Document:

Exhibit 10.3

	Exhibit 10.3

	

JUNIOR SUBORDINATED
INDENTURE

between

SIMMONS FIRST
NATIONAL CORPORATION

and

DEUTSCHE BANK TRUST
COMPANY AMERICAS,
as Trustee

Dated as of
December 16, 2003

	

TABLE OF CONTENTS

Page

	ARTICLE I	 	Definitions and Other Provisions of General Application	 	1

	 	 	SECTION 1.1.	 	Definitions	 	1
	 	 	SECTION 1.2.	 	Compliance Certificate and Opinions	 	10
	 	 	SECTION 1.3.	 	Forms of Documents Delivered to Trustee	 	11
	 	 	SECTION 1.4.	 	Acts of Holders	 	11
	 	 	SECTION 1.5.	 	Notices, Etc. to Trustee and Company	 	13
	 	 	SECTION 1.6.	 	Notice to Holders; Waiver	 	14
	 	 	SECTION 1.7.	 	Effect of Headings and Table of Contents	 	14
	 	 	SECTION 1.8.	 	Successors and Assigns	 	14
	 	 	SECTION 1.9.	 	Separability Clause	 	14
	 	 	SECTION 1.10.	 	Benefits of Indenture	 	14
	 	 	SECTION 1.11.	 	Governing Law	 	15
	 	 	SECTION 1.12.	 	Submission to Jurisdiction	 	15
	 	 	SECTION 1.13.	 	Non-Business Days	 	15

	ARTICLE II	 	Security Forms	 	15

	 	 	SECTION 2.1.	 	Form of Security	 	15
	 	 	SECTION 2.2.	 	Restricted Legend	 	21
	 	 	SECTION 2.3.	 	Form of Trustee’s Certificate of Authentication	 	23
	 	 	SECTION 2.4.	 	Temporary Securities	 	23
	 	 	SECTION 2.5.	 	Definitive Securities	 	24

	ARTICLE III	 	The Securities	 	24

	 	 	SECTION 3.1.	 	Payment of Principal and Interest	 	24
	 	 	SECTION 3.2.	 	Denominations	 	26
	 	 	SECTION 3.3.	 	Execution, Authentication, Delivery and Dating	 	26
	 	 	SECTION 3.4.	 	Global Securities	 	27
	 	 	SECTION 3.5.	 	Registration, Transfer and Exchange Generally	 	29
	 	 	SECTION 3.6.	 	Mutilated, Destroyed, Lost and Stolen Securities	 	30
	 	 	SECTION 3.7.	 	Persons Deemed Owners	 	31
	 	 	SECTION 3.8.	 	Cancellation	 	31
	 	 	SECTION 3.9.	 	Deferrals of Interest Payment Dates	 	31
	 	 	SECTION 3.10.	 	Right of Set-Off	 	32
	 	 	SECTION 3.11.	 	Agreed Tax Treatment	 	32
	 	 	SECTION 3.12.	 	CUSIP Numbers	 	32

	

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	ARTICLE IV	 	Satisfaction and Discharge	 	33

	 	 	SECTION 4.1.	 	Satisfaction and Discharge of Indenture	 	33
	 	 	SECTION 4.2.	 	Application of Trust Money	 	34

	ARTICLE V	 	Remedies	 	34

	 	 	SECTION 5.1.	 	Events of Default	 	34
	 	 	SECTION 5.2.	 	Acceleration of Maturity; Rescission and Annulment	 	35
	 	 	SECTION 5.3.	 	Collection of Indebtedness and Suits for Enforcement by Trustee	 	36
	 	 	SECTION 5.4.	 	Trustee May File Proofs of Claim	 	37
	 	 	SECTION 5.5.	 	Trustee May Enforce Claim Without Possession of Securities	 	37
	 	 	SECTION 5.6.	 	Application of Money Collected	 	37
	 	 	SECTION 5.7.	 	Limitation on Suits	 	38
	 	 	SECTION 5.8.	 	Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct Action by Holders of Preferred Securities	 	 
38
	 	 	SECTION 5.9.	 	Restoration of Rights and Remedies	 	39
	 	 	SECTION 5.10.	 	Rights and Remedies Cumulative	 	39
	 	 	SECTION 5.11.	 	Delay or Omission Not Waiver	 	39
	 	 	SECTION 5.12.	 	Control by Holders	 	39
	 	 	SECTION 5.13.	 	Waiver of Past Defaults	 	40
	 	 	SECTION 5.14.	 	Undertaking for Costs	 	40
	 	 	SECTION 5.15.	 	Waiver of Usury, Stay or Extension Laws	 	41

	ARTICLE VI	 	The Trustee	 	41

	 	 	SECTION 6.1.	 	Corporate Trustee Required	 	41
	 	 	SECTION 6.2.	 	Certain Duties and Responsibilities	 	41
	 	 	SECTION 6.3.	 	Notice of Defaults	 	42
	 	 	SECTION 6.4.	 	Certain Rights of Trustee	 	43
	 	 	SECTION 6.5.	 	May Hold Securities	 	44
	 	 	SECTION 6.6.	 	Compensation; Reimbursement; Indemnity	 	45
	 	 	SECTION 6.7.	 	Resignation and Removal; Appointment of Successor	 	46
	 	 	SECTION 6.8.	 	Acceptance of Appointment by Successor	 	46
	 	 	SECTION 6.9.	 	Merger, Conversion, Consolidation or Succession to Business	 	47
	 	 	SECTION 6.10.	 	Not Responsible for Recitals or Issuance of Securities	 	47
	 	 	SECTION 6.11.	 	Appointment of Authenticating Agent	 	47

	ARTICLE VII	 	Holder’s Lists and Reports by Trustee and Company	 	49

	 	 	SECTION 7.1.	 	Company to Furnish Trustee Names and Addresses of Holders	 	49
	 	 	SECTION 7.2.	 	Preservation of Information, Communications to Holders	 	49
	 	 	SECTION 7.3.	 	Reports by Company	 	50

	

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	ARTICLE VIII	 	Consolidation, Merger, Conveyance, Transfer or Lease	 	50

	 	 	SECTION 8.1.	 	Company May Consolidate, Etc., Only on Certain Terms	 	50
	 	 	SECTION 8.2.	 	Successor Company Substituted	 	51

	ARTICLE IX	 	Supplemental Indentures	 	51

	 	 	SECTION 9.1.	 	Supplemental Indentures without Consent of Holders	 	51
	 	 	SECTION 9.2.	 	Supplemental Indentures with Consent of Holders	 	52
	 	 	SECTION 9.3.	 	Execution of Supplemental Indentures	 	53
	 	 	SECTION 9.4.	 	Effect of Supplemental Indentures	 	53
	 	 	SECTION 9.5.	 	Reference in Securities to Supplemental Indentures	 	53

	ARTICLE X	 	Covenants	 	54

	 	 	SECTION 10.1.	 	Payment of Principal, Premium and Interest	 	54
	 	 	SECTION 10.2.	 	Money for Security Payments to be Held in Trust	 	54
	 	 	SECTION 10.3.	 	Statement as to Compliance	 	55
	 	 	SECTION 10.4.	 	Calculation Agent	 	55
	 	 	SECTION 10.5.	 	Additional Tax Sums	 	56
	 	 	SECTION 10.6.	 	Additional Covenants	 	56
	 	 	SECTION 10.7.	 	Waiver of Covenants	 	57
	 	 	SECTION 10.8.	 	Treatment of Securities	 	57

	ARTICLE XI	 	Redemption of Securities	 	58

	 	 	SECTION 11.1.	 	Optional Redemption	 	58
	 	 	SECTION 11.2.	 	Special Event Redemption	 	58
	 	 	SECTION 11.3.	 	Election to Redeem; Notice to Trustee	 	58
	 	 	SECTION 11.4.	 	Selection of Securities to be Redeemed	 	58
	 	 	SECTION 11.5.	 	Notice of Redemption	 	59
	 	 	SECTION 11.6.	 	Deposit of Redemption Price	 	60
	 	 	SECTION 11.7.	 	Payment of Securities Called for Redemption	 	60

	ARTICLE XII	 	Subordination of Securities	 	60

	 	 	SECTION 12.1.	 	Securities Subordinate to Senior Debt	 	60
	 	 	SECTION 12.2.	 	No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.	 	 
61
	 	 	SECTION 12.3.	 	Payment Permitted If No Default	 	62
	 	 	SECTION 12.4.	 	Subrogation to Rights of Holders of Senior Debt	 	62
	 	 	SECTION 12.5.	 	Provisions Solely to Define Relative Rights	 	63
	 	 	SECTION 12.6.	 	Trustee to Effectuate Subordination	 	63
	 	 	SECTION 12.7.	 	No Waiver of Subordination Provisions	 	63

	

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	 	 	SECTION 12.8.	 	Notice to Trustee	 	64
	 	 	SECTION 12.9.	 	Reliance on Judicial Order or Certificate of Liquidating Agent	 	64
	 	 	SECTION 12.10.	 	Trustee Not Fiduciary for Holders of Senior Debt	 	65
	 	 	SECTION 12.11.	 	Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights	 	65
	 	 	SECTION 12.12.	 	Article Applicable to Paying Agents	 	65

	ARTICLE XIII	 	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	 	 
65

	 	 	SECTION 13.1.	 	Indenture and Securities Solely Corporation Obligations	 	65

	

SCHEDULES

	Schedule A	 	Determination of LIBOR	 
	Exhibit A	 	Form of Officer’s Certificate	 

	

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        JUNIOR
SUBORDINATED INDENTURE, dated as of December 16, 2003, between SIMMONS FIRST
NATIONAL CORPORATION, an Arkansas corporation (the “Company”),
and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as
Trustee (in such capacity, the “Trustee”).

RECITALS
OF THE COMPANY

        WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance of its unsecured junior subordinated deferrable
interest notes (the “Securities”) issued to evidence loans made
to the Company of the proceeds from the issuance by Simmons First Capital Trust
II, a Delaware statutory trust (the “Trust”), of undivided
preferred beneficial interests in the assets of the Trust (the
“Preferred Securities”) and undivided common beneficial
interests in the assets of the Trust (the “Common Securities”
and, collectively with the Preferred Securities, the “Trust
Securities”), and to provide the terms and conditions upon which the
Securities are to be authenticated, issued and delivered; and

        WHEREAS,
all things necessary to make this Indenture a valid agreement of the Company, in
accordance with its terms, have been done.

        Now,
therefore, this Indenture Witnesseth:

        For
and in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities, as follows:

ARTICLE I

Definitions
and Other Provisions of General Application

        SECTION
1.1.     Definitions.

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

	 	        (a)
the terms defined in this Article I have the meanings assigned to them in this Article
I;

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

	 	        (c)
all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with GAAP;

	 	        (d)
unless the context otherwise requires, any reference to an “Article” or a
“Section” refers to an Article or a Section, as the case may be, of this
Indenture;

	

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	 	        (e)
the words “hereby”, “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole
and not to any particular Article, Section or other subdivision;

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

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

	

        “Act”
when used with respect to any Holder, has the meaning specified in Section
1.4(a).

        “Administrative
Trustee” means, with respect to the Trust, a Person identified as an
“Administrative Trustee” in the Trust Agreement, solely in its
capacity as Administrative Trustee of the Trust under the Trust Agreement and
not in its individual capacity, or its successor in interest in such capacity,
or any successor Administrative Trustee appointed as therein provided.

        “Additional
Interest” means the interest, if any, that shall accrue on any amounts
payable on the Securities, the payment of which has not been made on the
applicable Interest Payment Date and which shall accrue at the rate per annum
specified or determined as specified in such Security.

        “Additional
Tax Sums” has the meaning specified in Section 10.5.

        “Additional Taxes”
means taxes, duties or other governmental charges imposed on the Trust as a
result of a Tax Event (which, for the sake of clarity, does not include amounts
required to be deducted or withheld by the Trust from payments made by the Trust
to or for the benefit of the Holder of, or any Person that acquires a beneficial
interest in, the Securities).

        “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.

        “Applicable
Depository Procedures” means, with respect to any transfer or
transaction involving a Global Security or beneficial interest therein, the
rules and procedures of the Depositary for such Security, in each case to the
extent applicable to such transaction and as in effect from time to time.

        “Authenticating
Agent” means any Person authorized by the Trustee pursuant to
Section 6.11 to act on behalf of the Trustee to authenticate the
Securities.

        “Bankruptcy
Code” means Title 11 of the United States Code or any successor statute
thereto, in each case as amended from time to time.

        “Board
of Directors” means the board of directors of the Company or any duly
authorized committee of that board.

2

	

        “Board
Resolution” means a copy of a resolution certified by the Secretary or
an Assistant Secretary of the Company to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification.

        “Business
Day” means any day other than (i) a Saturday or Sunday, (ii) a day on
which banking institutions in the City of New York are authorized or required by
law or executive order to remain closed or (iii) a day on which the Corporate
Trust Office of the Trustee is closed for business.

        “Calculation
Agent” has the meaning specified in Section 10.4.

        “Capital
Disqualification Event” means the receipt by the Company of an Opinion
of Counsel experienced in such matters that, as a result of an amendment to or a
change in law or regulation (including any announced prospective change) or a
change in interpretation or application of law or regulation by any legislative
body, court, governmental agency or regulatory authority, there is more than
insubstantial risk that within ninety (90) days of the date of such opinion, the
aggregate principal amount of the Securities will not be eligible to be treated
by the Company as “Tier 1 Capital” (or the then equivalent) for
purposes of the capital adequacy guidelines of the Federal Reserve or other
“appropriate Federal banking agency” as such term is defined in 12
U.S.C. 1813(q), which amendment, change or prospective change becomes effective
or would become effective, as the case may be, on or after the date of issuance
of the Securities; provided, however, that the inability of the Company
to treat all or any portion of the principal amount of the Securities as Tier 1
Capital shall not constitute the basis for a Capital Disqualification Event if
such inability results from the Company having such Securities outstanding in an
amount that for any reason is in excess of the amount which may now or hereafter
qualify for treatment as Tier 1 Capital under applicable capital adequacy
guidelines.

        “Common
Securities” has the meaning specified in the first recital of this
Indenture.

        “Common
Stock” means the common stock, par value $1.00 per share, of the
Company.

        “Company”
means the Person named as the “Company” in the first paragraph
of this Indenture until a successor corporation shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter
“Company” shall mean such successor corporation.

        “Company
Request” and “Company Order” mean, respectively, the
written request or order signed in the name of the Company by its Chairman of
the Board of Directors, its Vice Chairman of the Board of Directors, its Chief
Executive Officer, President or a Vice President, and by its Chief Financial
Officer, Treasurer, an Assistant Treasurer, its Secretary or an Assistant
Secretary, and delivered to the Trustee.

        “Corporate
Trust Office” means the principal office of the Trustee at which at any
particular time its corporate trust business shall be administered, which office
at the date of this Indenture is located at 60 Wall Street, New York, New York
10005-2858, Attention: Corporate Trust and Agency Services.

        “Debt”
means, with respect to any Person, whether recourse is to all or a portion of
the assets of such Person, whether currently existing or hereafter incurred and
whether or not contingent and without duplication, (i) every obligation of such
Person for money borrowed; (ii) every obligation of such Person evidenced by
bonds, debentures, notes or other similar instruments, including obligations
incurred in connection with the acquisition of property, assets or businesses;
(iii) every reimbursement obligation of such Person with respect to letters of
credit, bankers’ acceptances or similar facilities issued for the account
of such Person; (iv) every obligation of such Person issued or assumed as the
deferred purchase price of property or services (but excluding trade accounts
payable or other accrued liabilities arising in the ordinary course of
business); (v) every capital lease obligation of such Person; (vi) all
indebtedness of such Person, whether incurred on or prior to the date of this
Indenture or thereafter incurred, for claims in respect of derivative products,
including interest rate, foreign exchange rate and commodity forward contracts,
options and swaps and similar arrangements; (vii) every obligation of the type
referred to in clauses (i) through (vi) of another Person and all dividends of
another Person the payment of which, in either case, such Person has guaranteed
or is responsible or liable for, directly or indirectly, as obligor or
otherwise; and (viii) any renewals, extensions, refundings, amendments or
modifications of any obligation of the type referred to in clauses (i) through
(vii).

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        “Defaulted
Interest” has the meaning specified in Section 3.1(c).

        “Delaware
Trustee” means, with respect to the Trust, the Person identified as the
“Delaware Trustee” in the Trust Agreement, solely in its capacity as
Delaware Trustee of the Trust under the Trust Agreement and not in its
individual capacity, or its successor in interest in such capacity, or any
successor Delaware Trustee appointed as therein provided.

        “Depositary”
means an organization registered as a clearing agency under the Exchange Act
that is designated as Depositary by the Company or any successor thereto. DTC
will be the initial Depositary.

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

        “Distributions”
means amounts payable in respect of the Trust Securities as provided in the
Trust Agreement and referred to therein as “Distributions.”

        “Dollar”
or “$” means the currency of the United States of America that, as at
the time of payment, is legal tender for the payment of public and private
debts.

        “DTC” means
The Depository Trust Company, a New York corporation.

        “Event
of Default” has the meaning specified in Section 5.1.

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

        “Expiration
Date” has the meaning specified in Section 1.4(h).

        “Extension
Period” has the meaning specified in Section 3.9(a).

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        “Federal
Reserve” means the Board of Governors of the Federal Reserve System,
the staff thereof, or a Federal Reserve Bank, acting through delegated
authority, in each case under the rules, regulations and policies of the Federal
Reserve System, or if at any time after the execution of this Indenture any such
entity is not existing and performing the duties now assigned to it , any
successor body performing similar duties or functions.

        “GAAP”
means United States generally accepted accounting principles, consistently
applied, from time to time in effect.

        “Global
Security” means a Security that evidences all or part of the
Securities, the ownership and transfers of which shall be made through book
entries by a Depositary.

        “Government
Obligation” means (a) any security that is (i) a direct obligation of
the United States of America of which the full faith and credit of the United
States of America is pledged or (ii) an obligation of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America or the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case (i)
or (ii), is not callable or redeemable at the option of the issuer thereof, and
(b) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act) as custodian with respect to any Government Obligation that
is specified in clause (a) above and held by such bank for the account of the
holder of such depositary receipt, or with respect to any specific payment of
principal of or interest on any Government Obligation that is so specified and
held, provided, that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of principal or interest evidenced
by such depositary receipt.

        “Guarantee
Agreement” means the Guarantee Agreement executed by the Company and
Deutsche Bank Trust Company Americas, as Guarantee Trustee, contemporaneously
with the execution and delivery of this Indenture, for the benefit of the
holders of the Preferred Securities, as modified, amended or supplemented from
time to time.

        “Holder”
means a Person in whose name a Security is registered in the Securities
Register.

        “Indenture”
means this instrument as originally executed or as it may from time to time be
amended or supplemented by one or more amendments or indentures supplemental
hereto entered into pursuant to the applicable provisions hereof.

        “Interest
Payment Date” means March 30th, June 30th,
September 30th and December 30th of each year, commencing
on March 30, 2004, during the term of this Indenture.

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

        “Investment
Company Event” means the receipt by the Company of an Opinion of
Counsel experienced in such matters to the effect that, as a result of the
occurrence of a change in law or regulation (including any announced prospective
change) or a written change in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory
authority, there is more than an insubstantial risk that the Trust is or, within
ninety (90) days of the date of such opinion will be, considered an
“investment company” that is required to be registered under the
Investment Company Act, which change or prospective change becomes effective or
would become effective, as the case may be, on or after the date of the issuance
of the Securities.

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        “LIBOR”
has the meaning specified in Schedule A.

        “LIBOR
Business Day” has the meaning specified in Schedule A.

        “LIBOR Determination
Date” has the meaning specified in Schedule A.

        “Maturity,” when
used with respect to any Security, means the date on which the principal of such
Security or any installment of principal becomes due and payable as therein or
herein provided, whether at the Stated Maturity or by declaration of
acceleration, call for redemption or otherwise.

        “Notice
of Default” means a written notice of the kind specified in Section
5.1(c).

        “Office
of Thrift Supervision” means the Office of Thrift Supervision, as from
time to time constituted or, if at any time after the execution of this
Indenture such Office is not existing and performing the duties now assigned to
it, then the body performing such duties at such time.

        “Officers’
Certificate” means a certificate signed by the Chairman of the Board, a
Vice Chairman of the Board, the Chief Executive Officer, President or a Vice
President, and by the Chief Financial Officer, Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary, of the Company and delivered
to the Trustee.

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

        “Original
Issue Date” means the date of original issuance of each Security.

        “Outstanding”
means, when used in reference to any Securities, as of the date of
determination, all Securities theretofore authenticated and delivered under this
Indenture, except:

	 	        (i)
Securities theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;

	 	        (ii)
Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in
trust or set aside and segregated in trust by the Company (if the Company shall act as its
own Paying Agent) for the Holders of such Securities; provided, that, if such
Securities are to be redeemed, notice of such redemption has been duly given pursuant to
this Indenture or provision therefor satisfactory to the Trustee has been made; and

	

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	 	        (iii)
Securities that have been paid, or in substitution for or in lieu of which other
Securities have been authenticated and delivered pursuant to the provisions of this
Indenture, unless proof satisfactory to the Trustee is presented that any such Securities
are held by Holders in whose hands such Securities are valid, binding and legal
obligations of the Company;

	

provided,  that, in
determining whether the Holders of the requisite principal amount of  Outstanding
Securities have given any request, demand, authorization, direction,  notice, consent or
waiver hereunder, Securities owned by the Company or any  other obligor upon the
Securities or any Affiliate of the Company or such other  obligor shall be disregarded
and deemed not to be Outstanding, except that, in  determining whether the Trustee shall
be protected in relying upon any such  request, demand, authorization, direction, notice,
consent or waiver, only  Securities that a Responsible Officer of the Trustee actually
knows to be so  owned shall be so disregarded. Securities so owned that have been pledged
in  good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to  such
Securities and that the pledgee is not the Company or any other obligor  upon the
Securities or any Affiliate of the Company or such other obligor.  Notwithstanding
anything herein to the contrary, Securities initially issued to  the Trust that are owned
by the Trust shall be deemed to be Outstanding  notwithstanding the ownership by the
Company or an Affiliate of any beneficial  interest in the Trust.

        “Paying
Agent” means the Trustee or any Person authorized by the Company to pay
the principal of or any premium or interest on, or other amounts in respect of,
any Securities on behalf of the Company.

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

        “Place
of Payment” means, with respect to the Securities, the Corporate Trust
Office of the Trustee.

        “Preferred
Securities” has the meaning specified in the first recital of this
Indenture.

        “Predecessor
Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such
particular Security. For the purposes of this definition, any security
authenticated and delivered under Section 3.6 in lieu of a mutilated,
destroyed, lost or stolen Security shall be deemed to evidence the same debt as
the mutilated, destroyed, lost or stolen Security.

        “Proceeding”
has the meaning specified in Section 12.2(b).

        “Property
Trustee” means the Person identified as the “Property
Trustee” in the Trust Agreement, solely in its capacity as Property Trustee
of the Trust under the Trust Agreement and not in its individual capacity, or
its successor in interest in such capacity, or any successor Property Trustee
appointed as therein provided.

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        “Purchaser”
means Credit Suisse First Boston, acting through its Cayman Islands branch, as
purchaser of the Preferred Securities pursuant to the Subscription Agreement.

        “Redemption
Date” means, when used with respect to any Security to be redeemed, the
date fixed for such redemption by or pursuant to this Indenture.

        “Redemption
Price” means, when used with respect to any Security to be redeemed, in
whole or in part, the price at which such security or portion thereof is to be
redeemed as fixed by or pursuant to this Indenture.

        “Reference
Banks” has the meaning specified in Schedule A.

        “Regular
Record Date” for the interest payable on any Interest Payment Date with
respect to the Securities means the date that is fifteen (15) days preceding
such Interest Payment Date (whether or not a Business Day).

        “Responsible
Officer” means, with respect to the Trustee, any Senior Vice President,
any Vice President, any Assistant Vice President, the Secretary, any Assistant
Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or
Assistant Trust Officer, or any other officer of the Corporate Trust Department
of the Trustee and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of that
officer’s knowledge of and familiarity with the particular subject.

        “Rights
Plan” means a plan of the Company providing for the issuance by the
Company to all holders of its Common Stock of rights entitling the holders
thereof to subscribe for or purchase shares of any class or series of capital
stock of the Company which rights (i) are deemed to be transferred with such
shares of such Common Stock and (ii) are also issued in respect of future
issuances of such Common Stock, in each case until the occurrence of a specified
event or events.

        “Securities”
or “Security” means any debt securities or debt security, as
the case may be, authenticated and delivered under this Indenture.

        “Securities
Act” means the Securities Act of 1933 or 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 3.5(a).

