Document:

Exhibit 4.6

 

[FACE OF NOTE]

 

CUSIP NO.

 

REGISTERED

PRINCIPAL AMOUNT

No. FX -

 

JOHN DEERE CAPITAL CORPORATION

SENIOR MEDIUM-TERM NOTE, SERIES D

(FIXED RATE)

 

Due from 9 Months to 30 Years from
Date of Issue

 

If the registered owner of this Security (as indicated
below) is The Depository Trust Company (the “Depository”) or a nominee
of the Depository, this Security is a Global Security and the following two
legends apply:

 

Unless this certificate is presented
by an authorized representative of The Depository Trust Company (55 Water
Street, New York, New York) to the issuer or its agent for registration of
transfer, exchange or payment, and such certificate issued is registered in the
name of CEDE & CO., or such other name as requested by an authorized
representative of the Depository, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, since the registered owner
hereof, CEDE & CO., has an interest herein.

 

Unless and until this certificate is
exchanged in whole or in part for Notes in certificated form, this certificate
may not be transferred except as a whole by the Depository to a nominee thereof
or by a nominee thereof to the Depository or another nominee of the Depository
or by the Depository or any such nominee to a successor of the Depository or a
nominee of such successor.

 

IF APPLICABLE, THE “TOTAL AMOUNT OF OID,” “YIELD
TO MATURITY” AND “INITIAL ACCRUAL PERIOD OID” (COMPUTED UNDER THE
APPROXIMATE METHOD) BELOW WILL BE COMPLETED SOLELY FOR THE PURPOSES OF APPLYING
THE UNITED STATES FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT (“OID”)
RULES.

 

 

	
  ISSUE PRICE:

  	
   

  	
  OPTION TO ELECT REPAYMENT:   o
  YES  o
  NO

  
	
   

  	
   

  	
   

  
	
  ORIGINAL ISSUE DATE:

  	
   

  	
  OPTIONAL REPAYMENT DATE[S]:

  
	
   

  	
   

  	
   

  
	
  STATED MATURITY DATE:

  	
   

  	
  MINIMUM DENOMINATIONS:

  
	
   

  	
   

  	
  o
  $1,000

  
	
  SPECIFIED CURRENCY:

  	
   

  	
  o
  Other:

  
	
  U.S. Dollars:  o
  YES  o
  NO

  	
   

  	
   

  
	
   

  	
   

  	
  ADDITIONAL AMOUNTS:

  
	
  FOREIGN CURRENCY:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXCHANGE RATE AGENT:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  OPTION TO RECEIVE PAYMENTS IN

  	
   

  	
   

  
	
  SPECIFIED CURRENCY OTHER THAN

  	
   

  	
   

  
	
  U.S. DOLLARS:  o
  YES  o
  NO

  	
   

  	
  DEFEASANCE:   o
  YES  o
  NO

  
	
   

  	
   

  	
   

  
	
  INTEREST RATE:

  	
   

  	
  COVENANT DEFEASANCE:   o
  YES  o
  NO

  
	
   

  	
   

  	
   

  
	
  INTEREST PAYMENT DATES IF OTHER THAN MAY 15

  AND NOVEMBER 15:

  	
   

  	
  TOTAL AMOUNT OF OID:

  
	
   

  	
   

  	
  YIELD TO MATURITY:

  
	
  REGULAR RECORD DATES IF OTHER

  	
   

  	
   

  
	
  THAN MAY 1 AND NOVEMBER 1:

  	
   

  	
  INITIAL ACCRUAL PERIOD OID:

  
	
   

  	
   

  	
   

  
	
  OPTIONAL REDEMPTION:   o
  YES  o
  NO

  	
   

  	
  OPTIONAL INTEREST RATE RESET DATES:

  
	
   

  	
   

  	
   

  
	
  INITIAL REDEMPTION DATE:

  	
   

  	
  OTHER/DIFFERENT PROVISIONS:

  
	
   

  	
   

  	
   

  
	
  INITIAL REDEMPTION PERCENTAGE:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ANNUAL REDEMPTION PERCENTAGE REDUCTION:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SINKING FUND:

  	
   

  	
   

  

 

2

 

JOHN DEERE CAPITAL CORPORATION, a Delaware corporation
(herein referred to as the “Company”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to                                    ,
or registered assigns, the principal sum of                         in
the Specified Currency on the Stated Maturity Date shown above (except to the
extent redeemed or repaid prior to the Stated Maturity Date) and to pay
interest, if any, thereon at the Interest Rate shown above from the Original
Issue Date shown above or from the most recent Interest Payment Date to which
interest, if any, has been paid or duly provided for, semi-annually on May 15
and November 15 of each year (unless other Interest Payment Dates are
shown on the face hereof) (each, an “Interest Payment Date”) until the
principal hereof is paid or made available for payment and on the Stated
Maturity Date, any Redemption Date or Repayment Date (such terms together are
hereinafter referred to as the “Maturity Date” with respect to the
principal repayable on such date); provided, however, that any
payment of principal (or premium, if any) or interest, if any, to be made on
any Interest Payment Date or on the Maturity Date that is not a Business Day
(as defined below) shall be made on the next succeeding Business Day with the
same force and effect as if made on such Interest Payment Date or the Maturity
Date, as the case may be, and no additional interest, if any, shall accrue on
the amount so payable as a result of such delayed payment.  For purposes of this Security, unless
otherwise specified on the face hereof, “Business Day” means any day,
other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which commercial banks are authorized or required by law, regulation or
executive order to close in The City of New York; provided, however,
that, if this Security is denominated or payable in a Specified Currency, such
day is also not a day on which commercial banks are authorized or required by
law, regulation or executive order to close in the Principal Financial Center
(as defined below) of the country issuing the Specified Currency or, if the
Specified Currency is the euro, such day is also a day on which the
Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET)
System is open.  “Principal Financial
Center” means the capital city of the country issuing the Specified Currency,
except that with respect to U.S. dollars, Australian dollars, Canadian dollars,
New Zealand dollars, South African rand and Swiss francs, the “Principal
Financial Center” shall be The City of New York, Sydney, Toronto, Auckland,
Johannesburg and Zurich, respectively.

 

Any interest hereon is accrued from, and including,
the next preceding Interest Payment Date in respect of which interest, if any,
has been paid or duly provided for (or from and including the Original Issue
Date if no interest has been paid) to, but excluding, the succeeding Interest
Payment Date or the Maturity Date, as the case may be.  The interest, if any, so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture (referred to on the reverse hereof), be paid to the
person (the “Holder”) in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the May 1
or November 1 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date (unless other Regular Record Dates are
specified on the face hereof) (each, a “Regular Record Date”); provided,
however, that, if this Security was issued between a Regular Record Date
and the initial Interest Payment Date relating to such Regular Record Date,
interest, if any, for the period beginning on the Original Issue Date and
ending on such initial Interest Payment Date shall be paid on the Interest
Payment Date following the next succeeding Regular Record Date to the Holder
hereof on such next succeeding Regular Record Date; and provided  further
that interest, if any, payable on the Maturity Date will be payable to the
person to whom the principal hereof shall be payable.  Any 

 

3

 

such
interest not so punctually paid or duly provided for on any Interest Payment
Date other than the Maturity Date (“Defaulted Interest”) will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be
paid to the person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a special record date
(the “Special Record Date”) for the payment of such Defaulted Interest
to be fixed by the Trustee (referred to on the reverse hereof), notice whereof
shall be given to the Holder of this Security not less than ten days prior to
such Special Record Date, or may be paid at any time in any other lawful
manner, all as more fully provided in the Indenture.

 

Unless otherwise specified above, all payments in
respect of this Security will be made in U.S. dollars regardless of the
Specified Currency shown above unless the Holder hereof makes the election
described below.  If the Specified
Currency shown above is other than U.S. dollars, the Exchange Rate Agent
(referred to on the reverse hereof) will arrange to convert all payments in
respect hereof into U.S. dollars in the manner described on the reverse hereof;
provided, however, that the Holder hereof may, if so indicated
above, elect to receive all or a specified portion of any payment of principal,
premium, if any, and/or interest in such Specified Currency by delivery of a
written request to the corporate trust office of the Trustee in The City of New
York on or prior to the applicable Regular Record Date or at least fifteen
calendar days prior to the Maturity Date, as the case may be.  Such request may be in writing (mailed or
hand delivered) or by cable, telex or other form of facsimile transmission.  The Holder hereof may elect to receive
payment in such Specified Currency for all principal, premium, if any, and
interest, if any, payments and need not file a separate election for each
payment.  Such election will remain in
effect until revoked by written notice to the Trustee, but written notice of
any such revocation must be received by the Trustee on or prior to the
applicable Regular Record Date or at least fifteen calendar days prior to the
Maturity Date, as the case may be.

 

Notwithstanding the foregoing, if the Specified
Currency is other than U.S. dollars and the Company determines that such
Specified Currency is not available for making payments in respect hereof due
to the imposition of exchange controls or other circumstances beyond the
Company’s control, the Company will be entitled to satisfy its obligations to
the Holder hereof by making such payment in U.S. dollars on the basis of the
noon buying rate in The City of New York for cable transfers of such Specified
Currency as certified for customs purposes (or, if not so certified, as otherwise
determined) by the Federal Reserve Bank of New York (the “Market Exchange
Rate”) as computed by the Exchange Rate Agent on the second Business Day
prior to such payment or, if not then available, on the basis of the most
recently available Market Exchange Rate or as otherwise indicated on the face
hereof.  Any payment made in United
States dollars under such circumstances shall not constitute an Event of
Default (as defined in the Indenture).

 

In the event of an official redenomination of the
Specified Currency, the obligations of the Company with respect to payments on
this Security shall, in all cases, be deemed, immediately following such
redenomination, to provide for payment of that amount of redenominated currency
representing the amount of such obligations immediately before such
redenomination.  Except as set forth
above, in no event shall any adjustment be made to any amount payable hereunder
as a result of any change in the value of the Specified Currency shown above
relative to any other currency due solely to fluctuations in exchange rates.

 

4

 

Until this Security is paid in full or payment
therefor in full is duly provided for, the Company will at all times maintain a
Paying Agent (which Paying Agent may be the Trustee) in The City of New York
(which, unless otherwise specified above, shall be the “Place of Payment”).  The Company has initially appointed JPMorgan
Chase Bank, N.A., at its corporate trust office in The City of New York, as
Paying Agent.

