FLOATING RATE GLOBAL MEDIUM-TERM NOTE, SERIES B
Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to Issuer or its agent
for registration of transfer, exchange, or payment, and any certificate issued
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.
REGISTERED CUSIP No._____________ PRINCIPAL OR FACE AMOUNT
No. BFLR $___________________________
-
TOYOTA MOTOR CREDIT CORPORATION
MEDIUM-TERM NOTE, SERIES B
(Floating Rate)
________________________________________________________________________________
* * * [ ] CHECK IF A PRINCIPAL INDEXED NOTE * * *
If this is a Principal Indexed Note, references herein to "principal" shall be
deemed to be the face amount hereof, except that the amount payable upon
Maturity of this Note shall be determined in accordance with the formula or
formulas set forth below or in an attached Addendum hereto.
______________________________________________________________________________________________________
INTEREST RATE BASIS: ORIGINAL ISSUE DATE: STATED MATURITY DATE:
INDEX MATURITY: INITIAL INTEREST RATE: INTEREST PAYMENT PERIOD:
SPREAD: INITIAL INTEREST RESET DATE: INTEREST PAYMENT DATES:
SPREAD MULTIPLIER: INTEREST RATE RESET PERIOD: INTEREST RESET DATES:
MAXIMUM INTEREST RATE: MINIMUM INTEREST RATE: IF INTEREST RATE BASIS IS CMT RATE:
DESIGNATED CMT MATURITY INDEX:
____________ year(s).
DESIGNATED CMT TELERATE PAGE:
[ ] 7051
[ ] 7052
IF 7052: [ ] WEEK
[ ] MONTH
INITIAL REDEMPTION ANNUAL REDEMPTION PERCENTAGE OPTIONAL REPAYMENT DATE(S):
PERCENTAGE: REDUCTION:
CALCULATION AGENT: IF INTEREST RATE BASIS IS LIBOR:
INDEX CURRENCY:___________________
DESIGNATED LIBOR PAGE:
[ ] Reuters Page:_______________
[ ] Telerate Page:______________
INTEREST CALCULATION: DAY COUNT CONVENTION
[ ] Regular Floating Rate Note [ ] Actual/360 for the period
from to
[ ] Floating Rate/Fixed Rate [ ] Actual/Actual for the period
from to
Fixed Rate Commencement Date: [ ] 30/360 for the period
Fixed Interest Rate: from to
[ ] Inverse Floating Rate Note
Fixed Interest Rate:
ADDENDUM ATTACHED: ORIGINAL ISSUE DISCOUNT
[ ] Yes [ ] Yes
[ ] No [ ] No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
OTHER PROVISIONS:
2
TOYOTA MOTOR CREDIT CORPORATION, a California corporation ("Issuer" or the
"Company," which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of
DOLLARS, or if this is a Principal Indexed Note, the principal amount as
determined in accordance with the terms set forth under "Other Provisions" above
and/or in the Addendum attached hereto, on the Stated Maturity Date specified
above (except to the extent redeemed or repaid prior to the Stated Maturity
Date), and to pay interest on the principal or face amount hereof as set forth
above, at a rate per annum equal to the Initial Interest Rate specified above
until the Initial Interest Reset Date specified above and thereafter at a rate
per annum determined in accordance with the provisions hereof and any Addendum
relating hereto depending upon the Interest Rate Basis or Bases, if any, and
such other terms specified above, until the principal hereof is paid or duly
made available for payment. Reference herein to "this Note," "hereof," "herein,"
"as specified above" and comparable terms shall include an Addendum hereto if an
Addendum is specified above.
The Company will pay interest monthly, quarterly, semi-annually, annually
or such other period as specified above under "Interest Payment Period," on each
Interest Payment Date specified above, commencing on the first Interest Payment
Date specified above next succeeding the Original Issue Date specified above,
and on the Stated Maturity Date or any Redemption Date or Optional Repayment
Date (if specified as repayable at the option of the Holder in an attached
Addendum) (the date of each such Stated Maturity Date, Redemption Date and
Optional Repayment Date and the date on which principal or an installment of
principal is due and payable by declaration of acceleration or otherwise
pursuant to the Indenture being referred to hereinafter as a "Maturity" with
respect to principal payable on such date); provided, however, that if the
Original Issue Date is between a Regular Record Date (as defined below) and the
next succeeding Interest Payment Date, interest payments will commence on the
second Interest Payment Date succeeding the Original Issue Date; and provided
further, unless specified otherwise in an Addendum attached hereto, that if an
Interest Payment Date (other than an Interest Payment Date at Maturity) would
fall on a day that is not a Business Day (as defined below), such Interest
Payment Date shall be the following day that is a Business Day, except that in
the case the Interest Rate Basis is LIBOR, as indicated above, if such next
Business Day falls in the next calendar month, such Interest Payment Date shall
be the next preceding day that is a Business Day. Except as provided above,
interest payments will be made on the Interest Payment Dates shown above. Unless
otherwise specified above, the "Regular Record Date" shall be the date 15
calendar days (whether or not a Business Day) prior to the applicable Interest
Payment Date. Interest on this Note will accrue from and including the Original
Issue Date specified above, at the rates determined from time to time as
specified herein, until the principal hereof has been paid or made available for
payment. If the Maturity falls on a day which is not a Business Day as defined
below, the payment due on such Maturity will be paid on the next succeeding
Business Day with the same force and effect as if made on such Maturity and no
interest shall accrue with respect to such payment for the period from and after
such Maturity. The interest so payable and punctually paid or duly provided for
on any Interest Payment Date will as provided in the Indenture be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
3
Interest Payment Date. Any such interest which is payable, but not punctually
paid or duly provided for on any Interest Payment Date (herein called "Defaulted
Interest"), shall forthwith cease to be payable to the registered Holder on such
Regular Record Date, and may be paid to the Person in whose name this Note (or
one or more Predecessor Securities) 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 the Holder of this Note not less
than 10 days prior to such Special Record Date, or may be paid at any time in
any other lawful manner, all as more fully provided in the Indenture.