        “Senior
Debt” means the principal of and any premium and interest on (including
interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company, whether or not such claim for
post-petition interest is allowed in such proceeding) all Debt of the Company,
whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless it is provided in the instrument creating or evidencing the
same or pursuant to which the same is outstanding, that such obligations are not
superior in right of payment to the Preferred Securities; provided,
however, that if the Company is subject to the regulation and supervision of
an “appropriate Federal banking agency” within the meaning of 12
U.S.C. 1813(q), the Company shall have received the approval of such appropriate
Federal banking agency prior to issuing any such obligation; provided
further, that Senior Debt shall not include any other debt securities, and
guarantees in respect of such debt securities, issued to any trust other than
the Trust (or a trustee of such trust), partnership or other entity affiliated
with the Company that is a financing vehicle of the Company (a “financing
entity”), in connection with the issuance by such financing entity of
equity securities or other securities that are treated as equity capital for
regulatory capital purposes guaranteed by the Company pursuant to an instrument
that ranks pari passu with or junior in right of payment to the Indenture,
including, without limitation, the debt securities of the Company issued under
the Indenture, dated on or about June 24, 1997, between the Company and State
Street Bank and Trust Company, as trustee, and the debt securities of the
Company issued under each other Indenture, dated the date hereof, between the
Company and Deutsche Bank Trust Company Americas, as trustee.

8

	

        “Special
Event” means the occurrence of a Capital Disqualification Event, an
Investment Company Event or a Tax Event.

        “Special
Record Date” for the payment of any Defaulted Interest means a date
fixed by the Trustee pursuant to Section 3.1(c)(i).

        “Stated
Maturity” means December 30, 2033.

        “Subscription
Agreement” means the Preferred Securities Subscription Agreement, dated
as of December 16, 2003, by and among the Company, the Trust, the Purchaser and
Credit Suisse First Boston LLC (as to certain provisions thereof).

        “Subsidiary”
means a Person more than fifty percent (50%) of the outstanding voting stock or
other voting interests of which is owned, directly or indirectly, by the Company
or by one or more other Subsidiaries, or by the Company and one or more other
Subsidiaries. For purposes of this definition, “voting stock” means
stock that ordinarily has voting power for the election of directors, whether at
all times or only so long as no senior class of stock has such voting power by
reason of any contingency.

        “Tax
Event” means the receipt by the Company of an Opinion of Counsel
experienced in such matters to the effect that, as a result of (a) any amendment
to or change (including any announced prospective change) in the laws or any
regulations thereunder of the United States or any political subdivision or
taxing authority thereof or therein or (b) any judicial decision or any official
administrative pronouncement (including any private letter ruling, technical
advice memorandum or field service advice) or regulatory procedure, including
any notice or announcement of intent to adopt any such pronouncement or
procedure (an “Administrative Action”), regardless of whether such
judicial decision or Administrative Action is issued to or in connection with a
proceeding involving the Company or the Trust and whether or not subject to
review or appeal, which amendment, change, judicial decision or Administrative
Action is enacted, promulgated or announced, in each case, on or after the date
of issuance of the Securities, there is more than an insubstantial risk that (i)
the Trust is, or will be within ninety (90) days of the date of such opinion,
subject to United States federal income tax with respect to income received or
accrued on the Securities, (ii) interest payable by the Company on the
Securities is not, or within ninety (90) days of the date of such opinion, will
not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes, or (iii) the Trust is, or will be within ninety
(90) days of the date of such opinion, subject to more than a de minimis
amount of other taxes, duties or other governmental charges.

9

	

        “Trust”
has the meaning specified in the first recital of this Indenture.

        “Trust
Agreement” means the Amended and Restated Trust Agreement executed and
delivered by the Company, the Property Trustee, Deutsche Bank Trust Company
Delaware and the Administrative Trustees named therein, contemporaneously with
the execution and delivery of this Indenture, for the benefit of the holders of
the Trust Securities, as amended or supplemented from time to time.

        “Trustee”
means the Person named as the “Trustee” in the first paragraph
of this instrument, solely in its capacity as such and not in its individual
capacity, until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and, thereafter,
“Trustee” shall mean or include each Person who is then a
Trustee hereunder.

        “Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended and as
in effect on the date of this Indenture.

        “Trust
Securities” has the meaning specified in the first recital of this
Indenture.

        SECTION
1.2.     Compliance Certificate and Opinions.

        (a)
Upon any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company shall furnish to the Trustee
an Officers’ Certificate stating that all conditions precedent (including
covenants compliance with which constitutes a condition precedent), if any,
provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent (including covenants compliance with which
constitutes a condition precedent), if any, have been complied with, except
that, in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion need be furnished.

        (b)
Every certificate with respect to compliance with a condition or covenant
provided for in this Indenture (other than the certificate provided pursuant to
Section 10.3) shall include:

	 	        (i)
a statement by each individual signing such certificate or opinion that such individual
has read such covenant or condition and the definitions herein relating thereto;

	 	        (ii)
a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions of such individual contained in such certificate or
opinion are based;

	 	        (iii)
a statement that, in the opinion of such individual, he or she has made such examination
or investigation as is necessary to enable him or her to express an informed opinion as to
whether or not such covenant or condition has been complied with; and

	

10

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

	

        SECTION
1.3.     Forms of Documents Delivered to Trustee.

        (a)
In any case where several matters are required to be certified by, or covered by
an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

        (b)
Any certificate or opinion of an officer of the Company may be based, insofar as
it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or after reasonable
inquiry should know, that the certificate or opinion or representations with
respect to matters upon which his or her certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the
Company, unless such counsel knows, or after reasonable inquiry should know,
that the certificate or opinion or representations with respect to such matters
are erroneous.

        (c)
Where any Person is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one
instrument.

        (d)
Whenever, subsequent to the receipt by the Trustee of any Board Resolution,
Officers’ Certificate, Opinion of Counsel or other document or instrument,
a clerical, typographical or other inadvertent or unintentional error or
omission shall be discovered therein, a new document or instrument may be
substituted therefor in corrected form with the same force and effect as if
originally received in the corrected form and, irrespective of the date or dates
of the actual execution and/or delivery thereof, such substitute document or
instrument shall be deemed to have been executed and/or delivered as of the date
or dates required with respect to the document or instrument for which it is
substituted. Without limiting the generality of the foregoing, any Securities
issued under the authority of such defective document or instrument shall
nevertheless be the valid obligations of the Company entitled to the benefits of
this Indenture equally and ratably with all other Outstanding Securities.

        SECTION
1.4.     Acts of Holders.

        (a)
Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given to 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 thereof duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments (including any appointment
of an agent) is or are delivered to the Trustee, and, where it is hereby
expressly required, to the Company. 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 Indenture
and conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section 1.4.

11

	

        (b)
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 the
certificate of any 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 or her the execution thereof. Where such
execution is by a Person acting in other than his or her individual capacity,
such certificate or affidavit shall also constitute sufficient proof of his or
her authority. The fact and date of the execution by any Person of any such
instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner that the Trustee deems sufficient and in
accordance with such reasonable rules as the Trustee may determine.

        (c)
The ownership of Securities shall be proved by the Securities Register.

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

        (e)
Without limiting the foregoing, a Holder entitled to take any action hereunder
with regard to any particular Security may do so with regard to all or any part
of the principal amount of such 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 principal amount.

        (f)
Except as set forth in paragraph (g) of this Section 1.4, the Company may
set any day as a record date for the purpose of determining the Holders of
Outstanding Securities entitled to give, make or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or
permitted by this Indenture to be given, made or taken by Holders of Securities.
If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities on such record date, and no other Holders, shall be entitled to take
the relevant action, whether or not such Holders remain Holders after such
record date; provided, that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date (as defined below) by
Holders of the requisite principal amount of Outstanding Securities on such
record date. Nothing in this paragraph shall be construed to prevent the Company
from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date
previously set shall automatically and with no action by any Person be canceled
and of no effect). Promptly after any record date is set pursuant to this
paragraph, the Company, at its own expense, shall cause notice of such record
date, the proposed action by Holders and the applicable Expiration Date to be
given to the Trustee in writing and to each Holder of Securities in the manner
set forth in Section 1.6.

        (g)
The Trustee may set any day as a record date for the purpose of determining the
Holders of Outstanding Securities entitled to join in the giving or making of
(i) any Notice of Default, (ii) any declaration of acceleration or rescission or
annulment thereof referred to in Section 5.2, (iii) any request to
institute proceedings referred to in Section 5.7(b) or (iv) any direction
referred to in Section 5.12. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request or
direction, whether or not such Holders remain Holders after such record date;
provided, that no such action shall be effective hereunder unless taken
on or prior to the applicable Expiration Date by Holders of the requisite
principal amount of Outstanding Securities on such record date. Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be canceled and of no effect). Promptly after any
record date is set pursuant to this paragraph, the Trustee, at the
Company’s expense, shall cause notice of such record date, the proposed
action by Holders and the applicable Expiration Date to be given to the Company
in writing and to each Holder of Securities in the manner set forth in
Section 1.6. 

12

	

        (h)
With respect to any record date set pursuant to paragraph (f) or (g) of this
Section 1.4, the party hereto that sets such record date may designate
any day as the “Expiration Date” and from time to time may
change the Expiration Date to any earlier or later day; provided, that no
such change shall be effective unless notice of the proposed new Expiration Date
is given to the other party hereto in writing, and to each Holder of Securities
in the manner set forth in Section 1.6, on or prior to the existing
Expiration Date. If an Expiration Date is not designated with respect to any
record date set pursuant to this Section 1.4, the party hereto that set
such record date shall be deemed to have initially designated the ninetieth
(90th) day after such record date as the Expiration Date with respect
thereto, subject to its right to change the Expiration Date as provided in this
paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than
the one hundred and eightieth (180th) day after the applicable record
date.

        SECTION
1.5.     Notices, Etc. to Trustee and Company.

        Any
request, demand, authorization, direction, notice, consent, waiver, Act of
Holders, or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with:

        (a)
the Trustee by any Holder, any holder of Preferred Securities or the Company
shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Trustee at its Corporate Trust Office, or

        (b)
the Company by the Trustee, any Holder or any holder of Preferred Securities
shall be sufficient for every purpose hereunder if in writing and mailed, first
class, postage prepaid, to the Company addressed to it at P.O. Box 7009, Pine
Bluff, Arkansas 71611, Attn: Chief Financial Officer, or at any other address
previously furnished in writing to the Trustee by the Company.

13

	

        SECTION
1.6.     Notice to Holders; Waiver.

        Where
this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first class, postage prepaid, to each Holder affected by such event
to the address of such Holder as it appears in the Securities Register, not
later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. If, by reason of the suspension of or
irregularities in regular mail service or for any other reason, it shall be
impossible or impracticable to mail notice of any event to Holders when said
notice is required to be given pursuant to any provision of this Indenture, then
any manner of giving such notice as shall be satisfactory to the Trustee shall
be deemed to be a sufficient giving of such notice. In any case where notice to
Holders is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders. Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.

        SECTION
1.7.     Effect of Headings and Table of Contents.

        The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction of this Indenture.

        SECTION
1.8.     Successors and Assigns.

        This
Indenture shall be binding upon and shall inure to the benefit of any successor
to the Company and the Trustee, including any successor by operation of law.
Except in connection with a transaction involving the Company that is permitted
under Article VIII and pursuant to which the assignee agrees in writing
to perform the Company’s obligations hereunder, the Company shall not
assign its obligations hereunder.

        SECTION
1.9.     Separability Clause.

        If
any provision in this Indenture or in the Securities 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, and there shall
be deemed substituted for the provision at issue a valid, legal and enforceable
provision as similar as possible to the provision at issue.

        SECTION
1.10.     Benefits of Indenture.

        Nothing
in this Indenture or in the Securities, express or implied, shall give to any
Person, other than the parties hereto and their successors and assigns, the
holders of Senior Debt, the Holders of the Securities and, to the extent
expressly provided in Sections 5.2, 5.8, 5.9, 5.11,
5.13, 9.2 and 10.7, the holders of Preferred Securities,
any benefit or any legal or equitable right, remedy or claim under this
Indenture.

14

	

        SECTION
1.11.     Governing Law.

        This
Indenture and the rights and obligations of each of the Holders, the Company and
the Trustee shall be construed and enforced in accordance with and governed by
the laws of the State of New York without reference to its conflict of laws
provisions (other than Section 5-1401 of the General Obligations Law).

        SECTION
1.12.     Submission to Jurisdiction.

        ANY
LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR
ARISING OUT OF THIS INDENTURE MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF THE
STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF
AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE
BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS INDENTURE, EACH PARTY
ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS (AND
COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS INDENTURE.

        SECTION
1.13.     Non-Business Days.

        If
any Interest Payment Date, Redemption Date or Stated Maturity of any Security
shall not be a Business Day, then (notwithstanding any other provision of this
Indenture or the Securities) payment of interest, premium or principal or other
amounts in respect of such Security shall not be made on such date, but shall be
made on the next succeeding Business Day (and no interest shall accrue in
respect of the amounts whose payment is so delayed for the period from and after
such Interest Payment Date, Redemption Date or Stated Maturity, as the case may
be, until such next succeeding Business Day) except that, if such Business Day
falls in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on the Interest Payment Date or Redemption Date or at the Stated
Maturity.

ARTICLE II

Security
Forms

        SECTION
2.1.     Form of Security.

Any
Security issued hereunder shall be in substantially the following form:

SIMMONS FIRST
NATIONAL CORPORATION

Floating Rate
Junior Subordinated Note due 2033

	No. _____________	$__________

	

15

	

        Simmons
First National Corporation, a corporation organized and existing under the laws
of Arkansas (hereinafter called the “Company,” which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to _______________, or registered
assigns, the principal sum of $__________ Dollars [if the Security is a
Global Security, then insert— or such other principal amount
represented hereby as may be set forth in the records of the Securities
Registrar hereinafter referred to in accordance with the Indenture] on December
30, 2033. The Company further promises to pay interest on said principal sum
from December 16, 2003, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, quarterly (subject to deferral as
set forth herein) in arrears on March 30th, June 30th, September
30th and December 30th of each year, commencing on March
30, 2004, or if any such day is not a Business Day, on the next succeeding
Business Day (and no interest shall accrue in respect of the amounts whose
payment is so delayed for the period from and after such Interest Payment Date
until such next succeeding Business Day), except that, if such Business Day
falls in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case, with the same force and effect
as if made on the Interest Payment Date, at a variable rate per annum, reset
quarterly, equal to LIBOR plus 2.80%, together with Additional Tax Sums, if any,
as provided in Section 10.5 of the Indenture, until the principal hereof
is paid or duly provided for or made available for payment; provided,
that any overdue principal, premium or Additional Tax Sums and any overdue
installment of interest shall bear Additional Interest (to the extent that the
payment of such interest shall be legally enforceable) at a variable rate per
annum, reset quarterly, equal to LIBOR plus 2.80%, compounded quarterly, from
the dates such amounts are due until they are paid or made available for
payment, and such interest shall be payable on demand.

        The
amount of interest payable shall be computed on the basis of a 360-day year and
the actual number of days elapsed in the relevant interest period. The amount of
interest payable for any full interest period shall be computed by dividing the
applicable rate per annum by four. The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date shall, 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. Any such interest 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
not less than ten (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 on which the Securities may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the
Indenture.

        So
long as no Event of Default has occurred and is continuing, the Company shall
have the right, at any time and from time to time during the term of this
Security, to defer the payment of interest on this Security for a period of up
to twenty (20) consecutive quarterly interest payment periods (each such period,
an “Extension Period”), during which Extension Period(s), no
interest shall be due and payable (except any Additional Tax Sums that may be
due and payable). No Extension Period shall end on a date other than an Interest
Payment Date, and no Extension Period shall extend beyond the Stated Maturity of
the principal of this Security. No interest shall be due and payable during an
Extension Period (except any Additional Tax Sums that may be due and payable),
except at the end thereof, but each installment of interest that would otherwise
have been due and payable during such Extension Period shall bear Additional
Interest (to the extent payment of such interest would be legally enforceable)
at a variable rate per annum, reset quarterly, equal to LIBOR plus 2.80%,
compounded quarterly, from the dates on which amounts would have otherwise been
due and payable until paid or made available for payment. At the end of any such
Extension Period, the Company shall pay all interest then accrued and unpaid on
this Security, together with such Additional Interest. Prior to the termination
of any such Extension Period, the Company may further defer the payment of
interest; provided, that (i) all such previous and further extensions
comprising such Extension Period do not exceed twenty (20) quarterly interest
payment periods, (ii) no Extension Period shall end on a date other than an
Interest Payment Date and (iii) no Extension Period shall extend beyond the
Stated Maturity of the principal of this Security. Upon the termination of any
such Extension Period and upon the payment of all accrued and unpaid interest
and any Additional Interest then due on any Interest Payment Date, the Company
may elect to begin a new Extension Period; provided, that (i) such
Extension Period does not exceed twenty (20) quarterly interest payment periods,
(ii) no Extension Period shall end on a date other than an Interest Payment Date
and (iii) no Extension Period shall extend beyond the Stated Maturity of the
principal of this Security. The Company shall give the Holder of this Security
and the Trustee written notice of its election to begin any such Extension
Period at least one Business Day prior to the next succeeding Interest Payment
Date on which interest on this Security would be payable but for such deferral
or, so long as this Security is held by the Trust, at least one Business Day
prior to the earlier of (i) the next succeeding date on which Distributions on
the Preferred Securities of Simmons First Capital Trust II would be payable but
for such deferral and (ii) the date on which the Property Trustee of such Trust
is required to give notice to any securities exchange or other applicable
self-regulatory organization or to holders of such Preferred Securities of the
record date for the payment of such Distributions.

16

	

        During
any such Extension Period, the Company shall not (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 or
(ii) make any payment of principal of or any interest or premium on or repay,
repurchase or redeem any debt securities of the Company that rank pari
passu in all respects with or junior in interest to this Security (other
than, with respect to clauses (i) and (ii) above, (a) repurchases, redemptions
or other acquisitions of shares of capital stock of the Company in connection
with (1) any employment contract, benefit plan or other similar arrangement with
or for the benefit of any one or more employees, officers, directors or
consultants, (2) a dividend reinvestment or stockholder stock purchase plan or
(3) the issuance of capital stock of the Company (or securities convertible into
or exercisable for such capital stock) as consideration in an acquisition
transaction entered into prior to the applicable Extension Period, (b) as a
result of an exchange or conversion of any class or series of the Company’s
capital stock (or any capital stock of a Subsidiary of the Company) for any
class or series of the Company’s capital stock or of any class or series of
the Company’s indebtedness for any class or series of the Company’s
capital stock, (c) the purchase of fractional interests in shares of the
Company’s capital stock pursuant to the conversion or exchange provisions
of such capital stock or the security being converted or exchanged, (d) any
declaration of a dividend in connection with any Rights Plan, the issuance of
rights, stock or other property under any Rights Plan, or the redemption or
repurchase of rights pursuant thereto or (e) any dividend in the form of stock,
warrants, options or other rights where the dividend stock or the stock issuable
upon exercise of such warrants, options or other rights is the same stock as
that on which the dividend is being paid or ranks pari passu with or
junior to such stock).

17

	

        Payment
of principal of, premium, if any, and interest on this Security shall be made 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. Payments of principal,
premium, if any, and interest due at the Maturity of this Security shall be made
at the Place of Payment upon surrender of such Securities to the Paying Agent,
and payments of interest shall be made, subject to such surrender where
applicable, by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing to the Paying
Agent at least ten (10) Business Days prior to the date for payment by the
Person entitled thereto unless proper written transfer instructions have not
been received by the relevant record date, in which case such payments shall be
made by check mailed to the address of such Person as such address shall appear
in the Security Register. Notwithstanding the foregoing, so long as the holder
of this Security is the Property Trustee, the payment of the principal of (and
premium, if any) and interest (including any overdue installment of interest and
Additional Tax Sums, if any) on this Security will be made at such place and to
such account as may be designated by the Property Trustee.

        The
indebtedness evidenced by this Security is, to the extent provided in the
Indenture, subordinate and junior 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 or her behalf to take such actions as
may be necessary or appropriate to effectuate the subordination so provided and
(c) appoints the Trustee his or her attorney-in-fact for any and all such
purposes. Each Holder hereof, by his or her 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.

        Unless
the certificate of authentication hereon has been executed by the Trustee by
manual signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

        This
Security is one of a duly authorized issue of securities of the Company (the
“Securities”) issued under the Junior Subordinated Indenture,
dated as of December 16, 2003 (the “Indenture”), between the
Company and Deutsche Bank Trust Company Americas, as Trustee (in such capacity,
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 Company, the Trustee, the
holders of Senior Debt and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered.

        All
terms used in this Security that are defined in the Indenture or in the Amended
and Restated Trust Agreement, dated as of December 16, 2003 (as modified,
amended or supplemented from time to time, the “Trust
Agreement”), relating to Simmons First Capital Trust II (the
“Trust”), among the Company, as Depositor, the Trustees named
therein and the Holders from time to time of the Trust Securities issued
pursuant thereto, shall have the meanings assigned to them in the Indenture or
the Trust Agreement, as the case may be.

18

	

        The
Company may, on any Interest Payment Date, at its option, upon not less than
thirty (30) days’ nor more than sixty (60) days’ written notice to the
Holders of the Securities (unless a shorter notice period shall be satisfactory
to the Trustee) on or after December 30, 2008, and subject to the terms and
conditions of Article XI of the Indenture, redeem this Security in whole
at any time or in part from time to time at a Redemption Price equal to one
hundred percent (100%) of the principal amount hereof, together, in the case of
any such redemption, with accrued interest, including any Additional Interest,
to but excluding the date fixed for redemption; provided, that the Company shall
have received the prior approval of the Federal Reserve if then required.

        In
addition, upon the occurrence and during the continuation of a Special Event,
the Company may, at its option, upon not less than thirty (30) days’ nor
more than sixty (60) days’ written notice to the Holders of the Securities
(unless a shorter notice period shall be satisfactory to the Trustee), redeem
this Security, in whole but not in part, subject to the terms and conditions of
Article XI of the Indenture at a Redemption Price equal to one hundred
percent (100%) of the principal amount hereof, together, in the case of any such
redemption, with accrued interest, including any Additional Interest, to but
excluding the date fixed for redemption; provided, that the Company shall
have received the prior approval of the Federal Reserve if then required.

        In
the event of redemption of this Security in part only, a new Security or
Securities for the unredeemed portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof. If less than all the Securities are
to be redeemed, the particular Securities to be redeemed shall be selected not
more than sixty (60) days prior to the Redemption Date by the Trustee from the
Outstanding Securities not previously called for redemption, by such method as
the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of a portion of the principal amount of any Security.

        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, with the consent of the Holders of not
less than a majority in principal amount of the Outstanding Securities. The
Indenture also contains provisions permitting Holders of specified percentages
in principal amount of the Securities, on behalf of the Holders of all
Securities, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security 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
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

        No
reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest,
including any Additional Interest, on this Security at the times, place and
rate, and in the coin or currency, herein prescribed.

19

	

        As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the Securities Register, upon
surrender of this Security for registration of transfer at the office or agency
of the Company maintained for such purpose, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the
Securities Registrar and duly executed by, the Holder hereof or such
Holder’s attorney duly authorized in writing, and thereupon one or more new
Securities, of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

        The
Securities are issuable only in registered form without coupons in minimum
denominations of $100,000 and any integral multiple of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set
forth, Securities are exchangeable for a like aggregate principal amount of
Securities and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same.

        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.

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

        This
Security shall be construed and enforced in accordance with and governed by the
laws of the State of New York, without reference to its conflict of laws
provisions (other than Section 5-1401 of the General Obligations Law).

        IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

			SIMMONS FIRST NATIONAL CORPORATION

By:

        ——————————————

Name:

Title:

	

20

	

        SECTION
2.2.     Restricted Legend.

        (a)
Any Security issued hereunder shall bear a legend in substantially the following
form:

	 	“[IF
THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS SECURITY IS A GLOBAL  SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS  REGISTERED IN THE NAME OF
THE DEPOSITORY TRUST COMPANY (“DTC”) OR A  NOMINEE OF DTC. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE  NAME OF A PERSON OTHER THAN DTC OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES  DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS SECURITY (OTHER THAN A  TRANSFER OF THIS SECURITY AS A WHOLE BY DTC TO A NOMINEE OF
DTC OR BY A NOMINEE  OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN
LIMITED  CIRCUMSTANCES.

	 	UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER  OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY  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 HEREON 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 ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER  HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

	 	THE
SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A  TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS  AMENDED (THE “SECURITIES
ACT”), AND SUCH SECURITIES, AND ANY INTEREST  THEREIN, MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF  SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF ANY  SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE
SECURITIES MAY BE RELYING  ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED  BY RULE 144A UNDER THE SECURITIES ACT.

