<PAGE>

                                                                 Exhibit (4) (n)

================================================================================

                               GUARANTEE AGREEMENT

                                     between

                                    KEYCORP,
                                  as Guarantor,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                              as Guarantee Trustee

                         -----------------------------

                               KEYCORP CAPITAL VI

                         -----------------------------

                                  Dated as of .

================================================================================

<PAGE>

                               KEYCORP CAPITAL VI

            Certain Sections of this Guarantee Agreement relating to
                         Sections 310 through 318 of the
                          Trust Indenture Act of 1939:

<TABLE>
<CAPTION>
Section of                                                                                      Section of
Trust Indenture Act                                                                    Guarantee Agreement
-------------------                                                                    -------------------
<S>                                                                                        <C>
310  (a) ................................................................................. 4.1(a)
     (b) ................................................................................. 4.1(c), 2.8
     (c) ................................................................................. Inapplicable
311  (a) ................................................................................. 2.2(b)
     (b) ................................................................................. 2.2(b)
     (c) ................................................................................. Inapplicable
312  (a) ................................................................................. 2.2(a)
     (b) ................................................................................. 2.2(b)
313 ...................................................................................... 2.3
314  (a) ................................................................................. 2.4
     (b) ................................................................................. Inapplicable
     (c) ................................................................................. 2.5
     (d) ................................................................................. Inapplicable
     (e) ................................................................................. 1.1, 2.5, 3.2
     (f) ................................................................................. 2.1, 3.2
315  (a) ................................................................................. 3.1(d)
     (b) ................................................................................. 2.7
     (c) ................................................................................. 3.1(c)
     (d) ................................................................................. 3.1(d)
316  (a) ................................................................................. 1.1, 2.6, 5.4
     (b) ................................................................................. 5.3, 5.7
     (c) ................................................................................. 8.2
317  (a) ................................................................................. Inapplicable
     (b) ................................................................................. Inapplicable
318  (a) ................................................................................. 2.1(b)
     (b) ................................................................................. 2.1
     (c) ................................................................................. 2.1(a)
</TABLE>

----------
Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to
be a part of the Guarantee Agreement and shall not affect the interpretation of
any of its terms or provisions.

                                       i



<PAGE>

                                TABLE OF CONTENTS

                                   ARTICLE I

                         Interpretation and Definitions

<TABLE>
<S>                                                                               <C>
SECTION 1.1.  Interpretation .................................................    2
SECTION 1.2.  Definitions ....................................................    2

                                   ARTICLE II

                              Trust Indenture Act

SECTION 2.1.  Trust Indenture Act; Application ...............................    6
SECTION 2.2.  List of Holders ................................................    6
SECTION 2.3.  Reports by the Guarantee Trustee ...............................    6
SECTION 2.4.  Periodic Reports to the Guarantee Trustee ......................    7
SECTION 2.5.  Evidence of Compliance with Conditions Precedent ...............    7
SECTION 2.6.  Events of Default; Waiver ......................................    7
SECTION 2.7.  Events of Default; Notice ......................................    7
SECTION 2.8.  Conflicting Interests ..........................................    8

                                  ARTICLE III

               Powers, Duties and Rights of the Guarantee Trustee

SECTION 3.1. Powers and Duties of the Guarantee Trustee ......................    8
SECTION 3.2. Certain Rights of Guarantee Trustee .............................    9
SECTION 3.3. Compensation; Indemnity; Fees ...................................   11

                                   ARTICLE IV

                               Guarantee Trustee

SECTION 4.1.  Guarantee Trustee; Eligibility .................................   12
SECTION 4.2.  Appointment, Removal and Resignation of the Guarantee Trustee ..   12

                                   ARTICLE V

                                   Guarantee

SECTION 5.1.  Guarantee ......................................................   13
SECTION 5.2.  Waiver of Notice and Demand ....................................   13
SECTION 5.3.  Obligations Not Affected .......................................   13
SECTION 5.4.  Rights of Holders ..............................................   14
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                     <C>
SECTION 5.5.  Guarantee of Payment .................................................... 14
SECTION 5.6.  Subrogation ............................................................. 15
SECTION 5.7.  Independent Obligations ................................................. 15

                                   ARTICLE VI

                          Covenants and Subordination

SECTION 6.1.  Subordination ........................................................... 15
SECTION 6.2.  Pari Passu Guarantees ................................................... 15

                                  ARTICLE VII

                                  Termination

SECTION 7.1.  Termination ............................................................. 16

                                  ARTICLE VIII

                                 Miscellaneous

SECTION 8.1.  Successors and Assigns .................................................. 16
SECTION 8.2.  Amendments .............................................................. 16
SECTION 8.3.  Notices ................................................................. 16
SECTION 8.4.  Benefit ................................................................. 18
SECTION 8.5.  Governing Law ........................................................... 18
SECTION 8.6.  Counterparts ............................................................ 18
</TABLE>

                                      iii

<PAGE>

               GUARANTEE AGREEMENT, dated as of ., is executed and delivered by
          KeyCorp, an Ohio corporation (the "Guarantor") having its principal
          office at 127 Public Square, Cleveland, Ohio 44114-1306, and Deutsche
          Bank Trust Company Americas, a New York banking corporation, as
          trustee (the "Guarantee Trustee"), for the benefit of the Holders (as
          defined herein) from time to time of the Capital Securities (as
          defined herein) of KEYCORP CAPITAL VI, a Delaware statutory business
          trust (the "Issuer Trust").

