Document:

exv4w3

 

EXHIBIT
4.3

     The following legend applies if this Security is a Global Security: Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name as requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede &
Co., has an interest herein.

     This Security is not a deposit or other obligation of a depository institution and is not
insured by the Federal Deposit Insurance Corporation, the Bank Insurance Fund or any other
governmental agency.

COMERICA INCORPORATED

6.576% Capital Efficient Notes due 2082

No. 1

$515,464,000

     COMERICA INCORPORATED, a corporation organized and existing under the laws of the State of
Delaware (hereinafter called the “Company,” which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to The
Bank of New York, as property trustee for COMERICA CAPITAL TRUST II, or its registered assigns, the
principal sum of FIVE HUNDRED FIFTEEN MILLION FOUR HUNDRED SIXTY-FOUR THOUSAND dollars
($515,464,000) on February 2, 2082, or if such day is not a Business Day (as hereinafter defined),
the following Business Day (the “Final Repayment Date”); provided that the principal amount
of, and all accrued and unpaid interest on, this Security shall be payable in full on February 20,
2037, or if such day is not a Business Day, the following Business Day (the “Scheduled Maturity
Date”) or any subsequent Interest Payment Date (as hereinafter defined) to the extent set forth
in the First Supplemental Indenture hereinafter referred to. The Company further promises to pay
interest on said principal sum from February 20, 2007 or from the most recent Interest Payment Date
for which interest has been paid or duly provided for. This Security shall bear interest (i) from
and including February 20, 2007 to but excluding February 20, 2032 (or if earlier, until the
principal hereof is paid in full), at the rate of 6.576% per annum, payable (subject to deferral as
set forth herein) semi-annually in arrears on February 20 and August 20 of each year, commencing on
August 20, 2007, (ii) thereafter and until the Scheduled Maturity Date, at an annual rate equal to
one-month LIBOR (as defined in the First Supplemental Indenture) plus 1.115%, payable (subject to deferral as
set forth herein) on the 20th day of each month, and (iii) thereafter until the Final
Repayment Date, at an annual rate equal to one-month LIBOR plus 2.115%, payable (subject to
deferral as set forth herein) on the 20th day of each month, or in the case of these
clauses (ii) and (iii), if any such day is not a Business Day, the following Business Day unless
such date would fall in the next calendar month, in which case the immediately preceding Business
Day, in arrears, commencing

A-1 

 

on March 20, 2032 until the principal thereof is paid or duly provided
for or made available for payment (each such day referred to in clause (i), (ii), or (iii), an
“Interest Payment Date”). In the event any Interest Payment Date before the Scheduled
Maturity Date is not a Business Day, the interest payable on such day shall be paid on the
following Business Day and no interest will accrue as a result of such postponement. Any
installment of interest (or portion thereof) deferred in accordance with the First Supplemental
Indenture or otherwise unpaid on the relevant Interest Payment Date shall bear interest, to the
extent permitted by law, at the rate of interest then in effect on this Security, from the relevant
Interest Payment Date, compounded on each subsequent Interest Payment Date, until paid in
accordance with the First Supplemental Indenture.

     From and including February 20, 2007 to but excluding February 20, 2032, the amount of
interest payable on this Security shall be computed on the basis of a 360-day year comprised of
twelve 30-day months; thereafter and until the Final Repayment Date, the amount of interest payable
on this Security shall be computed on the basis of a 360-day year and the actual number of days
elapsed. A “Business Day” shall mean any day other than (i) a Saturday or Sunday or other
day on which banking institutions in The City of New York, Detroit, Michigan or Wilmington,
Delaware are authorized or required by law or executive order to remain closed, or (ii) on or after
February 20, 2032 a day on which dealings in deposits in U.S. dollars are not transacted in the
London interbank market. The interest installment so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest installment, which shall be (i) the Business
Day next preceding such Interest Payment Date if this Security is issued in the form of a Global
Security or is held by the Property Trustee, or (ii) the first day of the month in which such
Interest Payment Date occurs if this Security is not issued in the form of a Global Security or
held by the Property Trustee. Any such interest installment not so punctually paid or duly provided
for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange or automated
quotation system on which the Securities of this series may be listed or traded, and upon such
notice as may be required by such exchange or self-regulatory organization, all as more fully
provided in said Indenture.

     The Company shall have the right, at any time and from time to time prior to the Final
Repayment Date, to defer the payment of interest on this Security for one or more consecutive
Interest Periods that do not exceed 10 years; provided that no Deferral Period (as hereinafter
defined) shall extend beyond the Final Repayment Date or the earlier repayment or redemption
in full of the Securities of this series; and provided, further, that during any such Deferral
Period (and, except as provided in the First Supplemental Indenture with respect to certain
transactions, in the case of any Deferral Period that does not terminate on or prior to the
Interest Payment Date falling closest to the first anniversary of the commencement of such Deferral
Period, until the first anniversary of the termination of such Deferral Period), if there has
occurred and is continuing an Event of Default with respect to the Securities of this series or if
accrued interest

A-2 

 

through the most recent Interest Payment Date has not been paid in full, whether
during any applicable Deferral Period or otherwise or a Deferral Period is continuing or the
Company is in default regarding its payment of any obligation under its guarantee regarding the
Issuer Trust, the Company shall not, and shall not permit any Subsidiary, subject to certain
exceptions set forth in the First Supplemental Indenture, to: (i) declare or pay any dividends or
distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any
of the Company’s capital stock, (ii) other than any repayment of the Securities of this series
pursuant to Section 201(d) of the First Supplemental Indenture or any partial payments of deferred
interest that may be made pursuant to Section 201(h) of the First Supplemental Indenture, make any
payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt
security of the Company (including other Securities or other A-2 junior subordinated debt) that
ranks upon the Company’s liquidation pari passu with or junior in interest to this Security or
(iii) make any guarantee payments with respect to any guarantee by the Company of the debt
securities of any Subsidiary if such guarantee ranks pari passu with or junior in interest to this
Security. Each period beginning on the Interest Payment Date with respect to which the Company
elects to defer all or part of any interest payment and ending on the earlier of (i) the tenth
anniversary of such Interest Payment Date and (ii) the next Interest Payment Date on which the
Company has paid all accrued and unpaid interest on this Security is referred to as a “Deferral
Period.” At the end of any such Deferral Period, the Company shall pay all interest then
accrued and unpaid on this Security (together with Additional Interest thereon, if any, to the
extent permitted by applicable law), to the Person in whose name this Security is registered at the
close of business on the Regular Record Date with respect to the Interest Payment Date at the end
of such Deferral Period. Upon termination of any Deferral Period, the Company may elect to begin a
new Deferral Period, subject to the above requirements. The Company may elect to pay current
interest on any Interest Payment Date during any Deferral Period to the extent permitted, and shall
pay deferred interest (including Additional Interest thereon) to the extent required, by the First
Supplemental Indenture.

     The Company shall give written notice of its election to begin or extend any Deferral Period
(i) if the Property Trustee is not the sole holder or a holder of the Securities of this series, to
the Holders of the Securities of this series and the Trustee at least one Business Day prior to the
next succeeding Interest Payment Date, or (ii) if the Property Trustee is the sole holder of the
Securities of this series, to the Property Trustee and the Trustee at least one Business Day prior
to the earlier of (a) the next Distribution Date or (b) the date the Property Trustee is required
to give notice to holders of such Capital Securities of the record date for such Distribution Date
or of such Distribution Date.

     Payment of principal of (and premium, if any) and interest on this Security will be made at
the office or agency of the Company maintained for that purpose in the City of Detroit, Michigan or
at any other office or agency maintained by the Company for such purpose, in such coin or currency
of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided that at the option of the Company payment of
interest may be made (i) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Securities Register or (ii) by wire transfer in immediately available
funds at such place and to such account as may be designated in writing at least 15 days before the
relevant Interest Payment Date by the Person entitled thereto as specified in the Securities
Register. Upon written request to the Paying Agent not less than 15 days prior to the date on

A-3 

 

which interest is payable, a Holder of $1,000,000 or more in aggregate principal amount of Securities of
the series may receive payments of interest, other than payments of interest at Maturity, by wire
transfer of immediately available funds.

     The indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and subject in right of payment to the prior payment in full of all Senior Debt, and
this Security is issued subject to the provisions of the Indenture with respect thereto. Each
Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his behalf to take such actions as may be
necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee
his attorney-in-fact for any and all such purposes. Each Holder hereof, by his acceptance hereof,
waives all notice of the acceptance of the subordination provisions contained herein and in the
Indenture by each holder of Senior Debt, whether now outstanding or hereafter incurred, and waives
reliance by each such holder upon said provisions. The Securities of this series shall, not in
limitation of the preceding sentence, rank junior to debt securities issued under the Indenture
dated July 31, 2001 between the Company and The Bank of New York (as successor to Chase Manhattan
Trust Company, National Association). Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, or its duly authorized agent under the Indenture
referred to on the reverse hereof by manual signature, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

A-4 

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 
	 
	 	 	 	 
	 	 	COMERICA INCORPORATED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	[SEAL]	 	 
	 
	 	 	 	 
	 

	 	Attest:	 	 
	 
	 	 	 	 
	 

	 	[Secretary or Assistant Secretary]
	 
	 	 	 	 
	 

	 	Dated:	 	 

     This is one of the Securities, of the series designated herein, described in the within
mentioned Indenture.

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK
	 	 	Not in its individual capacity but solely as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Authorized Officer:

A-5 

 

REVERSE OF SECURITY

     This Capital Efficient Note is one of a duly authorized issue of securities of the Company
(herein called the “Securities”), issued and to be issued in one or more series under an
Indenture, dated as of July 31, 2001, between the Company and The Bank of New York (as successor to
Chase Manhattan Trust Company, National Association) (herein called the “Indenture”),
as supplemented by the first supplemental indenture thereto, dated as of February 20, 2007 (herein
called the “First Supplemental Indenture”), between the Company and The Bank of New York,
as Trustee (herein called the “Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Trustee, the Company and the Holders of the Securities of this series, and of the terms upon
which the Securities of this series are, and are to be, authenticated and delivered. This Security
is one of the series designated on the face hereof, limited in aggregate principal amount of
$515,464,000.

     All terms used in this Security that are defined in the First Supplemental Indenture, in the
Indenture or in the Amended and Restated Declaration of Trust and Trust Agreement, dated as of
February 20, 2007 (the “Trust Agreement”), for Comerica Capital Trust II, among
Comerica Incorporated, as Depositor, and the Issuer Trustees named therein, shall have the meanings
assigned to them in the First Supplemental Indenture, the Indenture or the Trust Agreement, as the
case may be; provided, however, in the event that different meanings are assigned in the First
Supplemental Indenture and the Indenture, the meanings assigned in the First Supplemental Indenture
shall control.

     The Company may, at its option, and subject to the terms and conditions of the First
Supplemental Indenture and Article Eleven of the Indenture, redeem this Security in whole or in
part at any time at a price equal to the greater of (1) 100% of the principal amount of this
Security (plus accrued and unpaid interest to the Redemption Date) or (2) in the case of any
redemption prior to the Scheduled Maturity Date, the present value of scheduled payments of
principal and interest from the Redemption Date to the Scheduled Maturity Date (assuming for this
purpose the repayment in full of this Security on the Scheduled Maturity Date) on this Security,
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at a discount rate equal to the Treasury Rate plus a spread of 0.375%.

     Upon the occurrence and during the continuation of a Tax Event, Rating Agency Event,
Investment Company Event or Capital Treatment Event in respect of the Issuer Trust, the Company
may, at its option, at any time within 90 days of the occurrence of such event, redeem the
Securities of this series, in whole but not in part, subject to Section 11.7 of the Indenture and
the other provisions of Article Eleven of the Indenture and Section 201(l) of the First
Supplemental Indenture. In the case of a Tax Event or a Rating Agency Event, the redemption price
shall be equal to the greater of (1) 100% of the principal amount of this Security (plus accrued
and unpaid interest through the Redemption Date) or (2) the present value of scheduled payments of
principal and interest from the Redemption Date to the Scheduled Maturity Date on this Security,
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day

A-6 

 

year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate plus a
spread of 0.500%. In the case of an Investment Company Event or a Capital Treatment Event, the
redemption price shall be equal to 100% of the principal amount of this Security (plus accrued and
unpaid interest through the Redemption Date).

     In the event of redemption or repayment of this Security in part only, a new Security or
Securities of this series for the unredeemed or unpaid portion hereof will be issued in the name of
the Holder hereof upon the cancellation hereof.

     The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of
this Security upon compliance by the Company with certain conditions set forth in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the Company and the
Trustee at any time to enter into a supplemental indenture or indentures for the purpose of
modifying in any manner the rights and obligations of the Company and of the Holders of the
Securities of this series, with the consent of the Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities of all series to be affected by such supplemental
indenture, acting together. The Indenture also contains provisions permitting Holders of a majority
in aggregate principal amount of the securities of all series issued under the Indenture at the
time Outstanding, acting together, on behalf of the Holders of all securities of such series, to
waive compliance by the Company with certain provisions of the Indenture. Certain past defaults
under the Indenture and their consequences may be waived under the Indenture by the Holders of a
majority in principal amount of the Securities of each series at the time Outstanding, on behalf of
the Holders of all Securities of such series. Any such consent or waiver by the registered Holder
of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture and the First Supplemental
Indenture, if an Event of Default arising from a failure to pay in full any interest, including
compounded interest, accrued on any Debentures upon the conclusion of a ten-year period commencing
with the first interest period for which interest (including compounded interest) has not been paid
in full and continuance of such failure to pay for a period of 30 days, then and in each such case
the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities
of this series may declare the principal amount, and accrued interest (including Additional
Interest), of all the Securities of this series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders); provided that if, upon such an
Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of this series fail to declare the principal amount of all the Securities of
this series to be immediately due and payable, either the Property Trustee or the holders of at
least 25% in aggregate liquidation amount of the Capital Securities then outstanding shall have
such right by a notice in writing to the Company and the Trustee; and upon any such declaration
such principal amount (or specified portion thereof) of and the accrued interest (including any
Additional Interest) on all the Securities of this series shall become immediately due and payable;
and provided, further, that the payment of principal and
interest (including any Additional Interest) on such Securities shall remain subordinated to
the extent provided in Article Thirteen of the Indenture.

A-7 

 

     As provided in and subject to the provisions of the Indenture and the First Supplemental
Indenture, a Holder of a Security shall have the right which is absolute and unconditional to
receive payment of the principal of (and premium, if any) and (subject to Section 3.7 of the
Indenture) interest (including any Additional Interest) on the Security on the Scheduled Maturity
Date or the Final Repayment Date, as applicable (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment, and such right shall not be
impaired without the consent of such Holder. In the case of Securities held by the Issuer Trust,
any holder of Capital Securities shall have the right, upon the occurrence of an Event of Default
described in Section 5.1(1), 5.1(2) or 5.1(6) of the Indenture (as supplemented by the First
Supplemental Indenture), to institute a suit directly against the Company for enforcement of
payment to such holder of principal of (premium, if any) and (subject to Section 3.7 of the
Indenture) interest (including any Additional Interest) on the Securities having a principal amount
equal to the aggregate Liquidation Amount (as defined in the Trust Agreement) of such Capital
Securities held by such Holder.

     Each Holder, by such Holder’s acceptance hereof, agrees that if a Bankruptcy Event shall occur
prior to the redemption or repayment of this Security, such Holder shall have no claim for, and
thus no right to receive, any interest deferred pursuant to the First Supplemental Indenture
(including Additional Interest thereon) that has not been paid out of the proceeds of the issuance
of certain securities in accordance with the First Supplemental Indenture to the extent the amount
of such interest exceeds two years of accumulated and unpaid interest (including Additional
Interest thereon) on this Security; provided, that a Holder of Debentures will have an additional
preferred equity claim in respect of such accumulated and unpaid interest (including compounded
interest thereon) which is in excess of two years of accumulated and unpaid interest (including
Additional Interest thereon) that is senior to the Common Stock and is or would be pari passu with
any Preferred Stock up to the amount equal to its pro rata share of any unused portion of the
Preferred Stock Issuance Cap. Any such claim will be subject to applicable law.

     No reference herein to the Indenture or the First Supplemental Indenture and no provision of
this Security or of the Indenture or the First Supplemental Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest on this Security at the times, places and rate, and in the coin or
currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company maintained under Section 10.2
of the Indenture duly endorsed by, or accompanied by written instrument of transfer in form
satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of this series, of
authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

A-8 

 

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject
to certain limitations therein set forth, Securities of this series are exchangeable for like
aggregate principal amount of Securities of a different authorized denomination, as requested by
the Holder surrendering the same.

     If this Security is a Global Security, this Security is exchangeable for definitive Securities
in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for this Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor
depositary is not appointed within 90 days, (y) the Company in its sole discretion determines that
this Security shall be exchangeable for definitive Securities in registered form and notifies the
Trustee thereof, or (z) an Event of Default with respect to the Securities represented hereby has
occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it
shall be exchangeable for definitive Securities in registered form, bearing interest at the same
rate, having the same terms and of authorized denominations aggregating a like amount.

     If this Security is a Global Security, this Security may not be transferred except as a whole
by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor of the Depositary or a nominee of such successor. Except as provided above, owners of
beneficial interests in this global Security will not be entitled to receive physical delivery of
Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

     No recourse shall be had for the payment of the principal of or the interest, including
Additional Interest, on this Security, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture, the First Supplemental Indenture or any
indenture supplemental thereto, against any incorporator, stockholder, officer or director, as
such, past, present or future, of the Company or any successor corporation, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issuance hereof, expressly waived and released.

     The Company and, by its acceptance of this Security or a beneficial interest herein, the
Holder of, and any Person that acquires beneficial interest in, this Security agree that, for
United States Federal, state and local tax purposes, it is intended that this Security constitute
indebtedness.

A-9 

 

THE INDENTURE, THE FIRST SUPPLEMENTAL INDENTURE AND THIS DEBT SECURITY SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

A-10 

 

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 	 	 
	 

	 	TEN	 	 	 	 
	 

	 	COM
	 	—
	 	as tenants in common
	 
	 	 	 	 	 	 
	 

	 	TEN	 	 	 	 
	 

	 	ENT
	 	—
	 	as tenants by the entireties
	 
	 	 	 	 	 	 
	JT TEN

	 	 	 	—
	 	as joint tenants with right of survivorship and not as
tenants in common
	 
	 	 	 	 	 	 
	UNIF GIFT MIN ACT —                      Custodian

          (Cust) (Minor)

Under Uniform Gifts to Minors Act

          (State)

Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

Please Insert Social Security or

Other Identifying Number of Assignee

(PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

A-11 

 

the within Security of COMERICA INCORPORATED and does hereby irrevocably constitute and appoint
                     attorney to transfer the said Security on the books of the Company, with full
power of substitution in the premises.

Dated:

     NOTICE: The signature to this assignment must correspond with the name as written upon the
face of the within instrument in every particular, without alteration or enlargement or any change
whatever.