	 	THE
HOLDER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT  OF THE
COMPANY THAT (A) SUCH SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE  TRANSFERRED ONLY
(I) TO THE COMPANY, (II) TO A PERSON WHOM THE SELLER REASONABLY  BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A  UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE  144A, (III) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE  MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501
UNDER THE  SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT  WITH A
VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN  VIOLATION OF THE
SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION  STATEMENT UNDER THE
SECURITIES ACT OR (V) PURSUANT TO AN EXEMPTION FROM THE  SECURITIES ACT, IN EACH CASE IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS  OF ANY STATE OF THE UNITED STATES OR ANY
OTHER APPLICABLE JURISDICTION AND, IN  THE CASE OF (III) OR (V), SUBJECT TO THE RIGHT OF
THE COMPANY TO REQUIRE AN  OPINION OF COUNSEL AND OTHER INFORMATION SATISFACTORY TO IT
AND (B) THE HOLDER  WILL NOTIFY ANY PURCHASER OF ANY SECURITIES FROM IT OF THE RESALE
RESTRICTIONS  REFERRED TO IN (A) ABOVE.

	

21

	 	THE
SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN  AGGREGATE
PRINCIPAL AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT  PERMITTED BY LAW, ANY
ATTEMPTED TRANSFER OF SECURITIES, OR ANY INTEREST THEREIN,  IN A BLOCK HAVING AN
AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000 AND  MULTIPLES OF $1,000 IN EXCESS
THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL  EFFECT WHATSOEVER. TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED  TRANSFEREE SHALL BE DEEMED NOT TO BE THE
HOLDER OF SUCH SECURITIES FOR ANY  PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
PRINCIPAL OF OR INTEREST  ON SUCH SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED
TRANSFEREE SHALL  BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH SECURITIES.

	 	THE
HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR  THEREOF
ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT,  INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT 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”),  OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
ASSETS” BY REASON  OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON
INVESTING “PLAN  ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY
INTEREST  THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF
AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION  96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS  PURCHASE AND HOLDING
OF THIS SECURITY, OR ANY INTEREST THEREIN, IS NOT  PROHIBITED BY SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE WITH RESPECT TO  SUCH PURCHASE OR HOLDING. ANY PURCHASER OR
HOLDER OF THE SECURITIES OR ANY  INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY
ITS PURCHASE AND HOLDING  THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN
WITHIN THE MEANING OF  SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE
IS  APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT  PLAN
OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE  BENEFIT PLAN OR
PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT  RESULT IN A PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF  THE CODE FOR WHICH THERE IS NO
APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

	

22

	 	THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY  AGENCY OR
FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE  CORPORATION (THE
“FDIC”).”

	

        (b)
The above legend shall not be removed from any Security unless there is
delivered to the Company satisfactory evidence, which may include an opinion of
counsel, as may be reasonably required to ensure that any future transfers
thereof may be made without restriction under the provisions of the Securities
Act and other applicable law. Upon provision of such satisfactory evidence, the
Company shall execute and deliver to the Trustee, and the Trustee shall deliver,
at the written direction of the Company, a Security that does not bear the
legend.

        SECTION
2.3.     Form of Trustee’s Certificate of Authentication.

        The
Trustee’s certificates of authentication shall be in substantially the
following form:

        This
is one of the Securities designated therein referred to in the within-mentioned
Indenture.

Dated:

			DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

By:

        ——————————————

                     Authorized officer

	

        SECTION
2.4.     Temporary Securities.

        (a)
Pending the preparation of definitive Securities, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary
Securities that are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any denomination, substantially of the tenor of the
definitive Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as evidenced by their execution of such
Securities.

23

	

        (b)
If temporary Securities are issued, the Company will cause definitive Securities
to be prepared without unreasonable delay. After the preparation of definitive
Securities, the temporary Securities shall be exchangeable for definitive
Securities upon surrender of the temporary Securities at the office or agency of
the Company designated for that purpose without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities, the Company
shall execute and the Trustee shall authenticate and deliver in exchange
therefor one or more definitive Securities of any authorized denominations
having the same Original Issue Date and Stated Maturity and having the same
terms as such temporary Securities. Until so exchanged, the temporary Securities
shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities.

        SECTION
2.5.     Definitive Securities.

        The
Securities issued on the Original Issue Date shall be in definitive form. The
definitive Securities shall be printed, lithographed or engraved, or produced by
any combination of these methods, if required by any securities exchange on
which the Securities may be listed, on a steel engraved border or steel engraved
borders or may be produced in any other manner permitted by the rules of any
securities exchange on which the Securities may be listed, all as determined by
the officers executing such Securities, as evidenced by their execution of such
Securities.

ARTICLE
III

The
Securities

        SECTION
3.1.     Payment of Principal and Interest.

        (a)
The unpaid principal amount of the Securities shall bear interest at a variable
rate per annum, reset quarterly, equal to LIBOR plus 2.80% until paid or duly
provided for, such interest to accrue from the Original Issue Date or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, and any overdue principal, premium or Additional Tax Sums and any
overdue installment of interest shall bear Additional Interest (to the extent
payment of such interest would be legally enforceable) at a variable rate per
annum, reset quarterly, equal to LIBOR plus 2.80% from the dates such amounts
are due until they are paid or funds for the payment thereof are made available
for payment.

        (b)
Interest and Additional Interest on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest, except that interest and any Additional Interest payable on
the Stated Maturity (or any date of principal repayment upon early maturity) of
the principal of a Security or on a Redemption Date shall be paid to the Person
to whom principal is paid. The initial payment of interest on any Security that
is issued between a Regular Record Date and the related Interest Payment Date
shall be payable as provided in such Security.

        (c)
Any interest on any Security that is due and payable, but is not timely paid or
duly provided for, on any Interest Payment Date for Securities (herein called
“Defaulted Interest”) shall forthwith cease to be payable to
the registered Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its
election in each case, as provided in paragraph (i) or (ii) below:

24

	 	        (i)
The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Securities (or their respective Predecessor Securities) are registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest (a
“Special Record Date”), which shall be fixed in the following manner. At
least thirty (30) days prior to the date of the proposed payment, the Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest. Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest, which shall be not more than fifteen (15) days and not less than ten
(10) days prior to the date of the proposed payment and not less than ten (10) days after
the receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first class, postage prepaid,
to each Holder of a Security at the address of such Holder as it appears in the Securities
Register not less than ten (10) days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having
been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the
Securities (or their respective Predecessor Securities) are registered on such Special
Record Date; or

	 	        (ii)
The Company may make payment of any Defaulted Interest in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities may
be listed and, upon such notice as may be required by such exchange (or by the Trustee if
the Securities are not listed), if, after notice given by the Company to the Trustee of
the proposed payment pursuant to this clause, such payment shall be deemed practicable by
the Trustee.

	

        (d)
Payments of interest on the Securities shall include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for the
Securities shall be computed and paid on the basis of a 360-day year and the
actual number of days elapsed in the relevant interest period.

        (e)
Payment of principal of, premium, if any, and interest on the Securities shall
be made 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. Payments of
principal, premium, if any, and interest due at the Maturity of such Securities
shall be made at the Place of Payment upon surrender of such Securities to the
Paying Agent and payments of interest shall be made subject to such surrender
where applicable, by wire transfer at such place and to such account at a
banking institution in the United States as may be designated in writing to the
Paying Agent at least ten (10) Business Days prior to the date for payment by
the Person entitled thereto unless proper written transfer instructions have not
been received by the relevant record date, in which case such payments shall be
made by check mailed to the address of such Person as such address shall appear
in the Security Register. Notwithstanding the foregoing, so long as the holder
of the Security is the Property Trustee, the payment of the principal of (and
premium if any) and interest (including any overdue installment of interest and
Additional Tax Sums, if any) on the Security will be made at such place and to
such account as may be designated by the Property Trustee.

25

	

        (f)
Subject to the foregoing provisions of this Section 3.1, each Security
delivered under this Indenture upon transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to
accrue, that were carried by such other Security.

        SECTION
3.2.     Denominations.

        The
Securities shall be in registered form without coupons and shall be issuable in
minimum denominations of $100,000 and any integral multiple of $1,000 in excess
thereof.

        SECTION
3.3.     Execution, Authentication, Delivery and Dating.

        (a)
At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities in an aggregate principal amount
(including all then Outstanding Securities) not in excess of $10,310,000
executed by the Company to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Securities, and the
Trustee in accordance with the Company Order shall authenticate and deliver such
Securities. In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and shall be fully protected in relying
upon:

	 	        (i)
a copy of any Board Resolution relating thereto; and

	 	        (ii)
an Opinion of Counsel stating that such Securities, when authenticated and delivered by
the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding
obligations of the Company, 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.

	

        (b)
The Securities shall be executed on behalf of the Company by its Chairman of the
Board, its Vice Chairman of the Board, its Chief Executive Officer, its
President or one of its Vice Presidents, its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Securities may be
manual or facsimile. Securities bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

26

	

        (c)
No Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by the manual signature of one of its authorized officers, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder. Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as
provided in Section 3.8, for all purposes of this Indenture such Security
shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture.

        (d)
Each Security shall be dated the date of its authentication.

        SECTION
3.4.     Global Securities.

        (a) Upon
the election of the Holder after the Original Issue Date, which election need
not be in writing, the Securities owned by such Holder shall be issued in the
form of one or more Global Securities registered in the name of the Depositary
or its nominee. Each Global Security issued under this Indenture shall be
registered in the name of the Depositary designated by the Company for such
Global Security or a nominee thereof and delivered to such Depositary or a
nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.

        (b)
Notwithstanding any other provision in this Indenture, no Global Security may be
exchanged in whole or in part for Securities registered, and no transfer of a
Global Security in whole or in part may be registered, in the name of any Person
other than the Depositary for such Global Security or a nominee thereof unless
(i) such Depositary advises the Trustee and the Company in writing that such
Depositary is no longer willing or able to properly discharge its
responsibilities as Depositary with respect to such Global Security, and no
qualified successor is appointed by the Company within ninety (90) days of
receipt by the Company of such notice, (ii) such Depositary ceases to be a
clearing agency registered under the Exchange Act and no successor is appointed
by the Company within ninety (90) days after obtaining knowledge of such event,
(iii) the Company executes and delivers to the Trustee a Company Order stating
that the Company elects to terminate the book-entry system through the
Depositary or (iv) an Event of Default shall have occurred and be continuing.
Upon the occurrence of any event specified in clause (i), (ii), (iii) or (iv)
above, the Trustee shall notify the Depositary and instruct the Depositary to
notify all owners of beneficial interests in such Global Security of the
occurrence of such event and of the availability of Securities to such owners of
beneficial interests requesting the same. Upon the issuance of such Securities
and the registration in the Securities Register of such Securities in the names
of the Holders of the beneficial interests therein, the Trustees shall recognize
such holders of beneficial interests as Holders.

        (c)
If any Global Security is to be exchanged for other Securities or canceled in
part, or if another Security is to be exchanged in whole or in part for a
beneficial interest in any Global Security, then either (i) such Global Security
shall be so surrendered for exchange or cancellation as provided in this
Article III or (ii) the principal amount thereof shall be reduced or
increased by an amount equal to the portion thereof to be so exchanged or
canceled, or equal to the principal amount of such other Security to be so
exchanged for a beneficial interest therein, as the case may be, by means of an
appropriate adjustment made on the records of the Securities Registrar,
whereupon the Trustee, in accordance with the Applicable Depository Procedures,
shall instruct the Depositary or its authorized representative to make a
corresponding adjustment to its records. Upon any such surrender or adjustment
of a Global Security by the Depositary, accompanied by registration
instructions, the Company shall execute and the Trustee shall authenticate and
deliver any Securities issuable in exchange for such Global Security (or any
portion thereof) in accordance with the instructions of the Depositary. The
Trustee shall not be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be fully protected in relying on, such
instructions.

27

	

        (d)
Every Security authenticated and delivered upon registration of transfer of, or
in exchange for or in lieu of, a Global Security or any portion thereof shall be
authenticated and delivered in the form of, and shall be, a Global Security,
unless such Security is registered in the name of a Person other than the
Depositary for such Global Security or a nominee thereof.

        (e)
Securities distributed to holders of Book-Entry Preferred Securities (as defined
in the applicable Trust Agreement) upon the dissolution of the Trust shall be
distributed in the form of one or more Global Securities registered in the name
of a Depositary or its nominee, and deposited with the Securities Registrar, as
custodian for such Depositary, or with such Depositary, for credit by the
Depositary to the respective accounts of the beneficial owners of the Securities
represented thereby (or such other accounts as they may direct). Securities
distributed to holders of Preferred Securities other than Book-Entry Preferred
Securities upon the dissolution of the Trust shall not be issued in the form of
a Global Security or any other form intended to facilitate book-entry trading in
beneficial interests in such Securities.

        (f)
The Depositary or its nominee, as the registered owner of a Global Security,
shall be the Holder of such Global Security for all purposes under this
Indenture and the Securities, and owners of beneficial interests in a Global
Security shall hold such interests pursuant to the Applicable Depository
Procedures. Accordingly, any such owner’s beneficial interest in a Global
Security shall be shown only on, and the transfer of such interest shall be
effected only through, records maintained by the Depositary or its nominee or
its Depositary Participants. The Securities Registrar and the Trustee shall be
entitled to deal with the Depositary for all purposes of this Indenture relating
to a Global Security (including the payment of principal and interest thereon
and the giving of instructions or directions by owners of beneficial interests
therein and the giving of notices) as the sole Holder of the Security and shall
have no obligations to the owners of beneficial interests therein. Neither the
Trustee nor the Securities Registrar shall have any liability in respect of any
transfers effected by the Depositary.

        (g)
The rights of owners of beneficial interests in a Global Security shall be
exercised only through the Depositary and shall be limited to those established
by law and agreements between such owners and the Depositary and/or its
Depositary Participants.

        (h)
No holder of any beneficial interest in any Global Security held on its behalf
by a Depositary shall have any rights under this Indenture with respect to such
Global Security, and such Depositary may be treated by the Company, the Trustee
and any agent of the Company or the Trustee as the owner of such Global Security
for all purposes whatsoever. None of the Company, the Trustee nor any agent of
the Company or the Trustee will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Security or maintaining, supervising or
reviewing any records relating to such beneficial ownership interests.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by a Depositary or
impair, as between a Depositary and such holders of beneficial interests, the
operation of customary practices governing the exercise of the rights of the
Depositary (or its nominee) as Holder of any Security.

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        SECTION
3.5.     Registration, Transfer and Exchange Generally.

        (a)
The Trustee shall cause to be kept at the Corporate Trust Office a register (the
“Securities Register”) in which the registrar and transfer
agent with respect to the Securities (the “Securities
Registrar”), subject to such reasonable regulations as it may
prescribe, shall provide for the registration of Securities and of transfers and
exchanges of Securities. The Trustee shall at all times also be the Securities
Registrar. The provisions of Article VI shall apply to the Trustee in its
role as Securities Registrar.

        (b)
Upon surrender for registration of transfer of any Security at the offices or
agencies of the Company designated for that purpose the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of any authorized
denominations of like tenor and aggregate principal amount.

        (c)
At the option of the Holder, Securities may be exchanged for other Securities of
any authorized denominations, of like tenor and aggregate principal amount, upon
surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and deliver, the Securities that the Holder
making the exchange is entitled to receive.

        (d)
All Securities issued upon any transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such
transfer or exchange.

        (e)
Every Security presented or surrendered for transfer or exchange shall (if so
required by the Company or the Trustee) be duly endorsed, or be accompanied by a
written instrument of transfer in form satisfactory to the Company and the
Securities Registrar, duly executed by the Holder thereof or such Holder’s
attorney duly authorized in writing.

        (f)
No service charge shall be made to a Holder for any transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
transfer or exchange of Securities.

        (g)
Neither the Company nor the Trustee shall be required pursuant to the provisions
of this Section 3.5 to issue, register the transfer of or exchange any
Security during a period beginning at the opening of business fifteen (15) days
before the day of selection for redemption of Securities pursuant to Article
XI and ending at the close of business on the day of mailing of the notice
of redemption or (ii) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except, in the case of any such
Security to be redeemed in part, any portion thereof not to be redeemed.

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        (h)
The Company shall designate an office or offices or agency or agencies where
Securities may be surrendered for registration or transfer or exchange. The
Company initially designates the Corporate Trust Office as its office and agency
for such purposes. The Company shall give prompt written notice to the Trustee
and to the Holders of any change in the location of any such office or agency.

        SECTION
3.6.     Mutilated, Destroyed, Lost and Stolen Securities.

        (a)
If any mutilated Security is surrendered to the Trustee together with such
security or indemnity as may be required by the Company or the Trustee to save
each of them harmless, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of like tenor and
aggregate principal amount and bearing a number not contemporaneously
outstanding.

        (b)
If there shall be delivered to the Company and to the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the Company shall
execute and upon its written request the Trustee shall authenticate and deliver,
in lieu of any such destroyed, lost or stolen Security, a new Security of like
tenor and aggregate principal amount as such destroyed, lost or stolen Security,
and bearing a number not contemporaneously outstanding.

        (c)
If any such mutilated, destroyed, lost or stolen Security has become or is about
to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security.

        (d)
Upon the issuance of any new Security under this Section 3.6, the Company
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.

        (e)
Every new Security issued pursuant to this Section 3.6 in lieu of any
mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the mutilated,
destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities duly issued hereunder.

        (f)
The provisions of this Section 3.6 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities.

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        SECTION
3.7.     Persons Deemed Owners.

        The
Company, the Trustee and any agent of the Company or the Trustee shall treat the
Person in whose name any Security is registered as the owner of such Security
for the purpose of receiving payment of principal of and any interest on such
Security and for all other purposes whatsoever, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

        SECTION
3.8.     Cancellation.

        All
Securities surrendered for payment, redemption, transfer or exchange shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee,
and any such Securities and Securities surrendered directly to the Trustee for
any such purpose shall be promptly canceled by it. The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder that the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly canceled by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section 3.8, except as expressly
permitted by this Indenture. All canceled Securities shall be disposed of by the
Trustee in accordance with its customary practices and the Trustee shall deliver
to the Company a certificate of such disposition.

        SECTION
3.9.     Deferrals of Interest Payment Dates.

        (a)
So long as no Event of Default has occurred and is continuing, the Company shall
have the right, at any time and from time to time during the term of the
Security, to defer the payment of interest on the Securities for a period of up
to twenty (20) consecutive quarterly interest payment periods (each such period,
an “Extension Period”), during which Extension Period(s), the
Company shall have the right to make no payments or partial payments of interest
(including Additional Interest) on any Interest Payment Date (except any
Additional Tax Sums that otherwise may be due and payable). No Extension Period
shall end on a date other than an Interest Payment Date and no Extension Period
shall extend beyond the Stated Maturity of the principal of the Securities. No
interest shall be due and payable during an Extension Period, except at the end
thereof, but each installment of interest that would otherwise have been due and
payable during such Extension Period shall bear Additional Interest (to the
extent payment of such interest would be legally enforceable) at a variable rate
per annum, reset quarterly, equal to LIBOR plus 2.80%, compounded quarterly,
from the dates on which amounts would have otherwise been due and payable until
paid or until funds for the payment thereof have been made available for
payment. At the end of any such Extension Period, the Company shall pay all
interest then accrued and unpaid on the Securities together with such Additional
Interest. Prior to the termination of any such Extension Period, the Company may
extend such Extension Period and further defer the payment of interest;
provided, that (i) all such previous and further extensions comprising
such Extension Period do not exceed twenty (20) quarterly interest payment
periods, (ii) no Extension Period shall end on a date other than an Interest
Payment Date and (iii) no Extension Period shall extend beyond the Stated
Maturity of the principal of the Securities. Upon the termination of any such
Extension Period and upon the payment of all accrued and unpaid interest and any
Additional Interest then due on any Interest Payment Date, the Company may elect
to begin a new Extension Period; provided, that (i) such Extension Period
does not exceed twenty (20) quarterly interest payment periods, (ii) no
Extension Period shall end on a date other than an Interest Payment Date and
(iii) no Extension Period shall extend beyond the Stated Maturity of the
principal of the Securities. The Company shall give the Holders of the
Securities and the Trustee written notice of its election to begin any such
Extension Period at least one Business Day prior to the next succeeding Interest
Payment Date on which interest on the Securities would be payable but for such
deferral or, so long as any Securities are held by the Trust, at least one
Business Day prior to the earlier of (i) the next succeeding date on which
Distributions on the Preferred Securities of such Trust would be payable but for
such deferral and (ii) the date on which the Property Trustee of such Trust is
required to give notice to any securities exchange or other applicable
self-regulatory organization or to holders of such Preferred Securities of the
record date for the payment of such Distributions.

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        (b)
In connection with any such Extension Period, the Company shall be subject to
the restrictions set forth in Section 10.6(a).

        SECTION
3.10.     Right of Set-Off.

        Notwithstanding
anything to the contrary herein, the Company shall have the right to set off any
payment it is otherwise required to make in respect of any Security to the
extent the Company has theretofore made, or is concurrently on the date of such
payment making, a payment under the Guarantee Agreement relating to such
Security or to a holder of Preferred Securities pursuant to an action undertaken
under Section 5.8 of this Indenture.

        SECTION
3.11.     Agreed Tax Treatment.

        Each
Security issued hereunder shall provide that the Company and, by its acceptance
or acquisition of a Security or a beneficial interest therein, the Holder of,
and any Person that acquires a direct or indirect beneficial interest in, such
Security, intend and agree to treat such Security as indebtedness of the Company
for United States Federal, state and local tax purposes and to treat the
Preferred Securities (including but not limited to all payments and proceeds
with respect to the Preferred Securities) as an undivided beneficial ownership
interest in the Securities (and payments and proceeds therefrom, respectively)
for United States Federal, state and local tax purposes. The provisions of this
Indenture shall be interpreted to further this intention and agreement of the
parties.

        SECTION
3.12.     CUSIP Numbers.

        The
Company in issuing the Securities may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use “CUSIP” numbers
in notices of redemption and other similar or related materials as a convenience
to Holders; provided, that any such notice or other materials may state
that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of redemption or other
materials and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers.

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ARTICLE IV

Satisfaction
and Discharge

        SECTION
4.1.     Satisfaction and Discharge of Indenture.

        This
Indenture shall, upon Company Request, cease to be of further effect (except as
to any surviving rights of registration of transfer or exchange of Securities
herein expressly provided for and as otherwise provided in this Section
4.1) and the Trustee, on demand of and at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when

        (a)
either

	 	        (i)
all Securities theretofore authenticated and delivered (other than (A) Securities that
have been mutilated, destroyed, lost or stolen and that have been replaced or paid as
provided in Section 3.6 and (B) Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust as provided in Section 10.2) have been
delivered to the Trustee for cancellation; or

	 	        (ii)
all such Securities not theretofore delivered to the Trustee for cancellation

	 	(A) 	have
become due and payable, or

	 	(B) 	will
become due and payable at their Stated Maturity within one year of the date of  deposit,
or

	 	(C) 	are
to be called for redemption within one year under arrangements satisfactory to the
Trustee  for the giving of notice of redemption by the Trustee in the name, and at the
expense, of  the Company,

	 	and
the Company, in the case of subclause (ii)(A), (B) or (C) above, has deposited  or caused
to be deposited with the Trustee as trust funds in trust for such  purpose (x) an amount
in the currency or currencies in which the Securities are  payable, (y) Government
Obligations which through the scheduled payment of  principal and interest in respect
thereof in accordance with their terms will  provide, not later than the due date of any
payment, money in an amount or (z) a  combination thereof, in each case sufficient, in
the opinion of a nationally  recognized firm of independent public accountants expressed
in a written  certification thereof delivered to the Trustee, to pay and discharge the
entire  indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and any premium and interest (including any  Additional
Interest) to the date of such deposit (in the case of Securities that  have become due
and payable) or to the Stated Maturity (or any date of principal  repayment upon early
maturity) or Redemption Date, as the case may be;

	

        (b)
the Company has paid or caused to be paid all other sums payable hereunder by
the Company; and

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        (c)
the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been
complied with.

        Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 6.6, the obligations of the Company to any
Authenticating Agent under Section 6.11 and, if money shall have been
deposited with the Trustee pursuant to subclause (a)(ii) of this Section
4.1, the obligations of the Trustee under Section 4.2 and Section
10.2(e) shall survive.

        SECTION
4.2.     Application of Trust Money.

        Subject
to the provisions of Section 10.2(e), all money deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by the
Trustee, in accordance with the provisions of the Securities and this Indenture,
to the payment in accordance with Section 3.1, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal and any
premium and interest (including any Additional Interest) for the payment of
which such money or obligations have been deposited with or received by the
Trustee. Moneys held by the Trustee under this Section 4.2 shall not be
subject to the claims of holders of Senior Debt under Article XII.

ARTICLE V

Remedies

        SECTION
5.1.     Events of Default.