 

If the Specified Currency shown above is U.S. dollars
or the Specified Currency shown above is a Foreign Currency, and the Holder has
not elected to exercise its option, if any, to receive payments in such
Specified Currency, (i) payment of interest on this Security (other than
on the Maturity Date) will be made in U.S. dollars by check mailed to the
registered address of the Holder hereof, or at the Company’s option, by wire
transfer to a bank account maintained by the Holder and (ii) the principal
of this Security, premium, if any, together with the interest accrued and
unpaid thereon, due at the Maturity Date shall be paid in U.S. dollars in
immediately available funds upon surrender of this Security at the corporate
trust office of the Trustee in The City of New York, or, at the Company’s
option, by wire transfer to such bank account of immediately available funds in
U.S. dollars to an account with a bank designated at least fifteen calendar
days prior to the Maturity Date by the Holder hereof, provided such bank
has appropriate facilities to make such payments and this Security is presented
and surrendered at the office or agency designated by the Company for such
purpose in the Borough of Manhattan, The City of New York, in time for the
Trustee to make such payments in such funds in accordance with its normal
procedures.  If the Specified Currency
shown above is a Foreign Currency and the Holder is entitled to elect, and has
elected, to receive payments in such Specified Currency, (i) interest due
on an Interest Payment Date other than the Maturity Date will be paid by check
in the Specified Currency mailed to the registered address of the Holder hereof
or, at our option, by wire transfer in the Specified Currency to a bank account
maintained by the Holder in the country of the Specified Currency and (ii) the
principal of, premium, if any, and interest on this Security due on the
Maturity Date will be paid in the Specified Currency in immediately available
funds upon surrender of this Security at the corporate trust office of the
Trustee in The City of New York, or, at the Company’s option, by wire transfer
to such bank account of immediately available funds in the Specified Currency
to an account with a bank designated at least 15 calendar days prior to the
Maturity Date by the Holder, provided, in the case of (ii), the
particular bank has appropriate facilities to make these payments and this
Security is presented and surrendered at the office or agency maintained by the
Company for this purpose in the Borough of Manhattan, The City of New York, in
time for the Trustee to make these payments in accordance with its normal
procedures.  The Company will pay any
administrative costs imposed by banks in making payments in immediately
available funds but, except as otherwise provided under Additional Amounts
above, any tax, assessment or governmental charge imposed upon payments will be
borne by the Holders of the Securities in respect of which such payments are
made.

 

Interest on this Security, if any, will be computed on
the basis of a 360-day year of 12 30-day months.

 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

5

 

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

 

6

 

IN
WITNESS WHEREOF, the Company has caused this Fixed Rate Medium-Term Note, Series D,
Due from 9 Months to 30 Years from Date of Issue, to be duly executed under its
facsimile corporate seal.

 

 

	
   

  	
  JOHN DEERE
  CAPITAL CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
  TRUSTEE’S
  CERTIFICATE

  	
   

  
	
   

  	
  OF
  AUTHENTICATION

  	
   

  
	
   

  	
  This is one of
  the Securities of the series designated 

  therein referred to in the within-mentioned 

  Indenture

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE
  BANK, N.A.

  	
   

  
	
   

  	
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  	
   

  	
   

  
							

 

7

 

[REVERSE OF NOTE]

 

JOHN DEERE CAPITAL CORPORATION

SENIOR MEDIUM-TERM NOTE, SERIES D

 

Section 1. 
General.  This Security is
one of a duly authorized issue of securities (herein called the “Securities”)
of the Company, issued and to be issued in one or more series under an
indenture, dated as of March 15, 1997, as it may be supplemented from time
to time (herein called the “Indenture”), between the Company and
JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), Trustee (herein
called the “Trustee”, which term includes any successor trustee under
the Indenture with respect to a series of which this Security is a part), to
which Indenture and all indentures supplemental thereto, reference is hereby
made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered.  This
Security is one of the series designated on the face hereof which is unlimited
in aggregate principal amount.

 

Section 2. 
Payments.  If the Specified
Currency is other than U.S. dollars and the Holder hereof fails to elect
payment in such Specified Currency, the amount of U.S. dollar payments to be
made in respect hereof will be determined by the Exchange Rate Agent specified
on the face hereof or a successor thereto (the “Exchange Rate Agent”)
based on the highest bid quotation in The City of New York at approximately
11:00 A.M., New York City time, on the second Business Day preceding the
applicable payment date from three recognized foreign exchange dealers (one of
whom may be the Exchange Rate Agent) selected by the Exchange Rate Agent and
approved by the Company for the purchase by the quoting dealer of the Specified
Currency for U.S. dollars for settlement on such payment date in the aggregate
amount of the Specified Currency payable to all Holders of Securities
denominated in a Foreign Currency scheduled to receive U.S. dollar payments and
at which the applicable dealer commits to execute a contract.  If three such bid quotations are not
available, payments will be made in the Specified Currency.  All currency exchange costs will be borne by
the Holder of the Security by deductions from such payments.

 

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

 

All currency exchange costs will be borne by the
Company unless the Holder of this Security has made the election to receive
payments in the Specified Currency.  In
that case, the Holder shall bear its pro rata portion of currency exchange
costs, if any, by deductions from payments otherwise due to such Holder.

 

References herein to “U.S. dollars” or “U.S.
$” or “$” are to the currency of the United States of America.

 

 

Section 3. 
Redemption.  If so
specified on the face hereof, the Company may at its option redeem this
Security in whole or from time to time in part in increments of $1,000
(provided that any remaining principal amount of this Security shall not be
less than the Minimum Denomination specified on the face hereof) on or after
the date designated as the Initial Redemption Date on the face hereof at 100%
of the unpaid principal amount hereof or the portion thereof redeemed (or, if
this Security is a Discount Security, such lesser amount as is provided for
below) multiplied by the Initial Redemption Percentage specified on the face
hereof, together with accrued interest, if any, to the Redemption Date.  Such Initial Redemption Percentage shall decline
at each anniversary of the Initial Redemption Date by an amount equal to the
Annual Redemption Percentage Reduction, if any, specified on the face hereof,
until the redemption price is 100% of the unpaid principal amount hereof.  The Company may exercise such option by
causing the Trustee to mail a notice of such redemption at least 30 but not
more than 60 days prior to the Redemption Date. 
In the event of redemption of this Security in part only, a new Security
or Securities for the unredeemed portion hereof shall be issued in the name of
the Holder hereof upon the cancellation hereof. 
If less than all of the Securities with like tenor and terms to this
Security are to be redeemed, the Securities to be redeemed shall be selected by
the Trustee by such method as the Trustee shall deem fair and appropriate.  However, if less than all the Securities of
the series, of which this Security is a part, with differing issue dates,
interest rates or formula and stated maturities are to be redeemed, the Company
in its sole discretion shall select the particular Securities to be redeemed
and shall notify the Trustee in writing thereof at least 45 days prior to the
relevant Redemption Date.

 

Section 4. 
Repayment.  If so specified
on the face hereof, this Security shall be repayable prior to the Stated Maturity
Date at the option of the Holder on each applicable Optional Repayment Date
shown on the face hereof at a repayment price equal to 100% of the principal
amount to be repaid, together with accrued interest, if any, to the Repayment
Date.  In order for this Security to be
repaid, the Trustee must receive, at least 30 but not more than 60 days prior
to an Optional Repayment Date, this Security with the form attached hereto
entitled “Option to Elect Repayment” duly completed.  Any tender of this Security for repayment
shall be irrevocable.  The repayment
option may be exercised by the Holder of this Security in whole or in part in
increments of $1,000 (provided that any remaining principal amount of this
Security shall not be less than the Minimum Denomination specified on the face
hereof).  Upon any partial repayment,
this Security shall be cancelled and a new Security or Securities for the
remaining principal amount hereof shall be issued in the name of the Holder of
this Security.

 

Section 5. 
Sinking Fund.  Unless
otherwise specified on the face hereof, this Security will not be subject to
any sinking fund.

 

Section 6. 
Discount Securities.  If
this Security (such a Security being referred to as a “Discount Security”)
(a) has been issued at an Issue Price lower, by more than a de  minimis
amount (as determined under United States federal income tax rules applicable
to original issue discount instruments), than the principal amount hereof and (b) would
be considered an original issue discount security for United States federal
income tax purposes, then the amount payable on this Security in the event of
redemption by the Company, repayment at the option of the Holder or
acceleration of the maturity hereof, in lieu of the principal amount due at the
Stated Maturity Date hereof, shall be the Amortized Face Amount (as defined
below) of this Security as of the date of such redemption, repayment or
acceleration.  The “Amortized Face
Amount” of 

 

2

 

this
Security shall be the amount equal to the sum of (a) the Issue Price (as
set forth on the face hereof) plus (b) the aggregate of the portions of
the original issue discount (the excess of the amounts considered as part of
the “stated redemption price at maturity” of this Security within the meaning
of Section 1273(a)(2) of the Internal Revenue Code of 1986, as
amended (the “Code”), whether denominated as principal or interest, over
the Issue Price of this Security) which shall theretofore have accrued pursuant
to Section 1272 of the Code (without regard to Section 1272(a)(7) of
the Code) from the date of issue of this Security to the date of determination,
minus (c) any amount considered as part of the “stated redemption price at
maturity” of this Security which has been paid on this Security from the date
of issue to the date of determination.

 

Section 7. 
Modification and Waivers; Obligation of the Company Absolute.  The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of
the rights and obligations of the Company and the rights of the Holders of the
Securities of each series.  Such
amendment may be effected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities affected thereby.  The Indenture also contains provisions
permitting the Holders of not less than a majority in principal amount of the
Outstanding Securities at the time, on behalf of the Holders of all Outstanding
Securities, to waive compliance by the Company with certain provisions of the
Indenture.  Provisions in the Indenture
also permit the Holders of not less than a majority in principal amount of all
Outstanding Securities of any series to waive on behalf of all of the Holders
of Securities of such series certain past defaults under the Indenture and
their consequences.  Any such consent or
waiver shall be conclusive and binding upon the Holder of this Security and
upon all future Holders of this Security and of any Security 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 Security.

 

The Securities are unsecured and rank pari  passu
with all other unsecured and unsubordinated indebtedness of the Company.

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest, if any, on this Security at the times, place and
rate, and in the Currency herein prescribed.

 

Section 8. 
Defeasance and Covenant Defeasance.  The Indenture contains provisions for
defeasance at any time of (a) the entire indebtedness of the Company on
this Security and (b) certain restrictive covenants and the related
defaults and Events of Default, upon compliance by the Company with certain
conditions set forth therein, which provisions apply to this Security, unless
otherwise specified on the face hereof.

 

Section 9. 
Minimum Denominations. 
Unless otherwise provided on the face hereof, this Security is issuable
only in registered form without coupons in denominations of $1,000 or any amount
in excess thereof which is an integral multiple of $1,000.  If this Security is denominated in a
Specified Currency other than U.S. Dollars or is a Discount Security, this
Security shall be issuable in the denominations set forth on the face hereof.