A-12exv4w4

 

EXHIBIT
4.4

AMENDED AND RESTATED DECLARATION

OF TRUST AND TRUST AGREEMENT

among

COMERICA INCORPORATED, as Sponsor

THE BANK OF NEW YORK, as Property Trustee

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

PAUL E. BURDISS, as Administrative Trustee

and the several Holders of the Trust Securities

Dated as of February 20, 2007

COMERICA CAPITAL TRUST II

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE 1 DEFINED TERMS	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 1.1.	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 2 CONTINUATION OF THE ISSUER TRUST	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 2.1.	 	Name	 	 	10	 
	 
	 	SECTION 2.2.	 	Office of the Delaware Trustee; Principal Place of Business	 	 	10	 
	 
	 	SECTION 2.3.	 	Initial Contribution of Trust Property; Organizational Expenses	 	 	10	 
	 
	 	SECTION 2.4.	 	Issuance of the Capital Securities	 	 	10	 
	 
	 	SECTION 2.5.	 	Issuance of the Common Securities; Subscription and Purchase Debentures	 	 	11	 
	 
	 	SECTION 2.6.	 	Declaration of Trust	 	 	11	 
	 
	 	SECTION 2.7.	 	Authorization to Enter into Certain Transactions	 	 	12	 
	 
	 	SECTION 2.8.	 	Assets of Trust	 	 	15	 
	 
	 	SECTION 2.9.	 	Title to Trust Property	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 3 PAYMENT ACCOUNT	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 3.1.	 	Payment Account	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 4 DISTRIBUTIONS; REDEMPTION	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 4.1.	 	Distributions	 	 	16	 
	 
	 	SECTION 4.2.	 	Redemption	 	 	18	 
	 
	 	SECTION 4.3.	 	Ranking of Common Securities	 	 	20	 
	 
	 	SECTION 4.4.	 	Payment Procedures	 	 	20	 
	 
	 	SECTION 4.5.	 	Tax Returns and Reports	 	 	21	 
	 
	 	SECTION 4.6.	 	Payment of Expenses of the Issuer Trust	 	 	21	 
	 
	 	SECTION 4.7.	 	Payments under Indenture or Pursuant to Direct Actions	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 5 TRUST SECURITIES CERTIFICATES	 	 	22	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 5.1.	 	Initial Ownership	 	 	22	 
	 
	 	SECTION 5.2.	 	The Trust Securities Certificates	 	 	22	 
	 
	 	SECTION 5.3.	 	Execution and Delivery of Trust Securities Certificates	 	 	22	 
	 
	 	SECTION 5.4.	 	Registration of Transfer and Exchange of Capital Securities Certificates	 	 	23	 

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	 	SECTION 5.5.	 	Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates	 	 	24	 
	 
	 	SECTION 5.6.	 	Persons Deemed Holders	 	 	24	 
	 
	 	SECTION 5.7.	 	Access to List of Holders’ Names and Addresses	 	 	24	 
	 
	 	SECTION 5.8.	 	Maintenance of Office Agency	 	 	24	 
	 
	 	SECTION 5.9.	 	Appointment of Paying Agent	 	 	25	 
	 
	 	SECTION 5.10.	 	Ownership of Common Securities by Sponsor	 	 	25	 
	 
	 	SECTION 5.11.	 	Book-Entry Capital Securities Certificates; Common Securities Certificate	 	 	25	 
	 
	 	SECTION 5.12.	 	Notices to Clearing Agency	 	 	26	 
	 
	 	SECTION 5.13.	 	Definitive Capital Securities Certificates	 	 	26	 
	 
	 	SECTION 5.14.	 	Rights of Holders; Waivers of Past Defaults	 	 	27	 
	 
	 	SECTION 5.15.	 	CUSIP Numbers	 	 	29	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 6 ACTS OF HOLDERS; MEETINGS; VOTING	 	 	30	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 6.1.	 	Limitations on Voting Rights	 	 	30	 
	 
	 	SECTION 6.2.	 	Notice of Meetings	 	 	31	 
	 
	 	SECTION 6.3.	 	Meetings of Holders of the Capital Securities	 	 	31	 
	 
	 	SECTION 6.4.	 	Voting Rights	 	 	31	 
	 
	 	SECTION 6.5.	 	Proxies, etc.	 	 	31	 
	 
	 	SECTION 6.6.	 	Holder Action by Written Consent	 	 	32	 
	 
	 	SECTION 6.7.	 	Record Date for Voting and Other Purposes	 	 	32	 
	 
	 	SECTION 6.8.	 	Acts of Holders	 	 	32	 
	 
	 	SECTION 6.9.	 	Inspection of Records	 	 	33	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 7 REPRESENTATIONS AND WARRANTIES	 	 	33	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 7.1.	 	Representations and Warranties of the Property Trustee and the Delaware Trustee	 	 	33	 
	 
	 	SECTION 7.2.	 	Representations and Warranties of Sponsor	 	 	35	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 8 THE ISSUER TRUSTEES	 	 	35	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 8.1.	 	Certain Duties and Responsibilities	 	 	35	 
	 
	 	SECTION 8.2.	 	Certain Notices	 	 	38	 

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	 	SECTION 8.3.	 	Certain Rights of Property Trustee and the Delaware Trustee	 	 	38	 
	 
	 	SECTION 8.4.	 	Not Responsible for Recitals or Issuance of Securities	 	 	40	 
	 
	 	SECTION 8.5.	 	May Hold Securities	 	 	41	 
	 
	 	SECTION 8.6.	 	Compensation; Indemnity; Fees	 	 	41	 
	 
	 	SECTION 8.7.	 	Corporate Property Trustee Required; Eligibility of Issuer Trustees and	 	 	 	 
	 
	 	 	 	Administrative Trustee	 	 	42	 
	 
	 	SECTION 8.8.	 	Conflicting Interests	 	 	43	 
	 
	 	SECTION 8.9.	 	Co-Trustees and Separate Trustee	 	 	43	 
	 
	 	SECTION 8.10.	 	Resignation and Removal; Appointment of Successor	 	 	44	 
	 
	 	SECTION 8.11.	 	Acceptance of Appointment by Successor	 	 	46	 
	 
	 	SECTION 8.12.	 	Merger, Conversion, Consolidation or Succession to Business	 	 	47	 
	 
	 	SECTION 8.13.	 	Preferential Collection of Claims Against Sponsor or Issuer Trust	 	 	47	 
	 
	 	SECTION 8.14.	 	Trustee May File Proofs of Claim	 	 	47	 
	 
	 	SECTION 8.15.	 	Reports by Property Trustee	 	 	48	 
	 
	 	SECTION 8.16.	 	Reports to the Property Trustee	 	 	49	 
	 
	 	SECTION 8.17.	 	Evidence of Compliance with Conditions Precedent	 	 	49	 
	 
	 	SECTION 8.18.	 	Number of Issuer Trustees	 	 	49	 
	 
	 	SECTION 8.19.	 	Delegation of Power	 	 	49	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 9 DISSOLUTION, LIQUIDATION AND MERGER	 	 	50	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 9.1.	 	Dissolution Upon Expiration Date	 	 	50	 
	 
	 	SECTION 9.2.	 	Early Dissolution	 	 	50	 
	 
	 	SECTION 9.3.	 	Dissolution	 	 	51	 
	 
	 	SECTION 9.4.	 	Liquidation	 	 	51	 
	 
	 	SECTION 9.5.	 	Mergers, Consolidations, Amalgamations or Replacements of Issuer Trust	 	 	52	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE 10 MISCELLANEOUS PROVISIONS	 	 	53	 
	 
	 	 	 	 	 	 	 	 
	 
	 	SECTION 10.1.	 	Limitation of Rights of Holders	 	 	53	 
	 
	 	SECTION 10.2.	 	Amendment	 	 	54	 
	 
	 	SECTION 10.3.	 	Separability	 	 	55	 

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	 	SECTION 10.4.	 	Governing Law	 	 	55	 
	 
	 	SECTION 10.5.	 	Payments Due on Non-Business Day	 	 	55	 
	 
	 	SECTION 10.6.	 	Successors	 	 	55	 
	 
	 	SECTION 10.7.	 	Headings	 	 	56	 
	 
	 	SECTION 10.8.	 	Reports, Notices and Demands	 	 	56	 
	 
	 	SECTION 10.9.	 	Agreement Not to Petition	 	 	56	 
	 
	 	SECTION 10.10.	 	Trust Indenture Act; Conflict with Trust Indenture Act	 	 	57	 
	 
	 	SECTION 10.11.	 	Acceptance of Terms of Trust Agreement, Guarantee Agreement and Indenture	 	 	57	 
	 
	 	SECTION 10.12.	 	Counterparts	 	 	57	 

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EXHIBITS:

Exhibit A — Certificate of Trust

Exhibit B — Form of Common Securities Certificate

Exhibit C — Form of Capital Securities Certificate

v

 

     AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT, dated as of February 20, 2007
among (i) Comerica Incorporated, a Delaware corporation (including any successors or assigns, the
“Sponsor”), (ii) The Bank of New York, as property trustee (in such capacity, the
“Property Trustee”), (iii) The Bank of New York (Delaware), as Delaware trustee (in such
capacity, the “Delaware Trustee”), (iv) Paul E. Burdiss, an individual, whose address is
c/o Comerica Tower at Detroit Center, 500 Woodward Avenue, Detroit, Michigan 48226, as
administrative trustee (the “Administrative Trustee”) (the Property Trustee, the Delaware
Trustee, and the Administrative Trustee being referred to collectively as the “Issuer
Trustees”), and (v) the several Holders, as hereinafter defined.

WITNESSETH

     WHEREAS, the Sponsor and certain of the Issuer Trustees have heretofore duly declared and
established Comerica Capital Trust II, as a statutory trust (the “Issuer Trust”) pursuant
to the Delaware Statutory Trust Act (as hereinafter defined) and have entered into that certain
Amended and Restated Declaration of Trust, dated as of November 22, 2006 (the “Prior Trust
Agreement”), and by the execution and filing with the Secretary of State of the State of
Delaware the Restated Certificate of Trust, filed on November 22, 2006, attached as Exhibit A (the
“Certificate of Trust”); and

     WHEREAS, the Sponsor and the Issuer Trustees desire to amend and restate the Prior Trust
Agreement in its entirety as set forth herein to provide for, among other things, (i) the issuance
of the Common Securities by the Issuer Trust to the Sponsor, (ii) the issuance and sale of the
Capital Securities by the Issuer Trust pursuant to the Underwriting Agreement, and (iii) the
acquisition by the Issuer Trust from the Sponsor of all of the right, title and interest in the
Debentures;

     NOW THEREFORE, in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each party, for the benefit of the other parties and for the benefit of the Holders,
hereby amends and restates the Prior Trust Agreement in its entirety and agrees as follows:

ARTICLE 1

DEFINED TERMS

     SECTION 1.1. Definitions.

     For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the
context otherwise requires:

     The terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular;

     All other terms used herein that are defined in the Trust Indenture Act, either directly or by
reference therein, have the meanings assigned to them therein;

 

 

     The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”;

     All accounting terms used but not defined herein have the meanings assigned to them in
accordance with United States generally accepted accounting principles;

     Unless the context otherwise requires, any reference to an “Article,” a “Section” or an
“Exhibit” refers to an Article, a Section or an Exhibit, as the case may be, of or to this Trust
Agreement; and

     The words “hereby,” “herein,” “hereof” and “hereunder” and other words of similar import refer
to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision.

     “Act” has the meaning specified in Section 6.8.

     “Additional Amount” means, with respect to Trust Securities of a given Liquidation
Amount and/or a given period, the amount of Additional Interest (as defined in the Indenture) paid
by the Sponsor on a Like Amount of Debentures for such period.

     “Administrative Trustee” means the individual identified as the “Administrative
Trustee” in the preamble to this Trust Agreement solely in such individual’s capacity as
Administrative Trustee of the Issuer Trust and not in such individual’s individual capacity, or
such Administrative Trustee’s successor in interest in such capacity, or any successor trustee
appointed as herein provided.

     “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person.
For the purposes of this definition, “control” when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

     “Bankruptcy Event” means, with respect to any Person:

     (a) the entry of a decree or order by a court having jurisdiction in the premises
judging such Person a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjudication or composition of or in respect of such
Person under any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of such Person or of any substantial part of its property or ordering the
winding up or liquidation of its affairs, and the continuance of any such decree or order
unstayed and in effect for a period of 60 consecutive days; or

     (b) the institution by such Person of proceedings to be adjudicated a bankrupt or
insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking reorganization or
relief under any applicable Federal or State bankruptcy, insolvency,

2

 

reorganization or other similar law, or the consent by it to the filing of any such
petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator
(or similar official) of such Person or of any substantial part of its property, or the
making by it of an assignment for the benefit of creditors, or the admission by it in
writing of its inability to pay its debts generally as they become due and its willingness
to be adjudicated a bankrupt, or the taking of corporate action by such Person in
furtherance of any such action.

     “Bankruptcy Laws” has the meaning specified in Section 10.9.

     “Board of Directors” means the board of directors of the Sponsor or a committee
designated by the board of directors of the Sponsor (or any such committee), comprised of one or
more members of the board of directors of the Sponsor or officers of the Sponsor, or both.

     “Book-Entry Capital Securities Certificate” means a Capital Securities Certificate
evidencing ownership of Book-Entry Capital Securities.

     “Book-Entry Capital Security” means a Capital Security, the ownership and transfers of
which shall be made through book entries by a Clearing Agency as described in Section 5.11.

     “Business Day” means a day other than a Saturday, a Sunday, or any other day on which
banking institutions in The City of New York, Detroit, Michigan or Wilmington, Delaware are
authorized or required by law or executive order to remain closed, or on or after February 20,
2032, a day that is not a “London Business Day.”.

     “Capital Securities Certificate” means a certificate evidencing ownership of Capital
Securities, substantially in the form attached as Exhibit C.

     “Capital Security” means an undivided beneficial interest in the assets of the Issuer
Trust, having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust
Agreement, including the right to receive Distributions and a Liquidation Distribution as provided
herein.

     “Certificate Depository Agreement” means the agreement between the Issuer Trust and
DTC, as the initial Clearing Agency, dated as of the Closing Date.

     “Certificate of Trust” has the meaning specified in the recitals hereof, as amended
from time to time.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act. DTC will be the initial Clearing Agency.

     “Clearing Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

     “Closing Date” means the Time of Delivery, which date is also the date of execution
and delivery of this Trust Agreement.

3

 

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act or, if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.

     “Common Securities Certificate” means a certificate evidencing ownership of Common
Securities, substantially in the form attached as Exhibit B.

     “Common Security” means an undivided beneficial interest in the assets of the Issuer
Trust, having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust
Agreement, including the right to receive Distributions and a Liquidation Distribution as provided
herein.

     “Corporate Trust Office” means when used with respect to the Property Trustee, the
principal corporate trust office of the Property Trustee located at 101 Barclay Street — 8W, New
York, New York 10286.

     “Debenture Event of Default” means any “Event of Default” specified in Section 5.1 of
the Indenture, as modified by Section 201(k) of the First Supplemental Indenture.

     “Debenture Payment Default” means any event specified in Section 5.1, clauses (1), (2)
and (6) of the Indenture as modified by Section 201(k) of the First Supplemental Indenture.

     “Debenture Redemption Date” means, with respect to any Debentures to be redeemed under
the Indenture, the date fixed for redemption of such Debentures under the Indenture.

     “Debenture Repayment Date” means, with respect to any Debentures to be repaid under
the First Supplemental Indenture, the date fixed for repayment of such Debentures under the First
Supplemental Indenture.

     “Debenture Trustee” means The Bank of New York, solely in its capacity as trustee
pursuant to the Indenture and the First Supplemental Indenture and not in its individual capacity,
or its successor in interest in such capacity, or any successor trustee appointed as provided in
the Indenture and the First Supplemental Indenture.

     “Debentures” means the 6.576% Capital Efficient Notes due 2082, issued pursuant to the
Indenture and the First Supplemental Indenture.

     “Definitive Capital Securities Certificates” means either or both (as the context
requires) of (i) Capital Securities Certificates issued as Book-Entry Capital Securities
Certificates as provided in Section 5.11, and (ii) Capital Securities Certificates issued in
certificated, fully registered form as provided in Section 5.13.

     “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12
Del. C. ss. 3801 et seq., as it may be amended from time to time.

4

 

     “Delaware Trustee” means the Person identified as the “Delaware Trustee” in the
preamble to this Trust Agreement, solely in its capacity as Delaware Trustee and not in its
individual capacity, or its successor in interest in such capacity, or any successor Delaware
trustee appointed as herein provided.

     “Distribution Date” has the meaning specified in Section 4.1(a)(i).

     “Distribution Period” means the period of time beginning on any Distribution Date and
ending on the day immediately preceding the next succeeding Distribution Date.

     “Distributions” means amounts payable in respect of the Trust Securities as provided
in Section 4.1.

     “DTC” means The Depository Trust Company.

     “Early Dissolution Event” has the meaning specified in Section 9.2.

     “Event of Default” means any one of the following events (whatever the reason for such
event and whether it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

     (a) the occurrence of a Debenture Event of Default; or

     (b) default by the Issuer Trust in the payment of any Distribution when it becomes due
and payable, and continuation of such default for a period of 30 days; or

     (c) default by the Issuer Trust in the payment of any Redemption Price of any Trust
Security when it becomes due and payable; or

     (d) default in the performance, or breach, in any material respect, of any covenant or
warranty of the Issuer Trustees in this Trust Agreement (other than those specified in
clause (b) or (c) above) and continuation of such default or breach for a period of 90 days
after there has been given, by registered or certified mail, to the Issuer Trustees and to
the Sponsor by the Holders of at least 25% in aggregate Liquidation Amount of the
Outstanding Capital Securities a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

     (e) the occurrence of a Bankruptcy Event with respect to the Property Trustee if a
successor Property Trustee has not been appointed within 90 days thereof.

     “Exchange Act” means the Securities Exchange Act of 1934, and any successor statute
thereto, in each case as amended from time to time.

     “Expiration Date” has the meaning specified in Section 9.1.

5

 

     “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from
time to time constituted, or if at any time after the execution of this Trust Agreement the Federal
Reserve is not existing and performing the duties now assigned to it, then the body performing such
duties at such time.

     “First Supplemental Indenture” means the First Supplemental Indenture, dated as of
February 20, 2007 between the Sponsor and the Debenture Trustee, as trustee, to the Indenture, as
amended or supplemented from time to time.

     “Guarantee” means the Guarantee Agreement executed and delivered by the Sponsor and
The Bank of New York, as trustee, contemporaneously with the execution and delivery of this Trust
Agreement, for the benefit of the holders of the Capital Securities, as amended from time to time.

     “Holder” means a Person in whose name a Trust Security or Trust Securities are
registered in the Securities Register; any such Person shall be a beneficial owner within the
meaning of the Delaware Statutory Trust Act.

     “Indenture” means the Indenture, dated as of July 31, 2001, between the Sponsor and
the Debenture Trustee (as successor to Chase Manhattan Bank Trust Company, National Association),
as trustee, as amended or supplemented from time to time.

     “Investment Company Act” means the Investment Company Act of 1940, or any successor
statute thereto, in each case as amended from time to time.

     “Issuer Trust” means the Delaware statutory trust known as “Comerica Capital Trust II”
which was restated on November 22, 2006 under the Delaware Statutory Trust Act pursuant to the
Prior Trust Agreement and the filing of the Certificate of Trust, and continued pursuant to this
Trust Agreement.

     “Issuer Trustees” means, collectively, the Property Trustee, the Delaware Trustee, and
the Administrative Trustee.

     “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse
ownership interest, hypothecation, assignment, security interest or preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever.

     “Like Amount” means (a) with respect to a redemption of any Trust Securities, Trust
Securities having a Liquidation Amount equal to the principal amount of Debentures to be
contemporaneously redeemed or repaid in accordance with the Indenture and the First Supplemental
Indenture, the proceeds of which will be used to pay the Redemption Price of such Trust Securities,
(b) with respect to a distribution of Debentures to Holders of Trust Securities in connection with
a dissolution or liquidation of the Issuer Trust, Debentures having a principal amount equal to the
Liquidation Amount of the Trust Securities of the Holder to whom such Debentures are distributed,
and (c) with respect to any distribution of Additional Amounts to Holders of Trust Securities,
Debentures having a principal amount equal to the Liquidation Amount of the Trust Securities in
respect of which such distribution is made.

6

 

     “Liquidation Amount” means the stated amount of $1,000 per Trust Security.

     “Liquidation Date” means the date of the dissolution, winding-up or dissolution of the
Issuer Trust pursuant to Section 9.4.

     “Liquidation Distribution” has the meaning specified in Section 9.4(d).

     “London business day” is any day on which dealings in deposits in U.S. dollars are
transacted in the London interbank market.

     “Majority in Liquidation Amount of the Capital Securities” or “Majority in
Liquidation Amount of the Common Securities” means, except as provided by the Trust Indenture
Act, Capital Securities or Common Securities, as the case may be, representing more than 50% of the
aggregate Liquidation Amount of all then Outstanding Capital Securities or Common Securities, as
the case may be.

     “Officers’ Certificate” means, with respect to any Person, a certificate signed by the
Chairman of the Board of Directors of such Person, a Vice Chairman of the Board of Directors of
such Person, the President or a Vice President of such Person, and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of such Person. Any Officers’ Certificate
delivered with respect to compliance with a condition or covenant provided for in this Trust
Agreement shall include:

     (a) a statement by each officer signing the Officers’ Certificate that such officer 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 such officer in rendering the Officers’ Certificate;

     (c) a statement that such officer has made such examination or investigation as, in
such officer’s opinion, is necessary to enable such officer to express an informed opinion
as to whether or not such covenant or condition has been complied with; and

     (d) a statement as to whether, in the opinion of such officer, such condition or
covenant has been complied with.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for or an
employee of the Sponsor or any Affiliate of the Sponsor.

