1995 (herein called the "Indenture"), between the
Corporation (successor to NationsBank Corporation) and The Bank of New
York, as Trustee (successor in interest to U.S. Bank Trust National Association,
successor trustee to BankAmerica National Trust Company, herein called
the "Trustee," which term includes any successor trustee under the Indenture),
as supplemented by a First Supplemental Indenture dated as of September
18, 1998 and a Second Supplemental Indenture dated as of May 7, 2001, to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights thereunder of the Corporation,
the Trustee, and the holders of the Notes, and the terms upon which the
Notes are, and are to be, authenticated and delivered. This Note is also
one of the Notes designated as the Corporation's Senior Medium-Term Notes,
Series K, initially limited in aggregate principal amount to $10,000,000,000.
The Trustee initially shall act as Security Registrar, Transfer Agent,
and Issuing and Paying Agent in connection with the Notes. 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 Indenture.

SECTION 2. Interest Rate Calculations.

(a) General. As set forth above, this Note may have either or
both of the following: (i) a maximum interest rate limit, or ceiling, on
the rate at which interest may accrue during any interest period ("Maximum
Interest Rate"); or (ii) a minimum interest rate limit, 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) LIBOR, (iii) the prime rate, (iv) the treasury
rate, or (v) such other rate as is described on the face hereof and on
a rider to this Note.

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 above, (i) plus or minus the
Spread, if any, specified above or (ii) multiplied by the Spread Multiplier,
if any, specified above. The interest rate in effect during an Interest
Reset Period will be the rate determined on the calculation date by reference
to the Interest Determination Date (as determined in the next paragraph).

The "calculation date" pertaining to any Interest Determination Date
will be the date by which the Calculation Agent specified above computes
the amount of interest owed on this Note for the related Interest Reset
Period. The "calculation date" will be the earlier of (a) the tenth calendar
day after the related Interest Determination Date or, if that day is not
a Business Day,

                                                                                    
7

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, as specified above, 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 above, 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. If any Interest Reset Date otherwise would be a day that
is not a Business Day, such Interest Reset Date shall be postponed to the
next day that is a Business Day, except that if the Base Rate specified
above is LIBOR and if such next Business Day is in the next succeeding
calendar month, such Interest Reset Date shall be the immediately preceding
Business Day.

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. 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 is pounds sterling, in which case
the Interest Determination Date will be the Interest Reset Date. 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
on the face of this Note 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.

For a Note whose interest rate is determined by reference to two or
more Base Rates, 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.

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 herein, the accrued interest factor will be computed and interest
will be paid as follows:

(1) for interest based on the federal funds rate, LIBOR, the prime
rate, or any other floating rate other than the treasury rate (as defined
below), the daily interest factor will be computed by dividing the interest
rate in effect on that day by 360; and
(2) for interest based on the treasury rate, the daily interest factor
will be computed by dividing the interest rate in effect to that day by
365 or 366, as applicable.

 

 

 

                                                                   
8

All dollar amounts used in or resulting from any calculation on this Note
will be rounded to the nearest cent with one-half cent being rounded upward.
Unless otherwise specified herein, 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).
(b) Determination of LIBOR.

(i) On each Interest Determination Date, the Calculation Agent will
determine LIBOR as follows:
 

(A) If "LIBOR Telerate" is specified on the face of this Note, LIBOR
will be the rate for deposits in the relevant index currency having the
Index Maturity described on the face of this Note commencing on the related
Interest Reset Date, as that rate appears on the designated LIBOR page
as of 11:00 A.M., London time, on that Interest Determination Date.
(B) If "LIBOR Reuters" is specified on the face of this Note, LIBOR
will be the arithmetic mean of the offered rates for deposits in the relevant
index currency having the Index Maturity described on the face of this
Note commencing on the related Interest Reset Date, as the rates appear
on the designated LIBOR page 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 the face of this Note does not specify "LIBOR Telerate" or "LIBOR
Reuters," the LIBOR rate will be LIBOR Telerate.

(ii) If "LIBOR Telerate" applies and the rate described above does not
appear on that page, or if "LIBOR Reuters" applies and 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, the Calculation Agent will
determine LIBOR as follows:

 

(A) The Calculation Agent will select four major banks in the London
interbank market. On the Interest Determination Date, those four banks
will be requested to provided their offered quotations for deposits in
the relevant index currency having an Index Maturity specified on the face
of this Note commencing on the Interest Reset Date to prime banks in the
London interbank market at approximately 11:00 A.M., London time.
(B) If at least two quotations are provided, the Calculation Agent will
determine LIBOR as the arithmetic mean of those quotations.

