Document:

Exhibit 10.1

EMPLOYMENT AGREEMENT

Amendment 2

       THIS EMPLOYMENT AGREEMENT, made as of this 1st day of January, 2001, by and
between: 

       PACEL CORP. a Virginia corporation having its executive office at 8870 Rixlew Lane,
Suite 201, Manassas, Virginia 20109 (hereinafter referred to as "PACEL")

AND

       DAVID E. CALKINS, an adult individual residing at 14048 Lee Highway, Amissville
Virginia 20106 (hereinafter "CALKINS")

       WITNESSETH THAT:

       WHEREAS, CALKINS is a founder of PACEL and has been employed by PACEL since its
organization, and the parties desire to replace the original written agreement with an amended
employment agreement so as to assure potential investors of the continuity of his employment and
PACEL'' continuing access to his experience, background, know-how and contacts which will
continue to be useful and helpful to PACEL in its business;

       WHEREAS, the parties have agreed upon the terms of such employment, based upon the
preceding agreement, and desire a modified, formal contract to evidence their agreements;

       NOW, THEREFORE, in consideration of the mutual promises, covenants and forbearances
contained herein, and intending to be legally bound, the parties have agreed as follows:

		1.	EMPLOYMENT.  For the term provided in Paragraph 2, PACEL hereby employs
CALKINS, and CALKINS hereby accepts that employment, upon the terms and
conditions hereinafter set forth.

		2.	TERM.

			(a)	This Agreement shall become effective as of January 1, 2001

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			(b)	This Agreement, subject to the provisions of Paragraphs 16 and 17 below,
shall continue and exist for an initial period from such effective date for a
period of twenty-four (24) months, i.e., until December 31, 2003 (term).

			(c)	If, four (4) months prior to the expiration date of the term, neither party is
then in default under this Agreement, PACEL may request that EMPLOYEE
agree to extend the term of this Agreement for an additional one (1) year
period.  Such request shall be transmitted by PACEL to CALKINS, in
writing, on or before three (3) months prior to the expiration date of the term,
of its intention to so extend the Agreement.  CALKINS shall accept or reject
such requested extension within thirty (30) days after receipt of PACEL's
request; if CALKINS shall not respond within such thirty days, the request
shall be deemed denied.  If  PACEL shall not give notice of its desire to
renew this Agreement on or before the three months prior to the expiration
date of the initial term, this Agreement shall terminate as provided.

			(d)	This Agreement shall be subject to a further one (1) year extension under the
procedure provided in subparagraph ©, provided that at September 30 of the
then existing extension year neither party is then in default under this
Agreement.

			(e)	Notwithstanding the foregoing, the term of this Agreement is otherwise
subject to the various termination provisions contained hereafter.

		3.	COMPENSATION-BASE.

			(a)	For all services rendered under this Agreement, CALKINS shall be paid, as
base compensation, such annual salary as shall be determined by PACEL's
Board of Directors from time to time, but in no event shall such
compensation be at a rate of less than One Hundred seventy five Thousand
Dollars ($175,000) per year.  Such base compensation shall be subject to a
Cost-of-Living 

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				Adjustment (COLA) annually based upon the percentage
increase in the cost-of-Living Index, All commodities, for the Washington,
D.C. area (if available, otherwise the New York City area).  Such base
compensation is to be payable in equal installments at intervals no longer
than monthly.  Such base compensation shall be in addition to such incentive
compensation, fringe benefits and bonuses as provided elsewhere herein.

			(b)	At the end of each calendar year, PACEL's Board of Directors shall review
the performance of CALKINS for such year and, based upon such evaluation,
establish any increase in the base compensation payable to CALKINS for the
succeeding calendar year, as adjusted by subparagraph (a) above.  PACEL
shall not be obligated to provide any increase, in excess of the increase in the
cost-of-living Index, All Commodities, for the Washington, D.C. area (if
available, otherwise the New York City area) during the prior calendar year.

		4.	COMPENSATION-INCENTIVE.

			(a)	The base compensation for each year of this Agreement, including any
extensions to this Agreement, shall be subject to an additional increase, based
upon performance as determined by the Board of Directors.  This additional
increase, if any should occur, is not a bonus but a merit adjustment to the
base compensation.

			(b)	COMPENSATION - STOCK INCENTIVE:  Pacel desires to recognize the
importance of attaining certain milestones for the company's continued
operation and success.  Accordingly, the following stock-option incentives
have been allocated pending achievement of these goals:  (not in any
particular order)

	Full listing of the Company's stock on the NASDAQ Board for
trading (not OTC BB)  -  10% of outstanding shares.

	Achieving profitability for the Company during the term of this
contract  -  10% of outstanding shares.

	The salary shall be grossed up to cover tax liability.

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		5.	COMPENSATION-FRINGE BENEFITS.  CALKINS shall receive at least the
following additional benefits, which may be extended or increased, but not reduced,
by PACEL:

			(a)	Vacation - CALKINS shall be entitled to paid vacation of five (5) weeks
during the term and any extension of this Agreement.  Unused vacation time
may be accumulated from year to year if unused.  CALKINS shall not be
compensated for any unused vacation time.

			(b)	Medical Insurance - CALKINS shall receive such medical, surgical, dental
and/or hospitalization insurance as PACEL shall provide, consistent with that
provided by PACEL under the preceding oral Employment Agreement.

			(c)	Other - CALKINS shall receive such other fringe benefits as are available to
any other officers/employees/consultants.  Nothing contained in this
Agreement shall be in lieu of any rights, benefits and privileges to which
CALKINS may be entitled under any 401(k) , retirement, pension, profit-sharing, insurance, ESOT/ESOP, hospitalization, medical, surgical, dental,
legal or other plans which may now be in effect or which may hereafter be
adopted, either by PACEL or any subsidiary or affiliate of PACEL.
CALKINS shall have the same rights and privileges to participate in such
plans and benefits as any other employee during his period of employment
and CALKINS shall be entitled to participate on a parity with executives of
equal rank.