     “Outstanding” when used with respect to Trust Securities, means, as of the date of
determination, all Trust Securities theretofore executed and delivered under this Trust Agreement,
except:

     (a) Trust Securities theretofore canceled by the Property Trustee or delivered to the
Property Trustee for cancellation;

     (b) Trust Securities for whose payment or redemption money in the necessary amount has
been theretofore deposited with the Property Trustee or any Paying Agent;

7

 

provided that, if such Trust Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Trust Agreement; and

     (c) Trust Securities that have been paid or in exchange for or in lieu of which other
Capital Securities have been executed and delivered pursuant to Sections 5.4, 5.5, 5.11 and
5.13; provided, however, that in determining whether the Holders of the requisite
Liquidation Amount of the Outstanding Capital Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Capital Securities owned by
the Sponsor, any Issuer Trustee, or any Affiliate of the Sponsor or any Issuer Trustee shall
be disregarded and deemed not to be Outstanding, except that (a) in determining whether any
Issuer Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Capital Securities that a Responsible Officer of
such Issuer Trustee knows to be so owned shall be so disregarded, and (b) the foregoing
shall not apply at any time when all of the outstanding Capital Securities are owned by the
Sponsor, one or more of the Issuer Trustees, and/or any such Affiliate. Capital Securities
so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Administrative Trustee the pledgee’s right so to act
with respect to such Capital Securities and that the pledgee is not the Sponsor or any
Affiliate of the Sponsor.

     “Owner” means each Person who is the beneficial owner of Book-Entry Capital Securities
as reflected in the records of the Clearing Agency or, if a Clearing Agency Participant is not the
Owner, then as reflected in the records of a Person maintaining an account with such Clearing
Agency (directly or indirectly, in accordance with the rules of such Clearing Agency).

     “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section
5.9 and shall initially be The Bank of New York.

     “Payment Account” means a segregated non-interest-bearing corporate trust account
maintained by the Property Trustee with The Bank of New York in its trust department for the
benefit of the Holders in which all amounts paid in respect of the Debentures will be held and from
which the Property Trustee, through the Paying Agent, shall make payments to the Holders in
accordance with Sections 4.1 and 4.2.

     “Person” means a legal person, including any individual, corporation, estate,
partnership, joint venture, association, joint stock company, company, limited liability company,
trust, unincorporated association, or government or any agency or political subdivision thereof, or
any other entity of whatever nature.

     “Prior Trust Agreement” has the meaning specified in the recitals to this Trust
Agreement.

     “Property Trustee” means the Person identified as the “Property Trustee” in the
preamble to this Trust Agreement, solely in its capacity as Property Trustee of the trust
heretofore formed and continued hereunder and not in its individual capacity, or its successor in
interest in such capacity, or any successor property trustee appointed as herein provided.

8

 

     “Redemption Date” means, with respect to any Trust Security to be redeemed, the date
fixed for such redemption by or pursuant to this Trust Agreement; provided that each Debenture
Redemption Date, each Debenture Repayment Date and the stated maturity of the Debentures shall be a
Redemption Date for a Like Amount of Trust Securities.

     “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount
of such Trust Security, plus accumulated and unpaid Distributions to the Redemption Date, plus the
related amount of the premium, if any, paid by the Sponsor upon the concurrent redemption of a Like
Amount of Debentures.

     “Relevant Trustee” shall have the meaning specified in Section 8.10.

     “Responsible Officer” means, with respect to any Issuer Trustee that is not an
individual, any officer having direct responsibility for the administration of this Trust
Agreement.

     “Securities Act” means the Securities Act of 1933, and any successor statute thereto,
in each case as amended from time to time.

     “Securities Register” and “Securities Registrar” have the respective meanings
specified in Section 5.4.

     “Sponsor” has the meaning specified in the preamble to this Trust Agreement.

     “Sponsor Bankruptcy Event” means a Bankruptcy Event with respect to the Sponsor.

     “Time of Delivery” means February 20, 2007.

     “Trust Agreement” means this Amended and Restated Declaration of Trust and Trust
Agreement, as the same may be modified, amended or supplemented in accordance with the applicable
provisions hereof, including (i) all exhibits, and (ii) for all purposes of this Trust Agreement
and any such modification, amendment or supplement, the provisions of the Trust Indenture Act that
are deemed to be a part of and govern this Trust Agreement and any such modification, amendment or
supplement, respectively.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as
of which this instrument was executed; provided, however, that in the event the Trust Indenture Act
of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.

     “Trust Property” means (a) the Debentures, (b) any cash on deposit in, or owing to,
the Payment Account, and (c) all proceeds and rights in respect of the foregoing and any other
property and assets for the time being held or deemed to be held by the Property Trustee pursuant
to the trusts of this Trust Agreement.

     “Trust Securities Certificate” means any one of the Common Securities Certificates or
the Capital Securities Certificates.

     “Trust Security” means any one of the Common Securities or the Capital Securities.

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     “Underwriting Agreement” means the Underwriting Agreement, dated as of February 13,
2007, among the Trust, the Sponsor, and J.P. Morgan Securities Inc. as representative of the
several underwriters listed on Schedule A thereto.

     “Vice President” when used with respect to the Sponsor, means any duly appointed vice
president, whether or not designated by a number or a word or words added before or after the title
“vice president.”

ARTICLE 2

CONTINUATION OF THE ISSUER TRUST

     SECTION 2.1. Name.

     The trust continued hereby shall be known as “Comerica Capital Trust II”, as such name may be
modified from time to time by the Administrative Trustee following written notice to the Holders
and the other Issuer Trustees, in which name the Administrative Trustee and the other Issuer
Trustees may conduct the business of the Issuer Trust, make and execute contracts and other
instruments on behalf of the Issuer Trust and sue and be sued on behalf of the Issuer Trust. Any
name change shall be effective upon the execution and filing by the Administrative Trustee of a
certificate of amendment or a restated certificate pursuant to Section 3810 of the Delaware
Statutory Trust Act.

     SECTION 2.2. Office of the Delaware Trustee; Principal Place of Business.

     The address of the Delaware Trustee in the State of Delaware is 100 White Clay Center, Route
273, P.O. Box 6995, Newark, Delaware 19711, or such other address in the State of Delaware as the
Delaware Trustee may designate by written notice to the Sponsor, the Property Trustee and the
Administrative Trustee. The principal executive office of the Issuer Trust is Comerica Tower at
Detroit Center, 500 Woodward Avenue, Detroit, Michigan 48226.

     SECTION 2.3. Initial Contribution of Trust Property; Organizational Expenses.

     The Issuer Trustees acknowledge receipt from the Sponsor in connection with the Prior Trust
Agreement of the sum of $10, which constituted the initial Trust Property. The Sponsor shall pay
organizational expenses of the Issuer Trust as they arise or shall, upon request of any Issuer
Trustee, promptly reimburse such Issuer Trustee for any such expenses paid by such Issuer Trustee.
The Sponsor shall make no claim upon the Trust Property for the payment of such expenses.

     SECTION 2.4. Issuance of the Capital Securities.

     The Sponsor, on its own behalf, and the Administrative Trustee, on behalf of the Issuer Trust,
executed and delivered the Underwriting Agreement. Contemporaneously with the execution and
delivery of this Trust Agreement, the Administrative Trustee, on behalf of the Trust, shall execute
in accordance with Section 5.3 and deliver to the Underwriters named in the Underwriting Agreement
a Capital Securities Certificate, registered in the name of the nominee

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of the initial Clearing Agency, in an aggregate amount of 500,000 Capital Securities having an
aggregate Liquidation Amount of $500,000,000, against payment of the purchase price therefor in
immediately available funds, which funds such Administrative Trustee shall promptly deliver to the
Property Trustee. On any one or more dates after the execution and delivery of this Trust Agreement
additional Capital Securities Certificates representing Capital Securities with an aggregate
Liquidation Amount up to $600,000,000 may be issued in accordance with Section 5.3, registered in
the name of the nominee of the initial Clearing Agency, against receipt by the Property Trustee of
the purchase price that is determined by the Sponsor. Such additional Capital Securities will be
part of the same series as those issued as of the Time of Delivery.

     SECTION 2.5. Issuance of the Common Securities; Subscription and Purchase Debentures.

     Contemporaneously with the execution and delivery of this Trust Agreement, the Administrative
Trustee, on behalf of the Issuer Trust, shall execute in accordance with Section 5.3 and deliver to
the Sponsor Common Securities Certificates, registered in the name of the Sponsor, in an aggregate
amount of 15,464 Common Securities having an aggregate Liquidation Amount of $15,464,000 against
payment by the Sponsor of the purchase price therefor in immediately available funds, which amount
the Administrative Trustee shall promptly deliver to the Property Trustee. Contemporaneously
therewith, the Administrative Trustee, on behalf the Issuer Trust, shall subscribe to and purchase
from the Sponsor Debentures registered in the name of the Issuer Trust and having an aggregate
principal amount equal to $515,464,000 and shall deliver to the Sponsor the purchase price therefor
(being the sum of the amounts delivered to the Property Trustee pursuant to (i) the second sentence
of Section 2.4 and (ii) the first sentence of this Section 2.5). In connection with any subsequent
issuance of Capital Securities as set forth in the last sentence of Section 2.4, the Administrative
Trustee, on behalf of the Issuer Trust, shall contemporaneously with any such additional issuance,
subscribe to and purchase from the Sponsor Debentures, registered in the name of the Issuer Trust,
having an aggregate principal amount equal to the aggregate Liquidation Amount of Capital
Securities being issued by the Issuer Trust pursuant to the last sentence of Section 2.4 against
payment of a purchase price equal to the aggregate purchase prices of the Capital Securities being
so issued.

     SECTION 2.6. Declaration of Trust.

     The exclusive purposes and functions of the Issuer Trust are (a) to issue and sell Trust
Securities, (b) to use the proceeds from such sale to acquire the Debentures, and (c) to engage in
those activities necessary, convenient or incidental thereto. The Sponsor hereby appoints the
Issuer Trustees as trustees of the Issuer Trust, to have all the rights, powers and duties to the
extent set forth herein, and the Issuer Trustees hereby accept such appointment. The Property
Trustee hereby declares that it will hold the Trust Property upon and subject to the conditions set
forth herein for the benefit of the Issuer Trust and the Holders. The Administrative Trustee shall
have all rights, powers and duties set forth herein and in accordance with applicable law with
respect to accomplishing the purposes of the Issuer Trust. 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 Property Trustee or the Administrative Trustee, or any of the duties and
responsibilities of the Issuer Trustees generally, set forth herein. The Delaware Trustee shall be
one of the trustees of the Issuer Trust for the sole and limited purpose of fulfilling the

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requirements of Section 3807(a) of the Delaware Statutory Trust Act. The duties of the
Delaware Trustee shall be limited to (i) accepting legal process served on the Issuer Trust in the
State of Delaware and (ii) the execution of any certificates required to be filed with the Delaware
Secretary of State which the Delaware Trustee is required to execute under Section 3811 of the
Delaware Statutory Trust Act. To the extent that, at law or in equity, the Delaware Trustee has
duties (including fiduciary duties) and liabilities relating thereto to the Issuer Trust, the
Sponsor or the Holders, it is hereby understood and agreed by the other parties hereto that such
duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly
set forth in this Trust Agreement. The Delaware Trustee shall have no liability for the acts or
omissions of the other Issuer Trustees or the Sponsor.

     SECTION 2.7. Authorization to Enter into Certain Transactions.

     (a) The Issuer Trustees shall conduct the affairs of the Issuer Trust in accordance
with the terms of this Trust Agreement. Subject to the limitations set forth in paragraph
(b) of this Section, and in accordance with the following provisions (i) and (ii), the
Issuer Trustees shall have the authority to enter into all transactions and agreements
determined by the Issuer Trustees to be appropriate in exercising the authority, express or
implied, otherwise granted to the Issuer Trustees under this Trust Agreement, and to perform
all acts in furtherance thereof, including the following:

     (i) As among the Issuer Trustees, the Administrative Trustee shall have the
power and authority to act on behalf of the Issuer Trust with respect to the
following matters:

     (A) the issuance and sale of the Trust Securities;

     (B) the execution and delivery, and the causing of the Issuer Trust to
perform on behalf of the Issuer Trust the Underwriting Agreement and the
causing of the Issuer Trust to enter into, and to execute, deliver and
perform on behalf of the Issuer Trust the Certificate Depository Agreement
and such other agreements as may be necessary or desirable in connection
with the purposes and function of the Issuer Trust;

     (C) assisting in the registration of the Capital Securities under the
Securities Act and under state securities or blue sky laws, and the
qualification of this Trust Agreement under the Trust Indenture Act;

     (D) assisting in the listing of the Capital Securities upon such
securities exchange or exchanges as shall be determined by the Sponsor, with
the registration of the Capital Securities under the Exchange Act, if
required, and with the preparation and filing of all periodic and other
reports and other documents pursuant to the foregoing;

     (E) assisting in the sending of notices (other than notices of default)
and other information regarding the Trust Securities and the Debentures to
the Holders in accordance with this Trust Agreement;

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     (F) the appointment of a Paying Agent and Securities Registrar in
accordance with this Trust Agreement;

     (G) to the extent provided in this Trust Agreement, the winding up of
the affairs of and liquidation of the Issuer Trust and the execution and
filing of the certificate of cancellation with the Secretary of State of the
State of Delaware;

     (H) execution of the Trust Securities on behalf of the Trust in
accordance with this Trust Agreement;

     (I) execution and delivery of closing certificates, if any, pursuant to
the Underwriting Agreement and application for a taxpayer identification
number for the Issuer Trust;

     (J) unless otherwise determined by the Sponsor, the Property Trustee,
or the Administrative Trustee or as otherwise required by the Delaware
Statutory Trust Act or the Trust Indenture Act, to execute on behalf of the
Issuer Trust (either acting alone or together with the Administrative
Trustee) any documents that the Administrative Trustee has the power to
execute pursuant to this Trust Agreement;

     (K) to the extent provided in this Trust Agreement, the winding up of
the affairs of and liquidation of the Issuer Trust and the preparation,
execution and filing of the certificate of cancellation with the Secretary
of State of the State of Delaware; and

     (L) the taking of any action incidental to the foregoing as the Issuer
Trustees may from time to time determine is necessary or advisable to give
effect to the terms of this Trust Agreement.

     (ii) As among the Issuer Trustees, the Property Trustee shall have the power,
duty and authority to act on behalf of the Issuer Trust with respect to the
following matters:

     (A) the establishment of the Payment Account;

     (B) the receipt of the Debentures;

     (C) the collection of interest, principal and any other payments made
in respect of the Debentures and the holding of such amounts in the Payment
Account;

     (D) the distribution through the Paying Agent of amounts distributable
to the Holders in respect of the Trust Securities;

     (E) the exercise of all of the rights, powers and privileges of a
holder of the Debentures;

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     (F) the sending of notices of default and other information regarding
the Trust Securities and the Debentures to the Holders in accordance with
this Trust Agreement;

     (G) the distribution of the Trust Property in accordance with the terms
of this Trust Agreement;

     (H) after an Event of Default (other than under paragraph (b),(c), (d)
or (e) of the definition of such term if such Event of Default is by or with
respect to the Property Trustee) the taking of any action incidental to the
foregoing as the Property Trustee may from time to time determine is
necessary or advisable to give effect to the terms of this Trust Agreement
and protect and conserve the Trust Property for the benefit of the Holders
(without consideration of the effect of any such action on any particular
Holder); and

     (I) except as otherwise provided in this Section 2.7(a)(ii), the
Property Trustee shall have none of the duties, liabilities, powers or the
authority of the Administrative Trustee set forth in Section 2.7(a)(i).

     (b) So long as this Trust Agreement remains in effect, the Issuer Trust (or the Issuer
Trustees acting on behalf of the Issuer Trust) shall not undertake any business, activities
or transactions except as expressly provided herein or contemplated hereby. In particular,
the Issuer Trustees (acting on behalf of the Issuer Trust) shall not (i) acquire any
investments or engage in any activities not authorized by this Trust Agreement, (ii) sell,
assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the
Trust Property or interests therein, including to Holders, except as expressly provided
herein, (iii) take any action that would reasonably be expected to cause the Issuer Trust to
become taxable as a corporation or classified as other than a grantor trust for United
States Federal income tax purposes, (iv) incur any indebtedness for borrowed money or issue
any other debt, (v) take or consent to any action that would result in the placement of a
Lien on any of the Trust Property, (vi) invest any proceeds received by the Issuer Trust
from holding the Debentures, but shall distribute all such proceeds to Holders of Trust
Securities pursuant to the terms of this Trust Agreement and of the Trust Securities, (vii)
acquire any assets other than the Trust Property, (viii) possess any power or otherwise act
in such a way as to vary the Trust Property, (ix) possess any power or otherwise act in such
a way as to vary the terms of the Trust Securities in any way whatsoever (except to the
extent expressly authorized in this Trust Agreement or by the terms of the Trust Securities)
or (x) issue any securities or other evidences of beneficial ownership of, or beneficial
interest in, the Issuer Trust other than the Trust Securities. The Property Trustee shall
defend all claims and demands of all Persons at any time claiming any Lien on any of the
Trust Property adverse to the interest of the Issuer Trust or the Holders in their capacity
as Holders.

     (c) In connection with the issuance and sale of the Capital Securities, the Sponsor
shall have the right and responsibility to act on behalf of the Issuer Trust with respect to
the following (and any actions taken by the Sponsor in furtherance of the

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following prior to the date of this Trust Agreement are hereby ratified and confirmed
in all respects):

     (i) the preparation and filing by the Issuer Trust with the Commission of and
the execution on behalf of the Issuer Trust of a registration statement on the
appropriate form in relation to the Capital Securities, including any amendments
thereto;

     (ii) the determination of the states in which to take appropriate action to
qualify or register for sale all or part of the Capital Securities and the
determination of any and all such acts, other than actions that must be taken by or
on behalf of the Issuer Trust, and the advice to the Issuer Trust of actions they
must take on behalf of the Issuer Trust, and the preparation for execution and
filing of any documents to be executed and filed by the Issuer Trust or on behalf of
the Issuer Trust, as the Sponsor deems necessary or advisable in order to comply
with the applicable laws of any such states;

     (iii) the preparation for filing by the Issuer Trust and execution on behalf of
the Issuer Trust of an application to the New York Stock Exchange or any other
national stock exchange or any automated quotation system for listing upon notice of
issuance of any Capital Securities and filing with such exchange or self-regulatory
organization such notification and documents as may be necessary from time to time
to maintain such listing;

     (iv) the negotiation of the terms of the Underwriting Agreement on behalf of
the Issuer Trust providing for the sale of the Capital Securities; and

     (v) the taking of any other actions necessary or desirable to carry out any of
the foregoing activities.

     (d) Notwithstanding anything herein to the contrary, the Administrative Trustee is
authorized and directed to conduct the affairs of the Issuer Trust and to operate the Issuer
Trust so that the Issuer Trust will not be deemed to be an “investment company” required to
be registered under the Investment Company Act, and will not be taxable as a corporation or
classified as other than a grantor trust for United States Federal income tax purposes and
so that the Debentures will be treated as indebtedness of the Sponsor for United States
Federal income tax purposes. In this connection, the Sponsor and the Administrative Trustee
are authorized to take any action, not inconsistent with applicable law, the Certificate of
Trust or this Trust Agreement, that they determine in their discretion to be necessary or
desirable for such purposes, as long as such action does not adversely affect in any
material respect the interests of the Holders of the Outstanding Capital Securities. In no
event shall the Sponsor or the Issuer Trustees be liable to the Issuer Trust or the Holders
for any failure to comply with this section that results from a change in law or regulation
or in the interpretation thereof.

     SECTION 2.8. Assets of Trust.

     The assets of the Issuer Trust shall consist solely of the Trust Property.

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     SECTION 2.9. Title to Trust Property.

     Legal title to all Trust Property shall be vested at all times in the Property Trustee (in its
capacity as such) and shall be held and administered by the Property Trustee in trust for the
benefit of the Issuer Trust and the Holders in accordance with this Trust Agreement.

ARTICLE 3

PAYMENT ACCOUNT

     SECTION 3.1. Payment Account.

     (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment
Account. The Property Trustee and its agents shall have exclusive control and sole right of
withdrawal with respect to the Payment Account for the purpose of making deposits in and
withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and
other property deposited or held from time to time in the Payment Account shall be held by
the Property Trustee in the Payment Account for the exclusive benefit of the Holders and for
distribution as herein provided, including (and subject to) any priority of payments
provided for herein.