Payment of the principal of and interest on this Note will be made at the
Office or Agency of the Company maintained by the Company for such purpose, 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; provided, however, that
at the option of the Company, payment of interest may be made by check mailed to
the address of the Person entitled thereto as such address shall appear in the
Security Register; and provided, further, that AT THE OPTION OF THE COMPANY, the
Holder of this Note may be entitled to receive payments of principal of and
interest on this Note by wire transfer of immediately available funds if
appropriate wire transfer instructions have been received by the Trustee not
less than 15 days prior to the applicable payment date.
Unless the certificate of authentication hereon has been executed by or on
behalf of Deutsche Bank Trust Company Americas, the Trustee for this Note under
the Indenture, or its successor thereunder, by the manual signature of one of
its authorized officers, this Note shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.
This Note is one of a duly authorized series of Securities (hereinafter
called the "Securities") of the Company designated as its Medium-Term Notes,
Series B (the "Notes"). The Notes are issued and to be issued under an Indenture
dated as of August 1, 1991 as amended and supplemented by the First Supplemental
Indenture dated as of October 1, 1991, and the Second Supplemental Indenture
dated as of March 31, 2004 (herein called the "Indenture") between the Company,
JPMorgan Chase Bank (as successor to The Chase Manhattan Bank, N.A.) and
Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights thereunder of the Company, the
Trustee (as defined below) and the Holders of the Notes and the terms upon which
the Notes are to be authenticated and delivered. Deutsche Bank Trust Company
Americas shall act as Trustee with respect to the Notes (herein called the
"Trustee," which term includes any successor Trustee with respect to the Notes
under the Indenture). The terms of individual Notes may vary with respect to
interest rates or interest rate formulas, issue dates, maturity, redemption,
repayment, currency of payment and otherwise.
Except as otherwise provided in the Indenture, the Notes will be issued in
global form only registered in the name of The Depository Trust Company ("DTC")
or its nominee. The Notes will not be issued in definitive form, except as
otherwise provided in the Indenture, and ownership of the Notes shall be
maintained in book entry form by DTC for the accounts of participating
organizations of DTC.
4
This Note is not subject to any sinking fund and, unless otherwise provided
above in accordance with the provisions of the following paragraphs, is not
redeemable or repayable prior to the Stated Maturity Date.
If so provided above, this Note may be redeemed by the Company on any date
on and after the Initial Redemption Date, if any, specified above. If no Initial
Redemption Date is set forth above, this Note may not be redeemed prior to the
Stated Maturity Date. On and after the Initial Redemption Date, if any, this
Note may be redeemed at any time in whole or from time to time in part in
increments of $1,000 (provided that any remaining principal hereof shall be at
least $1,000) at the option of the Company at the applicable Redemption Price
(as defined below) together with accrued interest hereon at the applicable rate
payable to the date of redemption (each such date, a "Redemption Date"), on
written notice given not more than 60 nor less than 30 days prior to the
Redemption Date or such other notice specified in an Addendum attached hereto.
In the event of redemption of this Note in part only, a new Note for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon
the surrender hereof.
Unless otherwise specified above, the "Redemption Price" shall initially be
the Initial Redemption Percentage, specified above, of the principal amount of
this Note to be redeemed and shall decline at each anniversary of the Initial
Redemption Date, shown above, by the Annual Redemption Percentage Reduction, if
any specified on the face hereof, of the principal amount to be redeemed until
the Redemption Price is 100% of such principal amount.
Unless otherwise specified in an Addendum attached hereto, this Note is not
subject to repayment at the option of the Holder. If this Note shall be
repayable at the option of the Holder as specified in an attached addendum
hereto, unless otherwise specified in such Addendum, on any Optional Repayment
Date, this Note shall be repayable in whole or in part in increments of $1,000
(provided that any remaining principal hereof shall be at least $1,000) at the
option of the Holder hereof at a repayment price equal to 100% of the principal
amount to be repaid, together with interest thereon payable to the date of
repayment. If specified as repayable at the option of the Holder in such
Addendum, for this Note to be repaid in whole or in part at the option of the
Holder hereof, this Note must be received, with the form entitled "Option to
Elect Repayment" below duly completed, by the Trustee at its Corporate Trust
Office, or such address which the Company shall from time to time notify the
Holders of the Notes, not more than 60 nor less than 30 days prior to the
related Optional Repayment Date or such other time as is specified in an
Addendum attached hereto. Exercise of such repayment option by the Holder hereof
shall be irrevocable.
The interest rate borne by this Note shall be determined as follows:
1. If this Note is designated as a Regular Floating Rate Note above,
then, except as described below, this Note shall bear interest at the rate
determined by reference to the applicable Interest Rate Basis shown above
(i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by
the applicable Spread Multiplier, if any, specified and applied in the
manner described above. Commencing on the Initial Interest Reset Date, the
rate at which interest on this Note is payable shall be reset as of each
Interest Reset Date specified above; provided, however, that the interest
rate in
5
effect for the period from the Original Issue Date to the Initial Interest
Reset Date will be the Initial Interest Rate.
2. If this Note is designated as a Floating Rate/Fixed Rate Note
above, then, except as described below, this Note shall bear interest at
the rate determined by reference to the applicable Interest Rate Basis
shown above (i) plus or minus the applicable Spread, if any, and/or (ii)
multiplied by the applicable Spread Multiplier, if any, specified and
applied in the manner described above. Commencing on the Initial Interest
Reset Date, the rate at which interest on this Note is payable shall be
reset as of each Interest Reset Date specified above; provided, however,
that (i) the interest rate in effect for the period from the Original Issue
Date to the Initial Interest Reset Date shall be the Initial Interest Rate;
and (ii) unless specified above, the interest rate in effect commencing on,
and including, the Fixed Rate Commencement Date to the Maturity shall be
the Fixed Interest Rate, if such a rate is specified above, or if no such
Fixed Interest Rate is so specified, the interest rate in effect hereon the
day immediately preceding the Fixed Rate Commencement Date.
