Document:

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY

THIS NOTE IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS
NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN
THE DEPOSITORY OR ITS NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF
THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR
BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF
THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.
Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (55 Water Street,
New York, New York) ("DTC"), to the Corporation or its agent for registration
of transfer, exchange or payment, and this Note is registered in the name
of Cede & Co. or such other name as requested by an authorized representative
of DTC, and unless any payment is made to Cede & Co.., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein.

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

REGISTERED                                                                                                          
$44,025,000

NUMBER __I-_____                                                                                               
CUSIP 06050 MDR5

BANK OF AMERICA CORPORATION

MEDIUM-TERM SENIOR NOTE, SERIES K

(Indexed Note)

/  /      SEE THE ATTACHED
PRINCIPAL REPAYMENT

         
AMOUNT RIDER for a description of the

         
PRINCIPAL REPAYMENT AMOUNT and its method of calculation.

/X/    SEE THE ATTACHED SUPPLEMENTAL REDEMPTION
AMOUNT RIDER for a description of the

         
SUPPLEMENTAL REDEMPTION AMOUNT and its method of calculation

 

ORIGINAL ISSUE DATE: September 23, 2004

MATURITY DATE: September 25, 2009

CALCULATION AGENT: Banc of America Securities LLC ("BAS")

ADDITIONAL TERMS: See Supplemental Redemption Amount
Rider

MINIMUM DENOMINATIONS: $1,000 and whole multiples of
$1,000.

           BANK OF
AMERICA CORPORATION, a Delaware corporation (the "Corporation," which term
includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay on the Maturity
Date to CEDE & CO., as nominee for The Depository Trust Company, or
its registered assigns, (i) the principal amount of FORTY FOUR MILLION
TWENTY-FIVE THOUSAND DOLLARS ($44,025,000) and (ii) that supplemental redemption
amount (the "Supplemental Redemption Amount") calculated according to the
terms of the attached Supplemental Redemption Amount Rider.

           Any principal
or Supplemental Redemption Amount not punctually paid or duly provided
for shall be payable as provided in the Indenture. As used in this Note,
"Business Day" means any day that is not a Saturday or a Sunday, and that
is not a legal holiday in New York, New York or Charlotte, North Carolina
and that is not a day on which banking institutions in those cities or
any other place of payment with respect to this Note are authorized or
required by law or regulation to be closed; but that is not a day on which
the principal securities market (or markets)

 

on which the constituent stocks of the Dow Jones Industrial AverageSM,
or "DJIASM, are traded is closed.

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

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

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

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

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

 

 

                                                                                         
2

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

                                                                           
BANK OF AMERICA CORPORATION

                                                                           
By:____________________________________

[SEAL]                                                               
Title: Senior Vice President

ATTEST:

By:___________________________

Title: Assistant Secretary

 

 

     3

 

 

Certificate of Authentication

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

Dated: September 23, 2004

                                                                                    
THE BANK OF NEW YORK,

                                                                                     
as Trustee

 

                                                                                    
By:___________________________

                                                                                               
Authorized Signatory

 

 

                                                                                         
4

 

[Reverse of Note]
BANK OF AMERICA CORPORATION

MEDIUM-TERM SENIOR NOTE, SERIES K

(Indexed Note)

          SECTION 1. General.
This Note is one of a duly authorized series of Securities of the Corporation
unlimited in aggregate principal amount (herein called the "Notes") issued
and to be issued under an Indenture dated as of January 1, 1995 (herein
called the "Indenture"), between the Corporation (successor in interest
to NationsBank Corporation) and The Bank of New York, as Trustee (successor
in interest to U.S. Bank Trust National Association, successor trustee
to BankAmerica National Trust Company, herein called the "Trustee," which
term includes any successor trustee under the Indenture), as supplemented
by a First Supplemental Indenture dated as of September 18, 1998, a Second
Supplemental Indenture dated as of May 7, 2001, and a Third Supplemental
Indenture dated as of July 28, 2004 to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights thereunder of the Corporation, the Trustee, and the holders of the
Notes, and the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is also one of the Notes designated as the Corporation's
Senior Medium-Term Notes, Series K, initially limited in aggregate principal
amount to $10,000,000,000. The Trustee initially shall act as Security
Registrar, Transfer Agent, and Issuing and Paying Agent in connection with
the Notes. The Notes may bear different dates, mature at different times,
bear interest at different rates and vary in such other ways as are provided
in the Indenture.

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

        SECTION 3. Redemption.
This Note is not redeemable prior to the Maturity Date.