 

3

 

Section 10. 
Registration of Transfer. 
As provided in the Indenture and subject to certain limitations herein
and therein set forth, the transfer of this Security is registrable in the
Security Register upon surrender of this Security for registration of transfer
at the office or Place of Payment for the series of Securities of which this
Security forms a part, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

 

If the registered owner of this Security is the
Depository (such a Security being referred to as a “Global Security”),
and (i) the Depository is at any time unwilling or unable to continue as
depository and a successor depository is not appointed by the Company within
60 days after notice to the Company, or (ii) an Event of Default
occurs, the Company will issue Securities in certificated form in exchange for
this Global Security.  In addition, the
Company may at any time, and in its sole discretion, determine not to have
Securities represented by a Global Security and, in such event, will issue
Securities in certificated form in exchange in whole for this Global
Security.  In any such instance, an owner
of a beneficial interest in this Global Security will be entitled to physical
delivery of Securities in certificated form equal in principal amount to such
beneficial interest and to have such Securities registered in its name.  Securities so issued in certificated form
will be issued in denominations of $1,000 (or such other Minimum Denomination
specified on the face hereof by the Company) or any amount in excess thereof
which is an integral multiple of $1,000 (or such Minimum Denomination) 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 Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

 

Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Holder as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary.

 

Section 11. 
Events of Default.  If an
Event of Default with respect to the Securities of the series of which this
Security forms a part shall have occurred and be continuing, the principal of
this Security may be declared due and payable in the manner and with the effect
provided in the Indenture.

 

Section 12. 
Defined Terms.  All terms
used in this Security which are defined in the Indenture and are not otherwise defined
herein shall have the meanings assigned to them in the Indenture.

 

Section 13. 
Governing Law.  This
Security shall be governed by and construed in accordance with the law of the
State of New York.

 

4

 

OPTION TO ELECT REPAYMENT

 

The undersigned hereby irrevocably requests and
instructs the Company to repay this Security (or the portion thereof specified
below), pursuant to its terms, on the Optional Repayment Date first occurring
after the date of receipt of the within Security as specified below (the “Repayment
Date”), at a Repayment Price equal to 100% of the principal amount thereof,
together with interest thereon accrued to the Repayment Date, to the
undersigned at:

 

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 (Please Print or Type Name and Address of the
Undersigned.)

 

For this Option to Elect Repayment to be effective,
this Security with the Option to Elect Repayment duly completed must be
received at least 30 but not more than 60 days prior to the Repayment
Date (or, if such Repayment Date is not a Business Day, the next succeeding
Business Day) by the Company at its office or agency in The City of New York,
which will be located initially at the office of the Trustee at 4 New York
Plaza, New York, New York  10004.

 

If less than the entire principal amount of this
Security is to be repaid, specify the portion thereof (which shall be $1,000 or
an integral multiple thereof) which is to be repaid:  $               .

 

If less than the entire principal amount of this
Security is to be repaid, specify the denomination(s) of the Security(ies) to
be issued for the unpaid amount ($1,000 or any integral multiple of $1,000;
provided that any remaining principal amount of this Security shall not be less
than the Minimum Denomination):  $               .

 

	
  Dated:

  	
   

  	
   

  

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Note:  The signature to this Option to Elect
  Repayment 

  must correspond with the name as written upon the face of 

  this Security in every particular without alterations or 

  enlargement or any change whatsoever.

  	
   

  

 

5

 

ABBREVIATIONS

 

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

 

	
   

  	
   

  	
  TEN COM

  	
   

  	
  -

  	
   

  	
  as tenants in common

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TEN ENT

  	
   

  	
  -

  	
   

  	
  as tenants by the
  entireties

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JT TEN

  	
   

  	
  -

  	
   

  	
  as joint tenants with
  right of survivorship and not as tenants in common

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  UNIF GIFT MIN ACT -        
  Custodian

  
	
   

  	
   

  	
   

  	
  (Cust.)

  	
  (Minor)

  	
   

  
	
   

  	
   

  	
  Under Uniform Gifts to Minors Act

  
	
   

  	
   

  	
  (State)

  
	
   

  	
   

  	
   

  
										

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

 

 

FOR VALUE RECEIVED, the
undersigned

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

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

	
   

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

  
	
   

  
	
   

  
	
  the within Security of JOHN DEERE CAPITAL
  CORPORATION and all rights thereunder and does hereby irrevocably constitute 

  

and appoint ______________________________________________________________________________
Attorney to transfer the said Security on the books of the within-named
Company, with full power of substitution in the premises.

 

	
  Dated

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNATURE GUARANTEED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
						

 

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

 

6Exhibit 4.7

 

[FACE OF NOTE]

 

CUSIP NO.

 

REGISTERED

PRINCIPAL AMOUNT

No. FL -

 

JOHN DEERE CAPITAL CORPORATION

SENIOR
MEDIUM-TERM
NOTE, SERIES D

(FLOATING RATE)

 

Due from 9 Months to 30 Years from Date of
Issue

 

If the registered owner of this Security (as indicated
below) is The Depository Trust Company (the “Depository”) or a nominee
of the Depository, this Security is a Global Security and the following two
legends apply:

 

Unless this certificate is presented
by an authorized representative of The Depository Trust Company (55 Water
Street, New York, New York) to the issuer or its agent for registration of
transfer, exchange or payment, and such certificate issued is registered in the
name of CEDE & CO., or such other name as requested by an authorized
representative of the Depository, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, since the registered owner
hereof, CEDE & CO., has an interest herein.

 

Unless and until this certificate is
exchanged in whole or in part for Notes in certificated form, this certificate
may not be transferred except as a whole by the Depository to a nominee thereof
or by a nominee thereof to the Depository or another nominee of the Depository
or by the Depository or any such nominee to a successor of the Depository or a
nominee of such successor.

 

IF APPLICABLE, THE “TOTAL AMOUNT OF OID”, “YIELD
TO MATURITY” AND “INITIAL ACCRUAL PERIOD OID” (COMPUTED UNDER THE
APPROXIMATE METHOD) BELOW WILL BE COMPLETED SOLELY FOR THE PURPOSES OF APPLYING
THE UNITED STATES FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT (“OID”)
RULES.

 

 

	
  ISSUE PRICE:

  	
   

  	
  OPTIONAL INTEREST RATE:

  
	
   

  	
   

  	
  Reset: o
  Yes o No

  
	
  ORIGINAL ISSUE DATE:

  	
   

  	
   

  
	
   

  	
   

  	
  OPTIONAL INTEREST RATE:

  
	
  STATED MATURITY DATE:

  	
   

  	
  Reset Date:

  
	
   

  	
   

  	
   

  
	
  INITIAL INTEREST RATE:

  	
   

  	
  OPTION TO ELECT REPAYMENT: o
  YES o NO

  
	
   

  	
   

  	
   

  
	
  BASE RATE:

  	
   

  	
  OPTIONAL REPAYMENT DATE[S]:

  
	
  If LIBOR:

  	
  o
  LIBOR Telerate Page:

  	
   

  	
   

  
	
   

  	
  o
  LIBOR Reuters Page:

  	
   

  	
  OPTIONAL REDEMPTION: o
  YES o NO

  
	
   

  	
  o
  LIBOR Currency:

  	
   

  	
   

  
	
   

  	
   

  	
  INITIAL REDEMPTION DATE:

  
	
  If CMT Rate:

  	
  o
  CMT Telerate page: 7051

  	
   

  	
   

  
	
   

  	
  o CMT Telerate page: 7052

  	
   

  	
  INITIAL REDEMPTION PERCENTAGE:

  
	
   

  	
   

  	
  o
  Weekly Average

  	
   

  	
   

  
	
   

  	
   

  	
  o
  Monthly Average

  	
   

  	
  ANNUAL REDEMPTION PERCENTAGE REDUCTION:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  INDEX MATURITY:

  	
   

  	
  MINIMUM DENOMINATION:

  
	
   

  	
   

  	
  o
  $1,000

  
	
  SPREAD (PLUS OR MINUS):

  	
   

  	
  o
  Other:

  
	
   

  	
   

  	
   

  
	
  SPREAD MULTIPLIER:

  	
   

  	
  SPECIFIED CURRENCY:

  
	
   

  	
   

  	
  United States Dollars: o
  YES o NO

  
	
  CALCULATION AGENT:

  	
   

  	
  FOREIGN CURRENCY:

  
	
   

  	
   

  	
   

  
	
  CALCULATION DATE:

  	
   

  	
  OPTION TO RECEIVE PAYMENTS

  
	
   

  	
   

  	
  IN SPECIFIED CURRENCY

  
	
  SINKING FUND:

  	
   

  	
  OTHER THAN U.S. DOLLARS:

  
	
   

  	
   

  	
  o
  YES o NO

  
	
  MAXIMUM INTEREST RATE:

  	
   

  	
   

  
	
   

  	
   

  	
  EXCHANGE RATE AGENT:

  
	
  MINIMUM INTEREST RATE:

  	
   

  	
   

  
	
   

  	
   

  	
  REFERENCE BANKS:

  
	
  INTEREST DETERMINATION DATE:

  	
   

  	
   

  
	
   

  	
   

  	
  ADDITIONAL AMOUNTS:

  
	
  INTEREST RESET PERIOD:

  	
   

  	
   

  
	
   

  	
   

  	
  DEFEASANCE: o
  YES o NO

  
	
  INTEREST RESET DATES:

  	
   

  	
   

  
	
   

  	
   

  	
  COVENANT DEFEASANCE: o
  YES o NO

  
	
  INTEREST PAYMENT PERIOD:

  	
   

  	
   

  
	
   

  	
   

  	
  OTHER/DIFFERENT PROVISIONS:

  
	
  INTEREST PAYMENT DATES:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  TOTAL AMOUNT OF OID:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  INITIAL ACCRUAL PERIOD OID:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  YIELD TO MATURITY:

  	
   

  	
   

  

 

2

 