3. If this Note is designated as an Inverse Floating Rate Note above,
then, except as described below, this Note will bear interest equal to the
Fixed Interest Rate indicated above minus the rate determined by reference
to the applicable Interest Rate Basis shown above (i) plus or minus the
applicable Spread, if any, and/or (ii) multiplied by the applicable Spread
Multiplier, if any, specified and applied in the manner described above;
provided, however, that the interest rate hereon will not be less than zero
percent. Commencing on the Initial Interest Reset Date, the rate at which
interest on this Note is payable shall be reset as of each Interest Rate
Reset Date specified above; provided, however, that the interest rate in
effect for the period from the Original Issue Date to the Initial Interest
Reset Date shall be the Initial Interest Rate.
4. Notwithstanding the foregoing, if this Note is designated above as
having an Addendum attached, the Note shall bear interest in accordance
with the terms described in such Addendum. If interest on this Note is to
be calculated in accordance with the terms of an attached Addendum, unless
otherwise specified in such Addendum, commencing on the Initial Interest
Reset Date, the rate at which interest on this Note is payable shall be
reset as of each Interest Rate Reset Date specified above; provided,
however, that the interest rate in effect for the period from the Original
Issue Date to the Initial Interest Reset Date shall be the Initial Interest
Rate.
Except as provided above, the interest rate in effect on each day shall be
(a) if such day is an Interest Reset Date, the interest rate determined on the
applicable Interest Determination Date (as defined below) immediately preceding
such Interest Reset Date or (b) if such day is not an Interest Reset Date, the
interest rate determined on the Interest Determination Date immediately
preceding the most recent Interest Reset Date. Each Interest Rate Basis shall be
the rate determined in accordance with the applicable provision below. Unless
specified otherwise in an Addendum attached hereto, if any Interest Reset Date
(which term includes the term Initial Interest Reset Date unless the context
otherwise requires) would otherwise be a day that is not a Business Day, such
Interest Reset Date shall be postponed to the next succeeding day that is a
Business Day, except that if an Interest Rate Basis specified on the face hereof
is LIBOR, the
6
Prime Rate or the Federal Funds Rate, and such next Business Day falls in the
next succeeding calendar month, such Interest Reset Date shall be the next
preceding Business Day.
Unless otherwise specified above, interest payable on this Note on any
Interest Payment Date shall be the amount of interest accrued from and including
the next preceding Interest Payment Date in respect of which interest has been
paid (or from and including the Original Issue Date specified above, if no
interest has been paid), to but excluding the related Interest Payment Date;
provided, however, that the interest payments on Maturity will include interest
accrued to but excluding such Maturity. Unless otherwise specified above, if
this Note is calculated on an Actual/360 basis or an Actual/Actual basis (as
specified above), the accrued interest for each Interest Calculation Period will
be calculated by multiplying (i) the face amount hereof, (ii) the applicable
interest rate, and (iii) the actual number of days in the related Interest
Calculation Period, and dividing the resulting product by 360 or 365, as
applicable (or, with respect to an Actual/Actual basis Note, if any portion of
the related Interest Calculation Period falls in a leap year, the product of (i)
and (ii) above will be multiplied by the sum of (X) the actual number of days in
that portion of such Interest Calculation Period falling in a leap year divided
by 366 and (Y) the actual number of days in that portion of such Interest
Calculation Period falling in a non-leap year divided by 365). If this Note is
calculated on a 30/360 basis (as specified above), accrued interest for an
Interest Calculation Period will be computed on the basis of a 360-day year of
twelve 30-day months, irrespective of how many days are actually in such
Interest Calculation Period. Unless otherwise specified above and/or in an
attached Addendum hereto, if this Note accrues interest on a 30/360 basis, if
any Interest Payment Date or the date of Maturity falls on a day that is not a
Business Day, the related payment of principal or interest will be made on the
next succeeding Business Day as if made on the date such payment was due, and no
interest will accrue on the amount so payable for the period from and after such
Interest Payment Date or Maturity, as the case may be. As used herein, "Interest
Calculation Period" means with respect to any period, the period from and
including the most recent Interest Reset Date (or from and including the
Original Issue Date in the case of the first Interest Reset Date), to but
excluding the next succeeding Interest Reset Date for which accrued interest is
being calculated. Unless otherwise specified above, interest with respect to
Notes for which the interest rate is calculated with reference to two or more
Interest Rate Bases will be calculated in the same manner as if only one of the
applicable Interest Rate Bases applied.
Unless otherwise specified above and/or in an attached Addendum hereto, the
"Interest Reset Date" for Notes that reset as follows will be: if daily, each
Business Day; if weekly, the Wednesday of each week, with the exception of
weekly reset floating rate notes as to which the Treasury Rate is an applicable
Interest Rate Basis, which will reset the Tuesday of each week; if monthly, the
third Wednesday of each month, with the exception of monthly reset floating rate
notes as to which the Eleventh District Cost of Funds Rate Notes is an
applicable Interest Rate Basis, which will reset on the first calendar day of
the month; if quarterly, the third Wednesday of March, June, September and
December of each year; if semiannually, the third Wednesday of the two months
specified in the applicable pricing supplement; and if annually, the third
Wednesday of the month specified in the applicable pricing supplement; provided,
however, that, for Floating Rate/Fixed Rate Notes, the interest rate will not
reset after the Fixed Rate Commencement Date.
7
Unless otherwise specified above, the "Interest Determination Date" with
respect to the CD Rate, the CMT Rate, the Commercial Paper Rate, and the Prime
Rate will be the second Business Day preceding each Interest Reset Date; the
"Interest Determination Date" for the Federal Funds Rate will be the first
Business Day preceding each Interest Reset Date; the "Interest Determination
Date" with respect to LIBOR shall be the second London Banking Day (as defined
below) preceding each Interest Reset Date; the "Interest Determination Date"
with respect to the Eleventh District Cost of Funds Rate shall be the last
working day of the month immediately preceding each Interest Reset Date on which
the Federal Home Loan Bank of San Francisco publishes the Index (as defined
below); the "Interest Determination Date" with respect to the Treasury Rate will
be the day in the week in which the related Interest Reset Date falls on which
day Treasury Bills (as defined below) are normally auctioned (Treasury Bills are
normally sold at auction on Monday of each week, unless that day is a legal
holiday, in which case the auction is normally held on the following Tuesday,
except that such auction may be held on the preceding Friday); provided,
however, that if an auction is held on the Friday of the week preceding the
related Interest Reset Date, the related Interest Determination Date shall be
such preceding Friday. If the interest rate of this Note is determined with
reference to two or more Interest Rate Bases, the Interest Determination Date
pertaining to this Note will be the most recent Business Day which is at least
two Business Days prior to such Interest Reset Date on which each Interest Rate
Basis is determinable. Each Interest Rate Basis shall be determined and compared
on such date, and the applicable interest rate shall take effect on the related
Interest Reset Date.