     (b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt,
all payments of principal of or interest on, and any other payments or proceeds with respect
to, the Debentures. Amounts held in the Payment Account shall not be invested by the
Property Trustee pending distribution thereof.

ARTICLE 4

DISTRIBUTIONS; REDEMPTION

     SECTION 4.1. Distributions.

     (a) The Trust Securities represent undivided beneficial interests in the Trust
Property, and Distributions (including of Additional Amounts) will be made on the Trust
Securities at the rate and on the dates that payments of interest (including Additional
Interest, as defined in the Indenture) are made on the Debentures. Accordingly:

     (i) Distributions on the Trust Securities shall be cumulative, and will
accumulate whether or not there are funds of the Issuer Trust available for the
payment of Distributions. Distributions shall accumulate from February 20, 2007 and,
except in the event (and to the extent) that the Sponsor exercises its right to
defer the payment of interest on the Debentures pursuant to the First Supplemental
Indenture, shall be payable semi-annually in arrears on each February 20 and August
20, beginning on August 20, 2007 through February 20, 2032 and thereafter on a
monthly basis on the 20th day of each month, unless deferred. In the
event that any such date on which a Distribution is payable on or after February 20,
2032 would otherwise fall on a day that is not a Business Day, that date will be
postponed to the next day that is a Business Day unless the

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postponement would cause that date to fall in the next calendar month, in which
case that date will instead be brought forward to the immediately preceding Business
Day. If any date prior to February 20, 2032 on which a Distribution is otherwise
payable on the Trust Securities is not a Business Day, then the payment of such
Distribution shall 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), with the same
force and effect as if made on the date on which such payment was originally payable
(each date on which distributions are payable in accordance with this Section
4.1(a), a “Distribution Date”).

     (ii) In the event (and to the extent) that the Sponsor exercises its right
under the First Supplemental Indenture to defer the payment of interest on the
Debentures, Distributions on the Trust Securities shall be deferred but shall
continue to accumulate. Distributions on the Trust Securities shall be payable on
the Liquidation Amount of the Trust Securities at the rate per annum equal to the
then applicable rate of interest on the Debentures. The amount of Distributions for
any period ending prior to February 20, 2032 shall be computed on the basis of a
360-day year of twelve 30-day months. The amount of Distributions for any partial
semi-annual period shall be computed on the basis of a 360-day year of twelve 30-day
months. The amount of Distributions for any period commencing on or after February
20, 2032 shall be computed on the basis of a 360-day year and the actual number of
days elapsed. The amount of Distributions payable for any period shall include the
Additional Amounts, if any.

     (iii) Distributions on the Trust Securities shall be made by the Property
Trustee from the Payment Account and shall be payable on each Distribution Date only
to the extent that the Issuer Trust has funds then on hand and available in the
Payment Account for the payment of such Distributions.

     (b) Distributions on the Trust Securities with respect to a Distribution Date shall be
payable to the Holders thereof as they appear on the Securities Register for the Trust
Securities at the close of business on the relevant record date for such Distribution Date,
which shall be the first day of the month (whether or not a Business Day) in which the
relevant Distribution Date occurs; provided, however, that so long as the Capital Securities
are Book-Entry Capital Securities, the record date for such Capital Securities will be one
Business Day before the relevant Distribution Date. Distributions payable on any Trust
Securities that are not punctually paid on any Distribution Date will cease to be payable to
the Person in whose name such Trust Securities are registered on the relevant record date,
and such defaulted Distribution will instead be payable to the Person in whose name such
Trust Securities are registered on the special record date or other specified date for
determining Holders entitled to such defaulted interest established in accordance with the
Indenture.

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     SECTION 4.2. Redemption.

     (a) On each Debenture Redemption Date, on each Debenture Repayment Date and on the
stated maturity of the Debentures, the Issuer Trust will be required to redeem a Like Amount
of Trust Securities at the Redemption Price.

     (b) Notice of redemption shall be given by the Property Trustee by first-class mail,
postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date
(or in the case of a Debenture Repayment Date, not less than 10 nor more than 15 Business
Days prior to the Redemption Date) to each Holder of Trust Securities to be redeemed, at
such Holder’s address appearing in the Security Register. All notices of redemption shall
state:

     (i) the Redemption Date;

     (ii) the Redemption Price or if the Redemption Price cannot be calculated prior
to the time the notice is required to be sent, the estimate of the Redemption Price
together with a statement that it is an estimate and that the actual Redemption
Price will be calculated on the third Business Day prior to the Redemption Date (and
if an estimate is provided, a further notice shall be sent of the actual Redemption
Price on the date that such Redemption Price is calculated);

     (iii) the CUSIP number or CUSIP numbers of the Capital Securities affected;

     (iv) if less than all the Outstanding Trust Securities are to be redeemed, the
identification and the aggregate Liquidation Amount of the particular Trust
Securities to be redeemed;

     (v) that on the Redemption Date the Redemption Price will become due and
payable upon each such Trust Security to be redeemed and that Distributions thereon
will cease to accumulate on and after said date, except as provided in Section
4.2(d) below; and

     (vi) if the Capital Securities are no longer in book-entry-only form, the place
or places where the Capital Securities Certificates are to be surrendered for the
payment of the Redemption Price.

     (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the
Redemption Price with the proceeds from the contemporaneous redemption, repayment or payment
at stated maturity of the Debentures. Redemptions of the Trust Securities shall be made and
the Redemption Price shall be payable on each Redemption Date only to the extent that the
Issuer Trust has funds then on hand and available in the Payment Account for the payment of
such Redemption Price.

     (d) If the Property Trustee gives a notice of redemption in respect of any Capital
Securities, then, by 12:00 noon, New York City time, on the Redemption Date,

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subject to Section 4.2(c), the Property Trustee will, with respect to Book-Entry
Capital Securities, irrevocably deposit with the Clearing Agency for such Book-Entry Capital
Securities, to the extent available therefor, funds sufficient to pay the applicable
Redemption Price and will give such Clearing Agency irrevocable instructions and authority
to pay the Redemption Price to the Holders of the Capital Securities. With respect to
Capital Securities that are not Book-Entry Capital Securities, the Property Trustee, subject
to Section 4.2(c), will irrevocably deposit with the Paying Agent, to the extent available
therefor, funds sufficient to pay the applicable Redemption Price and will give the Paying
Agent irrevocable instructions and authority to pay the Redemption Price to the Holders of
the Capital Securities upon surrender of their Capital Securities Certificates.
Notwithstanding the foregoing, Distributions payable on or prior to the Redemption Date for
any Trust Securities called for redemption shall be payable to the Holders of such Trust
Securities as they appear on the Securities Register for the Trust Securities on the
relevant record dates for the related Distribution Dates. If notice of redemption shall have
been given and funds deposited as required, then upon the date of such deposit, all rights
of Holders holding Trust Securities so called for redemption will cease, except the right of
such Holders to receive the Redemption Price and any Distribution payable in respect of the
Trust Securities on or prior to the Redemption Date, but without interest, and such Trust
Securities will cease to be outstanding. In the event that any date on which any Redemption
Price is payable 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 (without any interest or
other payment in respect of any such delay), with the same force and effect as if made on
such date. In the event that payment of the Redemption Price in respect of any Trust
Securities called for redemption is improperly withheld or refused and not paid either by
the Issuer Trust or by the Sponsor pursuant to the Guarantee, Distributions on such Trust
Securities will continue to accumulate, as set forth in Section 4.1, from the Redemption
Date originally established by the Issuer Trust for such Trust Securities to the date such
Redemption Price is actually paid, in which case the actual payment date will be the date
fixed for redemption for purposes of calculating the Redemption Price.

     (e) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to
be redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities
to be redeemed shall be allocated pro rata to the Common Securities and the Capital
Securities based upon the relative Liquidation Amounts of such classes. The particular
Capital Securities to be redeemed shall be selected on a pro rata basis based upon their
respective Liquidation Amounts not more than 60 days prior to the Redemption Date by the
Property Trustee from the Outstanding Capital Securities not previously called for
redemption by any method the Property Trustee deems fair and appropriate, provided that so
long as the Capital Securities are in book-entry-only form, such selection shall be made in
accordance with the customary procedures for the Clearing Agency for the Capital Securities.
The Property Trustee shall promptly notify the Securities Registrar in writing of the
Capital Securities selected for redemption and, in the case of any Capital Securities
selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all
purposes of this Trust Agreement, unless the context otherwise requires, all provisions
relating to the redemption of Capital Securities shall relate, in the case of any Capital
Securities redeemed or to be redeemed only in part,

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to the portion of the aggregate Liquidation Amount of Capital Securities that has been
or is to be redeemed. At the Sponsor’s request, the Property Trustee shall give the notice
of redemption in the Sponsor’s name and at its expense; provided however, that the Sponsor
shall have delivered to the Property Trustee, at least 45 days (or such shorter time allowed
by the Property Trustee) prior to the redemption date, an Officer’s Certificate requesting
that the Property Trustee give such notice (in the name and at the expense of the Sponsor)
and setting forth the information to be stated in such notice as provided in Section 4.2.

     SECTION 4.3. Ranking of Common Securities.

     (a) Payment of Distributions (including any Additional Amounts) on, the Redemption
Price of, and the Liquidation Distribution in respect of, the Trust Securities, as
applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities
and the Capital Securities based on the Liquidation Amount of the Trust Securities;
provided, however, that if on any Distribution Date, Redemption Date or Liquidation Date a
Debenture Payment Default shall have occurred and be continuing, no payment of any
Distribution (including any Additional Amounts) on, Redemption Price of, or Liquidation
Distribution in respect of, any Common Security, and no other payment on account of the
redemption, liquidation or other acquisition of Common Securities, shall be made unless
payment in full in cash of all accumulated and unpaid Distributions (including any
Additional Amounts) on all Outstanding Capital Securities for all Distribution Periods
terminating on or prior thereto, or in the case of payment of the Redemption Price the full
amount of such Redemption Price on all Outstanding Capital Securities then called for
redemption, or in the case of payment of the Liquidation Distribution the full amount of
such Liquidation Distribution on all Outstanding Capital Securities, shall have been made or
provided for, and all funds immediately available to the Property Trustee shall first be
applied to the payment in full in cash of all Distributions (including any Additional
Amounts) on, or the Redemption Price of, the Capital Securities then due and payable.

     (b) In the case of the occurrence of any Event of Default resulting from any Debenture
Event of Default, the Holders of the Common Securities shall have no right to act with
respect to any such Event of Default under this Trust Agreement until the effect of all such
Events of Default with respect to the Capital Securities have been cured, waived or
otherwise eliminated. Until all such Events of Default under this Trust Agreement with
respect to the Capital Securities have been so cured, waived or otherwise eliminated, the
Property Trustee shall act solely on behalf of the Holders of the Capital Securities and not
on behalf of the Holders of the Common Securities, and only the Holders of the Capital
Securities will have the right to direct the Property Trustee to act on their behalf.

     SECTION 4.4. Payment Procedures.

     Payments of Distributions (including any Additional Amounts) in respect of the Capital
Securities shall, subject to the next succeeding sentence, be made by check mailed to the address
of the Person entitled thereto as such address shall appear on the Securities Register or, if the

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Capital Securities are held by a Clearing Agency, such Distributions shall be made to the
Clearing Agency by wire transfer in immediately available funds. A Holder of $1,000,000 or more in
aggregate Liquidation Amount of Capital Securities may receive payments of Distributions (including
any Additional Amounts) by wire transfer of immediately available funds upon written request to the
Property Trustee not later than the 15th calendar day, whether or not a Business Day,
before the relevant Distribution Date. Payments in respect of the Common Securities shall be made
in such manner as shall be mutually agreed between the Property Trustee and the Holders of the
Common Securities.

     SECTION 4.5. Tax Returns and Reports.

     The Administrative Trustee shall prepare (or cause to be prepared), at the Sponsor’s expense,
and file all United States Federal, state and local tax and information returns and reports
required to be filed by or in respect of the Issuer Trust. In this regard, the Administrative
Trustee shall (a) prepare and file (or cause to be prepared and filed) all Internal Revenue Service
forms required to be filed in respect of the Issuer Trust in each taxable year of the Issuer Trust,
and (b) prepare and furnish (or cause to be prepared and furnished) to each Holder all Internal
Revenue Service forms required to be provided by the Issuer Trust. The Administrative Trustee shall
provide the Sponsor and the Property Trustee with a copy of all such returns and reports promptly
after such filing or furnishing. The Issuer Trustees shall comply with United States Federal
withholding and backup withholding tax laws and information reporting requirements with respect to
any payments to Holders under the Trust Securities.

     SECTION 4.6. Payment of Expenses of the Issuer Trust.

     The Sponsor shall pay to the Issuer Trust, and reimburse the Issuer Trust for, the full amount
of any costs, expenses or liabilities of the Issuer Trust (other than obligations of the Issuer
Trust to pay the Holders of any Capital Securities or other similar interests in the Issuer Trust
the amounts due such Holders pursuant to the terms of the Capital Securities or such other similar
interests, as the case may be), including, without limitation, any taxes, duties or other
governmental charges of whatever nature (other than withholding taxes) imposed on the Issuer Trust
by the United States or any other taxing authority. Such payment obligation includes any such
costs, expenses or liabilities of the Issuer Trust that are required by applicable law to be
satisfied in connection with a dissolution of the Issuer Trust.

     SECTION 4.7. Payments under Indenture or Pursuant to Direct Actions.

     Any amount payable hereunder to any Holder of Capital Securities (or any Owner with respect
thereto) shall be reduced by the amount of any corresponding payment such Holder (or Owner) has
directly received pursuant to Section 5.8 of the Indenture or Section 5.14 of this Trust Agreement.

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ARTICLE 5

TRUST SECURITIES CERTIFICATES

     SECTION 5.1. Initial Ownership.

     Upon the formation of the Issuer Trust and the contribution by the Sponsor pursuant to Section
2.3 and until the issuance of the Trust Securities, and at any time during which no Trust
Securities are outstanding, the Sponsor was and shall be the sole beneficial owner of the Issuer
Trust.

     SECTION 5.2. The Trust Securities Certificates.

     The Capital Securities Certificates shall be issued in minimum denominations of $1,000
Liquidation Amount and integral multiples of $1,000 in excess thereof, and the Common Securities
Certificates shall be issued in denominations of $1,000 Liquidation Amount and integral multiples
thereof. The Trust Securities Certificates shall be (i) executed on behalf of the Issuer Trust by
manual or facsimile signature of the Administrative Trustee and, if executed on behalf of the
Issuer Trust by facsimile, countersigned by the Securities Registrar or its agent and (ii)
authenticated by the Property Trustee by manual signature of an authorized signatory thereof. Trust
Securities Certificates bearing the manual signatures of individuals who were, at the time when
such signatures shall have been affixed, authorized to sign on behalf of the Issuer Trust or the
Property Trustee or, if executed on behalf of the Issuer Trust or the Property Trustee by
facsimile, countersigned by the Securities Registrar or its agent, shall be validly issued and
entitled to the benefits of this Trust Agreement, notwithstanding that such individuals or any of
them shall have ceased to be so authorized prior to the delivery of such Trust Securities
Certificates or did not hold such offices at the date of delivery of such Trust Securities
Certificates. The Capital Securities Certificates shall contain a legend relating to certain
matters under Title I of the Employee Retirement Income Security Act of 1974, as amended,
substantially in the form of the legend set forth on Exhibit C hereto. A transferee of a Trust
Securities Certificate shall become a Holder, and shall be entitled to the rights and subject to
the obligations of a Holder hereunder, upon due registration of such Trust Securities Certificate
in such transferee’s name pursuant to Sections 5.4, 5.11 and 5.13.

     SECTION 5.3. Execution and Delivery of Trust Securities Certificates.

     At the Time of Delivery, the Administrative Trustee shall cause Trust Securities Certificates,
in an aggregate Liquidation Amount as provided in Sections 2.4 and 2.5, to be executed on behalf of
the Issuer Trust and delivered to or upon the written order of the Sponsor, such written order
executed by one authorized officer thereof, without further corporate action by the Sponsor, in
authorized denominations. After the Time of Delivery, the Administrative Trustee may cause
additional Capital Securities Certificates, subject to the maximum aggregate Liquidation Amount set
forth in Sections 2.4 and 2.5, to be executed on behalf of the Issuer Trust and delivered to or
upon the written order of the Sponsor, such written order executed by one authorized officer
thereof, without further corporate action by the Sponsor, in authorized denominations. Upon
issuance of the Trust Securities as provided in this Trust Agreement,

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securities so issued shall be deemed to be validly issued, fully paid and non-assessable, and
each Holder thereof shall be entitled to the benefits provided by this Trust Agreement.

     SECTION 5.4. Registration of Transfer and Exchange of Capital Securities Certificates.

     The Sponsor shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 5.8, a register or registers for the purpose of registering Trust Securities Certificates
and transfers and exchanges of Capital Securities Certificates (the “Securities Register”)
in which the transfer agent and registrar designated by the Sponsor (the “Securities
Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the
registration of Capital Securities Certificates and Common Securities Certificates (subject to
Section 5.10 in the case of the Common Securities Certificates) and registration of transfers and
exchanges of Capital Securities Certificates as herein provided. The Bank of New York shall be the
initial Securities Registrar. The provisions of Sections 8.1, 8.3 and 8.6 herein shall apply to The
Bank of New York also in its role as Securities Registrar, for so long as The Bank of New York
shall act as Securities Registrar.

     Upon surrender for registration of transfer of any Capital Securities Certificate at the
office or agency maintained pursuant to Section 5.8, the Administrative Trustee shall execute on
behalf of the Issuer Trust (and if executed on behalf of the Issuer Trust by a facsimile signature,
such certificate shall be countersigned by the Securities Registrar or its agent) and deliver, in
the name of the designated transferee or transferees, one or more new Capital Securities
Certificates in authorized denominations of a like aggregate Liquidation Amount dated the date of
execution by such Administrative Trustee or Trustees. The Securities Registrar shall not be
required to register the transfer of any Capital Securities that have been called for redemption
during a period beginning at the opening of business 15 days before the day of selection for such
redemption.

     At the option of a Holder, Capital Securities Certificates may be exchanged for other Capital
Securities Certificates in authorized denominations of the same class and of a like aggregate
Liquidation Amount upon surrender of the Capital Securities Certificates to be exchanged at the
office or agency maintained pursuant to Section 5.8.

     Every Capital Securities Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form satisfactory to the
Administrative Trustee and the Securities Registrar duly executed by the Holder or his attorney
duly authorized in writing. Each Capital Securities Certificate surrendered for registration of
transfer or exchange shall be canceled and subsequently disposed of by the Administrative Trustee
or the Securities Registrar in accordance with such Person’s customary practice.

     No service charge shall be made for any registration of transfer or exchange of Capital
Securities Certificates, but the Securities Registrar may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any transfer or
exchange of Capital Securities Certificates.

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     SECTION 5.5. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.

     If (a) any mutilated Trust Securities Certificate shall be surrendered to the Securities
Registrar, or if the Securities Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Trust Securities Certificate, and (b) there shall be delivered to
the Securities Registrar and the Administrative Trustee such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice that such Trust
Securities Certificate shall have been acquired by a protected purchaser, the Administrative
Trustee on behalf of the Issuer Trust shall execute and make available for delivery, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities Certificate, a new
Trust Securities Certificate of like class, tenor and denomination. In connection with the issuance
of any new Trust Securities Certificate under this Section 5.5, the Administrative Trustee or the
Securities Registrar 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 Trust Securities
Certificate issued pursuant to this Section shall constitute conclusive evidence of an undivided
beneficial interest in the assets of the Issuer Trust corresponding to that evidenced by the lost,
stolen or destroyed Trust Securities Certificate, as if originally issued, whether or not the lost,
stolen or destroyed Trust Securities Certificate shall be found at any time.

     SECTION 5.6. Persons Deemed Holders.

     The Issuer Trustees and the Securities Registrar shall each treat the Person in whose name any
Trust Securities Certificate shall be registered in the Securities Register as the owner of such
Trust Securities Certificate for the purpose of receiving Distributions and for all other purposes
whatsoever, and none of the Issuer Trustees and the Securities Registrar shall be bound by any
notice to the contrary.

     SECTION 5.7. Access to List of Holders’ Names and Addresses.

     Each Holder and each Owner shall be deemed to have agreed not to hold the Sponsor, the
Property Trustee, the Delaware Trustee or the Administrative Trustee accountable by reason of the
disclosure of its name and address, regardless of the source from which such information was
derived.