                              W i t n e s s e t h :

               Whereas, pursuant to an Amended and Restated Trust Agreement,
          dated as of . (the "Trust Agreement"), among the Guarantor, as
          Depositor, the Property Trustee, the Delaware Trustee and the
          Administrative Trustees named therein and the Holders from time to
          time of undivided beneficial interests in the assets of the Issuer
          Trust, the Issuer Trust is issuing $. aggregate Liquidation Amount (as
          defined in the Trust Agreement) of its .% Capital Securities,
          Liquidation Amount $. per Capital Security (the "Capital Securities"),
          representing preferred undivided beneficial interests in the assets of
          the Issuer Trust and having the terms set forth in the Trust
          Agreement;

               Whereas, the Capital Securities will be issued by the Issuer
          Trust and the proceeds thereof, together with the proceeds from the
          issuance of the Issuer Trust's Common Securities (as defined below),
          will be used to purchase the Junior Subordinated Debentures (as
          defined in the Trust Agreement) of the Guarantor which will be
          deposited with Deutsche Bank Trust Company Americas, as Property
          Trustee under the Trust Agreement, as trust assets;

               Whereas, as an incentive for the Holders to purchase the Capital
          Securities, the Guarantor irrevocably and unconditionally agrees, to
          the extent set forth herein, to pay to the Holders of the Capital
          Securities the Guarantee Payments (as defined herein) and to make
          certain other payments on the terms and conditions set forth herein.

               Now, Therefore, in consideration of the purchase by each Holder
          of Capital Securities, which purchase the Guarantor hereby agrees
          shall benefit the Guarantor, the Guarantor executes and delivers this
          Guarantee Agreement to provide as follows for the benefit of the
          Holders from time to time of the Capital Securities:

<PAGE>

                                   ARTICLE I

                         Interpretation and Definitions

          SECTION 1.1. Interpretation.

          In this Guarantee Agreement, unless the context otherwise requires:

               (a) capitalized terms used in this Guarantee Agreement but not
          defined in the preamble hereto have the respective meanings assigned
          to them in Section 1.2;

               (b) a term defined anywhere in this Guarantee Agreement has the
          same meaning throughout;

               (c) all references to "the Guarantee Agreement" or "this
          Guarantee Agreement" are to this Guarantee Agreement as modified,
          supplemented or amended from time to time;

               (d) all references in this Guarantee Agreement to Articles and
          Sections are to Articles and Sections of this Guarantee Agreement
          unless otherwise specified;

               (e) a term defined in the Trust Indenture Act has the same
          meaning when used in this Guarantee Agreement unless otherwise defined
          in this Guarantee Agreement or unless the context otherwise requires;

               (f) a reference to the singular includes the plural and
          vice-versa; and

               (g) the masculine, feminine or neuter genders used herein shall
          include the masculine, feminine and neuter genders.

          SECTION 1.2. Definitions.

          As used in this Guarantee Agreement, the terms set forth below shall,
     unless the context otherwise requires, have the following meanings:

               "Allocable Amounts", when used with respect to any Senior
          Subordinated Debt, means the amount necessary to pay all principal of
          (and premium, if any) and interest, if any, on such Senior
          Subordinated Debt in full less, if applicable, any portion of such
          amounts which would have been paid to, and retained by, the holders of
          such Senior Subordinated Debt (whether as a result of the receipt of
          payments by the holders of such Senior Subordinated Debt from the
          Guarantor or any other obligor thereon or from any holders of, or
          trustee in respect of, other indebtedness that is subordinate and
          junior in right of payment to such Senior Subordinated Debt pursuant
          to any provision of such indebtedness for the payment over of amounts
          received on account of such indebtedness to the holders

                                        2

<PAGE>

          of such Senior Subordinated Debt) but for the fact that such Senior
          Subordinated Debt is subordinate or junior in right of payment to
          trade accounts payable or accrued liabilities arising in the ordinary
          course of business.

               "Affiliate" of any specified Person means any other Person
          directly or indirectly controlling or controlled by or under direct or
          indirect common control with such specified Person; provided, however,
          that the Issuer Trust shall not be deemed to be an Affiliate of the
          Guarantor. For the purposes of this definition, "control", when used
          with respect to any specified Person, means 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" have meanings
          correlative to the foregoing.

               "Board of Directors" means either the board of directors of the
          Guarantor or any committee of that board duly authorized to act
          hereunder.

               "Common Securities" means the securities representing common
          undivided beneficial interests in the assets of the Issuer Trust.

               "Event of Default" means a default by the Guarantor on any of its
          payment or other obligations under this Guarantee Agreement; provided,
          however, that, except with respect to a default in payment of any
          Guarantee Payments, the Guarantor shall have received notice of
          default and shall not have cured such default within 30 days after
          receipt of such notice.