Unless otherwise specified above, the "Calculation Date" pertaining to any
Interest Determination Date will be the earlier of (i) the tenth calendar day
after such Interest Determination Date or, if such day is not a Business Day,
the next succeeding Business Day, or (ii) the Business Day preceding the
applicable Interest Payment Date or date of Maturity, as the case may be. All
calculations on this Note shall be made by the Calculation Agent specified above
or such successor thereto as is duly appointed by the Company.
All percentages resulting from any calculation on this Note will be rounded
to the nearest one-hundred-thousandth of a percentage point, with five one
millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545)
would be rounded to 9.87655% (or .0987655)), and all dollar amounts used in or
resulting from such calculation will be rounded to the nearest cent (with
one-half cent being rounded upward).
As used herein, "Business Day" means:
1. for United States Dollar denominated Notes for which LIBOR is not
an applicable Interest Rate Basis: any day other than a Saturday
or Sunday, that is neither a legal holiday nor a day on which
commercial banks are authorized or required by law, regulation or
executive order to close in The City of New York (a "New York
Business Day");
2. for United States Dollar denominated Notes for which LIBOR is an
applicable Interest Rate Basis: a day that is both (x) a day on
which commercial banks are open for business, including dealings
in the
8
designated Index Currency (as defined below) in London (a "London
Banking Day") and (y) a New York Business Day;
3. for non-United States Dollar denominated Notes (other than Notes
denominated in euro) for which LIBOR is not an applicable
Interest Rate Basis: a day that is both (x) a day other than a
day on which commercial banks are authorized or required by law,
regulation or executive order to close in the Principal Financial
Center (as defined below) of the country issuing the Specified
Currency (as defined below) (a "Principal Financial Center
Business Day") and (y) a New York Business Day;
4. for non-United States Dollar denominated Notes (other than Notes
denominated in euro) for which LIBOR is an applicable Interest
Rate Basis: a day that is all of: (x) a Principal Financial
Center Business Day; (y) a New York Business Day; and (z) a
London Banking Day;
5. for euro denominated Notes for which LIBOR is not an applicable
Interest Rate Basis: a day that is both (x) a day on which the
Trans-European Automated Real-time Gross Settlement Express
Transfer (TARGET) System is open (a "TARGET Business Day"); and
(y) a New York Business Day; and
6. for euro denominated Notes for which LIBOR is an applicable
Interest Rate Basis: a day that is all of: (x) a TARGET Business
Day; (y) a New York Business Day; and (z) a London Banking Day.
"Principal Financial Center" means:
1. the capital city of the country issuing the Specified Currency
except that with respect to United States dollars, Australian
dollars, Canadian dollars, South African rand and Swiss francs,
the Principal Financial Center will be the City of New York,
Sydney, Toronto, Johannesburg and Zurich, respectively, or
2. the capital city of the country to which the Index Currency
relates, except that with respect to United States dollars,
Australian dollars, Canadian dollars, euro, South African rand
and Swiss francs, the Principal Financial Center will be the City
of New York, Sydney, Toronto, London, Johannesburg and Zurich,
respectively.
"Index Currency" means the currency for which LIBOR will be calculated as
specified above. If no currency is specified, the Index Currency will be U.S.
dollars.
"Specified Currency" means the currency in which a particular Note is
denominated (or, if the currency is no longer legal tender for the payment of
public and private debts, any other currency of the relevant country which is
then legal tender for the payment of such debts).
9
Determination of CD Rate. If an Interest Rate Basis for this Note is the CD
Rate, as indicated above, the CD Rate shall be determined on the applicable
Interest Determination Date (a "CD Rate Interest Determination Date"), as the
rate on such CD Rate Interest Determination Date for negotiable United States
dollar certificates of deposit having the Index Maturity specified above as
published in H.15 (519) (as defined below) under the heading "CDs (secondary
market)", or, if such rate is not so published by 3:00 P.M., New York City time,
on the related Calculation Date, then the CD Rate on such CD Rate Interest
Determination Date will be the rate for negotiable United States dollar
certificates of deposit of the Index Maturity specified above as published in
H.15 Daily Update (as defined below), or other recognized electronic source used
for the purpose of displaying the applicable rate, under the caption "CDs
(Secondary Market"). If the rate in the preceding sentence is not so published
by 3:00 P.M., New York City time, on the related Calculation Date, then the CD
Rate on the applicable CD Rate Interest Determination Date will be the rate
calculated by the Calculation Agent as the arithmetic mean of the secondary
market offered rates as of 10:00 A.M., New York City time, on the applicable CD
Rate Interest Determination Date of three leading nonbank dealers in negotiable
United States dollar certificates of deposit in the City of New York selected by
the Calculation Agent for negotiable United States dollar certificates of
deposit of major United States money market banks for negotiable certificates of
deposits with a remaining maturity closest to the Index Maturity specified above
in an amount that is representative for a single transaction in that market at
that time; provided, however, that if the dealers selected as aforesaid by the
Calculation Agent are not quoting as set forth above, the CD Rate determined on
the applicable CD Rate Interest Determination Date shall be the CD Rate in
effect on such CD Rate Interest Determination Date.
"H.15(519)" means the weekly statistical release designated as H.15(519),
or any successor publication, published by the Board of Governors of the Federal
Reserve System.
"H.15 Daily Update" means the daily update of H.15(519), available through
the world-wide-web site of the Board of Governors of the Federal Reserve System
at http://www.bog.federalreserve.gov/releases/h15/update, or any successor site
or publication.
