(COMPANY NAME)

Corporate Bonds
Series 000000000
Interest 5% Maturity date Dated Date

PAYABLE TO BEARER AND ASSIGNS PRINCIPAL AMOUNT: 1.000.000,00 (ONE MILLION)

(NAME OF THE COMPANY or the Corporation), a corporation duly created, organized and existing under the laws (The State), for value received, hereby promises to pay and hereby pledges its full faith and credit (but only of the Bond Collateral) to bearer or its assigns (subject to any right or prior redemption hereinafter mentioned), on the Maturity Date specified above, the Principal Amount specified above, and to pay interest thereon, at the rate per annum specified above, payable annually accruing from the dated date above and payable commencing (Month) bearer coupon presentment of interest coupon or by wire transfer. Principal of on this Bond is payable in such coin as at time of payment is legal tender for payment of private and public debts, at Agent Bank in care of its account at Bank, IBAN: ________________, as Paying Agent (the Paying Agent) or at another corporate office designated by the guaranty insurance (Borrower). Interest on this Bond shall be computed on the basis of a 365 or 366-day year based upon actual days elapsed. Payment of interest shall be made by check or draft given to the holder of the Bonds in exchange for an interest coupon, except in the case of owners of 1,000,000 or more in aggregate principal amount of bonds who may elect to be paid by wire transfer upon written instruction to the Paying Agent or at the corporate office designated by the guaranty (NAME OF THE COMPANY) at least 2 Business Days prior to each Payment Date and at least 2 Business Days prior to the Maturity Date. The Principal Amount hereof shall be due and payable only at maturity upon presentation and surrender of this Bond. (NAME OF THE COMPANY) hereby promise to pay and shall pay on the Maturity Date the Principal Amount of the Bond, the Premium and any accrued and unpaid interest at the Paying Agent or the corporate office designated by the Guaranty Bank at least 2 Business Days prior to the Maturity Date which designation shall specify the banking or financial institution to serve as the paying agent.

This Bond represents an issue of duly authorized (NAME OF THE COMPANY), Corporate Bonds, Series 0000000 of (NAME OF THE COMPANY), in the aggregate principal amount of 00000 MIO (the Bonds).The Bonds are being issued for the purpose of realization (the Project). This Bond is issued under a Bond Agreement, dated as of ...............(the Agreement), between (NAME OF THE COMPANY) and the Bank. Interest payments are secured by the guaranty (NAME OF THE COMPANY) and any interest not paid timely will be paid from funds available after a Claim on the Guaranty at the guaranty (NAME OF THE COMPANY). Reference is hereby made to the Agreement and to all amendments and supplements thereto for a description of the collateral pledged to the Bondholders and of the provisions, among others, with respect to the nature and extent of the security, the rights, duties and obligations of, the (NAME OF THE COMPANY) on which the Bonds are issued and secured, the rights of the owners of the bonds and the provisions for defeasance of such rights. THE BONDS SHALL CONSTITUTE A GENERAL OBLIGATION OF (NAME OF THE COMPANY) TO WHICH ITS FULL FAITH AND CREDIT IS PLEDGED: THE BONDS ARE PAYABLE, AS TO PRINCIPAL AND INTEREST, SOLELY OUT OF THE BOND COLLATERAL INCLUDING, AS TO INTEREST, THE GUARANTY. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE SIDE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. All acts, conditions and things required by the Articles of Incorporation and by-laws of the Corporation and the applicable laws of the State, if any, to exist, happen and be performed precedent to and in the execution and delivery of the Agreement (hereinafter define) and the issuance of this Bond to exist, have happened and have performed in due time, form and manner as required by law. No covenant or agreement contained in this Bond or the Agreement shall be deemed to be covenant or agreement of any official, officer, agent or employee of in his (NAME OF THE COMPANY) or her individual capacity, and neither the members of (NAME OF THE COMPANY) or an official executing this Bond, shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance or sale of this Bond. IN WITNESS WHEREOF, (NAME OF THE COMPANY) have caused this Bond to be executed in its name by the manual or facsimile signature of its Chairman and the facsimile of its seal to be hereunto affixed, impressed, imprinted or reproduced hereon and attested by the manual signature of its Secretary all as of ________th , 200 Date of Authentication __________________ , 2000

OF THE COMPANY) by: _______________________________

Chairman

(NAME

CERTIFICATE OF AUTHENTICATION
This bond is one of the Bonds described in the within mentioned Bank Agreement.

by: __________________________ Authorized Signatory

ATTEST: ________________________ Secretary

COLLATERAL
SOCIETE INSURANCE BAS COMPANY S.A.

_____________________________________ The Bonds are secured under the Agreement which assigns to the Bondholder for the benefit of Owners the promise to pay of (Borrower) which its full faith and credit is pledged, and certain funds and accounts pledged under the Agreement to the Bondholders, and other funds and moneys initially of subsequently pledged as part of the collateral and, as to payment of interest, the Guaranty (the Bond Collateral). Sinking Fund Payments The Bonds maturing on .......................are further secured by mandatory sinking fund payments which payments shall be deposited into the Sinking Fund Payments Fund on the Business Day prior to each Sinking Fund Payment Date. (Borrower) promise to pay and shall pay or cause to be paid on the applicable sinking fund payment date a principal amount of the Bonds in the amounts of each maturity determined from the table below. Sinking Fund Payment Schedule Bonds Maturing on .....................

Sinking Fund Payment Date ...............................................

Principal Amount to be Paid 00000 MIO

In the event of a failure to make any sinking fund payment as and when due, the Corporation shall endeavour to provide moneys to make such payment as soon as practicable on or about such sinking fund payment date; provided, however, that the Corporation covenants and warrants to provide or cause to be provided on or at the Maturity Date, sufficient moneys in the amount necessary to pay principal of and Premium on the Bonds.

Modifications or alterations of the Agreements or of any Agreement supplemental thereto may be made only to the extent and in the circumstances permitted by the Agreement. This Bond may be exchanged, and its transfer may be effected, by bearer at the designated corporate office of the Corporation, but only in the manner, subject to the limitations and upon payment of the charges, if any, provided in the Agreement, and upon surrender and cancellation of this Bond. Upon exchange or transfer a new bond or bonds of the same series, maturity and interest rate and the same aggregate principal amount will be issued in exchange therefore. The Corporation, the Paying Agent and guaranty SOCIETE INSURANCE BAS COMPANY LTD. may deem and treat the holder, as the absolute owner hereof for the purpose of receiving payment of or on account of principal and Premium hereof and interest due hereon and for all other purposes and (NAME DIRECTOR), the Paying Agent and the guaranty insurance SOCIETE INSURANCE BAS COMPANY LTD shall not be affected by any notice to the contrary. ASSIGNMENT FOR TRANSFER FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto _______________________________________ the within bond and all rights hereunder, and hereby irrevocably constitutes and appoints _______________________________ attorney to transfer the within bond on the books kept for registration thereof, with full power of substitution in the premises. Date: ________________________ _________________________

Signature Guaranteed
SOCIETE INSURANCE BAS COMPANY S.A.

Signature
President

___________________________________ NOTICE: Signature(s) must be guaranteed by a signature guarantor institution that is a participant in a nationally recognized signature guarantor program. the face hereof in every particular, without change whatever.

________________________ NOTICE: The signature of this assignment must correspond with the name of the owner of the within bond as it appears on alteration or enlargement or any