     SECTION 5.8. Maintenance of Office Agency.

     The Administrative Trustee shall designate an office or offices or agency or agencies where
Capital Securities Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Issuer Trustees in respect of the Trust Securities
Certificates may be served. The Administrative Trustee initially designates The Bank of New York,
101 Barclay Street – 8W, New York, New York 10286, as its office and agency for such purposes. The
Administrative Trustee shall give prompt written notice to the Sponsor, the Property Trustee and to
the Holders of any change in the location of the Securities Register or any such office or agency.

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     SECTION 5.9. Appointment of Paying Agent.

     The Paying Agent shall make Distributions to Holders from the Payment Account and shall report
the amounts of such Distributions to the Property Trustee and the Administrative Trustee. Any
Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for
the purpose of making the Distributions referred to above. The Property Trustee may revoke such
power and remove the Paying Agent in its sole discretion. The Paying Agent shall initially be The
Bank of New York. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent
upon 30 days’ written notice to the Administrative Trustee and the Property Trustee. If The Bank of
New York shall no longer be the Paying Agent or a successor Paying Agent shall resign or its
authority to act be revoked, the Sponsor shall appoint a successor (which shall be a bank or trust
company) that is reasonably acceptable to the Administrative Trustee and the Paying Agent to act as
Paying Agent. Such successor Paying Agent or any additional Paying Agent shall execute and deliver
to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Issuer 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. The
Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying
Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The
provisions of Sections 8.1, 8.3 and 8.6 herein shall apply to The Bank of New York also in its role
as Paying Agent, for so long as The Bank of New York shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires otherwise.

     SECTION 5.10. Ownership of Common Securities by Sponsor.

     At the Time of Delivery, the Sponsor shall acquire, and thereafter shall retain, beneficial
and record ownership of the Common Securities. To the fullest extent permitted by law, other than a
transfer in connection with a consolidation or merger of the Sponsor into another Person, or any
conveyance, transfer or lease by the Sponsor of its properties and assets substantially as an
entirety to any Person, pursuant to Section 8.1 of the Indenture, any attempted transfer of the
Common Securities shall be void. The Administrative Trustee shall cause each Common Securities
Certificate issued to the Sponsor to contain a legend consistent with this Section 5.10.

     SECTION 5.11. Book-Entry Capital Securities Certificates; Common Securities Certificate.

     (a) The Capital Securities Certificates, upon original issuance, will be issued in the
form of a typewritten Capital Securities Certificate or Certificates representing Book-Entry
Capital Securities Certificates, to be delivered to, or on behalf of, DTC, the initial
Clearing Agency, by, or on behalf of, the Issuer Trust. Such Capital Securities Certificate
or Certificates shall initially be registered on the Securities Register in the name of Cede
& Co., the nominee of the initial Clearing Agency, and no Owner will receive a Definitive
Capital Securities Certificate representing such Owner’s interest in such Capital
Securities, except as provided in Section 5.13. Unless and until Definitive Capital
Securities Certificates have been issued to Owners pursuant to Section 5.13:

25

 

     (i) the provisions of this Section 5.11(a) shall be in full force and effect;

     (ii) the Securities Registrar and the Issuer Trustees shall be entitled to deal
with the Clearing Agency for all purposes of this Trust Agreement relating to the
Book-Entry Capital Securities Certificates (including the payment of the Liquidation
Amount of and Distributions on the Capital Securities evidenced by Book-Entry
Capital Securities Certificates and the giving of instructions or directions to
Owners of Capital Securities evidenced by Book-Entry Capital Securities
Certificates) as the sole Holder of Capital Securities evidenced by Book-Entry
Capital Securities Certificates and shall have no obligations to the Owners thereof;

     (iii) to the extent that the provisions of this Section 5.11 conflict with any
other provisions of this Trust Agreement, the provisions of this Section 5.11 shall
control; and

     (iv) the rights of the Owners of the Book-Entry Capital Securities Certificate
shall be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Owners and the Clearing Agency and/or
the Clearing Agency Participants. Pursuant to the Certificate Depository Agreement,
unless and until Definitive Capital Securities Certificates are issued pursuant to
Section 5.13, the initial Clearing Agency will make book-entry transfers among the
Clearing Agency Participants and receive and transmit payments on the Capital
Securities to such Clearing Agency Participants.

     (b) A single Common Securities Certificate representing the Common Securities shall be
issued to the Sponsor in the form of a definitive Common Securities Certificate.

     SECTION 5.12. Notices to Clearing Agency.

     To the extent that a notice or other communication to the Holders is required under this Trust
Agreement, for so long as Capital Securities are represented by a Book-Entry Capital Securities
Certificates, the Administrative Trustee and the Property Trustee shall give all such notices and
communications specified herein to be given to the Clearing Agency, and shall have no obligations
to the Owners.

     SECTION 5.13. Definitive Capital Securities Certificates.

     If (a) the Sponsor advises the Issuer Trustees in writing that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities with respect to the Capital
Securities Certificates, and the Sponsor is unable to locate a qualified successor, (b) the Sponsor
at its option advises the Issuer Trustees in writing that it elects to terminate the book-entry
system through the Clearing Agency or (c) after the occurrence of a Debenture Event of Default,
Owners of Capital Securities Certificates representing beneficial interests aggregating at least a
majority of the Liquidation Amount advise the Administrative Trustee in writing that the

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continuation of a book-entry system through the Clearing Agency is no longer in the best
interest of the Owners of Capital Securities Certificates, then the Administrative Trustee shall
notify the other Issuer Trustees and the Clearing Agency, and the Clearing Agency, in accordance
with its customary rules and procedures, shall notify all Clearing Agency Participants for whom it
holds Capital Securities of the occurrence of any such event and of the availability of the
Definitive Capital Securities Certificates to Owners of such class or classes, as applicable,
requesting the same. Upon surrender to the Administrative Trustee of the typewritten Capital
Securities Certificate or Certificates representing the Book-Entry Capital Securities Certificates
by the Clearing Agency, accompanied by registration instructions, the Administrative Trustee shall
execute the Definitive Capital Securities Certificates in accordance with the instructions of the
Clearing Agency, and if executed on behalf of the Issuer Trust by facsimile, countersigned by the
Securities Registrar or its agent. Neither the Securities Registrar nor the Issuer Trustees shall
be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive Capital Securities
Certificates, the Issuer Trustees shall recognize the Holders of the Definitive Capital Securities
Certificates as holders of Trust Securities. The Definitive Capital Securities Certificates shall
be typewritten, printed, lithographed or engraved or may be produced in any other manner as is
reasonably acceptable to the Administrative Trustee that meets the requirements of any stock
exchange or automated quotation system on which the Capital Securities are then listed or approved
for trading, as evidenced by the execution thereof by the Administrative Trustee.

     SECTION 5.14. Rights of Holders; Waivers of Past Defaults.

     (a) The legal title to the Trust Property is vested exclusively in the Property Trustee
(in its capacity as such) in accordance with Section 2.9, and the Holders shall not have any
right or title therein other than the undivided beneficial interest in the assets of the
Issuer Trust conferred by their Trust Securities and they shall have no right to call for
any partition or division of property, profits or rights of the Issuer Trust except as
described below. The Trust Securities shall be personal property giving only the rights
specifically set forth therein and in this Trust Agreement. The Trust Securities shall have
no preemptive or similar rights and when issued and delivered to Holders against payment of
the purchase price therefor will be fully paid and, to the fullest extent permitted by
applicable law, nonassessable by the Issuer Trust. The Holders of the Trust Securities, in
their capacities as such, 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.

     (b) For so long as any Capital Securities remain Outstanding, if, upon a Debenture
Event of Default with respect to which the Debenture Trustee or the holders of not less than
25% in principal amount of the outstanding Debentures are entitled to declare the principal
of all of the Debentures to be immediately due and payable (which, for the avoidance of
doubt, shall only include a Debenture Event of Default of the nature set forth in Section
5.1, clause (6) of the Indenture, as modified by Section 201(k)(i) of the First Supplemental
Indenture), the Debenture Trustee fails or the holders of not less than 25% in principal
amount of the outstanding Debentures fail to declare the principal of all of the Debentures
to be immediately due and payable, the Property Trustee or the Holders of at least 25% in
Liquidation Amount of the Capital Securities then Outstanding

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shall have the right to make such declaration by a notice in writing to the Sponsor,
the Debenture Trustee and the Property Trustee, in the case of notice by the Holders of the
Capital Securities, or to the Sponsor, the Debenture Trustee and the Holders of the Capital
Securities, in the case of notice by the Property Trustee.

     At any time after a declaration of acceleration with respect to the Debentures has been
made and before a judgment or decree for payment of the money due has been obtained by the
Debenture Trustee as in the Indenture provided, the Holders of at least a Majority in
Liquidation Amount of the Capital Securities, by written notice to the Property Trustee, the
Sponsor and the Debenture Trustee, may rescind and annul such declaration and its
consequences if:

     (i) the Sponsor has paid or deposited with the Debenture Trustee a sum
sufficient to pay

     (A) all overdue installments of interest on all of the Debentures,

     (B) any accrued Additional Interest (as defined in the Indenture) on
all of the Debentures,

     (C) the principal of (and premium, if any, on) any Debentures that have
become due otherwise than by such declaration of acceleration and interest
and Additional Interest (as defined in the Indenture) thereon at the rate
borne by the Debentures, and

     (D) all sums paid or advanced by the Debenture Trustee under the
Indenture and the reasonable compensation, expenses, disbursements and
advances of the Debenture Trustee, the Property Trustee and the Delaware
Trustee, their agents and counsel; and

     (ii) all Events of Default with respect to the Debentures, other than the
non-payment of the principal of the Debentures that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.13 of the
Indenture.

     The Holders of at least a Majority in Liquidation Amount of the Capital Securities may,
on behalf of the Holders of all the Capital Securities, waive any past default under the
Indenture, except a default in the payment of principal or interest (unless such default has
been cured and a sum sufficient to pay all matured installments of interest and principal
due otherwise than by acceleration has been deposited with the Debenture Trustee) or a
default in respect of a covenant or provision that under the Indenture cannot be modified or
amended without the consent of the holder of each outstanding Debenture. No such rescission
shall affect any subsequent default or impair any right consequent thereon.

     Upon receipt by the Property Trustee of written notice declaring such an acceleration,
or rescission and annulment thereof, by Holders of any part of the Capital Securities a
record date shall be established for determining Holders of Outstanding

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Capital Securities entitled to join in such notice, which record date shall be at the
close of business on the day the Property Trustee receives such notice. The Holders on such
record date, or their duly designated proxies, and only such Persons, shall be entitled to
join in such notice, whether or not such Holders remain Holders after such record date;
provided that, unless such declaration of acceleration, or rescission and annulment, as the
case may be, shall have become effective by virtue of the requisite percentage having joined
in such notice prior to the day that is 90 days after such record date, such notice of
declaration of acceleration, or rescission and annulment, as the case may be, shall
automatically and without further action by any Holder be canceled and of no further effect.
Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after
expiration of such 90-day period, a new written notice of declaration of acceleration, or
rescission and annulment thereof, as the case may be, that is identical to a written notice
that has been canceled pursuant to the proviso to the preceding sentence, in which event a
new record date shall be established pursuant to the provisions of this Section 5.14(b).

     (c) For so long as any Capital Securities remain Outstanding, to the fullest extent
permitted by law and subject to the terms of this Trust Agreement and the Indenture, upon a
Debenture Payment Default, any Holder of Capital Securities shall have the right to
institute a proceeding directly against the Sponsor, pursuant to Section 5.8 of the
Indenture, for enforcement of payment to such Holder of any amounts payable in respect of
Debentures having an aggregate principal amount equal to the aggregate Liquidation Amount of
the Capital Securities of such Holder (a “Direct Action”). Except as set forth in
Section 5.14(b) and this Section 5.14(c), the Holders of Capital Securities shall have no
right to exercise directly any right or remedy available to the holders of, or in respect
of, the Debentures. A Direct Action may be brought by any Holder of Capital Securities
without first directing the Property Trustee to enforce the terms of the Debentures or suing
the Company to enforce the Property Trustee’s rights under the Debentures.

     (d) Except as otherwise provided in paragraphs (a), (b) and (c) of this Section 5.14,
the Holders of at least a Majority in Liquidation Amount of the Capital Securities may, on
behalf of the Holders of all the Capital Securities, waive any past default or Event of
Default and its consequences. Upon such waiver, any such default or Event of Default shall
cease to exist, and any default or Event of Default arising there from shall be deemed to
have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend
to any subsequent or other default or Event of Default or impair any right consequent
thereon. The right of Direct Action under paragraph (c) above may not be amended in a
manner that would impair the rights of the Holders of any Capital Securities without the
consent of all Holders of such Capital Securities.

     SECTION 5.15. CUSIP Numbers.

     The Administrative Trustee in issuing the Capital Securities may use “CUSIP” numbers (if then
generally in use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Capital

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Securities or as contained in any notice of a redemption and that reliance may be placed only
on the other identification numbers printed on the Capital Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Administrative Trustee will
promptly notify the Property Trustee in writing of any change in the CUSIP numbers.

ARTICLE 6

ACTS OF HOLDERS; MEETINGS; VOTING

     SECTION 6.1. Limitations on Voting Rights.

     (a) Except as expressly provided in this Trust Agreement and in the Indenture and as
otherwise required by law, no Holder of Capital Securities shall have any right to vote or
in any manner otherwise control the administration, operation and management of the Issuer
Trust or the obligations of the parties hereto, nor shall anything herein set forth, or
contained in the terms of the Trust Securities Certificates, be construed so as to
constitute the Holders from time to time as partners or members of an association.

     (b) So long as any Debentures are held by the Property Trustee on behalf of the Issuer
Trust, the Issuer Trustees shall not (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Debenture Trustee, or execute any trust or power
conferred on the Debenture Trustee with respect to the Debentures, (ii) waive any past
default that may be waived under Section 5.13 of 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, without, in each case, obtaining the
prior approval of the Holders of at least a Majority in Liquidation Amount of the Capital
Securities, provided, however, that where a consent under the Indenture would require the
consent of each holder of Debentures affected thereby, no such consent shall be given by the
Property Trustee without the prior written consent of each Holder of Capital Securities. The
Property Trustee shall not revoke any action previously authorized or approved by a vote of
the Holders of the Capital Securities, except by a subsequent vote of the Holders of the
Capital Securities. The Property Trustee shall notify all Holders of the Capital Securities
of any notice of default received with respect to the Debentures. In addition to obtaining
the foregoing approvals of the Holders of the Capital Securities, prior to taking any of the
foregoing actions, the Issuer Trustees shall, at the expense of the Sponsor, obtain an
Opinion of Counsel experienced in such matters to the effect that such action shall not
cause the Issuer Trust to be taxable as a corporation or classified as other than a grantor
trust for United States Federal income tax purposes.

     (c) If any proposed amendment to the Trust Agreement provides for, or the Issuer
Trustees otherwise propose to effect, (i) any action that would adversely affect in any
material respect the powers, preferences or special rights of the Capital Securities,
whether by way of amendment to the Trust Agreement or otherwise, or (ii) the dissolution and
winding-up of the Issuer Trust, other than pursuant to the terms of this Trust Agreement,
then the Holders of Outstanding Capital Securities as a class will be

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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 at least a Majority in Liquidation
Amount of the Capital Securities. Notwithstanding any other provision of this Trust
Agreement, no amendment to this Trust Agreement may be made if, as a result of such
amendment, it would cause the Issuer Trust to be taxable as a corporation or classified as
other than a grantor trust for United States Federal income tax purposes.

     SECTION 6.2. Notice of Meetings.

     Notice of all meetings of the Holders of the Capital Securities, stating the time, place and
purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.8 to each
Holder of Capital Securities, at such Holder’s registered address, at least 15 days and not more
than 90 days before the meeting. At any such meeting, any business properly before the meeting may
be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be
held as adjourned without further notice.

     SECTION 6.3. Meetings of Holders of the Capital Securities.

     No annual meeting of Holders is required to be held. The Property Trustee, however, shall call
a meeting of the Holders of the Capital Securities to vote on any matter upon the written request
of the Holders of at least 25% in aggregate Liquidation Amount of the Outstanding Capital
Securities and the Administrative Trustee or the Property Trustee may, at any time in their
discretion, call a meeting of the Holders of the Capital Securities to vote on any matters as to
which such Holders are entitled to vote.

     The Holders of at least a Majority in Liquidation Amount of the Capital Securities, present in
person or by proxy, shall constitute a quorum at any meeting of the Holders of the Capital
Securities.

     If a quorum is present at a meeting, an affirmative vote by the Holders present, in person or
by proxy, holding Capital Securities representing at least a Majority in Liquidation Amount of the
Capital Securities held by the Holders present, either in person or by proxy, at such meeting shall
constitute the action of the Holders of the Capital Securities, unless this Trust Agreement
requires a greater number of affirmative votes.

     SECTION 6.4. Voting Rights.

     Holders shall be entitled to one vote for each $1,000 of Liquidation Amount represented by
their Outstanding Trust Securities in respect of any matter as to which such Holders are entitled
to vote.

     SECTION 6.5. Proxies, etc.

     At any meeting of Holders, any Holder entitled to vote thereat may vote by proxy, provided
that no proxy shall be voted at any meeting unless it shall have been placed on file with the
Property Trustee, or with such other officer or agent of the Issuer Trust as the Property Trustee
may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a
resolution of the Property Trustee, proxies may be solicited in the name of the Property

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Trustee or one or more officers of the Property Trustee. Only Holders of record shall be
entitled to vote. When Trust Securities are held jointly by several persons, any one of them may
vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one
of them shall be present at such meeting in person or by proxy, and such joint owners or their
proxies so present disagree as to any vote to be cast, such vote shall not be received in respect
of such Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be
deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity
shall rest on the challenger. No proxy shall be valid more than three years after its date of
execution.

     SECTION 6.6. Holder Action by Written Consent.

     Any action that may be taken by Holders at a meeting may be taken without a meeting and
without prior notice if Holders holding at least a Majority in Liquidation Amount of all Capital
Securities entitled to vote in respect of such action (or such larger proportion thereof as shall
be required by any other provision of this Trust Agreement) shall consent to the action in writing.

     SECTION 6.7. Record Date for Voting and Other Purposes.

     For the purposes of determining the Holders who are entitled to notice of and to vote at any
meeting or by written consent, or to participate in any distribution on the Trust Securities in
respect of which a record date is not otherwise provided for in this Trust Agreement, or for the
purpose of any other action, the Administrative Trustee may from time to time fix a date, not more
than 90 days prior to the date of any meeting of Holders or the payment of a Distribution or other
action, as the case may be, as a record date for the determination of the identity of the Holders
of record for such purposes.

     SECTION 6.8. Acts of Holders.

     Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Trust Agreement to be given, made or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by an agent duly appointed in writing; and, except as otherwise expressly provided
herein, such action shall become effective when such instrument or instruments are delivered to the
Property Trustee. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such
instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Trust Agreement and (subject to Section 8.1)
conclusive in favor of the Issuer Trustees, if made in the manner provided in this Section.

     The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or

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affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner that any Issuer Trustee receiving the same deems sufficient.

     The ownership of Trust Securities shall be proved by the Securities Register.

     Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Trust Security shall bind every future Holder of the same Trust Security and the
Holder of every Trust Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Issuer Trustees, or the Issuer Trust in reliance thereon, whether or not notation of such action is
made upon such Trust Security.

     Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Trust Security may do so with regard to all or any part of the Liquidation
Amount of such Trust Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such Liquidation Amount.

     If any dispute shall arise between the Holders and the Issuer Trustees or among the Holders or
the Issuer Trustees with respect to the authenticity, validity or binding nature of any request,
demand, authorization, direction, consent, waiver or other Act of such Holder or Issuer Trustee
under this Article 6, then the determination of such matter by the Property Trustee shall be
conclusive with respect to such matter.

     SECTION 6.9. Inspection of Records.

     Upon reasonable notice to the Administrative Trustee and the Property Trustee, the records of
the Issuer Trust shall be open to inspection by Holders during normal business hours for any
purpose reasonably related to such Holder’s interest as a Holder.

ARTICLE 7

REPRESENTATIONS AND WARRANTIES

     SECTION 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee.