CMT Rate Notes. If an Interest Rate Basis for this Note is the CMT Rate,
the CMT rate shall be determined on the related Interest Determination Date (a
"CMT Rate Interest Determination Date"), as the rate displayed on the Designated
CMT Telerate Page under the caption "...Treasury Constant Maturities...Federal
Reserve Board Release H.15...Mondays Approximately 3:45 P.M.," under the column
for the Designated CMT Maturity Index for: (i) if the Designated CMT Telerate
Page is 7051, the rate on such CMT Rate Interest Determination Date and (ii) if
the Designated CMT Telerate Page is 7052, the weekly or monthly average, as
specified above, for the week or month, as applicable, ended immediately
preceding the week or month, as applicable, in which the related CMT Rate
Interest Determination Date occurs. If such rate is no longer displayed on the
relevant page, or if not displayed by 3:00 P.M., New York City time, on the
related Calculation Date, then the CMT Rate for the applicable CMT Rate Interest
Determination Date will be the treasury constant maturity rate for the
Designated CMT Maturity Index as published in H.15 (519). If the rate referred
to in the preceding sentence is no longer published, or if not published by 3:00
P.M., New York City time, on the related Calculation Date, then the CMT Rate for
the applicable CMT Rate Interest Determination Date will be the treasury
constant maturity rate for the Designated CMT Maturity Index (or other United
States
10
Treasury rate for the Designated CMT Maturity Index) for the applicable CMT Rate
Interest Determination Date with respect to the applicable Interest Reset Date
as may then be published by either the Board of Governors of the Federal Reserve
System or the United States Department of the Treasury that the Calculation
Agent determines to be comparable to the rate formerly displayed on the
Designated CMT Telerate Page and published in H.15 (519). If the rate referred
to in the preceding sentence is not so published by 3:00 P.M., New York City
time, on the related Calculation Date, then the CMT Rate for the applicable CMT
Rate Interest Determination Date will be calculated by the Calculation Agent as
a yield to maturity, based on the arithmetic mean of the secondary market bid
prices as of approximately 3:30 P.M., New York City time, on the applicable CMT
Rate Interest Determination Date reported, according to their written records,
by three leading primary United States government securities dealers in the City
of New York (each, a "Reference Dealer"), which may include the Calculation
Agent or its affiliates, selected by the Calculation Agent from five such
Reference Dealers selected by the Calculation Agent after eliminating the
highest quotation (or, in the event of equality, one of the highest) and the
lowest quotation (or, in the event of equality, one of the lowest) for the most
recently issued direct noncallable fixed rate obligations of the United States
("Treasury Note") with an original maturity of approximately the Designated CMT
Maturity Index and a remaining term to maturity of not less than such Designated
CMT Maturity Index minus one year and in a principal amount that is
representative for a single transaction in that market at that time. If three or
four and not five of the Reference Dealers are quoting as referred to in the
preceding sentence, then the CMT Rate for the applicable CMT Rate Interest
Determination Date will be calculated by the Calculation Agent as the arithmetic
mean of the bid prices obtained and neither the highest nor lowest of the quotes
will be eliminated. If the Calculation Agent cannot obtain three such Treasury
Note quotations as referred to in the preceding sentence, the CMT Rate for the
applicable CMT Interest Determination Date will be calculated by the Calculation
Agent as a yield to maturity based on the arithmetic mean of the secondary
market bid prices as of approximately 3:30 P.M., New York City time, on the
applicable CMT Rate Interest Determination Date of three Reference Dealers in
the City of New York selected by the Calculation Agent from five such Reference
Dealers selected by the Calculation Agent after eliminating the highest
quotation (or, in the event of equality, one of the highest) and the lowest
quotation (or, in the event of equality, one of the lowest) for Treasury Notes
with an original maturity of the number of years that is the next highest to the
Designated CMT Maturity Index and a remaining term to maturity closest to the
Designated CMT Maturity Index and in a principal amount that is representative
for a single transaction in that market at that time. If three or four and not
five of such Reference Dealers are quoting as described in the preceding
sentence, then the CMT Rate for the applicable CMT Rate Interest Determination
Date will be calculated by the Calculation Agent as the arithmetic mean of the
bid prices obtained and neither the highest nor lowest of such quotes will be
eliminated; provided, however, that if fewer than three Reference Dealers as
selected as aforesaid by the Calculation Agent are quoting as described above,
the CMT Rate will be the rate in effect on such CMT Rate Interest Determination
Date. If two Treasury Notes with an original maturity as described in the second
preceding sentence, have remaining terms to maturity equally close to the
Designated CMT Maturity Index, the quotes for the Treasury Note with the shorter
remaining term to maturity will be used.
11
"Designated CMT Telerate Page" means the display on the Bridge Telerate,
Inc. or any successor service on the page designated above or any other page as
may replace such page on that service for the purpose of displaying Treasury
Constant Maturities as reported in H.15 (519).
"Designated CMT Maturity Index" means the original period to maturity of
the U.S. Treasury securities either 1, 2, 3, 5, 7, 10, 20, or 30 years specified
above with respect to which the CMT Rate will be calculated.
Determination of Commercial Paper Rate. If an Interest Rate Basis for this
Note is the Commercial Paper Rate, as indicated above, the Commercial Paper Rate
shall be determined on the applicable Interest Determination Date (a "Commercial
Paper Rate Interest Determination Date"), as the Money Market Yield (as defined
below) on such date of the rate for commercial paper having the Index Maturity
specified above as published in H.15 (519) under the heading "Commercial Paper -
Nonfinancial". If such rate is not published by 3:00 P.M., New York City time,
on the related Calculation Date, then the Commercial Paper Rate will be the
Money Market Yield on the applicable Commercial Paper Interest Determination
Date of the rate for commercial paper having the Index Maturity specified above
published in H.15 Daily Update, or other recognized electronic source for the
purpose of displaying the applicable rate under the caption "Commercial
Paper--Nonfinancial". If the rate in the preceding sentence is not published by
3:00 P.M., New York City time, on the related Calculation Date in either H.15
(519) or H.15 Daily Update, then the Commercial Paper Rate for the applicable
Commercial Paper Rate Interest Determination Date shall be calculated by the
Calculation Agent as the Money Market Yield of the arithmetic mean of the
offered rates at approximately 11:00 A.M., New York City time, on such
Commercial Paper Rate Interest Determination Date of three leading dealers of
United States dollar commercial paper in the City of New York, which may include
the Calculation Agent and its affiliates, selected by the Calculation Agent for
commercial paper having the Index Maturity specified above placed for industrial
issuers whose bond rating is "Aa," or the equivalent, from a nationally
recognized securities rating organization; provided, however, that if the
dealers selected as aforesaid by the Calculation Agent are not quoting as
mentioned in this sentence, the Commercial Paper Rate determined on the
applicable Commercial Paper Rate Interest Determination Date shall be the rate
in effect on such Commercial Paper Rate Interest Determination Date.