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

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

       SECTION 7. Modifications and
Waivers. The Indenture permits, with certain exceptions as therein
provided, the amendment of the Indenture and the modification of the rights
and obligations of the Corporation and the rights of the holders of the
Notes under the Indenture at any time by the Corporation with the consent
of the holders of not less than 66 2/3% in aggregate principal amount of
the Notes then outstanding and all other Securities then outstanding under

 

                                                                                          
5

the Indenture and affected by such amendment and modification. The Indenture
also contains provisions permitting the holders of a majority in aggregate
principal amount of the Notes then outstanding and all other Securities
then outstanding under the Indenture and affected thereby, on behalf of
the holders of all such Securities, to waive compliance by the Corporation
with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
holder of this Note shall be conclusive and binding upon such holder and
upon all future holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note.

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

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

         SECTION 9. Authorized
Denominations. The Notes are issuable only as registered Notes without
coupons, and unless otherwise set forth above, only in denominations of
$1,000 and whole multiples of $1,000. As provided in the Indenture, and
subject to certain limitations therein set forth, Notes are exchangeable
for a like aggregate principal amount of Notes of different authorized
denominations, as requested by the holder surrendering the same.

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

        This Note is being issued
by means of a book-entry system with no physical distribution of certificates
to be made except as provided in the Indenture. The book-entry system maintained
by The Depository Trust Company ("DTC") will evidence ownership of the
Notes, with transfers of ownership effected on the records of DTC and its
participants pursuant to rules and procedures established by DTC and its
participants. The Corporation will recognize Cede & Co., as nominee
of DTC, while the registered holder of the Notes, as the owner of the Notes
for

 

                                                                                        
6

all purposes, including payment of principal and the Supplemental Redemption
Amount, notices and voting. Transfer of principal and the Supplemental
Redemption Amount to participants of DTC will be the responsibility of
DTC, and transfer of principal and the Supplemental Redemption Amount payable
to beneficial owners of the Notes by participants of DTC will be the responsibility
of such participants and other nominees of such beneficial owners. So long
as the book-entry system is in effect, the selection of any Notes to be
redeemed will be determined by DTC pursuant to rules and procedures established
by DTC and its participants. The Corporation will not be responsible or
liable for such transfers or payments or for maintaining, supervising or
reviewing the records maintained by DTC, its participants, or persons acting
through such participants.

        This Note may be exchanged
in whole, but not in part, for security-printed certificated Notes, only
if (i) DTC notifies the Corporation or the Trustee that it is unwilling
or unable to continue to act as depository for this Note in global form
or if at any time DTC ceases to be a clearing agency registered under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
either such case, a successor depository is not appointed by the Corporation
within 60 calendar days, or (ii) the Corporation executes and delivers
to the Trustee a written notification that this Note in global form shall
be so exchangeable, or (iii) an Event of Default occurs and is continuing
with respect to this Note in global form. In any such instance, an owner
of a beneficial interest in this Note will be entitled to physical delivery
in certificated form of Notes equal in principal amount to such beneficial
interest and to have such Notes registered in its name. Unless otherwise
set forth above, Notes so issued in certificated form will be issued in
authorized denominations only and will be issued in registered form only,
without coupons.

         No service charge shall
be made for any such registration of transfer or exchange, but the Corporation
may require payment of a sum sufficient to cover any tax, assessment, or
other governmental charge, including, without limitation, any withholding
tax, payable in connection therewith.

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

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

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

 

 

 7

 

 

ABBREVIATIONS

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

            TEN
COM-- as tenants in common

           
TEN ENT-- as tenants by the entireties

           
JT TEN-- as joint tenants with right of survivorship and not as tenants
in common

           
UNIF GIFT MIN ACT--...........................as Custodian for............................

                                                        
(Cust)                                         
(Minor)

                                                             
Under Uniform Gifts to Minors Act

                                                               
........................................................

(State)

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

_____________________________

ASSIGNMENT

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

[PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS

INCLUDING ZIP CODE OF ASSIGNEE]

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

Please Insert Social Security or Other

Identifying Number of Assignee: ____________________________

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

Dated:_________________________                        
_________________________________________

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

8

 

 

BANK OF AMERICA CORPORATION

Medium-Term Senior Note, Series K

SUPPLEMENTAL REDEMPTION AMOUNT RIDER

General

           This Note
is part of a series of medium-term notes entitled "Medium-Term Notes, Series
K" issued under the Indenture, as described in the Prospectus dated April
14, 2004 and Prospectus Supplement dated April 15, 2004 and is designated
as the Bank of America Corporation Minimum Return Equity Appreciation Growth
LinkEd Securities "Index EAGLES®," due September 25, 2009
Linked to the Dow Jones Industrial AverageSM.
Certain capitalized terms used herein have the meanings ascribed to them
in the Prospectus and the Prospectus Supplement.

