FORM OF AMENDED AND RESTATED TRUST AGREEMENT



 
Exhibit 4.15

 
FORM OF AMENDED AND RESTATED TRUST
AGREEMENT 
 
OF CSX CAPITAL TRUST I

 
By and Among 
 
CSX CORPORATION 
as Sponsor, 
 
JPMORGAN CHASE BANK 
as Property Trustee, 
 
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, 
as Delaware Trustee, 
 
and 
 
THE ADMINISTRATIVE TRUSTEES NAMED HEREIN 
 
Dated as of
__________             
 
 









 
CROSS REFERENCE
TABLE* 
 

	 SECTION OF TRUST
 INDENTURE ACT OF
 1939, AS AMENDED

	  	 SECTION OF
 AGREEMENT


	 310(A)
	  	 6.3

	 310(B)
	  	 6.3(c); 6.3(d)

	 310(C)
	  	 INAPPLICABLE

	 311(A)
	  	 2.2(b)

	 311(B)
	  	 2.2(b)

	 311(C)
	  	 INAPPLICABLE

	 312(A)
	  	 2.2(a)

	 312(B)
	  	 2.2(b)

	 312(C)
	  	 INAPPLICABLE

	 313(A)
	  	 2.3

	 313(B)
	  	 2.3

	 313(C)
	  	 2.3

	 313(D)
	  	 2.3

	 314(A)
	  	 2.4

	 314(B)
	  	 INAPPLICABLE

	 314(C)
	  	 2.5

	 314(D)
	  	 INAPPLICABLE

	 314(E)
	  	 2.5

	 314(F)
	  	 INAPPLICABLE

	 315(A)
	  	 3.9(b); 3.10(a)

	 315(B)
	  	 2.7(a)

	 315(C)
	  	 3.9(a)

	 315(D)
	  	 3.9(b)

	 316(A)
	  	 2.6; 7.5(b); 7.6(c)

	 316(B)
	  	 INAPPLICABLE

	 316(C)
	  	 INAPPLICABLE

	 317(A)
	  	 3.16

	 317(B)
	  	 INAPPLICABLE

	 318(A)
	  	 2.1(c)



* THIS CROSS-REFERENCE
TABLE DOES NOT CONSTITUTE PART OF THE AGREEMENT AND SHALL NOT HAVE ANY BEARING UPON THE INTERPRETATION OF ANY OF ITS TERMS OR PROVISIONS. 
 

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TABLE OF
CONTENTS 
 

	 ARTICLE 1 INTERPRETATION AND DEFINITIONS
	  	 1

	     Section1.1
	  	 Interpretation and Definitions
	  	 1

	 ARTICLE 2 TRUST INDENTURE ACT
	  	 9

	     Section 2.1
	  	 Trust Indenture Act; Application
	  	 9

	     Section 22
	  	 Lists of Holders of Securities
	  	 9

	     Section 23
	  	 Reports by the Property Trustee
	  	 10

	     Section 24
	  	 Periodic Reports to the Property Trustee
	  	 10

	     Section 25
	  	 Evidence of Compliance with Conditions Precedent
	  	 10

	     Section 26
	  	 Trust Enforcement Events; Waiver
	  	 10

	     Section 27
	  	 Trust Enforcement Event; Notice
	  	 12

	 ARTICLE 3 ORGANIZATION
	  	 12

	     Section 31
	  	 Name and Organization
	  	 12

	     Section 32
	  	 Office
	  	 13

	     Section 33
	  	 Purpose
	  	 13

	     Section 34
	  	 Authority
	  	 13

	     Section 35
	  	 Title to Property of the Trust
	  	 14

	     Section 36
	  	 Powers and Duties of the Administrative Trustees
	  	 14

	     Section 37
	  	 Prohibition of Actions by the Trust and the Trustees
	  	 16

	     Section 38
	  	 Powers and Duties of the Property Trustee
	  	 17

	     Section 39
	  	 Certain Duties and Responsibilities of the Property Trustee
	  	 19

	     Section 310
	  	 Certain Rights of Property Trustee
	  	 21

	     Section 311
	  	 Delaware Trustee
	  	 23

	     Section 312
	  	 Execution of Documents
	  	 24

	     Section 313
	  	 Not Responsible for Recitals or Issuance of Securities
	  	 24

	     Section 314
	  	 Duration of Trust
	  	 24

	     Section 315
	  	 Mergers
	  	 24

	     Section 316
	  	 Property Trustee May File Proofs of Claim
	  	 26

	 ARTICLE 4 SPONSOR
	  	 27

	     Section 41
	  	 Responsibilities of the Sponsor
	  	 27

	     Section 42
	  	 Fees and Expenses of the Trustees
	  	 27

	 ARTICLE 5 TRUST COMMON SECURITIES HOLDER
	  	 28

	     Section 51
	  	 Debenture Issuer’s Purchase of Common Securities
	  	 28

	     Section 52
	  	 Covenants of the Common Securities Holder
	  	 28

	 ARTICLE 6 TRUSTEES
	  	 28

	     Section 61
	  	 Number of Trustees
	  	 28

	     Section 62
	  	 Delaware Trustee; Eligibility
	  	 29

	     Section 63
	  	 Property Trustee; Eligibility
	  	 29

	     Section 64
	  	 Qualifications of Administrative Trustees and Delaware Trustee Generally
	  	 30

	     Section 65
	  	 Initial Administrative Trustees
	  	 30

	     Section 66
	  	 Appointment, Removal and Resignation of Trustees
	  	 30

	     Section 67
	  	 Vacancies among Trustees
	  	 31

	     Section 68
	  	 Effect of Vacancies
	  	 32

	     Section 69
	  	 Meetings
	  	 32

	     Section 610
	  	 Delegation of Power
	  	 32


 

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	     Section 6.11
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	 33

	 ARTICLE 7 TERMS OF SECURITIES
	  	 33

	     Section 7.1
	  	 General Provisions Regarding Securities
	  	 33

	     Section 7.2
	  	 Distributions
	  	 36

	     Section 7.3
	  	 Redemption of Securities
	  	 37

	     Section 7.4
	  	 Redemption Procedures
	  	 37

	     Section 7.5
	  	 Voting Rights of Trust Preferred Securities
	  	 39

	     Section 7.6
	  	 Voting Rights of Common Securities
	  	 41

	     Section 7.7
	  	 Paying Agent
	  	 42

	     Section 7.8
	  	 [INTENTIONALLY OMITTED]
	  	 43

	     Section 7.9
	  	 Transfer of Securities
	  	 43

	     Section 7.10
	  	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	 44

	     Section 7.11
	  	 Deemed Security Holders
	  	 44

	     Section 7.12
	  	 Global Securities
	  	 45

	     Section 7.13
	  	 [INTENTIONALLY OMITTED]
	  	 47

	     Section 7.14
	  	 Cancellation
	  	 47

	 ARTICLE 8 DISSOLUTION AND TERMINATION OF TRUST
	  	 47

	     Section 8.1
	  	 Dissolution and Termination of Trust
	  	 47

	     Section 8.2
	  	 Liquidation Distribution Upon Dissolution of the Trust
	  	 48

	 ARTICLE 9 LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, DELAWARE
TRUSTEES OR OTHERS
	  	 48

	     Section 9.1
	  	 Liability
	  	 48

	     Section 9.2
	  	 Exculpation
	  	 49

	     Section 9.3
	  	 Fiduciary Duty
	  	 49

	     Section 9.4
	  	 Indemnification
	  	 50

	     Section 9.5
	  	 Outside Businesses
	  	 53

	 ARTICLE 10 ACCOUNTING
	  	 53

	     Section 10.1
	  	 Fiscal Year
	  	 53

	     Section 10.2
	  	 Certain Accounting Matters
	  	 53

	     Section 10.3
	  	 Banking
	  	 54

	     Section 10.4
	  	 Withholding
	  	 54

	 ARTICLE 11 AMENDMENTS AND MEETINGS
	  	 54

	     Section 11.1
	  	 Amendments.
	  	 54

	     Section 11.2
	  	 Meetings of the Holders of Securities; Action by Written Consent
	  	 57

	 ARTICLE 12 REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE
TRUSTEE
	  	 58

	     Section 12.1
	  	 Representations and Warranties of the Property Trustee
	  	 58

	     Section 12.2
	  	 Representations and Warranties of the Delaware Trustee
	  	 59

	 ARTICLE 13 MISCELLANEOUS
	  	 59

	     Section 13.1
	  	 Notices
	  	 59

	     Section 13.2
	  	 Governing Law
	  	 60

	     Section 13.3
	  	 Intention of the Parties
	  	 60

	     Section 13.4
	  	 Headings
	  	 60

	     Section 13.5
	  	 Successors and Assigns
	  	 61

	     Section 13.6
	  	 Partial Enforceability
	  	 61

	     Section 13.7
	  	 Counterparts
	  	 61


 

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EXHIBITS 
 
EXHIBIT
A    FORM OF TRUST PREFERRED SECURITY CERTIFICATE 
EXHIBIT B    FORM OF COMMON
SECURITY CERTIFICATE 
 
 
 

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AMENDED AND
RESTATED TRUST AGREEMENT 
 
This AMENDED AND
RESTATED TRUST AGREEMENT OF CSX CAPITAL TRUST I (the “Trust Agreement”), dated as of             , is entered into by and among (i) CSX Corporation, a Virginia corporation,
as sponsor (the “Sponsor”), (ii)(a) JPMorgan Chase Bank, a New York banking corporation, as initial Property Trustee, (b) Chase Manhattan Bank USA, National Association, as initial Delaware Trustee, and (c)
            , an individual, and             , an individual, each of whose address is 500 Water Street, 15th
Floor, Jacksonville, Florida 32202 (each an “Administrative Trustee” and, collectively, the “Administrative Trustees” and, together with the Property Trustee and the Delaware Trustee, the “Trustees”, all not in their
individual capacities, but solely as Trustees) and (iii) the several Holders as hereinafter defined. 
 
RECITALS 
 
WHEREAS, the Delaware Trustee and the Sponsor established CSX Capital Trust I (the “Trust”), a statutory trust under the Statutory Trust Act (as defined, together with other capitalized
terms, herein) pursuant to a Trust Agreement dated as of May 1, 2001, (the “Original Trust Agreement”) and a Certificate of Trust (the “Certificate of Trust”) filed with the Secretary of State of the State of Delaware on May 1,
2001; 
 
WHEREAS, the sole purpose of the Trust
shall be to issue and sell certain securities representing undivided beneficial interests in the assets of the Trust, to invest the proceeds from such sales in the Debentures issued by the Debenture Issuer and to engage in only those activities
necessary or incidental thereto; and 
 
WHEREAS,
the parties hereto, by this Trust Agreement, amend and restate each and every term and provision of the Original Trust Agreement; 
 
NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a statutory trust under the Statutory Trust Act and
that this Trust Agreement constitute the governing instrument of such statutory trust, the Trustees hereby declare that all assets contributed to the Trust be held in trust for the benefit of the Holders, from time to time, of the Securities
representing undivided beneficial interests in the assets of the Trust issued hereunder, subject to the provisions of this Trust Agreement. 
 
ARTICLE 1 
INTERPRETATION AND DEFINITIONS 
 
Section 1.1 Interpretation and Definitions. Unless the context otherwise requires: 
 
(a) capitalized terms used in this Trust Agreement but not defined in the preamble above have the meanings assigned to them in this
Section 1.1; 
 

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(b) a term
defined anywhere in this Trust Agreement has the same meaning throughout; 
 
(c) all references to “the Trust Agreement” or “this Trust Agreement” are to this Trust Agreement as modified, supplemented or amended from time to time; 
 
(d) all references in this Trust Agreement to Articles,
Sections, Recitals and Exhibits are to Articles and Sections of, or Recitals and Exhibits to, this Trust Agreement unless otherwise specified; 
 
(e) unless otherwise defined in this Trust Agreement, a term defined in the Trust Indenture Act has the same meaning when used in this
Trust Agreement; and 
 
(f) a reference to the
singular includes the plural and vice versa and a reference to any masculine form of a term shall include the feminine form of a term, as applicable. 
 
(g) the following terms have the following meanings: 
 
“Additional Tax Sums” has the meaning specified in Section 1006 of the Indenture. 
 
“Administrative Trustee” means any Trustee other
than the Property Trustee and the Delaware Trustee. 
 
“Affiliate” of any specified Person shall mean any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, such specified Person. For the purposes of this
definition, “control” when used with respect to any specified Person shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. 
 
“Authorized Officer” of a Person means any Person who is authorized to bind such Person. 
 
“Bankruptcy Event” means, with respect to any
Person: 
 
(a) the entry of a
decree or order by a court having jurisdiction in the premises judging such Person a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjudication or composition of or in respect of such Person
under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or of any substantial part of its
property or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 
 
(b) the institution by such Person of proceedings to be adjudicated bankrupt or insolvent, or
the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or 
 

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relief under any applicable Federal or State bankruptcy, insolvency, reorganization or
other similar law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or of any substantial part of its property, or the
making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due and its willingness to be adjudicated a bankrupt, or the taking of corporate action by such
Person in furtherance of any such action. 
 
“Beneficial Owners” means, for Trust Preferred Securities represented by a Global Security, the Person who acquires an interest in the Trust Preferred Securities which is reflected on the records of the Depositary through
the Depositary Participants. 
 
“Business
Day” means any day, other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in the Borough of Manhattan, The City of New York, or Jacksonville, Florida are authorized or required by law, regulation or executive order to
close, or (iii) a day on which the Corporate Trust Office or the Indenture Trustee’s principal corporate office is closed for business. 
 
“Certificate” means a Common Security Certificate or a Trust Preferred Security Certificate. 
 
“Certificate of Trust” has the meaning specified in
the Recitals hereto. 
 
“Closing Date”
means the date or dates on which the Trust Preferred Securities are issued and sold. 
 
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor legislation. A reference to a specific section of the Code refers not only to such specific
section but also to any corresponding provision of any federal tax statute enacted after the date of this Trust Agreement, as such specific section or corresponding provision is in effect on the date of application of the provisions of this Trust
Agreement containing such reference. 
 
“Commission” means the Securities and Exchange Commission or any successor thereto. 
 
“Common Security” has the meaning specified in Section 7.1. 
 
“Common Security Certificate” means a definitive certificate in fully registered form representing
one or more Common Securities, substantially in the form of Exhibit B hereto. 
 
“Common Securities Holder” means CSX Corporation, in its capacity as purchaser and holder of all of the Common Securities issued by the Trust. 
 
“Corporate Trust Office” means the office of the
Property Trustee at which at any particular time its corporate trust business shall be principally administered, which office at the 
 

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date of execution of this Trust Agreement is located at 450 West 33rd Street, 15th Floor, New York, NY 10001, Attention: Institutional Trust Services. 
 
“Covered Person” means (a) any officer, director,
shareholder, partner, member, representative, employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any Holder. 
 
“Debentures” shall mean the     % Subordinated Debentures due
             to be issued, from time to time, by the Debenture Issuer under the Indenture. 
 
“Debenture Issuer” shall mean CSX Corporation, a Virginia corporation, in its capacity as issuer of the Debentures under the
Indenture. 
 
“Debenture Issuer Indemnified
Person” shall mean (A) any Administrative Trustee, (B) any Affiliate of any Administrative Trustee, (C) any officers, directors, shareholders, members, partners, employees, representatives or agents of any Administrative Trustee or any
Affiliate thereof or (D) any officer, employee or agent of the Trust or its Affiliates. 
 
“Delaware Trustee” means the Trustee meeting the eligibility requirements set forth in Section 6.2. 
 
“Depositary” means, with respect to Securities issuable in whole or in part in the form of one or more Global Securities, a
clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities. 
 
“Depositary Participant” means a member of, or participant in, the Depositary. 
 
“Direct Action” has the meaning specified in Section
3.8(e). 
 
“Distribution” means a
distribution payable to Holders of Securities in accordance with Section 7.2. 
 
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor legislation. 
 
“Fiduciary Indemnified Person” has the meaning set forth in Section 9.4(b). 
 
“Fiscal Year” has the meaning specified in Section
10.1. 
 
“Global Security” means a fully
registered, global Trust Preferred Security Certificate. 
 
“Guarantee” means the Trust Preferred Securities Guarantee Agreement, dated as of [            ], of the Sponsor in respect of the Securities. 
 
“Holder” means any holder of Securities, as
registered on the books and records of the Trust; provided, however, that in determining whether the Holders of the requisite Liquidation 
 

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Amount of Trust Preferred Securities have voted on any matter provided for in this Trust Agreement, then
for the purpose of such determination only (and not for any other purpose hereunder), if the Trust Preferred Securities remain in the form of one or more Global Securities and if the Depositary which is the holder of such Global Securities has sent
an omnibus proxy to the Trust assigning voting rights to Depositary Participants to whose accounts the Trust Preferred Securities are credited on the record date, the term “Holders” shall mean such Depositary Participants acting at the
direction of the Beneficial Owners. 
 
“Indemnified Person” means a Debenture Issuer Indemnified Person or a Fiduciary Indemnified Person. 
 
“Indenture” means the Subordinated Indenture, dated as of
                 , 200_ as [previously supplemented and amended and as further] supplemented and amended by the
             Supplemental Indenture dated as of              (the
“             Supplemental Indenture”), between the Debenture Issuer and JPMorgan Chase Bank, as Trustee, pursuant to which the Debentures are to be issued. 
 
“Indenture Event of Default” has the meaning given
to the term “Event of Default” in the Indenture. 
 
“Indenture Trustee” means JPMorgan Chase Bank, in its capacity as trustee under the Indenture until a successor is appointed thereunder, and thereafter means such successor trustee. 
 
“Investment Company” means an investment company as
defined in the Investment Company Act and the regulations promulgated thereunder. 
 
“Investment Company Act” means the Investment Company Act of 1940, as amended from time to time, or any successor legislation. 
 