"Money Market Yield" shall be a yield (expressed as a percentage
rounded upwards to the nearest one hundred-thousandth of a percentage point)
calculated in accordance with the following formula:
Money Market Yield = D x 360 x 100
-----------------
360-(D x M)
where "D" refers to the applicable per annum rate for commercial paper quoted on
a bank discount basis and expressed as a decimal and "M" refers to the actual
number of days in the interest period for which interest is being calculated.
Eleventh District Cost of Funds Rate. If an Interest Rate Basis for this
Note is the Eleventh District Cost of Funds Rate, as indicated above, the
Eleventh District Cost of Funds Rate shall be determined on the applicable
Interest Determination Date (an "Eleventh District
12
Cost of Funds Rate Interest Determination Date"), and shall be the rate equal to
the monthly weighted average cost of funds for the calendar month immediately
preceding the month in which the applicable Eleventh District Cost of Funds Rate
Interest Determination Date falls as set forth under the caption "11th District"
on the display on Bridge Telerate, Inc. or any successor service on page 7058 or
any other page as may replace the specified page on that service ("Telerate Page
7058") as of 11:00 a.m., San Francisco time, on such Eleventh District Cost of
Funds Rate Interest Determination Date. If such rate does not appear on Telerate
Page 7058 on the applicable Eleventh District Cost of Funds Rate Interest
Determination Date, the Eleventh District Cost of Funds Rate for such Eleventh
District Cost of Funds Rate Interest Determination Date will be the monthly
weighted average cost of funds paid by member institutions of the Eleventh
Federal Home Loan Bank District that was most recently announced (the "Index")
by the Federal Home Loan Bank of San Francisco as the cost of funds for the
calendar month immediately preceding for the applicable Eleventh District Cost
of Funds Rate Interest Determination Date; if the Federal Home Loan Bank of San
Francisco fails to announce the Index on or before the applicable Eleventh
District Cost of Funds Rate Interest Determination Date for the calendar month
immediately preceding such applicable Eleventh District Cost of Funds Rate
Interest Determination Date, then the Eleventh District Cost of Funds Rate for
such Eleventh District Cost of Funds Rate Interest Determination Date will be
the Eleventh District Cost of Funds Rate in effect on such Eleventh District
Cost of Funds Rate Interest Determination Date.
Determination of Federal Funds Rate. If an Interest Rate Basis for this
Note is the Federal Funds Rate, as indicated above, the Federal Funds Rate shall
be determined on the applicable Interest Determination Date (a "Federal Funds
Rate Interest Determination Date"), as the rate on such Federal Funds Rate
Interest Determination Date for United States dollar federal funds as published
in H.15 (519) under the heading "Federal Funds (Effective)" as displayed on
Bridge Telerate, Inc. or any successor service on page 120 or any other page as
may replace the applicable page on that service ("Telerate Page 120") or, if
such rate does not appear on Telerate Page 120 or is not so published by 3:00
P.M., New York City time, on the related Calculation Date, the Federal Funds
Rate on the applicable Federal Funds Rate Interest Determination Date will be
the rate on the applicable Federal Funds Rate Interest Determination Date for
United States dollar federal funds published in H.15 Daily Update, or other
recognized electronic source for the purpose of displaying the applicable rate
under the heading "Federal Funds (Effective)." If the rate in the preceding
sentence is not so published by 3:00 P.M., New York City time, on the related
Calculation Date, the Federal Funds Rate for the applicable Federal Funds Rate
Interest Determination Date shall be calculated by the Calculation Agent and
shall be the arithmetic mean of the rates for the last transaction in overnight
United States dollar federal funds arranged by three leading brokers of United
States dollar federal funds transactions in The City of New York, which may
include the Calculation Agent and its affiliates, selected by the Calculation
Agent prior to 9:00 A.M., New York City time on such Federal Funds Rate Interest
Determination Date; provided, however, that if the brokers selected as aforesaid
by the Calculation Agent are not quoting as mentioned above, the Federal Funds
Rate for such Federal Funds Rate Interest Determination Date shall be the
Federal Funds Rate in effect on such Federal Funds Rate Interest Determination
Date.
Determination of LIBOR. If an Interest Rate Basis for this Note is LIBOR,
as indicated above, LIBOR will be determined on the applicable Interest
Determination Date (a "LIBOR
13
Interest Determination Date"), and will be, either: (a) if "LIBOR Telerate" is
specified above, or if neither "LIBOR Reuters" nor "LIBOR Telerate" is specified
above, the rate for deposits in the Index Currency having the Index Maturity
designated above commencing on the second London Banking Day immediately
following such LIBOR Interest Determination Date, that appears on the Designated
LIBOR Page specified above as of 11:00 A.M. London time, on such LIBOR Interest
Determination Date, or (b) if "LIBOR Reuters" is specified above, the arithmetic
mean of the offered rates for deposits in the Index Currency having the Index
Maturity designated above, commencing on the second London Banking Day
immediately following that LIBOR Interest Determination Date, that appear on the
Designated LIBOR Page specified above as of 11:00 A.M. London time, on that
LIBOR Interest Determination Date, if at least two such offered rates appear
(except as provided in the following sentence) on such Designated LIBOR Page. If
the Designated LIBOR Page by its terms provides for only a single rate, then the
single rate wil be used.