(C) If fewer than two quotations are provided, the Calculation Agent
will select 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
on the face of this Note commencing on the Interest Reset Date to leading
European banks at approximately

 

 

                                                                           
9

 
11:00 A.M., London time. The Calculation Agent will determine LIBOR
as the arithmetic mean of those quotations.

(D) If fewer than three New York City banks selected by the Calculation
Agent are quoting rates, LIBOR for that Interest Reset Period will remain
LIBOR then in effect on the Interest Determination Date.

(c) Determination of Treasury Rate.

(i) 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 on the face of this Note, as
specified under the caption "Investment Rate" on the display on Moneyline
Telerate, or any successor service, on page 56 or any other page as may
replace page 56, or page 57 or any other page as may replace page 57.
(ii) If the rate cannot be determined as described in (c)(i) above,
the treasury rate will be determined as follows:

 

(A) If the rate is not displayed on Moneyline Telerate 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 used for the purpose of displaying
the applicable rate, under the caption "U.S. Government Securities/Treasury
Bills/Secondary Market."
(B) If the rate is not published in (c)(ii)(A) above 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 United States Department
of the Treasury.

(C) If the rated referred to in (c)(ii)(B) is not announced by the United
States Department of the Treasury, or if the auction is not held, the treasury
rate will be the bond equivalent yield 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."

(D) If the rate referred to in (c)(ii)(C) 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 application
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."

(E) If the rate referred to in (c)(ii)(D) is not published by 3:00 P.M.,
New York City time, on the related calculation date, the treasury rate
will be 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 Untied
States government securities dealers, selected by the

 

                                                                       
10

Calculation Agent, for the issue of Treasury bills with a remaining
maturity closest to the particular Index Maturity.

(F) If the dealers selected by the Calculation Agent are not quoting
as mentioned in (c)(ii)(E) above, the treasury rate will be the treasury
rate in effect on the particular Interest Determination Date.

(iii) The bond equivalent will be calculated using the following formula:

Bond equivalent      = ____D x N____
x 100

                                    
360-(D x M)

where "D" refers to the applicable per annum rate for Treasury bills quoted
on a bank discount basis and expressed as a decimal, "N" refers to 365
or 366, as the case may be, and "M" refers to the actual number of days
in the applicable Interest Reset Period.

(iv) "H.15(519)" means the weekly statistical release designated as
H.15(519), or any successor publication, published by the Board of Governors
of the Federal Reserve System.

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

(d) Determination of Federal Funds Rate. The "federal funds rate"
for any Interest Determination Date is the rate on that date for federal
funds, as published in H.15(519) prior to 3:00 P.M., New York City time,
on the calculation date for that Interest Determination Date under the
heading "Federal Funds (Effective)" and/or displayed on Moneyline Telerate
(or any successor service) on page 120 (or any other page as may replace
the specified page on that service) ("Telerate Page 120").

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

(i) If the above rate is not published in H.15(519) by 3:00 P.M.,
New York City time, on the calculation date or does not appear on Telerate
Page 120, the federal funds rate will be the rate on that Interest Determination
Date, as published in H.15 Daily Update, or such other recognized electronic
source for the purposes of displaying the applicable rate, under the caption
"Federal Funds (Effective)."
(ii) If the alternate rate described in (d)(i) above is not published
in H.15 Daily Update by 3:00 P.M., New York City time, on the calculation
date, then the Calculation Agent will determine the federal funds rate
to be the average of the rates for the last transaction in overnight federal
funds quoted by three leading brokers of federal funds transactions in
New York City, selected by the Calculation Agent, prior 9:00 A.M., New
York City time, on that Interest Determination Date.

 

                                                                       
11

 
(iii) If fewer than three brokers selected by the Calculation Agent
are quoting as described in (d)(ii) above, the federal funds rate will
be the federal funds rate in effect on that Interest Determination Date.

(e) Determination of Prime Rate.

(i) 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 calculation date for that Interest
Determination Date under the heading "Bank Prime Loan."
(ii) The following procedures will be followed if the prime rate cannot
be determined as described above:

 

(A) If the rate is not published in H.15(519) by 3:00 P.M., New York
City time, on the 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."
(B) If the alternative rate described in (e)(ii)(A) above is not published
H.15 Daily Update or another recognized electronic source by 3:00 P.M.,
New York City time, on the 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.

(C) 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 prime rate will 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 $500,000,000) selected by the
Calculation Agent on the Interest Determination Date.

(D) If the banks selected by the Calculation Agent are not quoting as
described in (d)(ii)(C) above, the prime rate will remain the prime rate
then in effect on the Interest Determination Date.

(iii) "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 United States
banks).

(f) Notwithstanding the foregoing, the interest rate hereon shall not be
greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified on the face hereof.

 

                                                                                     
12

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

SECTION 3. No Sinking Fund. This Note is not subject to any sinking
fund.