        “Event
of Default” means, wherever used herein with respect to the Securities,
any one of the following events (whatever the reason for such Event of Default
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)
default in the payment of any interest upon any Security, including any
Additional Interest in respect thereof, when it becomes due and payable, and
continuance of such default for a period of thirty (30) days (subject to the
deferral of any due date in the case of an Extension Period); or

        (b)
default in the payment of the principal of or any premium on any Security at its
Maturity; or

        (c)
default in the performance, or breach, of any covenant or warranty of the
Company in this Indenture and continuance of such default or breach for a period
of thirty (30) days after there has been given, by registered or certified mail,
to the Company by the Trustee or to the Company and the Trustee by the Holders
of at least twenty five percent (25%) in aggregate principal amount of the
Outstanding 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

34

	

        (d)
the entry by a court having jurisdiction in the premises of a decree or order
adjudging the Company a bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, arrangement, adjustment or composition of or in
respect of the Company in an involuntary case under any applicable Federal or
state bankruptcy, insolvency, reorganization or other similar law, or appointing
a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company 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 for relief or any such other decree or order unstayed
and in effect for a period of sixty (60) consecutive days; or

        (e)
the institution by the Company of proceedings to be adjudicated a bankrupt or
insolvent, or the consent by the Company to the institution of bankruptcy or
insolvency proceedings against it, or the filing by the Company of a petition or
answer or consent seeking reorganization or relief under any applicable Federal
or state bankruptcy, insolvency, reorganization or other similar law, or the
consent by it to the filing of such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Company 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 insolvent,
or the taking of corporate action by the Company in furtherance of any such
action; or

        (f)
the Trust shall have voluntarily or involuntarily liquidated, dissolved,
wound-up its business or otherwise terminated its existence, except in
connection with (1) the distribution of the Securities to holders of the
Preferred Securities in liquidation of their interests in the Trust, (2) the
redemption of all of the outstanding Preferred Securities or (3) certain
mergers, consolidations or amalgamations, each as and to the extent permitted by
the Trust Agreement.

        SECTION
5.2.     Acceleration of Maturity; Rescission and Annulment.

        (a)
If an Event of Default occurs and is continuing, then and in every such case the
Trustee or the Holders of not less than twenty five percent (25%) in aggregate
principal amount of the Outstanding Securities may declare the principal amount
of all the Securities 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
an Event of Default, the Trustee or the Holders of not less than twenty five
percent (25%) in principal amount of the Outstanding Securities fail to declare
the principal of all the Outstanding Securities to be immediately due and
payable, the holders of at least twenty five percent (25%) in aggregate
Liquidation Amount (as defined in the Trust Agreement) of the Preferred
Securities then outstanding shall have the right to make such declaration by a
notice in writing to the Property Trustee, the Company and the Trustee; and upon
any such declaration the principal amount of and the accrued interest (including
any Additional Interest) on all the Securities shall become immediately due and
payable.

        (b)
At any time after such a declaration of acceleration with respect to Securities
has been made and before a judgment or decree for payment of the money due has
been obtained by the Trustee as hereinafter provided in this Article V,
the Holders of a majority in aggregate principal amount of the Outstanding
Securities, by written notice to the Indenture Trustee, or the Holders of a
majority in aggregate liquidation amount of the Preferred Securities, by written
notice to the Property Trustee, the Company and the Trustee, may rescind and
annul such declaration and its consequences if:

35

	 	        (i)
the Company has paid or deposited with the Trustee a sum sufficient to pay:

	 	(A) 	all
overdue installments of interest on all Securities,

	 	(B) 	any
accrued Additional Interest on all Securities,

	 	(C) 	the
principal of and any premium on any Securities that have become due otherwise than by
such declaration of acceleration and interest (including any Additional Interest) thereon
at the rate borne by the Securities, and

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

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

	

provided,  that if the
Holders of such Securities fail to annul such declaration and waive  such default, the
holders of not less than a majority in aggregate Liquidation  Amount (as defined in the
Trust Agreement) of the Preferred Securities then  outstanding shall also have the right
to rescind and annul such declaration and  its consequences by written notice to the
Property Trustee, the Company and the  Trustee, subject to the satisfaction of the
conditions set forth in paragraph  (b) of this Section 5.2. No such rescission
shall affect any subsequent  default or impair any right consequent thereon.

        SECTION
5.3.     Collection of Indebtedness and Suits for Enforcement by Trustee.

        (a)
The Company covenants that upon the occurrence of an Event of Default pursuant
to sections 5.1 (a) or 5.1 (b), the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and any premium and
interest (including any Additional Interest) and, in addition thereto, all
amounts owing the Trustee under Section 6.6.

        (b)
If the Company fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon the Securities, wherever
situated.

36

	

        (c)
If an Event of Default with respect to Securities occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the
rights of the Holders of Securities by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy.

        SECTION
5.4.     Trustee May File Proofs of Claim.

        In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or similar judicial proceeding relative to
the Company (or any other obligor upon the Securities), its property or its
creditors, the Trustee shall be entitled and empowered, by intervention in such
proceeding or otherwise, to take any and all actions authorized hereunder in
order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized 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
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to first pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts owing the Trustee, any
predecessor Trustee and other Persons under Section 6.6.

        SECTION
5.5.     Trustee May Enforce Claim Without Possession of Securities.

        All
rights of action and claims under this Indenture or the Securities may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, subject to
Article XII and after provision for the payment of all the amounts owing
the Trustee, any predecessor Trustee and other Persons under Section 6.6,
be for the ratable benefit of the Holders of the Securities in respect of which
such judgment has been recovered.

        SECTION
5.6.     Application of Money Collected.

        Any
money or property collected or to be applied by the Trustee with respect to the
Securities pursuant to this Article V shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money or property on account of principal or any premium or
interest (including any Additional Interest), upon presentation of the
Securities and the notation thereon of the payment if only partially paid and
upon surrender thereof if fully paid:

        FIRST:
To the payment of all amounts due the Trustee, any predecessor Trustee and other Persons
under  Section 6.6;

        SECOND:
To the payment of all Senior Debt of the Company if and to the extent required by Article
XII.

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        THIRD:
Subject to Article XII, to the payment of the amounts then due and unpaid
upon the Securities for principal and any premium and interest (including any
Additional Interest) in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Securities for principal and any
premium and interest (including any Additional Interest), respectively; and

        FOURTH:
The balance, if any, to the Person or Persons entitled thereto.

        SECTION
5.7.     Limitation on Suits.

        Subject
to Section 5.8, no Holder of any Securities shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture
or for the appointment of a custodian, receiver, assignee, trustee, liquidator,
sequestrator (or other similar official) or for any other remedy hereunder,
unless:

        (a)
such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities;

        (b)
the Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as
Trustee hereunder;

        (c)
such Holder or Holders have offered to the Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in compliance with such
request;

        (d)
the Trustee after its receipt of such notice, request and offer of indemnity has
failed to institute any such proceeding for sixty (60) days; and

        (e)
no direction inconsistent with such written request has been given to the
Trustee during such sixty (60)-day period by the Holders of a majority in
aggregate principal amount of the Outstanding Securities;

it  being understood and intended
that no one or more of such Holders shall have any  right in any manner whatever by
virtue of, or by availing itself of, any  provision of this Indenture to affect, disturb
or prejudice the rights of any  other Holders of Securities, or to obtain or to seek to
obtain priority or  preference over any other of such Holders or to enforce any right
under this  Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders.

        SECTION
5.8.     Unconditional Right of Holders to Receive Principal, Premium and Interest;
Direct Action by Holders of Preferred Securities.

        Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal
of and any premium on such Security at its Maturity and payment of interest
(including any Additional Interest) on such Security when due and payable and to
institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of such Holder. Any registered holder of the
Preferred Securities shall have the right, upon the occurrence of an Event of
Default described in Section 5.1(a) or Section 5.1(b), to
institute a suit directly against the Company for enforcement of payment to such
holder of principal of and any premium and 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 the Preferred
Securities held by such holder.

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        SECTION
5.9.     Restoration of Rights and Remedies.

        If
the Trustee, any Holder or any holder of Preferred Securities has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee, such Holder or such holder of Preferred
Securities, then and in every such case the Company, the Trustee, such Holders
and such holder of Preferred Securities shall, subject to any determination in
such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee, such
Holder and such holder of Preferred Securities shall continue as though no such
proceeding had been instituted.

        SECTION
5.10.     Rights and Remedies Cumulative.

        Except
as otherwise provided in Section 3.6(f), no right or remedy herein
conferred upon or reserved to the Trustee or the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

        SECTION
5.11.     Delay or Omission Not Waiver.

        No
delay or omission of the Trustee, any Holder of any Securities or any holder of
any Preferred Security to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and remedy given
by this Article V or by law to the Trustee or to the Holders and the
right and remedy given to the holders of Preferred Securities by Section
5.8 may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee, the Holders or the holders of Preferred Securities,
as the case may be.

        SECTION
5.12.     Control by Holders.

        The
Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee; provided, that:

        (a)
such direction shall not be in conflict with any rule of law or with this
Indenture,

        (b)
the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction, and

39

	

        (c)
subject to the provisions of Section 6.2, the Trustee shall have the
right to decline to follow such direction if a Responsible Officer or Officers
of the Trustee shall, in good faith, reasonably determine that the proceeding so
directed would be unjustly prejudicial to the Holders not joining in any such
direction or would involve the Trustee in personal liability.

        SECTION
5.13.     Waiver of Past Defaults.

        (a)
The Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities and the holders of a majority in aggregate Liquidation
Amount (as defined in the Trust Agreement) of the Preferred Securities may waive
any past Event of Default hereunder and its consequences except an Event of
Default:

	 	        (i)
in the payment of the principal of or any premium or interest (including any Additional
Interest) on any Security (unless such Event of Default has been cured and the Company has
paid to or deposited with the Trustee a sum sufficient to pay all installments of interest
(including any Additional Interest) due and past due and all principal of and any premium
on all Securities due otherwise than by acceleration), or

	 	        (ii)
in respect of a covenant or provision hereof that under Article IX cannot be
modified or amended without the consent of each Holder of any Outstanding Security.

	

        (b)
Any such waiver shall be deemed to be on behalf of the Holders of all the
Securities or, in the case of a waiver by holders of Preferred Securities issued
by such Trust, by all holders of Preferred Securities.

        (c)
Upon any such waiver, such Event of Default shall cease to exist and any Event
of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Event of Default or impair any right consequent thereon.

        SECTION
5.14.     Undertaking for Costs.

        All
parties to this Indenture agree, and each Holder of any Security by his or her
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees
and expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section 5.14 shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than ten percent (10%) in aggregate
principal amount of the Outstanding Securities, or to any suit instituted by any
Holder for the enforcement of the payment of the principal of or any premium on
the Security after the Stated Maturity or any interest (including any Additional
Interest) on any Security after it is due and payable.

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        SECTION
5.15.     Waiver of Usury, Stay or Extension Laws.

        The
Company covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any usury, stay or extension law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

ARTICLE VI

The
Trustee

        SECTION
6.1.     Corporate Trustee Required.

        There
shall at all times be a Trustee hereunder with respect to the Securities. The
Trustee shall be a corporation organized and doing business under the laws of
the United States or of any state thereof, authorized to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by Federal or state authority and having
an office within the United States. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of such
supervising or examining authority, then, for the purposes of this Section
6.1, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 6.1, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article VI.

        SECTION
6.2.     Certain Duties and Responsibilities.

        (a)
Except during the continuance of an Event of Default:

	 	        (i)
the Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

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

	

        (b)
If an Event of Default known to the Trustee has occurred and is continuing, the
Trustee shall, prior to the receipt of directions, if any, from the Holders of
at least a majority in aggregate principal amount of the Outstanding Securities,
exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own
affairs.

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        (c)
Notwithstanding the foregoing, no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it 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 Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 6.2. To the extent that, at law
or in equity, the Trustee has duties and liabilities relating to the Holders,
the Trustee shall not be liable to any Holder for the Trustee’s good faith
reliance on the provisions of this Indenture. The provisions of this Indenture,
to the extent that they restrict the duties and liabilities of the Trustee
otherwise existing at law or in equity, are agreed by the Company and the
Holders to replace such other duties and liabilities of the Trustee.

        (d)
No provisions of this Indenture shall be construed to relieve the Trustee from
liability with respect to matters that are within the authority of the Trustee
under this Indenture for its own negligent action, negligent failure to act or
willful misconduct, except that:

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

	 	        (ii)
the 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
aggregate principal amount of the Outstanding Securities relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee under this
Indenture; and

	 	        (iii)
the Trustee shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Company and money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required by law.

	

        SECTION
6.3.     Notice of Defaults.

        Within
ninety (90) days after the occurrence of any default actually known to the
Trustee, the Trustee shall give the Holders notice of such default unless such
default shall have been cured or waived; provided, that except in the
case of a default in the payment of the principal of or any premium or interest
on any Securities, the Trustee shall be fully protected in withholding the
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determines that withholding the notice is in the interest of holders of
Securities; and provided, that in the case of any default of the
character specified in Section 5.1(c), no such notice to Holders shall be
given until at least thirty (30) days after the occurrence thereof. For the
purpose of this Section 6.3, the term “default” means any event
which is, or after notice or lapse of time or both would become, an Event of
Default.

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        SECTION
6.4.     Certain Rights of Trustee.

        Subject
to the provisions of Section 6.2:

        (a)
the Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting in good faith and in accordance with the terms hereof
upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note 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 Indenture the Trustee is required to
decide between alternative courses of action, (ii) in construing any of the
provisions of this Indenture the Trustee finds ambiguous or inconsistent with
any other provisions contained herein or (iii) the Trustee is unsure of the
application of any provision of this Indenture, then, except as to any matter as
to which the Holders are entitled to decide under the terms of this Indenture,
the Trustee shall deliver a notice to the Company requesting the Company’s
written instruction as to the course of action to be taken and the Trustee shall
take such action, or refrain from taking such action, as the Trustee shall be
instructed in writing to take, or to refrain from taking, by the Company;
provided, that if the Trustee does not receive such instructions from the
Company within ten Business Days after it has delivered such notice or such
reasonably shorter period of time set forth in such notice the Trustee may, but
shall be under no duty to, take such action, or refrain from taking such action,
as the Trustee shall deem advisable and in the best interests of the Holders, in
which event the Trustee shall have no liability except for its own negligence,
bad faith or willful misconduct;

        (c)
any request or direction of the Company shall be sufficiently evidenced by a
Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

        (d)
the Trustee may consult with counsel (which counsel may be counsel to the
Trustee, the Company or any of its Affiliates, and may include any of its
employees) and the advice of such counsel or any Opinion of 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;

        (e)
the Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders
pursuant to this Indenture, unless such Holders shall have offered to the
Trustee security or indemnity reasonably satisfactory to it against the costs,
expenses (including reasonable attorneys’ fees and expenses) and
liabilities that might be incurred by it in compliance with such request or
direction, including reasonable advances as may be requested by the Trustee;

        (f)
the Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, indenture, note or
other paper or document, but the Trustee in its discretion may make such inquiry
or investigation into such facts or matters as it may see fit, and, if the
Trustee shall determine to make such inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally
or by agent or attorney;

43

	

        (g)
the Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents, attorneys, custodians
or nominees and the Trustee shall not be responsible for any misconduct or
negligence on the part of any such agent, attorney, custodian or nominee
appointed with due care by it hereunder;

        (h)
whenever in the administration of this Indenture the Trustee shall deem it
desirable to receive instructions with respect to enforcing any remedy or right
or taking any other action with respect to enforcing any remedy or right
hereunder, the Trustees (i) may request instructions from the Holders (which
instructions may only be given by the Holders of the same aggregate principal
amount of Outstanding Securities as would be entitled to direct the Trustee
under this Indenture in respect of such remedy, right or action), (ii) may
refrain from enforcing such remedy or right or taking such action until such
instructions are received and (iii) shall be protected in acting in accordance
with such instructions;

        (i)
except as otherwise expressly provided by this Indenture, the Trustee shall not
be under any obligation to take any action that is discretionary under the
provisions of this Indenture;

        (j)
without prejudice to any other rights available to the Trustee under applicable
law, when the Trustee incurs expenses or renders services in connection with any
bankruptcy, insolvency or other proceeding referred to in clauses (d) or (e) of
the definition of Event of Default, such expenses (including legal fees and
expenses of its agents and counsel) and the compensation for such services are
intended to constitute expenses of administration under any bankruptcy laws or
law relating to creditors rights generally;

        (k)
whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part,
conclusively rely upon an Officers’ Certificate addressing such matter,
which, upon receipt of such request, shall be promptly delivered by the Company;

        (l)
the Trustee shall not be charged with knowledge of any Event of Default unless
either (i) a Responsible Officer of the Trustee shall have actual knowledge or
(ii) the Trustee shall have received notice thereof from the Company or a
Holder; and

        (m)
in the event that the Trustee is also acting as Paying Agent, Authenticating
Agent or Securities Registrar hereunder, the rights and protections afforded to
the Trustee pursuant to this Article VI shall also be afforded such
Paying Agent, Authenticating Agent, or Securities Registrar.

        SECTION
6.5.     May Hold Securities.

        The
Trustee, any Authenticating Agent, any Paying Agent, any Securities Registrar or
any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and may otherwise deal with the
Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Securities Registrar or such other agent.

44

	

        SECTION
6.6.     Compensation; Reimbursement; Indemnity.

        (a)
The Company agrees

	 	        (i)
to pay to the Trustee from time to time reasonable compensation for all services rendered
by it hereunder in such amounts as the Company and the Trustee shall agree 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);

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

	 	        (iii)
to the fullest extent permitted by applicable law, to indemnify the Trustee and its
Affiliates, and their officers, directors, shareholders, agents, representatives and
employees for, and to hold them harmless against, any loss, damage, liability, tax (other
than income, franchise or other taxes imposed on amounts paid pursuant to (i) or (ii)
hereof), penalty, expense or claim of any kind or nature whatsoever incurred without
negligence, bad faith or willful misconduct on its part arising out of or in connection
with the acceptance or administration of this trust or the performance of the
Trustee’s duties hereunder, including the costs and expenses of defending itself
against any claim or liability in connection with the exercise or performance of any of
its powers or duties hereunder.

	

        (b)
To secure the Company’s payment obligations in this Section 6.6, the
Trustee shall have a lien prior to the Securities on all money or property held
or collected by the Trustee, other than money or property held in trust to pay
principal and interest on particular Securities. Such lien shall survive the
satisfaction and discharge of this Indenture or the resignation or removal of
the Trustee.

        (c)
The obligations of the Company under this Section 6.6 shall survive the
satisfaction and discharge of this Indenture and the earlier resignation or
removal of the Trustee.

        (d)
In no event shall the Trustee be liable for any indirect, special, punitive or
consequential loss or damage of any kind whatsoever, including, but not limited
to, lost profits, even if the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.

        (e)
In no event shall the Trustee be liable for any failure or delay in the
performance of its obligations hereunder because of circumstances beyond its
control, including, but not limited to, acts of God, flood, war (whether
declared or undeclared), terrorism, fire, riot, embargo, government action,
including any laws, ordinances, regulations, governmental action or the like
which delay, restrict or prohibit the providing of the services contemplated by
this Indenture.

45

	

        SECTION
6.7.     Resignation and Removal; Appointment of Successor.

        (a)
No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article VI shall become effective until the
acceptance of appointment by the successor Trustee under Section 6.8.

        (b)
The Trustee may resign at any time by giving written notice thereof to the
Company.

        (c)
Unless an Event of Default shall have occurred and be continuing, the Trustee
may be removed at any time by the Company by a Board Resolution. If an Event of
Default shall have occurred and be continuing, the Trustee may be removed by Act
of the Holders of a majority in aggregate principal amount of the Outstanding
Securities, delivered to the Trustee and to the Company.

        (d)
If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any reason, at a time when no
Event of Default shall have occurred and be continuing, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee, and such successor
Trustee and the retiring Trustee shall comply with the applicable requirements
of Section 6.8. If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any reason, at a time when an Event of Default shall have occurred and be
continuing, the Holders, by Act of the Holders of a majority in aggregate
principal amount of the Outstanding Securities, shall promptly appoint a
successor Trustee, and such successor Trustee and the retiring Trustee shall
comply with the applicable requirements of Section 6.8. If no successor
Trustee shall have been so appointed by the Company or the Holders and accepted
appointment within sixty (60) days after the giving of a notice of resignation
by the Trustee or the removal of the Trustee in the manner required by
Section 6.8, any Holder who has been a bona fide Holder of a Security for
at least six months may, on behalf of such Holder and all others similarly
situated, and any resigning Trustee may, at the expense of the Company, petition
any court of competent jurisdiction for the appointment of a successor Trustee.

        (e)
The Company shall give notice to all Holders in the manner provided in
Section 1.6 of each resignation and each removal of the Trustee and each
appointment of a successor Trustee. Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office.

        SECTION
6.8.     Acceptance of Appointment by Successor.

        (a)
In case of the appointment hereunder of a successor Trustee, each successor
Trustee so appointed shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and
such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on the request of the Company or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and
trusts of the retiring Trustee and shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee
hereunder.

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        (b)
Upon request of any such successor Trustee, the Company shall execute any and
all instruments for more fully and certainly vesting in and confirming to such
successor Trustee all rights, powers and trusts referred to in paragraph (a) of
this Section 6.8.

        (c)
No successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this
Article VI.

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

        Any
Person into which the 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 the Trustee shall be a party, or any Person succeeding to
all or substantially all of the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, without the execution or filing of
any paper or any further act on the part of any of the parties hereto,
provided, that such Person shall be otherwise qualified and eligible
under this Article VI. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation or as otherwise provided above in this
Section 6.9 to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated, and in case any Securities shall
not have been authenticated, any successor to the Trustee may authenticate such
Securities either in the name of any predecessor Trustee or in the name of such
successor Trustee, and in all cases the certificate of authentication shall have
the full force which it is provided anywhere in the Securities or in this
Indenture that the certificate of the Trustee shall have.

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

        The
recitals contained herein and in the Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Company,
and neither the Trustee nor any Authenticating Agent assumes any responsibility
for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities. Neither the Trustee nor
any Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof.

        SECTION
6.11.     Appointment of Authenticating Agent.

        (a)
The Trustee may appoint an Authenticating Agent or Agents with respect to the
Securities, which shall be authorized to act on behalf of the Trustee to
authenticate Securities issued upon original issue and upon exchange,
registration of transfer or partial redemption thereof or pursuant to Section
3.6, and Securities so authenticated shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business
under the laws of the United States of America, or of any State or Territory
thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or state
authority. If such Authenticating Agent publishes reports of condition at least
annually pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section 6.11 the combined
capital and surplus of such Authenticating Agent 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 an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 6.11, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section 6.11.

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        (b)
Any Person into which an Authenticating Agent 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 Authenticating Agent shall be a party,
or any Person succeeding to all or substantially all of the corporate trust
business of an Authenticating Agent shall be the successor Authenticating Agent
hereunder, provided such Person shall be otherwise eligible under this
Section 6.11, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

        (c)
An Authenticating Agent may resign at any time by giving written notice thereof
to the Trustee and to the Company. The Trustee may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.11, the Trustee may appoint a successor
Authenticating Agent eligible under the provisions of this Section 6.11,
which shall be acceptable to the Company, and shall give notice of such
appointment to all Holders. Any successor Authenticating Agent upon acceptance
of its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent.

        (d)
The Company agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section 6.11 in such
amounts as the Company and the Authenticating Agent shall agree from time to
time.

        (e)
If an appointment of an Authenticating Agent is made pursuant to this Section
6.11, the Securities may have endorsed thereon, in addition to the
Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form:

        This
is one of the Securities designated therein referred to in the within mentioned
Indenture.

Dated:

48

			[DEUTSCHE BANK TRUST COMPANY AMERICAS], not in its
individual capacity, but solely as Trustee

——————————————

Authenticating Agent

By:

        ——————————————

        Authorized Officer

	

ARTICLE VII

Holder’s
Lists and Reports by Trustee and Company

        SECTION
7.1.     Company to Furnish Trustee Names and Addresses of Holders.

        The
Company will furnish or cause to be furnished to the Trustee:

        (a) semi-annually,
on or before June 30 and December 31 of each year, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders as of
a date not more than fifteen (15) days prior to the delivery thereof, and

        (b)
at such other times as the Trustee may request in writing, within thirty (30)
days after the receipt by the Company of any such request, a list of similar
form and content as of a date not more than fifteen (15) days prior to the time
such list is furnished, in each case to the extent such information is in the
possession or control of the Company and has not otherwise been received by the
Trustee in its capacity as Securities Registrar.

        SECTION
7.2.     Preservation of Information, Communications to Holders.

        (a)
The Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of Holders contained in the most recent list furnished
to the Trustee as provided in Section 7.1 and the names and addresses of
Holders received by the Trustee in its capacity as Securities Registrar. The
Trustee may destroy any list furnished to it as provided in Section 7.1
upon receipt of a new list so furnished.

        (b)
The rights of Holders to communicate with other Holders with respect to their
rights under this Indenture or under the Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided in the Trust
Indenture Act.

        (c)
Every Holder of Securities, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee nor any agent
of either of them shall be held accountable by reason of the disclosure of
information as to the names and addresses of the Holders made pursuant to the
Trust Indenture Act.