“Investment Company Event” means the receipt by the Trust of an opinion of a nationally recognized
independent counsel (an “Investment Company Act Opinion”), to the effect that, as a result of the occurrence of a change in law or regulation or a written change in interpretation or application of law or regulation by any legislative
body, court, governmental agency or regulatory authority (a “Change in 1940 Act Law”), there is more than an insubstantial risk that the Trust is or will be considered an “investment company” that is required to be registered
under the Investment Company Act, which Change in 1940 Act Law becomes effective on or after the Closing Date. 
 
“Legal Action” has the meaning specified in Section 3.6(g). 
 
“Liquidation Amount” means the stated amount of $1,000 per Trust Preferred Security. 
 
“List of Holders” has the meaning specified in
Section 2.2(a). 
 
“Majority in Liquidation
Amount” means, except as provided in the terms of the Trust Preferred Securities or by the Trust Indenture Act, Holder(s) of outstanding Securities, voting 
 

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together as a single class, or, as the context may require, Holders of outstanding Trust Preferred
Securities or Holders of outstanding Common Securities, voting separately as a class, who are the record owners of more than 50% of the aggregate Liquidation Amount (including the stated amount that would be paid on redemption, liquidation or
otherwise, plus accumulated and unpaid Distributions to the date upon which the voting percentages are determined) of all outstanding Securities of the relevant class. 
 
“Officers’ Certificate” means, with respect to any Person, a certificate signed on behalf of
such Person by two Authorized Officers of such Person. To the extent applicable, such certificate will also specify procedures, acceptable to the Property Trustee, regarding the issuance of a Tranche of Securities. Any Officers’ Certificate
delivered with respect to compliance with a condition or covenant provided for in this Trust Agreement shall include: 
 
(a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the
definitions relating thereto; 
 
(b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer on behalf of such Person in rendering the Officers’ Certificate; 
 
(c) a statement that each such officer has
made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer on behalf of such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 
(d) a statement as to whether,
in the opinion of each such officer acting on behalf of such Person, such condition or covenant has been complied with; provided, that the term “Officers’ Certificate”, when used with reference to Administrative Trustees who are
natural persons shall mean a certificate signed by two or more of the Administrative Trustees which otherwise satisfies the foregoing requirements. 
 
“Paying Agent” has the meaning specified in Section 7.7. 
 
“Payment Amount” has the meaning specified in Section 7.2(c). 
 
“Person” means a legal person, including any
individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of
whatever nature. 
 
“Property Account”
has the meaning specified in Section 3.8(c). 
 
“Property Trustee” means the Trustee meeting the eligibility requirements set forth in Section 6.3. 
 

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“Pro
Rata” means pro rata to each Holder of Securities according to the aggregate Liquidation Amount of the Securities held by the relevant Holder in relation to the aggregate Liquidation Amount of all Securities outstanding. 
 
“Quorum” means a majority of the Administrative
Trustees or, if there are only two Administrative Trustees, both of them. 
 
“Redemption/Distribution Notice” has the meaning specified in Section 7.4(a) hereto. 
 
“Redemption Price” means the Liquidation Amount of the Securities to be redeemed, which amount will equal (i) the redemption
price paid by the Debenture Issuer to repay or redeem, in whole or in part, the Debentures held by the Trust plus an amount equal to accumulated and unpaid Distributions on such Securities through the date of their redemption or (ii) such lesser
amount as will be received by the Trust in respect of the Debentures so repaid or redeemed. 
 
“Responsible Officer” means, with respect to the Property Trustee, any officer with direct responsibility for the administration of this Trust Agreement and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
 
“Securities” means the Common Securities and the Trust Preferred Securities. 
 
“Securities Act” means the Securities Act of 1933,
as amended from time to time, or any successor legislation. 
 
“Special Event” means a Tax Event or an Investment Company Event. 
 
“Sponsor” means CSX Corporation, a Virginia corporation, or any successor entity in a transaction involving the Sponsor that is permitted by Article Eight of the Indenture and pursuant to
which the successor agrees in writing to perform the Sponsor’s obligations hereunder. 
 
“Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., as it may be amended from time to time, or any successor legislation. 
 
“Successor Delaware Trustee” has the meaning
specified in Section 6.6(b). 
 
“Successor
Entity” has the meaning specified in Section 3.15(b)(i). 
 
“Successor Property Trustee” has the meaning specified in Section 6.6(b). 
 
“Successor Security” has the meaning specified in Section 3.15(b)(i)(B). 
 
“Super Majority” has the meaning specified in
Section 2.6(a)(ii). 
 

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“Tax
Event” means the receipt by the Trust of an opinion of independent tax counsel experienced in such matters (“Tax Event Opinion”), to the effect that, as a result of (a) any amendment to, change in or announced prospective change in
the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or (b) any official administrative written decision, pronouncement or action, or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or which proposed change, pronouncement, decision or action is announced on or after the Closing Date, there is more than an insubstantial risk that (i) the Trust is, or will
be within 90 days of the date of such opinion, subject to United States federal income tax with respect to income received or accrued on the Debentures, (ii) interest payable to the Trust by the Debenture Issuer on the Debentures is not, or within
90 days of the date of such opinion will not be, deductible, in whole or in part, by the Debenture Issuer for United States federal income tax purposes, or (iii) the Trust is, or will be within 90 days of the date of such opinion, subject to a
material amount of other taxes, duties or other governmental charges. 
 
“10% in Liquidation Amount” means, except as provided in the terms of the Trust Preferred Securities or by the Trust Indenture Act, Holder(s) of outstanding Securities, voting together as a single class, or, as the
context may require, Holders of outstanding Trust Preferred Securities or Holders of outstanding Common Securities, voting separately as a class, who are the record owners of 10% or more of the aggregate Liquidation Amount (including the stated
amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined) of all outstanding Securities of the relevant class. 
 
“Tranche” means Securities issued after the initial
Closing Date which are of the same series as the Securities and have identical terms as the Securities, except for aggregate amount, the price at which such Securities are sold to the public and the date of issuance. 
 
“Treasury Regulations” means the income tax
regulations, including temporary and proposed regulations, promulgated under the Code by the United States Treasury, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 
“Trustee” or “Trustees” means each Person
who has signed this Trust Agreement as a trustee, so long as such Person shall continue as a trustee in accordance with the terms hereof, and all other Persons who may from time to time be duly appointed, qualified and serving as Trustees in
accordance with the provisions hereof, and references herein to a Trustee or the Trustees shall refer to such Person or Persons solely in their capacity as trustees hereunder. 
 
“Trust Enforcement Event” in respect of the Securities means (i) an Indenture Event of Default has
occurred and is continuing in respect of the Debentures or (ii) the voluntary or involuntary dissolution, winding up or termination of the Trust, except in connection with (A) the distribution of the Debentures to the holders of the Securities, (B)
the redemption of all of the Securities and (C) mergers, consolidations or amalgamations of the Trust permitted by this Trust Agreement. 
 

8 








 
“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended from time to time, or any successor legislation. 
 
“Trust Preferred Security” has the meaning specified in Section 7.1. 
 
“Trust Preferred Security Certificate” means a
definitive certificate in fully registered form representing one or more Trust Preferred Securities, substantially in the form of Exhibit A. 
 
“Trust Property” means (i) the Debentures, (ii) any cash on deposit in, or owing to the Property Account (as defined in Section
3.8(c)(i) herein) and (iii) all proceeds and rights in respect of the foregoing and any other property and assets for the time being held or deemed to be held by the Property Trustee pursuant to this Agreement. 
 
ARTICLE 2 
TRUST INDENTURE ACT 
 
Section 2.1 Trust Indenture Act; Application. 
 
(a) This Trust Agreement is subject to the provisions of the Trust Indenture Act that are required to be part
of this Trust Agreement and shall, to the extent applicable, be governed by such provisions. 
 
(b) The Property Trustee shall be the only Trustee that is a Trustee for the purposes of the Trust Indenture Act. 
 
(c) If and to the extent that any provision of this Trust Agreement conflicts with the duties imposed by
Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 
(d) The application of the Trust Indenture Act to this Trust Agreement shall not affect the Trust’s classification as a grantor trust for United States federal income tax purposes and shall not
affect the nature of the Securities as representing undivided beneficial interests in the assets of the Trust. 
 
Section 2.2 Lists of Holders of Securities. 
 
(a) Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide the Property
Trustee at any time when the Property Trustee is not also acting as Security Registrar for the Securities (i) except while the Trust Preferred Securities are represented by one or more Global Securities, at least five Business Days prior to the date
for payment of Distributions, a list, in such form as the Property Trustee may reasonably require, of the names and addresses of the Holders of the Securities (“List of Holders”) as of the record date relating to the payment of such
Distributions, and (ii) at any other time, within 30 days of receipt by the Trust of a written request from the Property Trustee for a List of Holders, as of a date no more than 15 days before such List of Holders is given to the Property Trustee;
provided that neither the Sponsor nor the Administrative Trustees on behalf of the Trust shall be obligated to provide 
 

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such List of Holders at any time the List of Holders does not differ from the most recent List of Holders
given to the Property Trustee by the Sponsor and the Administrative Trustees on behalf of the Trust. The Property Trustee shall preserve, in as current a form as is reasonably practicable, all information contained in Lists of Holders given to it or
which it receives in the capacity as Paying Agent (if acting in such capacity), provided that the Property Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
 
(b) The Property Trustee shall comply with its obligations
under, and shall be entitled to the benefits of, Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act. 
 
Section 2.3 Reports by the Property Trustee. Within 60 days after September 15 of each year (commencing with the year of the
initial issuance of the Trust Preferred Securities), the Property Trustee shall provide to the Holders of the Trust Preferred Securities such reports as are required by Section 313(a) of the Trust Indenture Act, if any, in the form and in the manner
provided by Section 313 of the Trust Indenture Act. The Property Trustee shall also comply with the other requirements of Section 313 of the Trust Indenture Act. The Sponsor shall promptly notify the Property Trustee when the Trust Preferred
Securities are listed on any stock exchange or national automated quotation system. 
 
Section 2.4 Periodic Reports to the Property Trustee. Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such documents, reports and
information as required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required by Section 314(a)(4) of the Trust Indenture Act in the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act, provided that such compliance certificate shall be delivered on or before 120 days after the end of each calendar year of the Sponsor. 
 
Section 2.5 Evidence of Compliance with Conditions Precedent. Each of the Sponsor and the Administrative Trustees on behalf of the
Trust shall provide to the Property Trustee such evidence of compliance with any conditions precedent, if any, provided for in this Trust Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) may be given in the form of an Officers’ Certificate. 
 
Section 2.6 Trust Enforcement Events; Waiver. 
 
(a) The Holders of a Majority in Liquidation Amount of the Trust Preferred Securities may, by vote or written
consent, on behalf of the Holders of all of the Trust Preferred Securities, waive any past Trust Enforcement Event in respect of the Trust Preferred Securities and its consequences, provided that, if the underlying Indenture Event of Default:

 
(i) is not waivable under the
Indenture, the Trust Enforcement Event under the Trust Agreement shall also not be waivable; or 
 
(ii) requires the consent or vote of the Holders of greater than a majority in principal amount of the Debentures (a
“Super Majority”) to be waived under the Indenture, the related Trust Enforcement Event under the Trust Agreement may only be waived by the vote or written consent of the Holders of at 
 

10 








least the proportion in Liquidation Amount of the Trust Preferred Securities that the
relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. 
 
The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section
316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such default shall cease to exist, and any Trust Enforcement Event with
respect to the Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement and the Trust Preferred Securities, but no such waiver shall extend to any subsequent or other Trust
Enforcement Event with respect to the Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Trust Preferred Securities of a Trust Enforcement Event with respect to the Trust Preferred Securities shall
also be deemed to constitute a waiver by the Holders of the Common Securities of any such Trust Enforcement Event with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders
of the Common Securities. 
 
(b) The Holders of a
Majority in Liquidation Amount of the Common Securities may, by vote or written consent, on behalf of the Holders of all of the Common Securities, waive any past Trust Enforcement Event in respect of the Common Securities and its consequences,
provided that, if the underlying Indenture Event of Default: 
 
(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Trust Enforcement Event under the Trust Agreement as provided below in this
Section 2.6(b), the Trust Enforcement Event under the Trust Agreement shall also not be waivable; or 
 
(ii) requires the consent or vote of a Super Majority to be waived under the Indenture, except where the Holders of the
Common Securities are deemed to have waived such Trust Enforcement Event under the Trust Agreement as provided below in this Section 2.6(b),   Trust Enforcement Event under the Trust Agreement may only be waived by the vote or written consent
of the Holders of at least the proportion in Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; provided further, each Holder of Common Securities
will be deemed to have waived any Trust Enforcement Event and all Trust Enforcement Events with respect to the Common Securities and the consequences thereof until all Trust Enforcement Events with respect to the Trust Preferred Securities have been
cured, waived or otherwise eliminated, and until such Trust Enforcement Events with respect to the Trust Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of
the Holders of the Trust Preferred Securities and only the Holders of the Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b)
shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 
 

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316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded
from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such cure, waiver or other elimination, any such default shall cease to exist and any Trust
Enforcement Event with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Trust Enforcement Event with respect
to the Common Securities or impair any right consequent thereon. 
 
(c) A waiver of an Indenture Event of Default by the Property Trustee at the direction of the Holders of the Trust Preferred Securities constitutes a waiver of the corresponding Trust Enforcement Event with respect to the Trust
Preferred Securities under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly
excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. 
 
Section 2.7 Trust Enforcement Event; Notice. 
 
(a) The Property Trustee shall, within 90 days after the occurrence of a Trust Enforcement Event actually known to a Responsible Officer
of the Property Trustee, transmit by mail, first class postage prepaid, to the Holders of the Securities, notices of all such defaults with respect to the Securities, unless such defaults have been cured before the giving of such notice (the term
“defaults” for the purposes of this Section 2.7(a) and (b) being hereby defined to be an Indenture Event of Default, not including any periods of grace provided for therein and irrespective of the giving of any notice provided therein);
provided that, except for a default in the payment of principal of (or premium, if any) or interest on any of the Debentures, the Property Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Property
Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Securities. 
 
(b) The Property Trustee shall not be deemed to have knowledge of any default except: 
 
(i) a default under Sections 501(1) and (2) of
the Indenture; or 
 
(ii) any
default as to which the Property Trustee shall have received written notice pursuant to Section 3.10(a)(xiv) or of which a Responsible Officer of the Property Trustee charged with the administration of this Trust Agreement shall have actual
knowledge. 
 
ARTICLE 3 
ORGANIZATION 
 
Section 3.1 Name and Organization. The Trust hereby continued is named “CSX Capital Trust I” as such name may be modified
from time to time by the Administrative Trustees following written notice to the Holders of Securities, the Property Trustee and the 
 

12 








 
Delaware Trustee. The
Trust’s activities may be conducted under the name of the Trust or any other name deemed advisable by the Administrative Trustees. 
 
Section 3.2 Office. The address of the principal office of the Trust is c/o CSX Corporation, 500 Water Street, 15th Floor,
Jacksonville, Florida 32202. On 10 Business Days’ written notice to the Holders of Securities, the Property Trustee and the Delaware Trustee, the Administrative Trustees may designate another principal office. 
 
Section 3.3 Purpose. The exclusive purposes and
functions of the Trust are (a) to issue and sell Securities, including, from time to time, Tranches thereof, and use the gross proceeds from such sales to acquire the Debentures, and (b) except as otherwise limited herein, to engage in only those
other activities necessary or incidental thereto. The Trust shall not borrow money, issue debt or reinvest proceeds derived from investments, pledge any of its assets or otherwise undertake (or permit to be undertaken) any activity that would cause
the Trust not to be classified as a grantor trust for United States federal income tax purposes. 
 
By the acceptance of this Trust, none of the Trustees, the Sponsor, the Holders of the Trust Preferred Securities or Common Securities or the Beneficial Owners will take any position for United States
federal income tax purposes which is contrary to the classification of the Trust as a grantor trust. 
 
Section 3.4 Authority. Subject to the limitations provided in this Trust Agreement and to the specific duties of the Property
Trustee, the Administrative Trustees shall have exclusive authority to carry out the purposes of the Trust. An action taken by the Administrative Trustees in accordance with their powers shall constitute the act of and serve to bind the Trust and an
action taken by the Property Trustee on behalf of the Trust in accordance with its powers shall constitute the act of and serve to bind the Trust. In dealing with the Trustees acting on behalf of the Trust, no Person shall be required to inquire
into the authority of the Trustees to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power and authority of the Trustees as set forth in this Trust Agreement. 
 
(a) Except as expressly set forth in this Trust Agreement and
except if a meeting of the Administrative Trustees is called with respect to any matter over which the Administrative Trustees have power to act, any power of the Administrative Trustees may be exercised by, or with the consent of, any one such
Administrative Trustee. 
 
(b) Unless otherwise
determined by the Administrative Trustees, and except as otherwise required by the Statutory Trust Act or applicable law, any Administrative Trustee is authorized to execute on behalf of the Trust any documents which the Administrative Trustees have
the power and authority to cause the Trust to execute pursuant to Section 3.6(b), provided, that the registration statements referred to in Section 3.6(b)(ii), including any amendments thereto, shall be signed by or on behalf of a majority of the
Administrative Trustees; and 
 
(c) Any
Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 his or her power for the purposes of signing any documents which the Administrative Trustees have power and
authority to cause the Trust to execute pursuant to Section 3.6. 
 

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Section 3.5
Title to Property of the Trust. Except as provided in Section 3.8 with respect to the Debentures and the Property Account or as otherwise provided in this Trust Agreement, legal title to the Trust Property shall be vested in the Trust. The
Holders shall not have legal title to any part of the assets of the Trust, but shall have an undivided beneficial interest in the assets of the Trust. The Property Trustee hereby declares that it will hold the Trust Property in trust upon and
subject to the conditions set forth herein for the benefit of the Trust and the holders of the Securities. 
 
Section 3.6 Powers and Duties of the Administrative Trustees. The Administrative Trustees shall have the exclusive power, duty and
authority to cause the Trust to engage in the following activities: 
 
(a) issue and sell the Trust Preferred Securities (including, from time to time, Tranches thereof) and the Common Securities (including, from time to time, Tranches thereof) in accordance with this Trust Agreement; provided,
however, that the Trust may issue no more than one series of Trust Preferred Securities and no more than one series of Common Securities, and, provided further, that there shall be no interests in the Trust other than the Securities; and the
issuance of Securities (including Tranches) shall be limited to simultaneous issuances of both Trust Preferred Securities and Common Securities on each Closing Date. 
 