SECTION 4. Optional Repayment. If so specified above, 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
above. IF NO OPTIONAL REPAYMENT DATES ARE SET FORTH ABOVE, THIS NOTE
MAY NOT BE REPAID AT THE OPTION OF THE HOLDER PRIOR TO THE STATED MATURITY
DATE. 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 interest
thereon payable to the date of repayment. For this Note to be repaid in
whole or in part at the option of the holder hereof, this Note must be
received, with the form below entitled "Option to Elect Repayment" duly
completed, by the Trustee at The Bank of New York, 101 Barclay Street,
New York, New York 10186, or such other address of which the Corporation
from time to time shall notify the holders of the Notes, not more than
60 nor less than 30 calendar days prior to an Optional Repayment Date.
Exercise of such repayment option by the holder hereof shall be irrevocable.

SECTION 5. Optional Redemption. If so specified above, this Note
may be redeemed at the option of the Corporation on any date on and after
the Initial Redemption Date, if any, specified above (the "Redemption Date").
IF NO INITIAL REDEMPTION DATE IS SET FORTH ABOVE, THIS NOTE MAY NOT
BE REDEEMED AT THE OPTION OF THE CORPORATION PRIOR TO THE STATED MATURITY
DATE. 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 Corporation at the applicable Redemption Price (as defined below)
together with interest thereon payable to the Redemption Date, on notice
given not more than 60 nor less than 30 calendar days prior to the Redemption
Date. 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. 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 Trustee by
such method as the Trustee shall deem fair and appropriate. If this Note
is redeemable at the option of the Corporation, the "Redemption Price"
initially shall be the Initial Redemption Percentage specified above 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 above of the principal amount to be redeemed
until the Redemption Price is 100% of such principal amount.

SECTION 6. Defeasance. The provisions of Article Fourteen of
the Indenture do [not] apply to Securities of this Series.

SECTION 7. Events of Default. If an Event of Default (defined
in the Indenture as (a) the Corporation's failure to pay the principal
of (or premium, if any, on) the Notes; (b) the

                                                                                          
13

Corporation's failure to pay interest on the Notes within 30 calendar
days after the same becomes due; (c) the Corporation's breach of its other
covenants contained in this Note or in the Indenture, which breach is not
cured within 90 calendar days after written notice by the Trustee or the
holders of at least 25% in outstanding principal amount of all Securities
issued under the Indenture and affected thereby; and (d) certain events
involving the bankruptcy, insolvency or liquidation of the Corporation)
shall occur with respect to the Notes, the principal of all the Notes may
be declared due and payable in the manner and with the effect provided
in the Indenture.

SECTION 8. Modifications and Waivers. The Indenture permits,
with certain exceptions as therein provided, the amendment of the Indenture
and the modification of the rights and obligations of the Corporation and
the rights of the holders of the Notes under the Indenture at any time
by the Corporation with the consent of the holders of not less than 66
2/3% in aggregate principal amount of the Notes then outstanding and all
other Securities then outstanding under the Indenture and affected by such
amendment and modification. The Indenture also contains provisions permitting
the holders of a majority in aggregate principal amount of the Notes then
outstanding and all other Securities then outstanding under the Indenture
and affected thereby, on behalf of the holders of all such Securities,
to waive compliance by the Corporation with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the holder of this Note shall be conclusive and
binding upon such holder and upon all future holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver
is made upon this Note.

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

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

SECTION 10. Authorized Denominations. The Notes are issuable
only as registered Notes without coupons, and unless otherwise set forth
above, only in denominations of $________ and any integral multiple thereof.
As provided in the Indenture, and subject to certain limitations therein
set forth, Notes are exchangeable for a like aggregate principal amount
of Notes of different authorized denominations, as requested by the holder
surrendering the same.

 

                                                                                   
14

 
SECTION 11. Registration of Transfer. As provided in the Indenture
and subject to certain limitations as therein set forth, the transfer of
this Note is registrable in the register maintained by the Registrar, upon
surrender of this Note for registration of transfer at the office or agency
of the Corporation designated by it pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory
to the Corporation and the Trustee or the Security Registrar requiring
such written instrument of transfer duly executed by, the registered holder
hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of this series, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee
or transferees.