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        SECTION
7.3.     Reports by Company.

        (a)
During any period in which the Company is not subject to and in compliance with
Section 13 or 15 (d) of the Exchange Act, or the Company is not exempt from such
reporting requirements pursuant to and in compliance with Rule 12g3-2(b) under
the Exchange Act, the Company shall furnish to the Holders and to prospective
purchasers of Securities, upon their request, the information required to be
furnished pursuant to Rule 144A(d)(4) under the Securities Act. The Company
shall furnish to the Trustee and, so long as the Property Trustee holds any of
the Securities, the Company shall furnish to the Property Trustee, reports on
Form FR Y-9C, FR Y-9LP and FR Y-6 promptly following their filing with the
Federal Reserve.

        (b)
The Company shall furnish to (i) the Holders and to subsequent holders of
Securities, (ii) the Purchaser and (iii) any beneficial owner of the Securities
reasonably identified to the Company (which identification may be made either by
such beneficial owner or by Credit Suisse First Boston LLC or the Purchaser), a
duly completed and executed certificate in the form attached hereto as Exhibit
A, including the financial statements referenced in such Exhibit, which
certificate and financial statements shall be so furnished by the Company not
later than forty five (45) days after the end of each of the first three fiscal
quarters of each fiscal year of the Company and not later than ninety (90) days
after the end of each fiscal year of the Company during the term of this
Indenture.

ARTICLE
VIII

Consolidation,
Merger, Conveyance, Transfer or Lease

        SECTION
8.1.     Company May Consolidate, Etc., Only on Certain Terms.

        The
Company shall not consolidate with or merge into any other Person or convey,
transfer or lease its properties and assets substantially as an entirety to any
Person, and no Person shall consolidate with or merge into the Company or
convey, transfer or lease its properties and assets substantially as an entirety
to the Company, unless:

        (a)
if the Company shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any
Person, the entity formed by such consolidation or into which the Company is
merged or the Person that acquires by conveyance or transfer, or that leases,
the properties and assets of the Company substantially as an entirety shall be
an entity organized and existing under the laws of the United States of America
or any State or Territory thereof or the District of Columbia and shall
expressly assume, by an indenture supplemental hereto, executed and delivered to
the Trustee, in form reasonably satisfactory to the Trustee, the due and
punctual payment of the principal of and any premium and interest (including any
Additional Interest) on all the Securities and the performance of every covenant
of this Indenture on the part of the Company to be performed or observed;

        (b)
immediately after giving effect to such transaction, no Event of Default, and no
event that, after notice or lapse of time, or both, would constitute an Event of
Default, shall have happened and be continuing; and

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        (c)
the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, conveyance,
transfer or lease and, if a supplemental indenture is required in connection
with such transaction, any such supplemental indenture comply with this
Article VIII and that all conditions precedent herein provided for
relating to such transaction have been complied with; and the Trustee may rely
upon such Officers’ Certificate and Opinion of Counsel as conclusive
evidence that such transaction complies with this Section 8.1.

        SECTION
8.2.     Successor Company Substituted.

        (a)
Upon any consolidation or merger by the Company with or into any other Person,
or any conveyance, transfer or lease by the Company of its properties and assets
substantially as an entirety to any Person in accordance with Section 8.1
and the execution and delivery to the Trustee of the supplemental indenture
described in Section 8.1(a), the successor entity formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein;
and in the event of any such conveyance or transfer, following the execution and
delivery of such supplemental indenture, the Company shall be discharged from
all obligations and covenants under the Indenture and the Securities.

        (b)
Such successor Person may cause to be executed, and may issue either in its own
name or in the name of the Company, any or all of the Securities issuable
hereunder that theretofore shall not have been signed by the Company and
delivered to the Trustee; and, upon the order of such successor Person instead
of the Company and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities that previously shall have been signed and delivered by the officers
of the Company to the Trustee for authentication, and any Securities that such
successor Person thereafter shall cause to be executed and delivered to the
Trustee on its behalf. All the Securities so issued shall in all respects have
the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture.

        (c)
In case of any such consolidation, merger, sale, conveyance or lease, such
changes in phraseology and form may be made in the Securities thereafter to be
issued as may be appropriate to reflect such occurrence.

ARTICLE IX

Supplemental
Indentures

        SECTION
9.1.     Supplemental Indentures without Consent of Holders.

        Without
the consent of any Holders, the Company, when authorized by a Board Resolution,
and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form reasonably satisfactory to the Trustee,
for any of the following purposes:

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        (a)
to evidence the succession of another Person to the Company, and the assumption
by any such successor of the covenants of the Company herein and in the
Securities; or

        (b)
to cure any ambiguity, to correct or supplement any provision herein that may be
defective or inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Indenture,
which shall not be inconsistent with the other provisions of this Indenture,
provided, that such action pursuant to this clause (b) shall not
adversely affect in any material respect the interests of any Holders or the
holders of the Preferred Securities; or

        (c)
to add to the covenants, restrictions or obligations of the Company or to add to
the Events of Default, provided, that such action pursuant to this clause
(c) shall not adversely affect in any material respect the interests of any
Holders or the holders of the Preferred Securities; or

        (d)
to modify, eliminate or add to any provisions of the Indenture or the Securities
to such extent as shall be necessary to ensure that the Securities are treated
as indebtedness of the Company for United States Federal income tax purposes,
provided, that such action pursuant to this clause (d) shall not
adversely affect in any material respect the interests of any Holders or the
holders of the Preferred Securities.

        SECTION
9.2.     Supplemental Indentures with Consent of Holders.

        (a)
With the consent of the Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Securities under this
Indenture; provided, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security,

	 	        (i)
change the Stated Maturity of the principal or any premium of any Security or change the
date of payment of any installment of interest (including any Additional Interest) on any
Security, or reduce the principal amount thereof or the rate of interest thereon or any
premium payable upon the redemption thereof or change the place of payment where, or the
coin or currency in which, any Security or interest thereon is payable, or restrict or
impair the right to institute suit for the enforcement of any such payment on or after
such date, or

	 	        (ii)
reduce the percentage in aggregate principal amount of the Outstanding Securities, the
consent of whose Holders is required for any such supplemental indenture, or the consent
of whose Holders is required for any waiver of compliance with any provision of this
Indenture or of defaults hereunder and their consequences provided for in this Indenture,
or

	 	        (iii)
modify any of the provisions of this Section 9.2, Section 5.13 or Section
10.7, except to increase any percentage in aggregate principal amount of the
Outstanding Securities, the consent of whose Holders is required for any reason, or to
provide that certain other provisions of this Indenture cannot be modified or waived
without the consent of the Holder of each Security;

	

52

	

provided,  further, that,
so long as any Preferred Securities remain outstanding, no  amendment under this Section
9.2 shall be effective until the holders of  a majority in Liquidation Amount (as
defined in the Trust Agreement) of the  Trust Securities shall have consented to such
amendment; provided,  further, that if the consent of the holder of each
Outstanding Security is  required for any amendment under this Indenture, such amendment
shall not be  effective until the holder of each Outstanding Trust Security shall have
consented to such amendment.

        (b)
It shall not be necessary for any Act of Holders under this Section 9.2
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

        SECTION
9.3.     Execution of Supplemental Indentures.

        In
executing or accepting the additional trusts created by any supplemental
indenture permitted by this Article IX or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and shall be fully protected in conclusively relying upon, an Officers’
Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture, and that
all conditions precedent herein provided for relating to such action have been
complied with. The Trustee may, but shall not be obligated to, enter into any
such supplemental indenture that affects the Trustee’s own rights, duties,
indemnities or immunities under this Indenture or otherwise. Copies of the final
form of each supplemental indenture shall be delivered by the Trustee at the
expense of the Company to each Holder, and, if the Trustee is the Property
Trustee, to each holder of Preferred Securities, promptly after the execution
thereof.

        SECTION
9.4.     Effect of Supplemental Indentures.

        Upon
the execution of any supplemental indenture under this Article IX, this
Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby.

        SECTION
9.5.     Reference in Securities to Supplemental Indentures.

        Securities
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and shall if required by the Company,
bear a notation in form approved by the Company as to any matter provided for in
such supplemental indenture. If the Company shall so determine, new Securities
so modified as to conform, in the opinion of the Company, to any such
supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding
Securities.

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ARTICLE X

Covenants

        SECTION
10.1.     Payment of Principal, Premium and Interest.

        The
Company covenants and agrees for the benefit of the Securities that it will duly
and punctually pay the principal of and any premium and interest (including any
Additional Interest) on the Securities in accordance with the terms of the
Securities and this Indenture.

        SECTION
10.2.     Money for Security Payments to be Held in Trust.

        (a)
If the Company shall at any time act as its own Paying Agent with respect to the
Securities, it will, on or before each due date of the principal of and any
premium or interest (including any Additional Interest) on the Securities,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum sufficient to pay the principal and any premium or interest (including
Additional Interest) so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided, and will promptly notify
the Trustee in writing of its failure so to act.

        (b)
Whenever the Company shall have one or more Paying Agents, it will, prior to
10:00 a.m., New York City time, on each due date of the principal of or any
premium or interest (including any Additional Interest) on any Securities,
deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be
held as provided in the Trust Indenture Act and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its failure so to act.

        (c)
The Company will cause each Paying Agent for the Securities other than the
Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section
10.2, that such Paying Agent will (i) comply with the provisions of the
Trust Indenture Act applicable to it as a Paying Agent and (ii) during the
continuance of any default by the Company (or any other obligor upon the
Securities) in the making of any payment in respect of the Securities, upon the
written request of the Trustee, forthwith pay to the Trustee all sums held in
trust by such Paying Agent for payment in respect of the Securities.

        (d)
The Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same
terms as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

        (e)
Any money deposited with the Trustee or any Paying Agent, or then held by the
Company in trust for the payment of the principal of and any premium or interest
(including any Additional Interest) on any Security and remaining unclaimed for
two years after such principal and any premium or interest has become due and
payable shall (unless otherwise required by mandatory provision of applicable
escheat or abandoned or unclaimed property law) be paid on Company Request to
the Company, or (if then held by the Company) shall (unless otherwise required
by mandatory provision of applicable escheat or abandoned or unclaimed property
law) be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, that the Trustee or such Paying
Agent, before being required to make any such repayment, may at the expense of
the Company cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in the Borough of Manhattan, The City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than thirty (30) days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company.

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        SECTION
10.3.     Statement as to Compliance.

        The
Company shall deliver to the Trustee, within one hundred and twenty (120) days
after the end of each fiscal year of the Company ending after the date hereof,
an Officers’ Certificate covering the preceding fiscal year, stating
whether or not to the knowledge of the signers thereof the Company is in default
in the performance or observance of any of the terms, provisions and conditions
of this Indenture (without regard to any period of grace or requirement of
notice provided hereunder), and if the Company shall be in default, specifying
all such defaults and the nature and status thereof of which they may have
knowledge.

        SECTION
10.4.     Calculation Agent.

        (a)
The Company hereby agrees that for so long as any of the Securities remain
Outstanding, there will at all times be an agent appointed to calculate LIBOR in
respect of each Interest Payment Date in accordance with the terms of
Schedule A (the “Calculation Agent”). The Company has
initially appointed the Trustee as Calculation Agent for purposes of determining
LIBOR for each Interest Payment Date. The Calculation Agent may be removed by
the Company at any time. So long as the Property Trustee holds any of the
Securities, the Calculation Agent shall be the Property Trustee. If the
Calculation Agent is unable or unwilling to act as such or is removed by the
Company, the Company will promptly appoint as a replacement Calculation Agent
the London office of a leading bank which is engaged in transactions in
Eurodollar deposits in the international Eurodollar market and which does not
control or is not controlled by or under common control with the Company or its
Affiliates. The Calculation Agent may not resign its duties without a successor
having been duly appointed.

        (b)
The Calculation Agent shall be required to agree that, as soon as possible after
11:00 a.m. (London time) on each LIBOR Determination Date (as defined in
Schedule A), but in no event later than 11:00 a.m. (London time) on the
Business Day immediately following each LIBOR Determination Date, the
Calculation Agent will calculate the interest rate (rounded to the nearest cent,
with half a cent being rounded upwards) for the related Interest Payment Date,
and will communicate such rate and amount to the Company, the Trustee, each
Paying Agent and the Depositary. The Calculation Agent will also specify to the
Company the quotations upon which the foregoing rates and amounts are based and,
in any event, the Calculation Agent shall notify the Company before 5:00 p.m.
(London time) on each LIBOR Determination Date that either: (i) it has
determined or is in the process of determining the foregoing rates and amounts
or (ii) it has not determined and is not in the process of determining the
foregoing rates and amounts, together with its reasons therefor. The Calculation
Agent’s determination of the foregoing rates and amounts for any Interest
Payment Date will (in the absence of manifest error) be final and binding upon
all parties. For the sole purpose of calculating the interest rate for the
Securities, “Business Day” shall be defined as any day on which
dealings in deposits in Dollars are transacted in the London interbank market.

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        SECTION
10.5.     Additional Tax Sums.

        So
long as no Event of Default has occurred and is continuing, if (a) the Trust is
the Holder of all of the Outstanding Securities and (b) a Tax Event described in
clause (i) or (iii) in the definition of Tax Event in Section 1.1 hereof
has occurred and is continuing, the Company shall pay to the Trust (and its
permitted successors or assigns under the related Trust Agreement) for so long
as the Trust (or its permitted successor or assignee) is the registered holder
of the Outstanding Securities, such amounts as may be necessary in order that
the amount of Distributions (including any Additional Interest Amount (as
defined in the Trust Agreement)) then due and payable by the Trust on the
Preferred Securities and Common Securities that at any time remain outstanding
in accordance with the terms thereof shall not be reduced as a result of any
Additional Taxes arising from such Tax Event (additional such amounts payable by
the Company to the Trust, the “Additional Tax Sums”). Whenever
in this Indenture or the Securities there is a reference in any context to the
payment of principal of or interest on the Securities, such mention shall be
deemed to include mention of the payments of the Additional Tax Sums provided
for in this Section 10.5 to the extent that, in such context, Additional
Tax Sums are, were or would be payable in respect thereof pursuant to the
provisions of this Section 10.5 and express mention of the payment of
Additional Tax Sums (if applicable) in any provisions hereof shall not be
construed as excluding Additional Tax Sums in those provisions hereof where such
express mention is not made; provided, that the deferral of the payment
of interest pursuant to Section 3.9 on the Securities shall not defer the
payment of any Additional Tax Sums that may be due and payable.

        SECTION
10.6.     Additional Covenants.

        (a)
The Company covenants and agrees with each Holder of Securities that if an Event
of Default shall have occurred and be continuing or the Company shall have given
notice of its election to begin an Extension Period with respect to the
Securities and shall not have rescinded such notice, or such Extension Period,
or any extension thereof, shall be continuing, it shall not (i) declare or pay
any dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any shares of the Company’s capital
stock, or (ii) make any payment of principal of or any interest or premium on or
repay, repurchase or redeem any debt securities of the Company that rank pari
passu in all respects with or junior in interest to the Securities (other
than, with respect to clauses (i) or (ii) above, (A) repurchases, redemptions or
other acquisitions of shares of capital stock of the Company in connection with
any employment contract, benefit plan or other similar arrangement with or for
the benefit of any one or more employees, officers, directors or consultants, in
connection with a dividend reinvestment or stockholder stock purchase plan or in
connection with the issuance of capital stock of the Company (or securities
convertible into or exercisable for such capital stock) as consideration in an
acquisition transaction entered into prior to the applicable Extension Period,
(B) as a result of an exchange or conversion of any class or series of the
Company’s capital stock (or any capital stock of a Subsidiary of the
Company) for any class or series of the Company’s capital stock or of any
class or series of the Company’s indebtedness for any class or series of
the Company’s capital stock, (C) the purchase of fractional interests in
shares of the Company’s capital stock pursuant to the conversion or
exchange provisions of such capital stock or the security being converted or
exchanged, (D) any declaration of a dividend in connection with any Rights Plan,
the issuance of rights, stock or other property under any Rights Plan or the
redemption or repurchase of rights pursuant thereto, or (E) any dividend in the
form of stock, warrants, options or other rights where the dividend stock or the
stock issuable upon exercise of such warrants, options or other rights is the
same stock as that on which the dividend is being paid or ranks pari passu
with or junior to such stock).

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        (b)
The Company also covenants with each Holder of Securities (i) to hold, directly
or indirectly, one hundred percent (100%) of the Common Securities of the Trust,
provided, that any permitted successor of the Company hereunder may
succeed to the Company’s ownership of such Common Securities, (ii) as
holder of such Common Securities, not to voluntarily dissolve, wind-up or
liquidate the Trust other than (A) in connection with a distribution of the
Securities to the holders of the Preferred Securities in liquidation of the
Trust, (B) in connection with the redemption of the Preferred Securities or (C)
in connection with certain mergers, consolidations or amalgamations permitted by
the Trust Agreement and (iii) to use its reasonable commercial efforts,
consistent with the terms and provisions of the Trust Agreement, to cause the
Trust to continue to be taxable as a grantor trust and not as a corporation for
United States Federal income tax purposes.

        SECTION
10.7.     Waiver of Covenants.

        The
Company may omit in any particular instance to comply with any covenant or
condition contained in Section 10.6 if, before or after the time for such
compliance, the Holders of at least a majority in aggregate principal amount of
the Outstanding Securities shall, by Act of such Holders, and at least a
majority of the aggregate Liquidation Amount (as defined in the Trust Agreement)
of the Preferred Securities then outstanding, by consent of such holders, either
waive such compliance in such instance or generally waive compliance with such
covenant or condition, but no such waiver shall extend to or affect such
covenant or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Company in respect of any
such covenant or condition shall remain in full force and effect.

        SECTION
10.8.     Treatment of Securities.

        The
Company will treat the Securities as indebtedness, and the amounts payable in
respect of the principal amount of such Securities as interest, for all U.S.
federal income tax purposes. All payments in respect of the Securities will be
made free and clear of U.S. withholding tax to any beneficial owner thereof that
has provided an Internal Revenue Service Form W-8BEN (or any substitute or
successor form) establishing its non-U.S. status for U.S. federal income tax
purposes.

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ARTICLE XI

Redemption
of Securities

        SECTION
11.1.     Optional Redemption.

        The
Company may, at its option, on any Interest Payment Date, on or after December
30, 2008, redeem the Securities in whole at any time or in part from time to
time, at a Redemption Price equal to one hundred percent (100%) of the principal
amount thereof (or of the redeemed portion thereof, as applicable), together, in
the case of any such redemption, with accrued interest, including any Additional
Interest, to but excluding the date fixed for redemption; provided, that
the Company shall have received the prior approval of the Federal Reserve with
respect to such redemption if then required.

        SECTION
11.2.     Special Event Redemption.

        Upon
the occurrence and during the continuation of a Special Event, the Company may,
at its option, redeem the Securities, in whole but not in part, at a Redemption
Price equal to one hundred percent (100%) of the principal amount thereof,
together, in the case of any such redemption, with accrued interest, including
any Additional Interest, to but excluding the date fixed for redemption;
provided, that the Company shall have received the prior approval of the
Federal Reserve with respect to such redemption if then required.

        SECTION
11.3.     Election to Redeem; Notice to Trustee.

        The
election of the Company to redeem any Securities, in whole or in part, shall be
evidenced by or pursuant to a Board Resolution. In case of any redemption at the
election of the Company, the Company shall, not less than forty five (45) days
and not more than seventy five (75) days prior to the Redemption Date (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee and the
Property Trustee under the Trust Agreement in writing of such date and of the
principal amount of the Securities to be redeemed and provide the additional
information required to be included in the notice or notices contemplated by
Section 11.5. In the case of any redemption of Securities, in whole or in
part, (a) prior to the expiration of any restriction on such redemption provided
in this Indenture or the Securities or (b) pursuant to an election of the
Company which is subject to a condition specified in this Indenture or the
Securities, the Company shall furnish the Trustee with an Officers’
Certificate and an Opinion of Counsel evidencing compliance with such
restriction or condition.

        SECTION
11.4.     Selection of Securities to be Redeemed.

        (a)
If less than all the Securities are to be redeemed, the particular Securities to
be redeemed shall be selected not more than sixty (60) days prior to the
Redemption Date by the Trustee from the Outstanding Securities not previously
called for redemption, by such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of a portion
of the principal amount of any or each Security, provided, that the
unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.

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        (b)
The Trustee shall promptly notify the Company in writing of the Securities
selected for redemption and, in the case of any Securities selected for partial
redemption, the principal amount thereof to be redeemed. For all purposes of
this Indenture, unless the context otherwise requires, all provisions relating
to the redemption of Securities shall relate, in the case of any Security
redeemed or to be redeemed only in part, to the portion of the principal amount
of such Security that has been or is to be redeemed.

        (c)
The provisions of paragraphs (a) and (b) of this Section 11.4 shall not
apply with respect to any redemption affecting only a single Security, whether
such Security is to be redeemed in whole or in part. In the case of any such
redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security.

        SECTION
11.5.     Notice of Redemption.

        (a)
Notice of redemption shall be given not later than the thirtieth (30th) day, and
not earlier than the sixtieth (60th) day, prior to the Redemption Date to each
Holder of Securities to be redeemed, in whole or in part (unless a shorter
notice shall be satisfactory to the Property Trustee under the related Trust
Agreement).

        (b)
With respect to Securities to be redeemed, in whole or in part, each notice 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, as calculated by
the Company, together with a statement that it is an estimate and that the actual
Redemption Price will be calculated on the fifth 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)
if less than all Outstanding Securities are to be redeemed, the identification (and, in
the case of partial redemption, the respective principal amounts) of the particular
Securities to be redeemed;

	 	        (iv)
that on the Redemption Date, the Redemption Price will become due and payable upon each
such Security or portion thereof, and that any interest (including any Additional
Interest) on such Security or such portion, as the case may be, shall cease to accrue on
and after said date; and

	 	        (v)
the place or places where such Securities are to be surrendered for payment of the
Redemption Price.

	

        (c)
Notice of redemption of Securities to be redeemed, in whole or in part, at the
election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company and shall
be irrevocable. The notice if mailed in the manner provided above shall be
conclusively presumed to have been duly given, whether or not the Holder
receives such notice. In any case, a failure to give such notice by mail or any
defect in the notice to the Holder of any Security designated for redemption as
a whole or in part shall not affect the validity of the proceedings for the
redemption of any other Security.

59

	

        SECTION
11.6.     Deposit of Redemption Price.

        Prior
to 10:00 a.m., New York City time, on the Redemption Date specified in the
notice of redemption given as provided in Section 11.5, the Company will
deposit with the Trustee or with one or more Paying Agents (or if the Company is
acting as its own Paying Agent, the Company will segregate and hold in trust as
provided in Section 10.2) an amount of money sufficient to pay the
Redemption Price of, and any accrued interest (including any Additional
Interest) on, all the Securities (or portions thereof) that are to be redeemed
on that date.

        SECTION
11.7.     Payment of Securities Called for Redemption.

        (a)
If any notice of redemption has been given as provided in Section 11.5,
the Securities or portion of Securities with respect to which such notice has
been given shall become due and payable on the date and at the place or places
stated in such notice at the applicable Redemption Price, together with accrued
interest (including any Additional Interest) to the Redemption Date. On
presentation and surrender of such Securities at a Place of Payment specified in
such notice, the Securities or the specified portions thereof shall be paid and
redeemed by the Company at the applicable Redemption Price, together with
accrued interest (including any Additional Interest) to the Redemption Date.

        (b)
Upon presentation of any Security redeemed in part only, the Company shall
execute and the Trustee shall authenticate and deliver to the Holder thereof, at
the expense of the Company, a new Security or Securities, of authorized
denominations, in aggregate principal amount equal to the unredeemed portion of
the Security so presented and having the same Original Issue Date, Stated
Maturity and terms.

        (c)
If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal of and any premium on such Security shall,
until paid, bear interest from the Redemption Date at the rate prescribed
therefor in the Security.

ARTICLE
XII

Subordination
of Securities

        SECTION
12.1.     Securities Subordinate to Senior Debt.

        The
Company covenants and agrees, and each Holder of a Security, by its acceptance
thereof, likewise covenants and agrees, that, to the extent and in the manner
hereinafter set forth in this Article XII, the payment of the principal
of and any premium and interest (including any Additional Interest) on each and
all of the Securities are hereby expressly made subordinate and subject in right
of payment to the prior payment in full of all Senior Debt.

60

	

        SECTION
12.2.     No Payment When Senior Debt in Default; Payment Over of Proceeds Upon
Dissolution, Etc.

        (a)
In the event and during the continuation of any default by the Company in the
payment of any principal of or any premium or interest on any Senior Debt
(following any grace period, if applicable) when the same becomes due and
payable, whether at maturity or at a date fixed for prepayment or by declaration
of acceleration or otherwise, then, upon written notice of such default to the
Company by the holders of such Senior Debt or any trustee therefor, unless and
until such default shall have been cured or waived or shall have ceased to
exist, no direct or indirect payment (in cash, property, securities, by set-off
or otherwise) shall be made or agreed to be made on account of the principal of
or any premium or interest (including any Additional Interest) on any of the
Securities, or in respect of any redemption, repayment, retirement, purchase or
other acquisition of any of the Securities.