JOHN DEERE CAPITAL CORPORATION, a Delaware corporation
(herein referred to as the “Company”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to                                    ,
or registered assigns, the principal sum of                     
in the Specified Currency on the Stated Maturity Date shown above (except to
the extent redeemed or repaid prior to the Stated Maturity Date) and to pay
interest thereon at the Initial Interest Rate shown above from the Original
Issue Date shown above until the first Interest Reset Date shown above
following the Original Issue Date (if the first Interest Reset Date is later
than the Original Issue Date) and thereafter at the interest rate determined by
reference to the Base Rate shown above, plus or minus the Spread, if any, or
multiplied by the Spread Multiplier, if any, shown above, or determined by
reference to such other formula or adjusted in such other manner, in each case
calculated in accordance with the provisions on the reverse hereof, until the
principal hereof is paid or duly made available for payment.  The Company will pay interest on each
Interest Payment Date, if any, specified above, commencing with the first
Interest Payment Date next succeeding the Original Issue Date, and on the
Stated Maturity Date, any Redemption Date or Repayment Date (such terms
together are hereinafter referred to as the “Maturity Date” with respect
to the principal repayable on such date); provided, however, that
any payment of principal (or premium, if any) or interest, if any, to be made
on any Interest Payment Date or on the Maturity Date that is not a Business Day
(as defined below) shall be made on the next succeeding Business Day (except
that if the Base Rate specified above is LIBOR, and such day falls in the next
succeeding calendar month, such payment will be made on the next preceding
Business Day) as described on the reverse hereof.  For purposes of this Security unless
otherwise specified on the face hereof, “Business Day” means any day,
other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which commercial banks are authorized or required by law, regulation or
executive order to close in The City of New York; provided, however,
that, if this Security is denominated or payable in a Specified Currency, such
day is also not a day on which commercial banks are authorized or required by
law, regulation or executive order to close in the Principal Financial Center
(as defined below) of the country issuing the Specified Currency or, if the
Specified Currency is the euro, such day is also a day on which the
Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET)
System is open; provided  further that, if the Base Rate specified
above is LIBOR, such day is also a London Business Day.  “London Business Day” means a day on
which commercial banks are open for business (including dealings in the LIBOR
Currency) in London.  “Principal
Financial Center” means (i) the capital city of the country issuing
the Specified Currency or (ii)  the capital city of the country to which
the LIBOR Currency specified above relates, as applicable, except, in the case
of (i)  or (ii) above, that with respect to U.S. dollars, Australian
dollars, Canadian dollars, New Zealand dollars, South African rand and Swiss
francs, the “Principal Financial Center” shall be The City of New York,
Sydney, Toronto, Auckland, Johannesburg and Zurich, respectively, and in the
event the LIBOR Currency is euro, the “Principal Financial Center” shall
be London.

 

Any interest hereon is accrued from, and including,
the next preceding Interest Payment Date in respect of which interest, if any,
has been paid or duly provided for (or from and including the Original Issue
Date if no interest has been paid or duly provided for) to, but excluding, the
succeeding Interest Payment Date or the Maturity Date, as the case may be (each
an “Interest  Period”). The interest, if any, so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture (referred to on the reverse hereof), be paid to the
person (the “Holder”) in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the fifteenth
day (whether or not a Business Day) next

 

3

 

preceding such Interest Payment Date (unless other
Regular Record Dates are specified on the face hereof) (each a “Regular
Record Date”); provided, however, that, if this Security was
issued between a Regular Record Date and the initial Interest Payment Date
relating to such Regular Record Date, interest, if any, for the period
beginning on the Original Issue Date and ending on such initial Interest
Payment Date shall be paid on the Interest Payment Date following the next
succeeding Regular Record Date to the Holder hereof on such Regular Record
Date; and provided  further that interest, if any, payable on the
Maturity Date will be payable to the person to whom the principal hereof shall
be payable.  Any such interest not so
punctually paid or duly provided for any Interest Payment Date other than the
Maturity Date (“Defaulted Interest”) will forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a special record date (the “Special
Record Date”) for the payment of such Defaulted Interest to be fixed by the
Trustee (referred to on the reverse hereof), notice whereof shall be given to
the Holder of this Security not less than ten days prior to such Special Record
Date, or may be paid at any time in any other lawful manner, all as more fully
provided in the Indenture.

 

Unless otherwise specified above, all payments in
respect of this Security will be made in U.S. dollars regardless of the
Specified Currency shown above unless the Holder hereof makes the election
described below.  If the Specified
Currency shown above is other than U.S. dollars, the Exchange Rate Agent
(referred to on the reverse hereof) will arrange to convert all payments in
respect hereof into U.S. dollars in the manner described on the reverse hereof;
provided, however, that the Holder hereof may, if so indicated
above, elect to receive all or a specified portion of any payment of principal,
premium, if any, and/or interest in such Specified Currency by delivery of a
written request to the corporate trust office of the Trustee in The City of New
York on or prior to the applicable Regular Record Date or at least fifteen
calendar days prior to the Maturity Date, as the case may be.  Such request may be in writing (mailed or
hand delivered) or by cable, telex or other form of facsimile transmission.  The Holder hereof may elect to receive
payment in such Specified Currency for all principal, premium, if any, and
interest, if any, payments and need not file a separate election for each
payment.  Such election will remain in
effect until revoked by written notice to the Trustee, but written notice of
any such revocation must be received by the Trustee on or prior to the
applicable Regular Record Date or at least fifteen calendar days prior to the
Maturity Date, as the case may be.

 

Notwithstanding the foregoing, if the Specified
Currency is other than U.S. dollars and the Company determines that such
Specified Currency is not available for making payments in respect hereof due
to the imposition of exchange controls or other circumstances beyond the Company’s
control, the Company will be entitled to satisfy its obligations to the Holder
hereof by making such payment in U.S. dollars on the basis of the noon buying
rate in The City of New York for cable transfers of such Specified Currency as
certified for customs purposes (or, if not so certified as otherwise
determined) by the Federal Reserve Bank of New York (the “Market Exchange
Rate”) as computed by the Exchange Rate Agent on the second Business Day
prior to such payment or, if not then available, on the basis of the most
recently available Market Exchange Rate or as otherwise indicated on the face
hereof.  Any payment made in U.S. dollars
under such circumstances shall not constitute an Event of Default (as defined
in the Indenture).

 

In the event of an official redenomination of the
Specified Currency, the obligations of the Company with respect to payments on
this Security shall, in all cases, be deemed,

 

4

 

immediately following such redenomination, to provide
for payment of that amount of redenominated currency representing the amount of
such obligations immediately before such redenomination.  Except as set forth above, in no event shall
any adjustment be made to any amount payable hereunder as a result of any
change in the value of the Specified Currency shown above relative to any other
currency due solely to fluctuations in exchange rates.

 

Until this Security is paid in full or payment
therefor in full is duly provided for, the Company will at all times maintain a
Paying Agent (which Paying Agent may be the Trustee) in The City of New York
(which, unless otherwise specified above, shall be the “Place of Payment”).  The Company has initially appointed JPMorgan
Chase Bank, N.A., at its corporate trust office in The City of New York as
Paying Agent.

 

If the Specified Currency shown above is U.S. dollars
or the Specified Currency shown above is a Foreign Currency, and the Holder has
not elected to exercise its option, if any, to receive payments in such
Specified Currency, (i) payment of interest on this Security (other than
on the Maturity Date) will be made in U.S. dollars by check mailed to the
registered address of the Holder hereof, or at the Company’s option, by wire
transfer to a bank account maintained by the Holder and (ii) the principal
of this Security, premium, if any, together with the interest accrued and
unpaid thereon, due at the Maturity Date shall be paid in U.S. dollars in
immediately available funds upon surrender of this Security at the corporate
trust office of the Trustee in The City of New York, or, at the Company’s
option, by wire transfer to such bank account of immediately available funds in
U.S. dollars to an account with a bank designated at least fifteen calendar
days prior to the Maturity Date by the Holder hereof, provided such bank
has appropriate facilities to make such payments and this Security is presented
and surrendered at the office or agency designated by the Company for such
purpose in the Borough of Manhattan, The City of New York, in time for the
Trustee to make such payments in such funds in accordance with its normal
procedures.  If the Specified Currency
shown above is a Foreign Currency and the Holder is entitled to elect, and has
elected, to receive payments in such Specified Currency, (i) interest due
on an Interest Payment Date other than the Maturity Date will be paid by check
in the Specified Currency mailed to the registered address of the Holder hereof
or, at the Company’s option, by wire transfer in the Specified Currency to a
bank account maintained by the Holder in the country of the Specified Currency
and (ii) the principal of, premium, if any, and interest on this Security
due on the Maturity Date will be paid in the Specified Currency in immediately
available funds upon surrender of this Security at the corporate trust office
of the Trustee in The City of New York, or, at our option, by wire transfer to
such bank account of immediately available funds in the Specified Currency to
an account with a bank designated at least 15 calendar days prior to the
Maturity Date by the Holder, provided, in the case of (ii), the
particular bank has appropriate facilities to make these payments and this
Security is presented and surrendered at the office or agency maintained by the
Company for this purpose in the Borough of Manhattan, The City of New York, in
time for the Trustee to make these payments in accordance with its normal
procedures.  The Company will pay any
administrative costs imposed by banks in making payments in immediately
available funds but, except as otherwise provided under Additional Amounts
above, any tax, assessment or governmental charge imposed upon payments will be
borne by the Holders of the Securities in respect of which such payments are made.

 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS

 

5

 

SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET
FORTH AT THIS PLACE.

 

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

 

6

 

IN WITNESS WHEREOF, the Company has caused this
Floating Rate Medium-Term Note, Series D, Due from 9 Months to 30 Years
from Date of Issue to be duly executed under its facsimile corporate seal.

 

 

	
   

  	
  JOHN DEERE CAPITAL
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Secretary

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
  TRUSTEE’S CERTIFICATE OF

  AUTHENTICATION

  
	
   

  	
  This is one of the Securities of the series
  designated

  therein referred to in the within-mentioned Indenture

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK,
  N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  	
   

  
					

 

7

 

[REVERSE OF NOTE]

 

JOHN DEERE CAPITAL CORPORATION

SENIOR
MEDIUM-TERM
NOTE, SERIES D

 

Section 1. 
General.  This Security is
one of a duly authorized issue of securities (herein called the “Securities”)
of the Company, issued and to be issued in one or more series under an
indenture, dated as of March 15, 1997, as it may be supplemented from time
to time (herein called the “Indenture”), between the Company and
JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), Trustee (herein
called the “Trustee”, which term includes any successor trustee under
the Indenture with respect to a series of which this Security is a part), to
which Indenture and all indentures supplemental thereto, reference is hereby
made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered.  This
Security is one of the series designated on the face hereof which is unlimited
in aggregate principal amount.

 

Section 2. 
Payments.  If the Specified
Currency is other than U.S. dollars and the Holder hereof fails to elect
payment in such Specified Currency, the amount of U.S. dollar payments to be
made in respect hereof will be determined by the Exchange Rate Agent specified
on the face hereof or a successor thereto (the “Exchange Rate Agent”)
based on the highest bid quotation in The City of New York at approximately
11:00 A.M., New York City time, on the second Business Day preceding the
applicable payment date from three recognized foreign exchange dealers (one of
whom may be the Exchange Rate Agent) selected by the Exchange Rate Agent and
approved by the Company for the purchase by the quoting dealer of the Specified
Currency for U.S. dollars for settlement on such payment date in the aggregate
amount of the Specified Currency payable to all Holders of Securities
denominated in a Foreign Currency scheduled to receive U.S. dollar payments and
at which the applicable dealer commits to execute a contract.  If three such bid quotations are not
available, payments will be made in the Specified Currency. All currency
exchange costs will be borne by the Holder of the Security by deductions from
such payments.