Payment at Maturity; Supplemental Redemption Amount

           At maturity,
the holder of the Note will receive the principal amount of this Note.
The holder of the Note also will receive the Supplemental Redemption Amount,
which will not be less than a total of 5.00% of the principal amount of
this Note at maturity. This minimum amount is called the "Minimum Supplemental
Redemption Amount." The Supplemental Redemption Amount will be based on
the performance of the DJIASM during the
term of this Note and will be determined by the Calculation Agent in the
manner described below.

          The Calculation
Agent will determine the Supplemental Redemption Amount, which will not
be less than the Minimum Supplemental Redemption Amount, by reference to
the periodic returns of the DJIASM during
the following 20 "Reference Periods":

 

 
	
2004/05
	
2005/06
	
2006/07
	
2007/08
	
2008/09

	
9/20/04-12/20/04
	
9/20/05-12/20/05
	
9/20/06-12/20/06
	
9/20/07-12/20/07

	
9/20/08-12/20/08

	
12/20/04-3/20/05
	
12/20/05-3/20/06
	
12/20/06-3/20/07
	
12/20/07-3/20/08

	
12/20/08-3/20/09

	
3/20/05-6/20/05
	
3/20/06-6/20/06
	
3/20/07-6/20/07
	
3/20/08-6/20/08

	
3/20/09-6/20/09

	
6/20/05-9/20/05
	
6/20/06-9/20/06
	
6/20/07-9/20/07
	
6/20/08-9/20/08

	
6/20/09-9/20/09

         This Note was priced
on September 20, 2004, or the "Pricing Date." The Pricing Date is the first
day of the first Reference Period. On the Pricing Date, the Calculation
Agent determined the closing level of the DJIASM
to be 10,204.89.

         The last day of each
Reference Period is referred to as a "Reset Date." On each Reset Date,
the Calculation Agent will determine the "Periodic Return" of the DJIASM
for the Reference Period then ended by applying the following formula.
The result will be rounded to the nearest ten-thousandth of a decimal place
and then expressed as a percentage:

Ending Level - Starting Level

Starting Level

                                                                                                 
9

        The "Starting Level" for
the initial Reference Period is the closing level of the DJIASM
on the Pricing Date, or 10,204.89, and the "Starting Level" for each subsequent
Reference Period is the Ending Level for the immediately preceding Reference
Period. The "Ending Level" for each Reference Period is the closing level
of the DJIASM on the applicable Reset Date,
or if that day is not a Business Day (as defined above), the closing level
of the DJIASM on the next following Business
Day. The "closing level" of the DJIASM
on any Business Day means the level of the DJIASM
at the regular official weekday close of any and all relevant exchanges
and/or markets.

        On the Pricing Date, the
Corporation set a cap of 8.00%, or the "Return Cap," which limits any increases
in the Periodic Return of the DJIASM to
that rate. For any Reference Period in which the Periodic Return is greater
than the Return Cap, the Periodic Return for that Reference Period will
be deemed to be the Return Cap.

        After the close of the market
on the last Reset Date, the Calculation Agent will determine the Supplemental
Redemption Amount, which will not be less than the Minimum Supplemental
Redemption Amount, payable to the holder at maturity based on the following
formula:

Principal Amount x Index Return

        The "Index Return" is the
compounded value of the 20 Periodic Returns computed in the following manner:

[The product of (1.00 + the Periodic Return) for each Reference Period]
- 1.00

         The Index Return will
be rounded to the nearest ten-thousandth and then expressed as a percentage.

         The Supplemental Redemption
Amount will be calculated after the close of the market on the last Reset
Date. The period of time between the last Reset Date and the Maturity Date
is not part of a Reference Period, and, therefore, changes in the DJIASM
during that period will not affect the Supplemental Redemption Amount payable
to the holder of this Note at maturity. If these calculations produce a
Supplemental Redemption Amount that is less than the Minimum Supplemental
Redemption Amount, the Corporation will pay the holder of this Note at
maturity a Supplemental Redemption Amount equal to the Minimum Supplemental
Redemption Amount.

Event of Default

       Upon the occurrence of an Event
of Default (as defined in the Indenture), the holder of this Note only
will be entitled to receive the principal amount of the Note, and will
not be entitled to payment of the Supplemental Redemption Amount.