        (b)
In the event of a bankruptcy, insolvency or other proceeding described in clause
(d) or (e) of the definition of Event of Default (each such event, if any,
herein sometimes referred to as a “Proceeding”), all Senior
Debt (including any interest thereon accruing after the commencement of any such
proceedings) shall first be paid in full before any payment or distribution,
whether in cash, securities or other property, shall be made to any Holder of
any of the Securities on account thereof. Any payment or distribution, whether
in cash, securities or other property (other than securities of the Company or
any other entity provided for by a plan of reorganization or readjustment the
payment of which is subordinate, at least to the extent provided in these
subordination provisions with respect to the indebtedness evidenced by the
Securities, to the payment of all Senior Debt at the time outstanding and to any
securities issued in respect thereof under any such plan of reorganization or
readjustment), which would otherwise (but for these subordination provisions) be
payable or deliverable in respect of the Securities shall be paid or delivered
directly to the holders of Senior Debt in accordance with the priorities then
existing among such holders until all Senior Debt (including any interest
thereon accruing after the commencement of any Proceeding) shall have been paid
in full.

        (c)
In the event of any Proceeding, after payment in full of all sums owing with
respect to Senior Debt, the Holders of the Securities, together with the holders
of any obligations of the Company ranking on a parity with the Securities, shall
be entitled to be paid from the remaining assets of the Company the amounts at
the time due and owing on account of unpaid principal of and any premium and
interest (including any Additional Interest) on the Securities and such other
obligations before any payment or other distribution, whether in cash, property
or otherwise, shall be made on account of any capital stock or any obligations
of the Company ranking junior to the Securities and such other obligations. If,
notwithstanding the foregoing, any payment or distribution of any character or
any security, whether in cash, securities or other property (other than
securities of the Company or any other entity provided for by a plan of
reorganization or readjustment the payment of which is subordinate, at least to
the extent provided in these subordination provisions with respect to the
indebtedness evidenced by the Securities, to the payment of all Senior Debt at
the time outstanding and to any securities issued in respect thereof under any
such plan of reorganization or readjustment) shall be received by the Trustee or
any Holder in contravention of any of the terms hereof and before all Senior
Debt shall have been paid in full, such payment or distribution or security
shall be received in trust for the benefit of, and shall be paid over or
delivered and transferred to, the holders of the Senior Debt at the time
outstanding in accordance with the priorities then existing among such holders
for application to the payment of all Senior Debt remaining unpaid, to the
extent necessary to pay all such Senior Debt (including any interest thereon
accruing after the commencement of any Proceeding) in full. In the event of the
failure of the Trustee or any Holder to endorse or assign any such payment,
distribution or security, each holder of Senior Debt is hereby irrevocably
authorized to endorse or assign the same.

61

	

        (d)
The Trustee and the Holders, at the expense of the Company, shall take such
reasonable action (including the delivery of this Indenture to an agent for any
holders of Senior Debt or consent to the filing of a financing statement with
respect hereto) as may, in the opinion of counsel designated by the holders of a
majority in principal amount of the Senior Debt at the time outstanding, be
necessary or appropriate to assure the effectiveness of the subordination
effected by these provisions.

        (e)
The provisions of this Section 12.2 shall not impair any rights,
interests, remedies or powers of any secured creditor of the Company in respect
of any security interest the creation of which is not prohibited by the
provisions of this Indenture.

        (f)
The securing of any obligations of the Company, otherwise ranking on a parity
with the Securities or ranking junior to the Securities, shall not be deemed to
prevent such obligations from constituting, respectively, obligations ranking on
a parity with the Securities or ranking junior to the Securities.

        SECTION
12.3.     Payment Permitted If No Default.

        Nothing
contained in this Article XII or elsewhere in this Indenture or in any of
the Securities shall prevent (a) the Company, at any time, except during the
pendency of the conditions described in paragraph (a) of Section 12.2 or
of any Proceeding referred to in Section 12.2, from making payments
at any time of principal of and any premium or interest (including any
Additional Interest) on the Securities or (b) the application by the Trustee of
any moneys deposited with it hereunder to the payment of or on account of the
principal of and any premium or interest (including any Additional Interest) on
the Securities or the retention of such payment by the Holders, if, at the time
of such application by the Trustee, it did not have knowledge (in accordance
with Section 12.8) that such payment would have been prohibited by the
provisions of this Article XII, except as provided in Section
12.8.

        SECTION
12.4.     Subrogation to Rights of Holders of Senior Debt.

        Subject
to the payment in full of all amounts due or to become due on all Senior Debt,
or the provision for such payment in cash or cash equivalents or otherwise in a
manner satisfactory to the holders of Senior Debt, the Holders of the Securities
shall be subrogated to the extent of the payments or distributions made to the
holders of such Senior Debt pursuant to the provisions of this Article
XII (equally and ratably with the holders of all indebtedness of the Company
that by its express terms is subordinated to Senior Debt of the Company to
substantially the same extent as the Securities are subordinated to the Senior
Debt and is entitled to like rights of subrogation by reason of any payments or
distributions made to holders of such Senior Debt) to the rights of the holders
of such Senior Debt to receive payments and distributions of cash, property and
securities applicable to the Senior Debt until the principal of and any premium
and interest (including any Additional Interest) on the Securities shall be paid
in full. For purposes of such subrogation, no payments or distributions to the
holders of the Senior Debt of any cash, property or securities to which the
Holders of the Securities or the Trustee would be entitled except for the
provisions of this Article XII, and no payments made pursuant to the
provisions of this Article XII to the holders of Senior Debt by Holders
of the Securities or the Trustee, shall, as among the Company, its creditors
other than holders of Senior Debt, and the Holders of the Securities, be deemed
to be a payment or distribution by the Company to or on account of the Senior
Debt.

62

	

        SECTION
12.5.     Provisions Solely to Define Relative Rights.

        The
provisions of this Article XII are and are intended solely for the
purpose of defining the relative rights of the Holders of the Securities on the
one hand and the holders of Senior Debt on the other hand. Nothing contained in
this Article XII or elsewhere in this Indenture or in the Securities is
intended to or shall (a) impair, as between the Company and the Holders of the
Securities, the obligations of the Company, which are absolute and
unconditional, to pay to the Holders of the Securities the principal of and any
premium and interest (including any Additional Interest) on the Securities as
and when the same shall become due and payable in accordance with their terms,
(b) affect the relative rights against the Company of the Holders of the
Securities and creditors of the Company other than their rights in relation to
the holders of Senior Debt or (c) prevent the Trustee or the Holder of any
Security (or to the extent expressly provided herein, the holder of any
Preferred Security) from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, including filing and voting
claims in any Proceeding, subject to the rights, if any, under this Article
XII of the holders of Senior Debt to receive cash, property and securities
otherwise payable or deliverable to the Trustee or such Holder.

        SECTION
12.6.     Trustee to Effectuate Subordination.

        Each
Holder of a Security by his or her acceptance thereof authorizes and directs the
Trustee on his or her behalf to take such action as may be necessary or
appropriate to acknowledge or effectuate the subordination provided in this
Article XII and appoints the Trustee his or her attorney-in-fact for any
and all such purposes.

        SECTION
12.7.     No Waiver of Subordination Provisions.

        (a)
No right of any present or future holder of any Senior Debt to enforce
subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or by any act
or failure to act, in good faith, by any such holder, or by any noncompliance by
the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof that any such holder may have or be
otherwise charged with.

        (b)
Without in any way limiting the generality of paragraph (a) of this Section
12.7, the holders of Senior Debt may, at any time and from to time, without
the consent of or notice to the Trustee or the Holders of the Securities,
without incurring responsibility to such Holders of the Securities and without
impairing or releasing the subordination provided in this Article XII or
the obligations hereunder of such Holders of the Securities to the holders of
Senior Debt, do any one or more of the following: (i) change the manner, place
or terms of payment or extend the time of payment of, or renew or alter, Senior
Debt, or otherwise amend or supplement in any manner Senior Debt or any
instrument evidencing the same or any agreement under which Senior Debt is
outstanding, (ii) sell, exchange, release or otherwise deal with any property
pledged, mortgaged or otherwise securing Senior Debt, (iii) release any Person
liable in any manner for the payment of Senior Debt and (iv) exercise or refrain
from exercising any rights against the Company and any other Person.

63

	

        SECTION
12.8.     Notice to Trustee.

        (a)
The Company shall give prompt written notice to a Responsible Officer of the
Trustee of any fact known to the Company that would prohibit the making of any
payment to or by the Trustee in respect of the Securities. Notwithstanding the
provisions of this Article XII or any other provision of this Indenture,
the Trustee shall not be charged with knowledge of the existence of any facts
that would prohibit the making of any payment to or by the Trustee in respect of
the Securities, unless and until a Responsible Officer of the Trustee shall have
received written notice thereof from the Company or a holder of Senior Debt or
from any trustee, agent or representative therefor; provided, that if the
Trustee shall not have received the notice provided for in this Section
12.8 at least two Business Days prior to the date upon which by the terms
hereof any monies may become payable for any purpose (including, the payment of
the principal of and any premium on or interest (including any Additional
Interest) on any Security), then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such
monies and to apply the same to the purpose for which they were received and
shall not be affected by any notice to the contrary that may be received by it
within two Business Days prior to such date.

        (b)
The Trustee shall be entitled to rely on the delivery to it of a written notice
by a Person representing himself or herself to be a holder of Senior Debt (or a
trustee, agent, representative or attorney-in-fact therefor) to establish that
such notice has been given by a holder of Senior Debt (or a trustee, agent,
representative or attorney-in-fact therefor). In the event that the Trustee
determines in good faith that further evidence is required with respect to the
right of any Person as a holder of Senior Debt to participate in any payment or
distribution pursuant to this Article XII, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to
the amount of Senior Debt held by such Person, the extent to which such Person
is entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article XII, and if
such evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such
payment.

        SECTION
12.9.     Reliance on Judicial Order or Certificate of Liquidating Agent.

        Upon
any payment or distribution of assets of the Company referred to in this
Article XII, the Trustee and the Holders of the Securities shall be
entitled to conclusively rely upon any order or decree entered by any court of
competent jurisdiction in which such Proceeding is pending, or a certificate of
the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee
for the benefit of creditors, agent or other Person making such payment or
distribution, delivered to the Trustee or to the Holders of Securities, for the
purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior Debt and other indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article
XII.

64

	

        SECTION
12.10.     Trustee Not Fiduciary for Holders of Senior Debt.

        The
Trustee, in its capacity as trustee under this Indenture, shall not be deemed to
owe any fiduciary duty to the holders of Senior Debt and shall not be liable to
any such holders if it shall in good faith mistakenly pay over or distribute to
Holders of Securities or to the Company or to any other Person cash, property or
securities to which any holders of Senior Debt shall be entitled by virtue of
this Article XII or otherwise.

        SECTION
12.11.     Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s
Rights.

        The
Trustee in its individual capacity shall be entitled to all the rights set forth
in this Article XII with respect to any Senior Debt that may at any time
be held by it, to the same extent as any other holder of Senior Debt, and
nothing in this Indenture shall deprive the Trustee of any of its rights as such
holder.

        SECTION
12.12.     Article Applicable to Paying Agents.

        If
at any time any Paying Agent other than the Trustee shall have been appointed by
the Company and be then acting hereunder, the term “Trustee” as
used in this Article XII shall in such case (unless the context otherwise
requires) be construed as extending to and including such Paying Agent within
its meaning as fully for all intents and purposes as if such Paying Agent were
named in this Article XII in addition to or in place of the Trustee;
provided, that Sections 12.8 and 12.11 shall not
apply to the Company or any Affiliate of the Company if the Company or such
Affiliate acts as Paying Agent.

ARTICLE
XIII
IMMUNITY OF
INCORPORATORS, STOCKHOLDERS,
OFFICERS AND DIRECTORS

        SECTION
13.1.     Indenture and Securities Solely Corporation Obligations.

        No
recourse for the payment of the principal of or premium, if any, or interest on
any Security, or for any claim based thereon or otherwise in respect thereof,
and no recourse under or upon any obligation, covenant or agreement of the
Company in this Indenture or in any supplemental indenture, or in any such
Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, officer, director, employee
or agent, as such, past, present or future, of the Company or of any predecessor
or successor corporation of the Company, either directly or through the Company
or any successor corporation of the Company, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a consideration
for, the execution of this Indenture and the issue of Securities.

65

	

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

* * * *

66

	

        IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and  year first above written.

			SIMMONS FIRST NATIONAL CORPORATION

By: /s/ J. Thomas May

        ——————————————

        J. Thomas May

        Chairman, President and Chief

        Executive Officer

			DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity, but solely as Trustee

By: /s/ Wanda Camacho

        ——————————————

        Name:

        Title:

	

67

	

Schedule A

DETERMINATION OF
LIBOR

        With
respect to the Securities, the London interbank offered rate (“LIBOR”) shall be
determined by the  Calculation Agent in accordance with the following provisions (in each
case rounded to the nearest .000001%):

(1)  On the second LIBOR Business
Day (as defined below) prior to an Interest Payment Date (except, with  respect to the
first interest payment period, on December 12, 2003) (each such day, a “LIBOR
Determination  Date”), LIBOR for any given security shall, for the following
interest payment period, equal the rate, as obtained  by the Calculation Agent from
Bloomberg Financial Markets Commodities News, for three-month Eurodollar deposits  that
appears on Dow Jones Telerate Page 3750 (as defined in the International Swaps and
Derivatives Association,  Inc. 1991 Interest Rate and Currency Exchange Definitions), or
such other page as may replace such Page 3750, as  of 11:00 a.m. (London time) on such
LIBOR Determination Date.

(2)  If, on any LIBOR
Determination Date, such rate does not appear on Dow Jones Telerate Page 3750 or such
other page as may replace such Page 3750, the Calculation Agent shall determine the
arithmetic mean of the  offered quotations of the Reference Banks (as defined below) to
leading banks in the London interbank market for  three-month Eurodollar deposits in an
amount determined by the Calculation Agent by reference to requests for  quotations as of
approximately 11:00 a.m. (London time) on the LIBOR Determination Date made by the
Calculation  Agent to the Reference Banks.  If, on any LIBOR Determination Date, at least
two of the Reference Banks provide  such quotations, LIBOR shall equal such arithmetic
mean of such quotations.  If, on any LIBOR Determination Date,  only one or none of the
Reference Banks provide such quotations, LIBOR shall be deemed to be the arithmetic mean
of the offered quotations that leading banks in the City of New York selected by the
Calculation Agent are  quoting on the relevant LIBOR Determination Date for three-month
Eurodollar deposits in an amount determined by  the Calculation Agent by reference to the
principal London offices of leading banks in the London interbank  market; provided that,
if the Calculation Agent is required but is unable to determine a rate in accordance with
at least one of the procedures provided above, LIBOR shall be LIBOR as determined on the
previous LIBOR  Determination Date.

(3)  As used herein: “Reference
Banks” means four major banks in the London interbank market selected by the
Calculation Agent; and “LIBOR Business Day” means a day on which commercial
banks are open for business  (including dealings in foreign exchange and foreign currency
deposits) in London.

Schedule A-1

	

Exhibit A

Officer’s
Certificate

        The
undersigned, the [Chief Financial Officer] [Treasurer] [Executive Vice President] hereby
certifies,  pursuant to Section 7.3(b) of the Junior Subordinated Indenture, dated as of
December 16, 2003, among Simmons  First National Corporation (the “Company”)
and Deutsche Bank Trust Company Americas, as trustee,  that, as of  [date], [20__], the
Company had the following ratios and balances:

BANK HOLDING COMPANY
As of
[Quarterly Financial Dates]

	Tier
1 Risk Weighted Assets	 	 	 	 	%
	 	
	 
	Ratio of Double Leverage	 	 	 	 	%
	 	
	 
	Non-Performing
Assets to Loans and OREO	 	 	 	 	%
	 	
	 
	Tangible Common Equity as a Percentage of Tangible Assets	 	 	 	 	%
	 	
	 
	Ratio
of Reserves to Non-Performing Loans	 	 	 	 	%
	 	
	 
	Ratio of Net Charge-Offs to Loans	 	 	 	 	%
	 	
	 
	Return
on Average Assets (annualized)	 	 	 	 	%
	 	
	 
	Net Interest Margin (annualized)	 	 	 	 	%
	 	
	 
	Efficiency
Ratio	 	 	 	 	%
	 	
	 
	Ratio of Loans to Assets	 	 	 	 	%
	 	
	 
	Ratio
of Loans to Deposits	 	 	 	 	%
	 	
	 
	Double Leverage (exclude trust preferred as equity)	 	 	 	 	%
	 	
	 
	Total
Assets	 	 	$	 	 
	 	
	 
	Year to Date Income	 	 	$	 	 
	 	
	 

	

* A table describing the quarterly
report calculation procedures is provided on page __

[FOR FISCAL YEAR END: Attached
hereto are the audited consolidated financial statements (including the balance  sheet,
income statement and statement of cash flows, and notes thereto, together with the report
of the  independent accountants thereon) of the Company and its consolidated subsidiaries
for the three years ended  _______, 20___.]

[FOR FISCAL QUARTER END: Attached
hereto are the unaudited consolidated and consolidating financial statements  (including
the balance sheet and income statement) of the Company and its consolidated subsidiaries
for the  fiscal quarter] ended [date], 20__.

The financial statements fairly
present in all material respects, in accordance with U.S. generally accepted  accounting
principles (“GAAP”), the financial position of the Company and its consolidated
subsidiaries, and the  results of operations and changes in financial condition as of the
date, and for the [___ quarter interim]  [annual] period ended [date], 20__, and such
financial statements have been prepared in accordance with GAAP  consistently applied
throughout the period involved (expect as otherwise noted therein).

Ex. A-1

	

Exhibit A

        IN
WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of this
_____ day of  _____________, 20__

			——————————————

Name:

Title:

Simmons First National Corporation

P.O. Box 7009

Pine Bluff, Arkansas 71611

(870) 541-1350

	

Ex. A-2

	

Financial Definitions

	

	Report Item 	 	Corresponding FRY-9C or
LP Line Items with Line
Item corresponding Schedules 	 	Description of Calculation 	 
	

	Tier 1 Risk Weighted Assets	 	BHCK7206
Schedule HC-R	 	Tier 1 Risk Ratio: Core Capital (Tier 1)/ Risk-Adjusted Assets	 
	

	Ratio of Double
Leverage	 	(BHCP0365)/(BCHCP3210)
Schedule PC in the LP	 	Total equity investments in subsidiaries divided by the total equity capital. This field is calculated at the parent company level. “Subsidiaries” include bank, bank holding company, and non-bank subsidiaries.	 
	

	Non-Performing
Assets to Loans and OREO	 	(BHCK5525-BHCK3506+BHCK5526-
BHCK3507+BHCK2744)/(BHCK2122+BHCK2744)
Schedules HC-C, HC-M & HC-N	 	Total
Nonperforming Assets (NPLs+Foreclosed Real Estate+Other Nonaccrual & Repossessed
Assets)/Total Loans+Foreclosed Real Estate	 
	

	Tangible Common
Equity as a Percentage of Tangible Assets	 	(BHDM3210-BHCK3163)/(BHCK2170-
BHCK3163)
Schedule HC	 	(Equity Capital – Goodwill)/(Total Assets – Goodwill)	 
	

	Ratio
of Reserves to Non-Performing Loans	 	(BHCK3123+BHCK3128)/(BHCK5525-
BHCK3506+BHCK5526-BHCK3507)
Schedules HC & HC-N & HC-R	 	Total
Loan Loss and Allocated Transfer Risk Reserves/ Total Nonperforming Loans (Nonaccrual
+ Restructured)	 
	

	Ratio of Net
Charge-Offs to Loans	 	(BHCK4635-BHCK4605)/(BHCK3516)
Schedules HC-B & HC-K	 	Net charge offs for the period as a percentage of average loans.	 
	

	Return
on Average Assets (annualized)	 	(BHCK4340/BHCK3368)
Schedules HI & HC-K	 	Net
Income as a percentage of Assets.	 
	

	Net Interest
Margin (annualized)	 	(BHCK4519)/(BHCK3515+BHCK3365+
BHCK3516+BHCK3401+BHCKB985)
Schedules HI Memorandum and HC-K	 	(Net Interest Income Fully Taxable Equivalent, if available/Average Earning Assets)	 
	

	Efficiency
Ratio	 	(BHCK4093)/(BHCK4519+BHCK4079)
Schedule HI	 	(Non-interest
Expense)/(Net Interest Income Fully Taxable Equivalent, if available, plus Non-interest
Income)	 
	

	Ratio of Loans
to Assets	 	(BHCKB528+BHCK5369)/(BHCK2170)
Schedule HC	 	Total Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total Assets	 
	

	Ratio
of Loans to Deposits	 	(BHCKB528+BHCK5369)/(BHDM6631+
BHDM6636+BHFN6631+BHFN6636)
Schedule HC	 	Total
Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total Deposits
(Includes Domestic and Foreign Deposits)	 
	

	

1

	

	Total Assets	 	(BHCK2170)
Schedule HC	 	The sum of total assets. Includes cash and balances due from depository institutions; securities; federal funds sold and securities purchased under agreements to resell; loans and lease financing receivables; trading assets; premises and fixed assets; other real estate owned; investments in unconsolidated subsidiaries and associated companies; customer’s liability on acceptances outstanding; intangible assets; and other assets.	 
	

	Net Income	 	(BHCK4300)
Schedule HI	 	The sum of
income (loss)before extraordinary items and other adjustments and extraordinary
items; and other adjustments, net of income taxes.	 
	

