Document:

Form of Amended and Restated Declaration of Trust

 Exhibit 4.6 
  
 AMENDED AND RESTATED 
  
 DECLARATION OF TRUST 
  
 OF 
  
 COLONIAL CAPITAL TRUST IV 
  
 Dated as of September ·, 2003 

 TABLE OF CONTENTS 
  

	 	  	Page

	ARTICLE I
INTERPRETATION AND DEFINITIONS
		
	 SECTION 1.1 Definitions.
	  	1
	
	ARTICLE II
TRUST INDENTURE ACT
		
	 SECTION 2.1 Trust Indenture Act; Application.
	  	8
	 SECTION 2.2 Lists of Holders of Securities.
	  	9
	 SECTION 2.3 Reports by the Institutional Trustee.
	  	9
	 SECTION 2.4 Periodic Reports to Institutional Trustee.
	  	9
	 SECTION 2.5 Evidence of Compliance with Conditions Precedent.
	  	10
	 SECTION 2.6 Events of Default; Waiver.
	  	10
	 SECTION 2.7 Event of Default; Notice.
	  	12
	
	ARTICLE III
ORGANIZATION
		
	 SECTION 3.1 Name.
	  	13
	 SECTION 3.2 Office.
	  	13
	 SECTION 3.3 Purposes.
	  	13
	 SECTION 3.4 Authority.
	  	14
	 SECTION 3.5 Title to Property of the Trust.
	  	14
	 SECTION 3.6 Powers and Duties of the Regular Trustees.
	  	14
	 SECTION 3.7 Prohibition of Actions by the Trust and the Trustees.
	  	17
	 SECTION 3.8 Powers and Duties of the Institutional Trustee.
	  	17
	 SECTION 3.9 Certain Duties and Responsibilities of the Institutional Trustee.
	  	20
	 SECTION 3.10 Certain Rights of the Institutional Trustee.
	  	21
	 SECTION 3.11 Delaware Trustee.
	  	23
	 SECTION 3.12 Execution of Documents.
	  	24
	 SECTION 3.13 Not Responsible for Recitals or Issuance of Securities.
	  	24
	 SECTION 3.14 Duration of Trust.
	  	24
	 SECTION 3.15 Mergers.
	  	24
	
	 ARTICLE IV
 SPONSOR

		
	 SECTION 4.1 Sponsor’s Purchase of Common Securities.
	  	26
	 SECTION 4.2 Responsibilities of the Sponsor.
	  	26
	 SECTION 4.3 Right to Proceed.
	  	26
	 SECTION 4.4 Expenses.
	  	27

  

 i 

	ARTICLE V
TRUSTEES
		
	 SECTION 5.1 Number of Trustees.
	  	27
	 SECTION 5.2 Delaware Trustee.
	  	28
	 SECTION 5.3 Institutional Trustee; Eligibility.
	  	28
	 SECTION 5.4 Certain Qualifications of the Regular Trustees and the Delaware Trustee Generally.
	  	29
	 SECTION 5.5 Regular Trustees.
	  	29
	 SECTION 5.6 Appointment, Removal and Resignation of Trustees.
	  	30
	 SECTION 5.7 Vacancies among Trustees.
	  	31
	 SECTION 5.8 Effect of Vacancies.
	  	32
	 SECTION 5.9 Meetings.
	  	32
	 SECTION 5.10 Delegation of Power.
	  	32
	 SECTION 5.11 Merger, Conversion, Consolidation or Succession to Business.
	  	32
	
	 ARTICLE VI
 DISTRIBUTIONS

		
	 SECTION 6.1 Distributions.
	  	33
	
	 ARTICLE VII
 ISSUANCE OF SECURITIES

		
	 SECTION 7.1 General Provisions Regarding Securities.
	  	33
	 SECTION 7.2 Paying Agent.
	  	34
	 SECTION 7.3 Outstanding Preferred Securities.
	  	35
	
	 ARTICLE VIII
 DISSOLUTION AND TERMINATION OF TRUST

		
	 SECTION 8.1 Dissolution and Termination of Trust.
	  	36
	
	 ARTICLE IX
 TRANSFER OF INTERESTS

		
	 SECTION 9.1 Transfer of Securities.
	  	37
	 SECTION 9.2 Transfer of Certificates.
	  	37
	 SECTION 9.3 Deemed Security Holders.
	  	38
	 SECTION 9.4 Book-Entry Interests.
	  	39
	 SECTION 9.5 Notices to Depository Institution.
	  	40
	 SECTION 9.6 Appointment of Successor Depository Institution.
	  	40
	 SECTION 9.7 Definitive Preferred Security Certificates.
	  	40
	 SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates.
	  	41

  

 ii 

	 ARTICLE X
 LIMITATION OF LIABILITY OF
 HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

		
	 SECTION 10.1 Liability.
	  	41
	 SECTION 10.2 Exculpation.
	  	42
	 SECTION 10.3 Fiduciary Duty.
	  	42
	 SECTION 10.4 Indemnification.
	  	43
	 SECTION 10.5 Outside Businesses
	  	46
	 SECTION 10.6 Compensation; Fees
	  	47
	
	 ARTICLE XI
 ACCOUNTING

		
	 SECTION 11.1 Fiscal Year.
	  	47
	 SECTION 11.2 Certain Accounting Matters.
	  	47
	 SECTION 11.3 Banking.
	  	48
	 SECTION 11.4 Withholding.
	  	48
	
	 ARTICLE XII
 AMENDMENTS AND MEETINGS

		
	 SECTION 12.1 Amendments.
	  	49
	 SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent.
	  	50
	
	 ARTICLE XIII
 REPRESENTATIONS OF INSTITUTIONAL TRUSTEE
 AND DELAWARE TRUSTEE

		
	 SECTION 13.1 Representations and Warranties of Institutional Trustee.
	  	52
	 SECTION 13.2 Representations and Warranties of Delaware Trustee.
	  	52
	
	 ARTICLE XIV
 MISCELLANEOUS

		
	 SECTION 14.1 Notices.
	  	53
	 SECTION 14.2 Governing Law.
	  	54
	 SECTION 14.3 Intention of the Parties.
	  	55
	 SECTION 14.4 Headings.
	  	55
	 SECTION 14.5 Successors and Assigns.
	  	55
	 SECTION 14.6 Partial Enforceability.
	  	55
	 SECTION 14.7 Counterparts.
	  	55
		
	 ANNEX I
	  	A-1
	 Exhibit A-1 Form of Preferred Securities Certificate
	  	A1-1
	 Exhibit A-1 Form of Common Securities Certificate
	  	A2-1

  

 iii 

 CROSS-REFERENCE TABLE* 
  

	 Section of
Trust Indenture Act
of 1939, as amended

	  	 Section of
Declaration

		
	 310(a)
	  	 5.3(a)

		
	 310(b)
	  	 5.3(c)

		
	 310(c)
	  	 Inapplicable

		
	 311(a) and (b)
	  	 5.3(c)

		
	 311(c)
	  	 Inapplicable

		
	 312(a)
	  	 2.2(a)

		
	 312(b)
	  	 2.2(b)

		
	 313
	  	 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)

		
	 315(b)
	  	 2.7(a)

		
	 315(c)
	  	 3.9(a)

		
	 315(d)
	  	 3.9(b)

		
	 316(a) and (b)
	  	 2.6 and Annex I (Sections 5 and 6)

		
	 316(c)
	  	 3.6(e)

		
	 317(a)
	  	 3.8(e) and (g)

		
	 317(b)
	  	 3.8(h)

	*	This Cross-Reference Table does not constitute part of the Declaration and shall not affect the interpretation of any of its terms or provisions. 

  

 iv 

 AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 OF 
 COLONIAL CAPITAL TRUST IV 
  
 September ·, 2003 
  
 THIS AMENDED AND RESTATED DECLARATION OF TRUST (“Declaration”) is dated and effective as of September ·, 2003 by the Trustees (as defined herein), the Sponsor (as defined herein) and by the holders, from time to time, of undivided beneficial interests in the assets of the Trust to be
issued pursuant to this Declaration. 
  
 WHEREAS, certain of the
Trustees and the Sponsor established Colonial Capital Trust IV (the “Trust”), a statutory trust under the Statutory Trust Act (as defined herein), pursuant to a Declaration of Trust, dated as of September ·, 2003 (the “Original Declaration”), and a Certificate of Trust filed with the Secretary of State of the State of Delaware on September ·, 2003 (the “Certificate of Trust”) for the purpose of issuing and selling Securities (as defined herein) and investing the proceeds therefrom in Debentures of the
Debenture Issuer (each as defined herein); and 
  
 WHEREAS, as of
the date hereof, no Securities have been issued; and 
  
 WHEREAS,
the parties hereto, by this Declaration, hereby amend and restate each and every term and provision of the Original Declaration. 
  
 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
Declaration constitutes the governing instrument of such statutory trust, the Trustees declare that all assets contributed to the Trust will be held in trust for the benefit of the Holders, subject to the provisions of this Declaration. 

 
 ARTICLE I 
 INTERPRETATION AND DEFINITIONS 
  
 SECTION 1.1 Definitions. 
  
 Unless the context otherwise requires: 
  
 (a)
capitalized terms used in this Declaration but not defined in the preamble above have the respective meanings assigned to them in this Section 1.1; 
  
 (b) a term defined anywhere in this Declaration has the same meaning throughout; 
  
 (c) all references to “the Declaration” or “this Declaration” are to this Declaration as modified,
supplemented or amended from time to time; 
  
 (d) all references
in this Declaration to Articles, Sections, Annexes and Exhibits are to Articles and Sections of, and Annexes and Exhibits to, this Declaration; 

 (e) a term defined in the Trust Indenture Act has the same meaning when used in this Declaration unless
otherwise defined in this Declaration or unless the context otherwise requires; and 
  
 (f) a reference to the singular includes the plural and vice versa. 
  
 “Additional Interest” has the meaning set forth in Section 2(d) of Annex I. 
  
 “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities Act or any successor rule
thereunder. 
  
 “Agent” means any Paying Agent.

  
 “Authorized Officer” of a Person means any executive
officer, president, vice-president, assistant vice-president, treasurer, assistant treasurer, secretary, assistant secretary or other officer of such Person generally authorized to bind such Person. 
  
 “Book-Entry Interest” means a beneficial interest in a Global
Certificate, ownership and transfers of which shall be maintained and made through book entries by a Depository Institution as described in Section 9.4. 
  
 “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banking institutions in The City of New York are
permitted or required by any applicable law, regulation or executive order to close. 
  
 “Certificate” means a Common Security Certificate and/or a Preferred Security Certificate, as the context requires. 
  
 “Certificate of Trust” has the meaning set forth in the first recital hereto. 
  
 “Closing Date” means the “Closing Time” and each “Date of Delivery,” each as defined in the
Purchase Agreement. 
  
 “Code” means the Internal
Revenue Code of 1986, as amended from time to time, or any successor legislation. 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “Common Securities” has the meaning set forth in Section 7.1(a). 
  
 “Common Securities Guarantee” means the guarantee agreement, to be dated as of the Closing Time, of the Sponsor in
respect of the Common Securities. 
  
 “Common Security
Certificate” means a definitive certificate in fully registered form evidencing one or more Common Securities substantially in the form of Exhibit A-2. 
  
 “Company Indemnified Person” means (a) any Regular Trustee; (b) any Affiliate of any Regular Trustee; (c) any officers, directors, shareholders,
members, partners, employees, 
  

 2 

 representatives or agents of any Regular Trustee; or (d) any officer, employee or agent of the Trust or its Affiliates.

  
 “Compound Interest” has the meaning set forth in
Section 2(a) of Annex I. 
  
 “Corporate Trust Office”
means the office of the Institutional Trustee at which the corporate trust business of the Institutional Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Declaration is located at 101
Barclay Street, New York, New York 10286. 
  
 “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 of Securities. 
  
 “Coupon Rate” has the meaning set forth in Section 2(a) of Annex I.

  
 “Creditor” has the meaning set forth in Section 4.4.

  
 “Debenture Issuer” means The Colonial BancGroup,
Inc., a Delaware corporation, in its capacity as issuer of the Debentures under the Indenture. 
  
 “Debenture Purchase Agreement” means the purchase agreement to be dated as of the Closing Time, between the Debenture Trustee and the Trust, relating to the Debentures. 
  
 “Debentures” means the ·% Junior Subordinated Debentures due 2033 issued by the Debenture Issuer to the Trust. 
  
 “Debt Trustee” means The Bank of New York, as trustee under the Indenture until a successor is appointed thereunder, and thereafter means such
successor trustee. 
  
 “Declaration” has the meaning set
forth in the preamble hereto. 
  
 “Definitive Preferred
Security Certificate” has the meaning set forth in Section 9.4. 
  
 “Delaware Trustee” has the meaning set forth in Section 5.2. 
  
 “Depository Institution” shall mean DTC or any other clearing agency or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case,
shall be designated by the Debenture Issuer pursuant to either Section 2.03 or 2.11 of the Indenture. 
  
 “Depository Institution Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time the
Depository Institution effects book-entry transfers and pledges of securities deposited with the Depository Institution. 
  
 “Direct Action” has the meaning set forth in Section 3.8(e). 
  

 3 

 “Distribution” means a distribution payable to Holders of Securities in accordance with Section
6.1. 
  
 “Distribution Payment Date” has the meaning set
forth in Section 2(b) of Annex I. 
  
 “DTC” means The
Depository Trust Company. 
  
 “Event of Default” in
respect of the Securities means an event of default within the meaning of, and as defined under, the Indenture has occurred and is continuing in respect of the Debentures. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor
legislation. 
  
 “Extension Period” has the meaning set
forth in Section 2(b) of Annex I. 
  
 “Federal Reserve
Board” means the Board of Governors of the Federal Reserve System. 
  
 “Fiduciary Indemnified Person” has the meaning set forth in Section 10.4(b). 
  
 “Fiscal Year” has the meaning set forth in Section 11.1. 
  
 “Global Certificate” has the meaning set forth in Section 9.4. 
  
 “Holder” means a Person in whose name a Certificate representing a
Security is registered, such Person being a beneficial owner thereof within the meaning of the Statutory Trust Act. 
  
 “Indemnified Person” means a Company Indemnified Person or a Fiduciary Indemnified Person. 
  
 “Indenture” means the Indenture dated as of March 21, 2002, as
supplemented by the First Supplemental Indenture, dated March 21, 2002, as supplemented by the Second Supplemental Indenture, dated on the Closing Date, each between the Debenture Issuer and the Debt Trustee, and any indenture supplemental thereto
applicable to the Debentures. 
  
 “Institutional
Trustee” means the Trustee meeting the eligibility requirements set forth in Section 5.3. 
  
 “Institutional Trustee Account” has the meaning set forth in Section 3.8(c). 
  
 “Investment Company” means an investment company as defined in the Investment Company Act. 
  
 “Investment Company Act” means the Investment Company Act of 1940,
as amended from time to time, or any successor legislation. 
  
 “Investment Company Event” has the meaning set forth in Section 4(c) of Annex I hereto. 
  

 4 

 “Legal Action” has the meaning set forth in Section 3.6(g). 
  
 “Liquidation Distribution” has the meaning set forth in Section 3
of Annex I. 
  
 “List of Holders” has the meaning set
forth in Section 2.2(a). 
  
 “Majority in Liquidation Amount
of Securities” means, except as provided in the terms of the Preferred Securities set forth in Annex I hereto or by the Trust Indenture Act, Holder(s) of outstanding Securities voting together as a single class, excluding the Trust, the
Debenture Issuer and any Affiliate of the Trust or the Debenture Issuer, or, as the context may require, Holders of outstanding 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 liquidation 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. 
  
 “NYSE” means the New York Stock Exchange, Inc. 
  
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by two Authorized Officers of such Person. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant
provided for in this Declaration shall include: 
  
 (a) a
statement that each Authorized Officer signing the 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 Authorized Officer in rendering the Certificate;

  
 (c) a statement that each such Authorized Officer has made
such examination or investigation as, in such Authorized Officer’s opinion, is necessary to enable such Authorized 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 such Authorized
Officer, such condition or covenant has been complied with. 
  
 “Original Declaration” has the meaning set forth in the first recital hereto. 
  
 “Paying Agent” has the meaning set forth in Section 7.2. 
  
 “Payment Amount” has the meaning set forth in Section 6.1. 
  
 “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.

  

 5 

 “Preferred Guarantee Trustee” means The Bank of New York, as trustee under the Preferred
Securities Guarantee until a successor is appointed thereunder, and thereafter means such successor trustee. 
  
 “Preferred Securities” has the meaning set forth in Section 7.1(a). 
  
 “Preferred Securities Guarantee” means the guarantee agreement, to be dated as of the Closing Time, between the
Sponsor and the Preferred Guarantee Trustee, in respect of the Preferred Securities. 
  
 “Preferred Security Beneficial Owner” means, with respect to a Book-Entry Interest, a Person who is the beneficial owner of such Book-Entry Interest, as reflected on the books of the Depository Institution,
or on the books of a Person maintaining an account with such Depository Institution (directly as a Depository Institution Participant or as an indirect participant, in each case in accordance with the rules of such Depository Institution).

  
 “Preferred Security Certificate” means a certificate
in fully registered form evidencing one or more Preferred Securities substantially in the form of Exhibit A-1. 
  
 “Prepayment Price” has the meaning set forth in Section 4(b) of Annex I. 
  
 “Pro Rata” has the meaning set forth in Section 8 of Annex I. 
  
 “Prospectus” means the prospectus included in the Registration
Statement at the time the Registration Statement was declared effective, as amended or supplemented by any prospectus supplement and by all other amendments, including post-effective amendments, and supplements thereto, and all other material
incorporated by reference therein. 
  
 “Purchase
Agreement” means the Purchase Agreement for the offering and sale of Preferred Securities in the form of Exhibit B. 
  
 “Quorum” means a majority of the Regular Trustees or, if there are only two Regular Trustees, both of them. 
  
 “Redemption/Distribution Notice” has the meaning set forth in
Section 4(f)(i) of Annex I. 
  
 “Redemption Price” shall
have the meaning set forth in Section 4(a) of Annex I. 
  
 “Registration Statement” means the registration statement (File No. 333-             and
333-            01·) relating to the Preferred Securities, the Preferred
Securities Guarantee and the Debentures that has been filed with the Commission pursuant to this Declaration, and all amendments (including post-effective amendments) thereto, and all exhibits and material incorporated by reference therein.

  
 “Regular Trustee” has the meaning set forth in
Section 5.1(a). 
  
 “Regulatory Capital Event” has the
meaning set forth in Section 4(c) of Annex I. 
  

 6 

 “Related Party” means, with respect to the Sponsor, any direct or indirect wholly owned
subsidiary of the Sponsor or any other Person that owns, directly or indirectly, 100% of the outstanding voting securities of the Sponsor. 
  
 “Resignation Request” has the meaning set forth in Section 5.6(c). 
  
 “Responsible Officer” means, with respect to the Institutional Trustee, any officer within the Corporate Trust
Office of the Institutional Trustee, including any vice president, any assistant vice president, any assistant secretary, any assistant treasurer or other officer or agent of the Corporate Trust Office of the Institutional Trustee customarily
performing functions similar to those performed by any of the above designated officers or agents and also means, with respect to a particular corporate trust matter, any other officer or agent to whom such matter is referred because of that
officer’s or agent’s knowledge of and familiarity with the particular subject. 
  
 “Rule 3a-5” means Rule 3a-5 under the Investment Company Act. 
  
 “Securities” means the Common Securities and the Preferred Securities. 
  
 “Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor legislation.

  
 “Securities Guarantees” means the Common Securities
Guarantee and the Preferred Securities Guarantee. 
  
 “Special Event” has the meaning set forth in Section 4(c) of Annex I. 
  
 “Sponsor” means The Colonial BancGroup, Inc., a Delaware corporation, or any permitted successor entity in a merger, consolidation or amalgamation, in its capacity as sponsor of the Trust. 
  
 “Stated Maturity” has the meaning set forth in Section 4(a) of
Annex I. 
  
 “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 set forth in Section 5.6(b)(ii). 
  
 “Successor Entity” has the meaning set forth in Section 3.15(b)(i). 
  
 “Successor Institutional Trustee” has the meaning set forth in
Section 5.6(b)(i). 
  
 “Successor Securities” has the
meaning set forth in Section 3.15(b)(i)(B). 
  
 “Super
Majority” has the meaning set forth in Section 2.6(a)(ii). 
  
 “Tax Event” has the meaning set forth in Section 4(c) of Annex I hereto. 
  

 7 

 “10% in liquidation amount” means, except as provided in the terms of the Preferred Securities
set forth in Annex I hereto or by the Trust Indenture Act, Holder(s) of outstanding Securities voting together as a single class, excluding the Trust, the Debenture Issuer and any Affiliate of the Trust or the Debenture Issuer, or, as the context
may require, Holders of outstanding 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 liquidation 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. 
  
 “Transfer Agent” has the meaning set forth in Section 9.2(e).

  
 “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). 
  
 “Trust” has the meaning set forth in the first recital hereto.

  
 “Trust Indenture Act” means the Trust Indenture Act
of 1939, as amended from time to time, or any successor legislation. 
  
 “Trustee” or “Trustees” means each Person who has signed this Declaration as a trustee, so long as such Person shall continue in office 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. 
  
 ARTICLE II 
 TRUST INDENTURE ACT 
  
 SECTION 2.1 Trust Indenture Act; Application. 
  
 (a) This Declaration is subject to the provisions of the Trust Indenture Act that are required to be part of this Declaration and shall, to the extent applicable, be governed by such provisions. 
  
 (b) The Institutional Trustee shall be the only Trustee which is a trustee
for the purposes of the Trust Indenture Act. 
  
 (c) If, and to
the extent that, any provision of this Declaration limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, the duties imposed by the Trust Indenture Act shall control. 
  
 (d) The application of the Trust Indenture Act to this Declaration shall not
affect the nature of the Securities as equity securities representing undivided beneficial interests in the assets of the Trust. 
  

 8 

 SECTION 2.2 Lists of Holders of Securities. 
  