		6.	COMPENSATION-BONUS.  After the end of each calendar year, Pacel's Board of
Directors shall determine the net profits before taxes of PACEL for such prior year
and shall determine any bonus for such year payable to CALKINS.  PACEL shall not
be obligated to provide any bonus.  Any bonus 

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			awarded shall be paid at such time or times, in such amounts or installments, as PACEL's Board of Directors may determine.

		7.	COMPENSATION-DEFERRED.

			(a)	PACEL desires to recognize the contributions of CALKINS from the date of
incorporation to the date of this Agreement, particularly the performance of
services as little or no compensation during the formative years.
Accordingly, the following deferred benefits have been granted in
consideration of such prior services and are not dependent upon completion
of the terms of this Agreement.

			(b)	Following termination of CALKINS' employment hereunder, whether early
or upon completion of the term hereof, and whether early termination is for
cause, without cause, or for reasons of disability, PACEL shall provide
CALKINS with the following benefits:

				(i)	PACEL, at PACEL's cost and expense, shall continue CALKINS
medical, surgical, dental and hospitalization insurance coverage, as
in effect on the date of termination, for a period of ten (10) years
following the date of termination.  Thereafter, CALKINS shall have
the option to continue such insurance coverage at his expense.  And

				(ii)	If, during the term of CALKINS' employment PACEL shall have
obtained insurance on CALKINS' life for a specific business purpose
(e.g., collateralization of institutional financing or key man
replacement insurance) and such insurance shall no longer be needed
for that purpose (e.g., upon repayment of the loan collateralized or
upon termination of CALKINS' position as a key employee), then
PACEL, at its cost and expense, shall continue such insurance in
force for the benefit of one or more beneficiaries designated from
time to time by CALKINS, for a period of up to ten (10) years
following the date of termination.  It is the intent of the parties that
this provision shall apply to any insurance obtained during CALKINS

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					employment.  In such event the period of continued coverage would
d be from the date the insurance need is obviated to a date ten (10)
years from the date of termination of CALKINS' employment.
Thereafter, CALKINS shall have the option to continue such
insurance coverage at his expense.

				
		8.	DUTIES.

			(a)	CALKINS is engaged as the President and Chief Executive Officer of
PACEL.  CALKINS shall perform all usual and customary services as such
an executive, including but not limited to those set forth on Exhibit A,
attached hereto and made a part hereof.  CALKINS' performance shall be
subject to the supervision of PACEL's President and Board of Directors,
provided, however, that any definition, interpretation, curtailment, or
extension is consistent with the status of, and/or educational experience
required for, the responsibilities for which CALKINS has been initially
engaged hereunder.  It is the intent of this provision to provide PACEL with
flexibility in assigning responsibilities to CALKINS and/or promoting
CALKINS< and this provision shall not be used to discipline, embarrass,
humiliate or harass CALKINS.

			(b)	
In addition, CALKINS agrees to serve as a director of PACEL so long as so
elected by PACEL's shareholders.

		9.	EXTENT AND PLACE OF SERVICES.  CALKINS agrees that this employment
constitutes his primary employment and understands that his primary loyalty and
responsibility is to PACEL.  Accordingly, CALKINS shall devote such adequate,
reasonable, and proper time, attention, and energies to the business of PACEL as
shall be necessary or consistent with such understanding and CALKINS shall not,
during the term of this Agreement be engaged in any other business activity (whether
or not such business activity is pursued for gain, profit, or other pecuniary
advantage), which conflicts with CALKINS' employment responsibilities hereunder,
without prior, written authorization of PACEL's Board of Directors.  However,
nothing contained herein shall be construed as preventing CALKINS from investing
his assets in

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			 such form or manner as CALKINS may select, whether or not suchinvestment will require any services on CALKINS' part in the operation of the affairs
of the companies in which such investments are made.

		10.	
WORKING FACILITIES.  CALKINS shall be furnished, at PACEL's expense, with
all necessary working facilities, including but not limited to an equipped office,
clerical help, and telephone/facsimile/copying services, suitable to his position and
adequate for the performance of his duties.

		11.	
EXPENSES.  CALKINS is not authorized to incur expenses on behalf of, or
chargeable to, PACEL, with respect to his business travel, including transportation,
lodging, food, entertainment, etc. except within such guidelines as may be established
from time to time by PACEL's Management.  PACEL shall reimburse CALKINS for
authorized expense within such guidelines upon presentation by CALKLINS from
time to time, of an itemized account of such expenditures in such form as PACEL
may require , together with receipts or other proofs of the expenditures as may be
required.

		12.	NON-DISCLOSURE OF INFORMATION.

			(a)	CALKINS recognizes and acknowledges that, during the course of his
employment, he will have access to valuable "Proprietary Information" as
defined in subparagraph (b) below, including, but not limited to Inventions,
Work Product and/or Trade Secrets, contractual arrangements and
compensation arrangements with suppliers, manufacturers, sub-contractors
and customers of PACEL; compensation arrangements with sub-contractors,
vendors, and outside personnel; costing, pricing and bidding methods,
procedures, and amounts; management and operating procedures and
software; management information systems, etc.; marketing plans and
strategy; personnel policies and contractual arrangements, including job
assignments and compensation; and that such information constitutes unique
assets of the business of PACEL and of which PACEL is the sole and
exclusive owner.  CALKINS will treat such Proprietary Information on a
confidential basis and will not, during or after his employment, personally use
or disclose all, or any part of, such Proprietary Information to any 

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				person,
firm, corporation, association, agency, or other entity except as properly
required in the conduct of the business of PACEL, or except as authorized in
writing by PACEL, publish, disclose or authorize anyone else to publish or
disclose, any Proprietary Information of PACEL with which CALKINS'
service may in any way acquaint CALKINS.  CALKINS shall surrender
possession of all Proprietary Information, including especially al Trade
Secrets, to PACEL upon any suspension or termination of CALKINS'
employment with PACEL.  In the event of a breach, or threatened breach, by
CALKINS, of the provisions of this Paragraph, PACEL shall be entitled to
a preliminary, temporary and permanent injunction restraining CALKINS
from disclosing in whole or in part, any such Proprietary Information and/or
from rendering any services to any person, firm, corporation, association,
agency, or other entity to whom such information, in whole or in part, has
been disclosed or is threatened to be disclosed.  Furthermore, nothing herein
shall be construed as prohibiting PACEL from pursuing any other equitable
or legal remedies available to it for such breach or threatened breach,
including the recovery from CALKINS.