     The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself,
hereby represents and warrants for the benefit of the Sponsor and the Holders that:

     (a) the Property Trustee is a banking corporation, duly organized, validly existing and
in good standing under the laws of the State of New York;

     (b) the Property Trustee has full corporate trust power, authority and legal right to
execute, deliver and perform its obligations under this Trust Agreement and has taken all
necessary action to authorize the execution, delivery and performance by it of this Trust
Agreement;

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     (c) the Delaware Trustee is a Delaware banking corporation;

     (d) the Delaware Trustee has full corporate trust power, authority and legal right to
execute, deliver and perform its obligations under this Trust Agreement and has taken all
necessary action to authorize the execution, delivery and performance by it of this Trust
Agreement;

     (e) this Trust Agreement has been duly authorized, executed and delivered by the
Property Trustee and the Delaware Trustee and constitutes the valid and legally binding
agreement of each of the Property Trustee and the Delaware Trustee enforceable against each
of them in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights and to general equity principles;

     (f) to the best of its knowledge, the execution, delivery and performance of this Trust
Agreement have been duly authorized by all necessary corporate or other action on the part
of the Property Trustee and the Delaware Trustee and do not require any approval of
stockholders of the Property Trustee and the Delaware Trustee and such execution, delivery
and performance will not (i) violate the charter or by-laws of the Property Trustee or the
Delaware Trustee, (ii) violate any provision of, or constitute, with or without notice or
lapse of time, a default under, or result in the creation or imposition of, any Lien on any
properties included in the Trust Property pursuant to the provisions of, any indenture,
mortgage, credit agreement, license or other agreement or instrument to which the Property
Trustee or the Delaware Trustee is a party or by which it is bound, or (iii) violate any
law, governmental rule or regulation of the United States or the State of Delaware, as the
case may be, governing the banking, trust or general powers of the Property Trustee or the
Delaware Trustee (as appropriate in context) or any order, judgment or decree applicable to
the Property Trustee or the Delaware Trustee;

     (g) to the best of its knowledge, neither the authorization, execution or delivery by
the Property Trustee or the Delaware Trustee of this Trust Agreement nor the consummation of
any of the transactions by the Property Trustee or the Delaware Trustee (as the case may be)
contemplated herein requires the consent or approval of, the giving of notice to, the
registration with or the taking of any other action with respect to any governmental
authority or agency under any existing law of the United States or the State of Delaware
governing the banking, trust or general powers of the Property Trustee or the Delaware
Trustee (as appropriate in context), other than the filing of the Certificate of Trust with
the Delaware Secretary of State; and

     (h) to the best of each of the Property Trustee’s and the Delaware Trustee’s knowledge,
there are no proceedings pending or threatened against or affecting the Property Trustee or
the Delaware Trustee in any court or before any governmental authority, agency or
arbitration board or tribunal that, individually or in the aggregate, would materially and
adversely affect the Issuer Trust or would question the right, power and authority of the
Property Trustee or the Delaware Trustee, as the case may be, to enter into or perform its
obligations as one of the Trustees under this Trust Agreement.

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     SECTION 7.2. Representations and Warranties of Sponsor.

     The Sponsor hereby represents and warrants for the benefit of the Holders that:

     (a) the Trust Securities Certificates issued at the Time of Delivery on behalf of the
Issuer Trust have been duly authorized and will have been duly and validly executed, issued
and delivered by the Issuer Trustees pursuant to the terms and provisions of, and in
accordance with the requirements of, this Trust Agreement, and the Holders will be, as of
such date, entitled to the benefits of this Trust Agreement; and

     (b) there are no taxes, fees or other governmental charges payable by the Issuer Trust
(or the Issuer Trustees on behalf of the Issuer Trust) under the laws of the State of
Delaware or any political subdivision thereof in connection with the execution, delivery and
performance by any Issuer Trustee of this Trust Agreement.

ARTICLE 8

THE ISSUER TRUSTEES

     SECTION 8.1. Certain Duties and Responsibilities.

     (a) The duties and responsibilities of the Issuer Trustees shall be as provided by this
Trust Agreement, subject to Section 10.10 hereof. Notwithstanding the foregoing, but subject
to Section 8.1(c), no provision of this Trust Agreement shall require any of the Issuer
Trustees to expend or risk its or their own funds or otherwise incur any financial liability
in the performance of any of its or their duties hereunder, or in the exercise of any of its
or their rights or powers, if it or they shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. Whether or not therein expressly so provided, every provision of
this Trust Agreement relating to the conduct or affecting the liability of or affording
protection to the Issuer Trustees shall be subject to the provisions of this Section 8.1. To
the extent that, at law or in equity, the Administrative Trustee has duties and liabilities
relating to the Issuer Trust or to the Holders, such Administrative Trustee shall not be
liable to the Issuer Trust or to any Holder for such Administrative Trustee’s good faith
reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement,
to the extent that they restrict the duties and liabilities of the Administrative Trustee
otherwise existing at law or in equity, are agreed by the Sponsor and the Holders to replace
such other duties and liabilities of the Administrative Trustee.

     (b) All payments made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust Property and only
to the extent that there shall be sufficient revenue or proceeds from the Trust Property to
enable the Property Trustee or a Paying Agent to make payments in accordance with the terms
hereof. Each Holder, by its acceptance of a Trust Security, agrees that it will look solely
to the revenue and proceeds from the Trust Property to the extent legally available for
distribution to it as herein provided and that the Issuer Trustees are not personally liable
to such Holder for any amount distributable in respect

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of any Trust Security or for any other liability in respect of any Trust Security. This
Section 8.1(b) does not limit the liability of the Issuer Trustees expressly set forth
elsewhere in this Trust Agreement or, in the case of the Property Trustee, in the Trust
Indenture Act.

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

     (d) The Property 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 Trust Agreement (including pursuant to Section
10.10), and no implied covenants shall be read into this Trust Agreement against the
Property Trustee. If an Event of Default has occurred (that has not been cured or waived
pursuant to Section 5.14), the Property Trustee shall exercise such of the rights and powers
vested in it by this Trust Agreement, and use the same degree of care and skill in 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 Trust Agreement shall be construed to relieve the Property
Trustee from liability for its own negligent action, its own negligent failure to act, or
its own willful misconduct, except that:

     (i) prior to the occurrence of 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 Property Trustee shall be
determined solely by the express provisions of this Trust Agreement
(including pursuant to Section 10.10), and the Property Trustee shall not be
liable except for the performance of such duties and obligations as are
specifically set forth in this Trust Agreement (including pursuant to
Section 10.10); and

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

     (ii) the Property Trustee shall not be liable for any error of judgment made in
good faith by an authorized officer of the Property Trustee, unless it shall be
proved that the Property Trustee was negligent in ascertaining the pertinent facts;

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     (iii) the Property Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in good faith in accordance with the direction of the
Holders of at least a Majority in Liquidation Amount of the Capital Securities
relating to the time, method and place of conducting any proceeding for any remedy
available to the Property Trustee, or exercising any trust or power conferred upon
the Property Trustee under this Trust Agreement;

     (iv) the Property Trustee’s sole duty with respect to the custody, safe keeping
and physical preservation of the Debentures and the Payment Account shall be to deal
with such property in a similar manner as the Property Trustee deals with similar
property for its own account, subject to the protections and limitations on
liability afforded to the Property Trustee under this Trust Agreement and the Trust
Indenture Act;

     (v) the Property Trustee shall not be liable for any interest on any money
received by it except as it may otherwise agree with the Sponsor; and money held by
the Property Trustee need not be segregated from other funds held by it except in
relation to the Payment Account maintained by the Property Trustee pursuant to
Section 3.1 and except to the extent otherwise required by law;

     (vi) the Property Trustee shall not be responsible for monitoring the
compliance by the Administrative Trustee or the Sponsor with their respective duties
under this Trust Agreement, nor shall the Property Trustee be liable for the default
or misconduct of any other Issuer Trustee, the Administrative Trustee or the
Sponsor; and

     (vii) subject to Section 8.1(c), no provision of this Trust Agreement shall
require the Property Trustee to expend or risk its own funds or otherwise incur
personal financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers, if the Property 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 Trust Agreement or adequate
indemnity against such risk or liability is not reasonably assured to it.

     (f) The Administrative Trustee shall not be responsible for monitoring the compliance
by the other Issuer Trustees or the Sponsor with their respective duties under this Trust
Agreement, nor shall either Administrative Trustee be liable for the default or misconduct
of any other Issuer Trustee or the Sponsor.

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     SECTION 8.2. Certain Notices.

     Within ninety days after the occurrence of any Event of Default actually known to the Property
Trustee, the Property Trustee shall transmit, in the manner and to the extent provided in Section
10.8, notice of such Event of Default to the Holders and the Administrative Trustee, unless such
Event of Default shall have been cured or waived.

     Within five Business Days after the receipt of notice of the Sponsor’s exercise of its right
to defer the payment of interest on the Debentures pursuant to the Indenture, the Property Trustee
shall transmit, in the manner and to the extent provided in Section 10.8, notice of such exercise
to the Holders and the Administrative Trustee, unless such exercise shall have been revoked.

     The Property Trustee shall not be deemed to have knowledge of any Event of Default unless the
Property Trustee shall have received written notice or a Responsible Officer of the Property
Trustee charged with the administration of this Trust Agreement shall have obtained actual
knowledge of such Event of Default.

     SECTION 8.3. Certain Rights of Property Trustee and the Delaware Trustee.

     Subject to the provisions of Section 8.1 and Section 2.6:

     (a) each of the Property Trustee and the Delaware Trustee may rely and shall be
protected in acting or refraining from acting in good faith upon any resolution, Opinion of
Counsel, certificate, written representation of a Holder or transferee, certificate of
auditors or any other certificate, statement, instrument, opinion, report, notice, request,
consent, order, appraisal, bond, debenture, note, other evidence of indebtedness or other
paper or document believed by it to be genuine and to have been signed or presented by the
proper party or parties;

     (b) if (i) in performing its duties under this Trust Agreement the Property Trustee or
the Delaware Trustee, as the case may be, is required to decide between alternative courses
of action, (ii) in construing any of the provisions of this Trust Agreement the Property
Trustee or the Delaware Trustee, as the case may be, finds the same ambiguous or
inconsistent with any other provisions contained herein, or (iii) the Property Trustee or
the Delaware Trustee, as the case may be, is unsure of the application of any provision of
this Trust Agreement, then, except as to any matter as to which the Holders of the Capital
Securities are entitled to vote under the terms of this Trust Agreement, the Property
Trustee or the Delaware Trustee, as the case may be, shall deliver a notice to the Sponsor
requesting the Sponsor’s opinion as to the course of action to be taken; provided, however,
that if the Sponsor fails to deliver such opinion, the Property Trustee or the Delaware
Trustee, as the case may be, shall take such action, or refrain from taking such action, as
the Property Trustee or the Delaware Trustee, as the case may be, shall deem advisable and
in the best interests of the Holders, in which event the Property Trustee or the Delaware
Trustee, as the case may be, shall have no liability except for its own bad faith,
negligence or willful misconduct;

     (c) any direction or act of the Sponsor contemplated by this Trust Agreement shall be
sufficiently evidenced by an Officers’ Certificate;

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     (d) any direction or act of the Administrative Trustee contemplated by this Trust
Agreement shall be sufficiently evidenced by a certificate executed by such Administrative
Trustee and setting forth such direction or act;

     (e) neither the Property Trustee nor the Delaware Trustee shall have any 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 re-registration thereof;

     (f) each of the Property Trustee and the Delaware Trustee may consult with counsel
(which counsel may be counsel to the Sponsor or any of its Affiliates, and may include any
of its employees) and the advice of such counsel 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 reliance thereon and in accordance with such advice; the Property Trustee shall
have the right at any time to seek instructions concerning the administration of this Trust
Agreement from any court of competent jurisdiction;

     (g) neither the Property Trustee nor the Delaware Trustee shall be under any obligation
to exercise any of the rights or powers vested in it by this Trust Agreement at the request
or direction of any of the Holders pursuant to this Trust Agreement, unless such Holders
shall have offered to the Property Trustee or the Delaware Trustee, as the case may be,
reasonable security or indemnity against the costs, expenses and liabilities that might be
incurred by it in compliance with such request or direction; provided that nothing contained
in this Section 8.3(g) shall be taken to relieve the Property Trustee or the Delaware
Trustee, as the case may be, upon the occurrence of an Event of Default, of its obligation
to exercise the rights and powers vested in it by this Trust Agreement;

     (h) neither the Property Trustee nor the Delaware Trustee shall 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,
note or other evidence of indebtedness or other paper or document, unless requested in
writing to do so by one or more Holders, but each of the Property Trustee and the Delaware
Trustee may make such further inquiry or investigation into such facts or matters as it may
see fit;

     (i) each of the Property Trustee and the Delaware Trustee may execute any of the trusts
or powers hereunder or perform any duties hereunder either directly or by or through its
agents or attorneys, provided that each of the Property Trustee and the Delaware Trustee
shall be responsible for its own negligence or misconduct with respect to selection of any
agent or attorney appointed by it hereunder;

     (j) whenever in the administration of this Trust Agreement the Property Trustee or, to
the extent applicable, the Delaware Trustee shall deem it desirable to receive instructions
with respect to enforcing any remedy or right or taking any other action hereunder, the
Property Trustee or the Delaware Trustee, as the case may be, (i) may request instructions
from the Holders (which instructions may only be given by the Holders of the same proportion
in Liquidation Amount of the Trust Securities as would

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be entitled to direct the Property Trustee or, to the extent applicable, the Delaware
Trustee, as the case may be, under the terms of the Trust 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
acting in accordance with such instructions; and

     (k) except as otherwise expressly provided by this Trust Agreement, neither the
Property Trustee nor the Delaware Trustee shall be under any obligation to take any action
that is discretionary under the provisions of this Trust Agreement.

     No provision of this Trust Agreement shall be deemed to impose any duty or obligation on any
Issuer 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 such
Person 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 any Issuer Trustee shall be construed to be a duty.

     The Property Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Property Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by a Responsible Officer of the
Property Trustee at the Corporate Trust Office of the Property Trustee, and such notices references
the Capital Securities and this Agreement.

     In no event shall any Issuer Trustee be responsible or liable for special, indirect or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether any Issuer Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action.

     The rights, privileges, protections, immunities and benefits given to the Property Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Property Trustee in each of its capacities hereunder, and to each agent,
custodian and other Person employed to act hereunder.

     The Property Trustee may request that the Company or the Guarantor 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 Indenture, 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.

     SECTION 8.4. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Trust Securities Certificates shall be taken as the
statements of the Issuer Trust and the Sponsor, and the Issuer Trustees do not assume any
responsibility for their correctness. The Issuer Trustees shall not be accountable for the use or
application by the Sponsor of the proceeds of the Debentures.

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     SECTION 8.5. May Hold Securities.

     Any Issuer Trustee or any other agent of any Issuer Trustee or the Issuer Trust, in its
individual or any other capacity, may become the owner or pledgee of Trust Securities and, subject
to Sections 8.8 and 8.13, and except as provided in the definition of the term “Outstanding” in
Article 1, may otherwise deal with the Issuer Trust with the same rights it would have if it were
not Issuer Trustee or such other agent.

     SECTION 8.6. Compensation; Indemnity; Fees.

     The Sponsor agrees:

     (a) to pay to the Issuer Trustees from time to time such reasonable compensation for
all services rendered by them hereunder as may be separately agreed by the Sponsor and the
Issuer Trustees from time to time (which compensation shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust);

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

     (c) to the fullest extent permitted by applicable law, to indemnify and hold harmless
(i) each Issuer Trustee, (ii) any Affiliate of any Issuer Trustee, (iii) any officer,
director, shareholder, employee, representative or agent of any Issuer Trustee, and (iv) any
employee or agent of the Issuer Trust (referred to herein as an “Indemnified
Person”) from and against any loss, damage, liability, tax, penalty, expense or claim of
any kind or nature whatsoever incurred by such Indemnified Person by reason of the creation,
operation or dissolution of the Issuer Trust or any act or omission performed or omitted by
such Indemnified Person in good faith on behalf of the Issuer Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of authority conferred on such
Indemnified Person by this Trust Agreement, except that no Indemnified Person shall be
entitled to be indemnified in respect of any loss, damage or claim incurred by such
Indemnified Person by reason of negligence, bad faith or willful misconduct with respect to
such acts or omissions.

     The provisions of this Section 8.6 shall survive the termination of this Trust Agreement and
the removal or resignation of any Issuer Trustee.

     To secure the Sponsor’s payment obligations in this Section, the Property Trustee will have a
lien prior to the Capital Securities on all money or property held or collected by the Property
Trustee, in its capacity as Property Trustee, or held or collected by any Paying Agent, except
money or property held in trust to pay Distributions (including any Additional Amounts) on, the
Redemption Price of, and the Liquidation Distribution in respect of, the Capital Securities.

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     If the Property Trustee incurs expenses or renders services in connection with an Event of
Default as specified herein, the expenses (including charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of administration under any
applicable bankruptcy, reorganization, insolvency or similar law now or hereafter in effect.

     No Issuer Trustee may claim any Lien on any Trust Property as a result of any amount due
pursuant to this Section 8.6.

     The Sponsor and any Issuer Trustee (in the case of the Property Trustee, subject to Section
8.8 hereof) 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 Issuer
Trust, and the Issuer Trust and the Holders of Trust Securities shall have no rights by virtue of
this Trust Agreement in and to such independent ventures or the income or profits derived
therefrom, and the pursuit of any such venture, even if competitive with the business of the Issuer
Trust, shall not be deemed wrongful or improper. Neither the Sponsor nor any Issuer Trustee shall
be obligated to present any particular investment or other opportunity to the Issuer Trust even if
such opportunity is of a character that, if presented to the Issuer Trust, could be taken by the
Issuer Trust, and the Sponsor and any Issuer 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 Issuer 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 Depository 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.

     SECTION 8.7. Corporate Property Trustee Required; Eligibility of Issuer Trustees and
Administrative Trustee.

     (a) There shall at all times be a Property Trustee hereunder with respect to the Trust
Securities. The Property Trustee shall be a Person that is a national or state chartered
bank and eligible pursuant to the Trust Indenture Act to act as such and that has a combined
capital and surplus of at least $50,000,000. If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its supervising or
examining authority, then for the purposes of this Section 8.7 and to the extent permitted
by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Property Trustee with respect to the Trust Securities shall
cease to be eligible in accordance with the provisions of this Section 8.7, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article 8. At
the time of appointment, the Property Trustee must have securities rated in one of the three
highest rating categories by a nationally recognized statistical rating organization.

     (b) There shall at all times be one or more Administrative Trustee hereunder with
respect to the Trust Securities. Each Administrative 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
persons authorized to bind that entity.

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     (c) There shall at all times be a Delaware Trustee with respect to the Trust
Securities. The Delaware Trustee shall either be (i) a natural person who is at least 21
years of age and a resident of the State of Delaware, or (ii) a legal entity with its
principal place of business in the State of Delaware and that otherwise meets the
requirements of applicable Delaware law and that shall act through one or more persons
authorized to bind such entity. If the Property Trustee meets such requirements, the
Property Trustee may also serve as Delaware Trustee.

     SECTION 8.8. Conflicting Interests.

     (a) If the Property Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Property Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to the
provisions of, the Trust Indenture Act and this Trust Agreement.

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

     SECTION 8.9. Co-Trustees and Separate Trustee.

     Unless and until a Debenture Event of Default or a Debenture Payment Default shall have
occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements
of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at
the time be located, the Holder of Common Securities and the Administrative Trustee shall have the
power to appoint one or more Persons either to act as co-trustee, jointly with the Property
Trustee, of all or any part of such Trust Property, or to the extent required by law to act as
separate trustee of any such property, in either case with such powers as may be provided in the
instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any
property, title, right or power deemed necessary or desirable, subject to the other provisions of
this Section. If a Debenture Event of Default or Debenture Payment Default shall have occurred and
be continuing, the Property Trustee shall have the sole power to so appoint such a co-trustee or
separate trustee, and upon the written request of the Property Trustee, the Sponsor and the
Administrative Trustee shall for such purpose join with the Property Trustee in the execution,
delivery, and performance of all instruments and agreements necessary or proper to appoint, such
co-trustee or separate trustee. Any co-trustee or separate trustee appointed pursuant to this
Section shall either be (i) a natural person who is at least 21 years of age and a resident of the
United States, or (ii) a legal entity with its principal place of business in the United States
that shall act through one or more persons authorized to bind such entity.

     Should any written instrument from the Sponsor be required by any co-trustee or separate
trustee so appointed for more fully confirming to such co-trustee or separate trustee such
property, title, right, or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Sponsor.

     Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent
only, be appointed subject to the following terms, namely:

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     (a) The Trust Securities shall be executed by one or more Administrative Trustees, and
the Trust Securities shall be delivered by the Property Trustee, and all rights, powers,
duties, and obligations hereunder in respect of the custody of securities, cash and other
personal property held by, or required to be deposited or pledged with, the Property Trustee
specified hereunder shall be exercised solely by the Property Trustee and not by such
co-trustee or separate trustee.

     (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the
Property Trustee in respect of any property covered by such appointment shall be conferred
or imposed upon and exercised or performed by the Property Trustee or by the Property
Trustee and such co-trustee or separate trustee jointly, as shall be provided in the
instrument appointing such co-trustee or separate trustee, except to the extent that under
any law of any jurisdiction in which any particular act is to be performed, the Property
Trustee shall be incompetent or unqualified to perform such act, in which event such rights,
powers, duties and obligations shall be exercised and performed by such co-trustee or
separate trustee.

     (c) The Property Trustee at any time, by an instrument in writing executed by it, with
the written concurrence of the Sponsor, may accept the resignation of or remove any
co-trustee or separate trustee appointed under this Section 8.9, and, in case a Debenture
Event of Default or Debenture Payment Default has occurred and is continuing, the Property
Trustee shall have power to accept the resignation of, or remove, any such co-trustee or
separate trustee without the concurrence of the Sponsor. Upon the written request of the
Property Trustee, the Sponsor shall join with the Property Trustee in the execution,
delivery and performance of all instruments and agreements necessary or proper to effectuate
such resignation or removal. A successor to any co-trustee or separate trustee so resigning
or removed may be appointed in the manner provided in this Section 8.9.

     (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of
any act or omission of the Property Trustee or any other trustee hereunder.

     (e) The Property Trustee shall not be liable by reason of any act of a co-trustee or
separate trustee.

     (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been
delivered to each such co-trustee and separate trustee.

     SECTION 8.10. Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of any Issuer Trustee (the “Relevant Trustee”)
and no appointment of any successor Issuer Trustee pursuant to this Article 8 shall become
effective until the acceptance of appointment by such successor Issuer Trustee in accordance
with the applicable requirements of Section 8.11.

     Subject to the immediately preceding paragraph, the Relevant Trustee may resign at any
time by giving written notice thereof to the Holders and by appointing a successor Relevant
Trustee. The Relevant Trustee shall appoint a successor by requesting from at

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least three Persons meeting the eligibility requirements its expenses and charges to
serve as the Relevant Trustee on a form provided by the Administrative Trustee, and
selecting the Person who agrees to the lowest expenses and charges. If the instrument of
acceptance by the successor Issuer Trustee required by Section 8.11 shall not have been
delivered to the Relevant Trustee within 60 days after the giving of such notice of
resignation, the Relevant Trustee may petition, at the expense of the Sponsor, in the case
of the Property Trustee, any court of competent jurisdiction for the appointment of a
successor Relevant Trustee.

     The Property Trustee or the Delaware Trustee, or both of them, may be removed by Act of
the Holders of at least a Majority in Liquidation Amount of the Capital Securities,
delivered to the Relevant Trustee (in its individual capacity and, in the case of the
Property Trustee, on behalf of the Issuer Trust) (i) for cause (including upon the
occurrence of an Event of Default described in subparagraph (d) of the definition thereof
with respect to the Relevant Trustee), or (ii) at any time if a Debenture Event of Default
or Debenture Payment Default shall have occurred and be continuing. Unless and until a
Debenture Event of Default or Debenture Payment Default shall have occurred and be
continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed at
any time by Act of the Holders of the Common Securities.

     If a resigning Property Trustee or Delaware Trustee shall fail to appoint a successor,
or if the Property Trustee or the Delaware Trustee shall be removed or become incapable of
acting as Issuer Trustee, or if a vacancy shall occur in the office of the Property Trustee
or the Delaware Trustee for any cause, the Holders of the Common Securities by Act of such
Holders delivered to the Relevant Trustee or, if a Debenture Event of Default or Debenture
Payment Default shall have occurred and be continuing, the Holders of the Capital
Securities, by Act of the Holders of not less than 25% in aggregate Liquidation Amount of
the Capital Securities then Outstanding delivered to such Relevant Trustee, may appoint a
successor Relevant Trustee or Trustees, and such successor Issuer Trustee shall comply with
the applicable requirements of Section 8.11. If no successor Relevant Trustee shall have
been so appointed by the Holders of the Common Securities or Capital Securities, as the case
may be, and accepted appointment in the manner required by Section 8.11, any Holder, on
behalf of such Holder and all others similarly situated, or any other Issuer Trustee, may
petition any court of competent jurisdiction for the appointment of a successor Relevant
Trustee.

     (b) The Administrative Trustee may resign at any time by giving notice thereof to the
Holders and the Sponsor, which resignation shall take effect upon delivery of such notice to
the Sponsor or upon such later date specified therein. The Administrative Trustee may be
appointed or removed at any time by Act of the Holders of Common Securities delivered to the
Relevant Trustee.

     (c) The Property Trustee shall give notice of each resignation and each removal of an
Issuer Trustee and each appointment of a successor Issuer Trustee to all Holders in the
manner provided in Section 10.8 and shall give notice to the Sponsor and to the
Administrative Trustee. Each notice shall include the name of the successor

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Relevant Trustee and the address of its Corporate Trust Office if it is the Property
Trustee.

     (d) Notwithstanding the foregoing or any other provision of this Trust Agreement, if
any Delaware Trustee who is a natural person dies or becomes, in the opinion of the Holders
of the Common Securities, incompetent or incapacitated, the vacancy created by such death,
incompetence or incapacity may be filled by the Property Trustee following the procedures
regarding expenses and charges set forth above (with the successor being a Person who
satisfies the eligibility requirement for the Delaware Trustee set forth in Section 8.7).

     SECTION 8.11. Acceptance of Appointment by Successor.

     (a) In case of the appointment hereunder of a successor Relevant Trustee, the retiring
or removed Relevant Trustee and each successor Relevant Trustee with respect to the Trust
Securities shall execute and deliver an amendment hereto (without the consent of any other
Person) wherein each successor Relevant Trustee shall accept such appointment and which (i)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to,
and to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties of
the retiring or removed Relevant Trustee with respect to the Trust Securities and the Issuer
Trust, and (ii) shall add to or change any of the provisions of this Trust Agreement as
shall be necessary to provide for or facilitate the administration of the Issuer Trust by
more than one Relevant Trustee, it being understood that nothing herein or in such amendment
shall constitute such Relevant Trustees co-trustees and upon the execution and delivery of
such amendment the resignation or removal of the retiring or removed Relevant Trustee shall
become effective to the extent provided therein and each such successor Relevant Trustee,
without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring or removed Relevant Trustee, other than the filing
of an amendment to the Certificate of Trust to the extent required under the Delaware
Statutory Trust Act; but, on request of the Issuer Trust or any successor Relevant Trustee
such retiring or removed Relevant Trustee shall duly assign, transfer and deliver to such
successor Relevant Trustee all Trust Property, all proceeds thereof and money held by such
retiring or removed Relevant Trustee hereunder with respect to the Trust Securities and the
Issuer Trust.

     Upon request of any such successor Relevant Trustee, the Issuer Trust shall execute any
and all instruments for more fully and certainly vesting in and confirming to such successor
Relevant Trustee all such rights, powers and trusts referred to in the preceding paragraph.

     No successor Relevant Trustee shall accept its appointment unless at the time of such
acceptance such successor Relevant Trustee shall be qualified and eligible under this
Article 8.

     (b) In case of the appointment hereunder of a successor Administrative Trustee, each
successor Administrative Trustee with respect to the Trust Securities shall

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execute and deliver an amendment hereto wherein each successor Administrative Trustee
shall accept such appointment and which shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, each successor Administrative
Trustee all the rights, powers, trusts and duties of the retiring or removed Administrative
Trustee with respect to the Trust Securities and the Issuer Trust and upon the execution and
delivery of such amendment, each such successor Administrative Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring or removed Administrative Trustee, other than the filing of an amendment to
the Certificate of Trust to the extent required under the Delaware Statutory Trust Act.

     SECTION 8.12. Merger, Conversion, Consolidation or Succession to Business.

     Any Person into which the Property Trustee or the Delaware Trustee may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which such Relevant Trustee shall be a party, or any Person, succeeding to all or
substantially all the corporate trust business of such Relevant Trustee, shall be the successor of
such Relevant Trustee hereunder, provided that such Person shall be otherwise qualified and
eligible under this Article 8, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, other than the filing of an amendment to the Certificate of
Trust to the extent required under the Delaware Statutory Trust Act.

     SECTION 8.13. Preferential Collection of Claims Against Sponsor or Issuer Trust.

     If and when the Property Trustee shall be or become a creditor of the Sponsor or the Issuer
Trust (or any other obligor upon the Capital Securities), the Property Trustee shall be subject to
the provisions of the Trust Indenture Act regarding the collection of claims against the Sponsor or
the Issuer Trust (or any such other obligor).

     SECTION 8.14. Trustee May File Proofs of Claim.

     In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other similar judicial proceeding relative to the Issuer Trust or any
other obligor upon the Trust Securities or the property of the Issuer Trust or of such other
obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the
Trust Securities shall then be due and payable and irrespective of whether the Property Trustee
shall have made any demand on the Issuer Trust for the payment of any past due Distributions) shall
be entitled and empowered, to the fullest extent permitted by law, by intervention in such
proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of any Distributions owing and
unpaid in respect of the Trust Securities and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Property Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Property
Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

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     (b) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Property Trustee and, in the event
the Property Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Property Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel, and any other
amounts due the Property Trustee.

     Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement
adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to
authorize the Property Trustee to vote in respect of the claim of any Holder in any such
proceeding.

     SECTION 8.15. Reports by Property Trustee.

     (a) Within 60 days after May 15 of each year commencing with May 15, 2008, the Property
Trustee shall transmit to all Holders in accordance with Section 10.8, and to the Sponsor, a
brief report dated as of the immediately preceding May 15 with respect to:

     (i) its eligibility under Section 8.7 or, in lieu thereof, if to the best of
its knowledge it has continued to be eligible under said Section, a written
statement to such effect;

     (ii) a statement that the Property Trustee has complied with all of its
obligations under this Trust Agreement during the twelve-month period (or, in the
case of the initial report, the period since the Closing Date) ending with such May
15 or, if the Property Trustee has not complied in any material respect with such
obligations, a description of such noncompliance; and

     (iii) any change in the property and funds in its possession as Property
Trustee since the date of its last report and any action taken by the Property
Trustee in the performance of its duties hereunder which it has not previously
reported and which in its opinion materially affects the Trust Securities.

     (b) In addition, the Property Trustee shall transmit to Holders such reports concerning
the Property Trustee and its actions under this Trust Agreement as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant thereto.

     (c) A copy of each such report shall, at the time of such transmission to Holders, be
filed by the Property Trustee with the Sponsor.

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     SECTION 8.16. Reports to the Property Trustee.

     Each of the Sponsor and the Administrative Trustee shall provide to the Property Trustee such
documents, reports and information as required by Section 314 of the Trust Indenture Act (if any)
and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the form,
in the manner and at the times required by Section 314 of the Trust Indenture Act. The Sponsor and
the Administrative Trustee shall annually file with the Property Trustee a certificate specifying
whether such Person is in compliance with all of the terms and covenants applicable to such Person
hereunder. Delivery of such reports, information and documents to the Property Trustee is for
informational purposes only, and the Property Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained
therein, including the each of the Sponsors’ or Administrative Trustee’s compliance with any of
their covenants hereunder (as to which the Property Trustee is entitled to conclusively rely
exclusively on an Officers’ Certificate)

     SECTION 8.17. Evidence of Compliance with Conditions Precedent.

     Each of the Sponsor and the Administrative Trustee shall provide to the Property Trustee such
evidence of compliance with any conditions precedent, if any, provided for in this Trust Agreement
that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) of the
Trust Indenture Act shall be given in the form of an Officers’ Certificate.

     SECTION 8.18. Number of Issuer Trustees.

     (a) The number of Issuer Trustees shall be three, unless the Property Trustee also acts
as the Delaware Trustee, in which case the number of Issuer Trustees may be two and shall
consist of a Delaware Trustee, a Property Trustee and an Administrative Trustee.

     (b) If an Issuer Trustee ceases to hold office for any reason, a vacancy shall occur.
The vacancy shall be filled with an Issuer Trustee appointed in accordance with Section
8.10.

     (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity
to perform the duties of an Issuer Trustee shall not operate to annul or dissolve the Issuer
Trust.

     SECTION 8.19. Delegation of Power.

     (a) Any Administrative Trustee may, by power of attorney consistent with applicable
law, delegate to any other natural person over the age of 21 his or her power for the
purpose of executing any documents contemplated in Section 2.7(a) or making any governmental
filing; and

     (b) The Administrative Trustee shall have power to delegate from time to time to such
of its number the doing of such things and the execution of such instruments either in the
name of the Issuer Trust or the names of the Administrative Trustee

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or
otherwise as the Administrative Trustee may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of this Trust
Agreement.

ARTICLE 9

DISSOLUTION, LIQUIDATION AND MERGER

     SECTION 9.1. Dissolution Upon Expiration Date.

     Unless earlier dissolved, the Issuer Trust shall automatically dissolve, and its affairs be
wound up, on February 2, 2087 (the “Expiration Date”), following the distribution of the
Trust Property in accordance with Section 9.4.

     SECTION 9.2. Early Dissolution.

     The first to occur of any of the following events is an “Early Dissolution Event”,
upon the occurrence of which the Trust shall be dissolved:

     (a) the occurrence of a Sponsor Bankruptcy Event in respect of, or the dissolution or
liquidation of, the Sponsor, in its capacity as the Holder of the Common Securities, unless
the Sponsor shall transfer the Common Securities as provided by Section 5.10, in which case
this provision shall refer instead to any such successor Holder of the Common Securities;

     (b) the written direction to the Property Trustee from all of the Holders of the Common
Securities at any time to dissolve the Issuer Trust and to distribute the Debentures to
Holders in exchange for the Capital Securities (which direction is optional and wholly
within the discretion of the Holders of the Common Securities), subject to receipt of any
prior approval of the Federal Reserve;

     (c) the redemption of all of the Capital Securities in connection with the redemption
or repayment of all the Debentures; and

     (d) the entry of an order for dissolution of the Issuer Trust by a court of competent
jurisdiction.

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     SECTION 9.3. Dissolution.

     The respective obligations and responsibilities of the Issuer Trustees, the Administrative
Trustee and the Issuer Trust created and continued hereby shall terminate upon the latest to occur
of the following: (a) the distribution by the Property Trustee to Holders of all amounts required
to be distributed hereunder upon the liquidation of the Issuer Trust pursuant to Section 9.4, or
upon the redemption of all of the Trust Securities pursuant to Section 4.2; (b) the payment of any
expenses owed by the Issuer Trust; and (c) the discharge of all administrative duties of the
Administrative Trustee, including the performance of any tax reporting obligations with respect to
the Issuer Trust or the Holders.

     SECTION 9.4. Liquidation.

     (a) If an Early Dissolution Event specified in clause (a), (b) or (d) of Section 9.2
occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Property
Trustee as expeditiously as the Property Trustee determines to be possible by distributing,
after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable
law including Section 3808(e) of the Delaware Statutory Trust Act, to each Holder a Like
Amount of Debentures, subject to Section 9.4(d). Notice of liquidation shall be given by the
Property Trustee by first-class mail, postage prepaid, mailed not less than 30 nor more than
60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s
address appearing in the Securities Register. All such notices of liquidation shall:

     (i) state the CUSIP Number of the Trust Securities;

     (ii) state the Liquidation Date;

     (iii) state that from and after the Liquidation Date, the Trust Securities will
no longer be deemed to be Outstanding and any Trust Securities Certificates not
surrendered for exchange will be deemed to represent a Like Amount of Debentures, or
if Section 9.4(d) applies, a right to receive a Liquidation Distribution; and

     (iv) provide such information with respect to the mechanics by which Holders
may exchange Trust Securities Certificates for Debentures, or if Section 9.4(d)
applies, receive a Liquidation Distribution, as the Property Trustee (after
consultation with the Administrative Trustee) shall deem appropriate.

     (b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation
of the Issuer Trust and distribution of the Debentures to Holders, the Property Trustee,
either itself acting as exchange agent or through the appointment of a separate exchange
agent, shall establish a record date for such distribution (which shall be not more than 30
days prior to the Liquidation Date) and, establish such procedures as it shall deem
appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust
Securities Certificates.

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     (c) Except where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the
Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing
a Like Amount of Debentures will be issued to Holders of Trust Securities Certificates, upon
surrender of such Certificates to the exchange agent for exchange, (iii) any Trust
Securities Certificates not so surrendered for exchange will be deemed to represent a Like
Amount of Debentures bearing accrued and unpaid interest in an amount equal to the
accumulated and unpaid Distributions on such Trust Securities Certificates until such
certificates are so surrendered (and until such certificates are so surrendered, no payments
of interest or principal will be made to Holders of Trust Securities Certificates with
respect to such Debentures) and (iv) all rights of Holders holding Trust Securities will
cease, except the right of such Holders to receive Debentures upon surrender of Trust
Securities Certificates.

     (d) If, notwithstanding the other provisions of this Section 9.4, whether because of an
order for dissolution entered by a court of competent jurisdiction or otherwise,
distribution of the Debentures in the manner provided herein is determined by the Property
Trustee not to be practical, or if an Early Dissolution Event specified in clause (c) of
Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be
dissolved and its affairs wound-up, by the Property Trustee in such manner as the Property
Trustee determines, subject to applicable law. In such event, Holders will be entitled to
receive out of the assets of the Issuer Trust available for distribution to Holders, after
satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law,
including Section 3808(e) of the Delaware Statutory Trust Act, an amount equal to the
Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to
the date of payment (such amount being the “Liquidation Distribution”). If, upon any
such dissolution, the Liquidation Distribution can be paid only in part because the Issuer
Trust has insufficient assets available to pay in full the aggregate Liquidation
Distribution, then, subject to the next succeeding sentence, the amounts payable by the
Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon
Liquidation Amounts). The Holders of the Common Securities will be entitled to receive
Liquidation Distributions upon any such dissolution, winding-up or termination pro rata
(determined as aforesaid) with Holders of Capital Securities, except that the Capital
Securities shall have a priority over the Common Securities under the circumstances provided
in Section 4.3.

     SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of Issuer Trust.

     The Issuer Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or
convey, transfer or lease its properties and assets substantially as an entirety to any corporation
or other body, except pursuant to this Section 9.5 or Section 9.4. At the request of the Holders
of the Common Securities, with the consent of the Administrative Trustee, but without the consent
of the Holders of the Capital Securities, the Property Trustee or the Delaware Trustee, the Issuer
Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or
lease its properties and assets substantially as an entirety to a trust organized as such under the
laws of any state; provided that (i) such successor entity either (a) expressly assumes all of the
obligations of the Issuer Trust with respect to the Capital Securities, or (b)

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substitutes for the Capital Securities other securities having substantially the same terms as
the Capital Securities (the “Successor Securities”) so long as the Successor Securities
have the same priority as the Capital Securities with respect to distributions and payments upon
liquidation, redemption and otherwise, (ii) a trustee of such successor entity possessing the same
powers and duties as the Property Trustee is appointed to hold the Debentures, (iii) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Capital
Securities (including any Successor Securities) to be downgraded by any nationally recognized
statistical rating organization, (iv) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of
the holders of the Capital Securities (including any Successor Securities) in any material respect,
(v) such successor entity has a purpose substantially identical to that of the Issuer Trust, (vi)
prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the
Property Trustee and the Delaware Trustee have received an Opinion of Counsel to the effect that
(a) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not
adversely affect the rights, preferences and privileges of the Holders of the Capital Securities
(including any Successor Securities) in any material respect, and (b) following such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the Issuer Trust
nor such successor entity will be required to register as an “investment company” under the
Investment Company Act, (vii) the Sponsor or its permitted transferee owns all of the Common
Securities of such successor entity and guarantees the obligations of such successor entity under
the Successor Securities at least to the extent provided by the Guarantee Agreement, and (viii) the
Delaware Trustee shall not be required to be a trustee of such successor entity or otherwise have
any obligations or duties with respect to such successor entity without its consent if such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease adversely affects in any
material respect the rights, protections, duties, indemnities or immunities of the Delaware
Trustee. Notwithstanding the foregoing, the Issuer Trust shall not, except with the consent of
Holders of all of the Capital Securities, consolidate, amalgamate, merge with or into, or be
replaced by or convey, transfer or lease its properties and assets substantially as an entirety to
any other entity or permit any other entity to consolidate, amalgamate, merge with or into, or
replace it if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease
would cause the Issuer Trust or the successor entity to be taxable as a corporation or classified
as other than a grantor trust for United States Federal income tax purposes.