(b) in connection with each issue and sale of the Trust Preferred Securities, at the direction of the
Sponsor, to: 
 
(i) execute and
file an application, prepared by the Sponsor, to the New York Stock Exchange or any other national stock exchange or automated quotation system for listing (if necessary) of any Trust Preferred Securities, the Guarantee and the Debentures;

 
(ii) execute and file with the
Commission one or more registration statements on the applicable forms prepared by the Sponsor, including any amendments thereto, pertaining to the Trust Preferred Securities, the Guarantee and the Debentures; and 
 
(iii) execute and file any documents prepared
by the Sponsor, or take any acts as determined by the Sponsor to be necessary, in order to qualify or register all or part of the Trust Preferred Securities in any State in which the Sponsor has determined to qualify or register such Trust Preferred
Securities for sale; 
 
(c) to acquire the
Debentures with the proceeds of each sale of the Trust Preferred Securities and the Common Securities; provided, however, that the Administrative Trustees shall cause legal title to the Debentures to be held of record in the name of the Property
Trustee for the benefit of the Holders of the Trust Preferred Securities and the Holders of the Common Securities; 
 

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(d) to give
the Sponsor and the Property Trustee prompt written notice of the occurrence of a Special Event; provided that the Administrative Trustees shall consult with the Sponsor before taking or refraining from taking any action in relation to any such
Special Event; 
 
(e) to establish a record date
with respect to all actions to be taken hereunder that require a record date be established, including and with respect to, for the purposes of Section 316(c) of the Trust Indenture Act, Distributions, voting rights, redemptions and exchanges, and
to issue relevant notices to the Holders of Trust Preferred Securities and Holders of Common Securities as to such actions and applicable record dates; 
 
(f) to take all actions and perform such duties as may be required of the Administrative Trustees pursuant to the terms of this Trust
Agreement and the Securities; 
 
(g) to bring or
defend, pay, collect, compromise, arbitrate, resort to legal action or otherwise adjust claims or demands of or against the Trust (“Legal Action”), unless, pursuant to Section 3.8(e), the Property Trustee has the exclusive power to bring
such Legal Action; 
 
(h) to employ or otherwise
engage employees and agents (who may be designated as officers with titles) and managers, contractors, advisors and consultants to conduct only those services that the Administrative Trustees have authority to conduct directly, and to and pay
reasonable compensation for such services; 
 
(i)
to cause the Trust to comply with the Trust’s obligations under the Trust Indenture Act; 
 
(j) to give the certificate required by Section 314(a)(4) of the Trust Indenture Act to the Property Trustee, which certificate may be executed by any Administrative Trustee; 
 
(k) to incur expenses that are necessary or incidental to
carry out any of the purposes of the Trust; 
 
(l)
to act as, or appoint another Person to act as, registrar and transfer agent for the Securities; 
 
(m) to give prompt written notice to the Holders of the Securities of any notice received from the Debenture Issuer of its election to defer payments of interest on the Debentures by extending the
interest payment period under the Debentures as authorized by the Indenture; 
 
(n) to take all action that may be necessary or appropriate for the preservation and the continuation of the Trust’s valid existence, rights, franchises and privileges as a statutory trust under
the laws of the State of Delaware and of each other jurisdiction in which such existence is necessary to protect the limited liability of the Holders of the Trust Preferred Securities and the Holders of the Common Securities or to enable the Trust
to effect the purposes for which the Trust was created; 
 
(o) to take any action, not inconsistent with applicable law, that the Administrative Trustees determine in their discretion to be necessary or desirable in carrying out the purposes 
 

15 








and functions of the Trust as set out in Section 3.3 or the activities of the Trust as set out in this
Section 3.6, including, but not limited to: 
 
(i) causing the Trust not to be deemed to be an Investment Company required to be registered under the Investment Company Act; 
 
(ii) causing the Trust to be classified as a grantor trust for United States federal income tax purposes; and

 
(iii) cooperating with the
Debenture Issuer to ensure that the Debentures will be treated as indebtedness of the Debenture Issuer for United States federal income tax purposes. 
 
(p) to take all action necessary to cause all applicable tax returns and tax information reports that are required to be filed with
respect to the Trust to be duly prepared and filed by the Administrative Trustees, on behalf of the Trust; 
 
(q) to execute and deliver all documents or instruments, perform all duties and powers, and do all things for and on behalf of the Trust
in all matters necessary or incidental to the foregoing; and 
 
(r) to cause to be delivered to the Property Trustee an Officers’ Certificate with respect to each issuance of a Tranche of Securities. 
 
The Administrative Trustees shall exercise the powers set forth in this Section 3.6 in a manner that is consistent with the purposes and
functions of the Trust set out in Section 3.3, and the Administrative Trustees shall have no power to, and shall not, take any action that is inconsistent with the purposes and functions of the Trust set forth in Section 3.3. 
 
Subject to this Section 3.6, the Administrative Trustees shall
have none of the powers or the authority of the Property Trustee set forth in Section 3.8. 
 
Any expenses incurred by the Administrative Trustees pursuant to this Section 3.6 shall be reimbursed by the Debenture Issuer. 
 
Section 3.7 Prohibition of Actions by the Trust and the Trustees. 
 
(a) The Trust shall not, and none of the Trustees (including
the Property Trustee) shall cause the Trust to, engage in any activity other than as required or authorized by this Trust Agreement. In particular, the Trust shall not and none of the Trustees (including the Property Trustee) shall cause the Trust
to: 
 
(i) invest any proceeds
received by the Trust from holding the Debentures, but shall distribute all such proceeds to Holders of Securities pursuant to the terms of this Trust Agreement and of the Securities; 
 
(ii) acquire any assets other than as expressly provided herein; 
 

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(iii) possess Trust Property for other than a Trust purpose; 
 
(iv) make any loans other than loans
represented by the Debentures or incur any indebtedness; 
 
(v) possess any power or otherwise act in such a way as to vary the Trust Property; 
 
(vi) possess any power or otherwise act in such a way as to vary the terms of the Securities in any way whatsoever (except
to the extent expressly authorized in this Trust Agreement or by the terms of the Securities); 
 
(vii) issue any securities or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than
the Securities; 
 
(viii) other
than as provided in this Trust Agreement or by the terms of the Securities, (A) direct the time, method and place of exercising any trust or power conferred upon the Indenture Trustee with respect to the Debentures, (B) waive any past default that
is waivable under the Indenture, (C) exercise any right to rescind or annul any declaration that the principal of all the Debentures shall be due and payable, or (D) consent to any amendment, modification or termination of the Indenture or the
Debentures where such consent shall be required unless the Trust shall have received an opinion of counsel to the effect that such amendment or modification will not cause more than an insubstantial risk that the Trust will be deemed an Investment
Company required to be registered under the Investment Company Act, or the Trust will not be classified as a grantor trust for United States federal income tax purposes; 
 
(ix) take any action inconsistent with the status of the Trust as a grantor trust for United
States federal income tax purposes; or 
 
(x) revoke any action previously authorized or approved by vote of the Holders of the Trust Preferred Securities except pursuant to a subsequent vote of the Holders of the Trust Preferred Securities. 
 
Section 3.8 Powers and Duties of the Property Trustee.

 
(a) The legal title to the Debentures shall be
owned by and held of record in the name of the Property Trustee for the benefit of the Trust and the Holders of the Securities. The right, title and interest of the Property Trustee to the Debentures shall vest automatically in each Person who may
hereafter be appointed as Property Trustee in accordance with Section 6.6. Such vesting and cessation of title shall be effective whether or not conveyancing documents with regard to the Debentures have been executed and delivered. 
 
(b) The Property Trustee shall not transfer its right, title
and interest in the Debentures to the Administrative Trustees or to the Delaware Trustee (if the Property Trustee does not also act as Delaware Trustee). 
 

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(c) The
Property Trustee shall: 
 
(i)
establish and maintain a segregated non-interest bearing trust account (the “Property Account”) in the name of and under the exclusive control of the Property Trustee on behalf of the Holders of the Securities and, upon the receipt of
payments of funds made in respect of the Debentures held by the Property Trustee, deposit such funds into the Property Account and make payments to the Holders of the Trust Preferred Securities and Holders of the Common Securities from the Property
Account in accordance with Section 7.2. Funds in the Property Account shall be held uninvested until disbursed in accordance with this Trust Agreement. The Property Account shall be an account that is maintained with a banking institution the rating
on whose long-term unsecured indebtedness is at least equal to the rating assigned to the Trust Preferred Securities by a “nationally recognized statistical rating organization”, within the meaning of Rule 436(g)(2) under the Securities
Act; 
 
(ii) engage in such
ministerial activities as shall be necessary or appropriate to effect the redemption of the Trust Preferred Securities and the Common Securities to the extent the Debentures are redeemed or mature; and 
 
(iii) upon written notice of distribution
issued by the Administrative Trustees in accordance with the terms of the Securities, engage in such ministerial activities as so directed and as shall be necessary or appropriate to effect the distribution of the Debentures to Holders of Securities
upon the occurrence of a Special Event. 
 
(d) The
Property Trustee shall take all actions and perform such duties as may be specifically required of the Property Trustee pursuant to the terms of this Trust Agreement and the Securities. 
 
(e) Subject to Section 3.9(a) the Property Trustee may take any Legal Action which arises out of or in
connection with a Trust Enforcement Event of which a Responsible Officer of the Property Trustee has actual knowledge or the Property Trustee’s duties and obligations under this Trust Agreement or the Trust Indenture Act; provided, however, if
the Property Trustee fails to enforce its rights under this Trust Agreement or the Indenture to the fullest extent permitted by law and subject to the terms of this Trust Agreement and the Indenture, then a Holder of Trust Preferred Securities may
directly institute a proceeding against the Debenture Issuer to enforce the Property Trustee’s rights under this Trust Agreement or the Indenture without first instituting a legal proceeding against the Property Trustee or any other person;
provided, further, that if a Trust Enforcement Event has occurred and is continuing and such event is attributable to the failure of the Debenture Issuer to pay interest, principal or other required payments on the Debentures on the date such
interest, principal or other required payments are otherwise payable (or in the case of redemption, on the redemption date), then a Holder of Trust Preferred Securities may directly institute a proceeding against the Debenture Issuer for enforcement
of payment to such Holder of the principal of or interest on Debentures having a principal amount equal to the aggregate Liquidation Amount of the Trust Preferred Securities of such Holder (a “Direct Action”) on or after the respective due
date specified in the Debentures. Notwithstanding 
 

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anything to the contrary in this Trust Agreement or the Indenture, the Debenture Issuer shall have the
right to set-off any payment it is otherwise required to make under the Indenture in respect of any Trust Preferred Security to the extent the Debenture Issuer has heretofore made, or is currently on the date of such payment making, a payment under
the Guarantee relating to such Trust Preferred Security or under Section 503 of the Indenture. 
 
(f) The Property Trustee shall continue to serve as a Trustee until either: 
 
(i) the Trust has been completely liquidated and the proceeds of the liquidation distributed to the Holders of Securities
pursuant to the terms of the Securities; or 
 
(ii) a Successor Property Trustee has been appointed and has accepted that appointment in accordance with Section 6.6. 
 
(g) The Property Trustee shall have the legal power to exercise all of the rights, powers and privileges of a holder of Debentures under
the Indenture and, if a Trust Enforcement Event actually known to a Responsible Officer of the Property Trustee occurs and is continuing, the Property Trustee may, for the benefit of Holders of the Securities, enforce its rights as holder of the
Debentures subject to the rights of the Holders pursuant to this Trust Agreement and the terms of the Securities. 
 
(h) Subject to this Section 3.8, the Property Trustee shall have none of the duties, liabilities, powers or the authority of the
Administrative Trustees set forth in Section 3.6. 
 
The Property Trustee shall exercise the powers set forth in this Section 3.8 in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Property Trustee shall have no power to, and
shall not, take any action that is inconsistent with the purposes and functions of the Trust set out in Section 3.3. 
 
Section 3.9 Certain Duties and Responsibilities of the Property Trustee. 
 
(a) The Property Trustee, before the occurrence of any Trust
Enforcement Event and after the curing of all Trust Enforcement Events that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Trust Agreement and no implied covenants shall be read into this Trust
Agreement against the Property Trustee. In case a Trust Enforcement Event has occurred (that has not been cured or waived pursuant to Section 2.6) of which a Responsible Officer of the Property Trustee has actual knowledge, the Property Trustee
shall exercise such of the rights and powers vested in it by this Trust Agreement, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own
affairs. 
 
(b) No provision of this Trust
Agreement shall be construed to relieve the Property Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 
(i) prior to the occurrence of a Trust Enforcement Event and after the curing or waiving of
all such Trust Enforcement Events that may have occurred: 
 

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(A) the duties and obligations of the Property Trustee shall be determined solely by the express provisions of this Trust Agreement and the Property Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Trust Agreement, and no implied covenants or obligations shall be read into this Trust Agreement against the Property Trustee; and 
 
(B) in the absence of bad faith on the part of the Property Trustee, the Property Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Property Trustee and conforming to the requirements of this Trust Agreement; but in
the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Property Trustee, the Property Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Trust Agreement; 
 
(ii) the Property Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the
pertinent facts; 
 
(iii) the
Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it, in good faith in accordance with the direction of the Holders of not less than a Majority in Liquidation Amount of the Securities relating to the
time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; 
 
(iv) no provision of this Trust Agreement
shall require the Property Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if it shall have reasonable grounds for
believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Trust Agreement or indemnity reasonably satisfactory to the Property Trustee against such risk or liability is not reasonably assured to
it; 
 
(v) the Property
Trustee’s sole duty with respect to the custody, safe-keeping and physical preservation of the Debentures and the Property Account shall be to deal with such property in a similar manner as the Property Trustee deals with similar property for
its own account, subject to the protections and limitations on liability afforded to the Property Trustee under this Trust Agreement and the Trust Indenture Act; 
 
(vi) the Property Trustee shall have no duty or liability for or with respect to the value,
genuineness, existence or sufficiency of the Debentures or 
 

20 








the payment of any taxes or assessments levied thereon or in connection therewith;

 
(vii) the Property Trustee shall
not be liable for any interest on any money received by it except as it may otherwise agree with the Sponsor. Money held by the Property Trustee need not be segregated from other funds held by it except in relation to the Property Account maintained
by the Property Trustee pursuant to Section 3.8(c)(i) and except to the extent otherwise required by law; and 
 
(viii) the Property Trustee shall not be responsible for monitoring the compliance by the Administrative Trustees or the
Sponsor with their respective duties under this Trust Agreement, nor shall the Property Trustee be liable for any default or misconduct of the Administrative Trustees or the Sponsor. 
 
Section 3.10 Certain Rights of Property Trustee. 
 
(a) Subject to the provisions of Section 3.9: 
 
(i) the Property Trustee may conclusively rely
and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document believed by it to be genuine and to have been signed, sent or presented by the proper party or parties; 
 
(ii) any direction or act of the Sponsor or the Administrative Trustees contemplated by this Trust Agreement shall be
sufficiently evidenced by an Officers’ Certificate; 
 
(iii) whenever in the administration of this Trust Agreement, the Property Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Property
Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively rely upon an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the
Sponsor or the Administrative Trustees; 
 
(iv) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or continuation statement or any filing under tax or securities laws) or any re-recording,
refiling or registration thereof; 
 
(v) the Property Trustee may consult with counsel of its choice or other experts and the advice or opinion of such counsel and experts with respect to legal matters or advice within the scope of such experts’ area of expertise
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such 
 

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advice or opinion, such counsel may be counsel to the Property Trustee or the Sponsor or
any of its Affiliates, and may include any of its employees. The Property Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
 
(vi) the Property Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Property Trustee security and indemnity, reasonably satisfactory to the
Property Trustee, against the costs, expenses (including reasonable attorneys’ fees and expenses and the expenses of the Property Trustee’s agents, nominees or custodians) and liabilities that might be incurred by it in complying with such
request or direction, including such reasonable advances as may be requested by the Property Trustee; 
 
(vii) the Property Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Property Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit; 
 
(viii) the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Property
Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 
(ix) any action taken by the Property Trustee or its agents hereunder shall bind the Trust and the Holders of the
Securities, and the signature of the Property Trustee or its agents alone shall be sufficient and effective to perform any such action and no third party shall be required to inquire as to the authority of the Property Trustee to so act or as to its
compliance with any of the terms and provisions of this Trust Agreement, both of which shall be conclusively evidenced by the Property Trustee’s or its agent’s taking such action; 
 
(x) whenever in the administration of this
Trust Agreement the Property Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Property Trustee (i) may request instructions from the Holders of the
Securities which instructions may only be given by the Holders of the same proportion in Liquidation Amount of the Securities as would been entitled to direct the Property Trustee under the terms of the Securities in respect of such remedy, right or
action, (ii) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (iii) shall be protected in conclusively relying on or acting in or accordance with such instructions; 
 

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(xi) except as otherwise expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Trust Agreement; 
 
(xii) the Property Trustee shall not be
personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Trust Agreement, except if such
breach or failure is due to any gross negligence or willful misconduct of the Property Trustee; 
 
(xiii) without prejudice to any other rights available to the Property Trustee under applicable law, when the Property
Trustee incurs expenses or renders services in connection with a bankruptcy, such expenses (including the reasonable fees and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under
any bankruptcy law or law relating to creditors rights generally; 
 
(xiv) the Property Trustee shall not be charged with knowledge of a Trust Enforcement Event unless a Responsible Officer of the Property Trustee obtains actual knowledge of such event or the Property
Trustee receives written notice of such event from Holders holding more than a Majority in Liquidation Amount of the Trust Preferred Securities; and 
 
(b) No provision of this Trust Agreement shall be deemed to impose any duty or obligation on the Property Trustee to perform any act or
acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform
any such act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Property Trustee shall be construed to be a duty. 
 