Market Disruption

       Each of the following will be a
"Market Disruption Event" if, in the sole opinion of the Calculation Agent,
that event materially affects the DJIASM:

                                                                                                   
10

 

 

 
(a) the suspension, material limitation, or absence of the trading of
a material number of stocks included in them DJIASM;

(b) the suspension or material limitation of the trading of stocks on
one or more stock exchanges on which stocks included in the DJIASM
are quoted;

(c) the suspension or material limitation of the trading of (a) options
or futures relating to the DJIASM on any
options or futures exchanges or (b) options or futures generally; or

(d) the imposition of any exchange controls with respect to any currencies
involved in determining the total amount payable on this Note at maturity.

          For the purpose
of this definition of Market Disruption Event:

(a) a limitation on the number of hours or days of trading will not
be a Market Disruption Event if it results from an announced change in
the regular business hours of any exchange;

(b) a limitation on trading imposed by reason of the movements in price
exceeding the levels permitted by any relevant exchange will be a Market
Disruption Event;

(c) a decision to permanently discontinue trading in the relevant futures
or options contracts will not constitute a Market Disruption Event; and

(d) an absence of trading on a securities exchange or quotation system
will not include any time when that exchange or quotation system is closed
for trading under ordinary circumstances.

        If a Market Disruption Event
occurs or is continuing on a day that would otherwise be a Reset Date,
then the Calculation Agent instead will use the closing level of the DJIASM
on the first Business Day after that day on which no Market Disruption
Event occurs or is continuing. In no event, however, will any Reset Date
be postponed by more than five Business Days. If any Reset Date is postponed
to the last possible day, but a Market Disruption Event occurs or is continuing
on that day, that day nevertheless will be the Reset Date, and the Calculation
Agent will make a good faith estimate of the closing level of the DJIASM
based upon its assessment of the level of the DJIASM
at that time. If the last scheduled Reset Date is postponed due to a Market
Disruption Event, the Maturity Date for this Note also will be postponed
by the same number of Business Days.

Discontinuance of the DJIASM; Alteration
of Method of Calculation

        If Dow Jones & Company,
Inc. discontinues publication of the DJIASM
and Dow Jones & Company, Inc. or another entity publishes a successor
or substitute index that the Calculation Agent determines, in its sole
discretion, is comparable to the discontinued DJIASM
(the new index being referred to as a "Successor Index"), then the relevant
closing levels shall be determined by reference to the Successor Index
at the close of trading on the New York Stock Exchange, the

 

                                                                                      
11

American Stock Exchange LLC, The Nasdaq National Market, or the relevant
exchange or market for the Successor Index.

      If the Calculation Agent selects a Successor
Index, the Calculation Agent immediately shall notify the Corporation and
the Trustee, and the Trustee will provide written notice of a change to
the holders of this Note within three Business Days of selection.

      If Dow Jones & Company, Inc. discontinues
publication of the DJIASM, and the Calculation
Agent determines that no Successor Index is available, then the Calculation
Agent will notify the Corporation and the Trustee and shall calculate the
appropriate closing levels. These calculations by the Calculation Agent
will be in accordance with the formula for and method of calculating the
DJIASM last in effect prior to that discontinuance.
If a Successor Index is selected or the Calculation Agent calculates a
level as a substitute for the DJIASM, that
Successor Index or level will be substituted for the DJIASM
for all purposes.

      If at any time the method of calculating
the DJIASM or a Successor Index, or the
level of that index, is changed in a material respect, or if the DJIASM
or a Successor Index in any other way is modified so that it does not,
in the opinion of the Calculation Agent, fairly represent the level of
the DJIASM or the Successor Index had those
changes or modifications not been made, then, from and after that time,
the Calculation Agent will notify the Corporation and the Trustee. The
Calculation Agent will make those calculations and adjustments as, in the
good faith judgment of the Calculation Agent, may be necessary in order
to arrive at a level of a stock index comparable to the DJIASM
or the Successor Index, as the case may be, as if those changes or modifications
had not been made, and calculate the closing levels with reference to the
DJIASM or the Successor Index, as adjusted.
Accordingly, if the method of calculating the DJIASM
or a Successor Index is modified so that the level of such index is a fraction
of what it would have been if it had not been modified (e.g., due to a
split in the index), then the Calculation Agent shall adjust the index
in order to arrive at a level of the DJIASM
or the Successor Index as if it had not been modified (e.g., as if the
split had not occurred).