	

2Exhibit 10.4

	Exhibit 10.4

	

AMENDED AND RESTATED TRUST AGREEMENT

among

SIMMONS FIRST NATIONAL CORPORATION,
as Depositor

DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Property
 Trustee

DEUTSCHE BANK TRUST COMPANY DELAWARE,
as Delaware
 Trustee

and

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN
as Administrative
 Trustees

Dated as of December 16, 2003

SIMMONS FIRST CAPITAL TRUST III

	

TABLE OF CONTENTS

Page

	ARTICLE I.	 	Defined Terms	 	1

	 	 	SECTION 1.1.	 	Definitions	 	1

	ARTICLE II.	 	The 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; Fees, Costs and Expenses	 	11
	 	 	SECTION 2.4.	 	Purposes of Trust	 	11
	 	 	SECTION 2.5.	 	Authorization to Enter into Certain Transactions	 	11
	 	 	SECTION 2.6.	 	Assets of Trust	 	14
	 	 	SECTION 2.7.	 	Title to Trust Property	 	14

	ARTICLE III.	 	Payment Account; Paying Agents	 	14

	 	 	SECTION 3.1.	 	Payment Account	 	14
	 	 	SECTION 3.2.	 	Appointment of Paying Agents	 	15

	ARTICLE IV.	 	Distributions; Redemption	 	15

	 	 	SECTION 4.1.	 	Distributions	 	15
	 	 	SECTION 4.2.	 	Redemption	 	17
	 	 	SECTION 4.3.	 	Subordination of Common Securities	 	19
	 	 	SECTION 4.4.	 	Payment Procedures	 	20
	 	 	SECTION 4.5.	 	Withholding Tax	 	20
	 	 	SECTION 4.6.	 	Tax Returns and Other Reports	 	21
	 	 	SECTION 4.7.	 	Payment of Taxes, Duties, Etc. of the Trust	 	21
	 	 	SECTION 4.8.	 	Payments under Indenture or Pursuant to Direct Actions	 	21
	 	 	SECTION 4.9.	 	Exchanges	 	21
	 	 	SECTION 4.10.	 	Calculation Agent	 	22
	 	 	SECTION 4.11.	 	Certain Accounting Matters	 	23

	ARTICLE V.	 	Securities	 	23

	 	 	SECTION 5.1.	 	Initial Ownership	 	23
	 	 	SECTION 5.2.	 	Authorized Trust Securities	 	23
	 	 	SECTION 5.3.	 	Issuance of the Common Securities; Subscription and Purchase of Notes	 	24
	 	 	SECTION 5.4.	 	The Securities Certificates	 	24
	 	 	SECTION 5.5.	 	Rights of Holders	 	25
	 	 	SECTION 5.6.	 	Book-Entry Preferred Securities	 	25
	 	 	SECTION 5.7.	 	Registration of Transfer and Exchange of Preferred Securities Certificates	 	27
	 	 	SECTION 5.8.	 	Mutilated, Destroyed, Lost or Stolen Securities Certificates	 	28
	 	 	SECTION 5.9.	 	Persons Deemed Holders	 	29
	 	 	SECTION 5.10.	 	Cancellation	 	29
	 	 	SECTION 5.11.	 	Ownership of Common Securities by Depositor	 	29
	 	 	SECTION 5.12.	 	Restricted Legends	 	30
	 	 	SECTION 5.13.	 	Form of Certificate of Authentication	 	33

	ARTICLE VI.	 	Meetings; Voting; Acts of Holders	 	33

	 	 	SECTION 6.1.	 	Notice of Meetings	 	33

	

i

	 	 	SECTION 6.2.	 	Meetings of Holders of the Preferred Securities	 	33
	 	 	SECTION 6.3.	 	Voting Rights	 	34
	 	 	SECTION 6.4.	 	Proxies, Etc	 	34
	 	 	SECTION 6.5.	 	Holder Action by Written Consent	 	34
	 	 	SECTION 6.6.	 	Record Date for Voting and Other Purposes	 	34
	 	 	SECTION 6.7.	 	Acts of Holders	 	34
	 	 	SECTION 6.8.	 	Inspection of Records	 	35
	 	 	SECTION 6.9.	 	Limitations on Voting Rights	 	36
	 	 	SECTION 6.10.	 	Acceleration of Maturity; Rescission of Annulment; Waivers of Past Defaults	 	37

	ARTICLE VII.	 	Representations and Warranties	 	39

	 	 	SECTION 7.1.	 	Representations and Warranties of the Property Trustee and the Delaware Trustee	 	 
39
	 	 	SECTION 7.2.	 	Representations and Warranties of Depositor	 	40

	ARTICLE VIII.	 	The Trustees	 	41

	 	 	SECTION 8.1.	 	Number of Trustees	 	41
	 	 	SECTION 8.2.	 	Property Trustee Required	 	41
	 	 	SECTION 8.3.	 	Delaware Trustee Required	 	41
	 	 	SECTION 8.4.	 	Appointment of Administrative Trustees	 	42
	 	 	SECTION 8.5.	 	Duties and Responsibilities of the Trustees	 	42
	 	 	SECTION 8.6.	 	Notices of Defaults and Extensions	 	44
	 	 	SECTION 8.7.	 	Certain Rights of Property Trustee	 	44
	 	 	SECTION 8.8.	 	Delegation of Power	 	46
	 	 	SECTION 8.9.	 	May Hold Securities	 	46
	 	 	SECTION 8.10.	 	Compensation; Reimbursement; Indemnity	 	47
	 	 	SECTION 8.11.	 	Resignation and Removal; Appointment of Successor	 	48
	 	 	SECTION 8.12.	 	Acceptance of Appointment by Successor	 	49
	 	 	SECTION 8.13.	 	Merger, Conversion, Consolidation or Succession to Business	 	49
	 	 	SECTION 8.14.	 	Not Responsible for Recitals or Issuance of Securities	 	50
	 	 	SECTION 8.15.	 	Property Trustee May File Proofs of Claim	 	50
	 	 	SECTION 8.16.	 	Reports to and from the Property Trustee	 	51

	ARTICLE IX.	 	Termination, Liquidation and Merger	 	51

	 	 	SECTION 9.1.	 	Dissolution Upon Expiration Date	 	51
	 	 	SECTION 9.2.	 	Early Termination	 	51
	 	 	SECTION 9.3.	 	Termination	 	52
	 	 	SECTION 9.4.	 	Liquidation	 	52
	 	 	SECTION 9.5.	 	Mergers, Consolidations, Amalgamations or Replacements of Trust	 	53

	ARTICLE X.	 	Miscellaneous Provisions	 	54

	 	 	SECTION 10.1.	 	Limitation of Rights of Holders	 	54
	 	 	SECTION 10.2.	 	Agreed Tax Treatment of Trust and Trust Securities	 	55
	 	 	SECTION 10.3.	 	Amendment	 	55
	 	 	SECTION 10.4.	 	Separability	 	56
	 	 	SECTION 10.5.	 	Governing Law	 	56
	 	 	SECTION 10.6.	 	Successors	 	57
	 	 	SECTION 10.7.	 	Headings	 	57
	 	 	SECTION 10.8.	 	Reports, Notices and Demands	 	57
	 	 	SECTION 10.9.	 	Agreement Not to Petition	 	58

	

ii

	Exhibit A	 	Certificate of Trust of Simmons First Capital Trust III	 
	Exhibit B	 	Form of Common Securities Certificate	 
	Exhibit C	 	Form of Preferred Securities Certificate	 
	Exhibit D	 	Junior Subordinated Indenture	 
	Exhibit E	 	Form of Transferee Certificate to be Executed by Transferees other than QIBs	 
	Exhibit F	 	Form of Transferee Certificate to be Executed by QIBs	 
	Exhibit G	 	Form of Officer’s Certificate	 
	Schedule A	 	Calculation of LIBOR	 

	

iii

	

        AMENDED
 AND RESTATED TRUST AGREEMENT, dated as of December 16, 2003, among (i) Simmons First National Corporation,
 an Arkansas corporation (including any successors or permitted assigns, the “Depositor”), (ii) Deutsche
 Bank Trust Company Americas, a New York banking corporation, as property trustee (in such capacity,
 the “Property Trustee”), (iii) Deutsche Bank Trust Company Delaware, a Delaware banking corporation,
 as Delaware trustee (in such capacity, the “Delaware Trustee”), (iv) J. Thomas May, an individual, Barry
 L. Crow, an individual, and Bob Fehlman, an individual, each of whose address is c/o Simmons First National
 Corporation, P.O. Box 7009, Pine Bluff, Arkansas 71611, as administrative trustees (in such capacities,
 each an “Administrative Trustee” and, collectively, the “Administrative Trustees” and, together with
 the Property Trustee and the Delaware Trustee, the “Trustees”) and (v) the several Holders, as hereinafter
 defined.

WITNESSETH

        WHEREAS,
 the Depositor, the Property Trustee and the Delaware Trustee have heretofore created a Delaware statutory
 trust pursuant to the Delaware Statutory Trust Act by entering into a Trust Agreement, dated as of December
 12, 2003 (the “Original Trust Agreement”), and by executing and filing with the Secretary of State of
 the State of Delaware the Certificate of Trust, substantially in the form attached as Exhibit A;
 and

        WHEREAS,
 the Depositor and the Trustees desire to amend and restate the Original Trust Agreement in its entirety
 as set forth herein to provide for, among other things, (i) the issuance of the Common Securities by
 the Trust to the Depositor, (ii) the issuance and sale of the Preferred Securities by the Trust pursuant
 to the Subscription Agreement and (iii) the acquisition by the Trust from the Depositor of all of the
 right, title and interest in and to the Notes;

        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
 Original Trust Agreement in its entirety and agrees as follows:

ARTICLE I.

DEFINED TERMS

        SECTION
 1.1.     Definitions.

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

	 	        (a) the terms defined in this Article I have the meanings assigned to them in this Article I;

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

	

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

	 	        (d) unless the context otherwise requires, any reference to an “Article”, a “Section”, a “Schedule” or an “Exhibit” refers to an Article, a Section, a Schedule or an Exhibit, as the case may be, of or to this Trust Agreement;

	 	        (e) 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;

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

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

	

        “Act”
 has the meaning specified in Section 6.7(a).

        “Additional
 Interest” has the meaning specified in Section 1.1 of the Indenture.

        “Additional
 Interest Amount” means, with respect to Trust Securities of a given Liquidation Amount and/or a given
 period, the amount of Additional Interest paid by the Depositor on a Like Amount of Notes for such period.

        “Additional
 Taxes” has the meaning specified in Section 1.1 of the Indenture.

        “Additional
 Tax Sums” has the meaning specified in Section 10.5 of the Indenture.

        “Administrative
 Trustee” means each of the Persons identified as an “Administrative Trustee” in the preamble to this
 Trust Agreement, solely in each such Person’s capacity as Administrative Trustee of the Trust and not
 in such Person’s individual capacity, or any successor Administrative 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.

        “Applicable
 Depositary Procedures” means, with respect to any transfer or transaction involving a Book-Entry Preferred
 Security, the rules and procedures of the Depositary for such Book-Entry Preferred Security, in each
 case to the extent applicable to such transaction and as in effect from time to time.

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

2

	 	        (a) the entry of a decree or order by a court having jurisdiction in the premises (i) judging such Person a bankrupt or insolvent, (ii) approving as properly filed a petition seeking reorganization, arrangement, adjudication or composition of or in respect of such Person in an involuntary case under any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law, (iii) appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of such Person or of any substantial part of its property or (iv) 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 sixty (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, reorganization or other similar law, or the consent by it to the filing of any such petition or to the appointment of a custodian, 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 insolvent, or the taking of corporate action by such Person in furtherance of any such
action.

	

        “Bankruptcy
 Laws” means all Federal and state bankruptcy, insolvency, reorganization and other similar laws, including
 the United States Bankruptcy Code.

        “Book-Entry
 Preferred Security” means a Preferred Security, the ownership and transfers of which shall be made through
 book entries by a Depositary.

        “Business
 Day” means a day other than (a) a Saturday or Sunday, (b) a day on which banking institutions in the
 City of New York are authorized or required by law or executive order to remain closed or (c) a day
 on which the Corporate Trust Office is closed for business.

        “Calculation
 Agent” has the meaning specified in Section 4.10 (a).

        “Capital
 Disqualification Event” has the meaning specified in Section 1.1 of the Indenture.

        “Closing
 Date” has the meaning specified in the Placement Agreement.

        “Code”
 means the United States 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 Trust Agreement such Commission is not existing and
 performing the duties assigned to it, 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.

3

	

        “Common
 Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount
 of $1,000 and having the rights provided therefor in this Trust Agreement.

        “Corporate
 Trust Office” means the principal office of the Property Trustee at which any particular time its corporate
 trust business shall be administered, which office at the date of this Trust Agreement is located at
 60 Wall Street, New York, New York 10005-2858, Attention: Corporate Trust and Agency Services.

        “Definitive
 Preferred Securities Certificates” means Preferred Securities issued in certificated, fully registered
 form that are not Global Preferred Securities.

        “Delaware
 Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq.,
 or any successor statute thereto, in each case as amended from time to time.

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

        “Depositary”
 means an organization registered as a clearing agency under the Exchange Act that is designated as Depositary
 by the Depositor or any successor thereto. DTC will be the initial Depositary.

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

        “Depositor”
 has the meaning specified in the preamble to this Trust Agreement and any successors and permitted assigns.

        “Depositor
 Affiliate” has the meaning specified in Section 4.9(a).

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

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

        “DTC”
 means The Depository Trust Company or any successor thereto.

        “Early
 Termination 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):

4

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

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

	 	        (c) default by the 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 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 thirty (30) days after there has been given, by registered or certified mail, to the Trustees and to the Depositor by the Holders of at least twenty five percent (25%) in aggregate Liquidation Amount of the Outstanding Preferred 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 ninety (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.

        “Extension
 Period” has the meaning specified in Section 4.1(a)(ii).

        “Federal
 Reserve” means the Board of Governors of the Federal Reserve System, the staff thereof, or a Federal
 Reserve Bank, acting through delegated authority, in each case under the rules, regulations and policies
 of the Federal Reserve System, or if at any time after the execution of this Trust Agreement any such
 entity is not existing and performing the duties now assigned to it , any successor body performing
 similar duties or functions.

        “Fiscal
 Year” shall be the fiscal year of the Trust, which shall be the calendar year, or such other period
 as is required by the Code.

        “Global
 Preferred Security” means a Preferred Securities Certificate evidencing ownership of Book-Entry Preferred
 Securities.

        “Guarantee
 Agreement” means the Guarantee Agreement executed and delivered by the Depositor and Deutsche Bank Trust
 Company Americas, as guarantee trustee, contemporaneously with the execution and delivery of this Trust
 Agreement for the benefit of the holders of the Preferred 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.

5

	

        “Indemnified
 Person” has the meaning specified in Section 8.10(c).

        “Indenture”
 means the Junior Subordinated Indenture executed and delivered by the Depositor and the Note Trustee
 contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the holders
 of the Notes, a copy of which is attached hereto as Exhibit D, as amended or supplemented from
 time to time.

        “Indenture
 Redemption Price” has the meaning specified in Section 4.2(c).

        “Interest
 Payment Date” has the meaning specified in Section 1.1 of the Indenture.

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

        “Investment
 Company Event” has the meaning specified in Section 1.1 of the Indenture.

        “LIBOR”
 has the meaning specified in Schedule A.

        “LIBOR
 Business Day” has the meaning specified in Schedule A.

        “LIBOR
 Determination Date” has the meaning specified in Schedule A.

        “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 Notes to be contemporaneously redeemed or paid at maturity in
 accordance with the Indenture, the proceeds of which will be used to pay the Redemption Price of such
 Trust Securities, (b) with respect to a distribution of Notes to Holders of Trust Securities in connection
 with a dissolution of the Trust, Notes having a principal amount equal to the Liquidation Amount of
 the Trust Securities of the Holder to whom such Notes are distributed and (c) with respect to any distribution
 of Additional Interest Amounts to Holders of Trust Securities, Notes having a principal amount equal
 to the Liquidation Amount of the Trust Securities in respect of which such distribution is made.

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

        “Liquidation
 Date” means the date on which assets are to be distributed to Holders in accordance with Section
 9.4(a) hereunder following dissolution of the Trust.

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

        “Majority
 in Liquidation Amount of the Preferred Securities” means Preferred Securities representing more than
 fifty percent (50%) of the aggregate Liquidation Amount of all (or a specified group of) then Outstanding
 Preferred Securities.

6

	

        “Note
 Event of Default” means any “Event of Default” specified in Section 5.1 of the Indenture.

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

        “Note
 Trustee” means the Person identified as the “Trustee” in the Indenture, solely in its capacity as Trustee
 pursuant to the 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.

        “Notes”
 means the Depositor’s Junior Subordinated Notes issued pursuant to the Indenture.

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

        “Officers’
 Certificate” means a certificate signed by the Chief Executive Officer, the President or an Executive
 Vice President, and by the Chief Financial Officer, Treasurer or an Assistant Treasurer, of the Depositor,
 and delivered to the Trustees. Any Officers’ Certificate delivered with respect to compliance with a
 condition or covenant provided for in this Trust Agreement (other than the Officers’ Certificate provided
 pursuant to Section 8.16(a)) 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.

	

        “Operative
 Documents” means the Placement Agreement, the Indenture, the Trust Agreement, the Guarantee Agreement,
 the Subscription Agreement, the Notes and the Trust Securities.

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

        “Original
 Issue Date” means the date of original issuance of the Trust Securities.

7

	

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

        “Outstanding”,
 when used with respect to any 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 which payment or redemption money in the necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent in trust for the Holders of such Trust Securities; 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 Trust Securities have been executed and delivered pursuant to the provisions of this Trust Agreement, unless proof satisfactory to the Property Trustee is presented that any such Trust Securities are held by Holders in whose hands such Trust Securities are valid, legal and binding obligations of the Trust;

	

provided, that in determining whether the Holders of
 the requisite Liquidation Amount of the Outstanding Preferred Securities have given any request, demand,
 authorization, direction, notice, consent or waiver hereunder, Preferred Securities owned by the Depositor,
 any Trustee or any Affiliate of the Depositor or of any Trustee shall be disregarded and deemed not
 to be Outstanding, except that (i) in determining whether any Trustee shall be protected in relying
 upon any such request, demand, authorization, direction, notice, consent or waiver, only Preferred Securities
 that such Trustee knows to be so owned shall be so disregarded and (ii) the foregoing shall not apply
 at any time when all of the Outstanding Preferred Securities are owned by the Depositor, one or more
 of the Trustees and/or any such Affiliate. Preferred 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
 Trustees the pledgee’s right so to act with respect to such Preferred Securities and that the pledgee
 is not the Depositor, any Trustee or any Affiliate of the Depositor or of any Trustee.

        “Owner”
 means each Person who is the beneficial owner of Book-Entry Preferred Securities as reflected in the
 records of the Depositary or, if a Depositary Participant is not the beneficial owner, then the beneficial
 owner as reflected in the records of the Depositary Participant.

        “Paying
 Agent” means any Person authorized by the Administrative Trustees to pay Distributions or other amounts
 in respect of any Trust Securities on behalf of the Trust.

        “Payment
 Account” means a segregated non-interest-bearing corporate trust account maintained by the Property
 Trustee for the benefit of the Holders in which all amounts paid in respect of the Notes will be held
 and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in
 accordance with Sections 3.1, 4.1 and 4.2.

8

	

        “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.

        “Placement
 Agreement” means the Placement Agreement, dated as of December 16, 2003, executed and delivered by the
 Trust, the Depositor and Credit Suisse First Boston LLC, as placement agent.

        “Preferred
 Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount
 of $1,000 and having the rights provided therefor in this Trust Agreement.

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

        “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 and not in its individual capacity, or its successor
 in interest in such capacity, or any successor Property Trustee appointed as herein provided.

        “Purchaser”
 means Credit Suisse First Boston, acting through its Cayman Islands branch, as purchaser of the Preferred
 Securities pursuant to the Subscription Agreement.

        “QIB”
 means a “qualified institutional buyer” as defined in Rule 144A under the Securities Act.

        “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 Note Redemption Date and the stated maturity
 (or any date of principal repayment upon early maturity) of the Notes 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 Depositor upon the concurrent redemption or payment at maturity of a Like Amount
 of Notes.

        “Reference
 Banks” has the meaning specified in Schedule A.

        “Responsible
 Officer” means, with respect to the Property Trustee, any Senior Vice President, any Vice President,
 any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer,
 any Trust Officer or Assistant Trust Officer or any other officer of the Corporate Trust Department
 of the Property Trustee and also means, with respect to a particular corporate trust matter, any other
 officer to whom such matter is referred because of that officer’s knowledge of and familiarity with
 the particular subject.

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

9

	

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

        “Securities
 Register” and “Securities Registrar” have the respective meanings specified in Section 5.7(a).

        “Subscription
 Agreement” means the Preferred Securities Subscription Agreement, dated as of December 16, 2003, by
 and among the Company, the Trust, the Purchaser and Credit Suisse First Boston LLC (as to certain provisions
 thereof).

        “Successor
 Securities” has the meaning specified in Section 9.5(a).

        “Tax
 Event” has the meaning specified in Section 1.1 of the Indenture.

        “Trust”
 means the Delaware statutory trust known as “Simmons First Capital Trust III,” which was created on
 December 12, 2003, under the Delaware Statutory Trust Act pursuant to the Original Trust Agreement and
 the filing of the Certificate of Trust, and continued pursuant to this Trust Agreement.

        “Trust
 Agreement” means this Amended and Restated Trust Agreement, including all Schedules and Exhibits, as
 the same may be modified, amended or supplemented from time to time in accordance with the applicable
 provisions hereof.

        “Trustees”
 means the Administrative Trustees, the Property Trustee and the Delaware Trustee, each as defined in
 this Article I.

        “Trust
 Property” means (a) the Notes, (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
 Security” means any one of the Common Securities or the Preferred Securities.

ARTICLE II.

THE TRUST

        SECTION
 2.1.     Name.

        The
 trust continued hereby shall be known as “Simmons First Capital Trust III,” as such name may be modified
 from time to time by the Administrative Trustees following written notice to the Holders of Trust Securities
 and the other Trustees, in which name the Trustees may conduct the business of the Trust, make and execute
 contracts and other instruments on behalf of the Trust and sue and be sued.

10

	

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

        The
 address of the Delaware Trustee in the State of Delaware is 1011 Centre Road, Second Floor, Wilmington,
 Delaware 19805, Attention: Corporate Trust and Agency Services, or such other address in the State of
 Delaware as the Delaware Trustee may designate by written notice to the Holders, the Depositor, the
 Property Trustee and the Administrative Trustees. The principal executive office of the Trust is c/o
 Simmons First National Corporation, P.O. Box 7009, Pine Bluff, Arkansas 71611, Attention: Executive
 Vice President and Chief Financial Officer, as such address may be changed from time to time by the
 Administrative Trustees following written notice to the Holders and the other Trustees.

        SECTION
 2.3.     Initial Contribution of Trust Property; Fees, Costs and Expenses.

        The
 Property Trustee acknowledges receipt from the Depositor in connection with the Original Trust Agreement
 of the sum of ten dollars ($10), which constituted the initial Trust Property. The Depositor shall pay
 all fees, costs and expenses of the Trust (except with respect to the Trust Securities) as they arise
 or shall, upon request of any Trustee, promptly reimburse such Trustee for any such fees, costs and
 expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment
 of such fees, costs or expenses.

        SECTION
 2.4.     Purposes of Trust.

        (a)
 The exclusive purposes and functions of the Trust are to (i) issue and sell Trust Securities and use
 the proceeds from such sale to acquire the Notes and (ii) engage in only those activities necessary
 or incidental thereto. The Delaware Trustee, the Property Trustee and the Administrative Trustees are
 trustees of the Trust, and have all the rights, powers and duties to the extent set forth herein. The
 Trustees hereby acknowledge that they are trustees of the Trust.

        (b)
 So long as this Trust Agreement remains in effect, the Trust (or the Trustees acting on behalf of the
 Trust) shall not undertake any business, activities or transaction except as expressly provided herein
 or contemplated hereby. In particular, the Trust (or the Trustees acting on behalf of the 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)
 incur any indebtedness for borrowed money or issue any other debt, (iv) take or consent to any action
 that would result in the placement of a Lien on any of the Trust Property, (v) take or consent to any
 action that would reasonably be expected to cause the Trust to become taxable as a corporation or classified
 as other than a grantor trust for United States federal income tax purposes, (vi) take or consent to
 any action that would cause the Notes to be treated as other than indebtedness of the Depositor for
 United States federal income tax purposes or (vii) take or consent to any action that would cause the
 Trust to be deemed to be an “investment company” required to be registered under the Investment Company
 Act.

        SECTION
 2.5.     Authorization to Enter into Certain Transactions.

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

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

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

	 	        (B) to cause the Trust to enter into, and to execute, deliver and perform on behalf of the Trust, such agreements as may be necessary or desirable in connection with the purposes and function of the Trust, including, without limitation, the Placement Agreement, the Subscription Agreement, a common securities subscription agreement and a junior subordinated note subscription agreement;

	 	        (C) assisting in the sale of the Preferred Securities in one or more transactions exempt from registration under the Securities Act, and in compliance with applicable state securities or blue sky laws;

	 	        (D) acquiring the Notes with the proceeds of the Sale of the Trust Securities; provided, however that the Administrative Trustees shall cause legal title to the Notes to be held of record in the name of the Property Trustee.

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

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

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

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

	 	        (I) preparation and filing of all applicable tax returns and tax information reports that are required to be filed on behalf of the Trust;

	 	        (J) establishing a record date with respect to all actions to be taken hereunder that require a record date to be established, except as provided in Section 6.10(a);

	 	        (K) unless otherwise required by the Delaware Statutory Trust Act to execute on behalf of the Trust (either acting alone or together with the other Administrative Trustees) any documents that such Administrative Trustee has the power to execute pursuant to this Trust Agreement; and

	

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

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

	 	        (A) the receipt and holding of legal title of the Notes;

	 	        (B) the establishment of the Payment Account;

	 	        (C) the collection of interest, principal and any other payments made in respect of the Notes 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 Notes in accordance with the terms of this Trust Agreement;

	 	        (F) the sending of notices of default and other information regarding the Trust Securities and the Notes 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) to the extent provided in this Trust Agreement, the winding up of the affairs of and liquidation of the Trust and the preparation, execution and filing of the certificate of cancellation of the Trust with the Secretary of State of the State of Delaware; and

	 	        (I) 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).

	

        (b)
 In connection with the issue and sale of the Preferred Securities, the Depositor shall have the right
 and responsibility to assist the Trust with respect to, or effect on behalf of the Trust, the following
 (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust
 Agreement are hereby ratified and confirmed in all respects):

	 	        (i) the negotiation of the terms of, and the execution and delivery of, the Placement Agreement providing for the sale of the Preferred Securities in one or more transactions exempt from registration under the Securities Act, and in compliance with applicable state securities or blue sky laws; and

	

13

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

	

        (c)
 Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed
 to conduct the affairs of the Trust and to operate the Trust so that the Trust will not be taxable as
 a corporation or classified as other than a grantor trust for United States federal income tax purposes,
 so that the Notes will be treated as indebtedness of the Depositor for United States federal income
 tax purposes and so that the Trust will not be deemed to be an “investment company” required to be registered
 under the Investment Company Act. In this connection, each Administrative Trustee is authorized to take
 any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement,
 that such Administrative Trustee determines in his or her 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 Preferred Securities. In no event shall the Administrative Trustees
 be liable to the Trust or the Holders for any failure to comply with this Section 2.5 to the
 extent that such failure results solely from a change in law or regulation or in the interpretation
 thereof.

        (d)
 Any action taken by a Trustee in accordance with its powers shall constitute the act of and serve to
 bind the Trust. In dealing with any Trustee acting on behalf of the Trust, no Person shall be required
 to inquire into the authority of such Trustee to bind the Trust. Persons dealing with the Trust are
 entitled to rely conclusively on the power and authority of any Trustee as set forth in this Trust Agreement.