Section 3.11 Delaware Trustee. Notwithstanding any other provision of this Trust Agreement other than
Section 6.2, the Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities of the Administrative Trustees or the Property Trustee described in this Trust Agreement.
Except as set forth in Section 6.2, the Delaware Trustee shall be a Trustee for the sole and limited purpose of fulfilling the requirements of Section 3807(a) of the Statutory Trust Act. In the event the Delaware Trustee shall at any time be
required to take any action or perform any duty hereunder with respect to the Trust, the Delaware Trustee shall be entitled to all of the same rights as the Property Trustee listed in Section 3.9(b) and Section 3.10. No implied covenants or
obligations shall be read into this Trust Agreement against the Delaware Trustee. It is expressly understood and agreed by the parties hereto that in fulfilling its obligations as Delaware Trustee hereunder on behalf of the Trust (i) any agreements
or instruments executed and delivered by Chase Manhattan Bank USA, National Association, or any Successor Delaware Trustee, are executed and delivered not in its individual capacity but solely as Delaware Trustee under this Trust Agreement in the
exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as representations, warranties, covenants, undertakings and
agreements by Chase 
 

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Manhattan Bank USA, National Association, or any Successor Delaware Trustee, in its individual capacity
but is made and intended for the purpose of binding only the Trust, and (iii) under no circumstances shall Chase Manhattan Bank USA, National Association, or any Successor Delaware Trustee, in its individual capacity be personally liable for the
payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Trust Agreement, except if such breach or failure is due
to any gross negligence or willful misconduct of the Delaware Trustee. 
 
Section 3.12 Execution of Documents. Unless otherwise determined by the Administrative Trustees, and except as otherwise required by the Statutory Trust Act or applicable law, any Administrative Trustee is authorized
to execute on behalf of the Trust any documents that the Administrative Trustees have the power and authority to execute pursuant to Section 3.6; provided that, the registration statements referred to in Section 3.6(b)(ii), including any amendments
thereto, shall be signed by or on behalf of a majority of the Administrative Trustees. 
 
Section 3.13 Not Responsible for Recitals or Issuance of Securities. The recitals contained in this Trust Agreement and the Securities shall be taken as the statements of the Sponsor, and the
Trustees do not assume any responsibility for their correctness. The Trustees make no representations as to the value or condition of the property of the Trust or any part thereof. The Trustees make no representations as to the validity or
sufficiency of this Trust Agreement, the Securities, the Debentures or the Indenture. 
 
Section 3.14 Duration of Trust. The Trust shall exist until terminated pursuant to the provisions of Article 8 hereof. 
 
Section 3.15 Mergers. 
 
(a) The Trust may not consolidate, amalgamate, merge with or into, or be replaced by, or convey, transfer or
lease its properties and assets substantially as an entirety to any Person, except as described in Section 3.15(b) and (c) or Section 8.2. 
 
(b) The Trust may, at the request of the Sponsor and with the consent of the Administrative Trustees or, if there are more than two, a
majority of the Administrative Trustees and without the consent of the Holders of the Securities, the Delaware Trustee or the Property Trustee, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its
properties substantially as an entirety to a trust organized as such under the laws of any State; provided, that: 
 
(i) if the Trust is not the successor, such successor entity (the “Successor Entity”) either: 
 
(A) expressly assumes all of the obligations
of the Trust with respect to the Securities; or 
 

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(B) substitutes for the Trust Preferred Securities other securities having substantially the same terms as the Trust Preferred Securities (the “Successor Securities”), as determined by the Sponsor, so long as the Successor
Securities rank the same as the Trust Preferred Securities rank in priority with respect to Distributions and payments upon liquidation, redemption and otherwise; 
 
(ii) if the Trust is not the successor Entity, the Sponsor expressly appoints a trustee of
such Successor Entity that possesses the same powers and duties as the Property Trustee as the holder of the Debentures; 
 
(iii) the Trust Preferred Securities or any Successor Securities are listed, or any Successor Securities will be listed
upon notification of issuance, on any national securities exchange or with any other organization on which the Trust Preferred Securities are then listed or quoted; 
 
(iv) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not cause the Trust Preferred Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization; 
 
(v) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does
not adversely affect the rights, preferences and privileges of the Holders of the Trust Preferred Securities (including any Successor Securities) in any material respect; other than with respect to any dilution of the Holders’ interest in the
new entity; 
 
(vi) such Successor
Entity has a purpose substantially identical to that of the Trust; 
 
(vii) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease the Sponsor has received an opinion of independent counsel to the Trust experienced in such matters
to the effect that: 
 
(A) such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Trust Preferred Securities (including any Successor Securities) in any material
respect; other than with respect to any dilution of the Holders’ interest in the new entity; 
 
(B) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease neither the Trust nor
the Successor Entity will be required to register as an Investment Company; and 
 
(C) following such merger, consolidation, amalgamation or replacement, the Trust (or the Successor Entity) will continue to be classified as a grantor trust for United States federal income tax
purposes; 
 

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(viii) the Sponsor or any permitted successor or assignee owns all of the common securities and guarantees the obligations of such Successor Entity under the Successor Securities at least to the extent provided by the Guarantee;

 
(ix) such Successor Entity
expressly assumes all of the obligations of the Trust with respect to the Trustees; and 
 
(x) the obligations of the Trust assumed by such Successor Entity or the Successor Securities, as the case may be, shall
be the legal, valid and binding obligations of such Successor Entity enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency and other similar laws affecting creditors’
rights generally and to general principles of equity and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law). 
 
(c) Notwithstanding Section 3.15(b), the Trust shall not,
except with the consent of Holders of 100% in aggregate Liquidation Amount of the Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to, any
other entity or permit any other entity to consolidate, amalgamate, merge with or into, or replace it, if, in the opinion of a nationally recognized tax counsel experienced in such matters, such consolidation, amalgamation, merger, replacement,
conveyance, transfer or lease would cause the Trust or Successor Entity to be classified as other than a grantor trust for United States federal income tax purposes and each Holder of the Securities not to be treated as owning an undivided interest
in the Debentures. 
 
Section 3.16 Property
Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative to the Trust or any other
obligor upon the Securities or the property of the Trust or of such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Property Trustee shall have made any demand on the Trust for the payment of any past due Distributions) shall be entitled and empowered, to the fullest extent permitted by law, by intervention
in such proceeding or otherwise: 
 
(a) to file and
prove a claim for the whole amount of any Distributions owing and unpaid in respect of the Securities (or, if the Securities are original issue discount Securities, such portion of the Liquidation Amount as may be specified in the terms of such
Securities) and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Property Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Property
Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 
(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 
 

26 








 
and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Property Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due the
Property Trustee. 
 
Nothing herein contained shall
be deemed to authorize the Property Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement adjustment or compensation affecting the Securities or the rights of any Holder thereof or to
authorize the Property Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 
ARTICLE 4 
SPONSOR 
 
Section 4.1 Responsibilities of the Sponsor. In
connection with the issue and sale of the Trust Preferred Securities (including, from time to time, Tranches thereof), the Sponsor shall have the exclusive right and responsibility to engage in the following activities: 
 
(a) to prepare for filing by the Trust with the Commission
under the Securities Act or the Exchange Act one or more registration statements on the applicable forms, including any amendments thereto, pertaining to the Trust Preferred Securities, the Guarantee and the Debentures; 
 
(b) to determine the States in which to take appropriate
action to qualify or register for sale all or part of the Trust Preferred Securities and to do any and all such acts, other than actions which must be taken by the Trust, and advise the Trust of actions it must take, and prepare for execution and
filing any documents to be executed and filed by the Trust, as the Sponsor deems necessary or advisable in order to comply with the applicable laws of any such States; 
 
(c) if deemed necessary by the underwriter of the Trust Preferred Securities, to prepare for filing by the
Trust an application to The New York Stock Exchange, Inc. or any other national stock exchange or the Nasdaq Stock Market for listing upon notice of issuance of any Trust Preferred Securities, the Guarantee and the Debentures; and 
 
(d) to negotiate the terms of and to execute on behalf of the
Trust an underwriting agreement and other related agreements providing for each sale of the Trust Preferred Securities. 
 
Section 4.2 Fees and Expenses of the Trustees. The Sponsor, in its capacity as Debenture Issuer, agrees 
 
(a) to pay to the Property Trustee and the Delaware Trustee
from time to time such compensation as shall be agreed in writing with the Sponsor for all services rendered by them 
 

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hereunder (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust); and 
 
(b) to
reimburse the Property Trustee and the Delaware Trustee upon request for all reasonable expenses, disbursements and advances incurred or made by such Trustee in accordance with any provision of this Trust Agreement (including the reasonable
compensation and the reasonable expenses and disbursements of their duly authorized agents and counsel), except any such expense, disbursement or advance as may be attributable to their gross negligence or bad faith. 
 
The provisions of this Section 4.2 shall survive the
resignation or removal of the Delaware Trustee or the Property Trustee or the termination of this Trust Agreement. 
 
ARTICLE 5 
TRUST COMMON SECURITIES HOLDER 
 
Section 5.1 Debenture Issuer’s Purchase of Common
Securities. In accordance with Section 7.1(a), on each Closing Date, the Debenture Issuer will purchase all of the Common Securities issued by the Trust on such Closing Date, for an amount at least equal to 3% of the capital of the Trust at such
time, at the same time as Trust Preferred Securities issued on such Closing Date are sold. 
 
The aggregate stated Liquidation Amount of Common Securities outstanding at any time shall not be less than 3% of the capital of the Trust. 
 
Section 5.2 Covenants of the Common Securities Holder. For so long as the Trust Preferred Securities
remain outstanding, the Common Securities Holder will covenant (i) to maintain, directly or indirectly, 100% ownership of the Common Securities, (ii) to cause the Trust to remain a statutory trust and not to voluntarily dissolve, wind up, liquidate
or be terminated, except as permitted by this Trust Agreement, (iii) to use its commercially reasonable efforts to ensure that the Trust will not be an investment company for purposes of the Investment Company Act, and (iv) to take no action which
would be reasonably likely to cause the Trust to be classified as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes. 
 
ARTICLE 6 
TRUSTEES 
 
Section 6.1
Number of Trustees. The number of Trustees initially shall be four, and: 
 
(a) at any time before the initial issuance of Securities, the Sponsor may, by written instrument, increase or decrease the number of Trustees; and 
 
(b) after the initial issuance of Securities, the number of
Trustees may be increased or decreased by vote of the Holders of a Majority in Liquidation Amount of the Common Securities 
 

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voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of
such meeting; provided that the number of Trustees shall be at least three; and provided further that (i) the Delaware Trustee, in the case of a natural person, shall be a person who is a resident of the State of Delaware or that, if not a natural
person, is an entity which has its principal place of business in the State of Delaware and otherwise meets the requirements of applicable law; (ii) at least one Administrative Trustee is an employee or officer of, or is affiliated with, the
Sponsor; and (iii) one Trustee shall be the Property Trustee for so long as this Trust Agreement is required to qualify as an indenture under the Trust Indenture Act, and such Trustee may also serve as Delaware Trustee if it meets the applicable
requirements. 
 
Section 6.2 Delaware Trustee;
Eligibility. If required by the Statutory Trust Act, one Trustee (which may be the Property Trustee) (the “Delaware Trustee”) shall be: 
 
(a) a natural person who is a resident of the State of Delaware; or 
 
(b) if not a natural person, an entity which has its principal place of business in the State of Delaware,
and otherwise meets the requirements of applicable law, provided that, if the Property Trustee has its principal place of business in the State of Delaware and otherwise meets the requirements of applicable law, then the Property Trustee shall also
be the Delaware Trustee and Section 3.11 shall have no application. 
 
Section 6.3 Property Trustee; Eligibility. 
 
(a) There shall at all times be one Trustee (which may be the Delaware Trustee) which shall act as Property Trustee which shall: 
 
(i) not be an Affiliate of the Sponsor; and 
 
(ii) be a corporation organized and doing
business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or other Person permitted by the Commission to act as an institutional trustee under the Trust Indenture Act,
authorized under such laws to exercise corporate trust owners, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, State, Territorial or District of Columbia
authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority referred to above, then for the purposes of this Section 6.3(a)(ii), the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 
 
(b) If at any time the Property Trustee shall cease to be eligible to so act under Section 6.3(a), the
Property Trustee shall immediately resign in the manner and with the effect set forth in Section 6.6(c). 
 
(c) If the Property Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust
Indenture Act, the Property Trustee and the Holder of the Common Securities (as if it were the obligor referred to in Section 310(b) of the Trust Indenture 
 

29 








Act) shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act,
subject to the penultimate paragraph thereof. 
 
(d) [INTENTIONALLY OMITTED][The Amended and Restated Trust Agreements of CSX Capital Trust I
                        , 200_, among the Sponsor, JPMorgan Chase Bank, as Property Trustee, Chase Manhattan Bank
USA, National Association, as Delaware Trustee, and the Administrators named therein, and the Trust Preferred Securities Guarantee Agreements dated as of
                        , 200_, between the Sponsor and JPMorgan Chase Bank, as Guarantee Trustee shall be deemed
to be specifically described in this Trust Agreement for purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act.] 
 
Section 6.4 Qualifications of Administrative Trustees and Delaware Trustee Generally. Each Administrative Trustee and the Delaware
Trustee (unless the Property Trustee also acts as Delaware Trustee) shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more Authorized Officers. 
 
Section 6.5 Initial Administrative Trustees. The
initial Administrative Trustees shall be: ____________ and ____________, the business address of each of whom is c/o CSX Corporation, 500 Water Street, 15th Floor, Jacksonville, Florida 32202. 
 
Section 6.6 Appointment, Removal and Resignation of
Trustees. 
 
(a) Subject to Section 6.6(b),
Trustees may be appointed or removed with or without cause at any time: 
 
(i) until the initial issuance of Securities, by written instrument executed by the Sponsor; 
 
(ii) after the initial issuance of Securities (but prior to the occurrence of an Indenture Event of Default), by vote of
the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting; and; 
 
(iii) after the initial issuance of the Trust
Preferred Securities and the occurrence of an Indenture Event of Default, by vote of the Holders of a Majority in Liquidation Amount of the Trust Preferred Securities; provided, however, that the Administrative Trustees may still be appointed or
removed with or without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such
meeting; and; 
 
(b) The Trustee that acts as
Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has
accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section
6.6(a) until a successor Trustee possessing the 
 

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qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware
Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor. 
 
(c) A Trustee appointed to office shall hold office until his
or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the
Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that: 
 
(i) No such resignation of the Trustee that acts as the Property Trustee shall be effective:

 
(A) until a Successor Property
Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or 
 
(B) until the assets of the Trust have been
completely liquidated and the proceeds thereof distributed to the holders of the Securities; and 
 
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware
Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee. 
 
(d) The Holders of the Common Securities shall use their best
efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6. 
 
(e) If no Successor Property Trustee or Successor Delaware
Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property
Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if
any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be. 
 
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or
Successor Delaware Trustee, as the case may be. 
 
Section 6.7 Vacancies among Trustees. If a Trustee ceases to hold office for any reason and the number of Trustees is not reduced pursuant to Section 6.1, or if the number of 
 

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Trustees is increased pursuant to Section 6.1, a vacancy shall occur. A resolution certifying the
existence of such vacancy by the Administrative Trustees or, if there are more than two, a majority of the Administrative Trustees shall be conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a Trustee appointed in
accordance with Section 6.6. 
 
Section 6.8
Effect of Vacancies. The death, resignation, retirement, removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to perform the duties of a Trustee shall not operate to annul, dissolve or terminate the Trust. Whenever a
vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 6.6, the Administrative Trustees in office, regardless of their number, shall have
all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement. 
 
Section 6.9 Meetings. If there is more than one Administrative Trustee, meetings of the Administrative Trustees shall be held from
time to time upon the call of any Administrative Trustee. Regular meetings of the Administrative Trustees may be held at a time and place fixed by resolution of the Administrative Trustees. Notice of any in-person meetings of the Administrative
Trustees shall be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 48 hours before such meeting. Notice of any telephonic meetings of the Administrative Trustees shall be
hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 24 hours before a meeting. Notices shall contain a brief statement of the time, place and anticipated purposes of the
meeting. The presence (whether in person or by telephone) of an Administrative Trustee at a meeting shall constitute a waiver of notice of such meeting except where an Administrative Trustee attends a meeting for the express purpose of objecting to
the transaction of any activity on the ground that the meeting has not been lawfully called or convened. Unless provided otherwise in this Trust Agreement, any action of the Administrative Trustees may be taken at a meeting by vote of a majority of
the Administrative Trustees present (whether in person or by telephone) and eligible to vote with respect to such matter, provided that a Quorum is present, or without a meeting by the unanimous written consent of the Administrative Trustees. In the
event there is only one Administrative Trustee, any and all action of such Administrative Trustee shall be evidenced by a written consent of such Administrative Trustee. 
 
Section 6.10 Delegation of Power. 
 
(a) Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any
natural person over the age of 21 his, her or its power for the purpose of executing any documents contemplated in Section 3.6, including any registration statement or amendment thereto filed with the Commission, or making any other governmental
filing. 
 
(b) The Administrative Trustees shall
have power to delegate from time to time to such of their number or to officers of the Trust the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Administrative Trustees or otherwise as
the Administrative Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary to the provisions of the Trust, as set forth herein. 
 

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Section 6.11
Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Property Trustee, the Delaware Trustee or any Administrative Trustee that is not a natural person may be merged or converted or with such Trustee may
be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of such Trustee shall be the
successor of such Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 
ARTICLE 7 
TERMS OF SECURITIES 
 
Section 7.1 General Provisions Regarding Securities. 
 
(a) The Administrative Trustees shall on behalf of the Trust issue one class of Trust Preferred Securities
representing undivided beneficial interests in the assets of the Trust and one class of Common Securities representing undivided beneficial interests in the assets of the Trust. 
 