			(b)	For purposes hereof, "Proprietary Information" shall not include information
which (i) is publicly available from a source other than CALKINS or can be
lawfully obtained from a third party or parties in lawful possession thereof,
or (ii) is publicly released in writing by PACEL, or (iii) is required to be
disclosed pursuant to the authority of any court or public agency.

			(c)	Nothing  contained herein shall prohibit CALKINS form continuing to use
information known to CALKINS prior to the execution of this Agreement;
however, CALKINS shall not publish or disclose any such information which
as a result of CALKINS' services hereunder shall have become Proprietary
Information of PACEL.

			(d)	The parties recognize that the Proprietary Information of PACEL most
probably derives from the services of CALKINS.  Nothing contained herein
shall prohibit CALKINS from continuing to use information developed by
CALKINS during the 

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				term of this Agreement, provided that such information
is not used by CALKINS for competitive purposes; however, CALKINS shall
not publish or disclose any such information which as a result of CALKINS'
services hereunder shall have become Proprietary Information of PACEL.

		13.	RESTRICTIVE COVENANT.

			(a)	During the term of this Agreement and for a period of twelve (12) months
after the termination/of this Agreement and any extension thereof, CALKINS
will not, within the United States or any other area of the world in which
PACEL is then operating, directly, compete with, own, manage, operate,
control, be employed by, consult for, participate in, perform services for, or
be connected in any manner with the ownership, management, operation or
control of any business engaged in development and sales of LAN interactive
electronic document and data acquisition and management software
programs.  Nothing contained herein shall prohibit CALKINS from engaging
in the management, operation, control, employment by, consultation for,
participation in, performance of services for, or connection with a software
development and sales entity which is not in competition with the specific
programs of PACEL.

			(b)	CALKINS agrees that the "time", "geographic area", and "Scope of Business"
provisions of this restrictive covenant are reasonable and proper and have
been negotiated in connection with his employment hereunder.

			(c)	PACEL and CALKINS agree, that if any court of competent jurisdiction
shall, for any reason, conclude that any portion of this covenant shall be too
restrictive, the court shall determine that some such restrictions shall be
applicable for the protection of PACEL and its shareholders.

		14.	OWNERSHIP OF WORK PERFORMED.  CALKINS hereby grants, bargains, sells,
conveys, transfers and delivers and agrees to grant, bargain, sell, convey, transfer and
deliver, without further consideration other than the base compensation provided
above, to PACEL, all right, title and interest in and to all work performed, underlying
programs (including but not limited to HTML, C++, Visual Basic, and any and all
other 

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			codes and source codes) and documentation for same which shall be and/or
have been performed by him.  CALKINS hereby acknowledges that PACEL is and
shall be entitled to secure any and all patents, copyrights, and trademarks with respect
to all of such work, work product, programs, etc. and CALKINS covenants, warrants
and represents that he shall execute all assignments, documents, filings,
acknowledgements and other papers which may be required to assure, establish,
confirm, and document PACEL's sole and exclusive ownership to all of such
(including HTML, C++, Visual Basic, and any and all other codes and source codes)
and documentation for same and the Work Product.  "Work Product" shall mean all
documentation, software, programs, systems, source codes, Hardware Signatures,
know-how and information created, in whole or in part, by CALKINS during the
performance of his services hereunder whether or not copyrightable or otherwise
protectable.  CALKINS, for himself, his successors and assigns, covenants and
agrees with PACEL to warrant and defend title to the property hereby sold to
PACEL, its successors and assigns against all and every person and persons
whomsoever.

		15.	NONSOLICITATION COVENANT.

			(a)	For a period of twelve (12) months after the termination of this Agreement
(including any extension thereof) (the "Post Termination Period") CALKINS
shall not, solicit, directly or indirectly, by any means, any of the clients,
customers, accounts, employees or "leads" of PACEL during the Post
Termination Period.

			(b)	PACEL and CALKINS agree, that if any court of competent jurisdiction
shall, for any reason conclude that any portion of this covenant shall be too
restrictive, the court shall determine and apply lesser restrictions, it being the
intent of the parties that some such restrictions shall be applicable for the
protection of PACEL and its shareholders.

		16.	OWNERSHIP OF INVENTIONS AND DEVELOPMENTS.

			(a)	For purposes of this Agreement, the following definitions shall apply:

				(i)	"Inventions" shall mean:

					(A)	All inventions, improvements, modifications, and enhancements,
whether or not patentable, made by CALKINS during CALKINS'
employment by PACEL; and

					(B)	All inventions, improvements, modifications and enhancements made
by CALKINS, during a period of six (6) months after any suspension
or termination of CALKINS' employment by PACEL, which relate,
directly or indirectly, to the products of PACEL.

				(i)	"Work Product" shall mean all documentation, software,
programs, systems, source codes, Hardware Signatures,
know-how and information created, in whole or in part, by
CALKINS during CALKINS' employment by PACEL,
whether or not copyrightable or otherwise protectable,
excluding inventions.

				(ii)	"Trade Secrets" shall means all documentation, software, and
information relating to the functionality of the products of
PACEL or any plans therefor, or relating to the business of a
third party or plans therefor that are disclosed to PACEL,
which PACEL does not disclose to third parties without
restrictions on use or further disclosure.

			(b)	CALKINS shall promptly disclose to PACEL all Inventions and keep
accurate records relating to the conception and reduction to practice of al
Inventions.  Such records shall be the sole and exclusive property of PACEL,
and CALKINS shall surrender possession of such records to PACEL upon
any suspension or termination of CALKINS' employment with PACEL.

			(c)	CALKINS hereby assigns to PACEL, without further consideration to
CALKINS, the entire right title and interest in and to the Inventions and
Work Product and in and to all proprietary rights therein or based thereon.
CALKINS agrees that the Work Product shall be deemed to be a "work made
for hire".  CALKINS shall execute all such assignments, 

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			(c)	oaths, declarations
and other documents as may be prepared by PACEL to effect the foregoing.