 (a) Each of the Sponsor and the Regular Trustees on behalf of the Trust
shall provide the Institutional Trustee (i) within 14 days after each record date for payment of Distributions, a list, in such form as the Institutional Trustee may reasonably require, of the names and addresses of the Holders (“List of
Holders”) as of such record date, provided that neither the Sponsor nor the Regular Trustees on behalf of the Trust shall be obligated to provide such List of Holders at any time the List of Holders does not differ from the most recent List of
Holders given to the Institutional Trustee by the Sponsor and the Regular Trustees on behalf of the Trust and (ii) at any other time, within 30 days of receipt by the Trust of a written request for a List of Holders as of a date no more than 15 days
before such List of Holders is given to the Institutional Trustee. The Institutional Trustee shall preserve, in as current a form as is reasonably practicable, all information contained in the Lists of Holders given to it or which it receives in its
capacity as Paying Agent (if acting in such capacity) provided that the Institutional Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
  
 (b) The Institutional Trustee shall comply with its obligations under Sections 311(a), 311(b) and 312(b) of the Trust
Indenture Act. 
  
 SECTION 2.3 Reports by the Institutional
Trustee. 
  
 (a) The Institutional Trustee shall transmit to
Holders such reports concerning the Institutional Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the
Trust Indenture Act, the Institutional Trustee shall, within sixty days after each May 15 following the date of this Indenture deliver to Holders a brief report which complies with the provisions of such Section 313(a). 
  
 (b) A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Institutional Trustee with each stock exchange, if any, upon which the Securities are listed, with the Commission and with the Trust. The Trust will promptly notify the Institutional Trustee when the Securities are listed on
any stock exchange and of any delisting thereof. 
  
 SECTION 2.4
Periodic Reports to Institutional Trustee. 
  
 (a) Each of the
Sponsor and the Regular Trustees on behalf of the Trust covenants and agrees to file with the Institutional Trustee, within 15 days after the Trust is required to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Trust may be required to file with the Commission pursuant to Section
13 or Section 15(d) of the Exchange Act; or, if the Trust is not required to file information, documents or reports pursuant to either of such sections, then to file with the Institutional Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the 
  

 9 

 Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from
time to time in such rules and regulations. 
  
 (b) Each of the
Sponsor and the Regular Trustees on behalf of the Trust covenants and agrees to file with the Institutional Trustee and the Commission, in accordance with the rules and regulations prescribed from time to time by the Commission, such additional
information, documents and reports with respect to compliance by the Trust with the conditions and covenants provided for in this Declaration as may be required from time to time by such rules and regulations. 
  
 (c) Each of the Sponsor and the Regular Trustees on behalf of the Trust
covenants and agrees to transmit by mail to all holders of Securities, as the names and addresses of such holders appear upon the security register, within 30 days after the filing thereof with the Institutional Trustee, such summaries of any
information, documents and reports required to be filed by the Trust pursuant to subsections (a) and (b) of this Section 2.4 as may be required by rules and regulations prescribed from time to time by the Commission. 
  
 (d) Each of the Sponsor and the Regular Trustees on behalf of the Trust
covenants and agrees to furnish to the Institutional Trustee within 120 days of the end of each fiscal year the compliance certificate required by Section 314(a)(4) of the Trust Indenture Act. 
  
 (e) Delivery of such reports, information and documents to the Institutional
Trustee is for informational purposes only and the Institutional Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Trust’s compliance with any of its covenants hereunder (as to which the Institutional Trustee is entitled to rely exclusively on Officers’ Certificates). 
  
 SECTION 2.5 Evidence of Compliance with Conditions Precedent. 
  
 Each of the Sponsor and the Regular Trustees on behalf of the Trust shall provide to the Institutional Trustee such evidence
of compliance with any conditions precedent, if any, provided for in this Declaration 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 Events of Default; Waiver. 
  
 (a) Subject to Section 2.6(c), the Holders of a Majority in Liquidation Amount of Preferred Securities may, by vote, on behalf of the Holders of all of the Preferred Securities, waive any past Event of Default in respect of the Preferred
Securities and its consequences, provided that, if the underlying event of default under the Indenture: 
  
 (i) is not waivable under the Indenture, the Event of Default shall also not be waivable; or 
  
 (ii) requires the consent or vote of more than a simple
majority in aggregate principal amount of the holders of the Debentures (a “Super Majority”) to be waived 
  

 10 

 under the Indenture, then the Event of Default may be waived only by the vote of the Holders of at least
the proportion in aggregate liquidation amount of the Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; or 
  
 (iii) requires the consent or vote of each holder of Debentures to be waived under the Indenture, then the
Event of Default may be waived only by each Holder of Preferred Securities. 
  
 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
Declaration and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, the related default shall cease to exist, and any Event of Default with respect to the Preferred Securities arising therefrom shall be deemed to have been
cured, for every purpose of this Declaration, but no such waiver shall extend to any subsequent or other default or an Event of Default with respect to the Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the
Preferred Securities of an Event of Default with respect to the Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all
purposes of this Declaration without any further act, vote or consent of the Holders of the Common Securities. 
  
 (b) Subject to Section 2.6(c), the Holders of a Majority in Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of
the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying event of default under the Indenture: 
  
 (i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to
have waived such Event of Default as provided below in this Section 2.6(b), then the Event of Default shall also not be waivable; or 
  
 (ii) requires the consent or vote of (A) a Super Majority to be waived, then the Event of Default may be waived only by the vote of the
Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding or (B) each holder of Debentures to be waived,
then the Event of Default may only be waived by each Holder of Preferred Securities, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Declaration as provided below in this Section 2.6(b).

  
 Notwithstanding the foregoing, each Holder of Common
Securities will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and its consequences if all Events of Default with respect to the Preferred Securities have been cured, waived or
otherwise eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Institutional Trustee will be deemed to be acting solely on behalf of the Holders of the Preferred Securities and only the Holders of the
Preferred 
  

 11 

 Securities will have the right to direct the Institutional Trustee in accordance with the terms of the Securities set
forth in Annex I hereto. If any Event of Default with respect to the Preferred Securities is waived by the Holders of Preferred Securities as provided in this Declaration, the Holders of Common Securities agree that such waiver shall also constitute
the waiver of such Event of Default with respect to the Common Securities for all purposes under this Declaration without any further act, vote or consent of the Holders of the Common Securities. Subject to the foregoing provisions of this Section
2.6(b), upon such waiver, the related default shall cease to exist, and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Declaration, but no such waiver shall
extend to any subsequent or other default or Event of Default with respect to the Common Securities or impair any right consequent thereon. 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 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions
of this Section 2.6(b), upon such waiver, any such default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Declaration, but no such
waiver shall extend to any subsequent or other default or Event of Default with respect to the Common Securities or impair any right consequent thereon. 
  
 (c) The right of any Holder to receive payment of Distributions, the Redemption Price and Liquidation Distribution in accordance with this Declaration and
the terms of the Securities set forth in Annex I on or after the respective due dates therefor, or to institute suit for the enforcement of any such payment on or after such dates, shall not be impaired without the consent of each such Holder.

  
 (d) A waiver of an event of default under the Indenture by the
Institutional Trustee at the written direction of the Holders of the Preferred Securities constitutes a waiver of the corresponding Event of Default. The foregoing provisions of this Section 2.6(d) 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 Declaration and the Securities, as permitted by the Trust Indenture Act. 
  
 SECTION 2.7 Event of Default; Notice. 
  
 (a) The Institutional Trustee shall, within 60 days after its occurrence,
transmit by mail, first class postage prepaid, to the Holders, notice of each default with respect to the Securities actually known to a Responsible Officer, unless such default has been cured before the giving of such notice (the term
“default” for the purposes of this Section 2.7(a) being hereby defined to be any default under the Indenture, 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 interest on any of the Debentures, the Institutional Trustee shall be protected in withholding such notice if and so long as a Responsible Officer in good faith determines that the
withholding of such notice is in the interests of the Holders; and provided further, that in the case of any default of the character specified in Section 5.01(c) of the 
  

 12 

 Indenture, no such notice to Holders shall be given until at least 60 days after the occurrence thereof but shall be
given within 90 days after such occurrence. 
  
 (b) The
Institutional Trustee shall not be deemed to have knowledge of any default except: 
  
 (i) a default in the payment of principal of or interest on the Debentures; or 
  
 (ii) any default as to which the Institutional Trustee shall
have received written notice or of which a Responsible Officer charged with the administration of the Declaration shall have actual knowledge. 
  
 ARTICLE III 
 ORGANIZATION

  
 SECTION 3.1 Name. 
  
 The Trust is named “Colonial Capital Trust IV,” as such name may
be modified from time to time by the Regular Trustees following written notice to the Holders. The Trust’s activities may be conducted under the name of the Trust or any other name deemed advisable by the Regular Trustees. 
  
 SECTION 3.2 Office. 
  
 The address of the principal office of the Trust is c/o The Colonial
BancGroup, Inc., One Commerce Street, P.O. Box 1108, Montgomery, Alabama 36101-1108. Upon ten (10) Business Days’ written notice to the Holders of Securities, the Regular Trustees may designate another principal office. 
  
 SECTION 3.3 Purposes. 
  
 The exclusive purposes and functions of the Trust are (i) to issue and sell
(a) its Preferred Securities pursuant to the Purchase Agreement in exchange for cash and (b) its Common Securities to the Sponsor in exchange for cash, and to use the aggregate proceeds of the sale of the Securities to purchase the Debentures, (ii)
to enter into such agreements and arrangements as may be necessary in connection with the issuance and sale of the Securities and to take all actions, and exercise such discretion, as may be necessary or desirable in connection with the issuance and
sale of the Securities and to file such registration statements or make such other filings under the Securities Act, the Exchange Act or State securities or “Blue Sky” laws as may be necessary or desirable in connection with the offer and
the issuance and sale of the Securities, (iii) to make distributions and (iv) except as otherwise limited herein, to engage in only those other activities necessary or incidental thereto. As more specifically provided in Section 3.7, the Trust shall
not borrow money, incur debt, 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 for United States federal income tax
purposes as a grantor trust. 
  

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 SECTION 3.4 Authority. 
  
 Subject to the limitations provided in this Declaration and to the specific duties of the Institutional Trustee, the Regular
Trustees shall have exclusive and complete authority to carry out the purposes of the Trust. Any action taken by the Regular Trustees in accordance with their powers shall constitute the act of and serve to bind the Trust and any action taken by the
Institutional 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 Declaration. 
  
 SECTION 3.5 Title to Property of the Trust. 
  
 Except as provided in Section 3.8 with respect to the Debentures and the Institutional Trustee Account or as otherwise
provided in this Declaration, legal title to all assets of the Trust 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. 
  
 SECTION 3.6 Powers and Duties of the Regular Trustees.

  
 The Regular Trustees shall have the exclusive power, duty and
authority to cause the Trust to engage in the following activities: 
  
 (a) to issue and sell the Securities in accordance with this Declaration; provided, however, that the Trust may issue no more than one series of 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 shall be limited to simultaneous issuance of both Preferred Securities and Common Securities on the Closing Date; 
  
 (b) in connection with the issue of the Preferred Securities, at the
direction of the Sponsor, to: 
  
 (i) execute and
file with the Commission one or more registration statements on Form S-3 prepared by the Sponsor, including any and all amendments thereto, pertaining to the Preferred Securities; 
  
 (ii) 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 Preferred Securities in any jurisdiction in which the Sponsor has determined to qualify or register such Preferred Securities for sale; 
  
 (iii) execute and file an application, prepared by the
Sponsor, to the NYSE or any other national stock exchange or the NASDAQ Stock Market’s National Market for listing or quotation upon notice of issuance of any Preferred Securities; 
  

 14 

 (iv) execute and file with the Commission a registration statement on Form 8-A, including
any amendments thereto, prepared by the Sponsor, relating to the registration of the Preferred Securities under Section 12(b) or 12(g) of the Exchange Act, as the case may be; 
  
 (v) execute and enter into the Purchase Agreement providing for the sale of the Preferred Securities; and

  
 (vi) execute and deliver letters, documents
or instruments with DTC. 
  
 (c) to acquire the Debentures with
the proceeds of the sale of the Preferred Securities and the Common Securities, and to execute and deliver the Debenture Purchase Agreement; provided, however, that the Regular Trustees shall cause legal title to the Debentures to be held of record
in the name of the Institutional Trustee for the benefit of the Holders; 
  
 (d) to give the Sponsor and the Institutional Trustee prompt written notice of the occurrence of a 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 Securities as to such actions and applicable record dates; 
  
 (f) to take all actions and perform such duties as may be required of the
Regular Trustees pursuant to the terms of the Securities set forth in Annex I hereto; 
  
 (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
Institutional 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 and pay reasonable compensation for such services; 

 
 (i) to cause the Trust to comply with the Trust’s obligations under
the Trust Indenture Act and, if applicable, the Exchange Act; 
  
 (j) to give the certificate required by Section 314(a)(4) of the Trust Indenture Act to the Institutional Trustee, which certificate may be executed by any Regular 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, transfer agent
and paying agent for the Preferred Securities; 
  

 15 

 (m) to give prompt written notice to the Holders 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 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 each other jurisdiction in which such existence is necessary to protect the limited liability of the Holders or to enable the Trust to effect the purposes for
which the Trust was created; 
  
 (o) to take any action, not
inconsistent with this Declaration or with applicable law, that the Regular Trustees determine in their discretion to be necessary or desirable in carrying out 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 for United States federal income tax purposes as a grantor trust; 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, 
  
 provided that such actions do not materially adversely affect the interests of Holders; 
  
 (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 Regular Trustees, on behalf of the Trust; and 
  
 (q) to execute all certificates, 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. 
  
 The Regular 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 Regular Trustees 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 Regular Trustees shall have none of the powers or the authority of the Institutional Trustee set forth in Section 3.8. 
  
 Any expenses incurred by the Regular Trustees pursuant to this Section 3.6 shall be reimbursed by the Debenture Issuer. 
  
 The Regular Trustees shall take all actions on behalf of the Trust that are
not specifically required by this Declaration to be taken by any other Trustee. 
  

 16 

 SECTION 3.7 Prohibition of Actions by the Trust and the Trustees. 
  
 (a) The Trust shall not, and the Trustees (including the Institutional
Trustee) shall not and shall cause the Trust not to, engage in any activity other than in connection with the purposes of the Trust or other than as required or authorized by this Declaration. In particular, the Trust shall not, and the Trustees
(including the Institutional Trustee) shall not and shall cause the Trust not to: 
  
 (i) invest any proceeds received by the Trust from holding the Debentures, but shall distribute all such proceeds to Holders pursuant to
the terms of this Declaration and the Securities; 
  
 (ii) acquire any assets other than as expressly provided herein; 
  
 (iii) possess Trust property for other than a Trust purpose or execute any mortgage in respect of, or pledge, any Trust property; 
  
 (iv) make any investments other than investments represented by the Debentures; 
  
 (v) possess any power or otherwise act in such a way as to
vary the Trust assets or the terms of the Securities in any way whatsoever; 
  
 (vi) issue any securities or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than the Securities; 
  
 (vii) make any loans other than in respect of the Debentures or incur any indebtedness for borrowed money;
or 
  
 (viii) other than as provided in this
Declaration or Annex I hereto, (A) direct the time, method and place of exercising any trust or power conferred upon the Debt 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 held in the Trust shall be due and payable, or (D) consent to any amendment, modification or termination of the Indenture or the Debentures if such action would cause
the Trust to be classified for United States federal income tax purposes as other than a grantor trust or would cause the Trust to be deemed an Investment Company required to be registered under the Investment Company Act. 
  
 SECTION 3.8 Powers and Duties of the Institutional Trustee. 
  
 (a) The legal title to the Debentures shall be owned by and held of record
in the name of the Institutional Trustee in trust for the benefit of the Holders. The right, title and interest of the Institutional Trustee to the Debentures shall vest automatically in each Person who may hereafter be appointed as Institutional
Trustee in accordance with Section 5.6. Such vesting and cessation of title shall be effective whether or not conveyancing documents with regard to the Debentures have been executed and delivered. 
  

 17 

 (b) The Institutional Trustee shall not transfer its right, title and interest in the Debentures to the
Regular Trustees or to the Delaware Trustee (if the Institutional Trustee does not also act as Delaware Trustee). 
  
 (c) The Institutional Trustee shall: 
  
 (i) establish and maintain a segregated non-interest bearing trust account (the “Institutional Trustee Account”) in the name of
and under the exclusive control of the Institutional Trustee on behalf of the Holders and, upon the receipt of payments of funds made in respect of the Debentures held by the Institutional Trustee, deposit such funds into the Institutional Trustee
Account and make payments to the Holders from the Institutional Trustee Account in accordance with Section 6.1. Funds in the Institutional Trustee Account shall be held uninvested until disbursed in accordance with this Declaration; 
  
 (ii) engage in such ministerial activities as shall be
necessary or appropriate to effect the redemption of the Securities to the extent the Debentures are redeemed or mature; and 
  
 (iii) upon written notice of distribution issued by the Regular Trustees in accordance with the terms of the Securities, engage in such
ministerial activities as shall be necessary or appropriate to effect the distribution of the Debentures to Holders in accordance with the provisions of the Indenture. 
  
 (d) The Institutional Trustee shall take all actions and perform such duties as may be specifically required of the
Institutional Trustee pursuant to the terms of the Securities. 
  
 (e) The Institutional Trustee shall take any Legal Action which arises out of or in connection with (i) an Event of Default of which a Responsible Officer has actual knowledge or (ii) the Institutional Trustee’s duties and obligations
under this Declaration or the Trust Indenture Act. If the Institutional Trustee fails to enforce its rights under the Debentures after a Holder of Preferred Securities has made a written request, such Holder may, to the fullest extent permitted by
law, institute a legal proceeding against the Debenture Issuer to enforce the Institutional Trustee’s rights under the Debentures without first instituting any legal proceeding against the Institutional Trustee or any other Person.
Notwithstanding the foregoing, if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Debenture Issuer to pay interest (including Additional Interest and Compound Interest) on or principal of the
Debentures on the date such interest or principal is otherwise payable (or in the case of redemption, on the redemption date), then a Holder of Preferred Securities may directly institute a proceeding for enforcement of payment to such Holder of the
principal of or interest on the Debentures having aggregate principal amount equal to the aggregate liquidation amount of the Preferred Securities of such Holder (a “Direct Action”) on or after the respective due date specified in the
Debentures. Notwithstanding any payments made to such Holder of Preferred Securities by the Debenture Issuer in connection with a Direct Action, the Debenture Issuer shall remain obligated to pay the principal of or interest on the Debentures held
by the Trust or the Institutional Trustee of the Trust, and the Holders of the Common Securities shall be subrogated 
  

 18 

 to the rights of the Holder of such Preferred Securities with respect to payments on the Preferred Securities to the
extent of any payments made by the Debenture Issuer to such Holder in any Direct Action provided, however, that the Holder has received full payment in respect of such Preferred Securities. Except as provided in this paragraph and in the Preferred
Securities Guarantee, the Holders of Preferred Securities will not be able to exercise directly any other remedy available to the holders of the Debentures. 
  
 (f) The Institutional Trustee shall not resign as a Trustee unless either: 
  
 (i) the Trust has been completely liquidated and the proceeds of the liquidation distributed to the Holders
pursuant to the terms of the Securities; or 
  
 (ii) a Successor Institutional Trustee has been appointed and has accepted that appointment in accordance with Section 5.6. 
  
 (g) The Institutional 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 an Event of Default actually known to a Responsible Officer occurs and is continuing, the Institutional Trustee shall, for the benefit of Holders, enforce its rights as holder of the Debentures subject to the rights of the Holders
pursuant to the terms of such Securities. 
  
 (h) The
Institutional Trustee may authorize one or more Persons (each, a “Paying Agent”) to pay Distributions, the Redemption Price of the Liquidation Distribution, as the case may be, on behalf of the Trust with respect to all Securities and any
such Paying Agent shall comply with Section 317(b) of the Trust Indenture Act. Any Paying Agent may be removed by the Institutional Trustee at any time and a successor Paying Agent or additional Paying Agents may be appointed at any time by the
Institutional Trustee, in each case without prior notice to the Holders. The Paying Agent may perform such functions whenever the Institutional Trustee may do so. Each reference in this Declaration to payment to the Holders by the Institutional
Trustee includes such payment by a Paying Agent. A Paying Agent has the same rights as the Institutional Trustee to deal with the Sponsor or an Affiliate, and itself may be the Trust, an Affiliate of the Trust or a Related Party of the Sponsor. The
Institutional Trustee is hereby appointed to initially act as Paying Agent for the Securities. 
  
 (i) The Institutional Trustee shall give prompt written notice to the Holders of the Securities of any notice received by it from the Debenture Issuer of the Debenture Issuer’s election to defer payments of
interest on the Debentures by extending the interest payment period with respect thereto. 
  
 (j) The Institutional Trustee shall notify all Holders of the Preferred Securities of any notice of an event of default received from the Debt Trustee with respect to the Debentures. Such notice shall state that such
event of default under the Indenture also constitutes an Event of Default hereunder. 
  
 (k) Subject to this Section 3.8, the Institutional Trustee shall have none of the duties, liabilities, powers or the authority of the Regular Trustees set forth in Section 3.6. 
  

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 The Institutional Trustee shall exercise the powers set forth in this Section 3.8 and in Sections 3.9 and
3.10 in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Institutional Trustee 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
Institutional Trustee. 
  
 (a) The Institutional 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 Declaration and no implied covenants shall be read into
this Declaration against the Institutional Trustee. In case an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6) of which a Responsible Officer has actual knowledge, the Institutional Trustee shall exercise
such of the rights and powers vested in it by this Declaration, 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 Declaration shall be construed to relieve the
Institutional 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 an 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
Institutional Trustee shall be determined solely by the express provisions of this Declaration and the Institutional Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this
Declaration, and no implied covenants or obligations shall be read into this Declaration against the Institutional Trustee; and 
  
 (B) in the absence of bad faith on the part of the Institutional Trustee, the Institutional 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 Institutional Trustee and conforming to the requirements of this Declaration; but in the case of any such certificates or
opinions that by any provision hereof are specifically required to be furnished to the Institutional Trustee, the Institutional Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
Declaration; 
  
 (ii) the Institutional Trustee
shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Institutional Trustee was negligent in ascertaining the pertinent facts; 
  
 (iii) the Institutional 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 a Majority in Liquidation Amount of the Securities relating to the time, method and 
  

 20 

 place of conducting any proceeding for any remedy available to the Institutional Trustee, or exercising
any trust or power conferred upon the Institutional Trustee under this Declaration; 
  
 (iv) no provision of this Declaration shall require the Institutional 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 Declaration or adequate indemnity against such risk is not reasonably assured to it; 
  
 (v) the Institutional Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Debentures and
the Institutional Trustee Account shall be to deal with such property in a similar manner as the Institutional Trustee deals with similar property for its own account, subject to the protections and limitations on liability afforded to the
Institutional Trustee under this Declaration and the Trust Indenture Act; 
  
 (vi) the Institutional Trustee shall have no duty or liability for or with respect to the value, genuineness, existence or sufficiency of the Debentures or the payment of any taxes or assessments levied thereon or in
connection therewith; 
  
 (vii) the Institutional
Trustee shall not be liable for any interest on any money received by it except as it may otherwise agree in writing with the Sponsor, and money held by the Institutional Trustee need not be segregated from other funds held by it except in relation
to the Institutional Trustee Account maintained by the Institutional Trustee pursuant to Section 3.8(c)(i) and except to the extent otherwise required by law; and 
  
 (viii) the Institutional Trustee shall not be responsible for monitoring the compliance by the Regular
Trustees or the Sponsor with their respective duties under this Declaration, nor shall the Institutional Trustee be liable for any default or misconduct of the Regular Trustees or the Sponsor. 
  