               "Guarantee Payments" means the following payments or
          distributions, without duplication, with respect to the Capital
          Securities, to the extent not paid or made by or on behalf of the
          Issuer Trust: (i) any accumulated and unpaid Distributions (as defined
          in the Trust Agreement) required to be paid on the Capital Securities,
          to the extent the Issuer Trust shall have funds on hand available
          therefor at such time, (ii) the redemption price, including all
          accumulated and unpaid Distributions to the date of redemption (the
          "Redemption Price"), with respect to any Capital Securities called for
          redemption by the Issuer Trust, to the extent the Issuer Trust shall
          have funds on hand available therefor at such time, and (iii) upon a
          voluntary or involuntary termination, winding up or liquidation of the
          Issuer Trust, unless Junior Subordinated Debentures are distributed to
          the Holders, the lesser of (a) the aggregate of the Liquidation Amount
          of $. per Capital Security plus accumulated and unpaid Distributions
          on the Capital Securities to the date of payment to the extent that
          the Issuer Trust shall have funds available therefor at such time and
          (b) the amount of assets of the Issuer Trust remaining available for
          distribution to Holders in liquidation of the Issuer Trust (in either
          case, the "Liquidation Distribution").

               "Guarantee Trustee" means Deutsche Bank Trust Company Americas,
          until a Successor Guarantee Trustee has been appointed and has
          accepted such

                                        3

<PAGE>

          appointment pursuant to the terms of this Guarantee Agreement, and
          thereafter means each such Successor Guarantee Trustee.

               "Holder" means any holder, as registered on the books and records
          of the Issuer Trust, of any Capital Securities; provided, however,
          that in determining whether the holders of the requisite percentage of
          Capital Securities have given any request, notice, consent or waiver
          hereunder, "Holder" shall not include the Guarantor, the Guarantee
          Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee.

               "Indenture" means the Indenture dated as of December 4, 1996, as
          supplemented and amended between the Guarantor and Bankers Trust
          Company (now known as Deutsche Bank Trust Company Americas), as
          trustee.

               "List of Holders" has the meaning specified in Section 2.2(a).

               "Majority in Liquidation Amount of the Capital Securities" means,
          except as provided by the Trust Indenture Act, a vote by the
          Holder(s), voting separately as a class, of more than 50% of the
          Liquidation Amount of all then outstanding Capital Securities issued
          by the Issuer Trust.

               "Officers' Certificate" means, with respect to any Person, a
          certificate signed by the Chairman or a Vice Chairman of the Board of
          Directors of such Person or the President or a Vice President of such
          Person, and by the Treasurer, an Assistant Treasurer, the Secretary or
          an Assistant Secretary of such Person, and delivered to the Guarantee
          Trustee. Any Officers' Certificate delivered with respect to
          compliance with a condition or covenant provided for in this Guarantee
          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 in
               rendering the Officers' Certificate;

                    (c) a statement that each officer has made such examination
               or investigation as, in such officer's opinion, is necessary to
               enable such officer 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
               officer, such condition or covenant has been complied with.

               "Person" means a legal person, including any individual,
          corporation, estate, partnership, joint venture, association, joint
          stock company, limited

                                        4

<PAGE>

          liability company, trust, unincorporated association, or government or
          any agency or political subdivision thereof, or any other entity of
          whatever nature.

               "Responsible Officer" means, with respect to the Guarantee
          Trustee, any Managing Director, any Director, any Vice President, any
          Assistant Vice President, the Secretary, any Assistant Secretary, the
          Treasurer, any Associate, any Assistant Treasurer, any Trust Officer
          or Assistant Trust Officer or any other officer of the Corporate Trust
          Department of the Guarantee Trustee 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.

               "Senior Debt" means any obligation of the Guarantor to its
          creditors, whether now outstanding or subsequently incurred, other
          than any obligation as to which, in the instrument creating or
          evidencing the obligation or pursuant to which the obligation is
          outstanding, it is provided that such obligation is not Senior Debt.
          Senior Debt does not include Senior Subordinated Debt or the Junior
          Subordinated Debentures.

               "Senior Indebtedness" means (i) Senior Debt (but excluding trade
          accounts payable and accrued liabilities arising in the ordinary
          course of business) and (ii) the Allocable Amounts of Senior
          Subordinated Debt.

               "Senior Subordinated Debt" means any obligation of the Guarantor
          to its creditors, whether now outstanding or subsequently incurred,
          where the instrument creating or evidencing the obligation or pursuant
          to which the obligation is outstanding, provides that it is
          subordinate and junior in right of payment to Senior Debt. Senior
          Subordinated Debt includes the Guarantor's outstanding subordinated
          debt securities and any subordinated debt securities issued in the
          future with substantially similar subordination terms and does not
          include the Junior Subordinated Debentures or any subordinated debt
          securities issued in the future or the past with substantially similar
          subordination terms.

               "Successor Guarantee Trustee" means a successor Guarantee Trustee
          possessing the qualifications to act as Guarantee Trustee under
          Section 4.1.

               "Trust Indenture Act" means the Trust Indenture Act of 1939, as
          amended.

     Capitalized or otherwise defined terms used but not otherwise defined
     herein shall have the meanings assigned to such terms in the Trust
     Agreement as in effect on the date hereof.

                                        5

<PAGE>

                                   ARTICLE II

                               Trust Indenture Act

               SECTION 2.1. Trust Indenture Act; Application.