(i) Trust Preferred Securities. On the initial Closing Date, an Administrative Trustee, on
behalf of the Trust, shall execute and deliver to the underwriters named in the underwriting agreement relating to such Trust Preferred Securities, a Trust Preferred Securities Certificate or Certificates, registered in the name of the initial
Depositary or its nominee, in an initial aggregate amount of              Trust Preferred Securities against receipt of the purchase price specified in the underwriting agreement.
The Trust Preferred Securities issued on the initial Closing Date shall have an aggregate Liquidation Amount with respect to the assets of the Trust of              dollars
($            ). Pursuant to the procedures established in an Officers’ Certificate, the Trust may subsequently issue from time to time Tranches of Trust Preferred Securities.
The Trust Preferred Securities and any subsequent Tranches thereof are hereby designated for identification purposes only as “CSX Capital Trust I     % Trust Preferred Securities” (the “Trust Preferred
Securities”). The Trust Preferred Security Certificates evidencing the Trust Preferred Securities shall be substantially in the form of Exhibit A to this Trust Agreement, with such changes and additions thereto or deletions therefrom as may be
required by ordinary usage, custom or practice or to conform to the rules of any stock exchange or quotation system on which the Trust Preferred Securities are listed or quoted. 
 
(ii) Common Securities. On the initial Closing Date, an Administrative Trustee, on behalf of
the Trust, shall execute and deliver to the Sponsor Common Securities Certificates, registered in the name of the Sponsor, in an initial aggregate amount of              Common
Securities against payment by the Sponsor of                  dollars ($            ). The
Common Securities issued on the initial Closing Date shall have an initial aggregate Liquidation Amount with respect to the assets of the Trust of              dollars
($            ). Pursuant to the procedures established in an Officers’ Certificate, the Trust may subsequently 
 

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issue from time to time Tranches of Common Securities. The Common Securities and any
subsequent Tranches thereof are hereby designated for identification purposes only as “CSX Capital Trust I     % Common Securities” (the “Common Securities” and, together with the Trust Preferred
Securities, the “Securities”). The Common Security Certificates evidencing the Common Securities shall be substantially in the form of Exhibit B to this Trust Agreement, with such changes and additions thereto or deletions therefrom as may
be required by ordinary usage, custom or practice. 
 
(iii) On the initial Closing Date, an Administrative Trustee, on behalf of the Trust, shall subscribe for and purchase from the Sponsor Debentures, registered in the name of the Property Trustee, on behalf of the Trust and
the Holders and having an initial aggregate principal amount equal to              dollars ($            ). To the
extent subsequent Tranches of Securities are issued, an Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase from the Sponsor on subsequent Closing Dates additional Debentures, registered in the name of the Property
Trustee, on behalf of the Trust and the Holders having an aggregate principal amount equal to the aggregate Liquidation Amount of such Tranches of Securities. 
 
(b) Payment of Distributions on, and payment of the Redemption Price upon a redemption of, the Trust Preferred Securities and the Common
Securities, as applicable, shall be made Pro Rata based on the Liquidation Amount of such Trust Preferred Securities and Common Securities; provided, however, that if on any date on which amounts payable on distribution or redemption, an Indenture
Event of Default shall have occurred and be continuing, no payment of any Distribution on, or Redemption Price of, any of the Common Securities, and no other payment on account of the redemption, liquidation or other acquisition of such Common
Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions on all of the outstanding Trust Preferred Securities for all Distribution periods terminating on or prior thereto, or, in the case of amounts
payable on redemption, the full amount of the Redemption Price for all of the outstanding Trust Preferred Securities then called for redemption, shall have been made or provided for, and all funds available to the Property Trustee shall first be
applied to the payment in full in cash of all Distributions on, or the Redemption Price of, the Trust Preferred Securities then due and payable. The Trust shall issue no securities or other interests in the assets of the Trust other than the Trust
Preferred Securities and the Common Securities. 
 
(c) The Certificates shall be signed on behalf of the Trust by an Administrative Trustee. Such signature shall be the manual or facsimile signature of any present or any future Administrative Trustee. In case an Administrative
Trustee of the Trust who shall have signed any of the Certificates shall cease to be such an Administrative Trustee before the Certificates so signed shall be delivered by the Trust, such Certificates nevertheless may be delivered as though the
person who signed such Certificates had not ceased to be such an Administrative Trustee; and any Certificate may be signed on behalf of the Trust by any person who, at the actual date of execution of such Certificate, shall be an Administrative
Trustee of the Trust, although at the date of the execution and delivery of the Trust Agreement such person was not such an Administrative Trustee. Certificates shall be printed, lithographed or engraved or may be 
 

34 








produced in any other manner as is reasonably acceptable to the Administrative Trustees, as evidenced by
an Administrative Trustee’s execution thereof, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements as the Administrative Trustees may deem appropriate, or as may be required to
comply with any law or with any rule or regulation of any stock exchange or quotation system on which Securities may be listed or quoted, or to conform to usage. 
 
A Certificate representing Trust Preferred Securities shall not be valid until authenticated by the manual
signature of an authorized officer of the Property Trustee. Such signature shall be conclusive evidence that such Certificate has been authenticated under this Trust Agreement. 
 
The Trust Preferred Security Certificates shall be dated their date of authentication. 
 
Upon a written order of the Trust signed by one Administrative
Trustee, the Property Trustee shall (i) concurrently with the initial issuance of the Securities, authenticate the Certificates representing Trust Preferred Securities for original issue to be issued at that time and (ii) concurrently with each
periodic issuance of Tranches, evidence the current number of outstanding Trust Preferred Securities by endorsing Schedule A to each Certificate therefor. 
 
The Property Trustee may appoint an authenticating agent acceptable to the Trust to authenticate Certificates. An authenticating agent may
authenticate Certificates whenever the Property Trustee may do so. Each reference in this Trust Agreement to authentication by the Property Trustee includes authentication by such agent. An authenticating agent has the same rights as the Property
Trustee to deal with the Sponsor or an Affiliate of the Sponsor. 
 
(d) The consideration received by the Trust for each issuance of the Securities shall constitute a contribution to the capital of the Trust and shall not constitute a loan to the Trust. 
 
(e) Except to the extent set forth in Section 9.1(b), upon
each issuance of the Securities as provided in this Trust Agreement, the Securities so issued shall be deemed to be validly issued, fully paid and non-assessable undivided beneficial interests in the assets of the Trust. 
 
(f) Every Person, by virtue of having become a Holder or a
Trust Preferred Security Beneficial Owner in accordance with the terms of this Trust Agreement, shall be deemed to have expressly assented and agreed to the terms of, and shall be bound by, this Trust Agreement and the terms of the Securities, the
Guarantee, the Indenture and the Debentures. 
 
(g)
The holders of the Securities shall have no preemptive or similar rights. 
 
(h) To the extent the Trust issues additional Tranches, (A) the Property Trustee shall (i) increase the number of Trust Preferred Securities evidenced by each Certificate therefor by adjusting its books and records to
reflect the increase in the aggregate outstanding amount and (ii) instruct the Depositary to credit the account of the purchaser of the Tranche of Trust Preferred Securities and (B) an Administrative Trustee shall increase the number of Common
Securities evidenced by each Certificate therefor by [appropriate endorsement on Schedule A to 
 

35 








each such Certificate][adjusting its books and records to reflect the increase in the aggregate
outstanding amount]. 
 
Section 7.2
Distributions. 
 
(a) Holders of Securities
shall be entitled to receive cumulative cash Distributions at the rate per annum of     % of the stated Liquidation Amount of $1,000 per Security. The amount of Distributions payable for any period shall be computed on the
basis of a [360-day year of twelve 30-day months]. The amount of Distributions payable for any period shorter than a full semi-annual distribution period shall be computed on the basis of a [30-day month and for periods of less than a month, the
actual number of days elapsed per 30-day month]. Subject to Section 7.1(b), Distributions shall be made on the Trust Preferred Securities and the Common Securities on a Pro Rata basis. Except in the event that the Sponsor exercises its right to
extend the interest payment period for the Debentures pursuant to Article IV of the              Supplemental Indenture (an “Exclusion Period”), Distributions on the
Securities shall, from the date of original issue, accrue and be cumulative and shall be payable semi-annually, in arrears, on the              day of each
             and             , commencing
            , when, as and if available for payment, by the Property Trustee, except as otherwise described below. Distributions are payable only to the extent that payments are made
in respect of the Debentures held by the Property Trustee and to the extent that the Trust has funds available for the payment of such Distributions in the Property Account. 
 
(b) Distributions not paid on the scheduled payment date will accumulate and compound (including interest
payable on unpaid interest at the percentage rate per annum set forth above, to the extent permitted by applicable law) semi-annually at the rate of     % per annum (“Compounded Distributions”).
“Distributions” shall mean ordinary cumulative distributions together with any Compounded Distributions or any payment of Additional Tax Sums. 
 
(c) If and to the extent that the Debenture Issuer makes a payment of interest, premium and/or principal on the Debentures held by the
Property Trustee or any payment of Additional Tax Sums (the amount of any such payments being a “Payment Amount”), the Property Trustee shall and is directed, to the extent funds are available for that purpose, to make a Pro Rata
distribution of the Payment Amount to Holders, subject to Section 7.1(b). 
 
(d) Distributions on the Securities shall be payable to the Holders thereof as they appear on the register of the Trust as of the close of business on the relevant record dates. While the Trust Preferred Securities are
represented by one or more Global Securities, the relevant record dates shall be the close of business on the Business Day next preceding such Distribution payment date, unless a different regular record date is established or provided for the
corresponding interest payment date on the Debentures. The relevant record dates for the Common Securities shall be the same as for the Trust Preferred Securities. If the Trust Preferred Securities shall not continue to remain represented by one or
more Global Securities, the relevant record dates for the Trust Preferred Securities shall be selected by the Administrative Trustees and shall be more than 14 days but no less than 60 days prior to the relevant payment dates. At all times, the
Distribution payment dates shall correspond to the interest payment dates on the Debentures. Distributions payable on any Securities that are not punctually paid on any 
 

36 








Distribution payment date, as a result of the Debenture Issuer having failed to make a payment under the
Debentures, shall cease to be payable to the Person in whose name such Securities are registered on the relevant record date, and such defaulted Distribution will instead be payable to the Person in whose name such Securities are registered on the
special record date or other specified date determined with respect to the related interest payment date pursuant to the Indenture. If any date on which Distributions are payable on the Securities is not a Business Day, then payment of the
Distribution payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year,
such payment shall be made on the immediately preceding day which is a Business Day, in each case with the same force and effect as if made on such payment date. 
 
(e) In the event that there is any money or other property held by or for the Trust that is not accounted for
hereunder, such property shall be distributed Pro Rata among the Holders of the Securities. 
 
Section 7.3 Redemption of Securities. 
 
(a) Upon the repayment or redemption, in whole or in part, of the Debentures held by the Trust, whether at the stated maturity of the Debentures or upon earlier redemption or acceleration as provided
in the Indenture, the proceeds from such repayment or redemption shall be simultaneously applied Pro Rata (subject to Section 7.1(b)) to redeem Securities having an aggregate Liquidation Amount equal to the aggregate principal amount of the
Debentures so repaid or redeemed at the Redemption Price. Holders shall be given not less than 20 nor more than 60 days notice of such redemption in accordance with Section 7.4. 
 
(b) On the date fixed for any distribution of Debentures, upon dissolution of the Trust, (i) the Securities
will no longer be deemed to be outstanding and (ii) certificates representing Securities will be deemed to represent the Debentures having an aggregate principal amount equal to the stated Liquidation Amount of, and bearing accrued and unpaid
interest equal to accrued and unpaid distributions on, such Securities until such certificates are presented to the Sponsor or its agent for transfer or reissuance. 
 
(c) Certificates called for redemption in whole must be surrendered to the Paying Agent in order to receive
payment of the Redemption Price. 
 
Section 7.4
Redemption Procedures. 
 
(a) Notice of any
redemption of, or notice of distribution of Debentures in exchange for, the Securities (a “Redemption/Distribution Notice”), which notice shall be irrevocable, will be given by the Trust by mail to each Holder of Securities to be redeemed
or exchanged not fewer than 20 nor more than 60 days before the date fixed for redemption or exchange thereof which, in the case of a redemption, will be the date fixed for redemption of or the date of final maturity of the Debentures. For purposes
of the calculation of the date of redemption or exchange and the dates on which notices are given pursuant to this Section 7.4(a), a Redemption/Distribution Notice shall be deemed to be given on the day such notice is first mailed by first-class
mail, postage prepaid, to Holders of Securities. Each 
 

37 








Redemption/Distribution Notice shall be addressed to the Holders of Securities at the address of each such
Holder appearing in the register of the Trust. No defect in the Redemption/Distribution Notice or in the mailing of either thereof with respect to any Holder shall affect the validity of the redemption or exchange proceedings with respect to any
other Holder. 
 
(b) If fewer than all the
outstanding Securities are to be so redeemed, the Common Securities and the Trust Preferred Securities will be redeemed Pro Rata (subject to Section 7.1(b)) and the Trust Preferred Securities to be redeemed will be redeemed as described in Section
7.4(c) below. The Trust may not redeem the Securities in part unless all accumulated and unpaid Distributions to the date of redemption have been paid in full on all Securities then outstanding. For all purposes of this Trust Agreement, unless the
context otherwise requires, all provisions relating to the redemption of Trust Preferred Securities shall relate, in the case of any Trust Preferred Security redeemed or to be redeemed only in part, to the portion of the aggregate Liquidation Amount
of Trust Preferred Securities which has been or is to be redeemed. 
 
(c) Subject to the Trust’s fulfillment of the notice requirements set forth in Section 7.4(a) above, if Securities are to be redeemed, then (i) with respect to Trust Preferred Securities represented by one or more
Global Securities, by 2:00 p.m., New York City time, on the redemption date (provided that the Debenture Issuer has paid the Property Trustee a sufficient amount of immediately available funds in connection with the related redemption or maturity of
the Debentures), the Property Trustee will deposit irrevocably with the Depositary or its nominee (or successor Clearing Agency or its nominee) funds sufficient to pay the applicable Redemption Price with respect to the Trust Preferred Securities
and will give the Depositary irrevocable instructions and authority to pay the Redemption Price to the Holders of the Trust Preferred Securities and (ii) with respect to Securities not represented by one or more Global Securities (provided that the
Debenture Issuer has paid the Property Trustee a sufficient amount of immediately available funds in connection with the related redemption or maturity of the Debentures), the Paying Agent will pay the relevant Redemption Price to the Holders of
such Securities by check mailed to the address of the relevant Holder appearing on the register of the Trust on the redemption date. If any date fixed for redemption of Securities is not a Business Day, then payment of the Redemption Price payable
on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date fixed for redemption. If payment of the Redemption Price in respect of any Securities is improperly withheld or refused and not paid
either by the Property Trustee or by the Sponsor as guarantor pursuant to the Guarantee, Distributions on such Securities will continue to accrue at the then applicable rate from the original redemption date to the actual date of payment, in which
case the actual payment date will be considered the date fixed for redemption for purposes of calculating the Redemption Price. For these purposes, the applicable Redemption Price shall not include Distributions which are being paid to Holders who
were Holders on a relevant record date. If a Redemption/Distribution Notice shall have been given and funds deposited or paid as required, then immediately prior to the close of business on the date of such deposit or payment, Distributions will
cease to accrue on the Securities called for redemption and all rights of Holders of such Securities so called for redemption will cease, except the right of the Holders to receive the Redemption Price, but without interest on such 
 

38 








Redemption Price, and from and after the date fixed for redemption, such Securities will cease to be
outstanding. 
 
Neither the Administrative Trustees
nor the Trust shall be required to register or cause to be registered the transfer of any Securities that have been called for redemption, except in the case of any Securities being redeemed in part, any portion thereof not to be redeemed.

 
(d) Subject to the foregoing and applicable law
(including, without limitation, United States federal securities laws), the Debenture Issuer or its subsidiaries may at any time and from time to time purchase outstanding Trust Preferred Securities by tender, in the open market or by private
agreement. 
 
Section 7.5 Voting Rights of Trust
Preferred Securities. 
 
(a) Except as provided
under Section 11.1 and this Article 7 and as otherwise required by the Statutory Trust Act, the Trust Indenture Act and other applicable law, the Holders of the Trust Preferred Securities shall have no voting rights. 
 
(b) Subject to the requirement of the Property Trustee
obtaining a tax opinion in certain circumstances set forth in Section 7.5(d) below, the Holders of a Majority in Liquidation Amount of the Trust Preferred Securities voting separately as a class have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Property Trustee, or to direct the exercise of any trust or power conferred upon the Property Trustee under the Trust Agreement, including the right to direct the Property Trustee, as Holder
of the Debentures, to (i) exercise the remedies available to it under the Indenture as a Holder of the Debentures; (ii) consent to any amendment or modification of the Indenture or the Debentures where such consent shall be required (iii) waive any
past default and its consequences that is waivable under Section 512 of the Indenture or (iv) cancel an acceleration of the principal of the Debentures; provided, however, that if an Indenture Event of Default has occurred and is continuing, then
the Holders of 25% of the aggregate Liquidation Amount of the Trust Preferred Securities may direct the Property Trustee to declare the principal of and interest on the Debentures due and payable; provided, further, that where a consent or action
under the Indenture would require the consent or act of the Holders of more than a majority of the aggregate principal amount of Debentures affected thereby, only the Holders of the percentage of the aggregate stated Liquidation Amount of the Trust
Preferred Securities which is at least equal to the percentage required under the Indenture may direct the Property Trustee to give such consent to take such action; provided, further, that (subject to the provisions of Section 3.9) the Property
Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders of Trust Preferred Securities not taking part in such direction or
if the Property Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive committee, or a trust
committee of directors or trustees, and/or Responsible Officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability. 
 

39 








 
(c) If the
Property Trustee fails to enforce its rights under the Debentures after a Holder of Trust Preferred Securities has made a written request, such Holder of Trust Preferred Securities may, to the extent permitted by applicable law, institute a legal
proceeding directly against the Debenture Issuer to enforce the Property Trustee’s rights under the Indenture without first instituting any legal proceeding against the Property Trustee or any other Person. In addition, if a Trust Enforcement
Event has occurred and is continuing and such event is attributable to the failure of the Debenture Issuer to make any interest, principal or other required payments when due under the Indenture, then a Holder of Trust Preferred Securities may
directly institute a Direct Action against the Debenture Issuer on or after the respective due date specified in the Debentures. 
 