 SECTION 3.10 Certain Rights of the Institutional Trustee. 
  
 (a) Subject to the provisions of Section 3.9: 
  
 (i) the Institutional Trustee may conclusively rely and
shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture 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 Regular Trustees contemplated by this Declaration shall be sufficiently evidenced by an Officers’ Certificate; 
  

 21 

 (iii) whenever in the administration of this Declaration, the Institutional Trustee shall
deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Institutional 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 Regular Trustees; 
  
 (iv) the Institutional 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 rerecording, refiling or registration thereof; 
  

(v) the Institutional Trustee may consult with counsel or other experts of its selection 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 advice or opinion, which counsel may be counsel to the Sponsor or any of its Affiliates, and may include any of its employees. The Institutional Trustee shall have the right at any time to seek instructions concerning the
administration of this Declaration from any court of competent jurisdiction; 
  
 (vi) the Institutional Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Declaration at the request, order or direction of any Holder, unless such Holder shall have
provided to the Institutional Trustee security and indemnity reasonably satisfactory to the Institutional Trustee against the costs, expenses (including attorneys’ fees and expenses and the expenses of the Institutional 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 Institutional Trustee; provided that, nothing contained in this Section
3.10(a)(vi) shall be taken to relieve the Institutional Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Declaration; 
  
 (vii) the Institutional 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, consent, order, approval, bond, debenture, coupon or other paper or document, but the Institutional Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit; 
  
 (viii) the Institutional 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 Institutional 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 Institutional Trustee or its
agents hereunder shall bind the Trust and the Holders; and the signature of the Institutional Trustee or its agents 
  

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 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 Institutional Trustee to so act or as to its compliance with any of the terms and provisions of this Declaration, both of which shall be conclusively evidenced by the Institutional Trustee’s or its
agent’s taking such action; 
  
 (x) whenever
in the administration of this Declaration the Institutional Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Institutional Trustee (i) may request
instructions from the Holders which instructions may only be given by the Holders of the same proportion in aggregate liquidation amount of the Securities as would be entitled to direct the Institutional 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 accordance with such
instructions; 
  
 (xi) except as otherwise
expressly provided by this Declaration, the Institutional Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Declaration; and 
  
 (xii) the Institutional Trustee may request that the Trust deliver an Officers’ Certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Declaration, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate,
including any person specified as so authorized in any such certificate previously delivered and not superseded. 
  
 (b) No provision of this Declaration shall be deemed to impose any duty or obligation on the Institutional 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 Institutional 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 Institutional Trustee shall be construed to be a duty. 
  
 SECTION 3.11 Delaware Trustee. 
  
 Notwithstanding any other provision of this Declaration other than Section 5.2, 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 Regular Trustees or the Institutional Trustee described in this Declaration. Except as set forth in Section 5.2, the Delaware Trustee shall be a Trustee for the sole and
limited purpose of fulfilling the requirements of Section 3807 of the Statutory Trust Act. Notwithstanding anything herein to the contrary, the Delaware Trustee shall not be liable for the acts or omissions to act of the Trust or of the Regular
Trustees except for such acts as the Delaware Trustee is expressly obligated or authorized to undertake under this Declaration or the Statutory Trust Act and except for the negligence or willful misconduct of the Delaware Trustee. 
  

 23 

 SECTION 3.12 Execution of Documents. 
  
 Except as otherwise required by applicable law, any one of the Regular Trustees is authorized to execute on behalf of the
Trust any documents which the Regular Trustees have the power and authority to execute pursuant to Section 3.6. 
  
 SECTION 3.13 Not Responsible for Recitals or Issuance of Securities. 
  
 The recitals contained in this Declaration 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 Declaration or the Securities. 
  
 SECTION
3.14 Duration of Trust. 
  
 The Trust, unless dissolved pursuant
to the provisions of Article VIII hereof, shall have existence until [October] 1, 2033. 
  
 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 as an entirety or substantially as an entirety to any Person or other entity, except as described in Section 3.15(b)
and (c) or Section 8.1(a)(iii). 
  
 (b) The Trust may, with the
consent of the Regular Trustees or, if there are more than two, a majority of the Regular Trustees, and without the consent of the Holders, the Institutional Trustee or the Delaware Trustee, consolidate, amalgamate, merge with or into, or be
replaced by a trust organized as such under the laws of any State of the United States; provided that: 
  
 (i) if the Trust is not the survivor, such successor entity (the “Successor Entity”) either: 
  
 (A) expressly assumes all of the obligations of the Trust
under the Securities; or 
  
 (B) substitutes for
the Preferred Securities other securities having substantially the same terms as the Preferred Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Preferred Securities rank with respect to
Distributions and payments upon liquidation, redemption and otherwise; 
  
 (ii) the Debenture Issuer expressly acknowledges a trustee of the Successor Entity that possesses the same powers and duties as the Institutional Trustee as the holder of the Debentures; 
  

 24 

 (iii) the 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 another organization on which the Preferred Securities are then listed or quoted; 
  
 (iv) such merger, consolidation, amalgamation or replacement does not cause the rating on the Preferred
Securities or any Successor Securities by any nationally recognized statistical rating organization to be downgraded or withdrawn; 
  
 (v) such merger, consolidation, amalgamation or replacement does not adversely affect the rights, preferences and privileges of the
Holders of the Preferred Securities or any Successor Securities in any material respect (other than with respect to any dilution of such Holders’ interests in the Successor Entity); 
  
 (vi) such Successor Entity has a purpose substantially identical to that of the Trust; 
  
 (vii) after giving effect to the transaction, no Event of
Default and no event which, after notice or lapse of time, or both, would become an Event of Default, has occurred and is continuing under the Indenture. 
  
 (viii) prior to such merger, consolidation, amalgamation or replacement, the Debenture Issuer has received an opinion of a nationally
recognized independent counsel to the Trust experienced in such matters to the effect that: 
  
 (A) such merger, consolidation, amalgamation or replacement does not adversely affect the rights, preferences and privileges of the
Holders of the Preferred Securities or any Successor Securities in any material respect (other than with respect to any dilution of the Holders’ interest in the Successor Entity); 
  
 (B) following such merger, consolidation, amalgamation or replacement, 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, if applicable, the Successor Entity will be treated as a grantor trust for United States federal income tax purposes; and

  
 (ix) the Sponsor guarantees the obligations
of such Successor Entity under the Successor Securities at least to the extent provided by the Securities Guarantees and the Indenture. 
  
 (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, any other entity or permit any other entity to consolidate, amalgamate, merge with or into, or replace it, if such consolidation, amalgamation, merger or 
  

 25 

 replacement would cause the Trust or, if applicable, Successor Entity not to be classified as a grantor trust for United
States federal income tax purposes. 
  
 ARTICLE IV

 SPONSOR 
  
 SECTION 4.1 Sponsor’s Purchase of Common Securities. 
  
 On the Closing Date, the Sponsor will purchase all of the Common Securities issued by the Trust, in an amount at least equal to [3%] of the total capital
of the Trust, immediately prior to the issuance of the Preferred Securities pursuant to the Purchase Agreement. 
  
 SECTION 4.2 Responsibilities of the Sponsor. 
  
 In connection with the issue and sale of the Preferred Securities, 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 one or more registration statements on Form S-3 in relation to the Preferred Securities, including any amendments thereto; 
  
 (b) to determine the jurisdictions in which to take appropriate action to qualify or register for sale all or part of the 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 jurisdictions; 
  
 (c) if so determined by the Sponsor, to prepare for filing by the Trust an application to the NYSE or any other national stock exchange or the NASDAQ National Market for listing or quotation upon notice of issuance of
the Preferred Securities; 
  
 (d) if so determined by the Sponsor,
to prepare for filing by the Trust with the Commission a registration statement on Form 8-A relating to the registration of the Preferred Securities under Section 12(b) or 12(g) of the Exchange Act, as the case may be, including any amendments
thereto; and 
  
 (e) to negotiate the terms of the Purchase
Agreement providing for the issuance of the Preferred Securities. 
  
 SECTION 4.3 Right to Proceed. 
  
 The Sponsor
acknowledges the rights of the Holders to institute a Direct Action against the Debenture Issuer as set forth in Section 3.8(e) hereto. 
  

 26 

 SECTION 4.4 Expenses. 
  
 In connection with the offering, sale and issuance of the Securities by the Trust and the sale of the Debentures by the
Debenture Issuer to the Trust, the Debenture Issuer, in its capacity as borrower with respect to the Debentures, shall: 
  
 (a) pay all costs and expenses relating to the offering, sale and issuance of the Debentures, including commissions payable to the underwriters in respect
of the Preferred Securities pursuant to the Purchase Agreement and compensation, reimbursement and indemnification of the Trustee under the Indenture in accordance with the provisions of Section 6.06 of the Indenture; 
  
 (b) be responsible for and shall pay all debts and obligations (other than
with respect to the Securities) and all costs and expenses of the Trust (including, but not limited to, costs and expenses relating to the organization, maintenance and dissolution of the Trust, the offering, sale and issuance of the Securities
(including commissions to the underwriters in connection therewith), the fees and expenses (including reasonable counsel fees and expenses) of the Institutional Trustee, the Delaware Trustee and the Regular Trustees (including any amounts payable
under Article X of this Declaration), the costs and expenses relating to the operation of the Trust, including without limitation, costs and expenses of accountants, attorneys, statistical or bookkeeping services, expenses for printing and engraving
and computing or accounting equipment, paying agent(s), registrar(s), transfer agent(s), duplicating, travel and telephone and other telecommunications expenses and costs and expenses incurred in connection with the acquisition, financing and
disposition of Trust assets and the enforcement by the Institutional Trustee of the rights of the Holders of the Preferred Securities); 
  
 (c) be primarily liable for any indemnification obligations arising with respect to this Declaration; and 
  
 (d) pay any and all taxes (other than United States withholding taxes
attributable to the Trust or its assets) and all liabilities, costs and expenses with respect to such taxes of the Trust. 
  
 The Debenture Issuer’s obligations under this Section 4.4 shall be for the benefit of, and shall be enforceable by, any Person to whom such debts,
obligations, costs, expenses and taxes are owed (a “Creditor”), whether or not such Creditor has received notice hereof. Any such Creditor may enforce the Debenture Issuer’s obligations under this Section 4.4 directly against the
Debenture Issuer and the Debenture Issuer irrevocably waives any right of remedy to require that any such Creditor take any action against the Trust or any other Person before proceeding against the Debenture Issuer. The Debenture Issuer agrees to
execute such additional agreements as may be necessary or desirable in order to give full effect to the provisions of this Section 4.4. 
  

 27 

 ARTICLE V 
 TRUSTEES 
  
 SECTION 5.1
Number of Trustees. 
  
 (a) The number of Trustees initially
shall be five. At any time before the issuance of any Securities, the Sponsor may, by written instrument, increase or decrease the number of Trustees. After the issuance of any Securities, the number of Trustees may be increased or decreased by vote
of the Holders of Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; provided, however, that, the number of Trustees shall in no event be less than two; and provided
further that (i) one Trustee shall possess the qualifications specified in Section 5.2; (ii) there shall be at least one Trustee who is an employee or officer of, or is affiliated with, the Sponsor (a ”Regular Trustee”); and (iii) one
Trustee shall be the Institutional Trustee for so long as this Declaration 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. 

 
 (b) Any action taken by Holders of Common Securities pursuant to this
Article V shall be taken at a meeting of Holders of Common Securities convened for such purpose or by written consent of such Holders. 
  
 (c) Except as otherwise provided herein, no amendment may be made to this Section 5.1 which would change any rights with respect to the number, existence
or appointment and removal of Trustees, except with the consent of each Holder of Common Securities. 
  
 SECTION 5.2 Delaware Trustee. 
  
 If required by the Statutory Trust Act, one 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 Institutional Trustee has its principal place of business in the State of Delaware and otherwise meets the requirements of
applicable law, then the Institutional Trustee shall also be the Delaware Trustee and Section 3.11 shall have no application. 
  
 The initial Delaware Trustee shall be The Bank of New York (Delaware), an affiliate of the Institutional Trustee, until removed or replaced in accordance
with Section 5.6. 
  
 SECTION 5.3 Institutional Trustee;
Eligibility. 
  
 (a) There shall at all times be one Trustee
which shall act as Institutional Trustee which shall: 
  
 (i) not be an Affiliate of the Sponsor; and 
  

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 (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 Person permitted by the Commission to act as an institutional trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least fifty 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 5.3(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 Institutional Trustee shall cease to be eligible to so act under Section 5.3(a), the Institutional Trustee shall immediately resign
in the manner and with the effect set forth in Section 5.6(c). 
  
 (c) If the Institutional Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act or becomes a creditor of the Sponsor during the time periods specified in Section 311
of the Trust Indenture Act, the Institutional Trustee and the Holder of the Common Securities (as if it were the obligor referred to in Section 310(b) of the Trust Indenture Act) shall in all respects comply with the provisions of Section 310(b) and
311 of the Trust Indenture Act, as applicable. 
  
 (d) The
Preferred Securities Guarantee shall be deemed to be specifically described in this Declaration for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
  
 (e) The initial Institutional Trustee shall be The Bank of New York until
removed or replaced in accordance with Section 5.6. 
  
 SECTION
5.4 Certain Qualifications of the Regular Trustees and the Delaware Trustee Generally. 
  
 Each Regular Trustee and the Delaware Trustee (unless the Institutional 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 5.5 Regular Trustees.

  
 The initial Regular Trustees shall be Kamal S. Hosein, Sarah
H. Moore and William A. McCrary. 
  
 (a) Except as expressly set
forth in this Declaration and except if a meeting of the Regular Trustees is called with respect to any matter over which the Regular Trustees have power to act, any power of the Regular Trustees may be exercised by, or with the consent of, any one
such Regular Trustee. 
  

 29 

 (b) Except as otherwise required by applicable law, any one of the Regular Trustees is authorized to
execute on behalf of the Trust any documents which the Regular Trustees have the power and authority to execute pursuant to Section 3.6. 
  
 (c) A regular 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 Regular Trustees have power and authority to cause the Trust to execute pursuant to Section 3.6. 
  
 SECTION 5.6 Appointment, Removal and Resignation of Trustees. 
  
 (a) Subject to Section 5.6(b), Trustees may be appointed or removed without cause at any time except during an Event of Default: 
  
 (i) until the issuance of any Securities, by written
instrument executed by the Sponsor; and 
  
 (ii)
unless an Event of Default shall have occurred and be continuing after the issuance of any Securities, 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; and 
  
 (iii) if an Event of Default
shall have occurred and be continuing, with respect to: 
  
 (A) the Regular Trustees, by the 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; and 
  
 (B) the Institutional Trustee and the Delaware Trustee, by
the vote of the Holders of a Majority in Liquidation Amount of Preferred Securities voting as a class at a meeting of the Holders of the Preferred Securities. 
  

(b) The Trustee that acts as 
  
 (i) Institutional Trustee shall not be removed in accordance with Section 5.6(a) until a successor institutional Trustee possessing the
qualifications to act as Institutional Trustee under Section 5.3(a) (a “Successor Institutional Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Institutional Trustee and
delivered to the Regular Trustees, the Sponsor and the Institutional Trustee being removed; and 
  
 (ii) Delaware Trustee shall not be removed in accordance with this Section 5.6(a) until a successor Trustee possessing the qualifications
to act as Delaware Trustee under Sections 5.2 and 5.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor 
  

 30 

 Delaware Trustee and delivered to the Regular Trustees, the Sponsor and the Delaware Trustee being
removed. 
  
 (c) A Trustee appointed to office shall hold office
until his successor shall have been appointed or until his death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument (a “Resignation Request”) 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 Institutional Trustee shall be effective:

  
 (A) until a Successor Institutional Trustee
has been appointed and has accepted such appointment by instrument executed by such Successor Institutional Trustee and delivered to the Trust, the Sponsor and the resigning Institutional 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 Institutional Trustee
or Successor Delaware Trustee as the case may be if the Institutional Trustee or the Delaware Trustee delivers a Resignation Request in accordance with this Section 5.6. 
  
 (e) If no Successor Institutional Trustee or Successor Delaware Trustee shall have been appointed and accepted appointment
as provided in this Section 5.6 within 60 days after delivery of a notice of removal or a Resignation Request, the Institutional Trustee or Delaware Trustee resigning or being removed, as applicable, may petition, at the expense of the Sponsor, any
court of competent jurisdiction for appointment of a Successor Institutional Trustee or Successor Delaware Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper and prescribe, appoint a Successor
Institutional Trustee or Successor Delaware Trustee, as the case may be. 
  
 (f) No Institutional Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Institutional Trustee or Successor Delaware Trustee, as the case may be. 
  
 SECTION 5.7 Vacancies among Trustees. 
  
 If a Trustee ceases to hold office for any reason and the number of Trustees
is not reduced pursuant to Section 5.1, or if the number of Trustees is increased pursuant to Section 5.1, a 
  

 31 

 vacancy shall occur. A resolution certifying the existence of such vacancy by the Regular Trustees or, if there are more
than two, a majority of the Regular Trustees, shall be conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a Trustee appointed in accordance with Section 5.6. 
  
 SECTION 5.8 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 dissolve, terminate or annul the Trust. Whenever a vacancy in the number of Regular Trustees shall occur, until such vacancy is filled by the appointment
of a Regular Trustee in accordance with Section 5.6, the Regular Trustees in office, regardless of their number, shall have all the powers granted to the Regular Trustees and shall discharge all the duties imposed upon the Regular Trustees by this
Declaration. 
  
 SECTION 5.9 Meetings. 
  
 If there is more than one Regular Trustee, meetings of the Regular Trustees
shall be held from time to time upon the call of any Regular Trustee. Regular meetings of the Regular Trustees may be held at a time and place fixed by resolution of the Regular Trustees. Notice of any in-person meetings of the Regular 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 Regular Trustees or any committee thereof
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 a Regular Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Regular 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 Declaration, any action of the Regular Trustees may be taken at a meeting by vote of a majority of the Regular
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 Regular Trustees. In the event there is only one
Regular Trustee, any and all action of such Regular Trustee shall be evidenced by a written consent of such Regular Trustee. 
  
 SECTION 5.10 Delegation of Power. 
  
 The Regular 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 Regular Trustees or otherwise as the Regular 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. 
  

 32 

 SECTION 5.11 Merger, Conversion, Consolidation or Succession to Business. 
  
 Any corporation into which the Institutional Trustee or the Delaware
Trustee, as the case may be, may be merged or converted or with which either may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Institutional Trustee or the Delaware Trustee, as the case may
be, shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Institutional Trustee or the Delaware Trustee, as the case may be, shall be the successor of the Institutional Trustee or the
Delaware Trustee, as the case may be, 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 VI 
 DISTRIBUTIONS 
  
 SECTION 6.1 Distributions. 
  
 Holders shall receive Distributions in accordance with the applicable terms of the relevant Holder’s Securities as set forth in Annex I. If and to
the extent that the Debenture Issuer makes a payment of interest (including Compound Interest and Additional Interest) on and/or principal of the Debentures held by the Institutional Trustee (the amount of any such payment being a “Payment
Amount”), the Institutional Trustee shall and is directed, to the extent funds are available for that purpose, to make a distribution (a “Distribution”) of the Payment Amount to Holders in accordance with the terms of the Securities.

  
 ARTICLE VII 
 ISSUANCE OF SECURITIES 
  
 SECTION 7.1 General Provisions Regarding Securities. 
  
 (a) The Regular Trustees shall on behalf of the Trust issue one class of preferred securities (the “Preferred Securities”), representing
undivided beneficial interests in the assets of the Trust having such terms as are set forth in Annex I (which terms are incorporated by reference in, and made a part of, this Declaration as if specifically set forth herein) and one class of common
securities (the “Common Securities”), representing undivided beneficial interests in the assets of the Trust having such terms as are set forth in Annex I (which terms are incorporated by reference in, and made a part of, this Declaration
as if specifically set forth herein). The Trust shall issue no securities or other interests in the assets of the Trust other than the Preferred Securities and the Common Securities. 
  
 (b) The Certificates shall be signed on behalf of the Trust by two Regular Trustees. Such signature shall be the manual or
facsimile signature of any present or any future Regular Trustees. Typographical and other minor errors or defects in any such reproduction of any such signature shall not affect the validity of any Security. In case any Regular Trustee of the Trust
who shall have signed any of the Securities shall cease to be such Regular Trustee before the Certificates so signed shall be delivered by the Trust, such Certificates nevertheless may be 
  

 33 

 delivered as though the person who signed such Certificates had not ceased to be such Regular Trustee; and any
Certificate may be signed on behalf of the Trust by such persons who, at the actual date of execution of such Security, shall be the Regular Trustees of the Trust, although at the date of the execution and delivery of the Declaration any such person
was not such a Regular Trustee. Certificates shall be printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Regular Trustees, as evidenced by their execution thereof, and may have such letters,
numbers or other marks of identification or designation and such legends or endorsements as the Regular Trustees may deem appropriate, or as may be required to comply with any law or with any rule or regulation of any stock exchange on which
Securities may be listed, or to conform to usage. Pending the preparation of definitive Preferred Securities, the Regular Trustees on behalf of the Trust may execute and upon written order of any Regular Trustee, the Institutional Trustee shall
authenticate, temporary Preferred Securities (printed, lithographed or typewritten), substantially in the form of the definitive Preferred Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be
appropriate for temporary Preferred Securities all as may be determined by the Regular Trustees on behalf of the Trust upon the same conditions and in substantially the same manner, and with like effect, as definitive Preferred Securities. Without
unnecessary delay, the Regular Trustees on behalf of the Trust will execute and furnish and upon written order of any Regular Trustee the Institutional Trustee shall authenticate, definitive Preferred Securities and thereupon any or all temporary
Preferred Securities may be surrendered to the transfer agent and registrar in exchange therefor (without charge to the Holders). 
  