			(d)	CALKINS shall provide PACEL with all information, documentation, and
assistance PACEL may request to perfect, enforce, or defend the proprietary
rights in or based on the Inventions, Work Product or Trade Secrets.  PACEL,
in its sole discretion, shall determine the exact extent of the proprietary rights,
if any, to be protected in or based on the Inventions and Work Product.  All
such information, documentation and assistance shall be provided at no
additional expense or cost to PACEL, except for out-of-pocket expenses
which CALKINS incurs at PACEL's request.

		17.	DISABILITY.

			(a)	PACEL desires to recognize the contributions of CALKINS during the period
from incorporation to the date of this Agreement.  Accordingly, if CALKINS
is unable to perform his services by reason of illness or incapacity for a
period of up to six (6) months, PACEL shall continue CALKINS' full
compensation.  If CALKINS is unable to perform his services after such six
(6) months, PACEL shall continue to compensate CALKINS during the
period of such illness or incapacity but such compensation may, at the option
of PACEL, be reduced by twenty-five percent (25%).  If such illness or
incapacity shall continue for a period of twelve (12) months, payment of
compensation thereafter may, at the option of PACEL, be stopped altogether.
The full compensation shall be reinstated upon CALKINS' return to service
and the discharge of his full duties hereunder.  Notwithstanding anything
herein to the contrary, PACEL may, at its option, terminate this Agreement
at any time after CALKINS shall be absent from his employment, for
whatever cause, for a continuous period of more than eighteen (18) months.
PACEL may elect to continue the payment of full compensation
notwithstanding the foregoing.  Such payments shall be in the sole discretion
of PACEL, may be discontinued at any time, and if initiated shall not thereby
become a requirement.

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		18.	TERMINATION OF EMPLOYMENT.

			(a)	PACEL can terminate CALKINS' employment at any time for good cause.
Without intending to limit the definition of good cause hereby, good cause
will include:

				(1)	CALKINS' death;

				(2)	The occurrence of one of the following events:

					(i)	CALKINS is convicted of a felony or any crime involving
moral turpitude or unethical conduct which in the good faith
opinion of PACEL could impair his ability to perform his
duties; or

					(ii)	CALKINS commits an act, or fails to take action in bad faith
and to the detriment of PACEL

			(b)	The termination of CALKINS' services shall not constitute a
termination of the restrictive obligations and duties under Paragraphs
11, 12, 13, 14 and 15.

			(c)	In the event of the bankruptcy (Chapter 7), reorganization (Chapter
11) or other termination of the business of PACEL, the provisions of
Paragraph 12 shall continue in full force and effect only so long as
full base compensation by PACEL shall continue.

		19.	ARBITRATION.  Any controversy or claim arising out of, or relating to this Agreement, or
the breach thereof, shall be settled by arbitration in Manassas, Virginia in accordance with
the rules then pertaining of the American Arbitration Association, but with all rights of
discovery provided by the Virginia Rules of Civil Procedure, and judgment upon the award
rendered may be entered in any court having jurisdiction thereof.  Cost of the arbitration shall
be borne by PACEL, regardless of who initiates the proceeding.  The losing party shall
reimburse the reasonable attorney's fees of the prevailing party.

		20.	WAIVER OF BREACH.  The waiver by either party of a breach of any provision of this
Agreement by the other party shall not operate or be construed as a waiver of any subsequent

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			breach by such other party.  The failure of a party to exercise any rights or privileges under
this Agreement shall not be deemed to be a waiver or extinguishment of such rights or
privileges, all of which shall continue to be exercisable.

		21.	BENEFIT.  The rights and obligations of PACEL under this Agreement shall inure to the
benefit of, and shall be binding upon, its successors and assigns.  The protection of
Paragraphs 11, 12, 13, 14 and 15 shall insure to the benefit of PACEL and any successors
and assigns.  The rights and obligations of CALKINS under this Agreement shall insure to
the benefit of, and shall be binding upon, his heirs, administrators, executors, successors and
assigns.

		22.	NOTICES.  Any notice required or permitted to be given under this Agreement shall be
sufficient if in writing, and if either personally delivered or sent by certified mail, to his
residence in the case of CALKINS, or t its principal office in the case of PACEL.

		23.	LIFE INSURANCE.  PACEL and/or one or more of it subsidiaries may, in its discretion at
any time after the execution of this Agreement, apply for and procure, as owner and for its
own benefit, insurance on the life of CALKINS, in such amounts and in such forms as
PACEL may choose.  PACEL shall not be required to give CALKINS any interest
whatsoever in any such policy or policies, (although nothing contained herein shall be
deemed to prohibit any such arrangement) but CALKINS shall, at the request of PACEL,
subject himself to such medical examination, supply such information, and execute such
information releases and documents as may be required by the insurance company or
companies to whom PACEL has applied for such insurance.

		24.	ENTIRE AGREEMENT.  This instrument contains the entire agreement of the parties and
may be modified only by agreement in writing signed by the party against whom enforcement
of any waiver, change, modification, extension or discharge is sought.

		25.	APPLICABLE LAW.  This Agreement shall be governed for all purposes by the laws of the
State of Virginia.  If any provision of this Agreement is declared void, such 

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			provision shall
be deemed severed from this Agreement, which shall otherwise remain in full force and
effect.

		26.	COUNTERPARTS.  This Agreement may be executed in two or more counterparts,
including facsimile counterparts, any one of which shall be deemed to be an original.

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto set their
hands and seals as of the day and year herein above written.

		PACEL CORP.

	ATTEST:

	
		By:____________________

              President
		_____________________

              Secretary
	WITNESS:	CALKINS
	_________________________	___________________________
DAVID E. CALKINS

15End.<PAGE>

                                                                     Exhibit 4.8
                              [FACE OF SECURITY]

REGISTERED                                                            REGISTERED

No. FXR

CUSIP

                  CATERPILLAR FINANCIAL SERVICES CORPORATION
                          MEDIUM-TERM NOTE, SERIES F
                                 (Fixed Rate)

     [Insert if the Security is to be a Global Security - This Note is a Global
Security within the meaning of the Indenture hereinafter referred to and is
registered in the name of a Depositary or a nominee of a Depositary.  This
Global Security is exchangeable for Notes registered in the name of a Person
other than the Depositary or its nominee only in the limited circumstances
described in the Indenture, and no transfer of this Note (other than a transfer
of this Note as a whole by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the
Depositary) may be registered except in such limited circumstances.