 

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

 

All currency exchange costs will be borne by the
Company unless the Holder of this Security has made the election to receive
payments in the Specified Currency.  In
that case, the Holder shall bear its pro rata portion of currency exchange
costs, if any, by deductions from payments otherwise due to such Holder.

 

References herein to “U.S. dollars” or “U.S.
$” or “$” are to the currency of the United States of America.

 

 

Section 3. 
Interest Rate Calculations. 
Unless otherwise set forth on the face hereof, the following provisions
of this Section 3 shall apply to the calculation of interest on this
Security.  If the first Interest Reset
Date is later than the Original Issue Date, this Security will bear interest
from its Original Issue Date to the first Interest Reset Date at the Initial
Interest Rate set forth on the face hereof. 
Thereafter, the interest rate hereon for each Interest Reset Period (as
defined below) will be determined by reference to the Base Rate set forth on
the face hereof, as adjusted by the Spread, the Spread Multiplier or other
formula, if any, set forth on the face hereof.

 

As set forth on the face hereof, this Security may
also have either or both of the following: 
(i) a maximum limitation, or ceiling, on the rate at which interest
may accrue during any Interest Period (as defined below) (“Maximum Interest
Rate”); and (ii) a minimum limitation, or floor, on the rate at which
interest may accrue during any Interest Period (“Minimum Interest Rate”).  In addition to any Maximum Interest Rate that
may be set forth on the face hereof, the interest rate on this Security will in
no event be higher than the maximum rate permitted by New York law, as the same
may be modified by United States law of general application.

 

The rate of interest hereon will be reset daily,
weekly, monthly, quarterly, semi-annually or annually or at another interval
(each, an “Interest Reset Period”), as set forth on the face
hereof.  The date or dates on which
interest will be reset (each, an “Interest Reset Date”) will be, if this
Security resets (i) daily, each Business Day; (ii) weekly, the
Wednesday of each week (unless the Base Rate set forth on the face hereof is
the Treasury Rate); (iii) weekly and if the Base Rate set forth on the
face hereof is the Treasury Rate, the Tuesday of each week (except as provided
below); (iv) monthly, the third Wednesday of each month; (v) quarterly,
the third Wednesday of March, June, September and December of each
year; (vi) semi-annually, the third Wednesday of the two months set forth
on the face hereof; and (vii) annually, the third Wednesday of the month
set forth on the face hereof.  If the Base Rate set forth on the face hereof
is the Treasury Rate and a Treasury auction shall fall on the Interest Reset
Date for this Security, then such Interest Reset Date shall instead be the
first Business Day immediately following such Treasury auction.  If any Interest Reset Date would otherwise be
a day that is not a Business Day, such Interest Reset Date shall be postponed
to the next succeeding Business Day, except that, if the Base Rate set forth on
the face hereof is LIBOR, if such Business Day is in the next succeeding
calendar month, such Interest Reset Date shall be the immediately preceding
Business Day.

 

The face hereof describes the initial interest rate
formula on each Note.  That rate is
effective until the following Interest Reset Date.  Thereafter, the interest rate will be the
rate determined on each Interest Determination Date.  Each time a new interest rate is determined,
it becomes effective on the subsequent Interest Reset Date.  If any Interest Reset Date is not a Business
Day, then the Interest Reset Date is postponed to the next Business Day,
except, in the case of a LIBOR Note, in which case, if the next Business Day is
in the next calendar month, the Interest Reset Date is the immediately
preceding Business Day.

 

The interest payable hereon on each Interest Payment
Date and on the Maturity Date shall be the amount of interest accrued from and
including the Original Issue Date or the last Interest Payment Date to which
interest has been paid or duly provided for, as the case may

 

2

 

be, to, but excluding, the applicable Interest Payment
Date or the Maturity Date (each such period, an “Interest Period”).  If the Maturity Date falls on a day which is
not a Business Day, the payment of principal, premium, if any, and interest
with respect to the Maturity Date will be paid on the next succeeding Business
Day with the same force and effect as if made on the Maturity Date, and no
interest shall accrue on the amount so payable as a result of such delayed
payment.  If an Interest Payment Date
other than the Maturity Date falls on a day that is not a Business Day, such
Interest Payment Date will be postponed to the next day that is a Business Day
and interest will accrue for the period of such postponement (except if the
Base Rate specified above is LIBOR, and such day falls in the next succeeding
calendar month, such Interest Payment Date will be advanced to the immediately
preceding Business Day), it being understood that, to the extent this sentence
is inconsistent with Section 112 of the Indenture, the provisions of this
sentence shall apply in lieu of such Section.

 

Accrued interest will be calculated by multiplying the
principal amount hereof by an accrued interest factor.  Such accrued interest factor will be computed
by adding the interest factor calculated for each day in the Interest Period
for which accrued interest is being calculated. 
The interest factor for each such day is computed by dividing the
interest rate applicable on such day by 360, if the Base Rate set forth on the
face hereof is the CD Rate, Commercial Paper Rate, Federal Funds Rate, Prime
Rate or LIBOR (as described below), or by the actual number of days in the
year, if the Base Rate set forth on the face hereof is the Treasury Rate or the
CMT Rate (as described below).  The
interest rate applicable to any day that is an Interest Reset Date is the
interest rate as determined, in accordance with the procedures hereinafter set
forth, with respect to the Interest Determination Date (as defined below)
pertaining to such Interest Reset Date. 
The interest rate applicable to any other day is the interest rate for
the immediately preceding Interest Reset Date (or if none, the Initial Interest
Rate, as set forth on the face hereof).

 

All percentages resulting from any calculation with
respect hereto will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point, with five one-millionths of a
percentage point rounded upward (e.g., 7.123455% (or 0.07123455) being
rounded to 7.12346% (or 0.0712346) and 7.123454% (or 0.07123454) being rounded
to 7.12345% (or 0.0712345)), and all currency amounts used in or resulting from
such calculation will be rounded to the nearest one-hundredth of a unit (with
five one-thousandths of a unit being rounded upwards).

 

Interest will be payable on, if this Security resets (i) daily,
weekly or monthly, the third Wednesday of each month; (ii) quarterly, the
third Wednesday of March, June, September and December of each year; (iii) semi-annually,
the third Wednesday of the two months set forth on the face hereof; and (iv) annually,
the third Wednesday of the month set forth on the face hereof (each, an “Interest
Payment Date”), and in each case, on the Maturity Date.

 

If the
Base Rate set forth on the face hereof is the CD Rate or the CMT Rate, the
Interest Determination Date will be the second Business Day before such
Interest Reset Date; if the Base Rate set forth on the face hereof is LIBOR,
the Interest Determination Date will be the second London Business Day
immediately preceding such Interest Reset Date (unless the LIBOR Currency is
Sterling, in which case the Interest Determination Date will be the Interest
Reset Date); and if the Base Rate set forth on the face hereof is the Treasury
Rate, the Interest

 

3

 

Determination Date will
be the day of the week in which such Interest Reset Date falls on which
Treasury bills of the Index Maturity (as defined below) would normally be auctioned.  Treasury bills are usually sold at auction on
Monday of each week, unless that day is a legal holiday, in which case the
auction is usually held on the following Tuesday, except that such auction may
be held on the preceding Friday.  If an
auction is held on the preceding Friday, such Friday will be the Interest
Determination Date pertaining to the Interest Reset Date occurring in the next
succeeding week. If the Base Rate set forth on the face hereof is the Eleventh
District Cost of Funds Rate, the Interest Determination Date is the last
Business Day of the month immediately preceding the applicable Interest Reset
Date in which the Federal Home Loan Bank of San Francisco published the
applicable rate.

 

If the Base Rate set forth on the face hereof is the
Commercial Paper Rate, Federal Funds Rate or the Prime Rate, the Interest
Determination Date will be the first Business Day preceding such Interest Reset
Date.

 

If the interest rate of this Security is determined by
reference to two or more Interest Rate Bases specified on the face hereof, the
Interest Determination Date will be the most recent Business Day which is at
least two Business Days prior to the applicable Interest Reset Date on which
each Interest Reset Basis is determinable.

 

Unless otherwise set forth on the face hereof, the “Calculation
Date”, where applicable, pertaining to an Interest Determination Date is
the earlier of (i) the tenth calendar day after such Interest
Determination Date, or if any such day is not a Business Day, the next
succeeding Business Day and (ii) the Business Day immediately preceding
the applicable Interest Payment Date or the Maturity Date, as the case may be.

 

The Company will appoint and enter into an agreement
with an agent (a “Calculation Agent”) to calculate the rate of interest
on the Securities of this series which bear interest at a floating rate.  Unless otherwise set forth on the face
hereof, the paying agent will be the Calculation Agent.  At the request of the Holder hereof, the
Calculation Agent will provide the interest rate then in effect and, if
different, the interest rate that will become effective on the next Interest
Reset Date.

 

Subject to applicable provisions of law and except as
specified herein, with respect to each Interest Determination Date, the rate of
interest shall be the rate determined by the Calculation Agent in accordance
with the provisions of the applicable heading below.

 

Determination of CD Rate.  If the Base Rate set forth on the face hereof
is the CD Rate, this Security will bear interest for each Interest Reset Period
at the interest rate calculated with reference to the CD Rate and the Spread,
Spread Multiplier or other formula, if any, set forth on the face hereof.  Unless otherwise set forth on the face
hereof, the “CD Rate” means, with respect to any Interest Determination
Date pertaining thereto, the rate on such date for negotiable U.S. dollar
certificates of deposit having the Index Maturity set forth on the face hereof
as published in H.15(519) (as defined below) under the caption “CDs
(secondary market)” or, if not yet published by 3:00 P.M., New York
City time, on the Calculation Date pertaining to such Interest Determination
Date, the CD Rate will be the rate on such Interest Determination Date for
negotiable U.S. dollar certificates of deposit having the Index Maturity set
forth on the

 

4

 

face hereof as published in H.15 Daily Update (as
defined below), or such other recognized electronic source used for the purpose
of displaying such rate, under the caption “CDs (secondary market)”.  If by 3:00 P.M., New York City
time, on the Calculation Date pertaining to such Interest Determination Date
such rate is not yet published in either H.15(519) or in H.15 Daily Update or
another recognized electronic source, the CD Rate on such Interest
Determination Date will be calculated by the Calculation Agent as the average
of the secondary market offered rates as of 10:00 A.M., New York City
time, on such Interest Determination Date, of three leading non-bank dealers in
negotiable U.S. dollar certificates of deposit in The City of New York selected
by the Calculation Agent for negotiable U.S. dollar certificates of deposit of
major United States money center banks with a remaining maturity closest to the
Index Maturity set forth on the face hereof in an amount that is representative
for a single transaction in such market at such time provided, however,
that, if the dealers selected as aforesaid by the Calculation Agent are not
quoting as mentioned in this sentence, the interest rate for the period
commencing on the Interest Reset Date following such Interest Determination
Date will be the interest rate in effect on such Interest Determination Date.