               (a) This Guarantee Agreement is subject to the provisions of the
          Trust Indenture Act that are required to be part of this Guarantee
          Agreement and shall, to the extent applicable, be governed by such
          provisions.

               (b) If and to the extent that any provision of this Guarantee
          Agreement limits, qualifies or conflicts with the duties imposed by
          Sections 310 to 317, inclusive, of the Trust Indenture Act through the
          operation of Section 318(c) thereof, such imposed duties shall
          control. If any provision of this Guarantee Agreement modifies or
          excludes any provision of the Trust Indenture Act which may be so
          modified or excluded, the latter provision shall be deemed to apply to
          this Guarantee Agreement as so modified or to be excluded, as the case
          may be.

               SECTION 2.2. List of Holders.

               (a) The Guarantor shall furnish or cause to be furnished to the
          Guarantee Trustee (a) semiannually, on or before June 30 and December
          31 of each year, a list, in such form as the Guarantee Trustee may
          reasonably require, of the names and addresses of the Holders (the
          "List of Holders") as of a date not more than 15 days prior to the
          delivery thereof, and (b) at such other times as the Guarantee Trustee
          may request in writing, within 30 days after the receipt by the
          Guarantor of any such request, a List of Holders as of a date not more
          than 15 days prior to the time such list is furnished, in each case to
          the extent such information is in the possession or control of the
          Guarantor and is not identical to a previously supplied list of
          Holders or has not otherwise been received by the Guarantee Trustee in
          its capacity as such. The Guarantee Trustee may destroy any List of
          Holders previously given to it on receipt of a new List of Holders.

               (b) The Guarantee Trustee shall comply with its obligations under
          Section 311(a), Section 311(b) and Section 312(b) of the Trust
          Indenture Act.

               SECTION 2.3. Reports by the Guarantee Trustee.

               Not later than May 31 of each year, commencing May 31, 2003, the
          Guarantee Trustee shall provide to the Holders such reports as are
          required by Section 313 of the Trust Indenture Act, if any, in the
          form and in the manner provided by Section 313 of the Trust Indenture
          Act. The Guarantee Trustee shall also comply with the requirements of
          Section 313(d) of the Trust Indenture Act. The Guarantor will notify
          the Guarantee Trustee if and when any Capital Securities are listed on
          any stock exchange.

                                       6

<PAGE>

               SECTION 2.4. Periodic Reports to the Guarantee Trustee.

               The Guarantor shall provide to the Guarantee Trustee, the
          Securities and Exchange Commission and the Holders such documents,
          reports and information, if any, as required by Section 314 of the
          Trust Indenture Act and the compliance certificate required by Section
          314 of the Trust Indenture Act, in the form, in the manner and at the
          times required by Section 314 of the Trust Indenture Act.

               SECTION 2.5. Evidence of Compliance with Conditions Precedent.

               The Guarantor shall provide to the Guarantee Trustee such
          evidence of compliance with such conditions precedent, if any,
          provided for in this Guarantee 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 of the
          Guarantor pursuant to Section 314(c)(1) may be given in the form of an
          Officers' Certificate.

               SECTION 2.6. Events of Default; Waiver.

               The Holders of a Majority in Liquidation Amount of the Capital
          Securities may, by vote, on behalf of the Holders, waive any past
          Event of Default and its consequences. Upon such waiver, any such
          Event of Default shall cease to exist, and any Event of Default
          arising therefrom shall be deemed to have been cured, for every
          purpose of this Guarantee Agreement, but no such waiver shall extend
          to any subsequent or other default or Event of Default or impair any
          right consequent therefrom.

               SECTION 2.7. Events of Default; Notice.

               (a) The Guarantee Trustee shall, within 90 days after the
          occurrence of an Event of Default, transmit by mail, first class
          postage prepaid, to the Holders, notices of all Events of Default
          known to the Guarantee Trustee, unless such defaults have been cured
          before the giving of such notice, provided, that, except in the case
          of a default in the payment of a Guarantee Payment, the Guarantee
          Trustee shall be protected in withholding such notice if and so long
          as the Board of Directors, the executive committee or a trust
          committee of directors and/or Responsible Officers of the Guarantee
          Trustee in good faith determines that the withholding of such notice
          is in the interests of the Holders.

               (b) The Guarantee Trustee shall not be deemed to have knowledge
          of any Event of Default unless the Guarantee Trustee shall have
          received written notice, or a Responsible Officer charged with the
          administration of this Guarantee Agreement shall have obtained written
          notice, of such Event of Default.

                                       7

<PAGE>

               SECTION 2.8. Conflicting Interests.

               The Trust Agreement and the Indenture shall be deemed to be
          specifically described in this Guarantee Agreement for the purposes of
          clause (i) of the first proviso contained in Section 310(b) of the
          Trust Indenture Act.

                                  ARTICLE III

               Powers, Duties and Rights of the Guarantee Trustee

               SECTION 3.1. Powers and Duties of the Guarantee Trustee.