     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 any certificate
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of The Depository Trust Company and any payment
hereon made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
Cede & Co., has an interest herein.]

     THE FOLLOWING SUMMARY OF TERMS IS SUBJECT TO THE INFORMATION SET FORTH ON
THE REVERSE HEREOF:

<TABLE>
<CAPTION>
PRINCIPAL AMOUNT:
<S>                                        <C>                                            <C>
ORIGINAL ISSUE DATE:                       INTEREST RATE:                                 MATURITY DATE:

SPECIFIED CURRENCY:                        OPTION TO ELECT PAYMENT IN U.S. DOLLARS        AUTHORIZED DENOMINATIONS (only applicable
                                           (only applicable if Specified Currency is      if Specified Currency is other than U.S.
[_] U.S. dollars                           other than U.S. dollars):                      dollars):

[_] Other:                                 [_] Yes  [_] No

EXCHANGE RATE AGENT (if other than U.S.                                                   THIS NOTE IS A:
Bank Trust N.A.):
                                                                                          [_] Global Note
                                                                                          [_] Certificated Note (only applicable if
                                                                                          Specified Currency is other than U.S.
                                                                                          dollars)

ORIGINAL ISSUE DISCOUNT NOTE:              TOTAL AMOUNT OF OID:                           ISSUE PRICE (expressed as a percentage of
</TABLE>
<PAGE>

<TABLE>
<S>                                        <C>                                            <C>
[_]  Yes  [_]  No                                                                         aggregate principal amount):

REDEMPTION DATE(S) (including any          REDEMPTION PRICE(S):                           TERMS OF AMORTIZING NOTES:
applicable regular or special record
dates):

REPAYMENT DATE(S) (including any           REPAYMENT PRICE(S):
applicable regular or special record
dates):

OTHER TERMS:                               STATED MATURITY EXTENSION OPTION:              INTEREST RATE RESET OPTION:

                                           [_] Yes  [_] No                                [_] Yes  [_] No

                                           EXTENSION PERIOD(S) AND FINAL MATURITY DATE    OPTIONAL RESET DATES (only applicable if
                                           (only applicable if option to extend stated    option to reset interest rates):
                                           maturity):

                                           BASIS FOR INTEREST RATE DURING EXTENSION       BASIS FOR INTEREST RATE RESET (only
                                           PERIOD (only applicable if option to extend    applicable if option to reset interest
                                           stated maturity):                              rates):
</TABLE>

     CATERPILLAR FINANCIAL SERVICES CORPORATION, a corporation duly organized
and existing under the laws of Delaware (herein called the "Company", which term
includes any successor Person under the Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to [Insert if the Security
is to be a Certificated Security -             ] [Insert if the Security is to
be a Global Security - Cede & Co., as nominee for The Depository Trust Company],
or registered assigns, the Principal Amount stated above on the Maturity Date
shown above, and to pay interest thereon from and including the Original Issue
Date shown above or, in the case of a Note issued upon registration of transfer
or exchange, from and including the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on April 1 and
October 1 of each year and on the Maturity Date, commencing on the first such
Interest Payment Date next succeeding the Original Issue Date, provided that if
the Original Issue Date is after a Regular Record Date and before the Interest
Payment Date immediately following such Regular Record Date, interest payments
will commence on the second Interest Payment Date following the Original Issue
Date, at the rate per annum set forth above, until the principal hereof is paid
or made available for payment.  The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on the Regular Record
Date for such interest, which shall be the March 15 or September 15 (whether or
not a Business Day), as the case may be, next preceding the April 1 and October
1 Interest Payment Dates; provided, however, that interest payable at the
                          --------  -------
Maturity Date will be payable to the Person to whom principal shall be payable.
Any such interest not so punctually paid or duly provided for 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 Note (or one or more Predecessor Notes) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes of this series not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the

                                       2
<PAGE>

requirements of any securities exchange on which the Notes of this series may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture.

     Unless otherwise specified on the face hereof, payments of principal of
(and premium, if any) and interest on this Note will be made in the applicable
Specified Currency, provided, however, that if this Note is denominated in a
                    --------  -------
Specified Currency other than United States dollars (a "Foreign Currency Note")
payments of principal of (and premium, if any) and interest hereon will [insert
if the Security is to be a Global Security - be made in United States dollars
unless the beneficial holder hereof gives notice to the Depositary that it
elects to receive payments in such Specified Currency.  Upon receipt of such
notice, the Depositary will notify the Trustee of the portion of the payment to
be made by the Trustee which is to be made in the Specified Currency and the
applicable wire transfer instructions.  In such event, the Trustee will pay the
beneficial holder directly.] [insert if the Security is to be a Certificated
Security - nevertheless be made in United States dollars if the Holder hereof
elects to receive all payments in respect hereof in United States dollars by
delivery of a written request to the Trustee on or prior to the applicable
Regular Record Date or at least 15 days prior to Maturity, as the case may be.
Such election may be in writing (mailed or hand delivered) or by cable, telex or
other form of facsimile transmission.  A Holder of such a Note may elect to
receive payment in United States dollars for all principal (and premium, if any)
and interest 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 such revocation must be received by the Trustee
on or prior to the applicable Regular Record Date or at least 15 days prior to
Maturity, as the case may be.]

     Payment of the principal of (and premium, if any) and interest on this Note
due at Maturity in United States dollars will be made in immediately available
funds, provided that this Note is presented to the Trustee in time for the
       --------
Trustee to make such payment in accordance with its normal procedures.