This Note is being issued by means of a book-entry system with no physical
distribution of certificates to be made except as provided in the Indenture.
The book-entry system maintained by The Depository Trust Company ("DTC")
will evidence ownership of the Notes, with transfers of ownership effected
on the records of DTC and its participants pursuant to rules and procedures
established by DTC and its participants. The Corporation will recognize
Cede & Co., as nominee of DTC, while the registered holder of the Notes,
as the owner of the Notes for all purposes, including payment of principal
(premium, if any) and interest, notices and voting. Transfer of principal
(premium, if any) and interest to participants of DTC will be the responsibility
of DTC, and transfer of principal, premium (if any), interest, and other
amounts payable to beneficial owners of the Notes by participants of DTC
will be the responsibility of such participants and other nominees of such
beneficial owners. So long as the book-entry system is in effect, the selection
of any Notes to be redeemed will be determined by DTC pursuant to rules
and procedures established by DTC and its participants. The Corporation
will not be responsible or liable for such transfers or payments or for
maintaining, supervising or reviewing the records maintained by DTC, its
participants, or persons acting through such participants.

This Note may be exchanged in whole, but not in part, for security-printed
certificated Notes, only if (i) DTC notifies the Corporation or the Trustee
that it is unwilling or unable to continue to act as depository for this
Note in global form or if at any time DTC ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and in
either such case, a successor depository is not appointed by the Corporation
within 60 calendar days, or (ii) the Corporation executes and delivers
to the Trustee a written notification that this Note in global form shall
be so exchangeable, or (iii) an Event of Default occurs and is continuing
with respect to this Note in global form. In any such instance, an owner
of a beneficial interest in this Note will be entitled to physical delivery
in certificated 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 certificated 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 Corporation may require payment of a sum sufficient
to cover any tax, assessment, or other governmental charge, including,
without limitation, any withholding tax, payable in connection therewith.

Prior to due presentment of this Note for registration of transfer,
the Corporation, the Trustee, the Issuing and Paying Agent and any agent
of the Corporation, the Trustee or any

 

                                                                                          
15

Issuing and Paying Agent may treat the person in whose name this Note
is registered as the owner hereof for all purposes.

SECTION 12. Defined Terms. All terms used in this Note which
are not defined herein but are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

SECTION 13. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS.

                                                                                           
16

 

 

ABBREVIATIONS

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

            
TEN COM-- as tenants in common

            
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.

_____________________________

ASSIGNMENT

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

[PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS

INCLUDING ZIP CODE OF ASSIGNEE]

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

Please Insert Social Security or Other Identifying Number of Assignee:
____________________

the within Note and all rights thereunder, hereby irrevocably constituting
and appointing __________________________________ Attorney to transfer
said Note on the books of the Corporation, with full power of substitution
in the premises.

Dated:_________________________                           
_________________________________________

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

 

                                                                                       
17

 

[OPTION TO ELECT REPAYMENT]

The undersigned hereby irrevocably request(s) and instruct(s) the Corporation
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 Trustee must receive at 101 Barclay
Street, New York, New York 10186, or at such other place or places of which
the Corporation 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 on the face hereof, 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 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.

Principal amount to be repaid, if amount to                        
/   /     Option To Use DTC Tender

be repaid is less than the principal amount of                                  
Procedures

this Note:                                                                          
DTC Participant

$_______________________________                         
Number:_________________________

                                                                                          
DTC Participant

Amount to be Reissued:                                                      
Name: __________________________

                                                                                          
DTC Participant Telephone

$__________________________________                    
Number: _________________________

 

                                                                                    
18

Fill in registration of Notes if to be issued

otherwise than to the registered holder:                           
SOCIAL SECURITY OR OTHER

                                                                                      
TAXPAYER ID NUMBER

Name: __________________________

Address: ________________________

          __________________________

(Please print name and address including zip code)

 

                                                                                     
19

 

 

[EXTENDIBLE NOTE RIDER]

The Corporation and the purchaser of this Note have agreed that this
Note is an Extendible Note, whereby the Corporation has the option to extend
the maturity of this Note for one or more whole year periods, as set forth
below (each, an "Extension Period"), up to but not beyond the Final Maturity
Date set forth below, under the terms of this Note as supplemented by this
Extendible Note Rider.

                   
Stated Maturity Date: ____________________

                   
Final Maturity Date:  _____________________

 
	
Extension Notice

Due Date
	
Extended

Maturity Date

		
		
		
		

The Corporation may exercise its option with respect hereto by delivery
to the Trustee 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 Issuing and 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 Corporation 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 Trustee (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 Corporation, 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 Trustee 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.

 

                                                                                        
20

 
If the Corporation 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 Corporation 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 Corporation 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, 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 Trustee 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 Trustee 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.

 

                                                                                       
21

 

[RENEWABLE NOTE RIDER]

The Corporation and the purchaser of this Note have agreed that this
Note is a Renewable Note which initially matures on the Stated Maturity
Date shown on the face hereof. At each Renewal Date, as specified below,
the Maturity of this Note automatically will be extended to the corresponding
New Maturity Date, as specified below, until the Final Maturity Date specified
below, 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 Trustee
(or any duly appointed paying agent) not less than 15 nor more than 30
calendar days prior to the applicable Renewal 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. 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 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)

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