Common use of OPTION TO ELECT REPAYMENT Clause in Contracts

OPTION TO ELECT REPAYMENT. The undersigned hereby irrevocably requests and instructs the Company to repay $_____ principal amount of the within Debenture, pursuant to its terms, on the "Put Option Exercise Date," together with any interest thereon accrued but unpaid to the date of repayment, to the undersigned at: (Please print or type Name and Address of the Undersigned) and to issue to the undersigned, pursuant to the terms of the Indenture, a new Debenture or Debentures representing the remaining aggregate principal amount of this Debenture. For this Option to Elect Repayment to be effective, this Indenture with the Option to Elect Repayment duly completed must be received by the Company at Cendant Corporation, Attn: Corporate Secretary, 0 Xxxxxx Xxx, Xxxxxxxxxx, Xxx Xxxxxx, no later than 5:00 p.m. on February 27, 2001. Dated: Signature: ------------------------------ Signature Guarantee: -------------------- Note: The signature to this Option to Elect Repayment must correspond with the name as written upon the face of the within Debenture in every particular without alteration or enlargement or any change whatsoever. FOR VALUE RECEIVED, the undersigned assigns and transfers this Debenture to: ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- (Insert assignee's social security or tax identification number) ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- (Insert address and zip code of assignee) and irrevocably appoints ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- agent to transfer this Debenture on the books of the Trust. The agent may substitute another to act for him or her. Date: ------------------------ Signature: ------------------------------ Signature Guarantee: -------------------- (Sign exactly as your name appears on the other side of this Debenture)

OPTION TO ELECT REPAYMENT. The undersigned hereby irrevocably requests and instructs the Company Trust to repay $_____ principal stated liquidation amount of the within DebenturePreferred Security, pursuant to its terms, on the "Put Option Exercise Date," together with any interest distributions thereon accrued but unpaid to the date of repayment, to the undersigned at: :________________________________________________________________ (Please print or type Name and Address of the Undersigned) and to issue to the undersigned, pursuant to the terms of the IndentureTrust Agreement, a new Debenture Preferred Security or Debentures Preferred Securities representing the remaining aggregate principal stated liquidation amount of this DebenturePreferred Security. For this Option to Elect Repayment to be effective, the within Preferred Security with this Indenture with the Option to Elect Repayment duly completed must be received by the Company Trust at Cendant Corporationthe Corporate Trust Office of the Property Trustee at The First National Bank of Chicago, AttnOne Xxxxx Xxxxxxxx Xxxxx, Xxxxx 0000, Xxxxxxx, XX 00000-0000, Xxtention: Corporate Secretary, 0 Xxxxxx Xxx, Xxxxxxxxxx, Xxx Xxxxxx, no later than 5:00 p.m. on February 27, 2001Trust Administration. Dated: Signature: ------------------------------ :_________________________ Signature Guarantee: -------------------- :_______________ Note: The signature to this Option to Elect Repayment must correspond with the name as written upon the face of the within Debenture Preferred Security in every particular without alteration alternation or enlargement or any change whatsoever. ASSIGNMENT FOR VALUE RECEIVED, the undersigned assigns and transfers this Debenture Preferred Security to: ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ (Insert assignee's social security or tax identification number) ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- (Insert address and zip code of assignee) and irrevocably appoints ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- agent to transfer this Debenture on the books of the Trust. The agent may substitute another to act for him or her. Date: ------------------------ Signature: ------------------------------ Signature Guarantee: -------------------- (Sign exactly as your name appears on the other side of this Debenture)_______________________________________________________________________________ _______________________________________________________________________________

OPTION TO ELECT REPAYMENT. The undersigned hereby irrevocably requests and instructs the Company to repay $_____ principal amount of the within Debenture, pursuant to its terms, on the "Put Option Exercise Date," together with any interest thereon accrued but unpaid to the date of repayment, to the undersigned at: (Please print or type Name and Address of the Undersigned) and to issue to the undersigned, pursuant to the terms of the Indenture, a new Debenture or Debentures representing the remaining aggregate principal amount of this Debenture. For this Option to Elect Repayment to be effective, this Indenture with the Option to Elect Repayment duly completed must be received by the Company at Cendant Corporation, Attn: Corporate Secretary, 0 Xxxxxx Xxx, XxxxxxxxxxXxxx 00xx Xxxxxx, Xxx XxxxxxXxxx, Xxx Xxxx 00000, no later than 5:00 p.m. on February 27, 2001. Dated: Signature: ------------------------------ Signature:-------------------------------- Signature Guarantee: -------------------- Guarantee:--------------------- Note: The signature to this Option to Elect Repayment must correspond with the name as written upon the face of the within Debenture in every particular without alteration alternation or enlargement or any change whatsoever. ---------------- ASSIGNMENT FOR VALUE RECEIVED, the undersigned assigns and transfers this Debenture to: ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- (Insert assignee's social security or tax identification number) ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- (Insert address and zip code of assignee) and irrevocably appoints ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- agent to transfer this Debenture on the books of the Trust. The agent may substitute another to act for him or her. Date: ------------------------ Signature: ------------------------------ Signature Guarantee: -------------------- (Sign exactly as your name appears on the other side of this Debenture)____________________________________

OPTION TO ELECT REPAYMENT. The undersigned hereby irrevocably requests and instructs the Company Issuer to repay $_____ the within Note (or portion hereof specified below) pursuant to its terms at a price equal to the applicable Repayment Price thereof together with interest to the Repayment Date, to the undersigned at -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (Please print or typewrite name and address of the undersigned) If less than the entire principal amount of the within DebentureNote is to be repaid, pursuant specify the portion thereof which the Holder elects to have repaid ____________________; and specify the denomination or denominations (which shall be in authorized denominations) of the Notes to be issued to the Holder for the portion of the within Note not being repaid (in the absence of any such specification, one such Note will be issued for the portion not being repaid): -------------------------------------------------------------------------------- Dated: ------------------ ----------------------------------- (Signature) Signature Guarantee: -------------------- EXHIBIT B --------- FORM OF FLOATING RATE NOTE REGISTERED No. FLR THE TIMKEN COMPANY MEDIUM-TERM NOTE, SERIES A (Floating Rate) GLOBAL MEDIUM-TERM NOTE, SERIES A: YES ___ NO ___ If this Note is designated as a Global Medium-Term Note, Series A, the following shall apply: Unless this certificate is presented by an authorized representative of The Depository Trust Company to the issuer or its termsagent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment 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. ================================ ============================================= ======================================= BASE RATE: ORIGINAL ISSUE DATE: MATURITY DATE: -------------------------------- --------------------------------------------- --------------------------------------- INDEX MATURITY: INTEREST ACCRUAL DATE: INTEREST PAYMENT PERIOD: -------------------------------- --------------------------------------------- --------------------------------------- SPREAD (PLUS OR INITIAL INTEREST RATE: INTEREST PAYMENT DATE(S): MINUS): -------------------------------- --------------------------------------------- --------------------------------------- ALTERNATE RATE INITIAL INTEREST RESET DATE: INTEREST RESET PERIOD: EVENT SPREAD: -------------------------------- --------------------------------------------- --------------------------------------- SPREAD MULTIPLIER: MAXIMUM INTEREST RATE: INTEREST RESET DATE(S): -------------------------------- --------------------------------------------- --------------------------------------- OPTIONAL REPAYMENT MINIMUM INTEREST RATE: CALCULATION AGENT: DATE(S): -------------------------------- --------------------------------------------- --------------------------------------- INITIAL REDEMPTION DATE: SPECIFIED CURRENCY: -------------------------------- --------------------------------------------- --------------------------------------- INITIAL REDEMPTION PERCENTAGE: -------------------------------- --------------------------------------------- --------------------------------------- ANNUAL REDEMPTION PERCENTAGE REDUCTION: ================================ ============================================= ======================================= TRUSTEE'S CERTIFICATE OF AUTHENTICATION This is one of the Notes referred to in the within-mentioned Indenture. The Bank of New York, as Trustee By -------------------------------------- Authorized Signatory THE TIMKEN COMPANY Medium-Term Floating Rate Notes The Timken Company, an Ohio corporation (the "Issuer"), for value received, hereby promises to pay to , or registered assignees, the principal sum of on the Maturity Date specified above (except to the extent redeemed or repaid prior to the Maturity Date) and to pay interest thereon, from the Original Issue Date specified 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 specified on the reverse hereof until the principal hereof is paid or duly made available for payment. The Issuer will pay interest in arrears monthly, quarterly, semiannually or annually as specified above as the Interest Payment Period on each Interest Payment Date (as specified above), commencing with the first Interest Payment Date next succeeding the Original Issue Date specified above, and on the Maturity Date (or any redemption or repayment