 

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

 

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

 

Determination of Commercial Paper Rate.  If the Base Rate set forth on the face hereof
is the Commercial Paper Rate, this Security will bear interest for each
Interest Reset Period at the interest rate calculated with reference to the
Commercial Paper Rate and the Spread, Spread Multiplier or other formula , if
any, set forth on the face hereof. 
Unless otherwise set forth on the face hereof, the “Commercial Paper
Rate” means, with respect to any Interest Determination Date pertaining
thereto, the Money Market Yield (as defined below) of the rate on such date for
commercial paper having the Index Maturity set forth on the face hereof, as
such rate shall be published in H.15(519) under the caption “Commercial
Paper — Nonfinancial” or, if not yet published by 3:00 P.M., New York
City time, on the Calculation Date pertaining to such Interest Determination
Date, the Commercial Paper Rate shall be the Money Market Yield of the rate on
such Interest Determination Date for commercial paper having the Index Maturity
as published in H.15 Daily Update or such other recognized electronic source
used for the purpose of displaying such rate, under the caption “Commercial
Paper — Nonfinancial”.  If by 3:00 P.M.,
New York City time, on the Calculation Date pertaining to such Interest
Determination Date such rate is not yet published in either H.15(519) or in
H.15 Daily Update or another recognized electronic source, the Commercial Paper
Rate on such Interest Determination Date shall be calculated by the Calculation
Agent as the Money Market Yield of the average of the offered rates as of 11:00 A.M.,
New York City time, on such Interest Determination Date of three leading
dealers of U.S. dollar commercial paper in The City of New York selected by the
Calculation Agent for commercial paper having the Index Maturity placed for
industrial issuers whose bond rating is “Aa”, or the equivalent, from a
nationally recognized statistical rating organization; provided, however,
that, if fewer than three dealers selected by the Calculation Agent are quoting
as mentioned in this sentence, the interest rate for the period

 

5

 

commencing on the Interest Reset Date following such
Interest Determination Date will be the interest rate in effect on such
Interest Determination Date.

 

“Money Market Yield” shall be a yield
(expressed as a percentage) calculated in accordance with the following
formula:

 

	
  Money Market
  Yield

  	
  =

  	
  D x 360

  	
   

  	
  x       100

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  360 - (D
  x M)

  	
   

  	
   

  	
   

  	
   

  

 

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

 

Determination of Federal Funds Rate.  If the Base Rate set forth on the face hereof
is the Federal Funds Rate, this Security will bear interest for each Interest
Reset Period at the interest rate calculated with reference to the Federal
Funds Rate and the Spread, Spread Multiplier or other formula, if any, set
forth on the face hereof.  Unless otherwise
set forth on the face hereof, the “Federal Funds Rate” means, with
respect to any Interest Determination Date pertaining thereto, the rate as of
such date for U.S. dollar Federal Funds as published in H.15(519) under the
caption “Federal Funds (Effective)” and displayed on Telerate (as defined below) on page 120
(or any other page as may replace such page on such service) (“Telerate
Page 120”) or, if not yet published by 3:00 P.M., New York
City time, on the Calculation Date pertaining to such Interest Determination
Date, the Federal Funds Rate will be the rate as of such Interest Determination
Date, for U.S. dollar federal funds as published in H.15 Daily Update, or such other recognized electronic
source used for the purpose of displaying such rate, under the caption “Federal
Funds (Effective)”.  If, by 3:00 P.M.,
New York City time, on the Calculation Date pertaining to such Interest
Determination Date such rate does not appear on Telerate Page 120 or is
not yet published or displayed in either H.15(519) or H.15 Daily Update or
another recognized electronic source, the Federal Funds Rate for such Interest
Determination Date will be calculated by the Calculation Agent and will be the
average of the rates for the last transaction in overnight U.S. Dollar Federal
Funds arranged by three leading brokers of U.S. Dollar Federal Funds
transactions in The City of New York as of 9:00 A.M., New York City
time, on the Business Day following such Interest Determination Date and such
brokers will be selected by the Calculation Agent, provided, however,
that, if fewer than three brokers selected by the Calculation Agent are quoting
as mentioned in this sentence, the interest rate for the period commencing on
the Interest Reset Date following such Interest Determination Date will remain
the interest rate in effect on such Interest Determination Date.

 

Determination of LIBOR.  If the Base Rate set forth on the face hereof
is LIBOR, this Security will bear interest for each Interest Reset Period at
the interest rate calculated with reference to LIBOR and the Spread, Spread
Multiplier or other formula, if any, set forth on the face hereof.  Unless otherwise set forth on the face
hereof, “LIBOR” means the rate determined by the Calculation Agent in
accordance with the following provisions:

 

(i)                                     If
LIBOR-Reuters is specified on the face hereof, LIBOR will be the average of the
offered rates calculated by the Calculation Agent, or the offered rate, if the
Designated LIBOR Page by its terms provides only for a single rate, for
deposits in the

 

6

 

LIBOR Currency having the Index Maturity set forth on the face hereof,
on the applicable Interest Reset Date, as such rates appear (or, if only a
single rate is required as aforesaid, appears) on the Designated LIBOR Page as
of 11:00 A.M., London time, on that Interest Determination Date, if at
least two such offered rates appear on the Designated LIBOR Page.

 

(ii)                                  If
LIBOR-Telerate is specified on the face hereof, or if neither “LIBOR-Reuters”
nor “LIBOR-Telerate” is specified on the face hereof, LIBOR will be the rate
for deposits in the LIBOR Currency having the Index Maturity designated on the
face hereof, commencing on the applicable Interest Reset Date, as such rate
appears on the Designated LIBOR Page as of 11:00 A.M., London time,
on that Interest Determination Date.  If
fewer than two such offered rates so appear, or if no such rate so appears, as
applicable, LIBOR on that Interest Determination Date shall be determined in
accordance with the provisions described in clause (iii) below.

 

(iii)                               With
respect to an Interest Determination Date on which fewer than two offered rates
appear or if no rate appears on the applicable Designated LIBOR Page as
specified in clause (i) or (ii) above, the Calculation Agent will
determine LIBOR as follows:  on the basis
of the offered rates at which deposits in the LIBOR Currency having the Index
Maturity specified on the face hereof on the Interest Determination Date and in
a principal amount that is representative of a single transaction in that
market at that time are offered by four major reference banks in the London
interbank market commencing on the applicable Interest Reset Date to prime
banks in the London interbank market at approximately 11:00 A.M., London
time, on the Interest Determination Date and in a principal amount that is
representative for a single transaction in the LIBOR Currency in such market at
such time.  The Calculation Agent will
select the four banks and request the principal London offices of each of those
banks to provide a quotation of its rate for deposits in the LIBOR
Currency.  If at least two quotations are
provided, LIBOR for that Interest Determination Date will be the average of
those quotations.  If fewer than two
quotations are provided as mentioned above, LIBOR will be the rate calculated
by the Calculation Agent as the average of the rates quoted by three major
banks in the Principal Financial Center at approximately 11:00 A.M. in
such Principal Financial Center, on such Interest Determination Date for, loans
to leading European banks in the LIBOR Currency having the Index Maturity
designated on the face hereof and in a principal amount that is representative
for a single transaction in the LIBOR Currency in that market at that
time.  The Calculation Agent will select
the three banks referred to above; provided, however, that, if
fewer than three banks selected by the calculation agent are quoting as
mentioned above, LIBOR will remain LIBOR then in effect on the Interest
Determination Date.

 

“LIBOR Currency”
means the currency specified on the face hereof as to which LIBOR shall be
calculated or, if no such currency is specified on the face hereof, United
States dollars.

 

“Designated LIBOR Page”
means:  if “LIBOR-Reuters” is specified
on the face hereof, the display on the Reuter Monitor Money Rates Service (or
any successor service) on the page specified on the face hereof (or any
other page as may replace such page on such service) for the purpose
of displaying the London interbank rates of major banks for the LIBOR Currency;
or if

 

7

 

“LIBOR Telerate” is specified on the face hereof or
neither “LIBOR-Reuters” nor “LIBOR Telerate” is specified on the face hereof as
the method of calculating LIBOR, the display on Moneyline Telerate (or any
successor service, “Telerate”) on the page specified on the face
hereof (or any other page as may replace such page on such service)
for the purpose of displaying the London interbank rates of major banks for the
LIBOR Currency.

 

Determination of Prime
Rate.  If the Base Rate
set forth on the face hereof is the Prime Rate, this Security will bear
interest for each Interest Reset Period at the interest rate calculated with
reference to the Prime Rate and the Spread, Spread Multiplier or other formula,
if any, set forth on the face hereof. 
Unless otherwise set forth on the face hereof, the “Prime Rate”
means, with respect to any Interest Determination Date pertaining thereto, the
rate on such date as published in H.15(519) by 3:00 P.M., New York City
time, under the caption “Bank Prime Loan”  or,
if not published by 3:00 P.M., New York City time, on the related
Calculation Date, the rate on such Interest Determination Date as published in
H.15 Daily Update, or such other recognized electronic source used for the
purpose of displaying such rate, under the caption “Bank Prime Loan” or if the
rate is not published in H.15(519), H.15 Daily Update or another recognized
electronic source by 3:00 P.M., New York City time, on the Calculation
Date, then the Calculation Agent will determine the Prime Rate to be the
average of the rates of interest publicly announced by each bank that appears
on the Reuters Monitor Money Rates Service screen designated as “US PRIME 1
Page” (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, for that Interest
Determination Date, or, if fewer than four rates appear on the Reuters Screen
US PRIME 1 Page on the Interest Determination Date, then the Prime Rate
will be the average of the prime rates or base lending rates quoted (on the
basis of the actual number of days in the year divided by a 360-day year) as of
the close of business on the Interest Determination Date by three major banks
in the City of New York selected by the calculation agent; provided, however,
that if the banks selected by the calculation agent are not quoting as
mentioned above, the Prime Rate will remain the Prime Rate then in effect on
the Interest Determination Date.

 

“Reuters Screen US PRIME 1 Page” means the display
on the Reuter Monitor Money Rates Service (or any successor service) on the “US
PRIME 1” page (or any other page as may replace the US PRIME 1 page on
such service) for the purpose of displaying prime rates or base lending rates
of major United States banks.