               (a) This Guarantee Agreement shall be held by the Guarantee
          Trustee for the benefit of the Holders, and the Guarantee Trustee
          shall not transfer this Guarantee Agreement to any Person except a
          Holder exercising his or her rights pursuant to Section 5.4(iv) or to
          a Successor Guarantee Trustee on acceptance by such Successor
          Guarantee Trustee of its appointment to act as Successor Guarantee
          Trustee. The right, title and interest of the Guarantee Trustee shall
          automatically vest in any Successor Guarantee Trustee, upon acceptance
          by such Successor Guarantee Trustee of its appointment hereunder, and
          such vesting and cessation of title shall be effective whether or not
          conveyancing documents have been executed and delivered pursuant to
          the appointment of such Successor Guarantee Trustee.

               (b) If an Event of Default has occurred and is continuing, the
          Guarantee Trustee shall enforce this Guarantee Agreement for the
          benefit of the Holders.

               (c) The Guarantee Trustee, before the occurrence of any Event of
          Default and after the curing of all Events of Default that may have
          occurred, shall undertake to perform only such duties as are
          specifically set forth in this Guarantee Agreement, and no implied
          covenants shall be read into this Guarantee Agreement against the
          Guarantee Trustee. In case an Event of Default has occurred (that has
          not been cured or waived pursuant to Section 2.6), the Guarantee
          Trustee shall exercise such of the rights and powers vested in it by
          this Guarantee Agreement, and use the same degree of care and skill in
          its exercise thereof, as a prudent person would exercise or use under
          the circumstances in the conduct of his or her own affairs.

               (d) No provision of this Guarantee Agreement shall be construed
          to relieve the Guarantee 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 any Event of Default and
               after the curing or waiving of all such Events of Default that
               may have occurred:

                         (A) the duties and obligations of the Guarantee Trustee
                    shall be determined solely by the express provisions of this
                    Guarantee Agreement,

                                       8

<PAGE>

               and the Guarantee Trustee shall not be liable except for the
               performance of such duties and obligations as are specifically
               set forth in this Guarantee Agreement; and

                    (B) in the absence of bad faith on the part of the Guarantee
               Trustee, the Guarantee 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 Guarantee Trustee and conforming to the requirements of this
               Guarantee Agreement; but in the case of any such certificates or
               opinions that by any provision hereof or of the Trust Indenture
               Act are specifically required to be furnished to the Guarantee
               Trustee, the Guarantee Trustee shall be under a duty to examine
               the same to determine whether or not they conform to the
               requirements of this Guarantee Agreement;

               (ii)  the Guarantee Trustee shall not be liable for any error of
          judgment made in good faith by a Responsible Officer of the Guarantee
          Trustee, unless it shall be proved that the Guarantee Trustee was
          negligent in ascertaining the pertinent facts upon which such judgment
          was made;

               (iii) the Guarantee 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 Capital Securities relating to
          the time, method and place of conducting any proceeding for any remedy
          available to the Guarantee Trustee, or exercising any trust or power
          conferred upon the Guarantee Trustee under this Guarantee Agreement;
          and

               (iv)  no provision of this Guarantee Agreement shall require the
          Guarantee 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 the Guarantee
          Trustee 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 Guarantee Agreement or adequate indemnity against such
          risk or liability is not reasonably assured to it.

          SECTION 3.2. Certain Rights of Guarantee Trustee.

          (a) Subject to the provisions of Section 3.1:

               (i)   The Guarantee Trustee may 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 reasonably believed by it to be genuine and
          to have been signed, sent or presented by the proper party or parties.

                                       9

<PAGE>

                    (ii)  Any direction or act of the Guarantor contemplated by
               this Guarantee Agreement shall be sufficiently evidenced by an
               Officers' Certificate unless otherwise prescribed herein.

                    (iii) Whenever, in the administration of this Guarantee
               Agreement, the Guarantee Trustee shall deem it desirable that a
               matter be proved or established before taking, suffering or
               omitting to take any action hereunder, the Guarantee Trustee
               (unless other evidence is herein specifically prescribed) may, in
               the absence of bad faith on its part, request and rely upon an
               Officers' Certificate which, upon receipt of such request from
               the Guarantee Trustee, shall be promptly delivered by the
               Guarantor.

                    (iv)  The Guarantee Trustee may consult with legal counsel,
               and the written advice or opinion of such legal counsel with
               respect to legal matters shall be full and complete authorization
               and protection in respect of any action taken, suffered or
               omitted to be taken by it hereunder in good faith and in
               accordance with such advice or opinion. Such legal counsel may be
               legal counsel to the Guarantor or any of its Affiliates and may
               be one of its employees. The Guarantee Trustee shall have the
               right at any time to seek instructions concerning the
               administration of this Guarantee Agreement from any court of
               competent jurisdiction.

                    (v)   The Guarantee Trustee shall be under no obligation to
               exercise any of the rights or powers vested in it by this
               Guarantee Agreement at the request or direction of any Holder,
               unless such Holder shall have provided to the Guarantee Trustee
               such adequate security and indemnity as would satisfy a
               reasonable person in the position of the Guarantee Trustee,
               against the costs, expenses (including attorneys' fees and
               expenses) 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 Guarantee Trustee;
               provided that, nothing contained in this Section 3.2(a)(v) shall
               be taken to relieve the Guarantee Trustee, upon the occurrence of
               an Event of Default, of its obligation to exercise the rights and
               powers vested in it by this Guarantee Agreement.

                    (vi)  The Guarantee 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
               Guarantee Trustee, in its discretion, may make such further
               inquiry or investigation into such facts or matters as it may see
               fit.

