Which end are you seeing the deferred frames, at the 3640 or the 4507? It sounds like the 3640 is playing half-duplex. Are both ends set correctly to autonegotiate, especially the 4507 end?
BTW, "deferred" does not mean the packets were dropped. It just means that the (half-duplex) transmitter could not transmit the outgoing frame immediately, until it had finished receiving an incoming frame.
Could you do s show int Fast b/p and a show run int Fast b/p at both ends of the link please?
Thanks in advance.
Kevin Dorrell
Luxembourg