 (c) At the time of the delivery of the Preferred Securities, the Regular Trustees shall cause Preferred Security Certificates to be authenticated by the
Institutional Trustee on behalf of the Trust and delivered to or upon the written order of the Trust, signed by two Regular Trustees without further corporate action by the Sponsor, in authorized denominations. A Preferred Security Certificate shall
not be valid until authenticated by the manual signature of an authorized signatory of the Institutional Trustee. The signature shall be conclusive evidence that the Preferred Security has been properly authenticated under this Declaration.

  
 The Institutional Trustee may appoint an authenticating agent
acceptable to the Trust to authenticate Preferred Securities. An authenticating agent may authenticate Preferred Securities whenever the Institutional Trustee may do so. Each reference in this Declaration to authentication by the Institutional
Trustee includes authentication by such agent. An authenticating agent has the same rights as the Institutional Trustee to deal with the Sponsor or an Affiliate, and may itself be an Affiliate of the Trust or a Related Party of the Sponsor.

  
 (d) The consideration received by the Trust for the issuance
of the Securities shall constitute a contribution to the capital of the Trust and shall not constitute a loan to the Trust. 
  
 (e) Upon issuance of the Securities as provided in this Declaration, the Securities so issued shall be deemed to be validly issued, fully paid and
nonassessable undivided beneficial interests in the assets of the Trust entitled to the benefits of this Declaration. 
  

 34 

 (f) Every Person, by virtue of having become a Holder or a Preferred Security Beneficial Owner in
accordance with the terms of this Declaration, shall be deemed to have expressly assented and agreed to the terms of, and shall be bound by, this Declaration. 
  

SECTION 7.2 Paying Agent. 
  
 In the event that the Preferred Securities are not in book-entry only form, the Trust shall maintain in the Borough of Manhattan, The City of New York,
State of New York, an office or agency where the Preferred Securities may be presented for payment (“Paying Agent”). The Regular Trustees 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 Regular Trustees may change any Paying Agent without prior notice to any Holder. The Trust shall notify the Institutional Trustee of the
name and address of any Agent not a party to this Declaration. If the Regular Trustees fail to appoint or maintain another entity as Paying Agent, the Institutional Trustee shall act as such. The Trust or any of its Affiliates may act as Paying
Agent. The Bank of New York shall initially act as Paying Agent for the Preferred Securities and the Common Securities. Any successor Paying Agent or any additional Paying Agent shall execute and deliver to the Regular Trustees an instrument in
which such successor Paying Agent or additional Paying Agent shall agree with the Regular Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in
trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders, will give the Institutional Trustee notice of any default by the Trust (or any other obligor on the Securities) in the making of any payment on the
Securities and will, at any time during the continuance of any such default, upon the written request of the Institutional Trustee, forthwith pay to the Institutional Trustee all sums so held in trust by such Paying Agent. The Paying Agent shall
return all unclaimed funds to the Institutional Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Institutional Trustee. Any reference in this Declaration to the Paying Agent shall
include any co-paying agent unless the context requires otherwise. 
  
 SECTION 7.3 Outstanding Preferred Securities. 
  
 The
Preferred Securities outstanding at any time are all the Preferred Securities authenticated by the Institutional Trustee except for those canceled by it, those delivered to it for cancellation, and those described in this Section as not outstanding.

  
 If a Preferred Security is replaced, paid or purchased, it
ceases to be outstanding unless the Institutional Trustee receives proof satisfactory to it that the replaced, paid or purchased Preferred Security is held by a bona fide purchaser. 
  
 If Preferred Securities are considered paid in accordance with the terms of this Declaration, they cease to be outstanding
and Distributions on them shall cease to accumulate. 
  
 In
determining whether the Holders of the required amount of Securities have concurred in any direction, waiver or consent, Preferred Securities owned by the Trust, the Sponsor or an Affiliate of the Sponsor, as the case may be, shall be disregarded
and deemed not to be 
  

 35 

 outstanding, except that for the purposes of determining whether the Institutional Trustee shall be fully protected in
relying on any such direction, waiver or consent, only Securities which the Institutional Trustee actually knows are so owned shall be so disregarded. 
  
 ARTICLE VIII 
 DISSOLUTION AND
TERMINATION OF TRUST 
  
 SECTION 8.1 Dissolution and
Termination of Trust. 
  
 (a) The Trust shall dissolve:

  
 (i) on April 1, 2034, the expiration of the
term of the Trust; 
  
 (ii) upon the bankruptcy,
insolvency or liquidation of the Sponsor or the Trust; 
  
 (iii) upon the entry of a decree of judicial dissolution of the Holder of the Common Securities, the Sponsor or the Trust; 
  
 (iv) upon the filing of a certificate of dissolution or its equivalent with respect to the Sponsor; 
  
 (v) upon the consent of the Holders of a Majority in
Liquidation Amount of the Securities voting together as a single class to dissolve the Trust; 
  
 (vi) upon the revocation of the Sponsor’s charter and the expiration of 90 days after the date of revocation without a reinstatement
thereof; 
  
 (vii) upon the distribution of all
of the Debentures (at any time at the option of the Sponsor) to the Holders in exchange for all of the Securities in accordance with the terms of the Securities, subject to the Sponsor’s receipt of prior approval of the Federal Reserve Board if
such approval is then required under applicable law, rules, guidelines or policies and the Sponsor’s receipt and delivery to the Institutional Trustee of an opinion of nationally recognized tax counsel that Holders will not recognize gain or
loss for United States federal income tax purposes as a result of such distribution or exchange; or 
  
 (viii) when all of the Securities shall have been called for redemption and the amounts necessary for redemption thereof, including any
Additional Interest or Compound Interest, shall have been paid to the Holders in accordance with the terms of the Securities. 
  
 (b) As soon as is practicable after the occurrence of an event referred to in Section 8.1(a) and after the completion of the winding up of the Trust, the
Regular Trustees shall file a certificate of cancellation with the Secretary of State of the State of Delaware and the Trust shall thereupon be terminated. 
  
 (c) The provisions of Section 3.9 and Article X shall survive the termination of the Trust. 
  

 36 

 ARTICLE IX 
 TRANSFER OF INTERESTS 
  
 SECTION 9.1 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 Declaration 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 Declaration shall be null and void. 
  
 (b) Subject to this Article IX, Preferred Securities shall be freely transferable. 
  
 (c) For so long as the Securities remain outstanding, the Sponsor agrees (i) not to transfer ownership of the Common Securities of the Trust, provided that any permitted successor of the Sponsor under the Indenture
may succeed to the Sponsor’s ownership of the Common Securities, (ii) not to cause, as Sponsor of the Trust, or to permit, as Holder of the Common Securities, the dissolution, winding-up or liquidation of the Trust, except as provided in this
Declaration and (iii) use its best efforts to cause the Trust (a) to remain a statutory trust, except in connection with the distribution of Debentures to the Holders in liquidation of the Trust, the redemption of all of the Securities, or certain
mergers, consolidations or amalgamations, each as permitted by this Declaration, and (b) to otherwise continue to be classified as a grantor trust for United States federal income tax purposes. 
  
 SECTION 9.2 Transfer of Certificates. 
  
 (a) The Regular Trustees shall provide for the registration of Certificates
and of transfers of Certificates, which will be effected without charge but only upon payment (with such indemnity as the Regular Trustees may require) in respect of any tax or other government charges that may be imposed in relation to it. Upon
surrender for registration of transfer of any Certificate, the Regular Trustees shall cause one or more new Certificates to be issued and authenticated by the Institutional Trustee in the name of the designated transferee or transferees. Every
Certificate surrendered for registration of transfer shall be accompanied by a written instrument of transfer in form satisfactory to the Regular Trustees duly executed by the Holder or such Holder’s attorney duly authorized in writing. Each
Certificate surrendered for registration of transfer shall be canceled by the Regular Trustees. A transferee of a Certificate shall be entitled to the rights and subject to the obligations of a Holder hereunder upon the receipt by such transferee of
a Certificate. By acceptance of a Certificate, each transferee shall be deemed to have agreed to be bound by this Declaration. 
  
 (b) Upon receipt by the Institutional Trustee of a Definitive Preferred Security Certificate, duly endorsed or accompanied by appropriate instruments of
transfer, in form satisfactory to the Institutional Trustee, requesting transfer of such Definitive Preferred Security Certificate for a beneficial interest in a Global Certificate, the Institutional Trustee shall cancel such Definitive Preferred
Security Certificate and cause, or direct the Depository Institution to cause, the aggregate liquidation amount of Preferred Securities represented by the appropriate Global Certificate to be increased accordingly. If no Global Certificates are then
outstanding, the Trust 

  

 37 

 
shall issue and the Institutional Trustee shall authenticate, upon written order of any Regular Trustee, a Global Certificate representing an appropriate
liquidation amount of Preferred Securities. 
  
 (c) Subject to
Section 9.7, upon receipt by the Institutional Trustee from the Depository Institution or its nominee on behalf of any Person having a beneficial interest in a Global Certificate of written instructions or such other form of instructions as is
customary for the Depository Institution or the person designated by the Depository Institution, requesting transfer of a beneficial interest in a Global Certificate for a Definitive Preferred Security Certificate, then the Institutional Trustee or
the securities custodian, at the direction of the Institutional Trustee, will cause, in accordance with the standing instructions and procedures existing between the Depository Institution and the securities custodian, the aggregate liquidation
amount of the Global Certificate to be reduced on its books and records and, following such reduction, the Trust will execute and the Institutional Trustee will authenticate and deliver to the transferee a Definitive Preferred Security Certificate.

  
 Definitive Preferred Security Certificates issued in exchange
for a beneficial interest in a Global Certificate shall be registered in such names and in such authorized denominations as the Depository Institution, pursuant to instructions from its Depository Institution Participants or indirect participants or
otherwise, shall instruct the Institutional Trustee. The Institutional Trustee shall deliver such Preferred Securities to the persons in whose names such Preferred Securities are so registered in accordance with the instructions of the Depository
Institution. 
  
 (d) Notwithstanding any other provisions of this
Declaration, a Global Certificate may not be transferred as a whole except by the Depository Institution to a nominee of the Depository Institution or another nominee of the Depository Institution or by the Depository Institution or any such nominee
to a successor Depository Institution or a nominee of such successor Depository Institution. 
  
 (e) The Institutional Trustee may appoint a transfer agent and registrar (“Transfer Agent”) acceptable to the Trust to perform the functions set forth in this Section 9.2. The Transfer Agent may perform such
functions whenever the Institutional Trustee may do so. Each reference in this Declaration to registration and transfer of Preferred Securities by the Institutional Trustee includes such activities by the Transfer Agent. The Transfer Agent has the
same rights as the Institutional Trustee to deal with the Sponsor or an Affiliate, and itself may be an Affiliate of the Trust or a Related Party of the Sponsor. The Institutional Trustee hereby appoints The Bank of New York to initially act as
Transfer Agent for the Preferred Securities. 
  
 SECTION 9.3
Deemed Security Holders. 
  
 The Trust and the Trustees may treat
the Person in whose name any Certificate shall be registered on the books and records of the Trust as the sole owner of such Certificate and of the Securities represented by such Certificate for purposes of receiving Distributions 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. 
  

 38 

 SECTION 9.4 Book-Entry Interests. 
  
 Unless otherwise specified in the terms of the Preferred Securities set forth in Annex I, the Preferred Securities
Certificates, on original issuance, will be executed and issued by the Trust and authenticated by the Institutional Trustee in the form of one or more, fully-registered, global Preferred Security Certificates (each, a “Global
Certificate”), to be delivered to DTC, the initial Depository Institution, by, or on behalf of, the Trust. Such Global Certificates shall initially be registered on the books and records of the Trust in the name of DTC or its nominee, and no
Preferred Security Beneficial Owner will receive a definitive, fully registered Preferred Security Certificate (each, a “Definitive Preferred Security Certificate”) representing such Preferred Security Beneficial Owner’s interests in
such Global Certificates, except as provided in Section 9.7. Unless and until definitive, fully registered Preferred Security Certificates have been issued to the Preferred Security Beneficial Owners pursuant to Section 9.7: 
  
 (a) the provisions of this Section 9.4 shall be in full force and effect;

  
 (b) the Trust and the Trustees shall be entitled to deal with
the Depository Institution, with respect to such Preferred Security Beneficial Owners, for all purposes of this Declaration (including the payment of Distributions on the Global Certificates and receiving approvals, votes or consents hereunder) as
the Holder of such Preferred Securities and the sole owner of the Global Certificates and shall have no obligation to such Preferred Security Beneficial Owners; 
  

(c) to the extent that the provisions of this Section 9.4 conflict with any other provisions of this Declaration, the provisions of this Section 9.4
shall control; and 
  
 (d) the rights of such Preferred Security
Beneficial Owners shall be exercised only through the Depository Institution and shall be limited to those established by law and agreements between such Preferred Security Beneficial Owners and the Depository Institution and/or the Depository
Institution Participants. The Depository Institution will make book-entry transfers among the Depository Institution Participants and receive and transmit payments of Distributions on the Global Certificates to such Depository Institution
Participants. 
  
 Depository Institution Participants shall have
no rights under this Declaration with respect to any Global Certificate held on their behalf by the Depository Institution or by the Institutional Trustee as the custodian of the Depository Institution or under such Global Certificate, and the
Depository Institution may be treated by the Trust, the Institutional Trustee and any agent of the Trust or the Institutional Trustee as the absolute owner of such Global Certificate for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Trust, the Institutional Trustee or any agent of the Trust or the Institutional Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository Institution or impair,
as between the Depository Institution and its Depository Institution Participants, the operation of customary practices of such Depository Institution governing the exercise of the rights of an owner of a beneficial interest in any Global
Certificate. 
  
 At such time as all beneficial interests in a
Global Certificate have either been exchanged for Definitive Preferred Security Certificates to the extent permitted by this Declaration or 

  

 39 

 
redeemed, repurchased or canceled in accordance with the terms of this Declaration, such Global Certificate shall be returned to the Depository Institution
for cancellation or retained and canceled by the Institutional Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Certificate is exchanged for Definitive Preferred Security Certificates, or if Definitive
Preferred Security Certificates are exchanged for a beneficial interest in a Global Certificate, Preferred Securities represented by such Global Certificate shall be reduced or increased and an adjustment shall be made on the books and records of
the Institutional Trustee (if it is then the securities custodian for such Global Certificate) with respect to such Global Certificate, by the Institutional Trustee or the securities custodian, to reflect such reduction or increase. 
  
 SECTION 9.5 Notices to Depository Institution. 
  
 Whenever a notice or other communication to the Preferred Security Holders
is required under this Declaration, unless and until Definitive Preferred Security Certificates shall have been issued to the Preferred Security Beneficial Owners pursuant to Section 9.7, the Regular Trustees shall give all such notices and
communications specified herein to be given to the Preferred Security Holders to the Depository Institution, and shall have no notice obligations to the Preferred Security Beneficial Owners. 
  
 SECTION 9.6 Appointment of Successor Depository Institution. 
  
 If the circumstances specified under clause (a) or (b) of Section 9.7 are
applicable, the Regular Trustees may, in their sole discretion, appoint a successor Depository Institution with respect to such Preferred Securities. 
  
 SECTION 9.7 Definitive Preferred Security Certificates. 
  
 If: 
  
 (a) a Depository Institution elects to discontinue its services as securities depositary with respect to the Preferred Securities and a successor
Depository Institution is not appointed within 90 days after such discontinuance pursuant to Section 9.6; 
  
 (b) a Depository Institution ceases to be a clearing agency under the Exchange Act; 
  
 (c) the Sponsor elects in its sole discretion to terminate the book-entry system through the Depository Institution with
respect to some or all of the Preferred Securities, or 
  
 (d) an
Event of Default, or event that with notice or the lapse of time or both, has occurred and is continuing, 
  
 then: 
  
 (e) Definitive Preferred Security Certificates shall be prepared by the Regular Trustees on behalf of the Trust with respect to the Preferred Securities
represented by the related Global Certificate; and 
  

 40 

 (f) upon surrender of the Global Certificates by the Depository Institution, accompanied by registration
instructions, the Regular Trustees shall cause Definitive Preferred Security Certificates to be delivered to Preferred Security Beneficial Owners in accordance with the instructions of the Depository Institution. Neither the Trustees nor the Trust
shall be liable for any delay in delivery of such instructions and each of them may conclusively rely on, and shall be protected in relying on, said instructions of the Depository Institution. The Definitive Preferred Security Certificates shall be
printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Regular Trustees, as evidenced by their execution thereof, and may have such letters, numbers or other marks of identification or designation
and such legends or endorsements as the Regular Trustees may deem appropriate, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which Preferred
Securities may be listed, or to conform to usage. 
  
 SECTION 9.8
Mutilated, Destroyed, Lost or Stolen Certificates. 
  
 If:

  
 (a) any mutilated Certificates should be surrendered to the
Regular Trustees, or if the Regular Trustees shall receive evidence to their satisfaction of the destruction, loss or theft of any Certificate; and 
  
 (b) there shall be delivered to the Regular Trustees, the Institutional Trustee or any authenticating agent such security or indemnity as may be
reasonably required by them to keep each of them harmless, 
  
 then, in the
absence of notice that such Certificate shall have been acquired by a protected purchaser, any Regular Trustee on behalf of the Trust shall execute and deliver and the Institutional 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 9.8, the Regular 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. 
  
 ARTICLE X 
 LIMITATION OF LIABILITY OF 
 HOLDERS OF SECURITIES, TRUSTEES OR OTHERS 
  
 SECTION 10.1 Liability. 
  
 (a) Except as expressly set forth in this Declaration, the Securities Guarantees and the terms of the Securities, the Sponsor shall not be: 
  

 41 

 (i) personally liable for the return of any portion of the capital contributions (or any
return thereon) of the Holders which shall be made solely from assets of the Trust; and 
  
 (ii) be required to pay to the Trust or to any Holder any deficit upon dissolution of the Trust or otherwise. 
  
 (b) The Debenture Issuer 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 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 10.2 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 Declaration 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 negligence or bad faith with respect to such acts or
omissions. 
  
 (b) An Indemnified Person shall be fully protected
in conclusively 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 been selected with reasonable care by or 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 might properly be paid. 
  
 SECTION 10.3 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 Declaration shall not be liable to the Trust or to any other Covered Person for its good faith reliance on the provisions of this Declaration. The provisions of this
Declaration, 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 Institutional 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: 
  

 42 

 (i) whenever a conflict of interest exists or arises between an Indemnified Person and
any Covered Person; or 
  
 (ii) whenever this
Declaration 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, 
  
 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 Declaration 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 Declaration 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 Declaration or by applicable law. 
  
 SECTION 10.4 Indemnification. 
  
 (a) (i) The Debenture Issuer shall indemnify, to the full extent permitted
by law, any Company 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 Company Indemnified Person, against expenses (including attorneys’ fees and expenses), 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 Company
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 Trust, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his
conduct was unlawful. 
  

 43 

 (ii) The Debenture Issuer shall indemnify, to the full extent permitted by law, any
Company 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
Company Indemnified Person against expenses (including attorneys’ fees and expenses) 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 Company 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) To the extent that a Company Indemnified Person shall be successful on the merits or otherwise
(including dismissal of an action without prejudice or the settlement of an action without admission of liability) in defense of any action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(a), or in defense of any
claim, issue or matter therein, such Company Indemnified Person shall be indemnified, to the full extent permitted by law, against expenses (including attorneys’ fees and expenses) actually and reasonably incurred by such Company Indemnified
Person in connection therewith. 
  
 (iv) Any
indemnification under paragraphs (i) and (ii) of this Section 10.4(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 Company 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 Regular Trustees by a majority vote of a Quorum consisting of such Regular
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 Regular Trustees so directs, by independent legal counsel in a written opinion or (3) by
the Common Security Holder of the Trust. 
  
 (v)
Expenses (including attorneys’ fees and expenses) incurred by a Company Indemnified Person in defending a civil, criminal, administrative or investigative action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(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 Company 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 10.4(a). Notwithstanding the foregoing, no advance shall be made by the Debenture Issuer if a determination is reasonably and promptly made (i) by the
Regular Trustees by a majority vote of a Quorum of disinterested Regular Trustees, (ii) if such a Quorum is not 

  

 44 

 
obtainable, or, even if obtainable, if a Quorum of disinterested Regular Trustees so directs, by independent legal counsel in a written opinion or (iii) by
the Debenture Issuer, that, based upon the facts known to the Regular Trustees, counsel or the Debenture Issuer, as the case may be, at the time such determination is made, such Company Indemnified Person acted in bad faith or in a manner that such
person did not believe to be in, or believed was opposed to, the best interests of the Trust, or, with respect to any criminal proceeding, that such Company Indemnified Person believed or had reasonable cause to believe his conduct was unlawful. In
no event shall any advance be made in instances where the Regular Trustees, independent legal counsel or Debenture Issuer reasonably determine that a Company Indemnified Person deliberately breached his duty to the Trust or its Common or Preferred
Security Holders. 
  
 (vi) The indemnification
and advancement of expenses provided by, or granted pursuant to, the other paragraphs of this Section 10.4(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 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 10.4(a) shall be deemed to be provided by a contract between the Debenture Issuer and each Company Indemnified Person who serves in such capacity at any time while this Section 10.4(a) is in
effect. Any repeal or modification of this Section 10.4(a) shall not affect any rights or obligations then existing. 
  
 (vii) The Debenture Issuer or the Trust may purchase and maintain insurance on behalf of any person who is or was a Company 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 10.4(a). 
  
 (viii) For purposes
of this Section 10.4(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 10.4(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. 
  
 (ix) The indemnification and advancement of expenses
provided by, or granted pursuant to, this Section 10.4(a) shall, unless otherwise provided when authorized or ratified, continue as to a Person who has ceased to be a Company Indemnified Person and shall inure to the benefit of the heirs, executors
and administrators of such a Person. 
  
 (b) The Debenture Issuer
agrees to indemnify the (i) Institutional Trustee, (ii) the Delaware Trustee, (iii) any Affiliate of the Institutional Trustee and the Delaware Trustee and 

  

 45 

 
(iv) any officers, directors, shareholders, members, partners, employees, representatives, custodians, nominees or agents of the Institutional Trustee and
the Delaware Trustee (each of the Persons in (i) through (iv) including the Institutional Trustee and the Delaware Trustee in their respective individual capacities, being referred to as a “Fiduciary Indemnified Person”) for, and to hold
each Fiduciary Indemnified Person harmless against, any and all loss, liability, damage, action, suit, claim or expense including taxes (other than taxes based on the income of such Fiduciary Indemnified Person) of any kind and nature whatsoever
incurred without negligence or bad faith on the part of such Fiduciary Indemnified Person, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses (including reasonable
legal fees and expenses) of defending against or investigating any claim (regardless of who has asserted such claim) or liability in connection with the exercise or performance of any of the powers or duties of such Fiduciary Indemnified Person
hereunder. The obligation to indemnify as set forth in this Section 10.4(b) shall survive the resignation or removal of the Institutional Trustee or the Delaware Trustee and the satisfaction and discharge of this Declaration. 
  