ARTICLE 10

MISCELLANEOUS PROVISIONS

     SECTION 10.1. Limitation of Rights of Holders.

     Except as set forth in Section 9.2, the death or incapacity of any Person having an interest,
beneficial or otherwise, in Trust Securities shall not operate to terminate, dissolve or annul this
Trust Agreement, nor entitle the legal representatives or heirs of such Person or any Holder for
such Person, to claim an accounting, take any action or bring any proceeding in any court for a
partition or winding up of the arrangements contemplated hereby, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

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     SECTION 10.2. Amendment.

     (a) This Trust Agreement may be amended from time to time by the Administrative Trustee
and the Holders of all of the Common Securities, without the consent of any Holder of the
Capital Securities, (i) to cure any ambiguity, correct or supplement any provision herein
that may be inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Trust Agreement, which shall not be
inconsistent with the other provisions of this Trust Agreement, or (ii) to modify, eliminate
or add to any provisions of this Trust Agreement to such extent as shall be necessary to
ensure that the Issuer Trust will not be taxable as a corporation or classified as other
than a grantor trust for United States Federal income tax purposes at all times that any
Trust Securities are outstanding or to ensure that the Issuer Trust will not be required to
register as an “investment company” under the Investment Company Act; provided, however,
that in the case of either clause (i) or (ii), such action shall not adversely affect in any
material respect the interests of any Holder.

     (b) Except as provided in Section 10.2(c), any provision of this Trust Agreement may be
amended by the Administrative Trustee, the Property Trustee, and the Holders of all of the
Common Securities and with (i) the consent of Holders of at least a Majority in Liquidation
Amount of the Capital Securities, and (ii) receipt by the Issuer Trustees of an Opinion of
Counsel to the effect that such amendment or the exercise of any power granted to the Issuer
Trustees in accordance with such amendment will not affect the Trust’s status as a grantor
trust or cause the Issuer Trust to be taxable as a corporation or as other than a grantor
trust for United States Federal income tax purposes or affect the Issuer Trust’s exemption
from status as an “investment company” under the Investment Company Act.

     (c) In addition to and notwithstanding any other provision in this Trust Agreement,
without the consent of each affected Holder, this Trust Agreement may not be amended to (i)
change the amount or timing of any Distribution on the Trust Securities or otherwise
adversely affect the amount of any Distribution required to be made in respect of the Trust
Securities as of a specified date, or (ii) restrict the right of a Holder to institute suit
for the enforcement of any such payment on or after such date; and notwithstanding any other
provision herein, without the unanimous consent of the Holders, this paragraph (c) of this
Section 10.2 may not be amended.

     (d) Notwithstanding any other provisions of this Trust Agreement, no Issuer Trustee
shall enter into or consent to any amendment to this Trust Agreement that would cause the
Issuer Trust to fail or cease to qualify for the exemption from status as an “investment
company” under the Investment Company Act or to be taxable as a corporation or to be
classified as other than a grantor trust for United States Federal income tax purposes.

     (e) Notwithstanding anything in this Trust Agreement to the contrary, without the
consent of the Sponsor and the Administrative Trustee, this Trust Agreement may not

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be amended in a manner that imposes any additional obligation on the Sponsor or the
Administrative Trustee.

     (f) Notwithstanding anything in this Trust Agreement to the contrary, without the
consent of the Property Trustee, this Trust Agreement may not be amended in a manner that
imposes any additional obligation on the Property Trustee.

     (g) Notwithstanding anything in this Trust Agreement to the contrary, without the
consent of the Delaware Trustee, this Trust Agreement may not be amended in a manner that
imposes any additional obligation on the Delaware Trustee or adversely affects in any
material respect the rights, protections, duties, indemnities or immunities of the Delaware
Trustee.

     (h) In the event that any amendment to this Trust Agreement is made, the Administrative
Trustee or the Property Trustee shall promptly provide to the Sponsor and the Delaware
Trustee a copy of such amendment.

     (i) Neither the Property Trustee nor the Delaware Trustee shall be required to enter
into any amendment to this Trust Agreement that affects its own rights, duties or immunities
under this Trust Agreement. The Property Trustee and the Delaware Trustee shall be entitled
to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment to
this Trust Agreement is in compliance with this Trust Agreement.

     SECTION 10.3. Separability.

     In case any provision in this Trust Agreement or in the Trust Securities Certificates shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     SECTION 10.4. Governing Law.

     This Trust Agreement and the rights and obligations of each of the Holders, the Issuer Trust,
the Sponsor, and the Issuer Trustees with respect to this Trust Agreement and the Trust Securities
shall be construed in accordance with and governed by the laws of the State of Delaware without
reference to its conflicts of laws provisions.

     SECTION 10.5. Payments Due on Non-Business Day.

     If the date fixed for any payment on any Trust Security shall be a day that is not a Business
Day, then such payment need not be made on such date but may be made on the next succeeding day
that is a Business Day, with the same force and effect as though made on the date fixed for such
payment, and no Distributions shall accumulate on such unpaid amount for the period after such
date.

     SECTION 10.6. Successors.

     This Trust Agreement shall be binding upon and shall inure to the benefit of any successor to
the Sponsor, the Issuer Trust, and any Issuer Trustee, including any successor by

55

 

operation of law. Except in connection with a consolidation, merger or sale involving the
Sponsor that is permitted under Article Eight of the Indenture and pursuant to which the assignee
agrees in writing to perform the Sponsor’s obligations hereunder, the Sponsor shall not assign its
obligations hereunder.

     SECTION 10.7. Headings.

     The Article and Section headings are for convenience only and shall not affect the
construction of this Trust Agreement.

     SECTION 10.8. Reports, Notices and Demands.

     Any report, notice, demand or other communication that by any provision of this Trust
Agreement is required or permitted to be given or served to or upon any Holder or the Sponsor may
be given or served in writing by deposit thereof, first-class postage prepaid, in the United States
mail, hand delivery or facsimile transmission, in each case, addressed, (a) in the case of a Holder
of Capital Securities, to such Holder as such Holder’s name and address may appear on the
Securities Register; and (b) in the case of the Holder of the Common Securities or the Sponsor, to
Comerica Incorporated, Attention: Chief Financial Officer, or to such other address as may be
specified in a written notice by the Holder of the Common Securities or the Sponsor, as the case
may be, to the Property Trustee. Such notice, demand or other communication to or upon a Holder
shall be deemed to have been sufficiently given or made, for all purposes, upon hand delivery,
mailing or transmission. Such notice, demand or other communication to or upon the Sponsor shall be
deemed to have been sufficiently given or made only upon actual receipt of the writing by the
Sponsor.

     Any notice, demand or other communication that by any provision of this Trust Agreement is
required or permitted to be given or served to or upon the Issuer Trust, the Property Trustee, the
Delaware Trustee, the Administrative Trustee or the Issuer Trust shall be given in writing
addressed to such Person as follows: (a) with respect to the Property Trustee, to The Bank of New
York, 101 Barclay Street – 8W, New York, New York 10286; (b) with respect to the Delaware Trustee,
to 100 White Clay Center, Route 273, P.O. Box 6995, Newark, Delaware 19711; (c) with respect to the
Administrative Trustee, to it at Comerica Tower at Detroit Center, 500 Woodward Avenue, Detroit,
Michigan 48226 marked “Attention: Administrative Trustee of Comerica Capital Trust II”; and (d)
with respect to the Issuer Trust, to its principal office specified in Section 2.2, with a copy to
the Property Trustee. Such notice, demand or other communication to or upon the Issuer Trust, the
Property Trustee or the Administrative Trustee shall be deemed to have been sufficiently given or
made only upon actual receipt of the writing by the Issuer Trust, the Property Trustee or such
Administrative Trustee.

     SECTION 10.9. Agreement Not to Petition.

     Each of the Issuer Trustees and the Sponsor agree for the benefit of the Holders that, until
at least one year and one day after the Issuer Trust has been dissolved in accordance with Article
9, they shall not file, or join in the filing of, an involuntary petition against the Issuer Trust
under any bankruptcy, insolvency, reorganization or other similar law (including the United States
Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise join in the commencement of

56

 

any involuntary proceeding against the Issuer Trust under any Bankruptcy Law. If the Sponsor
takes action in violation of this Section 10.9, the Property Trustee agrees, for the benefit of
Holders, that at the expense of the Sponsor, it shall file an answer with the bankruptcy court or
otherwise properly contest the filing of such petition by the Sponsor against the Issuer Trust or
the commencement of such action and raise the defense that the Sponsor has agreed in writing not to
take such action and should be stopped and precluded therefrom and such other defenses, if any, as
counsel for the Issuer Trustee or the Issuer Trust may assert.

     SECTION 10.10. Trust Indenture Act; Conflict with Trust Indenture Act.

     (a) This Trust Agreement is subject to the provisions of the Trust Indenture Act that
are required to be part of this Trust Agreement and shall, to the extent applicable, be
governed by such provisions. Except as otherwise expressly provided herein, if and to the
extent that any provision of this Trust Agreement limits, qualifies or conflicts with the
duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed
duties shall control.

     (b) The Property Trustee shall be the only Issuer Trustee that is a trustee for the
purposes of the Trust Indenture Act.

     (c) The application of the Trust Indenture Act to this Trust Agreement shall not affect
the nature of the Trust Securities as equity securities representing undivided beneficial
interests in the assets of the Issuer Trust.

     SECTION 10.11. Acceptance of Terms of Trust Agreement, Guarantee Agreement and Indenture.

     THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A
HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL
CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST
IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT, THE GUARANTEE
AGREEMENT, THE INDENTURE AND THE SUPPLEMENTAL INDENTURE, AND AGREEMENT TO THE SUBORDINATION
PROVISIONS AND OTHER TERMS OF THE GUARANTEE AGREEMENT, THE INDENTURE AND THE SUPPLEMENTAL
INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE ISSUER TRUST, SUCH HOLDER AND SUCH OTHERS THAT
THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS
BETWEEN THE ISSUER TRUST AND SUCH HOLDER AND SUCH OTHERS.

     SECTION 10.12. Counterparts.

     This Trust Agreement may contain more than one counterpart of the signature page and this
Trust Agreement may be executed by the affixing of the signature of each of the Issuer 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.

57

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

58

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Declaration of
Trust and Trust Agreement.

	 	 	 	 	 
	 	COMERICA INCORPORATED

 	 
	 	By: 	/s/ Robert W. Spencer, Jr.	 
	 	 	Name: 	Robert W. Spencer, Jr.	 
	 	 	Title:  	Vice President, Corporate Finance &
Securities Counsel & Assistant Secretary	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK,

as Property Trustee

 	 
	 	By:  	/s/ James D. Heaney	 
	 	 	Name: 	James D. Heaney	 
	 	 	Title:  	Vice President	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK (DELAWARE),

as Delaware Trustee

 	 
	 	By:  	/s/ Kristine K. Gullo	 
	 	 	Name:  	Kristine K. Gullo	 
	 	 	Title:  	Vice President	 
	 

	 	 	 	 	 
	 	/s/ Paul E. Burdiss	 
	 	 	 
	 	
Paul E. Burdiss

as Administrative Trustee

 	 
	 	 	 
	 	 	 
	 	 	 
	 

[Amended and Restated Declaration of Trust and Trust Agreement]

 

EXHIBIT A

RESTATED CERTIFICATE OF TRUST

OF

COMERICA CAPITAL TRUST II 

     THIS Restated Certificate of Trust of Comerica Capital Trust II (the “Trust”), dated as of
November 22, 2006 (this “Certificate”), is being duly executed and filed on behalf of the Trust by
the undersigned, as trustee, to amend and restate the original Certificate of Trust of the Trust
which was filed on June 13, 2001, with the Secretary of State of the State of Delaware under the
Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”).

     1. Name. The name of the statutory trust continued hereby is Comerica Capital Trust
II.

     2. Delaware Trustee. The name and business address of the trustee of the Trust in the
State of Delaware are The Bank of New York (Delaware), 100 White Clay Center, Route 273, P.O. Box
6995, Newark, Delaware 19711.

     3. Effective Date. This Certificate shall be effective upon filing.

     IN WITNESS WHEREOF, the undersigned has executed this Certificate in accordance with Section
3811(a) of the Act.

	 	 	 	 	 
	 	 	The Bank of New York (Delaware), as Delaware Trustee
	 
	 	 	 	 
	 

	 	 	 	By:                                                             
	 

	 	 	 	Name:
	 

	 	 	 	Title:

A-1

 

EXHIBIT B

[FORM OF COMMON SECURITIES CERTIFICATE]

     THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.10
OF THE TRUST AGREEMENT

	 	 	 
	Certificate Number

	 	Number of Common Securities

Certificate Evidencing Common Securities of Comerica Capital Trust II

6.576% Common Securities (liquidation amount $1,000 per Common Security)

     Comerica Capital Trust II, a statutory trust created under the laws of the State of Delaware
(the “Issuer Trust”), hereby certifies that ___(the “Holder”) is the
registered owner of ___(___) Common Securities of the Issuer Trust representing
undivided common beneficial interests in the assets of the Issuer Trust and designated the 6.576%
Common Securities (liquidation amount $1,000 per Common Security) (the “Common
Securities”). Except in accordance with the Trust Agreement (as defined below), to the fullest
extent permitted by law, the Common Securities are not transferable and any attempted transfer
hereof other than in accordance therewith shall be void. The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Common Securities are set forth in,
and this certificate and the Common Securities represented hereby are issued and shall in all
respects be subject to the terms and provisions of, the Amended and Restated Declaration of Trust
and Trust Agreement of the Issuer Trust, dated as of February 20, 2007, as the same may be amended
from time to time (the “Trust Agreement”), among Comerica Incorporated, as Sponsor, The
Bank of New York, as Property Trustee, The Bank of New York (Delaware), as Delaware Trustee, the
Administrative Trustee named therein, and the Holders of Trust Securities, including the
designation of the terms of the Common Securities as set forth therein. The Issuer Trust will
furnish a copy of the Trust Agreement to the Holder without charge upon written request to the
Issuer Trust at its principal place of business or registered office. Upon receipt of this
certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder.

     Terms used but not defined herein have the meanings set forth in the Trust Agreement.

A-1

 

     IN WITNESS WHEREOF, the Administrative Trustee of the Issuer Trust has executed this
certificate this 20th day of February, 2007.

	 	 	 	 	 	 	 
	 	 	COMERICA CAPITAL TRUST II	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Paul E. Burdiss	 	 
	 

	 	Title:
	 	Administrative Trustee	 	 

 

PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Common Securities referred to in the above mentioned Trust Agreement.

Dated: February 20, 2007

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,

as Property Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 
	 

	 	Title:
	 	 	 	 

 

     This Capital Securities Certificate is a Book-Entry Capital Securities Certificate within the
meaning of the Trust Agreement hereinafter referred to and is registered in the name of a Clearing
Agency or a nominee of a Clearing Agency. This Capital Securities Certificate is exchangeable for
Capital Securities Certificates registered in the name of a person other than the Clearing Agency
or its nominee only in the limited circumstances described in the Trust Agreement and may not be
transferred except as a whole by the Clearing Agency to a nominee of the Clearing Agency or by a
nominee of the Clearing Agency to the Clearing Agency or another nominee of the Clearing Agency,
except in the limited circumstances described in the Trust Agreement.

     Unless this Capital Security Certificate is presented by an authorized representative of The
Depository Trust Company, a New York Corporation (“DTC”), to Comerica Capital Trust II or
its agent for registration of transfer, exchange or payment, and any Capital Security Certificate
issued is registered in the name of Cede & Co. or such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO A PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede &
Co., has an interest herein.

     NO EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”) (EACH, A “PLAN”), NO ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY (A “PLAN ASSET ENTITY”), AND
NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN, MAY ACQUIRE OR HOLD THIS CAPITAL SECURITIES
CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE
RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
(“PTCE”) 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO
SUCH PURCHASE OR HOLDING OR THE REQUIREMENTS OF U.S. DEPARTMENT OF LABOR REGULATION SECTION
2550.401c-1 ARE SATISFIED SUCH THAT THE CAPITAL SECURITIES CERTIFICATE HELD BY THE PURCHASER OR
HOLDER DOES NOT CONSTITUTE “PLAN ASSETS” AND, IN THE CASE OF ANY PURCHASER OR HOLDER RELYING ON ANY
EXEMPTION OTHER THAN PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR U.S. DEPARTMENT OF LABOR REGULATION
SECTION 2550.401c-1, HAS COMPLIED WITH ANY REQUEST BY THE SPONSOR OR THE ISSUER TRUST FOR AN
OPINION OF COUNSEL OR OTHER EVIDENCE WITH RESPECT TO THE AVAILABILITY OF SUCH EXEMPTION. ANY
PURCHASER OR HOLDER OF THIS CAPITAL SECURITIES CERTIFICATE OR ANY INTEREST HEREIN WILL BE DEEMED TO
HAVE REPRESENTED BY ITS PURCHASE AND HOLDING HEREOF THAT IT EITHER (A) WILL NOT RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE CODE OR (B) IF IT COULD RESULT IN A PROHIBITED
TRANSACTION, IT IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER PTCE 96-23, 95-60, 91-38, 90-1
OR 84-14 OR ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING OR U.S.
DEPARTMENT OF LABOR REGULATION SECTION 2550.401c-1.

C-1

 

EXHIBIT C

[FORM OF CAPITAL SECURITIES CERTIFICATE]

	 	 	 
	Certificate Number –

	 	Number of Capital Securities
	CUSIP NO. 20036CAA7
	 	 

Certificate Evidencing Capital Securities of Comerica Capital Trust II

6.576% Capital Securities (liquidation amount $1,000 per Capital Security)

     Comerica Capital Trust II, a statutory trust created under the laws of the State of Delaware
(the “Issuer Trust”), hereby certifies that ___(the “Holder”) is the
registered owner of ___(___) Capital Securities of the Trust representing an
undivided preferred beneficial interest in the assets of the Trust and designated the Comerica
Capital Trust II 6.576% Capital Securities (liquidation amount $1,000 per Capital Security) (the
“Capital Securities”). The Capital Securities are transferable on the books and records of
the Issuer Trust, in person or by a duly authorized attorney, upon surrender of this certificate
duly endorsed and in proper form for transfer as provided in the Trust Agreement (as defined
below). The designations, rights, privileges, restrictions, preferences and other terms and
provisions of the Capital Securities are set forth in, and this certificate and the Capital
Securities represented hereby are issued and shall in all respects be subject to the terms and
provisions of, the Amended and Restated Declaration of Trust and Trust Agreement of the Issuer
Trust, dated as of February 20, 2007, as the same may be amended from time to time (the “Trust
Agreement”), among Comerica Incorporated, as Sponsor, The Bank of New York, as Property
Trustee, The Bank of New York (Delaware), as Delaware Trustee, the Administrative Trustee named
therein, and the Holders of Trust Securities, including the designation of the terms of the Capital
Securities as set forth therein. The Holder is entitled to the benefits of the Guarantee Agreement,
dated as of February 20, 2007 (the “Guarantee Agreement”), by and between Comerica
Incorporated, as Guarantor, and The Bank of New York, as Guarantee Trustee, to the extent provided
therein. The Issuer Trust will furnish a copy of the Trust Agreement and the Guarantee Agreement to
the Holder without charge upon written request to the Issuer Trust at its principal place of
business or registered office.

     Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled
to the benefits thereunder.

C-2

 

     IN WITNESS WHEREOF, the Administrative Trustee of the Issuer Trust has executed this
certificate this 20th day of February, 2007.

	 	 	 	 	 	 	 
	 	 	COMERICA CAPITAL TRUST II	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Paul E. Burdiss	 	 
	 

	 	Title:
	 	Administrative Trustee	 	 

C-3

 

PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Capital Securities referred to in the above mentioned Trust Agreement.

Dated: February 20, 2007

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,

as Property Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

C-4

 

ASSIGNMENT

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

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

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

	 	 
	 
	 	 
	 

agent to transfer this Capital Security Certificate on the books of the Issuer 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 Capital
Security Certificate.) The signature(s) should be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and
loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to S.E.C. Rule
17Ad-15.

C-5

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