Role of the Calculation Agent

       The Calculation Agent has the sole
discretion to make all determinations regarding this Note, including determinations
regarding the Index Return, the Supplemental Redemption Amount, Market
Disruption Events, Successor Indices, and Business Days. Absent manifest
error, all determinations of the Calculation Agent will be final and binding
on the holder of this Note and the Corporation, without any liability on
the part of the Calculation Agent.

       The Corporation has initially appointed
its affiliate, Banc of America Securities LLC, as the Calculation Agent,
but the Corporation may change the Calculation Agent at any time without
notifying the holder of this Note.

                                                                                         
12EXHIBIT 4.1

                    (FORM OF STOCK CERTIFICATE - FRONT SIDE)

NUMBER                                                                    SHARES

                                                             CUSIP
                                                             See reverse for
COMMON STOCK                                                 certain definitions

                              ROYAL FINANCIAL, INC.

                     INCORPORATED UNDER THE LAWS OF DELAWARE

         This certifies that ___________________________________ is the
registered holder of _________________ fully paid and non-assessable shares of
the Common Stock, par value $.01 per share, of Royal Financial, Inc., Chicago,
Illinois (the "Corporation"), incorporated under the laws of the State of
Delaware. The shares evidenced by this Certificate are transferable only on the
books of the Corporation by the holder hereof, in person or by a duly authorized
attorney or legal representative, upon surrender of this Certificate properly
endorsed. This Certificate and the shares represented hereby are subject to all
the provisions of the Certificate of Incorporation and Bylaws of the Corporation
and any and all amendments thereto. THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE NOT DEPOSITS OR ACCOUNTS AND ARE NOT FEDERALLY INSURED OR GUARANTEED. This
Certificate is not valid unless countersigned by the Transfer Agent and
registered by the Registrar.

         IN WITNESS WHEREOF, the Corporation has caused this Certificate to be
executed by the facsimile signatures of its duly authorized officers and has
caused its facsimile seal to be affixed hereto.

Dated:

----------------------------(Seal)             ---------------------------------
Secretary                                      By:
                                                  ------------------------------
                                               Its:
                                                   -----------------------------

<PAGE>

                     (FORM OF STOCK CERTIFICATE - BACK SIDE)

         The Corporation is authorized to issue more than one class of stock,
including a class of preferred stock which may be issued in one or more series.
The Corporation will furnish to any stockholder, upon written request and
without charge, a full statement of the designations, preferences, limitations
and relative rights of the shares of each class authorized to be issued and,
with respect to the issuance of any preferred stock to be issued in series, the
relative rights, preferences and limitations between the shares of each series
so far as the rights, preferences and limitations have been fixed and determined
and the authority of the Board of Directors to fix and determine the relative
rights, preferences and limitations of subsequent series. The Certificate of
Incorporation of the Corporation includes a provision which generally prohibits
any person (including an individual, company or group acting in concert) from
directly or indirectly offering to acquire or acquiring the beneficial ownership
of more than 10% of any class of equity securities of the Corporation. In the
event that stock is acquired in violation of this 10% limitation, the excess
shares will no longer be counted in determining the total number of outstanding
shares for purposes of any matter involving stockholder action and the Board of
Directors of the Corporation may cause such excess shares to be transferred to
an independent trustee for sale in the open market or otherwise, with the
expenses of such sale to be paid out of the proceeds of the sale.

         The Certificate of Incorporation of the Corporation contains provisions
that the affirmative vote of at least 80% of the Voting Shares (as defined) may
be required to approve certain business combinations and other actions.

         The following abbreviations, when used in the inscription on the face
of this Certificate, 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 ______________________ under
                                 (Cust)                    (Minor)

         Uniform Gifts to Minors Act ___________________________________________
                                                      (State)

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

<PAGE>

         For value received, __________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFYING NUMBER OF ASSIGNEE

.................................................................................
.................................................................................

.................................................................................
(Please print or typewrite name and address including postal zip code of
assignee)

.................................................................................
.................................................................................
............................................................ __________ shares of
Common Stock represented by this Certificate, and do hereby irrevocably
constitute and appoint _______________ as Attorney, to transfer the said shares
on the books of the within named Corporation, with full power of substitution.

Dated _______________ __, ____

                                        ----------------------------------------
                                        Signature

                                        ----------------------------------------
                                        Signature

         NOTICE: The signature(s) to this assignment must correspond with the
name(s) as written upon the face of this Certificate in every particular,
without alteration or enlargement, or any change whatever. The signature(s)
should be guaranteed by an eligible guarantor institution (bank, stockbroker,
savings and loan association or credit union) with membership in an approved
signature medallion program, pursuant to S.E.C. Rule 17Ad-15.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]