 

Determination of Treasury
Rate.  If the Base Rate
set forth on the face hereof is the Treasury Rate, this Security will bear
interest for each Interest Reset Period at the interest rate calculated with
reference to the Treasury Rate and the Spread, Spread Multiplier or other
formula, if any, set forth on the face hereof. 
Unless otherwise set forth on the face hereof, the “Treasury Rate”
means, with respect to any Interest Determination Date pertaining thereto, the
rate set at the
auction of direct obligations of the United States (“Treasury Bills”)
having the Index Maturity set forth on the face hereof, under the caption “INVESTMENT
RATE” on the display on Telerate (or any successor service) on page 56 (or
any other page as may replace such page on such service) (“Telerate
Page 56”) or page 57 (or any other page as may replace such page on
such service) (“Telerate Page 57”) by 3:00 P.M., New York City
time, on the Calculation Date for that Interest Determination Date, or, if the
rate is not so published by 3:00 P.M., New York City time, on the
Calculation Date, the Treasury Rate will be the Bond Equivalent Yield (as
defined below) of the rate for the applicable Treasury Bills as published in

 

8

 

H.15 Daily
Update, or such other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption:  “U.S. Government Securities/Treasury Bills/Auction
High,” or, if such rate is not so published in the H.15 Daily Update by 3:00 P.M.,
New York City time, on the Calculation Date, the Treasury Rate will be the Bond
Equivalent Yield of the auction rate of the applicable Treasury Bills announced
by the United States Department of the Treasury, or, if the rate is not yet
published or announced by the United States Department of the Treasury by 3:00 P.M.,
New York City time, or if the auction is not held, then the Treasury Rate will
be the Bond Equivalent Yield of the rate on the applicable Interest
Determination Date of Treasury Bills having the Index Maturity specified on the
face hereof published in H.15(519) under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market,” or, if such rate is not published
in H.15(519) by 3:00 P.M., New York City time, on the related Calculation
Date, then the Treasury Rate will be the rate on the applicable Interest
Determination Date of the applicable Treasury Bills as published in H.15 Daily
Update, or such other recognized electronic sources used for the purpose of
displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market,” or, if such rate is not so
published in H.15(519), H.15 Daily Update or another recognized electronic
source by 3:00 P.M., New York City time, on the related Calculation Date,
then the Calculation Agent will determine the Treasury Rate to be the Bond
Equivalent Yield of the average of the secondary market bid rates, as of
approximately 3:30 P.M., New York City time, on the applicable Interest
Determination Date, of three primary United States government securities
dealers selected by the Calculation Agent, for the issue of Treasury Bills with
a remaining maturity closest to the Index Maturity specified on the face
hereof; provided, however, that if fewer then three dealers
selected by the Calculation Agent are quoting as mentioned above, the Treasury
Rate will remain the Treasury Rate in effect on that Interest Determination
Date.

 

“Bond
Equivalent Yield” means a yield calculated in accordance with the following
formula and expressed as a percentage:

 

	
  Bond Equivalent Yield

  	
  =

  	
  D x N

  	
   

  	
  x           100

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  360 - (D
  x M)

  	
   

  	
   

  	
   

  	
   

  

 

where “D” refers to the applicable per annum rate for
Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N”
refers to 365 or 366, as the case may be, and “M” refers to the actual number
of days in the interest reset period for which interest is being calculated.

 

Determination of CMT Rate.  If the Base Rate set forth on the face hereof
is the CMT Rate, this Security will bear interest for each Interest Reset
Period at the Interest Rate calculated with reference to the CMT Rate and the
Spread, Spread Multiplier, or other formula, if any, set forth on the face
hereof.  Unless otherwise set forth on
the face hereof, the “CMT Rate” means,

 

(1)                                  if CMT Telerate Page 7051
is specified on the face hereof:

 

the
percentage equal to the yield for United States Treasury securities at “constant
maturity,” having the Index Maturity specified on the face hereof as published
in H.15(519) under the caption “Treasury Constant Maturities,” as such yield is
displayed on Telerate (or any successor

 

9

 

service),
on page 7051 (or any other page as may replace page 7051 on that
service) (“Telerate Page 7051”), for the applicable Interest
Determination Date, or, if the above rate does not appear on Telerate Page 7051,
the percentage equal to the yield for United States Treasury securities at “constant
maturity,” having the Index Maturity specified on the face hereof and for the
applicable Interest Determination Date as published in H.15(519) under the
caption “Treasury Constant Maturities,” or, if the above rate does not appear
on Telerate Page 7051 or is not yet published in H.15(519), the rate on
the applicable Interest Determination Date for the period of the Index Maturity
specified on the face hereof as may then be published by either the Federal
Reserve System Board of Governors or the United States Department of the
Treasury that the Calculation Agent determines to be comparable to the rate
which would otherwise have been published in H.15(519), or, if that rate is not
published, then the CMT Rate will be calculated by the Calculation Agent as a
yield to maturity based on the average of the secondary market bid prices at
approximately 3:30 P.M., New York City time, on the applicable Interest
Determination Date of three leading primary United States government securities
dealers in The City of New York (each, a “reference dealer”), selected by the
Calculation Agent from five such reference dealers and eliminating the highest
quotation, or in the event of equality, one of the highest, and the lowest
quotation or, in the event of equality, one of the lowest, for United States
Treasury securities with an original maturity equal to the Index Maturity
specified on the face hereof, a remaining term to maturity no more than one
year shorter than the Index Maturity specified on the face hereof and in a
principal amount that is representative for a single transaction in the
securities in the market at that time, or if fewer than five but more than two
of the prices referred to above are provided as requested on the Interest
Determination Date, then the CMT Rate will be the average of the bid prices
obtained and neither the highest nor the lowest of the quotations shall be
eliminated, or, if fewer than three prices referred to above are provided as
requested on the Interest Determination Date, then the CMT Rate will be
calculated as a yield to maturity based on the average of the secondary market
bid prices as of approximately 3:30 P.M., New York City time, on the
applicable Interest Determination Date of three reference dealers selected by
the Calculation Agent from five reference dealers selected by the Calculation
Agent and eliminating the highest quotation or, in the event of equality, one
of the highest and the lowest quotation or, in the event of equality, one of
the lowest, for United States Treasury securities with an original maturity
greater than the Index Maturity specified on the face hereof, a remaining term
to maturity closest to the Index Maturity specified on the face hereof and in a
principal amount that is representative for a single transaction in securities
in the market at that time, or, if fewer than five but more than two prices
referred to above are provided as requested on the Interest Determination Date,
then the CMT Rate will be the average of the bid prices obtained and neither
the highest nor the lowest of the quotations will be eliminated, or, if fewer
than three prices referred to above are provided as requested, the CMT Rate
will then be the CMT Rate in effect on the applicable Interest Determination
Date.

 

(2)                                  if CMT Telerate Page 7052
is specified on the face hereof:

 

the
percentage equal to the one-week or one-month, as specified on the face hereof,
average yield for United States Treasury securities at “constant maturity,”
having the Index Maturity specified on the face hereof as published in
H.15(519) opposite the caption “Treasury Constant Maturities,” as the yield is
displayed on Telerate (or any successor service), on page 7052 (or any
other page as may replace that specified page on that service) (“Telerate
Page 7052”), for the week or month, as applicable, ended immediately
preceding the week or month, as applicable, in

 

10

 

which the
related Interest Determination Date falls, or, if the above rate is not published
on Telerate Page 7052, then the CMT Rate will be the percentage equal to
the one-week or one-month, as specified on the face hereof, average yield for
United States Treasury securities at “constant maturity,” having the Index
Maturity specified on the face hereof and for the week or month, as applicable,
preceding such Interest Determination Date as published in H.15 (519)
opposite the caption “Treasury Constant Maturities,” or if the above rate is
not published on Telerate Page 7052 or is not yet published in H.15 (519),
for the one week or one month, as specified on the face hereof, then the CMT
Rate will be the average yield for United States Treasury securities at “constant
maturity” having the Index Maturity specified on the face hereof, as otherwise
announced by the Federal Reserve Bank of New York for the week or month, as
applicable, ended immediately preceding the week or month, as applicable, in
which the related Interest Determination Date falls, or, if the Federal Reserve
Bank of New York does not publish the rate referred to above, then the CMT Rate
will be calculated by the Calculation Agent as a yield to maturity based on the
average of the secondary market bid prices at approximately 3:30 P.M., New
York City time, on the applicable Interest Determination Date of three
reference dealers selected by the Calculation Agent from five reference dealers
selected by the Calculation Agent and eliminating the highest quotation, or, in
the event of equality, one of the highest, and the lowest quotation or, in the
event of equality, one of the lowest, for United States Treasury securities
with an original maturity equal to the Index Maturity specified on the face
hereof, a remaining term to maturity no more than one year shorter than the
Index Maturity specified on the face hereof and in a principal amount that is
representative for a single transaction in the securities in the market at that
time, or, if fewer than five but more than two of the prices referred to above
are provided as requested on the Interest Determination Date, then the CMT Rate
will be the average of the bid prices obtained and neither the highest nor the
lowest of the quotations shall be eliminated, or, if fewer than three prices
referred to above are provided as requested, then the Calculation Agent will
determine the CMT Rate to be a yield to maturity based on the average of the
secondary market bid prices as of approximately 3:30 P.M., New York City
time, on the applicable Interest Determination Date of three reference dealers
selected by the Calculation Agent from five reference dealers selected by the
Calculation Agent and eliminating the highest quotation, or, in the event of
equality, one of the highest and the lowest quotation or, in the event of
equality, one of the lowest, for United States Treasury securities with an
original maturity greater than the Index Maturity specified on the face hereof,
a remaining term to maturity closest to such Index Maturity specified on the
face hereof and in a principal amount that is representative for a single
transaction in the securities in the market at the time, or, if fewer than five
but more than two prices referred to above are provided as requested on the
Interest Determination Date then the CMT Rate will be the average of the bid
prices obtained and neither the highest nor the lowest of the quotations will
be eliminated, or, if fewer than three prices referred to above are provided as
requested, the CMT Rate will be the CMT Rate in effect on the applicable
interest determination date.

 

If two United States Treasury securities with an original
maturity greater than the Index Maturity specified on the face hereof have
remaining terms to maturity equally close to such Index Maturity, the quotes
for the United States Treasury security with the shorter original remaining
term to maturity will be used.

 

Determination of Eleventh District Cost of Funds Rate.  If the Base Rate set forth on the face hereof
is the Eleventh District Cost of Funds Rate, this Security will bear interest
for

 

11

 

each
Interest Reset Period at the interest rate calculated with reference to the
Eleventh District Cost of Funds Rate and the Spread, Spread Multiplier or other
formula, if any, set forth on the face hereof. 
Unless otherwise set forth on the face hereof, the “Eleventh District
Cost of Funds Rate” for any Interest Determination Date with respect thereto is
the rate equal to the monthly weighted average cost of funds for the month
preceding the Interest Determination Date as displayed on Telerate Page 7058
(or any other page as may replace that specified page on that
service) as of 11:00 A.M., San Francisco time, on the Calculation Date for
that Interest Determination Date under the caption “11th District”;
or if the rate is not displayed on the relevant page as of 11:00 A.M.,
San Francisco time, on the Calculation Date, then the Eleventh District Cost of
Funds Rate will be the monthly weighted average cost of funds paid by member
institutions of the Eleventh Federal Home Loan Bank District, as announced by
the Federal Home Loan Bank of San Francisco, as the cost of funds for the
calendar month preceding the date of announcement, or if no announcement was
made relating to the calendar month preceding the Interest Determination Date,
the Eleventh District Cost of Funds Rate will remain the Eleventh District Cost
of Funds Rate then in effect on the Interest Determination Date.