                    (vii) The Guarantee Trustee may execute any of the trusts or
               powers hereunder or perform any duties hereunder either directly
               or by or through its agents or attorneys, and the Guarantee
               Trustee shall not be responsible for any

                                       10

<PAGE>

          misconduct or negligence on the part of any such agent or attorney
          appointed with due care by it hereunder.

               (viii) Whenever in the administration of this Guarantee Agreement
          the Guarantee Trustee shall deem it desirable to receive instructions
          with respect to enforcing any remedy or right or taking any other
          action hereunder, the Guarantee Trustee (A) may request instructions
          from the Holders, (B) may refrain from enforcing such remedy or right
          or taking such other action until such instructions are received, and
          (C) shall be protected in acting in accordance with such instructions.

          (b) No provision of this Guarantee Agreement shall be deemed to impose
     any duty or obligation on the Guarantee 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 Guarantee
     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
     Guarantee Trustee shall be construed to be a duty to act in accordance with
     such power and authority.

          SECTION 3.3. Compensation; Indemnity; Fees.

          The Guarantor agrees:

          (a) to pay to the Guarantee Trustee from time to time reasonable
     compensation for all services rendered by it hereunder (which compensation
     shall not be limited by any provisions of law in regard to the compensation
     of a trustee of an express trust);

          (b) except as otherwise expressly provided herein, to reimburse the
     Guarantee Trustee upon request for all reasonable expenses, disbursements
     and advances incurred or made by the Guarantee Trustee in accordance with
     any provision of this Guarantee Agreement (including the reasonable
     compensation and the expenses and disbursements of its agents and counsel),
     except any such expense, disbursement or advance as may be attributable to
     its negligence or bad faith; and

          (c) to indemnify the Guarantee Trustee and its directors, officers,
     agents and employees for, and to hold it harmless against, any loss,
     liability or expense incurred without negligence or bad faith on the part
     of the Guarantee Trustee, arising out of or in connection with the
     acceptance or administration of this Guarantee Agreement, including the
     costs and expenses of defending itself against any claim or liability in
     connection with the exercise or performance of any of its powers or duties
     hereunder. The Guarantee Trustee will not claim or exact any lien or charge
     on any Guarantee Payments as a result of any amount due to it under this
     Guarantee Agreement.

          The provisions of this Section 3.3. shall survive the termination of
     this Guarantee Agreement or the earlier resignation or removal of the
     Guarantee Trustee.

                                       11

<PAGE>

                                   ARTICLE IV

                                Guarantee Trustee

               SECTION 4.1. Guarantee Trustee; Eligibility.

               (a) There shall at all times be a Guarantee Trustee which shall:

                    (i)  not be an Affiliate of the Guarantor; and

                    (ii) be a Person that is eligible pursuant to the Trust
               Indenture Act to act as such and has a combined capital and
               surplus of at least $50,000,000, and shall be a corporation
               meeting the requirements of Section 310(a) of the Trust Indenture
               Act. If such corporation publishes reports of condition at least
               annually, pursuant to law or to the requirements of the
               supervising or examining authority, then, for the purposes of
               this Section 4.1 and to the extent permitted by the Trust
               Indenture Act, 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 Guarantee Trustee shall cease to be
          eligible to so act under Section 4.1(a), the Guarantee Trustee shall
          immediately resign in the manner and with the effect set out in
          Section 4.2(c).

               (c) If the Guarantee Trustee has or shall acquire any
          "conflicting interest" within the meaning of Section 310(b) of the
          Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all
          respects comply with the provisions of Section 310(b) of the Trust
          Indenture Act.

               SECTION 4.2. Appointment, Removal and Resignation of the
          Guarantee Trustee.

               (a) Subject to Section 4.2(b), the Guarantee Trustee may be
          appointed or removed without cause at any time by the Guarantor.

               (b) The Guarantee Trustee shall not be removed until a Successor
          Guarantee Trustee has been appointed and has accepted such appointment
          by written instrument executed by such Successor Guarantee Trustee and
          delivered to the Guarantor.

               (c) The Guarantee Trustee appointed hereunder shall hold office
          until a Successor Guarantee Trustee shall have been appointed or until
          its removal or resignation. The Guarantee Trustee may resign from
          office (without need for prior or subsequent accounting) by an
          instrument in writing executed by the Guarantee Trustee and delivered
          to the Guarantor, which resignation shall not take effect until a
          Successor Guarantee Trustee has been appointed and has accepted such
          appointment by instrument in writing executed by such Successor
          Guarantee Trustee and delivered to the Guarantor and the resigning
          Guarantee Trustee.

                                       12

<PAGE>

               (d) If no Successor Guarantee Trustee shall have been appointed
          and accepted appointment as provided in this Section 4.2 within 60
          days after delivery to the Guarantor of an instrument of resignation,
          the resigning Guarantee Trustee may petition, at the expense of the
          Guarantor, any court of competent jurisdiction for appointment of a
          Successor Guarantee Trustee. Such court may thereupon, after
          prescribing such notice, if any, as it may deem proper, appoint a
          Successor Guarantee Trustee.

                                    ARTICLE V

                                    Guarantee

               SECTION 5.1. Guarantee.