date); PROVIDED, HOWEVER, that if the Original Issue Date occurs between a 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 to the registered Holder of this Note on the Record Date with respect to such second Interest Payment Date; and PROVIDED, FURTHER, that if an Interest Payment Date or the Maturity Date or redemption or repayment date would fall on a day that is not a Business Day, as defined on the reverse hereof, such Interest Payment Date, Maturity Date or redemption or repayment date shall be the following day that is a Business Day, except that, in the case of a LIBOR Note, if such next Business Day falls in the next calendar month, the Interest Payment Date, Maturity Date or redemption or repayment date shall be the immediately preceding day that is a Business Day. Interest on this Note will accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from the Original Issue Date or, if the Interest Reset Period specified above is daily or weekly, from, and including, the date hereof (if no interest has been paid on this Note) or from, and excluding, the last date in respect of which interest has been paid or duly provided for, as the case may be. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain exceptions described herein, be paid to the person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the date 15 calendar days prior to an Interest Payment Date (whether or not a Business Day) (the "Put Option Exercise Record Date," together with "); PROVIDED, HOWEVER, that interest payable on the Maturity Date (or any redemption or repayment date) will be payable to the person to whom the principal hereof shall be payable. Payment of the principal of this Note and interest thereon accrued but unpaid due hereon at the Maturity Date (or any redemption or repayment date) will be made in immediately available funds upon surrender of this Note at the office or agency of the Trustee, as defined on the reverse hereof, maintained for that purpose in the Borough of Manhattan, The City of New York, or at such other office or agency as the Issuer may determine, by wire transfer, if appropriate instructions therefor have been received at least 15 Business Days prior to the date of the related payment; otherwise such payment shall be made by check. Payment of the principal of and interest on this Note will be made in such coin or currency of the United States of America or in a Specified Currency other than U.S. dollars as indicated herein as at the time of payment is legal tender for payment of public and private debts; PROVIDED, HOWEVER, that U.S. dollar payments of interest, other than interest due at maturity or any date of redemption or repayment, will be made by United States dollar check mailed to the undersigned at: (Please print or type Name and Address address of the Undersigned) and to issue to person entitled thereto as such address shall appear in the undersigned, pursuant to the terms Note register. A Holder of the Indenture, a new Debenture U.S. $10,000,000 or Debentures representing the remaining more in aggregate principal amount of this Debenture. For this Option Notes having the same Interest Payment Date will be entitled to Elect Repayment to be effectivereceive payments of interest, this Indenture with the Option to Elect Repayment duly completed must be other than interest due at maturity or any date of redemption or repayment, by wire transfer of immediately available funds if appropriate wire transfer instructions in writing have been received by the Company at Cendant CorporationTrustee not less than 15 calendar days prior to the applicable Interest Payment Date. Payments of interest on Notes in a Specified Currency other than U.S. dollars will be made by wire transfer of immediately available funds to an account maintained by the Holder with a bank located outside the United States, Attn: Corporate Secretary, 0 Xxxxxx Xxx, Xxxxxxxxxx, Xxx Xxxxxx, no later than 5:00 p.m. on February 27, 2001. Dated: Signature: ------------------------------ Signature Guarantee: -------------------- Note: The signature to this Option to Elect Repayment must correspond and the Holder of such Notes shall provide the Trustee with the name as written upon appropriate wire transfer instructions. Reference is hereby made to the face further provisions of the within Debenture in every particular without alteration or enlargement or any change whatsoever. FOR VALUE RECEIVED, the undersigned assigns and transfers this Debenture to: ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- (Insert assignee's social security or tax identification number) ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- (Insert address and zip code of assignee) and irrevocably appoints ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- agent to transfer this Debenture Note set forth on the books reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. Unless the certificate of authentication hereon has been executed by the Trust. The agent may substitute another Trustee by manual signature, this Note shall not be entitled to act for him or her. Date: ------------------------ Signature: ------------------------------ Signature Guarantee: -------------------- (Sign exactly any benefit under the Indenture, as your name appears defined on the other side of this Debenture)reverse hereof, or be valid or obligatory for any purpose.