 (c) The Debenture Issuer agrees to pay the Institutional Trustee and the
Delaware Trustee, from time to time, such compensation for all services rendered by the Institutional Trustee and the Delaware Trustee hereunder as may be mutually agreed upon in writing by the Debenture Issuer and the Institutional Trustee or the
Delaware Trustee or the Delaware Trustee, as the case may be, and, except as otherwise expressly provided herein, to reimburse the Institutional Trustee and the Delaware Trustee upon its or their request for all reasonable expenses (including legal
fees and expenses), disbursements and advances incurred or made by the Institutional Trustee or the Delaware Trustee, as the case may be, in accordance with the provisions of this Declaration, except any such expense, disbursement or advance as may
be attributable to its or their negligence or bad faith. 
  
 SECTION 10.5 Outside Businesses 
  
 Any Covered Person,
the Sponsor, the Delaware Trustee and the Institutional Trustee (subject to Section 5.3(c)) 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
business of the Trust, and the Trust and the Holders shall have no rights by virtue of this Declaration 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
business of the Trust, shall not be deemed wrongful or improper. No Covered Person, the Sponsor, the Delaware Trustee or the Institutional 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 Institutional 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 Institutional 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. 
  

 46 

 SECTION 10.6 Compensation; Fees 
  
 The Sponsor agrees: 
  
 (a) to pay to the Trustees from time to time such compensation as the Trust and the Trustees shall agree to in writing for all services rendered by them
hereunder (which compensation shall not be limited by any provision of law in regard to compensation of a trustee of an express trust); 
  
 (b) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances incurred
or made by the Trustees in accordance with any provision of this Declaration (including the reasonable compensation and the expenses and disbursements of their respective agents and counsel), except any such expense, disbursement or advance as may
be attributable to their respective negligence or bad faith; and 
  
 (c) the provisions of this Section 10.6 shall survive the termination of this Declaration and the resignation or removal of the Trustees. 
  
 ARTICLE XI 
 ACCOUNTING

  
 SECTION 11.1 Fiscal Year. 
  
 The fiscal year (“Fiscal Year”) of the Trust shall be the calendar
year, or such other year as is required by the Code. 
  
 SECTION
11.2 Certain Accounting Matters. 
  
 (a) At all times during the
existence of the Trust, the Regular 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 Regular Trustees. The books and records of the Trust, together with a
copy of the Declaration and a certified copy of the Certificate of Trust, and any amendment thereto shall at all times be maintained at the principal office of the Trust and shall be open for inspection for any examination by any Holder or its duly
authorized representative for any purpose reasonably related to its interest in the Trust during normal business hours. 
  
 (b) The Regular Trustees shall cause to be prepared and delivered to each of the Holders, 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; 
  

 47 

 (c) The Regular Trustees shall cause to be duly prepared and delivered to each of the Holders, any 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 Regular Trustees shall endeavor to deliver all such statements within 30 days after the end of each Fiscal Year of the Trust. 
  
 (d) The Regular 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 Regular Trustees on behalf of the Trust with any state or local
taxing authority. 
  
 SECTION 11.3 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 Institutional Trustee shall be made directly to the Institutional Trustee Account and no other funds of the Trust shall be deposited in
the Institutional Trustee Account. The sole signatories for such accounts shall be designated by the Regular Trustees; provided, however, that the Institutional Trustee shall designate the signatories for the Institutional Trustee Account.

  
 SECTION 11.4 Withholding. 
  
 The Trust and the Regular 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 Regular 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. 
  

 48 

 ARTICLE XII 
 AMENDMENTS AND MEETINGS 
  
 SECTION 12.1 Amendments. 
  
 (a) Except as otherwise
provided in this Declaration or by any applicable terms of the Securities, this Declaration may only be modified and amended by a written instrument approved and executed by: 
  
 (i) the Regular Trustees (or, if there are more than two Regular Trustees, a majority of the Regular
Trustees); 
  
 (ii) if the amendment affects the
rights, powers, duties, obligations or immunities of the Institutional Trustee, the Institutional Trustee; and 
  
 (iii) if the amendment affects the rights, powers, duties, obligations or immunities of the Delaware Trustee, the Delaware Trustee;

  
 (b) No amendment shall be made, and any such purported
amendment shall be void and ineffective: 
  
 (i)
unless, in the case of any proposed amendment, the Institutional Trustee shall have first received an Officers’ Certificate from each of the Trust and the Sponsor that such amendment is permitted by, and conforms to, the terms of this
Declaration (including the terms of the Securities); 
  
 (ii) unless, in the case of any proposed amendment which affects the rights, powers, duties, obligations or immunities of the Institutional Trustee, the Institutional 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 Declaration (including the terms of the Securities); 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 Declaration (including the terms of the Securities); and 
  
 (iii) to the extent the result of such amendment would be to: 
  
 (A) cause the Trust to fail to continue to be classified for purposes of United States federal income taxation as a grantor trust;

  
 (B) reduce or otherwise adversely affect the
powers of the Institutional Trustee in contravention of the Trust Indenture Act; or 
  

 49 

 (C) cause the Trust to be deemed to be an Investment Company required to be registered
under the Investment Company Act. 
  
 (c) At such time after the
Trust has issued any Securities that remain outstanding, any amendment that would adversely affect the rights, privileges or preferences of any Holder may be effected only with such additional requirements as may be set forth in the terms of such
Securities; 
  
 (d) Sections 3.8(e), 4.4, 9.1(c), 10.1(c) and this
Section 12.1 shall not be amended without the consent of all of the Holders of the Securities; 
  
 (e) Article IV 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 V 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; and 
  
 (g) Notwithstanding Section 12.1(c), this Declaration may be amended by the Regular Trustees without the consent of the Holders to: 
  
 (i) cure any ambiguity; 
  
 (ii) correct or supplement any provision in this Declaration
that may be defective or inconsistent with any other provision of this Declaration; 
  
 (iii) add to the covenants, restrictions or obligations of the Sponsor; 
  
 (iv) conform to any change in Rule 3a-5 or written change in interpretation or application of Rule 3a-5 by
any legislative body, court, government agency or regulatory authority, which amendment does not have a material adverse effect on the right, preferences or privileges of the Holders; and 
  
 (v) preserve the status of the Trust as a grantor trust for
United States federal income tax purposes, which amendment does not have a material adverse effect on the right, preferences or privileges of the Holders. 
  
 SECTION 12.2 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 Regular 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 Declaration, the terms of the Securities or the rules of any stock exchange on which the
Preferred Securities are listed or admitted for trading. The Regular 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 Regular Trustees one or more calls in a writing stating that the signing Holders wish to call a meeting and indicating 

  

 50 

 
the general or specific purpose for which the meeting is to be called. Any Holders calling a meeting shall specify in writing the Certificates held by the
Holders 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: 
  
 (i) notice of any such meeting shall be given to all the Holders 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 is permitted or required under this Declaration or the rules of any stock exchange on which the Preferred Securities are listed or admitted for trading, such vote, consent or approval may be given at a meeting of the Holders. Any action that
may be taken at a meeting of the Holders 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 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 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 entitled
to vote who have not consented in writing. The Regular Trustees may specify that any written ballot submitted to the Holders for the purpose of taking any action without a meeting shall be returned to the Trust within the time specified by the
Regular Trustees; 
  
 (ii) each Holder may
authorize any Person to act for it by proxy on all matters in which a Holder 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 pleasure of the Holder executing it. 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 were stockholders of a Delaware corporation; 
  
 (iii) each meeting of the Holders shall be conducted by the
Regular Trustees or by such other Person that the Regular Trustees may designate; and 
  
 (iv) subject to the requirements specified in the Statutory Trust Act, this Declaration, the terms of the Securities, the Trust Indenture
Act and the listing rules of any stock exchange on which the Preferred Securities are then listed or trading, the Regular Trustees, in their sole discretion, shall establish all other provisions relating to meetings of Holders, including notice of
the time, place or purpose of any meeting at which any matter is to be voted on by any Holders, 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. 
  

 51 

 ARTICLE XIII 
 REPRESENTATIONS OF INSTITUTIONAL TRUSTEE 
 AND DELAWARE TRUSTEE 
  
 SECTION 13.1 Representations and Warranties of Institutional Trustee.

  
 The Trustee that acts as initial Institutional Trustee
represents and warrants to the Trust and to the Sponsor at the date of this Declaration, and each Successor Institutional Trustee represents and warrants to the Trust and the Sponsor at the time of the Successor Institutional Trustee’s
acceptance of its appointment as Institutional Trustee that: 
  
 (a) the Institutional Trustee is a banking corporation, a national banking association or a bank or trust company, duly organized, validly existing and in good standing under the laws of the United States or any state thereof, as the case
may be, with corporate power and authority to execute and deliver, and to carry out and perform its obligations under the terms of, this Declaration; 
  
 (b) the execution, delivery and performance by the Institutional Trustee of this Declaration have been duly authorized by all necessary corporate action
on the part of the Institutional Trustee; this Declaration has been duly executed and delivered by the Institutional Trustee and constitutes the legal, valid and binding obligation of the Institutional 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 the Institutional Trustee has duly authenticated the Preferred Securities; 
  

(c) the execution, delivery and performance of this Declaration by the Institutional Trustee do not conflict with or constitute a breach of the charter
or by-laws of the Institutional Trustee; 
  
 (d) no consent,
approval or authorization of, or registration with or notice to, any State or federal banking authority is required for the execution, delivery or performance by the Institutional Trustee of this Declaration; 
  
 (e) on the Closing Date, the Institutional Trustee will be the record holder
of the Debentures and the Institutional Trustee has not knowingly created any liens or encumbrances on such Debentures; and 
  
 (f) the Institutional Trustee satisfies the qualifications set forth in Section 5.3. 
  
 SECTION 13.2 Representations and Warranties of 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 Declaration, 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: 
  

 52 

 (a) the Delaware Trustee is a Delaware banking corporation, duly organized, validly existing and in good
standing under the laws of the State of Delaware, with authority to execute and deliver, and to carry out and perform its obligations under the terms of, this Declaration; 
  
 (b) the execution, delivery and performance by the Delaware Trustee of this Declaration have been duly authorized by all
necessary corporate action on the part of the Delaware Trustee; this Declaration has been duly executed and delivered by the Delaware Trustee and 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); 
  
 (c) no consent, approval or authorization of, or registration with or notice to, any State or Federal banking authority is required for the execution, delivery or performance by the Delaware Trustee of this
Declaration; and 
  
 (d) the Delaware Trustee is a natural person
who is a resident of the State of Delaware or, if not a natural person, an entity which has its principal place of business in the State of Delaware and meets the requirements of Section 5.2. 
  
 ARTICLE XIV 
 MISCELLANEOUS 
  
 SECTION 14.1 Notices. 
  
 All
notices provided for in this Declaration shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by first class mail, as follows: 
  
 (a) if given to the Trust, in care of the Regular Trustees at the Trust’s mailing address set forth below (or such
other address as the Trust may give notice of to the Holders): 
  
 Colonial Capital Trust IV 
 c/o The Colonial BancGroup, Inc. 
 One Commerce Street 
 P.O. Box 1108 
 Montgomery, Alabama 36101-1108 
 Attention: William A. McCrary, General Counsel 
  
 (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
Holders): 
  
 The Bank of New York (Delaware)

 White Clay Center 
 Route 273 
 Newark, Delaware 19711 
 Attention: Corporate Trust Administration 
  

 53 

 with a copy to: 
  
 The Bank of New York 
 c/o The Bank of New York Trust Company of Florida, N.A. 
 10161 Centurion Parkway 
 Jacksonville, Florida 32256 
 Attention: Corporate Trust Administration 
  
 (c) if given to the Institutional Trustee, at the Institutional
Trustee’s mailing address set forth below (or such other address as the Institutional Trustee may give notice of to the Holders): 
  
 The Bank of New York 
 c/o The Bank of New York Trust Company of Florida, N.A. 
 10161 Centurion Parkway 
 Jacksonville, Florida 32256 
 Attention: Corporate Trust Administration 
  
 (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 to the Trust): 
  
 The Colonial BancGroup, Inc. 
 One Commerce Street 
 P.O. Box 1108 
 Montgomery, Alabama 36101-1108 
 Attention: William A. McCrary, General Counsel 
  
 (e) if given to any other Holder, at the address set forth on the books and records of the Trust. 
  
 All such notices 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. 
  
 SECTION 14.2 Governing Law. 
  
 THIS DECLARATION AND THE RIGHTS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AND ALL
RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
  

 54 

 SECTION 14.3 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 Declaration shall be interpreted to further this intention of the parties. 
  
 SECTION 14.4 Headings. 
  
 Headings contained in this Declaration are inserted for convenience of reference only and do not affect the interpretation of this Declaration or any
provision hereof. 
  
 SECTION 14.5 Successors and Assigns.

  
 Whenever in this Declaration 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 Declaration by the Sponsor and the Trustees shall bind and inure to the benefit of their respective successors
and assigns, whether so expressed. 
  
 SECTION 14.6 Partial
Enforceability. 
  
 If any provision of this Declaration, or the
application of such provision to any Person or circumstance, shall be held invalid, the remainder of this Declaration, 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 14.7 Counterparts. 
  
 This Declaration may contain more than one counterpart of the signature page
and this Declaration may be executed by the affixing of the signature of each of the Trustees 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. 
  

 55 

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

	

	 Kamal S. Hosein, as Regular Trustee

	
	  

	 William A. McCrary, as Regular Trustee

	
	  

	 Sarah H. Moore, as Regular Trustee

	
	 THE BANK OF NEW YORK (DELAWARE),
 as Delaware Trustee

	
	  

	 Name:

	 Title:

	
	 THE BANK OF NEW YORK,
 as Institutional Trustee

	
	  

	 Name:

	 Title:

	
	 THE COLONIAL BANCGROUP, INC.
 as Sponsor, Common Securities Holder and
 Debenture Issuer

	
	  

	 Name: Sarah H. Moore

	 Title: Chief Financial Officer

  

 56 

 ANNEX I 
 TERMS OF ·% PREFERRED SECURITIES 
 TERMS OF ·% COMMON SECURITIES

  
 Pursuant to Section 7.1 of the Amended and Restated
Declaration of Trust, dated as of September ·, 2003 (as amended from time to time, the “Declaration”), the designation, rights,
privileges, restrictions, preferences and other terms and provisions of the Securities are set out below (each capitalized term used but not defined herein has the meaning set forth in the Declaration or, if not defined in the Declaration, as
defined in the Prospectus): 
  
 1. Designation and Number.

  
 (a) Preferred Securities. Up to 4,000,000 Preferred
Securities of the Trust with an aggregate liquidation amount with respect to the assets of the Trust of one hundred million dollars ($100,000,000) and a liquidation amount with respect to the assets of the Trust of $25 per preferred security, are
hereby designated for the purposes of identification only as “·% Preferred Securities” (the “Preferred Securities”). The
Preferred Security Certificates evidencing the Preferred Securities shall be substantially in the form of Exhibit A-1 to the Declaration, 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 on which the Preferred Securities are listed. 
  
 (b) Common Securities. Up to · Common Securities of
the Trust with an aggregate liquidation amount with respect to the assets of the Trust of · dollars ($·) and a liquidation amount with respect to the assets of the Trust of $25 per common security, are hereby designated for the purposes of identification only as “·% Common Securities” (the “Common Securities”). The Common Security Certificates evidencing the Common Securities shall be substantially in the
form of Exhibit A-2 to the Declaration, with such changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom or practice. 
  

(c) The Preferred Securities and the Common Securities (referred to collectively as the “Securities”) represent undivided beneficial
interests in the assets of the Trust. 
  
 (d) In connection with
the purchase of the Securities, the Sponsor will deposit in the Trust, and the Trust will purchase, respectively, as trust assets, Debentures of the Sponsor having an aggregate principal amount of up to · dollars ($·), and bearing interest at an annual rate equal to the annual
Distribution rate on the Securities and having payment and prepayment/maturity provisions which correspond to the payment and redemption provisions of the Securities. 
  
 2. Distributions. 
  
 (a) Distributions payable on each Security will be fixed at a rate per annum of ·% (the “Coupon Rate”) of the liquidation amount of $25 per Security, such rate being the rate of interest payable on the Debentures to be held by the Institutional Trustee. Distributions in arrears beyond
the applicable Distribution Payment Date (as defined below) will bear interest thereon compounded quarterly at the Coupon Rate (“Compound Interest”) (to the extent permitted by 

 
applicable law). The term “Distributions,” as used herein, includes such cash distributions and any such interest (including Additional Interest
and Compound Interest) payable unless otherwise stated. A Distribution will be made by the Institutional Trustee only to the extent that payments are made in respect of the Debentures held by the Institutional Trustee and to the extent the Trust has
funds available in the Institutional Trustee Account. The amount of Distributions payable for any period will be computed for any full quarterly Distribution period on the basis of a 360-day year of twelve 30-day months and for any period shorter
than a full quarterly Distribution period, on the basis of the actual number of days elapsed in a calendar month (but not to exceed 30 days in any month). 
  
 (b) Distributions on the Securities will be cumulative, will accrue from September ·, 2003 and, except as otherwise described below, will be payable quarterly in arrears, on January 1, April 1, July 1 and October 1 of each year, commencing on [October] 1, 2003 when, as and if available for payment,
except as otherwise described below (each, a “Distribution Payment Date”). So long as no Event of Default under the Indenture has occurred and is continuing, the Debenture Issuer has the right under the Indenture to defer payments of
interest on the Debentures by extending the interest payment period from time to time on the Debentures for a period not exceeding 20 consecutive quarterly periods (each, an “Extension Period”), during which Extension Period no interest
shall be due and payable on the Debentures, provided that no Extension Period shall last beyond the Stated Maturity or earlier prepayment of the Debentures. As a consequence of such deferral, Distributions will also be deferred. Despite such
deferral, quarterly Distributions will continue to accrue with interest thereon (to the extent permitted by applicable law) at the Coupon Rate compounded quarterly (to the extent permitted by law) during any such Extension Period. Prior to the
termination of any such Extension Period, the Debenture Issuer may further extend such Extension Period; provided that such Extension Period, together with all such previous and further extensions thereof, may not exceed 20 consecutive quarterly
periods or extend beyond the Stated Maturity or earlier prepayment of the Debentures. Any interest accrued on the Debentures during an Extension Period shall be paid Pro Rata to holders of Debentures on the first payment date following the Extension
Period and the Payment Amount shall be paid Pro Rata to the Holders on the first Distribution Payment Date following the Extension Period. Upon the termination of any Extension Period and the payment of all amounts then due, the Debenture Issuer may
commence a new Extension Period, subject to the above requirements. In the event that the Debenture Issuer exercises this right, then (i) the Debenture Issuer shall not declare or pay any dividend on, make a distribution or other payment with
respect to, or redeem, purchase, acquire, or make a liquidation payment relating to, any of its capital stock (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Debenture Issuer in connection with
employee benefit plans, (b) as a result of an exchange or conversion of any class or series of such capital stock for any other class or series of the Debenture Issuer’s capital stock or (c) the purchase of fractional interests in shares of the
Debenture Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged), (ii) the Debenture Issuer shall not make any payment of interest, principal or premium, if
any, on or repay, repurchase or redeem any debt securities issued by the Debenture Issuer that rank pari passu with or junior to such Debentures and (iii) the Debenture Issuer shall not make any guarantee payments with respect to the
foregoing (other than pursuant to the Preferred Securities Guarantee). 
  

 A-2 

 (c) Distributions on the Securities will be payable promptly by the Institutional Trustee upon receipt of
immediately available funds to the Holders thereof as they appear on the books and records of the Trust on the relevant record dates, which will be, as long as the Preferred Securities remain in book-entry form, the close of business on the Business
Day prior to the relevant Distribution Payment Date and, in the event the Preferred Securities are not in book-entry form, the fifteenth calendar day prior to the relevant Distribution Payment Date. The record dates and Distribution Payment Dates
shall be the same as the record dates and interest payment dates on the Debentures. Distributions payable on any Securities that are not punctually paid on any Distribution Payment Date, as a result of the Debenture Issuer having failed to make the
corresponding interest payment on the Debentures, will forthwith 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 established by the Regular Trustees, which record date shall correspond to the special record date or other specified date determined in accordance with the Indenture; provided,
however, that Distributions shall not be considered payable on any Distribution Payment Date falling within an Extension Period unless the Debenture Issuer has elected to make a full or partial payment of interest accrued on the Debentures on
such Distribution Payment Date. Distributions on the Securities will be paid by the Trust. All Distributions paid with respect to the Securities shall be paid on a Pro Rata basis to Holders thereof entitled thereto. If any date on which
Distributions are payable on the Securities is not a Business Day, then payment of the Distributions 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. 
  
 (d) If at any time while the Institutional Trustee is the Holder of any
Securities, the Trust or the Institutional Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other taxing authority, then, in any
such case, the Debenture Issuer will pay as additional interest (“Additional Interest”) on the Debentures held by the Institutional Trustee, such amounts as shall be required so that the net amounts received and retained by the Trust and
the Institutional Trustee after paying any such taxes, duties, assessments or other governmental charges will be equal to the amounts the Trust and the Institutional Trustee would have received had no such taxes, duties, assessments or other
governmental charges been imposed. 
  
 (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. 
  
 3. Liquidation Distribution Upon Dissolution. 
  
 In the event of any dissolution of the Trust (other than in connection with the redemption of the Securities), the Trust shall be liquidated by the
Regular Trustees as expeditiously as the Regular Trustees determine to be possible by distributing to the Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, a Like Amount (as defined 

  

 A-3 

 
below) of the Debentures, unless such distribution is determined by the Institutional Trustee not to be practicable, in which event such Holders will be
entitled to receive out of the assets of the Trust legally available for distribution to Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the aggregate of the liquidation amount
of $25 per Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). 
  
 “Like Amount” means (i) with respect to a redemption of the Securities, Securities having a liquidation amount equal to the principal amount of
Debentures to be paid in accordance with their terms and (ii) with respect to a distribution of Debentures upon the liquidation of the Trust, Debentures having a principal amount equal to the liquidation amount of the Securities of the Holder to
whom such Debentures are distributed. 
  