(d) Subject to Section 2.7, the Property Trustee shall notify all Holders of the Trust Preferred Securities of any notice of any Indenture
Event of Default received from the Debenture Issuer with respect to the Debentures. Such notice shall state that such Indenture Event of Default also constitutes a Trust Enforcement Event. Except with respect to directing the time, method, and place
of conducting a proceeding for a remedy, the Property Trustee shall be under no obligation to take any of the actions described in clauses 7.5(b)(i) and (ii) above unless the Property Trustee has obtained an opinion of independent tax counsel to the
effect that the Trust will not fail to be classified as a grantor trust for United States federal income tax purposes as a result of such action, and each Holder will be treated as owning an undivided beneficial ownership interest in the Debentures.

 
(e) In the event the consent of the Property
Trustee, as the Holder of the Debentures, is required under the Indenture with respect to any amendment or modification of the Indenture, the Property Trustee shall request the direction of the Holders of the Securities with respect to such
amendment or modification and shall vote with respect to such amendment or modification as directed by not less than a Majority in Liquidation Amount of the Securities voting together as a single class; provided, however, that where a consent under
the Indenture would require the consent of the Holders of more than a majority of the aggregate principal amount of the Debentures, the Property Trustee may only give such consent at the direction of the Holders of at least the same proportion in
aggregate stated Liquidation Amount of the Securities. The Property Trustee shall not take any such action in accordance with the directions of the Holders of the Securities unless the Property Trustee has obtained an opinion of independent tax
counsel to the effect that the Trust will not be classified as other than a grantor trust for United States federal income tax purposes as a result of such action, and each Holder will be treated as owning an undivided beneficial ownership interest
in the Debentures. 
 
(f) A waiver of an Indenture
Event of Default with respect to the Debentures will constitute a waiver of the corresponding Trust Enforcement Event. 
 
(g) Any required approval or direction of Holders of Trust Preferred Securities may be given at a separate meeting of Holders of Trust
Preferred Securities convened for such purpose, at a meeting of both the Holders of Common Securities and the Holders of Trust Preferred Securities or pursuant to written consent. The Administrative Trustees will cause a notice of any meeting at
which Holders of Trust Preferred Securities are entitled to vote to be mailed to each Holder of record of Trust Preferred Securities. Each such notice will include a statement setting forth (i) the date of such meeting, (ii) a description of any
resolution proposed 
 

40 








 
for adoption at such meeting
on which such Holders are entitled to vote and (iii) instructions for the delivery of proxies. 
 
(h) No vote or consent of the Holders of Trust Preferred Securities shall be required for the Trust to redeem and cancel Trust Preferred Securities or distribute Debentures in accordance with this
Trust Agreement and the terms of the Securities. 
 
(i) Notwithstanding that Holders of Trust Preferred Securities are entitled to vote or consent under any of the circumstances described above, any of the Securities that are owned at such time by the Debenture Issuer, any
Administrative Trustee or any entity directly or indirectly controlled by, or under direct or indirect common control with, the Debenture Issuer or any Administrative Trustee, shall not be entitled to vote or consent and shall, for purposes of such
vote or consent, be treated as if such Securities were not outstanding; provided, however, that persons otherwise eligible to vote to whom the Debenture Issuer or any of its subsidiaries have pledged Trust Preferred Securities may vote or consent
with respect to such pledged Trust Preferred Securities under any of the circumstances described herein. 
 
(j) Subject to Sections 6.6(a) and 7.5(k), Holders of the Trust Preferred Securities shall have no rights to appoint or remove the
Trustees, who may be appointed, removed or replaced solely by the Common Securities Holder. 
 
(k) Subject to the rights of the Holders of a Majority in Liquidation Amount of the Common Securities to appoint or remove Administrative Trustees as provided in Section 6.6(a)(iii), if an Indenture
Event of Default has occurred and is continuing, the Trustees may be removed at such time only by a Majority in Liquidation Amount of the Trust Preferred Securities. 
 
Section 7.6 Voting Rights of Common Securities. 
 
(a) Except as provided under Section 6.1(b), this Section 7.6
or Section 11.1 or as otherwise required by the Statutory Trust Act, the Trust Indenture Act or other applicable law or provided by the Trust Agreement, the Holders of the Common Securities will have no voting rights. 
 
(b) Subject to Sections 6.6(a) and 7.5(k), the Holders of the
Common Securities shall be entitled, in accordance with Article 6 of this Trust Agreement, to vote to appoint, remove or replace any Trustee or to increase or decrease the number of Trustees. 
 
(c) Subject to Section 2.6 and only after all Trust
Enforcement Events with respect to the Trust Preferred Securities have been cured, waived, or otherwise eliminated and subject to the requirement of the Property Trustee obtaining a tax opinion in certain circumstances set forth in this paragraph
(c), the Holders of a Majority in Liquidation Amount of the Common Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or direct the exercise of any trust or
power conferred upon the Property Trustee under this Trust Agreement, including the right to direct the Property Trustee, as Holder of the Debentures, to (i) exercise the remedies available to it under the Indenture as a Holder of the Debentures,
(ii) consent to any amendment or modification of the Indenture or the Debentures where such consent shall be required or (iii) waive any past default and its 
 

41 








 
consequences that is waivable
under Section 513 of the Indenture; provided, however, that where a consent or action under the Indenture would require the consent or act of the Holders of more than a majority of the aggregate principal amount of Debentures affected thereby, only
the Holders of the percentage of the aggregate stated Liquidation Amount of the Common Securities which is at least equal to the percentage required under the Indenture may direct the Property Trustee to have such consent or take such action;
provided, further, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to
the Holders of Common Securities not taking part in such direction or if the Property Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its
board of directors or trustees, executive committee, or a trust committee of directors or trustees, and/or Responsible officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability.
Except with respect to directing the time, method, and place of conducting a proceeding for a remedy, the Property Trustee shall be under no obligation to take any of the actions described in clauses 7.6(c)(i) and (ii) above unless the Property
Trustee has obtained an opinion of independent tax counsel to the effect that, as a result of such action, for United States federal income tax purposes the Trust will not fail to be classified as a grantor trust and each Holder will be treated as
owning an undivided beneficial ownership interest in the Debentures. 
 
(d) If the Property Trustee fails to enforce its rights under the Debentures after a Holder of Common Securities has made a written request, such Holder of Common Securities may, to the extent permitted by applicable law,
directly institute a legal proceeding directly against the Debenture Issuer to enforce the Property Trustee’s rights under the Debentures without first instituting any legal proceeding against the Property Trustee or any other Person.

 
(e) A waiver of an Indenture Event of Default
with respect to the Debentures will constitute a waiver of the corresponding Trust Enforcement Event. 
 
(f) Any required approval or direction of Holders of Common Securities may be given at a separate meeting of Holders of Common Securities
convened for such purpose, at a meeting of all of the Holders of Securities or pursuant to written consent. The Administrative Trustees will cause a notice of any meeting at which Holders of Common Securities are entitled to vote to be mailed to
each Holder of record of Common Securities. Each such notice will include a statement setting forth (i) the date of such meeting, (ii) a description of any resolution proposed for adoption at such meeting on which such Holders are entitled to vote
and (iii) instructions for the delivery of proxies. 
 
(g) No vote or consent of the Holders of the Common Securities will be required for the Trust to redeem and cancel Common Securities or to distribute Debentures in accordance with the Trust Agreement and the terms of the Securities.

 
Section 7.7 Paying Agent. The Trust shall
maintain in the Borough of Manhattan, City of New York, State of New York, an office or agency where the Trust Preferred Securities may be presented for payment (“Paying Agent”). The Trust may appoint the Paying Agent and may appoint one
or more additional Paying Agents in such other locations as it shall determine. The term “Paying Agent” includes any additional Paying Agent. The Trust may change any 
 

42 








 
Paying Agent without prior
notice to the Holders. The Trust shall notify the Property Trustee of the name and address of any Paying Agent not a party to this Trust Agreement. If the Trust fails to appoint or maintain another entity as Paying Agent, the Property Trustee shall
act as such. The Trust or any of its Affiliates may act as Paying Agent. The Property Trustee shall initially act as Paying Agent for the Securities. In the event the Property Trustee shall no longer be the Paying Agent, the Administrative Trustees
shall appoint a successor (which shall be a bank or trust company acceptable to the Debenture Issuer) to act as Paying Agent. The Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Property Trustee and
the Debenture Issuer. 
 
Section 7.8
[INTENTIONALLY OMITTED] 
 
Section 7.9
Transfer of Securities. 
 
(a) Securities
may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Trust Agreement and in the terms of the Securities. To the fullest extent permitted by law, any transfer or purported transfer of any
Security not made in accordance with this Trust Agreement shall be null and void. 
 
(b)   (i) Subject to this Article 7, Trust Preferred Securities shall be freely transferable. 
 
    (ii) The Holder of the Common Securities may not transfer the Common Securities except (A) in
compliance with a consolidation, merger, sale, conveyance or lease of the Sponsor in compliance with Article Eight of the Indenture or (B) to the Sponsor or an Affiliate thereof in compliance with applicable law, including the Securities Act and
applicable state securities and blue sky laws. To the fullest extent permitted by law, any attempted transfer of the Common Securities other than as set forth in the immediately preceding sentence shall be null and void. 
 
(c) The Trust shall cause to be kept at the Corporate Trust
Office of the Property Trustee a register (the register maintained in such office being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Trust shall provide
for the registration of Trust Preferred Securities and of transfers of Trust Preferred Securities. The Property Trustee is hereby appointed “Security Registrar” for the purpose of registering Trust Preferred Securities and transfers of
Trust Preferred Securities as herein provided. 
 
(d) Upon surrender for registration of transfer of any Security at an office or agency of the Trust designated for such purpose, the Trust shall execute, and in the case of Trust Preferred Securities the Property Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of any authorized denominations and of a like aggregate principal amount. 
 
(e) At the option of the Holder, Securities may be exchanged for other Securities of any authorized
denominations and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Trust shall execute, and in the case of Trust Preferred
Securities the Property 
 

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Trustee shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to receive. 
 
(f) Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Trust or the Property Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Trust and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 
(g) No service charge shall be made for any registration of transfer or exchange of Securities, but the Trust
may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities. 
 
(h) If the Securities are to be redeemed in part, the Trust shall not be required (A) to issue, register the
transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 7.4 and ending at the close of
business on the day of such mailing, or (B) to register the transfer or exchange of any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 
Section 7.10 Mutilated, Destroyed, Lost or Stolen
Certificates. If: 
 
(a) any mutilated
Certificates should be surrendered to the Administrative Trustees or the Property Trustee, or if the Administrative Trustees and the Property Trustee shall receive evidence to their satisfaction of the destruction, loss or theft of any Certificate;
and 
 
(b) there shall be delivered to the
Administrative Trustees and the Property Trustee such security or indemnity as may be required by them to keep each of the Trustees, the Sponsor and the Trust harmless, then, in the absence of notice that such Certificate shall have been acquired by
a protected purchaser, any Administrative Trustee on behalf of the Trust shall execute and deliver and, with respect to Trust Preferred Securities Certificates, the Property Trustee shall authenticate, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like denomination. 
 
In connection with the issuance of any new Certificate under this Section 7.10, the Administrative Trustees may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in the relevant Securities, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, destroyed, lost or stolen
Certificates. 
 
Section 7.11 Deemed Security
Holders. The Trustees may treat the Person in whose name any Certificate shall be registered on the register of the Trust as the sole holder of such Certificate and of the Securities represented by such Certificate for purposes of receiving

 

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Distributions (subject to
Section 7.2(d)) and for all other purposes whatsoever and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Certificate or in the Securities represented by such Certificate on the part of any Person,
whether or not the Trust shall have actual or other notice thereof. 
 
Section 7.12 Global Securities. The Trust Preferred Securities may be issued in the form of one or more Global Securities. If the Trust Preferred Securities are to be issued in the form of one or more Global
Securities, then an Administrative Trustee on behalf of the Trust shall execute and the Property Trustee shall authenticate and deliver one or more Global Securities that (i) shall represent and shall be denominated in an amount equal to the
aggregate Liquidation Amount of all of the Trust Preferred Securities to be issued in the form of Global Securities and not yet cancelled, (ii) shall be registered in the name of the Depositary for such Global Security or the nominee of such
Depositary, and (iii) shall be delivered by the Property Trustee to such Depositary or pursuant to such Depositary’s instructions. Global Securities shall bear a legend substantially to the following effect: 
 
“This Trust Preferred Security is a
Global Security within the meaning of the Trust Agreement hereinafter referred to and is registered in the name of The Depository Trust Company, a New York corporation (the “Depositary”), or a nominee of the Depositary. This Trust
Preferred Security is exchangeable for Trust Preferred Securities registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Trust Agreement and no transfer of this Trust Preferred
Security (other than a transfer of this Trust Preferred Security as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary) may be registered except in
limited circumstances. 
 
Unless
this Trust Preferred Security Certificate is presented by an authorized representative of the Depositary to CSX Capital Trust I or its agent for registration of transfer, exchange or payment, and any Trust Preferred Security Certificate issued is
registered in the name of Cede & Co. or such other name as requested by an authorized representative of the Depositary (and any payment hereon is made to Cede & Co. or to such other entity as is requested by an authorized representative of
the Depositary), 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.” 
 
Trust Preferred Securities not represented by a Global
Security issued in exchange for all or a part of a Global Security pursuant to this Section 7.12 shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Property Trustee. Upon execution and authentication, the Property Trustee shall deliver such Trust Preferred Securities not represented by a Global Security to the Persons in whose names such definitive
Trust Preferred Securities are so registered. 
 
At
such time as all interests in Global Securities have been redeemed, repurchased or cancelled, such Global Securities shall be, upon receipt thereof, cancelled by the Property 
 

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Trustee in accordance with standing procedures of the Depositary. At any time prior to such cancellation,
if any interest in Global Securities is exchanged for Trust Preferred Securities not represented by a Global Security, redeemed, cancelled or transferred to a transferee who receives Trust Preferred Securities not represented by a Global Security
therefor or any Trust Preferred Security not represented by a Global Security is exchanged or transferred for part of Global Securities, the principal amount of such Global Securities shall, in accordance with the standing procedures of the
Depositary, be reduced or increased, as the case may be, and an endorsement shall be made on such Global Securities by the Property Trustee to reflect such reduction or increase. 
 
The Trust and the Property Trustee may for all purposes, including the making of payments due on the Trust
Preferred Securities, deal with the Depositary as the authorized representative of the Holders for the purposes of exercising the rights of Holders hereunder. The rights of the owner of any beneficial interest in a Global Security shall be limited
to those established by law and agreements between such owners and depository participants provided, that no such agreement shall give any rights to any Person against the Trust or the Property Trustee without the written consent of the parties so
affected. Multiple requests and directions from and votes of the Depositary as holder of Trust Preferred Securities in global form with respect to any particular matter shall not be deemed inconsistent to the extent they do not represent an amount
of Trust Preferred Securities in excess of those held in the name of the Depositary or its nominee. 
 
If at any time the Depositary for any Trust Preferred Securities represented by one or more Global Securities notifies the Trust that it
is unwilling or unable to continue as Depositary for such Trust Preferred Securities or if at any time the Depositary for such Trust Preferred Securities shall no longer be eligible to act as such under the Exchange Act, the Trust shall appoint a
successor Depositary with respect to such Trust Preferred Securities. If a successor Depositary for such Trust Preferred Securities is not appointed by the Trust within 90 days after the Trust receives such notice or becomes aware of such
ineligibility, the Trust’s election that such Trust Preferred Securities be represented by one or more Global Securities shall no longer be effective and the Trust shall execute, and the Property Trustee will authenticate and deliver, Trust
Preferred Securities in definitive registered form, in any authorized denominations, in an aggregate Liquidation Amount equal to the principal amount of the Global Security representing such Trust Preferred Securities in exchange for such Global
Security. 
 
The Trust may at any time and in its
sole discretion determine that the Trust Preferred Securities issued in the form of one or more Global Securities shall no longer be represented by a Global Security. In such event the Trust shall execute, and the Property Trustee, shall
authenticate and deliver, Trust Preferred Securities in definitive registered form, in any authorized denominations, in an aggregate Liquidation Amount equal to the principal amount of the Global Security representing such Trust Preferred
Securities, in exchange for such Global Security. 
 
Notwithstanding any other provisions of this Trust Agreement (other than the provisions set forth in Section 7.9), Global Securities may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary 
 

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or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary. 
 
Subject
to the limitations set forth in the three preceding paragraphs, interests of beneficial owners in a Global Security may be transferred or exchanged for Trust Preferred Securities not represented by a Global Security and Trust Preferred Securities
not represented by a Global Security may be transferred or exchange for Global Securities in accordance with rules of the Depositary and the provisions of Section 7.9. 
 
Section 7.13 [INTENTIONALLY OMITTED] 
 
Section 7.14 Cancellation. All Certificates surrendered for payment, redemption, registration of
transfer or exchange shall, if surrendered to any Person other than the Property Trustee, be delivered to the Property Trustee and shall be promptly cancelled by it. No Certificates shall be executed or authenticated in lieu of or in exchange for
any Certificates cancelled as provided in this Section, except as permitted by this Trust Agreement. All cancelled Certificates held by the Property Trustee shall be disposed of by it in accordance with its customary procedures. 
 
ARTICLE 8 
DISSOLUTION AND TERMINATION OF TRUST 
 
Section 8.1 Dissolution and Termination of Trust. 
 