               The Guarantor irrevocably and unconditionally agrees to pay in
          full to the Holders the Guarantee Payments (without duplication of
          amounts theretofore paid by or on behalf of the Issuer Trust), as and
          when due, regardless of any defense, right of set-off or counterclaim
          which the Issuer Trust may have or assert, except the defense of
          payment. The Guarantor's obligation to make a Guarantee Payment may be
          satisfied by direct payment of the required amounts by the Guarantor
          to the Holders or by causing the Issuer Trust to pay such amounts to
          the Holders.

               SECTION 5.2. Waiver of Notice and Demand.

               The Guarantor hereby waives notice of acceptance of this
          Guarantee Agreement and of any liability to which it applies or may
          apply, presentment, demand for payment, any right to require a
          proceeding first against the Guarantee Trustee, the Issuer Trust or
          any other Person before proceeding against the Guarantor, protest,
          notice of nonpayment, notice of dishonor, notice of redemption and all
          other notices and demands.

               SECTION 5.3. Obligations Not Affected.

               The obligations, covenants, agreements and duties of the
          Guarantor under this Guarantee Agreement shall in no way be affected
          or impaired by reason of the happening from time to time of any of the
          following:

                    (a) the release or waiver, by operation of law or otherwise,
               of the performance or observance by the Issuer Trust of any
               express or implied agreement, covenant, term or condition
               relating to the Capital Securities to be performed or observed by
               the Issuer Trust;

                    (b) the extension of time for the payment by the Issuer
               Trust of all or any portion of the Distributions (other than an
               extension of time for payment of Distributions that results from
               the extension of any interest payment period on the Junior
               Subordinated Debentures as provided in the Indenture), Redemption
               Price, Liquidation Distribution or any other sums payable under
               the terms of the Capital

                                       13

<PAGE>

          Securities or the extension of time for the performance of any other
          obligation under, arising out of, or in connection with, the Capital
          Securities;

               (c) any failure, omission, delay or lack of diligence on the part
          of the Holders to enforce, assert or exercise any right, privilege,
          power or remedy conferred on the Holders pursuant to the terms of the
          Capital Securities, or any action on the part of the Issuer Trust
          granting indulgence or extension of any kind;

               (d) the voluntary or involuntary liquidation, dissolution, sale
          of any collateral, receivership, insolvency, bankruptcy, assignment
          for the benefit of creditors, reorganization, arrangement, composition
          or readjustment of debt of, or other similar proceedings affecting,
          the Issuer Trust or any of the assets of the Issuer Trust;

               (e) any invalidity of, or defect or deficiency in, the Capital
          Securities;

               (f) the settlement or compromise of any obligation guaranteed
          hereby or hereby incurred; or

               (g) any other circumstance whatsoever that might otherwise
          constitute a legal or equitable discharge or defense of a guarantor
          (other than payment of the underlying obligation), it being the intent
          of this Section 5.3 that the obligations of the Guarantor hereunder
          shall be absolute and unconditional under any and all circumstances.

     There shall be no obligation of the Holders to give notice to, or obtain
     the consent of, the Guarantor with respect to the happening of any of the
     foregoing.

          SECTION 5.4. Rights of Holders.

          The Guarantor expressly acknowledges that: (i) this Guarantee
     Agreement will be deposited with the Guarantee Trustee to be held for the
     benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce
     this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a
     Majority in Liquidation Amount of the Capital Securities have the right to
     direct the time, method and place of conducting any proceeding for any
     remedy available to the Guarantee Trustee in respect of this Guarantee
     Agreement or exercising any trust or power conferred upon the Guarantee
     Trustee under this Guarantee Agreement; and (iv) any Holder may institute a
     legal proceeding directly against the Guarantor to enforce its rights under
     this Guarantee Agreement, without first instituting a legal proceeding
     against the Guarantee Trustee, the Issuer Trust or any other Person.

          SECTION 5.5. Guarantee of Payment.

          This Guarantee Agreement creates a guarantee of payment and not of
     collection. This Guarantee Agreement will not be discharged except by
     payment of the Guarantee Payments in full (without duplication of amounts
     theretofore paid by the Issuer Trust) or

                                       14

<PAGE>

     upon distribution of Junior Subordinated Debentures to Holders as provided
     in the Trust Agreement.

          SECTION 5.6. Subrogation.

          The Guarantor shall be subrogated to all rights (if any) of the
     Holders against the Issuer Trust in respect of any amounts paid to the
     Holders by the Guarantor under this Guarantee Agreement and shall have the
     right to waive payment by the Issuer Trust pursuant to Section 5.1;
     provided, however, that the Guarantor shall not (except to the extent
     required by mandatory provisions of law) be entitled to enforce or exercise
     any rights which it may acquire by way of subrogation or any indemnity,
     reimbursement or other agreement, in all cases as a result of payment under
     this Guarantee Agreement, if, at the time of any such payment, any amounts
     are due and unpaid under this Guarantee Agreement. If any amount shall be
     paid to the Guarantor in violation of the preceding sentence, the Guarantor
     agrees to hold such amount in trust for the Holders and to pay over such
     amount to the Holders.

          SECTION 5.7. Independent Obligations.