 If, upon any such
liquidation, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets legally available to pay in full the aggregate Liquidation Distribution, then the amounts payable directly by the Trust with respect to the
Securities shall be paid on a Pro Rata basis. 
  
 4. Redemption
and Distribution. 
  
 (a) Redemption of the Securities will occur
simultaneously with any repayment of the Debentures, whether at maturity or earlier prepayment. The Debentures will mature on [October] 1, 2033 (the “Stated Maturity”), unless prepaid earlier as provided in this Section 4. 
  
 Upon the repayment of the Debentures in whole or in part, whether at maturity
or earlier prepayment, the proceeds from such repayment shall be simultaneously applied to redeem Securities having an aggregate liquidation amount equal to the aggregate principal amount of the Debentures so repaid at the Redemption Price. The
“Redemption Price” shall be $25 per Security plus an amount equal to unpaid Distributions thereon accumulated to the date of redemption, payable in cash. If fewer than all the outstanding Securities are to be so redeemed, the Securities
will be redeemed Pro Rata and the Preferred Securities to be redeemed will be as described in Section 4(f)(ii) below. Any prepayment of the Debentures and related redemption of Preferred Securities under subsection (b) below may require the prior
approval of the Federal Reserve Board if such approval is then required under applicable law, rules, guidelines or policies. 
  
 (b) The Debentures are prepayable prior to the Stated Maturity at the option of the Company (i) in whole or in part, from time to time, on or after
[October] 1, 2008 or (ii) at any time prior to [October] 1, 2008, in whole but not in part, upon the occurrence and continuation of a Special Event, in either case at a prepayment price (the “Prepayment Price”) equal to 100% of the
principal amount thereof plus unpaid interest thereon (including Additional Interest and Compound Interest, if any) accrued to the date of prepayment. 
  
 (c) The following terms used herein shall be defined as follows: 
  

 A-4 

 “Investment Company Event” means that the Regular Trustees shall have received an opinion of
nationally recognized independent counsel experienced in such matters, who shall not be an officer or employee of the Sponsor or any of its Affiliates, to the effect that, as a result of the occurrence of a change in law or regulation or a written
change (including any announced prospective change) in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority, 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 or prospective change becomes effective or would become effective, as the case may be, on or after the date of the
issuance of the Preferred Securities. 
  
 “Regulatory Capital
Event” means that the Debenture Issuer shall have received an opinion of nationally recognized independent bank regulatory counsel experienced in such matters, who shall not be an officer or employee of the Sponsor or any of its Affiliates, to
the effect that, as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws (or any regulations thereunder) of the United States or any rules, guidelines or policies of the Federal Reserve Board or (b)
any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or such pronouncement or decision is announced on or after the date of original issuance of the
Securities, the Preferred Securities do not constitute, or within 90 days of the date thereof, will not constitute, Tier 1 capital (or its equivalent) for purposes of the Federal Reserve Board’s capital guidelines for bank holding companies;
provided, however, that the distribution of the Debentures in connection with the liquidation of the Trust by the Debenture Issuer and the treatment thereafter of the Debentures as other than Tier 1 capital shall not in and of itself constitute a
Regulatory Capital Event. 
  
 “Special Event” means a
Tax Event, an Investment Company Event or a Regulatory Capital Event, as the case may be. 
  
 “Tax Event” means that the Regular Trustees shall have received an opinion of a nationally recognized independent tax counsel experienced in such matters, who shall not be an officer or employee of the
Sponsor or any of its Affiliates, to the effect that, as a result of (a) any amendment to, or change (including any 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 pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or such pronouncement or decision is announced on or after
the date of the original issuance of the Debentures, 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 on the Debentures is not, or within 90 days of the date thereof will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes or (iii) the Trust is, or
will be within 90 days of the date thereof, subject to more than a de minimis amount of other taxes, duties or other governmental charges. 
  

 A-5 

 (d) The Trust may not redeem fewer than all the outstanding Securities unless all accumulated and unpaid
Distributions have been paid on all Securities for all quarterly Distribution periods terminating on or before the date of redemption. 
  
 (e) The Debenture Issuer will have the right at any time to dissolve the Trust and cause the Debentures to be distributed to the Holders, subject to the
prior approval of the Federal Reserve Board if such approval is then required under applicable law, rules, guidelines or policies and the receipt by the Debenture Issuer of an opinion of a nationally recognized tax counsel that Holders will not
recognize gain or loss for United States Federal income tax purposes as a result of such distribution or exchange. If the Debentures are distributed to the Holders and the Preferred Securities are then listed on an exchange, the Debenture Issuer
will use its best efforts to cause the Debentures to be listed on the NYSE or on such other exchange as the Preferred Securities are then listed. 
  
 On the date fixed for any distribution of Debentures upon dissolution of the Trust, (i) the Preferred Securities will no longer be deemed to be
outstanding, (ii) the Depository Institution or its nominee, as the record holder of the Preferred Securities, will receive a registered global certificate or certificates representing the Debentures to be delivered upon such distribution and (iii)
any certificates representing Preferred Securities not held by the Depository Institution or its nominee will be deemed to represent Debentures having an aggregate principal amount equal to the aggregate liquidation amount of, with an interest rate
identical to the Coupon Rate of, and accrued and unpaid interest equal to accumulated and unpaid Distributions on, such Preferred Securities until such certificates are presented to the Debenture Issuer or its agent for transfer or reissuance.

  
 (f) Redemption or Distribution Procedures. 
  

	 	(i)	Notice of any prepayment of the Debentures, or notice of distribution of Debentures in exchange for the Securities (a “Redemption/Distribution Notice”) will be given by
the Trust by mail to each Holder of Securities to be redeemed or exchanged not fewer than 30 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 prepayment 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 4(f)(i), 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. Each Redemption/Distribution Notice shall be addressed to the Holders at the address of each such Holder appearing in the books and records 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. 

  

	 	(ii)	 In the event that fewer than all the outstanding Securities are to be redeemed, the Securities to be redeemed shall be redeemed Pro Rata from each Holder, it being
understood that, in respect of Preferred Securities registered in the name of and 

  

 A-6 

	 	 
held of record by the Depository Institution or its nominee, the distribution of the proceeds of such redemption will be made to each Depository Institution
Participant (or Person on whose behalf such nominee holds such securities) in accordance with the procedures applied by such agency or nominee. 

  

	 	(iii)	If Securities are to be redeemed and the Trust gives a Redemption/Distribution Notice, which notice may only be issued if the Debentures are redeemed as set out in this Section 4
(which notice will be irrevocable), then by 10:00 a.m., New York City time, on the redemption date, the Debenture Issuer will deposit with one or more paying agents an amount of money sufficient to redeem on the redemption date all the Securities so
called for redemption at the Redemption Price. If a Redemption/Distribution Notice shall have been given and funds deposited as required, if applicable, then immediately prior to the close of business on the date of such deposit, or on the
redemption date, as applicable, Distributions will cease to accrue on the Securities so called for redemption and all rights of Holders of such Securities so called for redemption will cease, except the right of the Holders of such Securities to
receive the Redemption Price, but without interest on such Redemption Price. On presentation and surrender of such Securities at a place of payment specified in said notice, the said Securities or the specified portions thereof shall be paid and
redeemed by the Trust at the Redemption Price. Neither the Regular Trustees nor the Trust shall be required to register or cause to be registered the transfer of any Securities that have been so called for redemption. 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 falls in the next calendar year, such payment will 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 Institutional Trustee or by the Sponsor as guarantor pursuant to the relevant Securities Guarantee, Distributions on such Securities will continue to
accumulate 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. 

  

	 	(iv)	The Trust shall not be required to (i) issue, or register the transfer or exchange of, any Securities during a period beginning at the opening of business 15 days before the mailing
of a notice of redemption of Securities and ending at the close of business on the day of the mailing of the relevant notice of redemption and (ii) register the transfer or exchange of any Securities so selected for redemption, in whole or in part,
except the unredeemed portion of any Securities being redeemed in part. 

  

 A-7 

	 	(v)	Subject to the foregoing and applicable law (including, without limitation, United States federal securities laws and regulations of the Federal Reserve Board), the Sponsor or any
of its subsidiaries may at any time and from time to time purchase outstanding Preferred Securities by tender, in the open market or by private agreement. 

  
 5. Voting Rights - Preferred Securities. 
  
 (a) Except as provided under Sections 5(b), 6(b) and 7 and as otherwise required by law and the Declaration, the Holders of
the Preferred Securities will have no voting rights. 
  
 (b)
Subject to the requirements set forth in the immediately following paragraph, the Holders of a Majority in Liquidation Amount of 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 Institutional Trustee, or to direct the exercise of any trust or power conferred upon the Institutional Trustee under the Declaration, including the right to direct the Institutional Trustee, as holder
of the Debentures, to (i) exercise the remedies available to it under the Indenture as holder of the Debentures, (ii) waive any past Event of Default and its consequences that is waivable under the Indenture, (iii) exercise any right to rescind or
annul a declaration that the principal of all the Debentures shall be due and payable or (iv) consent to any amendment, modification or termination of the Indenture or the Debentures where such consent shall be required; provided, however, that,
where a consent or action under the Indenture would require the consent or act of a Super Majority, only the Holders of at least such Super Majority in aggregate liquidation amount of the Preferred Securities may direct the Institutional Trustee to
give such consent or take such action; and provided further, that where a consent or action under the Indenture is only effective against each holder of Debentures who has consented thereto, such consent or action will only be effective against a
Holder of Preferred Securities who directs the Institutional Trustee to give such consent or take such action. The Institutional Trustee shall not revoke any action previously authorized or approved by a vote of the Holders of the Preferred
Securities. If the Institutional Trustee fails to enforce its rights under the Debentures after a holder of record of Preferred Securities has made a written request, such Holder of Preferred Securities may, to the fullest extent permitted by law,
institute a legal proceeding directly against the Debenture Issuer to enforce the Institutional Trustee’s rights under the Debentures without first instituting any legal proceeding against the Institutional Trustee or any other Person.

  
 Notwithstanding the foregoing, if an Event of Default has
occurred and is continuing and such event is attributable to the failure of the Debenture Issuer to pay interest on or principal of the Debentures on the date such interest or principal is otherwise payable (or in the case of redemption, on the
redemption date), then a Holder of Preferred Securities may institute a Direct Action for enforcement of payment to such Holder of the principal of or interest on the Debentures having an aggregate principal amount equal to the aggregate liquidation
amount of the Preferred Securities of such Holder on or after the respective due date specified in the Debentures. Notwithstanding any payments made to such Holder of Preferred Securities by the Debenture Issuer in connection with a Direct Action,
the Debenture Issuer shall remain obligated to pay the principal of or interest on the Debentures held by the Trust or the Institutional Trustee 

  

 A-8 

 
of the Trust, and the Holders of the Common Securities shall be subrogated to the rights of the Holder of such Preferred Securities with respect to payments
on the Preferred Securities under the Declaration to the extent of any payments made by the Debenture Issuer to such Holder in any Direct Action provided, however, that the Holder has received full payment in respect of such Preferred Securities.
Except as provided in this paragraph and Section 3.8(e) of the Declaration, the Holders of Preferred Securities will not be able to exercise directly any other remedy available to the holders of the Debentures. 
  
 Except with respect to directing the time, method and place of conducting a
proceeding for a remedy, the Institutional Trustee shall not take any of the actions described in clauses (i) through (iv) above unless the Institutional Trustee has obtained an opinion of a nationally recognized tax counsel experienced in such
matters to the effect that, taking such action into account, the Trust will continue to be classified as a grantor trust for United States federal income tax purposes. 
  
 Any approval or direction of Holders of Preferred Securities may be given at a separate meeting of Holders of Preferred
Securities convened for such purpose, at a meeting of all of the Holders of Securities in the Trust or pursuant to written consent. The Regular Trustees will cause a notice of any meeting at which Holders of Preferred Securities are entitled to
vote, to be mailed to each Holder of record of Preferred 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. 
  
 No vote or consent of the Holders of the Preferred Securities will be required for the Trust to redeem and cancel Preferred Securities or to distribute the Debentures in accordance with the Declaration and the terms
of the Securities. 
  
 Notwithstanding that Holders of Preferred
Securities are entitled to vote or consent under any of the circumstances described above, any of the Preferred Securities that are owned by the Sponsor or any Affiliate of the Sponsor shall not be entitled to vote or consent and shall, for purposes
of such vote or consent, be treated as if they were not outstanding. 
  
 6. Voting Rights - Common Securities. 
  
 (a) Except as
provided under Sections 6(b), (c) and 7 and as otherwise required by law and the Declaration, the Holders of the Common Securities will have no voting rights. 
  

(b) Unless an Event of Default shall have occurred and be continuing, the Holders of the Common Securities are entitled, in accordance with Article V
of the Declaration, to vote to appoint, remove or replace any Trustee or to increase or decrease the number of Trustees. If an Event of Default has occurred and is continuing, the Institutional Trustee and the Delaware Trustee may be removed at such
time only by the Holders of a Majority in Liquidation Amount of the outstanding Preferred Securities. In no event will the Holders of the Preferred Securities have the right to vote to appoint, remove or replace the Regular Trustees, which voting
rights are vested exclusively in the Sponsor as the Holder of the Common Securities. No resignation or 

  

 A-9 

 
removal of a Trustee and no appointment of a successor trustee shall be effective until the acceptance of appointment of a successor trustee in accordance
with the provisions of the Declaration. 
  
 During an Event of
Default, no vote or consent of the Holders of the Common Securities will be required or obtained by the Regular Trustees with respect to that Event of Default, until that Event of Default has been cured or waived. During that Event of Default, the
Institutional Trustee will act on behalf of the Holders of the Preferred Securities without regard to any vote or consent by the Holders of the Common Securities. 
  
 (c) Subject to Section 2.6 of the Declaration and only after the Event of Default with respect to the Preferred Securities
has been cured, waived, or otherwise eliminated and subject to the requirements of the second to last sentence of this paragraph, the Holders of a Majority in Liquidation Amount of the Common Securities, voting separately as a class, may direct the
time, method, and place of conducting any proceeding for any remedy available to the Institutional Trustee, or exercising any trust or power conferred upon the Institutional Trustee under the Declaration, including (i) directing the time, method,
place of conducting any proceeding for any remedy available to the Debt Trustee, or exercising any trust or power conferred on the Debt Trustee with respect to the Debentures, (ii) waive any past default and its consequences that is waivable under
Section 5.07 of the Indenture or (iii) exercise any right to rescind or annul a declaration that the principal of all the Debentures shall be due and payable; provided that, where a consent or action under the Indenture would require the consent or
act of a Super Majority of Holders of Debentures affected thereby the Institutional Trustee may only give such consent or take such action at the written direction of the Holders of at least the proportion in liquidation amount of the Common
Securities which the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding; and provided further, that where a consent or action under the Indenture would require the consent or action of each holder of
Debentures, each Holder of Preferred Securities must direct the Institutional Trustee to give such consent or take such action. Pursuant to this Section 6(c), the Institutional Trustee shall not revoke any action previously authorized or approved by
a vote of the Holders of the Preferred Securities. Except with respect to directing the time, method and place of conducting a proceeding for a remedy, the Institutional Trustee shall not take any action in accordance with the directions of the
Holders of the Common Securities under this paragraph unless the Institutional Trustee has obtained an opinion of a nationally recognized tax counsel experienced in such matters to the effect that, as a result of such action, the Trust will not fail
to be classified as a grantor trust for United States federal income tax purposes. If the Institutional Trustee fails to enforce its rights under the Declaration, any Holder of Common Securities may, to the fullest extent permitted by law, institute
a legal proceeding directly against any Person to enforce the Institutional Trustee’s rights under the Declaration, without first instituting a legal proceeding against the Institutional Trustee or any other Person. 
  
 Any 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 in the Trust or pursuant to written consent. The Regular Trustees will cause a notice of any meeting at which Holders of
Common Securities are entitled to vote, to be 

  

 A-10 

 
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. 
  
 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 the Debentures in accordance with the Declaration and the terms of the Securities. 
  
 7. Amendments to Declaration and Indenture. 
  
 (a) In addition to any requirements under Section 12.1 of the Declaration, if any proposed amendment to the Declaration provides for, or the Regular
Trustees otherwise propose to effect, (i) any action that would adversely affect the powers, preferences or special rights of the Securities, whether by way of amendment to the Declaration or otherwise, or (ii) the liquidation, dissolution,
winding-up or termination of the Trust, other than as described in Section 8.1 of the Declaration, then the Holders of outstanding Securities voting together as a single class will be entitled to vote on such amendment or proposal (but not on any
other amendment or proposal) and such amendment or proposal shall not be effective except with the approval of the Holders of a Majority in Liquidation Amount of the Securities affected thereby, provided that, if any amendment or proposal referred
to in clause (i) above would adversely affect only the Preferred Securities or only the Common Securities, then only the affected class will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective
except with the approval of the Holders of a Majority in Liquidation Amount of such class of Securities. 
  
 (b) In the event the consent of the Institutional Trustee, as the holder of the Debentures, is required under the Indenture with respect to any amendment,
modification or termination on the Indenture, the Institutional Trustee shall request the written direction of the Holders of the Securities with respect to such amendment, modification or termination and shall vote with respect to such amendment,
modification or termination as directed by the Holders of 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 a Super
Majority, the Institutional Trustee may only give such consent at the direction of the Holders of at least the proportion in liquidation amount of the Securities which the relevant Super Majority represents of the aggregate principal amount of the
Debentures outstanding; and provided, further, that where a consent or action under the Indenture is only effective against each holder of Debentures who has consented thereto, such consent or action will only be effective against a Holder of
Preferred Securities who directs the Institutional Trustee to give such consent or take such action; and provided, further, that the Institutional Trustee shall not take any action in accordance with the directions of the Holders of the Securities
under this Section 7(b) unless the Institutional Trustee has obtained an opinion of a nationally recognized tax counsel experienced in such matters to the effect that for the purposes of United States federal income tax the Trust will be classified
as a grantor trust taking such action into account. 
  

 A-11 

 (c) Notwithstanding the foregoing, no amendment or modification may be made to the Declaration if such
amendment or modification would (i) cause the Trust not to be classified for purposes of United States federal income taxation as a grantor trust, (ii) reduce or otherwise adversely affect the powers of the Institutional Trustee or (iii) cause the
Trust to be deemed an “investment company” which is required to be registered under the Investment Company Act. 
  
 8. Pro Rata. 
  
 A reference in these terms of the Securities to any payment, distribution or treatment as being “Pro Rata” shall mean pro rata to each Holder
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 unless, in relation to a payment, an Event of Default has occurred and is
continuing, in which case any funds available to make such payment shall be paid first to each Holder of the Preferred Securities pro rata according to the aggregate liquidation amount of Preferred Securities held by the relevant Holder of Preferred
Securities relative to the aggregate liquidation amount of all Preferred Securities outstanding, and only after satisfaction of all amounts owed to the Holders of the Preferred Securities, to each Holder of Common Securities pro rata according to
the aggregate liquidation amount of Common Securities held by the relevant Holder of Common Securities relative to the aggregate liquidation amount of all Common Securities outstanding. 
  
 9. Ranking. 
  
 The Preferred Securities rank pari passu, and payment thereon shall be made Pro Rata, with the Common Securities except that, where an Event of
Default occurs and is continuing, the rights of Holders of the Common Securities to receive payment of periodic Distributions and payments upon liquidation, redemption and otherwise will be subordinated to the rights of the Holders of the Preferred
Securities. 
  
 10. Listing. 
  
 The Regular Trustees shall use their best efforts to cause the Preferred
Securities to be listed for quotation on the NYSE. 
  
 11.
Acceptance of Securities Guarantee and Indenture. 
  
 Each Holder
of Preferred Securities and Common Securities, by the acceptance thereof, agrees to the provisions of the Preferred Securities Guarantee and the Common Securities Guarantee, respectively, and to the provisions of the Indenture, including the
respective subordination provisions therein. 
  
 12. No Preemptive
Rights. 
  
 The Holders shall have no preemptive or similar
rights to subscribe for any additional securities of the Trust or otherwise. 
  

 A-12 

 13. Miscellaneous. 
  
 These terms constitute a part of the Declaration. 
  
 The Sponsor will provide a copy of the Declaration, the Preferred Securities Guarantee or the Common Securities Guarantee
(as may be appropriate) and the Indenture to a Holder without charge on written request to the Sponsor at its principal place of business. 
  

 A-13 

 EXHIBIT A-1 
 FORM OF PREFERRED SECURITY CERTIFICATE 
  
 IF THE PREFERRED SECURITY IS A GLOBAL CERTIFICATE, INSERT-THIS PREFERRED SECURITY IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE DECLARATION OF TRUST AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE
“DEPOSITORY”) OR A NOMINEE OF THE DEPOSITORY. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
DECLARATION OF TRUST AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
  
 UNLESS THE PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

	 Certificate Number: [    ] 
	 Number of Preferred Securities: [    ] 

 CUSIP No. · 
  
 Certificate Evidencing Preferred Securities 
 of 
 COLONIAL CAPITAL TRUST IV

 ·% Preferred Securities

 (liquidation amount $25 per Preferred Security) 
  
 COLONIAL CAPITAL TRUST IV, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that
                     (the “Holder”) is the registered holder of
             preferred securities of the Trust representing undivided beneficial interests in the assets of the Trust, designated the ·% Preferred Securities (liquidation amount $25 per Preferred Security) (the “Preferred Securities”). The Preferred Securities are transferable on the books and records of
the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer. The designation, rights, privileges, restrictions, preferences and other terms and provisions of the Preferred
Securities represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated Declaration of Trust, dated as of September ·, 2003, as the same may be amended from 

  

 A1-1 

 
time to time (the “Declaration of Trust”), including the designation of the terms of the Preferred Securities as set forth in Annex I to the
Declaration of Trust. Capitalized terms used herein but not defined shall have the meaning given them in the Declaration of Trust. The Holder is entitled to the benefits of the Preferred Securities Guarantee to the extent provided therein. The
Sponsor will provide a copy of the Declaration of Trust, the Preferred Securities Guarantee and the Indenture to a Holder without charge upon written request to the Trust at its principal place of business. 
  
 Upon receipt of this certificate, the Holder is bound by the Declaration of
Trust and is entitled to the benefits thereunder. 
  