(a) The Trust shall dissolve upon the earliest of: 
 
(i) a Bankruptcy Event of the Holder of the
Common Securities or the Sponsor; 
 
(ii) the filing of a certificate of dissolution or its equivalent with respect to the Sponsor; the dissolution of the Trust after obtaining the consent of the Holders of at least a Majority in Liquidation Amount of the Securities to
dissolve the Trust; or the revocation of the Sponsor’s charter and the expiration of 90 days after the date of revocation without a reinstatement thereof; 
 
(iii) the entry of a decree of judicial dissolution of the Sponsor or the Trust; 
 
(iv) the time when all of the Securities shall
have been called for redemption and the amounts then due shall have been paid to the Holders in accordance with the terms of the Securities; 
 
(v) at the Sponsor’s election by notice and direction to the Property Trustee to distribute the Debentures to the
Holders of the Securities in exchange for all of the Securities; provided that the Sponsor will be required to obtain an opinion of an independent tax counsel that the distribution of the Debentures 
 

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would not result in the recognition of gain or loss for United States federal income tax
purposes by the Holders of the Trust Preferred Securities; or 
 
(vi) the time when all of the Administrative Trustees and the Sponsor shall have consented to dissolution of the Trust provided such action is taken before the issuance of any Securities. 
 
(b) As soon as is practicable after the occurrence of an event
referred to in Section 8.1(a) and upon completion of the winding up and liquidation of the Trust, the Trustees shall terminate the Trust by filing a certificate of cancellation with the Secretary of State of the State of Delaware. 
 
(c) The provisions of Section 4.2 and Article 9 shall survive
the termination of the Trust. 
 
Section 8.2
Liquidation Distribution Upon Dissolution of the Trust. 
 
(a) In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the Trust (each a “Liquidation”), the Holders of the Securities on the date of the Liquidation will be entitled to receive, out of
the assets of the Trust available for distribution to Holders of Securities after satisfaction of the Trusts’ liabilities to creditors, if any, distributions in cash or other immediately available funds in an amount equal to the aggregate of
the stated Liquidation Amount of $1,000 per Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”), unless, in connection with such Liquidation, the Debentures
shall be distributed on a Pro Rata basis to the Holders of the Securities in exchange for such Securities. 
 
(b) If, upon any such Liquidation, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets
available to pay in full the aggregate Liquidation Distribution, then the amounts payable directly by the Trust on the Securities shall be paid on a Pro Rata basis. The Holders of the Common Securities will be entitled to receive distributions upon
any such Liquidation Pro Rata with the Holders of the Trust Preferred Securities except that if an Indenture Event of Default has occurred and is continuing, the Trust Preferred Securities shall have a preference over the Common Securities with
regard to such distributions. 
 
ARTICLE 9

LIMITATION OF LIABILITY OF HOLDERS OF 
SECURITIES, DELAWARE TRUSTEES OR OTHERS 
 
Section 9.1 Liability. 
 
(a) Except as expressly set forth in this Trust Agreement, the Guarantee and the terms of the Securities, the Sponsor: 
 
(i) shall not be personally liable for the return of any portion of the capital contributions
(or any return thereon) of the Holders of the Securities which shall be made solely from assets of the Trust; and 
 

48 








 
(ii) shall not be required to pay to the Trust or to any Holder of Securities any deficit upon dissolution of the Trust or otherwise. 
 
(b) Pursuant to Section 3803(a) of the Statutory Trust Act, the Holders of the Common Securities shall be entitled to the same limitation
of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware; provided, however, the Holders of the Common Securities shall be liable for all of the debts and
obligations of the Trust (other than with respect to the Securities) to the extent not satisfied out of the Trust’s assets. 
 
(c) Pursuant to Section 3803(a) of the Statutory Trust Act, the Holders of the Trust Preferred Securities shall be entitled to the same
limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
 
Section 9.2 Exculpation. 
 
(a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Trust or
any Covered Person for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Indemnified Person in good faith on behalf of the Trust and in a manner such Indemnified Person reasonably believed to be within
the scope of the authority conferred on such Indemnified Person by this Trust Agreement or by law, except that an Indemnified Person shall be liable for any such loss, damage or claim incurred by reason of such Indemnified Person’s gross
negligence (or ordinary negligence in the case of the Property Trustee) or willful misconduct with respect to such acts or omissions. 
 
(b) An Indemnified Person shall be fully protected in relying in good faith upon the records of the Trust and upon such information,
opinions, reports or statements presented to the Trust by any Person as to matters the Indemnified Person reasonably believes are within such other Person’s professional or expert competence and who has, if selected by such Indemnified Person,
been selected by such Indemnified Person with reasonable care on behalf of the Trust, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses or any other facts pertinent to the
existence and amount of assets from which Distributions to Holders of Securities might properly be paid. 
 
Section 9.3 Fiduciary Duty. 
 
(a) To the extent that, at law or in equity, an Indemnified Person has duties (including fiduciary duties) and liabilities relating
thereto to the Trust or to any other Covered Person, an Indemnified Person acting under this Trust Agreement shall not be liable to the Trust or to another Covered Person for its good faith reliance on the provisions of this Trust Agreement. The
provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of an Indemnified Person otherwise existing at law or in equity (other than the duties imposed on the Property Trustee under the Trust Indenture Act),
are agreed by the parties hereto to replace such other duties and liabilities of such Indemnified Person. 
 
(b) Unless otherwise expressly provided herein: 
 

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(i) whenever a conflict of interest exists or arises between any Covered Person and any Indemnified Person; or 
 
(ii) whenever this Trust Agreement or any other agreement contemplated herein or therein provides that an Indemnified
Person shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust or any Holder of Securities, 
 
the Indemnified Person shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of
each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices and any applicable generally accepted accounting
practices or principles. In the absence of bad faith by the Indemnified Person, the resolution, action or term so made, taken or provided by the Indemnified Person shall not constitute a breach of this Trust Agreement or any other agreement
contemplated herein or of any duty or obligation of the Indemnified Person at law or in equity or otherwise. 
 
(c) Whenever in this Trust Agreement an Indemnified Person is permitted or required to make a decision: 
 
(i) in its “discretion” or under a
grant of similar authority, the Indemnified Person shall be entitled to consider such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors
affecting the Trust or any other Person; or 
 
(ii) in its “good faith” or under another express standard, the Indemnified Person shall act under such express standard and shall not be subject to any other or different standard imposed by this Trust Agreement or by
applicable law. 
 
Section 9.4
Indemnification. 
 
(a) (i) The Debenture
Issuer shall indemnify, to the full extent permitted by law, any Debenture Issuer Indemnified Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by or in the right of the Trust) by reason of the fact that he is or was a Debenture Issuer Indemnified Person against expenses (including attorney fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Trust, and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that the Debenture Issuer Indemnified Person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the 
 

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Trust, and, with respect to any criminal action or proceeding, had reasonable cause to
believe that his conduct was unlawful. 
 
(ii) The Debenture Issuer shall indemnify, to the full extent permitted by law, any Debenture Issuer Indemnified Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit
by or in the right of the Trust to procure a judgment in its favor by reason of the fact that he is or was a Debenture Issuer Indemnified Person against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection
with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Trust and except that no such indemnification shall be made in respect of any
claim, issue or matter as to which such Debenture Issuer Indemnified Person shall have been adjudged to be liable to the Trust unless and only to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought
shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such Court of Chancery or such other
court shall deem proper. 
 
(iii)
Any indemnification under paragraphs (i) and (ii) of this Section 9.4(a) (unless ordered by a court) shall be made by the Debenture Issuer only as authorized in the specific case upon a determination that indemnification of the Debenture Issuer
Indemnified Person is proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs (i) and (ii). Such determination shall be made (1) by the Administrative Trustees by a majority vote of a Quorum
consisting of such Administrative Trustees who were not parties to such action, suit or proceeding, (2) if such a Quorum is not obtainable, or, even if obtainable, if a Quorum of disinterested Administrative Trustees so directs, by independent legal
counsel in a written opinion, or (3) by the Holders of the Common Securities of the Trust. 
 
(iv) Expenses (including attorneys’ fees) incurred by a Debenture Issuer Indemnified Person in defending a civil,
criminal, administrative or investigative action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 9.4(a) shall be paid by the Debenture Issuer in advance of the final disposition of such action, suit or proceeding upon
receipt of an undertaking by or on behalf of such Debenture Issuer Indemnified Person to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Debenture Issuer as authorized in this Section 9.4(a).
Notwithstanding the foregoing, no advance shall be made by the Debenture Issuer if a determination is reasonably and promptly made (i) by the Administrative Trustees by a majority vote of a Quorum of disinterested Administrative Trustees, (ii) if
such a Quorum is not obtainable, or, even if obtainable, if a Quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion or (iii) the Common Security Holder of the Trust, that, based upon the facts
known to the Administrative Trustees, counsel or the Common Security Holder at the time such determination is made, such Debenture Issuer Indemnified Person acted in bad faith or in a manner that such person did not believe to be in or not opposed
to the best interests of the Trust, or, with respect to any criminal proceeding, that such Debenture Issuer Indemnified Person 
 

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believed or had reasonable cause to believe his conduct was unlawful. In no event shall
any advance be made in instances where the Administrative Trustees, independent legal counsel or Common Security Holders reasonably determine that such person deliberately breached his duty to the Trust or its Common or Trust Preferred Security
Holders. 
 
(v) The indemnification
and advancement of expenses provided by, or granted pursuant to, the other paragraphs of this Section 9.4(a) shall not be deemed exclusive of any other rights to which those seeking indemnification and advancement of expenses may be entitled under
any agreement, vote of stockholders or disinterested directors of the Debenture Issuer or Trust Preferred Security Holders of the Trust or otherwise, both as to action in his official capacity and as to action in another capacity while holding such
office. All rights to indemnification under this Section 9.4(a) shall be deemed to be provided by a contract between the Debenture Issuer and each Debenture Issuer Indemnified Person who serves in such capacity at any time while this Section 9.4(a)
is in effect. Any repeal or modification of this Section 9.4(a) shall not affect any rights or obligations then existing. 
 
(vi) The Debenture Issuer or the Trust may purchase and maintain insurance on behalf of any person who is or was a
Debenture Issuer Indemnified Person against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Debenture Issuer would have the power to indemnify him against such
liability under the provisions of this Section 9.4(a). 
 
(vii) For purposes of this Section 9.4(a), references to “the Trust” shall include, in addition to the resulting or surviving entity, any constituent entity (including any constituent of a constituent) absorbed in
a consolidation or merger, so that any person who is or was a director, trustee, officer or employee of such constituent entity, or is or was serving at the request of such constituent entity as a director, trustee, officer, employee or agent of
another entity, shall stand in the same position under the provisions of this Section 9.4(a) with respect to the resulting or surviving entity as he would have with respect to such constituent entity if its separate existence had continued.

 
(viii) The indemnification and
advancement of expenses provided by, or granted pursuant to, this Section 9.4(a) shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a Debenture Issuer Indemnified Person and shall inure to the
benefit of the heirs, executors and administrators of such a person. The obligation to indemnify as set forth in this Section 9.4(a) shall survive the resignation or removal of the Delaware Trustee or the Property Trustee or the termination of this
Trust Agreement. 
 
(b)    The
Debenture Issuer agrees to indemnify the (i) Property Trustee, (ii) the Delaware Trustee, (iii) any Affiliate of the Property Trustee or the Delaware Trustee, and (iv) any officers, directors, shareholders, members, partners, employees,
representatives, custodians, nominees or agents of the Property Trustee or the Delaware Trustee (each of the Persons in (i) through (iv) being referred to as a “Fiduciary Indemnified Person”) for, and to hold each Fiduciary Indemnified
Person harmless against, any loss, liability or expense incurred without gross negligence or willful misconduct on its part, arising out of or in connection with the 
 

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acceptance or administration of the trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against or investigating any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The obligation to indemnify as set forth in this Section
9.4(b) shall survive the resignation and removal of the Delaware Trustee or the Property Trustee and the dissolution of the Trust and the termination of this Trust Agreement. In addition, the Debenture Issuer has agreed to pay the fees and expenses
of the Delaware Trustee and the Property Trustee. The obligations of the Debenture Issuer under this Section 9.4(b) shall be treated as additional amounts owing under this Trust Agreement and shall be secured by the Guarantee. 
 
Section 9.5 Outside Businesses. Subject to the
provisions of Section 6.3, any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or
dissimilar to the activities of the Trust, and the Trust and the Holders of Securities shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such
venture, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. No Covered Person, the Sponsor, the Delaware Trustee or the Property Trustee shall be obligated to present any particular investment or other
opportunity to the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee shall have the right to take for its
own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any Covered Person, the Delaware Trustee and the Property Trustee may engage or be interested in any financial or
other transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates. 
 
ARTICLE 10 
ACCOUNTING 
 
Section 10.1 Fiscal Year. The fiscal year (“Fiscal Year”) of the Trust shall be the [same as the fiscal][calendar] year
[of the Sponsor], or such other year as is required by the Code. 
 
Section 10.2 Certain Accounting Matters. 
 
(a) At all times during the existence of the Trust, the Administrative Trustees shall keep, or cause to be kept, full books of account, records and supporting documents, which shall reflect in reasonable detail, each transaction of
the Trust. The books of account shall be maintained on the accrual method of accounting, in accordance with generally accepted accounting principles, consistently applied. The Trust shall use the accrual method of accounting for United States
federal income tax purposes. The books of account and the records of the Trust shall be examined by and reported upon as of the end of each Fiscal Year of the Trust by a firm of independent certified public accountants selected by the Administrative
Trustees. 
 

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(b) [The
Administrative Trustees shall cause to be prepared and delivered to each of the Holders of Securities, within 90 days after the end of each Fiscal Year of the Trust, annual financial statements of the Trust, including a balance sheet of the Trust as
of the end of such Fiscal Year, and the related statements of income or loss.] 
 
(c) The Administrative Trustees shall cause to be duly prepared and delivered to each of the Holders of Securities, an annual United States federal income tax information statement, required by the
Code, containing such information with regard to the Securities held by each Holder as is required by the Code and the Treasury Regulations. Notwithstanding any right under the Code to deliver any such statement at a later date, the Administrative
Trustees shall endeavor to deliver all such statements within 30 days after the end of each Fiscal Year of the Trust. 
 
(d) The Administrative Trustees shall cause to be duly prepared and filed with the appropriate taxing authority, an annual United States
federal income tax return, on a Form 1041 or such other form required by United States federal income tax law, and any other annual income tax returns required to be filed by the Administrative Trustees on behalf of the Trust with any state or local
taxing authority. 
 
Section 10.3 Banking.
The Trust shall maintain one or more bank accounts in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in respect of the Debentures held by the Property Trustee shall be made directly to the Property
Account and no other funds of the Trust shall be deposited in the Property Account. The sole signatories for such accounts shall be designated by the Administrative Trustees; provided, however, that the Property Trustee shall designate the
signatories for the Property Account. 
 
Section
10.4 Withholding. The Trust and the Administrative Trustees shall comply with all withholding requirements under United States federal, state and local law. The Trust shall request, and the Holders shall provide to the Trust, such forms or
certificates as are necessary to establish an exemption from withholding with respect to each Holder, and any representations and forms as shall reasonably be requested by the Trust to assist it in determining the extent of, and in fulfilling, its
withholding obligations. The Administrative Trustees shall file required forms with applicable jurisdictions and, unless an exemption from withholding is properly established by a Holder, shall remit amounts withheld with respect to the Holder to
applicable jurisdictions. To the extent that the Trust is required to withhold and pay over any amounts to any authority with respect to distributions or allocations to any Holder, the amount withheld shall be deemed to be a distribution in the
amount of the withholding to the Holder. In the event of any claimed over withholding, Holders shall be limited to an action against the applicable jurisdiction. If the amount required to be withheld was not withheld from actual Distributions made,
the Trust may reduce subsequent Distributions by the amount of such withholding. 
 
ARTICLE 11 
AMENDMENTS AND MEETINGS 
 
Section 11.1 Amendments. 
 
 

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(a)  Except as otherwise provided in this Trust Agreement or by any applicable terms of the Securities, this Trust Agreement may only be amended by a written instrument approved and executed by the Sponsor and (i) the
Administrative Trustees (or, if there are more than two Administrative Trustees, a majority of the Administrative Trustees), (ii) the Property Trustee; and (iii) the Delaware Trustee if the amendment affects the rights, powers, duties, obligations
or immunities of the Delaware Trustee. 
 
(b)  No amendment shall be made, and any such purported amendment shall be void and ineffective: 
 
(i) unless, the Property Trustee shall have first received: 
 
(A) an Officers’ Certificate from each of the Trust and the Sponsor that such amendment
is permitted by, and conforms to, the terms of this Trust Agreement (including the terms of the Securities) and that all conditions precedent to the execution and delivery of such amendment have been satisfied; and 
 
(B) an opinion of counsel (who may be counsel
to the Sponsor or the Trust) that such amendment is permitted by, and conforms to, the terms of this Trust Agreement (including the terms of the Securities) and that all conditions precedent to the execution and delivery of such amendment have been
satisfied; and 
 
(ii) to the
extent the result of such amendment would be to: 
 
(A) cause the Trust to be classified other than as a grantor trust for United States federal income tax purposes; 
 
(B) reduce or otherwise adversely affect the powers of the Property Trustee in contravention of the Trust Indenture Act;
or 
 
(C) cause the Trust to be
deemed to be an Investment Company required to be registered under the Investment Company Act. 
 
(c)  If the Trust has issued any Securities that remain outstanding: 
 
(i) any amendment that would (a) change the amount or timing of any distribution of the Securities or otherwise adversely
affect the amount of any distribution required to be made in respect of the Securities as of a specified date or (b) restrict the right of a Holder of Securities to institute suit for the enforcement of any such payment on or after such date, will
entitle the Holders of such Securities, voting together as a single class, to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the approval of each of the Holders of the Securities affected
thereby; and 
 
(ii) any amendment
that would (a) adversely affect the powers, preferences or rights of the Securities, whether by way of amendment to this Trust 
 

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Agreement or
otherwise or (b) result in the dissolution, winding-up or termination of the Trust other than pursuant to the terms of this Trust Agreement, will entitle the holders of the Trust Preferred Securities voting together as a single class to vote on such
amendment or proposal and such amendment or proposal shall not be effective except with the approval of a Majority in Liquidation Amount of the Trust Preferred Securities affected thereby; provided that, if any amendment or proposal referred to in
clause (a) above would adversely affect only the Trust Preferred Securities or the Common Securities, then only the affected class will be entitled to vote on such amendment or proposal and such amendment or proposal. 
 