With respect to a LIBOR Interest Determination Date on which fewer than two
offered rates appear, or no rate appears, as the case may be, on the applicable
Designated LIBOR Page, as specified above, LIBOR for the applicable LIBOR
Interest Determination Date shall be the rate calculated by the Calculation
Agent as the arithmetic mean of at least two quotations obtained by the
Calculation Agent after requesting the principal London offices of each of four
major reference banks in the London interbank market, which may include the
Calculation Agent and its affiliates, as selected by the Calculation Agent, to
provide the Calculation Agent with its offered quotation for deposits in the
Index Currency for the period of the Index Maturity specified above, commencing
on the second London Banking Day immediately following such LIBOR Interest
Determination Date, to prime banks in the London interbank market at
approximately 11:00 A.M., London time, on such LIBOR Interest Determination Date
and in a principal amount that is representative for a single transaction in
such Index Currency in such market at such time; if at least two such quotations
are provided, LIBOR determined on such LIBOR Interest Determination Date will be
the arithmetic mean of the quotations. If fewer than two quotations referred to
in the preceding sentence are provided, LIBOR determined on the applicable LIBOR
Interest Determination Date will be the rate calculated by the Calculation Agent
as the arithmetic mean of the rates quoted at approximately 11:00 A.M. (or such
other time specified above under "OTHER PROVISIONS" or in the Addendum) in the
applicable Principal Financial Center, on such LIBOR Interest Determination Date
by three major banks, which may include the Calculation Agent and its
affiliates, in that Principal Financial Center selected by the Calculation Agent
for loans in such Index Currency to leading European banks having the Index
Maturity specified above and in a principal amount that is representative for a
single transaction in such Index Currency in such market at such time; provided,
however, that if the banks selected as aforesaid by the Calculation Agent are
not quoting as mentioned in this sentence, LIBOR for the applicable LIBOR
Interest Determination Date shall be LIBOR in effect on such LIBOR Interest
Determination Date.
"Designated LIBOR Page" means either:
1. If "LIBOR Telerate" is designated above or neither "LIBOR Reuters" nor
"LIBOR Telerate" is specified above as the method for calculating
LIBOR, the display on Bridge Telerate, Inc. or any successor service
on the page designated above or any page as may replace the designated
page on that service or for the
14
purpose of displaying the London interbank rates of major banks for
the applicable Index Currency; or
2. if "LIBOR Reuters" is designated above, the display on the Reuters
Monitor Money Rates Service or any successor service on the page
designated above or any other page as may replace the designated page
on that service for the purpose of displaying the London interbank
offered rates of major banks for the applicable Index Currency.
Determination of Prime Rate. If an Interest Rate Basis for this Note is the
Prime Rate, as indicated above, the Prime Rate shall be determined on the
applicable Interest Determination Date (a "Prime Rate Interest Determination
Date") as the rate on such Prime Rate Interest Determination Date published in
H.15(519) under the heading "Bank Prime Loan." If such rate is not so published
by 3:00 p.m., New York City time, on the related Calculation Date, the Prime
Rate for the applicable Prime Rate Interest Determination Date will be the rate
on such Prime Rate Interest Determination Date published in H.15 Daily Update,
or such other recognized electronic source used for the purpose of displaying
the applicable rate under the caption "Bank Prime Loan." If the rate referred to
in the preceding sentence is not so published by 3:00 P.M., New York City time,
on the related Calculation Date, then the Prime Rate for the applicable Prime
Rate Interest Determination Date shall be the rate calculated by the Calculation
Agent as the arithmetic mean of the rates of interest publicly announced by the
banks that appear on the Reuters Screen US PRIME 1 Page (as defined below) as
the particular bank's prime rate or base lending rate as of 11:00 A.M., New York
City time, on such Prime Rate Interest Determination Date, so long as at least
four rates appear on the page. If fewer than four rates described in the
preceding sentence appear in Reuters Screen US PRIME 1 by 3:00 P.M., New York
City time, on the related Calculation Date, then the Prime Rate for the
applicable Prime Rate Interest Determination Date will be the rate calculated by
the Calculation Agent as the arithmetic mean of the prime rates or base lending
rates quoted on the basis of the actual number of days in the year divided by a
360-day year as of the close of business on such Prime Rate Interest
Determination Date by three major banks, which may include the Calculation Agent
and its affiliates, in The City of New York selected by the Calculation Agent;
provided, however, that if the banks selected as aforesaid are not quoting as
mentioned in this sentence, the Prime Rate for the applicable Prime Rate
Interest Determination Date will be the Prime Rate in effect on such Prime Rate
Interest Determination Date.
"Reuters Screen US PRIME1 Page" means the display designated as the "US
PRIME 1" page on the Reuters Monitor Money Rates Service or such other page as
may replace the US PRIME 1 page on that service or any successor service for the
purpose of displaying prime rates or base lending rates of major United States
banks.
Determination of Treasury Rate. If an Interest Rate Basis for this Note is
the Treasury Rate, as specified above, the Treasury Rate shall be determined on
the applicable Interest Determination Date (a "Treasury Rate Interest
Determination Date") as the rate from the auction held on the applicable
Treasury Interest Rate Determination Date ("Auction") of direct obligations of
the United States ("Treasury bills") having the Index Maturity specified above
under the caption "INVESTMENT RATE" on the display on Bridge Telerate, Inc. or
any successor service on page 56 or any other page as may replace page 56 on
that service ("Telerate
15
Page 56") or page 57 or any other page that may replace page 57 on that service
("Telerate Page 57"). If such rate is not so published by 3:00 P.M., New York
City time, on the related Calculation Date, the Treasury Rate for the applicable
Treasury Rate Interest Determination Date will be the Bond Equivalent Yield of
the rate for the applicable Treasury Bills as published in H.15 Daily Update, or
other recognized electronic source used for the purpose of displaying the
applicable rate, under the caption "U.S. Government Securities/Treasury
Bills/Auction High". If such rate is not so published by 3:00 P.M., New York
City time, on the related Calculation Date, the Treasury Rate for the applicable
Treasury Rate Interest Determination Date will be the Bond Equivalent Yield of
the auction rate of the applicable Treasury Bills announced by the United States
Department of the Treasury. If the rate described in the preceding sentence is
not announced by the United States Department of the Treasury, or if the Auction
is not held, the Treasury Rate for the applicable Treasury Rate Interest
Determination Date will be the Bond Equivalent Yield of the rate on such
Treasury Rate Interest Determination Date of Treasury Bills having the Index
Maturity specified above published in H.15(519) under the caption "U.S.