 In addition,
the Holder is deemed to have (i) agreed to the terms of the Indenture and the Debentures, including that the Debentures are subordinate and junior in right of payment to all present and future Senior Indebtedness (as defined in the Indenture) as and
to the extent provided in the Indenture and (ii) agreed to the terms of the Preferred Securities Guarantee, including that the Preferred Securities Guarantee is subordinate and junior in right of payment to all other liabilities of the Sponsor,
including the Debentures, except those made pari passu or subordinate by their terms, and pari passu with the most senior preferred or preference stock now or hereafter issued by the Sponsor and with any guarantee now or hereafter
entered into by the Sponsor in respect of any preferred or preference stock of any Affiliate of the Sponsor. In addition, each Holder hereof by his or her acceptance hereof, hereby agrees to treat the Debentures as indebtedness for all United States
federal income tax purposes. 
  
 THIS SECURITY IS NOT A SAVINGS OR
DEPOSIT ACCOUNT OR OTHER OBLIGATION OF A BANK AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
  
 By acceptance, the Holder agrees to treat, for United States federal income tax purposes, the Debentures as indebtedness and the Preferred Securities as
evidence of indirect beneficial ownership in the Debentures. 
  
 Unless the Institutional Trustee’s Certificate of Authentication hereon has been properly executed, these Preferred Securities shall not be entitled to any benefit under the Declaration or be valid or obligatory for any purpose.

  

 A1-2 

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

	COLONIAL CAPITAL TRUST IV
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 Regular Trustee

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 Regular Trustee

  
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Preferred
Securities referred to in the within-mentioned Declaration of Trust. 
  
 Dated                 ,              
  

	 The Bank of New York,
 as Institutional Trustee

		
	 By:
	 	  

	 	 	 Authorized Signatory

  

 A1-3 

 [FORM OF REVERSE OF SECURITY] 
  
 Distributions payable on each Preferred Security will be fixed at a rate per annum of ·% (the “Coupon Rate”) of the liquidation amount of $25 per Preferred Security, such rate being the rate of interest payable on the Debentures to be held by the
Institutional Trustee. Distributions in arrears beyond the applicable Distribution Payment Date (as defined below) will bear interest thereon compounded quarterly at the Coupon Rate (“Compound Interest”) (to the extent permitted by
applicable law). The term “Distributions,” as used herein, includes such cash distributions and any such interest (including Additional Interest and Compound Interest) payable unless otherwise stated. A Distribution will be made by the
Institutional Trustee only to the extent that payments are made in respect of the Debentures held by the Institutional Trustee and to the extent the Institutional Trustee has funds available in the Institutional Trustee Account. The amount of
Distributions payable for any period will be computed for any full quarterly Distribution period on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly Distribution period on the basis of the actual
number of days elapsed in a calendar month (but not to exceed 30 days in any month). 
  
 Except as otherwise described below, Distributions on the Preferred Securities will be cumulative, will accrue from September ·, 2003 and will be payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing on [October] 1, 2003 (each, a “Distribution Payment Date”), to Holders of record on the
relevant record dates, which will be, as long as the Preferred Securities remain in book-entry form, the close of business on the Business Day prior to the relevant Distribution Payment Date and, in the event the Preferred Securities are not in
book-entry form, the fifteenth calendar day prior to the relevant Distribution Payment Date. Such Distribution Payment Dates shall correspond to the interest payment dates on the Debentures. The Debenture Issuer has the right under the Indenture to
defer payments of interest by extending the interest payment period from time to time on the Debentures for a period not exceeding 20 consecutive quarterly periods (each, an “Extension Period”), provided that no Extension Period shall last
beyond the maturity or earlier prepayment of the Debentures and, as a consequence of such deferral, quarterly Distributions will also be deferred. Despite such deferral, quarterly Distributions will continue to accrue with interest thereon (to the
extent permitted by applicable law) at the Coupon Rate compounded quarterly during any such Extension Period. Prior to the termination of any such Extension Period, the Debenture Issuer may further extend such Extension Period; provided that such
Extension Period together with all such previous and further extensions thereof may not exceed 20 consecutive quarterly periods or extend beyond the maturity or earlier prepayment of the Debentures. Payments of Distributions will be payable to
Holders as they appear on the books and records of the Trust on the first record date after the end of the Extension Period. Upon the termination of any Extension Period and the payment of all amounts then due, the Debenture Issuer may commence a
new Extension Period, subject to the above requirements. 
  
 The
Preferred Securities shall be redeemable as provided in the Declaration of Trust. 
  

 A1-4 

 ASSIGNMENT 
  

FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred Security Certificate to: 
  
  

  

  

 (Insert assignee’s social security or tax identification number) 
  
  

  

  

  

 (Insert address and zip code of assignee) 
  
 and irrevocably appoints 
  
  

  

  

 agent to transfer this Preferred Security
Certificate on the books of the Trust. The agent may substitute another to act for him or her. 
  

	Date:	 	  

	 	 
	
	 Signature:

 (Sign exactly as your name appears on the other side of this Preferred Security Certificate) 
  
 (Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Trustee, which
requirements include membership or participation in STAMP or such other “signature guaranty program” as may be determined by the Trustee in addition to or in substitution for STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.) 
  

 A1-5 

 EXHIBIT A-2 
 FORM OF COMMON SECURITY CERTIFICATE 
  
 THIS CERTIFICATE IS NOT TRANSFERABLE, SUBJECT TO THE TERMS OF THE DECLARATION OF TRUST (AS DEFINED HEREIN) 
  

	 Certificate Number: [    ] 
	 Number of Common Securities: [    ] 

  
 Certificate Evidencing Common Securities 
 of 
 COLONIAL CAPITAL TRUST IV

 ·% Common Securities 

(liquidation amount $25 per Common Security) 
  
 COLONIAL CAPITAL TRUST IV, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that The Colonial
BancGroup, Inc. (the “Holder”) is the registered holder of              common securities of the Trust representing undivided beneficial interests in the assets of the
Trust, designated the ·% Common Securities (liquidation amount $25 per Common Security) (the “Common Securities”). The Common Securities
are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer. 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 Declaration of Trust, dated as of September ·, 2003, as the same may be amended from time to time (the “Declaration of Trust”), including the designation of the terms of the Common Securities as set forth in Annex I
to the Declaration of Trust. Capitalized terms used herein but not defined shall have the meaning given them in the Declaration of Trust. The Holder is entitled to the benefits of the Common Securities Guarantee to the extent provided therein. The
Sponsor will provide a copy of the Declaration, the Common Securities Guarantee and the Indenture to a Holder without charge upon written request to the Sponsor at its principal place of business. 
  
 Upon receipt of this certificate, the Sponsor is bound by the Declaration of
Trust and is entitled to the benefits thereunder. 
  
 In addition,
the Holder is deemed to have (i) agreed to the terms of the Indenture and the Debentures, including that the Debentures are subordinate and junior in right of payment to all present and future Senior Indebtedness (as defined in the Indenture) as and
to the extent provided in the Indenture and (ii) agreed to the terms of the Common Securities Guarantee, including that the Common Securities Guarantee is subordinate and junior in right of payment to all other liabilities of the Sponsor, including
the Debentures, except those made pari passu or subordinate by their terms, and pari passu with the most senior preferred or preference stock now or hereafter issued by the Sponsor and with any guarantee now or hereafter entered into by the
Sponsor in respect of any preferred or preference stock of any Affiliate of the Sponsor. 
  

 A2-1 

 THIS SECURITY IS NOT A SAVINGS OR DEPOSIT ACCOUNT OR OTHER OBLIGATION OF A BANK AND IS NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
  
 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 indirect beneficial ownership in the Debentures. 
  

 A2-2 

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

	COLONIAL CAPITAL TRUST IV
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 Regular Trustee

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 Regular Trustee

  

 A2-3 

 [FORM OF REVERSE OF SECURITY] 
  
 Distributions payable on each Common Security will be fixed at a rate per annum of ·% (the “Coupon Rate”) of the liquidation amount of $25 per Common Security, such rate being the rate of interest payable on the Debentures to be held by the Institutional
Trustee. Distributions in arrears beyond the applicable Distribution Payment Date (as defined below) will bear interest thereon compounded quarterly at the Coupon Rate (“Compound Interest”) (to the extent permitted by applicable law). The
term “Distributions,” as used herein, includes such cash distributions and any such interest (including Additional Interest and Compound Interest) payable unless otherwise stated. A Distribution will be made by the Institutional Trustee
only to the extent that payments are made in respect of the Debentures held by the Institutional Trustee and to the extent the Institutional Trustee has funds available in the Institutional Trustee Account. The amount of Distributions payable for
any period will be computed for any full quarterly Distribution period on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly Distribution period on the basis of the actual number of days elapsed in a
calendar month (but not to exceed 30 days in any month). 
  
 Except as otherwise described below, distributions on the Common Securities will be cumulative, will accrue from September ·, 2003 and
will be payable quarterly in arrears, on January 1, April 1, July 1 and October 1 of each year, commencing on [October] 1, 2003 (each a “Distribution Payment Date”), to Holders of record on the relevant record dates, which will be, as long
as the Preferred Securities remain in book-entry form, the close of business on the Business Day prior to the relevant Distribution Payment Date and, in the event the Preferred Securities are not in book-entry form, the fifteenth calendar day prior
to the relevant Distribution Payment Date. Such Distribution Payment Dates shall correspond to the interest payment dates on the Debentures. The Debenture Issuer has the right under the Indenture to defer payments of interest by extending the
interest payment period from time to time on the Debentures for a period not exceeding 20 consecutive quarterly periods (each, an “Extension Period”), provided that no Extension Period shall last beyond the maturity or earlier prepayment
of the Debentures and, as a consequence of such deferral, quarterly Distributions will also be deferred. Despite such deferral, quarterly Distributions will continue to accrue with interest thereon (to the extent permitted by applicable law) at the
Coupon Rate compounded quarterly during any such Extension Period. Prior to the termination of any such Extension Period, the Debenture Issuer may further extend such Extension Period; provided that such Extension Period together with all such
previous and further extensions thereof may not exceed 20 consecutive quarterly periods or extend beyond the maturity or earlier prepayment of the Debentures. Payments of Distributions will be payable to Holders as they appear on the books and
records of the Trust on the first record date after the end of the Extension Period. Upon the termination of any Extension Period and the payment of all amounts then due, the Debenture Issuer may commence a new Extension Period, subject to the above
requirements. 
  
 The Common Securities shall be redeemable as
provided in the Declaration of Trust. 
  

 A2-3 

 ASSIGNMENT 
  

FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security Certificate to: 
  
  

  

  

 (Insert assignee’s social security or tax identification number) 
  
  

  

  

  

 (Insert address and zip code of assignee) 
  
 and irrevocably appoints 
  
  

  

  

 agent to transfer this Common Security
Certificate on the books of the Trust. The agent may substitute another to act for him or her. 
  

	Date:	 	  

	 	 
	
	 Signature:

 (Sign exactly as your name appears on the other side of this Common Security Certificate)

  
 (Signature(s) must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Trustee, which requirements include membership or participation in STAMP or such other “signature guaranty program” as may be determined by the Trustee in addition to or in substitution for
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.) 
  

 A2-4 

 EXHIBIT B 
 PURCHASE AGREEMENTForm of Preferred Securities Guarantee Agreement

 Exhibit 4.9 
  
 PREFERRED SECURITIES GUARANTEE AGREEMENT 
  
 Colonial Capital Trust IV 
  
 Dated as of September ·, 2003 

 Table of Contents 
  

	 	  	 	  	Page

	
	ARTICLE I
	
	DEFINITIONS AND INTERPRETATION
			
	 SECTION 1.1
	  	 Definitions and Interpretation
	  	1
	
	ARTICLE II
	
	TRUST INDENTURE ACT
			
	 SECTION 2.1
	  	 Trust Indenture Act; Application
	  	4
	 SECTION 2.2
	  	 Lists of Holders of Securities
	  	5
	 SECTION 2.3
	  	 Reports by the Preferred Guarantee Trustee
	  	5
	 SECTION 2.4
	  	 Periodic Reports to Preferred Guarantee Trustee
	  	5
	 SECTION 2.5
	  	 Evidence of Compliance with Conditions Precedent
	  	5
	 SECTION 2.6
	  	 Events of Default; Waiver
	  	6
	 SECTION 2.7
	  	 Event of Default; Notice
	  	6
	 SECTION 2.8
	  	 Conflicting Interests
	  	6
	
	ARTICLE III
	
	 POWERS, DUTIES AND RIGHTS OF PREFERRED
 GUARANTEE TRUSTEE

			
	 SECTION 3.1
	  	 Powers and Duties of the Preferred Guarantee Trustee
	  	6
	 SECTION 3.2
	  	 Certain Rights of Preferred Guarantee Trustee
	  	8
	 SECTION 3.3
	  	 Not Responsible for Recitals or Issuance of Preferred Securities Guarantee
	  	10
	
	ARTICLE IV
	
	PREFERRED GUARANTEE TRUSTEE
			
	 SECTION 4.1
	  	 Preferred Guarantee Trustee; Eligibility
	  	10
	 SECTION 4.2
	  	 Appointment, Removal and Resignation of Preferred Guarantee Trustee
	  	11
	
	ARTICLE V
	
	GUARANTEE
			
	 SECTION 5.1
	  	 Guarantee
	  	12
	 SECTION 5.2
	  	 Waiver of Notice and Demand
	  	12
	 SECTION 5.3
	  	 Obligations Not Affected
	  	12
	 SECTION 5.4
	  	 Enforcement of Guarantee; Rights of Holders
	  	13
	 SECTION 5.5
	  	 Guarantee of Payment
	  	13
	 SECTION 5.6
	  	 Subrogation
	  	13

  

 i 

	 SECTION 5.7
	  	 Independent Obligations
	  	14
	
	ARTICLE VI
	
	LIMITATION OF TRANSACTIONS; SUBORDINATION
			
	 SECTION 6.1
	  	 Limitation of Transactions
	  	14
	 SECTION 6.2
	  	 Ranking
	  	15
	
	ARTICLE VII
	
	TERMINATION
			
	 SECTION 7.1
	  	 Termination
	  	15
	
	ARTICLE VIII
	
	INDEMNIFICATION
			
	 SECTION 8.1
	  	 Exculpation
	  	15
	 SECTION 8.2
	  	 Indemnification
	  	16
	
	ARTICLE IX
	
	MISCELLANEOUS
			
	 SECTION 9.1
	  	 Successors and Assigns
	  	16
	 SECTION 9.2
	  	 Amendments
	  	16
	 SECTION 9.3
	  	 Notices
	  	16
	 SECTION 9.4
	  	 Benefit
	  	17
	 SECTION 9.5
	  	 Governing Law
	  	17
	 SECTION 9.6
	  	 Genders
	  	17
	 SECTION 9.7
	  	 Counterparts
	  	17

  

 ii 

 PREFERRED SECURITIES GUARANTEE AGREEMENT 
  
 This GUARANTEE AGREEMENT (the “Preferred Securities Guarantee”),
dated as of September · , 2003, is executed and delivered by The Colonial BancGroup, Inc., a Delaware corporation (the “Guarantor”), and
The Bank of New York, a New York banking corporation, as trustee (the “Preferred Guarantee Trustee”), for the benefit of the Holders (as defined herein) of Colonial Capital Trust IV, a Delaware statutory trust (the “Issuer”).

  
 WHEREAS, pursuant to an Amended and Restated Declaration of
Trust (the “Declaration”), dated as of September · , 2003, among the trustees of the Issuer named therein, the Guarantor, as sponsor, and
the holders from time to time of undivided beneficial interests in the assets of the Issuer, the Issuer is issuing on the Closing Date 4,000,000 preferred securities, having an aggregate liquidation amount of $100,000,000 designated as the
· % Preferred Securities (the “Preferred Securities”); 
  
 WHEREAS, as an incentive for the Holders to purchase the Preferred Securities, the Guarantor desires irrevocably and
unconditionally to agree, to the extent set forth in this Preferred Securities Guarantee, to pay to the Holders the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein; and

  
 WHEREAS, the Guarantor is also executing and delivering a
guarantee agreement (the “Common Securities Guarantee”) in substantially identical terms to this Preferred Securities Guarantee for the benefit of the holders of the Common Securities (as defined herein), except that if an event of default
under the Indenture (as defined herein), has occurred and is continuing, the rights of holders of the Common Securities to receive Guarantee Payments under the Common Securities Guarantee are subordinated to the rights of Holders to receive
Guarantee Payments under this Preferred Securities Guarantee. 
  
 NOW, THEREFORE, in consideration of the purchase by each Holder, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Preferred Securities Guarantee for the benefit of the Holders.

  
 ARTICLE I 
  
 DEFINITIONS AND INTERPRETATION 
  
 SECTION 1.1 Definitions and Interpretation 
  
 In this Preferred Securities Guarantee, unless the context otherwise
requires: 
  
 (a) capitalized terms used in this Preferred
Securities Guarantee but not defined in the preamble above have the respective meanings assigned to them in this Section 1.1; 
  
 (b) any capitalized term not defined in either the preamble above or this Section 1.1 shall have the respective meaning assigned to it in the Declaration
in effect as of the date hereof; 
  
 (c) a term defined anywhere
in this Preferred Securities Guarantee has the same meaning throughout; 

 (d) all references to “the Preferred Securities Guarantee” or “this Preferred Securities
Guarantee” are to this Preferred Securities Guarantee as modified, supplemented or amended from time to time; 
  
 (e) all references in this Preferred Securities Guarantee to Articles and Sections are to Articles and Sections of this Preferred Securities Guarantee,
unless otherwise specified; 
  
 (f) a term defined in the Trust
Indenture Act of 1939, as amended, has the same meaning when used in this Preferred Securities Guarantee, unless otherwise defined in this Preferred Securities Guarantee or unless the context otherwise requires; and 
  
 (g) a reference to the singular includes the plural and vice versa.

  
 “Affiliate” has the same meaning as given to that
term in Rule 405 of the Securities Act of 1933, as amended, or any successor rule thereunder. 
  
 “Authorized Officer” of a Person means any executive officer, president, vice-president, assistant vice-president, treasurer, assistant treasurer, secretary, assistant secretary or other officer of such
Person generally authorized to bind such Person. 
  
 “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banking institutions in The City of New York are permitted or required by any applicable law, regulation or executive order to close.

  
 “Closing Date” means the Closing Time and each Date
of Delivery as defined in the Purchase Agreement. 
  
 “Common
Securities” means the securities representing common undivided beneficial interests in the assets of the Issuer. 
  
 “Corporate Trust Office” means the office of the Preferred Guarantee Trustee at which the corporate trust business of the Preferred Guarantee
Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Agreement is located at 101 Barclay Street, New York, New York 10286. 
  
 “Covered Person” means any Holder or beneficial owner of Preferred Securities. 
  
 “Debentures” means the · % Junior Subordinated Debentures due 2033 issued by the Guarantor to the Issuer. 
  
 “Event of Default” means a default by the Guarantor on any of its payment or other obligations under this Preferred Securities Guarantee.

  
 “Guarantee Payments” means the following payments or
distributions, without duplication, with respect to the Preferred Securities, to the extent not paid or made by the Issuer: (i) any accrued unpaid Distributions (as defined in the Declaration) that are required to be paid on such Preferred
Securities, to the extent the Issuer shall have funds available therefor, (ii) the redemption price, including all accrued and unpaid Distributions to the date of redemption (the 
  

 2 

 “Redemption Price”), to the extent the Issuer has funds available therefor, with respect to any Preferred
Securities called for redemption by the Issuer, and (iii) upon dissolution of the Issuer (other than in connection with the distribution of Debentures to the Holders or the redemption of all of the Preferred Securities as provided in the
Declaration), the lesser of (a) the aggregate of the liquidation amount and all accrued and unpaid Distributions on the Preferred Securities to the date of payment, to the extent the Issuer shall have funds available therefor, and (b) the amount of
assets of the Issuer remaining available for distribution to Holders in liquidation of the Issuer (in either case, the “Liquidation Distribution”). If an event of default under the Indenture has occurred and is continuing, the rights of
holders of the Common Securities to receive payments under the Common Securities Guarantee Agreement are subordinated to the rights of Holders to receive Guarantee Payments. 
  
 “Holder” means any holder, as registered on the books and records of the Issuer, of any Preferred Securities;
provided, however, that, in determining whether the holders of the requisite percentage of Preferred Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor or any Affiliate of the
Guarantor, but only to the extent that the Issuer has actual knowledge of such ownership. 
  
 “Indemnified Person” means the Preferred Guarantee Trustee, any Affiliate of the Preferred Guarantee Trustee, or any officers, directors, shareholders, members, partners, employees, representatives,
nominees, custodians or agents of the Preferred Guarantee Trustee. 
  
 “Indenture” means the Indenture dated as of March 21, 2002, as supplemented by the First Supplemental Indenture, dated March 21, 2002, as supplemented by the Second Supplemental Indenture, dated on the Closing Date, each between
the Guarantor (the “Debenture Issuer”) and The Bank of New York, as trustee, and any indenture supplemental thereto pursuant to which certain subordinated debt securities of the Debenture Issuer are to be issued to the Institutional
Trustee of the Issuer. 
  
 “Majority in Liquidation Amount of
the Preferred Securities” means, except as provided by the Trust Indenture Act, a vote by Holder(s), voting separately as a class, of more than 50% of the 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 Preferred Securities. 
  
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by two Authorized Officers of
such Person. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Preferred Securities Guarantee shall include: 
  
 (a) a statement that each Authorized Officer signing the Officers’ Certificate has read the covenant or condition and
the definition relating thereto; 
  
 (b) a brief statement of the
nature and scope of the examination or investigation undertaken by each Authorized Officer in rendering the Officers’ Certificate; 
  
 (c) a statement that each such Authorized Officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable
such Authorized Officer to 
  

 3 

 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 Authorized
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 liability company, trust, unincorporated association, or government or any agency
or political subdivision thereof, or any other entity of whatever nature. 
  
 “Preferred Guarantee Trustee” means The Bank of New York, a New York banking corporation, until a Successor Preferred Guarantee Trustee has been appointed and has accepted such appointment pursuant to the
terms of this Preferred Securities Guarantee and thereafter means each such Successor Preferred Guarantee Trustee. 
  
 “Purchase Agreement” means the Purchase Agreement for the offering and sale of Preferred Securities in the form of Exhibit B to the Declaration.

  
 “Resignation Request” has the meaning set forth in
Section 4.2(c). 
  
 “Responsible Officer” means, with
respect to the Preferred Guarantee Trustee, any officer within the Corporate Trust Office of the Preferred Guarantee Trustee, including any vice president, any assistant vice president, any assistant secretary, any assistant treasurer or other
officer or agent of the Corporate Trust Office of the Preferred Guarantee Trustee customarily performing functions similar to those performed by any of the above designated officers or agents and also means, with respect to a particular corporate
trust matter, any other officer or agent to whom such matter is referred because of that officer’s or agent’s knowledge of and familiarity with the particular subject. 
  