(d) This Section 11.1 shall not be amended without the consent
of all of the Holders of the Securities. 
 
(e)
Article 4 shall not be amended without the consent of the Holders of a Majority in Liquidation Amount of the Common Securities. 
 
(f) The rights of the Holders of the Common Securities under Article 6 to increase or decrease the number of, and appoint and remove
Trustees shall not be amended without the consent of the Holders of a Majority in Liquidation Amount of the Common Securities. 
 
(g) Notwithstanding Section 11.1(c), this Trust Agreement may be amended without the consent of the Holders of the Securities, if such
amendment does not adversely affect in any material respect the rights of the holders of the Securities, to: 
 
(i) cure any ambiguity; 
 
(ii) correct or supplement any provision in this Trust Agreement that may be defective or inconsistent with any other
provision of this Trust Agreement or to make any other provisions with respect to matters or questions arising under this Trust Agreement that shall not be inconsistent with the other provisions of this Trust Agreement; 
 
(iii) add to the covenants, restrictions or
obligations of the Sponsor; 
 
(iv)
to conform to any change in Rule 3a-5 of the Investment Company Act or written change in interpretation or application of Rule 3a-5 of the Investment Company Act by any legislative body, court, government agency or regulatory authority; or

 
(v) to modify, eliminate and add
to any provision of this Trust Agreement to ensure that the Trust will be classified as a grantor trust for United States federal income tax purposes at all times that any Securities are outstanding or to ensure that the Trust will not be required
to register as an Investment Company under the Investment Company Act. 
 

56 








 
(h) Neither
the Property Trustee nor the Delaware Trustee shall be required to sign any amendment that affects its rights, duties, obligations or immunities under this Trust Agreement or otherwise. 
 
Section 11.2 Meetings of the Holders of Securities; Action by Written Consent. 
 
(a) Meetings of the Holders of any class of Securities may be
called at any time by the Administrative Trustees (or as provided in the terms of the Securities) to consider and act on any matter on which Holders of such class of Securities are entitled to act under the terms of this Trust Agreement, the terms
of the Securities or the rules of any stock exchange or quotation system on which the Trust Preferred Securities are listed, quoted or admitted for trading. The Administrative Trustees shall call a meeting of the Holders of such class if directed to
do so by the Holders of at least 10% in Liquidation Amount of such class of Securities. Such direction shall be given by delivering to the Administrative Trustees one or more calls in a writing stating that the signing Holders of Securities wish to
call a meeting and indicating the general or specific purpose for which the meeting is to be called. Any Holders of Securities calling a meeting shall specify in writing the Certificates held by the Holders of Securities exercising the right to call
a meeting and only those Securities specified shall be counted for purposes of determining whether the required percentage set forth in the second sentence of this paragraph has been met. 
 
(b) Except to the extent otherwise provided in the terms of the Securities, the following provisions shall
apply to meetings of Holders of Securities: 
 
(i) notice of any such meeting shall be given to all the Holders of Securities having a right to vote thereat at least 7 days and not more than 60 days before the date of such meeting. Whenever a vote, consent or approval of the
Holders of Securities is permitted or required under this Trust Agreement or the rules of any stock exchange or quotation system on which the Trust Preferred Securities are listed, quoted or admitted for trading, such vote, consent or approval may
be given at a meeting of the Holders of Securities. Any action that may be taken at a meeting of the Holders of Securities may be taken without a meeting and without prior notice if a consent in writing setting forth the action so taken is signed by
the Holders of Securities owning not less than the minimum amount of Securities in Liquidation Amount that would be necessary to authorize or take such action at a meeting at which all Holders of Securities having a right to vote thereon were
present and voting. Prompt notice of the taking of action without a meeting shall be given to the Holders of Securities entitled to vote who have not consented in writing. The Administrative Trustees may specify that any written ballot submitted to
the Security Holders for the purpose of taking any action without a meeting shall be returned to the Trust within the time specified by the Administrative Trustees; 
 
(ii) each Holder of a Security may authorize any Person to act for it by proxy on all matters
in which a Holder of Securities is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided
in the proxy. Every proxy shall be revocable at the 
 

57 








 
pleasure of
the Holder of Securities executing such proxy. Except as otherwise provided herein, all matters relating to the giving, voting or validity of proxies shall be governed by the General Corporation Law of the State of Delaware relating to proxies, and
judicial interpretations thereunder, as if the Trust were a Delaware corporation and the Holders of the Securities were stockholders of a Delaware corporation; 
 
(iii) each meeting of the Holders of the Securities shall be conducted by the Administrative Trustees or by such other
Person that the Administrative Trustees may designate; and 
 
(iv) unless the Statutory Trust Act, this Trust Agreement, the terms of the Securities, the Trust Indenture Act or the listing rules of any stock exchange or quotation system on which the Trust
Preferred Securities are then listed, quoted or admitted for trading, otherwise provides, the Administrative Trustees, in their sole discretion, shall establish all other provisions relating to meetings of Holders of Securities, including notice of
the time, place or purpose of any meeting at which any matter is to be voted on by any Holders of Securities, waiver of any such notice, action by consent without a meeting, the establishment of a record date, quorum requirements, voting in person
or by proxy or any other matter with respect to the exercise of any such right to vote. 
 
ARTICLE 12 
REPRESENTATIONS OF PROPERTY TRUSTEE 
AND DELAWARE TRUSTEE 
 
Section 12.1 Representations and Warranties of the Property Trustee. The Trustee that acts as initial Property
Trustee represents and warrants to the Trust and to the Sponsor at the date of this Trust Agreement, and each Successor Property Trustee represents and warrants to the Trust and the Sponsor at the time of the Successor Property Trustee’s
acceptance of its appointment as Property Trustee that: 
 
(a) the Property Trustee is a banking corporation, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with trust power and authority to execute and deliver, and to carry out
and perform its obligations under the terms of, this Trust Agreement; 
 
(b) the Property Trustee satisfies the requirements set forth in Section 6.3(a); 
 
(c) the execution, delivery and performance by the Property Trustee of this Trust Agreement has been duly authorized by all necessary
corporate action on the part of the Property Trustee. This Trust Agreement has been duly executed and delivered by the Property Trustee, and it constitutes a legal, valid and binding obligation of the Property Trustee, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency and other similar laws affecting creditors’ rights generally and to general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in equity or at law); 
 

58 








 
(d) the
execution, delivery and performance of this Trust Agreement by the Property Trustee does not conflict with or constitute a breach of the articles of association or incorporation, as the case may be, or the by-laws (or other similar organizational
documents) of the Property Trustee; and 
 
(e) no
consent, approval or authorization of, or registration with or notice to, any State (which term, in the case of the initial Property Trustee, shall mean the State of New York) or federal banking authority having jurisdiction over the trust powers of
the Property Trustee is required for the execution, delivery or performance by the Property Trustee of this Trust Agreement. 
 
Section 12.2 Representations and Warranties of the Delaware Trustee. The Trustee that acts as initial Delaware Trustee represents
and warrants to the Trust and to the Sponsor at the date of this Trust Agreement, and each Successor Delaware Trustee represents and warrants to the Trust and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of its
appointment as Delaware Trustee that: 
 
(a) the
Delaware Trustee satisfies the requirements set forth in Section 6.2, satisfies Trust Section 3807 of the Statutory Trust Act and has the power and authority to execute and deliver, and to carry out and perform its obligations under the terms of,
this Trust Agreement and, if it is not a natural person, is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization; 
 
(b) the Delaware Trustee has been authorized to perform its obligations under the Certificate of Trust and
this Trust Agreement. This Trust Agreement under Delaware law constitutes a legal, valid and binding obligation of the Delaware Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency and other similar laws affecting creditors’ rights generally and to general principles of equity and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in
equity or at law); and 
 
(c) no consent, approval
or authorization of, or registration with or notice to, the State of Delaware or federal banking authority is required for the execution, delivery or performance by the Delaware Trustee of this Trust Agreement. 
 
ARTICLE 13 
MISCELLANEOUS 
 
Section 13.1 Notices. All notices provided for in this Trust Agreement shall be in writing, duly signed by the party giving such
notice, and shall be delivered, telecopied or mailed by registered or certified mail, as follows: 
 
(a) if given to the Trust, in care of the Administrative Trustees at the Trust’s mailing address set forth below (or such other
address as the Trust may give notice of to the Property Trustee, the Delaware Trustee and the Holders of the Securities): 
 
c/o CSX Corporation 
500 Water Street, 15th Floor 
 

59 








 
Jacksonville, Florida 32202 
 
(b)
if given to the Delaware Trustee, at the mailing address set forth below (or such other address as the Delaware Trustee may give notice of to the Administrative Trustees, the Property Trustee and the Holders of the Securities): 
 
Chase Manhattan Bank USA, National
Association 
1201 Market Street 
Wilmington, Delaware 19801 
Attention: Corporate Trust Administration 
 
(c) if given to the Property Trustee, at its Corporate Trust Office (or such other address as the Property Trustee may give notice of to the Administrative Trustees, the Delaware Trustee and the
Holders of the Securities). 
 
(d) if given to the
Holder of the Common Securities, at the mailing address of the Sponsor set forth below (or such other address as the Holder of the Common Securities may give notice of to the Property Trustee, the Delaware Trustee and the Trust): 
 
CSX Corporation 
500 Water Street, 15th Floor 
Jacksonville, Florida 32202 
Fax No.: (904) 
 
(e) if given to any other Holder, at the address set forth on the Security Register. 
 
All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed or mailed by certified or
registered first class mail, postage prepaid except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been
delivered on the date of such refusal or inability to deliver. 
 
Section 13.2 Governing Law. This Trust Agreement and the rights of the parties hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware, provided that the immunities and standard of
care of the Property Trustee in connection with the administration of its trusts hereunder shall be governed by and interpreted in accordance with the laws of the jurisdiction of its incorporation. 
 
Section 13.3 Intention of the Parties. It is the
intention of the parties hereto that the Trust be classified for United States federal income tax purposes as a grantor trust. The provisions of this Trust Agreement shall be interpreted in a manner consistent with such classification. 
 
Section 13.4 Headings. Headings contained in this Trust
Agreement are inserted for convenience of reference only and do not affect the interpretation of this Trust Agreement or any provision hereof. 
 

60 








 
Section 13.5
Successors and Assigns. Whenever in this Trust Agreement any of the parties hereto is named or referred to, the successors and assigns of such party shall be deemed to be included, and all covenants and agreements in this Trust Agreement by
the Sponsor and the Trustees shall bind and inure to the benefit of their respective successors and assigns, whether so expressed. 
 
Section 13.6 Partial Enforceability. If any provision of this Trust Agreement, or the application of such provision to any Person
or circumstance, shall be held invalid, the remainder of this Trust Agreement, or the application of such provision to persons or circumstances other than those to which it is held invalid, shall not be affected thereby. 
 
Section 13.7 Counterparts. This Trust Agreement may
contain more than one counterpart of the signature page and this Trust Agreement may be executed by the affixing of the signature of each of the Trustees and the Sponsor to one of such counterpart signature pages. All of such counterpart signature
pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature page. 
 
[THE REST OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY; THE SIGNATURE PAGE FOLLOWS.] 
 

61 








 
IN WITNESS
WHEREOF, the undersigned have caused these presents to be executed as of the day and year first above written. 
 

	
	 CSX CORPORATION,
 as Sponsor, as Common Securities Holder and as Debenture Issuer

	
	 By:
	 	  


	 	 	 Name:
 Title:

	
	 JPMORGAN CHASE BANK,
 as Property Trustee

	
	 By:
	 	  


	 	 	 Name:
 Title:

	
	 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
 as Delaware Trustee

	
	 By:
	 	  


	 	 	 Name:
 Title:

	
	  


	 Name:
 Title: Administrative Trustee

	
	  


	 Name:
 Title: Administrative Trustee



 

62 








 
EXHIBIT A

 
[IF THE TRUST PREFERRED SECURITY IS TO BE A
GLOBAL TRUST PREFERRED SECURITY, INSERT THE FOLLOWING: THIS TRUST PREFERRED SECURITY IS A GLOBAL TRUST PREFERRED SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (THE “DEPOSITARY”), OR A NOMINEE OF THE DEPOSITARY. THIS TRUST PREFERRED SECURITY IS EXCHANGEABLE FOR TRUST PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS TRUST PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. UNLESS THIS TRUST PREFERRED SECURITY CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE DEBENTURE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY TRUST PREFERRED SECURITY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REGISTERED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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.] 
 

	 CERTIFICATE NO. _______________
	 	 NUMBER OF TRUST PREFERRED SECURITIES: AS
 SET FORTH ON SCHEDULE A HERETO

	
	 	 	 CUSIP NO
..                


 
CERTIFICATE EVIDENCING     % TRUST PREFERRED SECURITIES 
OF 
CSX CAPITAL TRUST I 
 
    % TRUST PREFERRED SECURITIES 
(LIQUIDATION AMOUNT $1,000 PER TRUST PREFERRED SECURITY) 
FULLY AND
UNCONDITIONALLY 
GUARANTEED BY CSX CORPORATION 
 
CSX CAPITAL TRUST I, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby
certifies that                      (the “Holder”) is the registered owner of the number of Trust Preferred Securities of the Trust
set forth on Schedule A hereto representing undivided beneficial interests in the assets of the Trust designated the “    % Trust Preferred Securities” (Liquidation Amount $1,000 per Trust Preferred Security)
(the “Trust Preferred Securities”). The Trust Preferred Securities are transferable on the register of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper 
 

A-1 








form for transfer as provided in the Trust Agreement (as defined below). The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the Trust Preferred Securities represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated Trust Agreement of CSX
Corporation Capital Trust I, dated as of             , as the same may be amended from time to time (the “Trust Agreement”), by and among CSX CORPORATION, as Sponsor,
             and             , as Administrative Trustees, JPMorgan Chase Bank, as Property Trustee, Chase
Manhattan Bank USA, National Association, as Delaware Trustee and the Holders. Capitalized terms used herein but not defined shall have the meaning given them in the Trust Agreement. The Holder is entitled to the benefits of the Guarantee to the
extent described therein. The Sponsor will provide a copy of the Trust Agreement, the Guarantee and the Indenture to a Holder without charge upon written request to the Sponsor at its principal place of business. Upon acceptance of this certificate,
the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. By acceptance, the Holder agrees to treat, for United States federal income tax purposes, the Debentures as indebtedness and the Trust Preferred Securities as
evidence of undivided indirect beneficial ownership interests in the Debentures. 
 
IN WITNESS WHEREOF, the Trust has executed this certificate this              day of
            ,         . 
 

	
	 CSX CAPITAL TRUST I

	
	 By
	 	  


	 Name:
 Title: Administrative Trustee



 
CERTIFICATE OF AUTHENTICATION 
 
This is one of the Trust Preferred Securities referred to in the within-mentioned Trust Agreement. 
 

	
	 	 	 	 	 JPMORGAN CHASE BANK,
 as Property Trustee

	
	 Dated: ___________________
	 	 	 	 By
	 	  


	 	 	 	 	 	 	 	 	 Authorized Officer


 

A-2 








 
EXHIBIT B

 
TRANSFER OF THIS CERTIFICATE IS SUBJECT TO THE

CONDITIONS SET FORTH IN THE TRUST AGREEMENT 
REFERRED TO BELOW. 
 

	 CERTIFICATE NO.
                    
	 	 NUMBER OF COMMON SECURITIES: AS
 SET FORTH ON SCHEDULE A HERETO


 
CERTIFICATE EVIDENCING     % COMMON SECURITIES 
OF 
CSX CAPITAL TRUST I 
 
    % COMMON SECURITIES 
(LIQUIDATION AMOUNT $1,000 PER COMMON SECURITY) 
 
CSX CAPITAL TRUST I, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that CSX CORPORATION (the “Holder”) is the registered owner of
the number of common securities of the Trust set forth on Schedule A hereto representing an undivided beneficial interest in the assets of the Trust designated the “    % Common Securities” (Liquidation Amount
$1,000 per Common Security) (the “Common Securities”). The Common Securities are not transferable and any attempted transfer thereof shall be void except as permitted by applicable law and by Section 7.9(b)(ii) of the Trust Agreement (as
defined below). The designation, rights, privileges, restrictions, preferences and other terms and provisions of the Common Securities represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated
Trust Agreement of CSX Corporation Capital Trust I, dated as of                      (as the same may be amended from time to time, the
“Trust Agreement”), by and among CSX CORPORATION, as Sponsor,                      and
                    , as Administrative Trustees, JPMorgan Chase Bank, as Property Trustee, Chase Manhattan Bank USA, National Association, as
Delaware Trustee, and the Holders. The Holder is entitled to the benefits of the Guarantee to the extent described therein. Capitalized terms used herein but not defined shall have the meaning given them in the Trust Agreement. The Sponsor will
provide a copy of the Trust Agreement, the Guarantee and the Indenture to the Holder without charge upon written request to the Sponsor at its principal place of business. Upon acceptance of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder. By acceptance, the Holder agrees to treat, for United States federal income tax purposes, the Debentures as indebtedness and the Common Securities as evidence of an undivided indirect beneficial
ownership interest in the Debentures. 
 

B-1 








 
IN WITNESS
WHEREOF, the Trust has executed this certificate this              day of             ,
            . 
 

	
	 CSX CAPITAL TRUST I

	
	 By:
	 	  


	 Name:
 Title: Administrative Trustee



 

B-2 








 
SCHEDULE A

 
SCHEDULE OF ADJUSTMENTS 
 
The initial number of Common Securities evidenced by
the Certificate to which this Schedule is attached is                         . The notations on the following table
evidence increases in the number of Common Securities evidenced by such Certificate. 
 

	 Closing Date

	    	 Increase in Number
 of Common Securities

	    	 Total Number of
 Common Securities
 Outstanding After
Increase

	    	 Notation by
 Administrative Trustee


	 	    	 	    	 	    	 

 

B-3