Government Securities/Treasury Bills/Secondary Market." If the rate described in
the preceding sentence is not so published by 3:00 P.M., New York City time, on
the related Calculation Date, the Treasury Rate for the applicable Treasury Rate
Interest Determination Date will be the rate on the applicable Treasury Rate
Interest Determination Date of the applicable Treasury Bills as published in
H.15 Daily Update, or other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption "U.S. Government
Securities/Treasury Bills/Secondary Market." If the rate described in the
preceding sentence is not so published by 3:00 P.M., New York City time, on the
related Calculation Date, the Treasury Rate for the applicable Treasury Rate
Interest Determination Date will be the rate on such Treasury Rate Interest
Determination Date calculated by the Calculation Agent as the Bond Equivalent
Yield of the arithmetic mean of the secondary market bid rates, as of
approximately 3:30 P.M., New York City time, on the applicable Treasury Rate
Interest Determination Date, of three primary United States government
securities dealers, which may include the Calculation Agent or its affiliates,
selected by the Calculation Agent, for the issue of Treasury Bills with a
remaining maturity closest to the Index Maturity specified above; provided,
however, that if the dealers selected as aforesaid by the Calculation Agent are
not quoting as mentioned in this sentence, the Treasury Rate will be the
Treasury Rate in effect on such Treasury Rate Interest Determination Date.
"Bond Equivalent Yield" means a yield calculated in accordance with the
following formula and expressed as a percentage:
Bond Equivalent Yield = D x N x 100
------------------
360 - (D x M)
where "D" refers to the applicable per annum rate for Treasury Bills quoted on a
bank discount basis, "N" refers to 365 or 366, as the case may be, and "M"
refers to the actual number of days in the interest period for which interest is
being calculated.
Notwithstanding anything to the contrary contained herein or in the
Indenture, for purposes of determining the rights of a Holder of a Note for
which the principal thereof is determined by reference to the price or prices of
specified commodities or stocks, interest rate indices, interest or exchange
rate swap indices, the exchange rate of one or more specified currencies
relative to another currency or such other price, exchange rate or other
financial index
16
or indices as specified above (a "Principal Indexed Note"), in respect of voting
for or against amendments to the Indenture and modifications and the waiver or
rights thereunder, the principal amount of any such Principal Indexed Note shall
be deemed to be equal to the face amount thereof upon issuance. The method for
determining the amount of principal payable at Maturity on a Principal Indexed
Note will be specified in an attached Addendum.
Any provision contained herein with respect to the determination of an
Interest Rate Basis, the specification of Interest Rate Basis, calculation of
the Interest Rate applicable to this Note, its payment dates or any other matter
relating hereto may be modified as specified in an Addendum relating hereto and
references herein to "this Note," "hereof," "herein," "as specified above" or
similar language of like import shall also be references to any such Addendum.
Notwithstanding the foregoing, the interest rate hereon shall not be
greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified above. The Calculation Agent shall calculate
the interest rate hereon in accordance with the foregoing on or before each
Calculation Date. The interest rate on this Note will in no event be higher than
the maximum rate permitted by New York law, as the same may be modified by
United States law of general application.
At the request of the Holder hereof, the Calculation Agent shall provide to
the Holder hereof the interest rate hereon then in effect and, if determined,
the interest rate which shall become effective as of the next Interest Reset
Date.
If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of all the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected thereby at any time by the Company and the Trustee with the consent of
the Holders of 66 2/3% in aggregate principal amount of the Outstanding
Securities of each series affected thereby. The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all the Securities 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 interest on this Note at
the time, place and rate, and in the coin or currency, herein prescribed.
17
As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company 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 by its attorney duly authorized
in writing, and thereupon one or more new Notes of authorized denominations and
for the same aggregate principal amount, will be issued to the designated
transferee or transferees.
The Notes are issuable only in registered form without coupons in
denominations of $1,000 and integral multiples thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes as requested by the
Holder surrendering the same.
No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
Prior to due presentment of this 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 be 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.
18
IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile, and an imprint or facsimile of its corporate
seal to be imprinted hereon.
TOYOTA MOTOR CREDIT CORPORATION
By: ___________________________________
George E. Borst
President and Chief Executive Officer
Attest:
By: ____________________________
David Pelliccioni
Secretary
CERTIFICATE OF AUTHENTICATION
This is one of the Securities
of the series designated therein
referred to in the within-mentioned
Indenture.
DEUTSCHE BANK TRUST COMPANY AMERICAS
(formerly known as Bankers Trust Company) as Trustee
By: ____________________________ Dated:___________________
Authorized Officer
OPTION TO ELECT REPAYMENT
The undersigned hereby irrevocably request(s) and instruct(s) the Company
to repay this Note (or portion hereof specified below) pursuant to its terms and
at a price equal to the principal amount hereof together with interest to the
repayment date, to the undersigned, at
________________________________________________________________________________
(Please print or typewrite name and address of the undersigned)
For this Note to be repaid, the Trustee must receive at its Corporate Trust
Office, or at such other place or places of which the Company shall from time to
time notify the Holder of this Note, not more than 60 nor less than 30 days
prior to an Optional Repayment Date, if any, shown on the face of this Note,
this Note with this "Option to Elect Repayment" form duly completed.
If less than the entire principal amount of this Note is to be repaid,
specify the portion hereof (which shall be increments of $1,000) which the
Holder elects to have repaid and specify the denomination or denominations
(which shall be $1,000 or an integral multiple thereof) of the Notes to be
issued to the Holder for the portion of this Note not being repaid (in the
absence of any such specification, one such Note will be issued for the portion
not being repaid).
$_________________________ __________________________________________________
NOTICE: The signature on this Option to Elect
Date: __________________ Repayment must correspond with the name as
written upon the face of this Note in every
particular, without alteration or enlargement or any
change whatever.
ASSIGNMENT/TRANSFER FORM
FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s),
assign(s) and transfer(s) unto (insert Taxpayer Identification No.)_____________
________________________________________________________________________________
(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 of the registered Holder 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
whatsoever.
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
UNIF GIFT MIN ACT --................Custodian................
(Cust) (Minor)
Under Uniform Gifts to Minors Act
.....................................
(State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as
tenants in common
Additional abbreviations may also be used though not in the above
list.