 

Section 4. 
Redemption.  If so
specified on the face hereof, the Company may at its option redeem this
Security in whole or from time to time in part in increments of $1,000
(provided that any remaining principal amount of this Security shall not be
less than the Minimum Denomination specified on the face hereof) on or after
the date designated as the Initial Redemption Date on the face hereof, at 100%
of the unpaid principal amount hereof or the portion thereof redeemed (or, if
this Security is a Discount Security, such lesser amount as is provided for
below) multiplied by the Initial Redemption Percentage specified on the face
hereof, together with accrued interest, if any, to the Redemption Date.  Such Initial Redemption Percentage shall
decline at each anniversary of the Initial Redemption Date by an amount equal
to the Annual Redemption Percentage Reduction, if any, specified on the face
hereof, until the redemption price is 100% of the unpaid principal amount
hereof.  The Company may exercise such
option by causing the Trustee to mail a notice of such redemption at least 30
but not more than 60 days prior to the Redemption Date.  In the event of redemption of this Security
in part only, a new Security or Securities for the unredeemed portion hereof
shall be issued in the name of the Holder hereof upon the cancellation
hereof.  If less than all of the
Securities with like tenor and terms to this Security are to be redeemed, the
Securities to be redeemed shall be selected by the Trustee by such method as
the Trustee shall deem fair and appropriate. 
However, if less than all the Securities of the series of which this
Security is a part, with differing issue dates, interest rates or formula and
stated maturities are to be redeemed, the Company in its sole discretion shall
select the particular Securities to be redeemed and shall notify the Trustee in
writing thereof at least 45 days prior to the relevant Redemption Date.

 

Section 5.  Repayment.  If so specified on the face hereof, this
Security shall be repayable prior to the Stated Maturity Date at the option of
the Holder on each applicable Optional Repayment Date shown on the face hereof
at a repayment price equal to 100% of the principal amount to be repaid,
together with accrued interest, if any, to the Repayment Date.  In order for this Security to be repaid, the
Trustee must receive, at least 30 but not more than 60 days prior to an
Optional Repayment Date, this Security with the form attached hereto entitled “Option
to Elect Repayment” duly completed.  Any
tender of this Security for repayment shall be irrevocable.  The repayment option may be exercised by the
Holder of this Security in whole or in part in increments of $1,000 (provided
that any remaining principal amount of this Security

 

12

 

shall not be less than the Minimum Denomination specified
on the face hereof).  Upon any partial
repayment, this Security shall be cancelled and a new Security or Securities
for the remaining principal amount hereof shall be issued in the name of the
Holder of this Security.

 

Section 6. 
Sinking Fund.  Unless
otherwise specified on the face hereof, this Security will not be subject to
any sinking fund.

 

Section 7. 
Discount Securities.  If
this Security (such a Security being referred to as a “Discount Security”)
(a) has been issued at an Issue Price lower, by more than a de minimis
amount (as determined under United States federal income tax rules applicable
to original issue discount instruments), than the principal amount hereof and (b) would
be considered an original issue discount security for United States federal
income tax purposes, then the amount payable on this Security in the event of
redemption by the Company, repayment at the option of the Holder or
acceleration of the maturity hereof, in lieu of the principal amount due at the
Stated Maturity Date hereof, shall be the Amortized Face Amount (as defined
below) of this Security as of the date of such redemption, repayment or
acceleration.  The “Amortized Face
Amount” of this Security shall be the amount equal to the sum of (a) the
Issue Price (as set forth on the face hereof) plus (b) the aggregate of
the portions of the original issue discount (the excess of the amounts
considered as part of the “stated redemption price at maturity” of this
Security within the meaning of Section 1273(a)(2) of the Internal
Revenue Code of 1986, as amended (the “Code”), whether denominated as
principal or interest, over the Issue Price of this Security) which shall
theretofore have accrued pursuant to Section 1272 of the Code (without
regard to Section 1272(a)(7) of the Code) from the date of issue of
this Security to the date of determination, minus (c) any amount
considered as part of the “stated redemption price at maturity” of this
Security which has been paid on this Security from the date of issue to the
date of determination.

 

Section 8. 
Modification and Waivers; Obligation of the Company Absolute.  The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of
the rights and obligations of the Company and the rights of the Holders of the
Securities of each series.  Such
amendment may be effected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal
amount of the Outstanding Securities affected thereby.  The Indenture also contains provisions
permitting the Holders of not less than a majority in principal amount of the
Outstanding Securities at the time, on behalf of the Holders of all Outstanding
Securities, to waive compliance by the Company with certain provisions of the
Indenture.  Provisions in the Indenture
also permit the Holders of not less than a majority in principal amount of all
Outstanding Securities of any series to waive on behalf of all of the Holders
of Securities of such series certain past defaults under the Indenture and
their consequences.  Any such consent or
waiver shall be conclusive and binding upon the Holder of this Security and
upon all future Holders of this Security and of any Security 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 Security.

 

The Securities are unsecured and rank pari  passu
with all other unsecured and unsubordinated indebtedness of the Company.

 

13

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest, if any, on this Security at the times, place and
rate, and in the Currency herein prescribed.

 

Section 9. 
Defeasance and Covenant Defeasance.  The Indenture contains provisions for
defeasance at any time of (a) the entire indebtedness of the Company on
this Security and (b) certain restrictive covenants and the related
defaults and Events of Default, upon compliance by the Company with certain
conditions set forth therein, which provisions apply to this Security, unless
otherwise specified on the face hereof.

 

Section 10. 
Minimum Denominations. 
Unless otherwise provided on the face hereof, this Security is issuable
only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000.  If this Security is denominated in a
Specified Currency other than U.S. dollars or is a Discount Security, this
Security shall be issuable in the denominations set forth on the face hereof.

 

Section 11. 
Registration of Transfer. 
As provided in the Indenture and subject to certain limitations herein
and therein set forth, the transfer of this Security is registrable in the
Security Register upon surrender of this Security for registration of transfer
at the office or Place of Payment for the series of Securities of which this
Security forms a part, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

 

If the registered owner of this Security is the
Depository (such a Security being referred to as a “Global Security”),
and (i) the Depository is at any time unwilling or unable to continue as
depository and a successor depository is not appointed by the Company within 60 days
after notice to the Company, or (ii) an Event of Default occurs, the
Company will issue Securities in certificated form in exchange for this Global
Security.  In addition, the Company may
at any time, and in its sole discretion, determine not to have Securities
represented by a Global Security and, in such event, will issue Securities in
certificated form in exchange in whole for this Global Security.  In any such instance, an owner of a
beneficial interest in this Global Security will be entitled to physical
delivery of Securities in certificated form equal in principal amount to such
beneficial interest and to have such Securities registered in its name.  Securities so issued in certificated form
will be issued in denominations of $1,000 (or such other Minimum Denomination
specified on the face hereof by the Company) or any amount in excess thereof
which is an integral multiple of $1,000 (or such Minimum Denomination) 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 Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

 

Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Holder as the owner

 

14

 

hereof for all purposes, whether or not this Security
be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

 

Section 12. 
Events of Default.  If an
Event of Default with respect to the Securities of the series of which this
Security forms a part shall have occurred and be continuing, the principal of
this Security may be declared due and payable in the manner and with the effect
provided in the Indenture.

 

Section 13. 
Defined Terms.  All terms
used in this Security which are defined in the Indenture and are not otherwise
defined herein shall have the meanings assigned to them in the Indenture.

 

Section 14. 
Governing Law.  This
Security shall be governed by and construed in accordance with the law of the
State of New York.

 

15

 

OPTION TO ELECT REPAYMENT

 

The undersigned hereby irrevocably requests and
instructs the Company to repay this Security (or the portion thereof specified
below), pursuant to its terms, on the Optional Repayment Date first occurring
after the date of receipt of the within Security as specified below (the “Repayment
Date”), at a Repayment Price equal to 100% of the principal amount thereof,
together with interest thereon accrued to the Repayment Date, to the
undersigned at:

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Please Print or Type Name and Address of the
  Undersigned.)

  

 

For this Option to Elect Repayment to be effective,
this Security with the Option to Elect Repayment duly completed must be
received at least 30 but not more than 60 days prior to the Repayment
Date (or, if such Repayment Date is not a Business Day, the next succeeding
Business Day) by the Company at its office or agency in The City of New York,
which will be located initially at the office of the Trustee at 4 New York
Plaza, New York, New York 10004.

 

If less than the entire principal amount of this
Security is to be repaid, specify the portion thereof (which shall be $1,000 or
an integral multiple thereof) which is to be repaid:  $           .

 

If less than the entire principal amount of this
Security is to be repaid, specify the denomination(s) of the Security(ies) to
be issued for the unpaid amount ($1,000 or any integral multiple of $1,000; provided
that any remaining principal amount of this Security shall not be less than the
Minimum Denomination):  $             .

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Note: The signature to
  this Option to Elect Repayment must correspond with the name as written upon
  the face of this Security in every particular without alterations or
  enlargement or any change whatsoever.

  
				

 

16

 

ABBREVIATIONS

 

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

 

	
  TEN COM

  	
  -

  	
  as tenants in common

  
	
   

  	
   

  	
   

  
	
  TEN ENT

  	
  -

  	
  as tenants by the
  entireties

  
	
   

  	
   

  	
   

  
	
  JT TEN

  	
  -

  	
  as joint tenants with
  right of survivorship and not as tenants in common

  

 

	
   

  	
   

  	
   

  
	
  UNIF GIFT MIN ACT - 

  	
  Custodian

  	
   

  
	
   

  	
  (Cust.)                   (Minor)

  	
   

  

 

	
   

  	
  Under
  Uniform Gifts to Minors Act

  	
   

  
	
   

  	
  (State)

  	
   

  

 

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

 

 

FOR VALUE RECEIVED, the
undersigned

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

 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING
NUMBER OF ASSIGNEE

 

	
   

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

  

 

	
   

  
	
  the within Security of JOHN DEERE CAPITAL
  CORPORATION and all rights thereunder and does hereby irrevocably constitute 

  

and appoint ___________________________________ Attorney
to transfer the said Security on the books of the within-named Company, with
full power of substitution in the premises.

 

	
  Dated 

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  SIGNATURE GUARANTEED:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
							

 

17

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