     [Insert if the Security is to be a Certificated Security - Payment of the
principal of (and premium, if any) and interest on this Note due at Maturity in
United States dollars will be made at the office or agency of the Company
maintained for that purpose in the Borough of Manhattan, the City of New York,
in immediately available funds.  Payment of interest (other than interest due at
Maturity) will be made by United States dollar check mailed to the address of
the Person entitled thereto as such address shall appear in the Security
Register.  Notwithstanding the foregoing, unless otherwise specified on the face
hereof, a holder of U.S. $10,000,000 or more in aggregate principal amount of
Notes of like tenor and terms shall be entitled to receive such payment of
interest in United States dollars by wire transfer of immediately available
funds to such account with a bank located in the United States as shall be
designated by such person, but only if appropriate payment instructions have
been received in writing by the Trustee on or prior to the Regular Record Date.]
[Insert if the Security is to be a Global Security - Payment of the principal of
(and premium, if any) and interest (other than interest payable at Maturity) on
this Note in United States dollars will be made by transfer of immediately
available funds to the Depositary or its nominee.]

                                       3
<PAGE>

     All payments of principal (and premium, if any) and interest in a Specified
Currency other than United States dollars will be made in the manner set forth
on the reverse hereof.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH
ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS 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 referred to on the reverse hereof, directly or through an Authenticating
Agent, by manual signature of an authorized signatory, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

                                       4
<PAGE>

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

Dated:        CATERPILLAR FINANCIAL SERVICES
                CORPORATION
[SEAL]

              By: ______________________________________
                              President

              ATTEST:

              _________________________________________
                              Secretary

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

U.S. BANK TRUST NATIONAL ASSOCIATION,
  as Trustee

By _________________________________
          Authorized Officer

                                       5
<PAGE>

                              [BACK OF SECURITY]

                  CATERPILLAR FINANCIAL SERVICES CORPORATION
                          MEDIUM-TERM NOTE, SERIES F
                                 (Fixed Rate)

     This Note is one of a duly authorized issue of securities of the Company
(herein called the "Notes"), issued and to be issued in one or more series under
an Indenture dated as of April 15, 1985, as supplemented from time to time
(herein called the "Indenture"), between the Company and U.S. Bank Trust
National Association, as successor Trustee (herein called the "Trustee", which
term includes any successor trustee under the Indenture), 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 Notes and of the terms upon
which the Notes are, and are to be, authenticated and delivered.  This Note is
one of the series designated on the face hereof.  The Notes of this series may
be denominated in different currencies, bear different dates, mature at
different times and bear interest at different rates.  The Notes of this series
may be issued from time to time in an aggregate principal amount of up to
$17,500,000,000 (including in such amount the offering price of any such Notes
sold at a discount), which amount may be increased if duly authorized by the
Company.

     The United States dollar equivalent of Notes denominated in currencies
other than United States dollars will be determined by the Exchange Rate Agent
on the basis of the noon buying rate for cable transfers in the City of New York
as determined by the Federal Reserve Bank of New York (the "Market Exchange
Rate") for such currencies on the Business Day (as defined below) immediately
preceding the applicable issue dates.

     Interest payments for this Note will include interest accrued from and
including the last date in respect of which interest has been paid or duly
provided for (or from and including the Original Issue Date if no interest has
been paid or provided for) to but excluding the Interest Payment Dates.
Interest payments for this Note shall be computed and paid on the basis of a
360-day year of twelve 30-day months.

     If the Company has the option with respect to this Note to reset the
interest rate, such option will be indicated on the face hereof, together with
(i) the date or dates on which such interest rate may be reset (each an
"Optional Reset Date") and (ii) the basis or formula, if any, for such
resetting.  The Company may exercise such option by notifying the Trustee of
such exercise at least 45 but not more than 60 days prior to an Optional Reset
Date.  Not later than 40 days prior to such Optional Reset Date, the Trustee
will mail to the Holder hereof a notice (the "Reset Notice"), first class,
postage prepaid, setting forth (i) the election of the Company to reset the
interest rate, (ii) such new interest rate, and (iii) the provisions, if any,
for redemption during the period from such Optional Reset Date to the next
Optional Reset Date or, if there is no such next Optional Reset Date, to the
Stated Maturity of this Note (each such period a "Subsequent

                                       6
<PAGE>

Interest Period"), including the date or dates on which or the period or periods
during which and the price or prices at which such redemption may occur during
such Subsequent Interest Period.

     Notwithstanding the foregoing, not later than 20 days prior to an Optional
Reset Date, the Company may, at its option, revoke the interest rate provided
for in the Reset Notice and establish a higher interest rate for the Subsequent
Interest Period commencing on such Optional Reset Date by mailing or causing the
Trustee to mail notice of such higher interest rate first class, postage
prepaid, to the Holder hereof.  Such notice shall be irrevocable.  If the
interest rate is reset on an Optional Reset Date this Note will bear such higher
interest rate.

     If the Company elects to reset the interest rate of this Note, the Holder
hereof will have the option to elect repayment of this Note by the Company on
any Optional Reset Date at a price equal to the principal amount hereof plus any
accrued interest to such Optional Reset Date.  In order for this Note to be so
repaid on an Optional Reset Date, the Holder hereof must follow the procedures
set forth below for optional repayment, except that the period for delivery of
this Note or notification to the Trustee shall be at least 25 but not more than
35 days prior to such Optional Reset Date and except that a Holder who has
tendered this Note for repayment pursuant to a Reset Notice may, by written
notice to the Trustee, revoke any such tender for repayment until the close of
business on the tenth day prior to such Optional Reset Date.

     If the Company has the option to extend the Stated Maturity of this Note
for one or more periods (each an "Extension Period") up to but not beyond a date
(the "Final Maturity Date") set forth on the face hereof, such option will be
indicated on the face hereof together with the basis or formula, if any, for
setting the interest rate applicable to any such Extension Period.  The Company
may exercise such option with respect to this Note by notifying the Trustee of
such exercise at least 45 but not more than 60 days prior to the Stated Maturity
of this Note in effect prior to the exercise of such option (the "Original
Stated Maturity"). No later than 40 days prior to the Original Stated Maturity,
the Trustee will mail to the Holder hereof a notice (the "Extension Notice")
relating to such Extension Period, first class, postage prepaid, setting forth
(i) the election of the Company to extend the Stated Maturity of this Note, (ii)
the new Stated Maturity, (iii) the interest rate applicable to the Extension
Period, and (iv) the provisions, if any, for redemption during the Extension
Period, including the date or dates on which or the period or periods during
which and the price or prices at which such redemption may occur during the
Extension Period.  Upon the mailing by the Trustee of an Extension Notice to the
Holder hereof, the Stated Maturity of this Note shall be extended automatically
as set forth in the Extension Notice, and, except as modified by the Extension
Notice and as described in the next paragraph, this Note will have the same
terms as prior to the mailing of such Extension Notice.