 “Successor Preferred Guarantee Trustee” means a successor Preferred Guarantee Trustee possessing the
qualifications to act as Preferred Guarantee Trustee under Section 4.1. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 
  
 ARTICLE II 
  
 TRUST
INDENTURE ACT 
  
 SECTION 2.1 Trust Indenture Act; Application

  
 (a) This Preferred Securities Guarantee is subject to the
provisions of the Trust Indenture Act that are required to be part of this Preferred Securities Guarantee and shall, to the extent applicable, be governed by such provisions. 
  
 (b) If and to the extent that any provision of this Preferred Securities Guarantee limits, qualifies or conflicts with the
duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
  

 4 

 (c) The application of the Trust Indenture Act to this Preferred Securities Guarantee shall not affect
the nature of the Preferred Securities as equity securities representing undivided beneficial interests in the assets of the Issuer. 
  
 SECTION 2.2 Lists of Holders of Securities 
  
 (a) The Guarantor shall provide the Preferred Guarantee Trustee with a list, in such form as the Preferred Guarantee Trustee may reasonably require, of
the names and addresses of the Holders (“List of Holders”) as of such date, (i) within one Business Day after January 1 and June 30 of each year, and (ii) at any other time within 30 days of receipt by the Guarantor of a written request
for a List of Holders. Such list shall be as of a date no more than 14 days before such List of Holders is given to the Preferred Guarantee Trustee. The Guarantor shall not be obligated to provide such List of Holders if at any time the List of
Holders does not differ from the most recent List of Holders given to the Preferred Guarantee Trustee by the Guarantor. The Preferred Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders.

  
 (b) The Preferred Guarantee Trustee shall comply with its
obligations under Sections 311(a), 311(b) and Section 312(b) of the Trust Indenture Act. 
  
 SECTION 2.3 Reports by the Preferred Guarantee Trustee 
  
 (a) Within 60 days after May 15 of each year, the Preferred 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. 
  
 (b) A copy
of each such report shall, at the time of such transmission to Holders, be filed by the Institutional Trustee with each stock exchange, if any, upon which the Securities are listed, with the Commission and with the Trust. The Trust will promptly
notify the Institutional Trustee when the Securities are listed on any stock exchange and of any delisting thereof. 
  
 SECTION 2.4 Periodic Reports to Preferred Guarantee Trustee 
  
 (a) The Guarantor shall provide to the Preferred Guarantee Trustee such documents, reports and information as required by Section 314 (if any) 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 Preferred Guarantee Trustee such evidence of compliance with any conditions precedent, if
any, provided for in this Preferred Securities Guarantee 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. 
  

 5 

 SECTION 2.6 Events of Default; Waiver 
  
 (a) The Holders of a Majority in Liquidation Amount of Preferred Securities may, by vote, on behalf of all 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 Preferred Securities
Guarantee, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 
  
 (b) Notwithstanding the provisions of subsection (a) of this Section 2.6, the right of any Holder of Preferred Securities to receive payment of the
Guarantee Payments in accordance with this Preferred Securities Guarantee, or to institute suit for the enforcement of any such payment, shall not be impaired without the consent of each such Holder. 
  
 SECTION 2.7 Event of Default; Notice 
  
 (a) The Preferred Guarantee Trustee shall, within 60 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 actually known to a Responsible Officer of the Preferred Guarantee Trustee, unless such defaults have been cured
before the giving of such notice, provided, that, the Preferred Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer in good faith determines that the withholding of such notice is in the interests
of the Holders of the Preferred Securities. 
  
 (b) The Preferred
Guarantee Trustee shall not be deemed to have actual knowledge of any Event of Default unless the Preferred Guarantee Trustee shall have received written notice, or of which a Responsible Officer charged with the administration of this Preferred
Securities Guarantee shall have obtained actual knowledge. 
  
 SECTION 2.8 Conflicting Interests 
  
 The Declaration
shall be deemed to be specifically described in this Preferred Securities Guarantee 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 PREFERRED 
 GUARANTEE TRUSTEE 
  
 SECTION 3.1 Powers and Duties of the Preferred Guarantee Trustee 
  

(a) This Preferred Securities Guarantee shall be held by the Preferred Guarantee Trustee in trust for the benefit of the Holders, and the Preferred
Guarantee Trustee shall not transfer its right, title and interest in this Preferred Securities Guarantee to any Person except a Holder exercising his or her rights pursuant to Section 5.4(d) or to a Successor Preferred Guarantee Trustee on
acceptance by such Successor Preferred Guarantee Trustee of its appointment to act as Successor Preferred Guarantee Trustee. The right, title and interest of the 
  

 6 

 Preferred Guarantee Trustee shall automatically vest in any Successor Preferred Guarantee Trustee, 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 Preferred Guarantee Trustee. 
  
 (b) If an Event of Default actually known to a Responsible Officer has occurred and is continuing, the Preferred Guarantee
Trustee shall enforce this Preferred Securities Guarantee for the benefit of the Holders. 
  
 (c) This Preferred Securities Guarantee and all moneys received by the Preferred Guarantee Trustee hereunder in respect of the Guarantee Payments will not be subject to any right, charge, security interest, lien or
claim of any kind in favor of, or for the benefit of, the Preferred Guarantee Trustee or its agents or their creditors. 
  
 (d) The Preferred 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 Preferred Securities Guarantee, and no implied covenants shall be read into this Preferred Securities Guarantee against the Preferred Guarantee Trustee. In case an
Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6) and is actually known to a Responsible Officer of the Preferred Guarantee Trustee, the Preferred Guarantee Trustee shall exercise such of the rights and powers
vested in it by this Preferred Securities Guarantee, 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. 
  
 (e) No provision of this Preferred Securities Guarantee shall be construed to
relieve the Preferred 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 Preferred Guarantee Trustee shall be determined solely by the express provisions of this Preferred Securities Guarantee, and the Preferred Guarantee Trustee shall not be liable except for the performance of such duties
and obligations as are specifically set forth in this Preferred Securities Guarantee, and no implied covenants or obligations shall be read into this Preferred Securities Guarantee against the Preferred Guarantee Trustee; and 
  
 (B) in the absence of bad faith on the part of the Preferred
Guarantee Trustee, the Preferred 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 Preferred Guarantee Trustee and
conforming to the requirements of this Preferred Securities Guarantee; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Preferred Guarantee Trustee, the 

  

 7 

 Preferred Guarantee Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Preferred Securities Guarantee; 
  
 (ii) the Preferred Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Preferred Guarantee Trustee was negligent in
ascertaining the pertinent facts upon which such judgment was made; 
  
 (iii) the Preferred 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 Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Preferred Guarantee Trustee, or exercising any trust or power conferred upon the Preferred Guarantee
Trustee under this Preferred Securities Guarantee; and 
  
 (iv) no provision of this Preferred Securities Guarantee shall require the Preferred 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 Preferred 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 Preferred Securities
Guarantee or indemnity, reasonably satisfactory to the Preferred Guarantee Trustee, against such risk or liability is not reasonably assured to it. 
  
 SECTION 3.2 Certain Rights of Preferred Guarantee Trustee 
  
 (a) Subject to the provisions of Section 3.1: 
  
 (i) The Preferred Guarantee 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 in good faith to be genuine and to have been
signed, sent or presented by the proper party or parties. 
  
 (ii) Any direction or act of the Guarantor contemplated by this Preferred Securities Guarantee shall be sufficiently evidenced by an Officers’ Certificate. 
  
 (iii) Whenever, in the administration of this Preferred
Securities Guarantee, the Preferred Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Preferred Guarantee 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 Guarantor. 
  

 8 

 (iv) The Preferred Guarantee Trustee shall have no duty to see to any recording, filing
or registration of any instrument (or any rerecording, refiling or registration thereof). 
  
 (v) The Preferred Guarantee Trustee may consult with counsel of its selection, and the advice or opinion of such counsel with respect to
legal matters 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 advice or opinion. Such counsel may be counsel to the Guarantor or
any of its Affiliates and may include any of its employees. The Preferred Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Preferred Securities Guarantee from any court of competent
jurisdiction. 
  
 (vi) The Preferred Guarantee
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Preferred Securities Guarantee at the request or direction of any Holder, unless such Holder shall have provided to the Preferred Guarantee Trustee
such security and indemnity, reasonably satisfactory to the Preferred Guarantee Trustee, against the costs, expenses (including attorneys’ fees and expenses and the expenses of the Preferred Guarantee 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 Preferred Guarantee Trustee; provided that, nothing contained in this Section
3.2(a)(vi) shall relieve the Preferred Guarantee Trustee, upon the occurrence of an Event of Default which has not been cured or waived, of its obligation to exercise the rights and powers vested in it by this Preferred Securities Guarantee and to
use the same degree of care and skill in this exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
  
 (vii) The Preferred 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 Preferred Guarantee Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
  
 (viii) The Preferred Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or through agents, nominees, custodians or attorneys, and the Preferred Guarantee 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 Preferred Guarantee Trustee or
its agents hereunder shall bind the Holders, and the signature of the Preferred Guarantee Trustee or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required to inquire as to the authority of
the Preferred Guarantee Trustee to so act or as to its compliance with any of the terms and provisions of this Preferred 
  

 9 

 Securities Guarantee, both of which shall be conclusively evidenced by the Preferred Guarantee Trustee or
its agent taking such action. 
  
 (x) Whenever in
the administration of this Preferred Securities Guarantee the Preferred Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Preferred Guarantee
Trustee (i) may request instructions from the Holders of a Majority in Liquidation Amount of the Preferred Securities, (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 accordance with such instructions. 
  
 (b) No provision of this Preferred Securities Guarantee shall be deemed to impose any duty or obligation on the Preferred 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 Preferred 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 Preferred Guarantee Trustee shall be construed to be a duty. 
  
 SECTION 3.3 Not Responsible for Recitals or Issuance of Preferred Securities Guarantee 
  
 The recitals contained in this Preferred Securities Guarantee shall be taken as the statements of the Guarantor, and the
Preferred Guarantee Trustee does not assume any responsibility for their correctness. The Preferred Guarantee Trustee makes no representation as to the validity or sufficiency of this Preferred Securities Guarantee. 
  
 ARTICLE IV 
  
 PREFERRED GUARANTEE TRUSTEE 
  
 SECTION 4.1 Preferred Guarantee Trustee; Eligibility 
  
 (a) There shall at all times be a Preferred Guarantee Trustee which shall:

  
 (i) not be an Affiliate of the Guarantor; 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 Person permitted by the Securities and Exchange Commission to act as an institutional trustee under the
Trust Indenture Act, authorized under such laws to exercise corporate trust powers, 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
4.1(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. 
  

 10 

 (b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section
4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 
  
 (c) If the Preferred Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust
Indenture Act, the Preferred 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 Preferred Guarantee Trustee 
  
 (a) Subject to Section 4.2(b), the Preferred Guarantee Trustee may be appointed or removed without cause at any time by the
Guarantor. 
  
 (b) The Preferred Guarantee Trustee shall not be
removed in accordance with Section 4.2(a) until a Successor Preferred Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Preferred Guarantee Trustee and delivered to the Guarantor
and to the Preferred Guarantee Trustee being removed. 
  
 (c) The
Preferred Guarantee Trustee appointed to office shall hold office until a Successor Preferred Guarantee Trustee shall have been appointed or until its removal or resignation. The Preferred Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument (a “Resignation Request”) in writing executed by the Preferred Guarantee Trustee and delivered to the Guarantor which resignation shall take effect upon such delivery or upon such later date
as is specified therein; provided, however, that no such resignation of the Preferred Guarantee Trustee shall be effective until a Successor Preferred Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing
executed by such Successor Preferred Guarantee Trustee and delivered to the Guarantor and the resigning Preferred Guarantee Trustee. 
  
 (d) If no Successor Preferred Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 60 days after
delivery of a notice of removal or of a Resignation Request, the Preferred Guarantee Trustee resigning or being removed may petition at the expense of the Company any court of competent jurisdiction for appointment of a Successor Preferred Guarantee
Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Preferred Guarantee Trustee. 
  
 (e) No Preferred Guarantee Trustee shall be liable for the acts or omissions to act of any Successor Preferred Guarantee Trustee. 
  
 (f) Upon termination of this Preferred Securities Guarantee or removal or
resignation of the Preferred Guarantee Trustee pursuant to this Section 4.2, the Guarantor shall pay to the Preferred Guarantee Trustee all amounts accrued to the date of such termination, removal or resignation. 
  

 11 

 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 the Issuer), as and when due, regardless of any defense, right of set-off or counterclaim that the Issuer may have or assert. 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 to pay such amounts to the Holders. 
  
 SECTION 5.2 Waiver of Notice and Demand 
  
 The Guarantor hereby waives notice of acceptance of this Preferred Securities Guarantee and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first
against the Issuer 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 Preferred Securities Guarantee 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 of any express or implied agreement, covenant, term or condition relating to the Preferred Securities to be
performed or observed by the Issuer; 
  
 (b) the extension of time
for the payment by the Issuer of all or any portion of the Distributions, Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Preferred Securities or the extension of time for the performance of any other
obligation under, arising out of, or in connection with, the Preferred Securities (other than an extension of time for payment of Distributions, Redemption Price, Liquidation Distribution or other sum payable that results from the extension of any
interest payment period on the Debentures or any extension of the maturity date of the Debentures permitted by the Indenture); 
  
 (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 Preferred Securities, or any action on the part of the Issuer 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 or any of the assets of the Issuer; 
  

 12 

 (e) any invalidity of, or defect or deficiency in, the Preferred 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, 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 consent of, the Guarantor with respect to the happening of any of the foregoing. 
  
 SECTION 5.4 Enforcement of Guarantee; Rights of Holders 
  
 The Guarantor and the Preferred Guarantee Trustee expressly acknowledge that: 
  
 (a) this Preferred Securities Guarantee will be deposited with the Preferred Guarantee Trustee to be held for the benefit of the Holders; 
  
 (b) the Preferred Guarantee Trustee has the right to enforce this Preferred
Securities Guarantee on behalf of the Holders; 
  
 (c) the Holders
of a Majority in Liquidation Amount of the Preferred Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Preferred Guarantee Trustee in respect of this Preferred Securities
Guarantee or exercising any trust or power conferred upon the Preferred Guarantee Trustee under this Preferred Securities Guarantee; and 
  
 (d) any Holder may institute a legal proceeding directly against the Guarantor to enforce the Preferred Guarantee Trustee’s rights and the
obligations of the Guarantor under this Preferred Securities Guarantee, without first instituting a legal proceeding against the Issuer, the Preferred Guarantee Trustee or any other person or entity, and the Guarantor waives any right or remedy to
require that any action be brought first against the Issuer or any other person or entity before proceeding directly against the Guarantor. 
  
 SECTION 5.5 Guarantee of Payment 
  
 This Preferred Securities Guarantee creates a guarantee of payment and not of collection. This Preferred Securities Guarantee will not be discharged
except by payment of the Guarantee Payments in full (without duplication of amounts therefor paid by the Issuer). 
  
 SECTION 5.6 Subrogation 
  
 The Guarantor shall be subrogated to all (if any) rights of the Holders against the Issuer in respect of any amounts paid to such Holders by the Guarantor
under this Preferred Securities Guarantee; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any right that it may acquire by 
  

 13 

 
way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Preferred Securities Guarantee, if, at
the time of any such payment, any amounts are due and unpaid under this Preferred Securities Guarantee. 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 with respect to the Preferred Securities, and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this
Preferred Securities Guarantee notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 5.3 hereof. 
  
 ARTICLE VI 
  
 LIMITATION OF TRANSACTIONS; SUBORDINATION 
  
 SECTION 6.1 Limitation of Transactions 
  
 So long as any Preferred Securities remain outstanding, if (a) there shall have occurred an Event of Default, (b) there shall have occurred an event of
default under the Indenture or (c) the Guarantor has exercised its option to defer interest payments on the Debentures by extending the interest payment period as provided in Article IV of the Second Supplemental Indenture to the Indenture, and such
period or extension thereof shall be continuing, then (i) the Guarantor shall not declare or pay any dividend on, make any distribution or other payment with respect to, or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of its capital stock (other than (A) repurchases, redemptions or other acquisitions of shares of the Guarantor’s capital stock in connection with the satisfaction by the Guarantor of its obligations under any employee benefit plans, (B) as
a result of an exchange or conversion of one class or series of the Guarantor’s capital stock for another class or series of the Guarantor’s capital stock or (C) the purchase of fractional interests in shares of the Guarantor’s
capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged), (ii) the Guarantor shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or
redeem any debt securities issued by the Guarantor that rank pari passu with or junior to the Debentures and (iii) the Guarantor shall not make any guarantee payments with respect to the foregoing (other than pursuant to this Preferred
Securities Guarantee). 
  
 In addition, so long as any Preferred
Securities remain outstanding, the Guarantor (i) will remain the sole direct or indirect owner of all of the outstanding Common Securities; provided that any permitted successor of the Guarantor under the Indenture may succeed to the
Guarantor’s ownership of the Common Securities, (ii) will not take any action which would cause the Issuer to cease to be treated as a grantor trust for United States federal income tax purposes and (iii) will cause the Issuer to remain a
statutory trust, except in connection with a distribution of Debentures, the redemption of all of the Trust Securities, or mergers, consolidations or amalgamations, each as provided in the Declaration. 
  

 14 

 SECTION 6.2 Ranking 
  
 This Preferred Securities Guarantee will constitute an unsecured obligation of the Guarantor and will rank (i) subordinate
and junior in right of payment to all other liabilities of the Guarantor, except those made pari passu or subordinate by their terms, (ii) pari passu with the most senior preferred or preference stock now or hereafter issued by the
Guarantor and with any guarantee now or hereafter entered into by the Guarantor in respect of any preferred or preference stock of any Affiliate of the Guarantor, and (iii) senior to the Guarantor’s Common Stock. 
  
 ARTICLE VII 
  
 TERMINATION 
  
 SECTION 7.1 Termination 
  
 This Preferred Securities Guarantee shall terminate and be of no further
force and effect upon (i) full payment of the Redemption Price of all Preferred Securities to all of the Holders, (ii) the distribution of the Debentures to all of the Holders or (iii) full payment of the amounts payable in accordance with the
Declaration upon dissolution of the Issuer. Notwithstanding the foregoing, this Preferred Securities Guarantee 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
under the Preferred Securities or under this Preferred Securities Guarantee. 
  
 ARTICLE VIII 
  
 INDEMNIFICATION 
  
 SECTION 8.1 Exculpation

  
 (a) No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Guarantor 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 in accordance with this Preferred
Securities Guarantee and in a manner that such Indemnified Person reasonably believed to be within the scope of the authority conferred on such Indemnified Person by this Preferred Securities Guarantee 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 negligence 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 Guarantor and upon such
information, opinions, reports or statements presented to the Guarantor by any Person as to matters the Indemnified Person reasonably believes are within such other Person’s professional or expert competence and who has been selected with
reasonable care by or on behalf of the Guarantor, 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 might properly be paid. 
  

 15 

 SECTION 8.2 Indemnification 
  
 To the fullest extent permitted by applicable law, the Guarantor agrees to indemnify each Indemnified Person for, and to
hold each Indemnified Person harmless against, any loss, liability, damage, claim or expense incurred by such Indemnified Person by reason of any act or omission performed or omitted by such Indemnified Person without negligence or bad faith on its
part, arising out of or in connection with the 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 8.2 shall survive the resignation or removal of the Preferred Guarantee Trustee and the
termination of this Preferred Securities Guarantee. 
  
 ARTICLE
IX 
  
 MISCELLANEOUS 
  
 SECTION 9.1 Successors and Assigns 
  
 All guarantees and agreements contained in this Preferred Securities
Guarantee shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Preferred Securities then outstanding. Except in connection with any merger or consolidation
of the Guarantor with or into another entity or any sale, transfer or lease of the Guarantor’s assets to another entity, each as permitted by the Indenture, the Guarantor may not assign its rights or delegate its obligations under this
Preferred Securities Guarantee without the prior approval of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities then outstanding. 
  
 SECTION 9.2 Amendments 
  
 Except with respect to any changes that do not adversely affect in any material way the rights of Holders (in which case no consent of Holders will be
required), this Preferred Securities Guarantee may only be amended with the prior approval of the Holders of a Majority in Liquidation Amount of the Preferred Securities. The provisions of Section 12.2 of the Declaration with respect to meetings of
Holders apply to the giving of such approval. 
  
 SECTION 9.3
Notices 
  
 All notices provided for in this Preferred Securities
Guarantee shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by first class mail, as follows: 
  
 (a) If given to the Preferred Guarantee Trustee, at the Preferred Guarantee Trustee’s mailing address set forth below (or such other address as the
Preferred Guarantee Trustee may give notice of to the Holders): 
  

 16 

 The Bank of New York 
 c/o The Bank of New York Trust Company of Florida, N.A. 
 10161 Centurion Parkway 
 Jacksonville, Florida 32256 
 Attention: Corporate Trust Administration 
  
 (b) If given to the Guarantor, at the Guarantor’s mailing address set
forth below (or such other address as the Guarantor may give notice of to the Holders): 
  
 The Colonial BancGroup, Inc. 
 One Commerce Street 
 P.O. Box 1108 
 Montgomery, Alabama 36101-1108 
 Attention: William A. McCrary, General Counsel 
  
 (c) If given to any Holder, at the address set forth on the books and records of the Issuer. 
  
 All such notices 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. 
  
 SECTION 9.4 Benefit 
  
 This Preferred Securities Guarantee is solely for the benefit of the Holders
and, subject to Section 3.1(a), is not separately transferable from the Preferred Securities. 
  
 SECTION 9.5 Governing Law 
  
 This Preferred Securities Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflicts of laws principles thereof. 
  
 SECTION 9.6 Genders 
  
 The masculine, feminine and neuter genders used herein shall include the
masculine, feminine and neuter genders. 
  
 SECTION 9.7
Counterparts 
  
 This Preferred Securities Guarantee may be
executed in counterparts, each of which shall be an original, but such counterparts shall together constitute one and the same instrument. 
  

 17 

 THIS PREFERRED SECURITIES GUARANTEE is executed as of the day and year first above written. 

 

	 THE COLONIAL BANCGROUP, INC.,

	 as Guarantor

		
	 By:
	 	  

	 	 	 Name: Sarah H. Moore

	 	 	 Title: Chief Financial Officer

	
	 THE BANK OF NEW YORK,

	 as Preferred Guarantee Trustee

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 18

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