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Payment of Interest Interest on the notes will be paid as follows:

Interest Payment Frequency Monthly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest Payment Dates

Fifteenth day of each calendar month, beginning in the first calendar month following the month the note was issued.

Quarterly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fifteenth day of every third month, beginning in the third calendar month following the month the note was issued.

Semi-annually . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fifteenth day of every sixth month, beginning in the sixth calendar month following the month the note was issued.

Annually . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fifteenth day of every twelfth month, beginning in the twelfth calendar month following the month the note was issued.

The regular record date for any interest payment date will be the first day of the calendar month in which the interest payment date occurs (whether or not a business day), except that the regular record date for interest due on any note’s stated maturity date or date of earlier redemption or repayment will be that particular date.

Interest on a note will generally be payable beginning on the first interest payment date after its date of original issuance to holders of record on the corresponding regular record date. However, if the date of original issuance of a note is between a regular record date and the corresponding interest payment date, the first interest payment will be made on the next succeeding interest payment date. Unless the applicable pricing supplement specifies otherwise, interest on the notes will be computed on the basis of a 360-day year of twelve 30-day months.

“Business day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in The City of New York.

Redemption and Repayment

Unless we otherwise provide in the applicable pricing supplement, a note will not be redeemable or repayable prior to its stated maturity date.

If the pricing supplement states that the note will be redeemable at our option prior to its stated maturity date, then on such date or dates specified in the pricing supplement, we may redeem those notes at our option either in whole or from time to time in part, upon not less than 30 nor more than 60 days’ written notice to the holder of those notes.

If the pricing supplement states that your note will be repayable at your option prior to its stated maturity date, we will require receipt of notice of the request for repayment at least 30 but not more than 60 days prior to the date or dates specified in the pricing supplement. We also must receive the completed form entitled “Option to Elect Repayment.” Exercise of the repayment option by the holder of a note is irrevocable. In addition, we will not permit you to exercise the repayment option except in principal amounts of $1,000 and multiples of $1,000.

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