          The Guarantor acknowledges that its obligations hereunder are
     independent of the obligations of the Issuer Trust with respect to the
     Capital Securities and that the Guarantor shall be liable as principal and
     as debtor hereunder to make Guarantee Payments pursuant to the terms of
     this Guarantee Agreement notwithstanding the occurrence of any event
     referred to in subsections (a) through (g), inclusive, of Section 5.3
     hereof.

                                   ARTICLE VI

                           Covenants and Subordination

          SECTION 6.1. Subordination.

          The obligations of the Guarantor under this Guarantee Agreement will
     constitute unsecured obligations of the Guarantor and will rank subordinate
     and junior in right of payment to all Senior Indebtedness of the Guarantor.
     The obligations of the Guarantor under this Guarantee Agreement do not
     constitute Senior Indebtedness, Senior Debt or Senior Subordinated Debt.

          SECTION 6.2. Pari Passu Guarantees.

          The obligations of the Guarantor under this Guarantee Agreement shall
     rank pari passu with the obligations of the Guarantor under any similar
     guarantee agreements issued by the Guarantor on behalf of the holders of
     preferred or capital securities issued by any KeyCorp Trust (as defined in
     the Indenture).

                                       15

<PAGE>

                                  ARTICLE VII

                                   Termination

          SECTION 7.1. Termination.

          This Guarantee Agreement shall terminate and be of no further force
     and effect upon (i) full payment of the Redemption Price of all Capital
     Securities, (ii) the distribution of Junior Subordinated Debentures to the
     Holders in exchange for all of the Capital Securities or (iii) full payment
     of the amounts payable in accordance with the Trust Agreement upon
     liquidation of the Issuer Trust. Notwithstanding the foregoing, this
     Guarantee Agreement will continue to be effective or will be reinstated, as
     the case may be, if at any time any Holder must restore payment of any sums
     paid with respect to Capital Securities or this Guarantee Agreement.

                                  ARTICLE VIII

                                  Miscellaneous

          SECTION 8.1. Successors and Assigns.

          All guarantees and agreements contained in this Guarantee Agreement
     shall bind the successors, assigns, receivers, trustees and representatives
     of the Guarantor and shall inure to the benefit of the Holders of the
     Capital Securities then outstanding. Except in connection with a
     consolidation, merger or sale involving the Guarantor that is permitted
     under Article VIII of the Indenture and pursuant to which the successor or
     assignee agrees in writing to perform the Guarantor's obligations
     hereunder, the Guarantor shall not assign its obligations hereunder.

          SECTION 8.2. Amendments.

          Except with respect to any changes which do not adversely affect the
     rights of the Holders in any material respect (in which case no consent of
     the Holders will be required), this Guarantee Agreement may only be amended
     with the prior approval of the Holders of not less than a Majority in
     Liquidation Amount of the Capital Securities. The provisions of Article VI
     of the Trust Agreement concerning meetings of the Holders shall apply to
     the giving of such approval.

          SECTION 8.3. Notices.

          Any notice, request or other communication required or permitted to be
     given hereunder shall be in writing, duly signed by the party giving such
     notice, and delivered, telecopied or mailed by first class mail as follows:

                                       16

<PAGE>

                    (a) if given to the Guarantor, to the address set forth
               below or such other address, facsimile number or to the attention
               of such other Person as the Guarantor may give notice to the
               Holders:

                           KeyCorp
                           127 Public Square
                           Cleveland, Ohio 44114-1306

                           Facsimile No.: (216) 689-4121
                           Attention: General Counsel

                    (b) if given to the Issuer Trust, in care of the Guarantee
               Trustee, at the Issuer Trust's (and the Guarantee Trustee's)
               address set forth below or such other address as the Guarantee
               Trustee on behalf of the Issuer Trust may give notice to the
               Holders:

                           KeyCorp Capital VI
                           c/o KeyCorp
                           127 Public Square
                           Cleveland, Ohio 44114-1306

                           Facsimile No.: (216) 689-4121
                           Attention: General Counsel

                    with a copy to:

                           Deutsche Bank Trust Company Americas
                           100 Plaza One
                           Mail Stop JCY03-0603
                           Jersey City, New Jersey  07311

                           Facsimile No.: (201) 593-6443
                           Attention: Corporate Trust and Agency Services

                    (c) if given to any Holder, at the address set forth on the
               books and records of the Issuer Trust.

               All notices hereunder shall be deemed to have been given when
         received in person, telecopied with receipt confirmed, or mailed by
         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.

                                       17

<PAGE>

          SECTION 8.4. Benefit.

          This Guarantee Agreement is solely for the benefit of the Holders and
     is not separately transferable from the Capital Securities.

          SECTION 8.5. Governing Law.

          THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
     INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          SECTION 8.6. Counterparts.

          This instrument may be executed in any number of counterparts, each of
     which so executed shall be deemed to be an original, but all such
     counterparts shall together constitute but one and the same instrument.

                                       18

<PAGE>

          In Witness Whereof, the undersigned have executed this Guarantee
     Agreement as of the date first above written.

                                           KeyCorp

                                           By __________________________________

                                              Name:
                                              Title:


                                           Deutsche Bank Trust Company Americas,
                                                as Guarantee Trustee


                                           By __________________________________
                                              Name:
                                              Title:

                                       19