     Notwithstanding the foregoing, not later than 20 days prior to the Original
Stated Maturity for this Note, the Company may, at its option, revoke the
interest rate provided for in the Extension Notice and establish a higher
interest rate for the Extension Period by mailing or causing the Trustee to mail
notice of such higher interest rate first class, postage prepaid, to the Holder
hereof.  Such notice shall be irrevocable.  All Notes with respect to which the
Stated Maturity is extended will bear such higher interest rate for the
Extension Period.

                                       7
<PAGE>

     If the Company elects to extend the Stated Maturity of this Note, the
Holder hereof will have the option to elect repayment of this Note by the
Company at the Original Stated Maturity at a price equal to the principal amount
hereof plus any accrued interest to such date.  In order for this Note to be so
repaid on the Original Stated Maturity, the Holder hereof must follow the
procedures set forth below for optional repayment, except that the period for
delivery of this Note or notification to the Trustee shall be at least 25 but
not more than 35 days prior to the Original Stated Maturity and except that a
Holder who has tendered this Note for repayment pursuant to an Extension Notice
may, by written notice to the Trustee, revoke any such tender for repayment
until the close of business on the tenth day prior to the Original Stated
Maturity.

     Unless one or more Redemption Dates is specified on the face hereof, this
Note shall not be redeemable at the option of the Company before the Maturity
Date specified on the face hereof.  If one or more Redemption Dates (or ranges
of Redemption Dates) is so specified, this Note is subject to redemption on any
such date (or during any such range) at the option of the Company, upon notice
by first-class mail, mailed not less than 30 days nor more than 60 days prior to
the Redemption Date specified in such notice, at the applicable Redemption Price
specified on the face hereof (expressed as a percentage of the principal amount
of this Note), together in the case of any such redemption with accrued interest
to the Redemption Date, but interest installments whose Stated Maturity is prior
to the Redemption Date will be payable to the Holder of this Note, or one or
more predecessor Notes, of record at the close of business on the relevant
Regular or Special Record Dates referred to on the face hereof, all as provided
in the Indenture.  The Company may elect to redeem less than the entire
principal amount hereof, provided that the principal amount, if any, of this
                         --------
Note that remains outstanding after such redemption is an Authorized
Denomination as defined herein.

     Unless one or more Repayment Dates is specified on the face hereof, this
Note shall not be repayable at the option of the Holder on any date prior to the
Maturity Date specified on the face hereof.  If one or more Repayment Dates (or
ranges of Repayment Dates) is so specified, this Note is subject to repayment on
any such date (or during any such range) at the option of the Holder at the
applicable Repayment Price specified on the face hereof (expressed as a
percentage of the principal amount of this Note), together in the case of any
such repayment with accrued interest to the Repayment Date, but interest
installments whose Stated Maturity is prior to the Repayment Date will be
payable to the Holder of this Note, or one or more predecessor Notes, of record
at the close of business on the relevant Regular or Special Record Dates
referred to on the face hereof, all as provided in the Indenture.  For this Note
to be repaid at the option of the Holder, the Trustee must receive at the
principal office of its Corporate Trust Department in the City of New York, at
least 30 days but not more than 45 days prior to the Repayment Date on which
this Note is to be repaid, this Note and a statement that the option to elect
repayment is being exercised thereby.  Exercise of the repayment option by the
Holder shall be irrevocable except to the extent permitted in connection with an
interest rate reset or an extension of maturity, each as described above.  The
repayment option with respect to this Note may be exercised by the Holder for
less than the entire principal amount hereof, provided that the principal
                                              --------
amount, if any, of this Note that remains outstanding after such repayment is an
Authorized Denomination as defined herein.

                                       8
<PAGE>

     [Insert if the Security is to be a Certificated Security - In the event of
redemption or repayment of this Note in part only, a new Note or Notes of this
series and of like tenor and for a principal amount equal to the unredeemed or
unrepaid portion will be delivered to the registered Holder upon the
cancellation hereof.]

     [Insert if the Security is to be a Global Security - In the event of
redemption or repayment of this Note in part only, the principal amount shall be
reduced.]

     If this is a Foreign Currency Note to be paid in United States dollars, the
United States dollar amount to be received in respect hereof will be based upon
the exchange rate as determined by the Exchange Rate Agent based on the highest
firm bid quotation for United States dollars received by such Exchange Rate
Agent at approximately 11:00 a.m.  New York City time on the second Business Day
preceding the applicable payment date from three recognized foreign exchange
dealers in the City of New York selected by the Exchange Rate Agent and approved
by the Company (one of which may be the Exchange Rate Agent) for the purchase by
the quoting dealer, for settlement on such payment date, of the aggregate amount
of the Specified Currency payable on such payment date in respect of this Note.
If no such bid quotations are available, payments will be made in the Specified
Currency, unless such Specified Currency is unavailable due to the imposition of
exchange controls or to other circumstances beyond the Company's control, in
which case the Company will be entitled to make payments in respect hereof in
United States dollars as provided below.  All currency exchange costs will be
borne by the Holder hereof by deductions from such payments.

     If a Holder is to receive payments in a Specified Currency other than
United States dollars as described on the face hereof, payments of principal of
(and premium, if any) and interest will be paid in immediately available funds
by wire transfer to an account maintained by the Holder with a bank designated
by the Holder (which in the case of Global Securities will be the Depositary or
its nominee) on or prior to the Regular Record Date or at least 15 days prior to
Maturity, as the case may be, provided that such bank has the appropriate
facilities for such a payment in the Specified Currency, provided, however, that
                                                         --------  -------
with respect to payments of principal and premium, if any, and interest at
Maturity this Note is presented to the Trustee in time for the Trustee to make
such payment in accordance with its normal procedures, which shall require
presentation no later than two Business Days prior to Maturity in order to
ensure the availability of immediately available funds in the Specified Currency
at Maturity.

     If payment on this Note is required to be made in a Specified Currency
other than United States dollars and such currency is unavailable in the good
faith judgment of the Company due to the imposition of exchange controls or to
other circumstances beyond the Company's control, or is no longer used by the
government of the country issuing such currency or for the settlement of
transactions by public institutions of or within the international banking
community, then all payments with respect to this Note shall be made in United
States dollars until such currency is again available or so used.  The amount so
payable on any date in such Specified Currency shall be converted into United
States dollars at a rate determined by the Exchange Rate Agent on the basis of
the Market Exchange Rate on the second Business Day prior to such payment, or,
if the Market Exchange Rate is not then available, the most recently available
Market Exchange Rate or as otherwise determined in good faith by the Company if
the foregoing is impracticable.

                                       9
<PAGE>

     If this is a Foreign Currency Note, in the event of an official
redenomination of such foreign currency (including, without limitation, an
official redenomination of a foreign currency that is a composite currency) the
obligations of the Company with respect to payments on this Note denominated in
such currency shall, in all cases, be deemed immediately following such
redenomination to provide for the payment of that amount of redenominated
currency representing the amount of such obligations immediately before such
redenomination.  No adjustment will be made to any amount payable under this
Note as a result of (a) any change in the value of a foreign currency relative
to any other currency due solely to fluctuations in exchange rates or (b) any
redenomination of any component currency of any composite currency (unless such
composite currency is itself officially redenominated.

     If an Event of Default with respect to Notes of this series shall occur and
be continuing, the principal of the Notes of this series may be declared due and
payable in the manner and with the effect provided in the Indenture.  Unless
otherwise specified on the face hereof, if any Original Issue Discount Note (as
defined below) is redeemed by the Company or repaid at the option of the Holder,
each as described above, or if the principal of any Original Issue Discount Note
is declared to be due and payable immediately pursuant to this paragraph, the
amount of principal due and payable with respect to this Note shall be limited
to the sum of the aggregate principal amount of this Note multiplied by the
Issue Price (expressed as a percentage of the aggregate principal amount) plus
the original issue discount accrued from the date of issue to the date of
redemption, repayment or declaration, as applicable, which accrual shall be
calculated using the "interest method" (computed in accordance with generally
accepted accounting principles) in effect on the date of redemption, repayment
or declaration.  Unless otherwise specified on the face hereof, an Original
Issue Discount Note is a Note which has a stated redemption price at maturity
that exceeds its Issue Price by at least 0.25% of its stated redemption price at
maturity, multiplied by the number of complete years from the Original Issue
Date to the Maturity Date for this Note.

     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 Notes of each series to be affected
under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of not less than 66 2/3% in principal amount of the Notes at the
time Outstanding of each series to be affected.  The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Notes of each series at the time Outstanding on behalf of the Holders of
all Notes of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences.  Any such consent or waiver by the Holder of this Note shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

     No reference herein to the Indenture and no provision of this Note 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 on this Note at the times, places and rate, and

                                       10
<PAGE>

in the coin or currency, herein prescribed. However, the Indenture limits the
Holder's right to enforce the Indenture and this Note.

     As provided in the Indenture and subject to certain limitations set forth
therein and as may be set forth on the face hereof, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for
registration of transfer at the office or agency of the Company in any place
where the principal of (and premium, if any) and interest on this Note are
payable, 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 Notes of this series of like tenor, of Authorized Denominations and
for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     [Insert if the Security is a Global Security - This Note is a Global Note
and shall be exchangeable for Notes registered in the names of Persons other
than the Depositary with respect to this Global Note or its nominee only if (A)
such Depositary notifies the Company that it is unwilling or unable to continue
as Depositary for this Global Note or at any time ceases to be a clearing agency
registered as such under the Securities Exchange Act of 1934, as amended, (B)
the Company in its discretion executes and delivers to the Trustee a Company
Order that this Global Note shall be exchangeable or (C) there shall have
occurred and be continuing an Event of Default with respect to the Notes.  If
this Global Note is exchangeable pursuant to the preceding sentence, it shall be
exchangeable for Notes issuable in denominations of $1,000 and any integral
multiple of $1,000 in excess thereof, registered in such names as such
Depositary shall direct.]

     The Notes of this series are issuable, in the case of Notes denominated in
United States dollars, in denominations of U.S. $1,000 and any integral multiple
of U.S. $1,000 in excess thereof and, in the case of Notes denominated in a
Specified Currency other than United States dollars, in the authorized
denominations set forth on the face hereof (in each case, an "Authorized
Denomination").  As provided in the Indenture and subject to certain limitations
set forth therein and as may be set forth on the face hereof, Notes of this
series are exchangeable for a like aggregate principal amount of Notes of this
series of like tenor of a different Authorized Denomination, as requested by the
Holder surrendering the same.

     "Business Day" means (a) with respect to any Note, any day that is not a
Saturday or Sunday and that, in the City of New York, is not a day on which
banking institutions generally are authorized or required by law, regulation or
executive order to close and (b) if the Note is denominated in a Specified
Currency other than United States dollars, not a day on which banking
institutions are authorized or required by law, regulation or executive order to
close in the principal financial center of the country issuing the Specified
Currency (but if the Specified Currency is the Euro, the day must also be a day
on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET) System is open). As used in the preceding sentence, "principal
financial center" means the capital city of the country issuing the Specified
Currency, except that with respect to United States dollars, Australian dollars,
Canadian dollars, Deutsche marks, Dutch guilders,  Italian lire, Swiss francs
and South African rand, the "principal

                                       11
<PAGE>

financial center" shall be the City of New York, Sydney, Toronto, Frankfurt,
Amsterdam, Milan, Zurich and Johannesburg, respectively.

     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.

     The Notes of this series may be issued in the form of one or more Global
Securities to The Depository Trust Company as depositary for the Global
Securities of this series (the "Depositary") or its nominee and registered in
the name of the Depositary or such nominee.

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

     The Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York.

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                          __________________________

                                       12
<PAGE>

                                 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 TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

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

Dated:  _____________    ________________________________________________
                         NOTICE: The signature to this assignment must
                         correspond with the name as written upon the face of
                         the within instrument in every particular, without
                         alteration or enlargement or any change whatever.

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