        SECTION
 2.6.     Assets of Trust.

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

        SECTION
 2.7.     Title to Trust Property.

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

        (b)
 The Holders shall not have any right or title to the Trust Property other than the undivided beneficial
 interest in the assets of the 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 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.

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ARTICLE III.

PAYMENT ACCOUNT; PAYING AGENTS

        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 the Paying Agent 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.

        (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 with respect to, the Notes. Amounts held in the Payment Account
 shall not be invested by the Property Trustee pending distribution thereof.

        SECTION
 3.2.     Appointment of Paying Agents.

        The
 Paying Agent shall initially be the Property Trustee. 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 Trustees. 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 Administrative
 Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting
 as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to
 the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the
 Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative
 Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent.
 Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the
 Trustees an instrument in which such successor Paying Agent shall agree with the Trustees that as Paying
 Agent, such successor 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 Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so
 long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying
 Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any
 co-paying agent unless the context requires otherwise.

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ARTICLE IV.

DISTRIBUTIONS; REDEMPTION

        SECTION
 4.1.     Distributions.

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

	 	        (i) Distributions on the Trust Securities shall be cumulative, and shall accumulate whether or not there are funds of the Trust available for the payment of Distributions. Distributions shall accumulate from December 16, 2003, and, except as provided in clause (ii) below, shall be payable quarterly in arrears on March 30th, June 30th, September 30th and December 30th of each year, commencing on March 30, 2004. If any date 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 Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after each such date until the next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case, with the same force and effect as if made on such date (each date on which Distributions are payable in accordance with this Section 4.1(a)(i), a “Distribution Date”);

	 	        (ii) in the event (and to the extent) that the Depositor exercises its right under the Indenture to defer the payment of interest on the Notes, Distributions on the Trust Securities shall be deferred. Under the Indenture, so long as no Note Event of Default has occurred and is continuing, the Depositor shall have the right, at any time and from time to time during the term of the Notes, to defer the payment of interest on the Notes for a period of up to twenty (20) consecutive quarterly interest payment periods (each such extended interest payment period, an “Extension Period”), during which Extension Period no interest (including Additional Interest) on the Notes shall be due and payable (except any Additional Tax Sums that may be due and payable). No interest on the Notes shall be due and payable during an Extension Period, except at the end thereof, but each installment of
interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest (to the extent payment of such interest would be legally enforceable) at a fixed rate per annum equal to 6.97% through the Interest Payment Date in December, 2010 and a variable rate per annum, reset quarterly, equal to LIBOR plus 2.80% thereafter, compounded quarterly, from the dates on which amounts would have otherwise been due and payable until paid or until funds for the payment thereof have been made available for payment. If Distributions are deferred, the deferred Distributions (including Additional Interest Amounts) shall be paid on the date that the related Extension Period terminates, to Holders of the Trust Securities as they appear on the books and records of the Trust on the record date immediately preceding such termination date.

	

16

	 	        (iii) Distributions shall accumulate in respect of the Trust Securities at a fixed rate per annum equal to 6.97% through the Distribution Date in December, 2010, and a variable rate per annum, reset quarterly, equal to LIBOR plus 2.80% thereafter. LIBOR shall be determined by the Calculation Agent in accordance with Schedule A. The amount of Distributions payable for any period less than a full Distribution period shall be computed on the basis of a 360-day year and the actual number of days elapsed in the relevant Distribution period. The amount of Distributions payable for any period shall include any Additional Interest Amounts in respect of such period; and

	 	        (iv) Distributions on the Trust Securities shall be made by the Paying Agent from the Payment Account and shall be payable on each Distribution Date only to the extent that the 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, which shall be at the close of business on the fifteenth day (whether or
 not a Business Day) preceding the relevant Distribution Date. Distributions payable on any Trust Securities
 that are not paid on any Distribution Date as a result of the Depositor having failed to make an interest
 payment under the Notes will cease to be payable to the Person in whose name such Trust Securities are
 registered on the relevant record date, and such defaulted Distributions and any Additional Interest
 Amounts 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
 Distribution and Additional Interest Amount, established in the same manner, and on the same date, as
 such is established with respect to the Notes under the Indenture.

        SECTION
 4.2.     Redemption.

        (a)
 On each Note Redemption Date and on the stated maturity (or any date of principal repayment upon early
 maturity) of the Notes and on each other date on (or in respect of) which any principal on the Notes
 is repaid, the 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 thirty (30) nor more than sixty (60) days prior to the Redemption Date to each Holder
 of Trust Securities to be redeemed, at such Holder’s address appearing in the Securities 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 provided pursuant to the Indenture, as calculated by the Depositor, together with a statement that it is an estimate and that the actual Redemption Price will be calculated by the Calculation Agent on the fifth 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);

	

17

	 	        (iii) if less than all the Outstanding Trust Securities are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) and Liquidation Amounts of the particular Trust Securities to be redeemed;

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

	 	        (v) the place or places where the Trust Securities are to be surrendered for the payment of the Redemption Price; and

	 	        (vi) such other provisions as the Property Trustee deems relevant.

	

        (c)
 The Trust Securities (or portion thereof) redeemed on each Redemption Date shall be redeemed at the
 Redemption Price with the proceeds from the contemporaneous redemption or payment at maturity of Notes.
 Redemptions of the Trust Securities (or portion thereof) shall be made and the Redemption Price shall
 be payable on each Redemption Date only to the extent that the Trust has funds then on hand and available
 in the Payment Account for the payment of such Redemption Price. Under the Indenture, the Notes may
 be redeemed by the Depositor on any Interest Payment Date, at the Depositor’s option, on or after December
 30, 2010, in whole or in part, from time to time at a redemption price equal to one hundred percent
 (100%) of the principal amount thereof, together, in the case of any such redemption, with accrued interest,
 including any Additional Interest, to but excluding the date fixed for redemption (the “Indenture Redemption
 Price”); provided, that the Depositor shall have received the prior approval of the Federal Reserve
 if then required. The Notes may also be redeemed by the Depositor, at its option, in whole but not in
 part, upon the occurrence of a Capital Disqualification Event, an Investment Company Event or a Tax
 Event at the Indenture Redemption Price (as set forth in the Indenture).

        (d)
 If the Property Trustee gives a notice of redemption in respect of any Preferred Securities, then by
 10:00 A.M., New York City time, on the Redemption Date, the Depositor shall deposit sufficient funds
 with the Property Trustee to pay the Redemption Price. If such deposit has been made by such time, then
 by 12:00 noon, New York City time, on the Redemption Date, the Property Trustee will, with respect to
 Book-Entry Preferred Securities, irrevocably deposit with the Depositary for such Book-Entry Preferred
 Securities, to the extent available therefor, funds sufficient to pay the applicable Redemption Price
 and will give such Depositary irrevocable instructions and authority to pay the Redemption Price to
 the Holders of the Preferred Securities. With respect to Preferred Securities that are not Book-Entry
 Preferred Securities, the Property Trustee 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 Preferred
 Securities upon surrender of their Preferred Securities Certificates. Notwithstanding the foregoing,
 Distributions payable on or prior to the Redemption Date for any Trust Securities (or portion thereof)
 called for redemption shall be payable to the Holders of such Trust Securities as they appear on the
 Securities Register 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 (or portion thereof) 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, in the case of a
 partial redemption, the right of such Holders to receive a new Trust Security or Securities of authorized
 denominations, in aggregate Liquidation Amount equal to the unredeemed portion of such Trust Security
 or Securities, and such Securities (or portion thereof) called for redemption 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 Business Day (and no
 interest shall accrue in respect of the amounts whose payment is so delayed for the period from and
 after each such date until the next succeeding Business Day), except that, if such Business Day falls
 in the next succeeding calendar year, such payment shall be made on the immediately preceding Business
 Day, in each case, with the same force and effect as if made on such date. In the event that payment
 of the Redemption Price in respect of any Trust Securities (or portion thereof) called for redemption
 is improperly withheld or refused and not paid either by the Trust or by the Depositor pursuant to the
 Guarantee Agreement, Distributions on such Trust Securities (or portion thereof) will continue to accumulate,
 as set forth in Section 4.1, from the Redemption Date originally established by the Trust for
 such Trust Securities (or portion thereof) 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.

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        (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 Preferred Securities based upon the relative
 aggregate Liquidation Amounts of the Common Securities and the Preferred Securities. The Preferred Securities
 to be redeemed shall be redeemed on a pro rata basis based upon their respective Liquidation Amounts
 not more than sixty (60) days prior to the Redemption Date by the Property Trustee from the Outstanding
 Preferred Securities not previously called for redemption; provided, however, that with respect to Holders
 that would be required to hold less than one hundred (100) but more than zero (0) Trust Securities as
 a result of such redemption, the Trust shall redeem Trust Securities of each such Holder so that after
 such redemption such Holder shall hold either one hundred (100) Trust Securities or such Holder no longer
 holds any Trust Securities, and shall use such method (including, without limitation, by lot) as the
 Trust shall deem fair and appropriate; and provided, further, that so long as the Preferred Securities
 are Book-Entry Preferred Securities, such selection shall be made in accordance with the Applicable
 Depositary Procedures for the Preferred Securities by such Depositary. The Property Trustee shall promptly
 notify the Securities Registrar in writing of the Preferred Securities (or portion thereof) selected
 for redemption and, in the case of any Preferred 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 Preferred Securities shall relate, in the case
 of any Preferred Securities redeemed or to be redeemed only in part, to the portion of the aggregate
 Liquidation Amount of Preferred Securities that has been or is to be redeemed.

19

	

        (f)
 The Trust in issuing the Trust Securities may use “CUSIP” numbers (if then generally in use), and, if
 so, the Property Trustee shall indicate the “CUSIP” numbers of the Trust Securities in notices of redemption
 and related materials 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 Trust Securities
 or as contained in any notice of redemption and related materials.

        SECTION
 4.3.     Subordination of Common Securities.

        (a)
 Payment of Distributions (including any Additional Interest Amounts) on, the Redemption Price of and
 the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro
 rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the
 respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation
 Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including
 any Additional Interest 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 Interest Amounts) on all Outstanding Preferred 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 Preferred 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 Preferred 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 Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution
 in respect of, the Preferred Securities then due and payable.

        (b)
 In the case of the occurrence of any 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 all such
 Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated.
 Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities
 have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf
 of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities,
 and only the Holders of all the Preferred 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 Interest Amounts), the Redemption Price, Liquidation Amount
 or any other amounts in respect of the Preferred Securities shall be made by wire transfer at such place
 and to such account at a banking institution in the United States as may be designated in writing at
 least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper
 written transfer instructions have not been received by the relevant record date, in which case such
 payments shall be made by check mailed to the address of such Person as such address shall appear in
 the Securities Register. If any Preferred Securities are held by a Depositary, such Distributions thereon
 shall be made to the Depositary in immediately available funds. Payments in respect of the Common Securities
 shall be made in such manner as shall be mutually agreed between the Property Trustee and the Holder
 of all the Common Securities.

20

	

        SECTION
 4.5.     Withholding Tax.

        The
 Trust and the Administrative Trustees shall comply with all withholding and backup withholding tax requirements
 under United States federal, state and local law. The Administrative Trustees on behalf of the Trust
 shall request, and the Holders shall provide to the Trust, such forms or certificates as are necessary
 to establish an exemption from withholding and backup withholding tax with respect to each Holder and
 any representations and forms as shall reasonably be requested by the Administrative Trustees on behalf
 of the Trust to assist it in determining the extent of, and in fulfilling, its withholding and backup
 withholding tax obligations. The Administrative Trustees shall file required forms with applicable jurisdictions
 and, unless an exemption from withholding and backup withholding tax is properly established by a Holder,
 shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To the extent that
 the Trust is required to withhold and pay over any amounts to any jurisdiction with respect to Distributions
 or allocations to any Holder, the amount withheld shall be deemed to be a Distribution in the amount
 of the withholding to the Holder. In the event of any claimed overwithholding, Holders shall be limited
 to an action against the applicable jurisdiction. If the amount required to be withheld was not withheld
 from actual Distributions made, the Administrative Trustees on behalf of the Trust may reduce subsequent
 Distributions by the amount of such required withholding.

        SECTION
 4.6.     Tax Returns and Other Reports.

        (a)
 The Administrative Trustees shall prepare (or cause to be prepared) at the principal office of the Trust
 in the United States, as defined for purposes of Treasury regulations section 301.7701-7, at the Depositor’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 Trust. The Administrative Trustees shall prepare at the
 principal office of the Trust in the United States, as defined for purposes of Treasury regulations
 section 301.7701-7, and furnish (or cause to be prepared and furnished), to each Holder all Internal
 Revenue Service forms and returns required to be provided by the Trust. Notwithstanding any right under
 the Code to deliver any such form or return at a later date, the Administrative Trustees shall endeavor
 to deliver all such forms and returns by January 31 in each taxable year of the Trust. The Administrative
 Trustees shall provide the Depositor and the Property Trustee with a copy of all such returns and reports
 promptly after such filing or furnishing.

        (b)
 So long as the Property Trustee is the Holder of the Notes, the Administrative Trustees will cause the
 Depositor’s reports on Form FR Y-9C, FR Y-9LP and FR Y-6 to be delivered to the Property Trustee promptly
 following their filing with the Federal Reserve.

        SECTION
 4.7.     Payment of Taxes, Duties, Etc. of the Trust.

        Upon
 receipt under the Notes of Additional Tax Sums and upon the written direction of the Administrative
 Trustees, the Property Trustee shall promptly pay, solely out of monies on deposit pursuant to this
 Trust Agreement, any Additional Taxes imposed on the Trust by the United States or any other taxing
 authority.

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

        Any
 amount payable hereunder to any Holder of Preferred Securities shall be reduced by the amount of any
 corresponding payment such Holder (or any Owner with respect thereto) has directly received pursuant
 to Section 5.8 of the Indenture or Section 6.10(b) of this Trust Agreement.

        SECTION
 4.9.     Exchanges.

        (a)
 If at any time the Depositor or any of its Affiliates (in either case, a “Depositor Affiliate”) is the
 Owner or Holder of any Preferred Securities, such Depositor Affiliate shall have the right to deliver
 to the Property Trustee all or such portion of its Preferred Securities as it elects and receive, in
 exchange therefor, a Like Amount of Notes. Such election (i) shall be exercisable effective on any Distribution
 Date by such Depositor Affiliate delivering to the Property Trustee a written notice of such election
 specifying the Liquidation Amount of Preferred Securities with respect to which such election is being
 made and the Distribution Date on which such exchange shall occur, which Distribution Date shall be
 not less than ten (10) Business Days after the date of receipt by the Property Trustee of such election
 notice and (ii) shall be conditioned upon such Depositor Affiliate having delivered or caused to be
 delivered to the Property Trustee or its designee the Preferred Securities that are the subject of such
 election by 10:00 A.M. New York time, on the Distribution Date on which such exchange is to occur. After
 the exchange, such Preferred Securities will be canceled and will no longer be deemed to be Outstanding
 and all rights of the Depositor Affiliate with respect to such Preferred Securities will cease.

        (b)
 In the case of an exchange described in Section 4.9(a), the Property Trustee on behalf of the
 Trust will, on the date of such exchange, exchange Notes having a principal amount equal to a proportional
 amount of the aggregate Liquidation Amount of the Outstanding Common Securities, based on the ratio
 of the aggregate Liquidation Amount of the Preferred Securities exchanged pursuant to Section 4.9(a)
 divided by the aggregate Liquidation Amount of the Preferred Securities Outstanding immediately prior
 to such exchange, for such proportional amount of Common Securities held by the Depositor (which contemporaneously
 shall be canceled and no longer be deemed to be Outstanding); provided, that the Depositor delivers
 or causes to be delivered to the Property Trustee or its designee the required amount of Common Securities
 to be exchanged by 10:00 A.M. New York time, on the Distribution Date on which such exchange is to occur.

        SECTION
 4.10.     Calculation Agent.

        (a)
 The Property Trustee shall initially, and for so long as it holds any of the Notes, be the Calculation
 Agent for purposes of determining LIBOR for each Distribution Date. The Calculation Agent may be removed
 by the Administrative Trustees at any time. If the Calculation Agent is unable or unwilling to act as
 such or is removed by the Administrative Trustees, the Administrative Trustees will promptly appoint
 as a replacement Calculation Agent the London office of a leading bank which is engaged in transactions
 in three-month Eurodollar deposits in the international Eurodollar market and which does not control
 or is not controlled by or under common control with the Administrative Trustee or its Affiliates. The
 Calculation Agent may not resign its duties without a successor having been duly appointed.

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        (b)
 The Calculation Agent shall be required to agree that, as soon as possible after 11:00 a.m. (London
 time) on each LIBOR Determination Date, but in no event later than 11:00 a.m. (London time) on the Business
 Day immediately following each LIBOR Determination Date, the Calculation Agent will calculate the interest
 rate (rounded to the nearest cent, with half a cent being rounded upwards) for the related Distribution
 Date, and will communicate such rate and amount to the Depositor, Trustee, each Paying Agent and the
 Depositary. The Calculation Agent will also specify to the Administrative Trustee the quotations upon
 which the foregoing rates and amounts are based and, in any event, the Calculation Agent shall notify
 the Administrative Trustee before 5:00 p.m. (London time) on each LIBOR Determination Date that either:
 (i) it has determined or is in the process of determining the foregoing rates and amounts or (ii) it
 has not determined and is not in the process of determining the foregoing rates and amounts, together
 with its reasons therefor. The Calculation Agent’s determination of the foregoing rates and amounts
 for any Distribution Date will (in the absence of manifest error) be final and binding upon all parties.
 For the sole purpose of calculating the interest rate for the Trust Securities, “Business Day” shall
 be defined as any day on which dealings in deposits in Dollars are transacted in the London interbank
 market.

        SECTION
 4.11.     Certain Accounting Matters.

        (a)
 At all times during the existence of the Trust, the Administrative Trustees shall keep, or cause to
 be kept at the principal office of the Trust in the United States, as defined for purposes of Treasury
 Regulations section 301.7701-7, full books of account, records and supporting documents, which shall
 reflect in reasonable detail each transaction of the Trust. The books of account shall be maintained
 on the accrual method of accounting, in accordance with generally accepted accounting principles, consistently
 applied.

        (b)
 The Administrative Trustees shall either (i), if the Depositor is then subject to such reporting requirements,
 cause each Form 10-K and Form 10-Q prepared by the Depositor and filed with the Commission in accordance
 with the Exchange Act to be delivered to each Holder, with a copy to the Property Trustee, within thirty
 (30) days after the filing thereof or (ii) cause to be prepared at the principal office of the Trust
 in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, and delivered
 to each of the Holders, with a copy to the Property Trustee, within ninety (90) days after the end of
 each Fiscal Year, annual financial statements of the Trust, including a balance sheet of the Trust as
 of the end of such Fiscal Year, and the related statements of income or loss.

        (c)
 The Trust shall maintain one or more bank accounts in the United States, as defined for purposes of
 Treasury Regulations section 301.7701-7, in the name and for the sole benefit of the Trust; provided,
 however, that all payments of funds in respect of the Notes held by the Property Trustee shall
 be made directly to the Payment Account and no other funds of the Trust shall be deposited in the Payment
 Account. The sole signatories for such accounts (including the Payment Account) shall be designated
 by the Property Trustee.

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ARTICLE V.

SECURITIES

        SECTION
 5.1.     Initial Ownership.

        Upon
 the creation of the Trust and the contribution by the Depositor referred to in Section 2.3 and
 until the issuance of the Trust Securities, and at any time during which no Trust Securities are Outstanding,
 the Depositor shall be the sole beneficial owner of the Trust.

        SECTION
 5.2.     Authorized Trust Securities.

        The
 Trust shall be authorized to issue one series of Preferred Securities having an aggregate Liquidation
 Amount of $10,000,000 and one series of Common Securities having an aggregate Liquidation Amount of
 $310,000.

        SECTION
 5.3.     Issuance of the Common Securities; Subscription and Purchase of Notes.

        On
 the Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute and deliver to the
 Depositor Common Securities Certificates, registered in the name of the Depositor, evidencing an aggregate
 of 310 Common Securities having an aggregate Liquidation Amount of $310,000, against receipt by the
 Trust of the aggregate purchase price of such Common Securities of $310,000. Contemporaneously therewith
 and with the sale by the Trust to the Holders of an aggregate of 10,000 Preferred Securities having
 an aggregate Liquidation Amount of $10,000,000, an Administrative Trustee, on behalf of the Trust, shall
 subscribe for and purchase from the Depositor Notes, to be registered in the name of the Property Trustee
 on behalf of the Trust and having an aggregate principal amount equal to $10,310,000, and, in satisfaction
 of the purchase price for such Notes, the Property Trustee, on behalf of the Trust, shall deliver to
 the Depositor the sum of $10,310,000 (being the aggregate amount paid by the Holders for the Preferred
 Securities and the amount paid by the Depositor for the Common Securities).

        SECTION
 5.4.     The Securities Certificates.

        (a)
 The Preferred Securities Certificates shall be issued in minimum denominations of $100,000 Liquidation
 Amount and integral multiples of $1,000 in excess thereof, and the Common Securities Certificates shall
 be issued in minimum denominations of $10,000 Liquidation Amount and integral multiples of $1,000 in
 excess thereof. The Securities Certificates shall be executed on behalf of the Trust by manual or facsimile
 signature of at least one Administrative Trustee. Securities Certificates bearing the signatures of
 individuals who were, at the time when such signatures shall have been affixed, authorized to sign such
 Securities Certificates on behalf of the Trust 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 Securities Certificates or did not have such authority at
 the date of delivery of such Securities Certificates.

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        (b)
 On the Closing Date, upon the written order of an authorized officer of the Depositor, the Administrative
 Trustees shall cause Securities Certificates to be executed on behalf of the Trust and delivered, without
 further corporate action by the Depositor, in authorized denominations.

        (c)
 The Preferred Securities issued to QIBs shall be, except as provided in Section 5.6, Book-Entry
 Preferred Securities issued in the form of one or more Global Preferred Securities registered in the
 name of the Depositary, or its nominee and deposited with the Depositary or a custodian for the Depositary
 for credit by the Depositary to the respective accounts of the Depositary Participants thereof (or such
 other accounts as they may direct). The Preferred Securities issued to a Person other than a QIB shall
 be issued in the form of Definitive Preferred Securities Certificate.

        (d)
 A Preferred Security shall not be valid until authenticated by the manual signature of an Authorized
 Officer of the Property Trustee. Such signature shall be conclusive evidence that the Preferred Security
 has been authenticated under this Trust Agreement. Upon written order of the Trust signed by one Administrative
 Trustee, the Property Trustee shall authenticate the Preferred Securities for original issue. The Property
 Trustee may appoint an authenticating agent that is a U.S. Person acceptable to the Trust to authenticate
 the Preferred Securities. A Common Security need not be so authenticated and shall be valid upon execution
 by one or more Administrative Trustees. The form of this certificate of authentication can be found
 in Section 5.13.

        SECTION
 5.5.     Rights of Holders.

        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 non-assessable by the Trust. Except
 as provided in Section 5.11(b), 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.

        SECTION
 5.6.     Book-Entry Preferred Securities.

        (a)
 A Global Preferred Security may be exchanged, in whole or in part, for Definitive Preferred Securities
 Certificates registered in the names of the Owners only if such exchange complies with Section 5.7
 and (i) the Depositary advises the Administrative Trustees and the Property Trustee in writing that
 the Depositary is no longer willing or able properly to discharge its responsibilities with respect
 to the Global Preferred Security, and no qualified successor is appointed by the Administrative Trustees
 within ninety (90) days of receipt of such notice, (ii) the Depositary ceases to be a clearing agency
 registered under the Exchange Act and the Administrative Trustees fail to appoint a qualified successor
 within ninety (90) days of obtaining knowledge of such event, (iii) the Administrative Trustees at their
 option advise the Property Trustee in writing that the Trust elects to terminate the book-entry system
 through the Depositary or (iv) a Note Event of Default has occurred and is continuing. Upon the occurrence
 of any event specified in clause (i), (ii), (iii) or (iv) above, the Administrative Trustees shall notify
 the Depositary and instruct the Depositary to notify all Owners of Book-Entry Preferred Securities,
 the Delaware Trustee and the Property Trustee of the occurrence of such event and of the availability
 of the Definitive Preferred Securities Certificates to Owners of the Preferred Securities requesting
 the same. Upon the issuance of Definitive Preferred Securities Certificates, the Trustees shall recognize
 the Holders of the Definitive Preferred Securities Certificates as Holders. Notwithstanding the foregoing,
 if an Owner of a beneficial interest in a Global Preferred Security wishes at any time to transfer an
 interest in such Global Preferred Security to a Person other than a QIB, such transfer shall be effected,
 subject to the Applicable Depositary Procedures, in accordance with the provisions of this Section
 5.6 and Section 5.7, and the transferee shall receive a Definitive Preferred Securities Certificate
 in connection with such transfer. A holder of a Definitive Preferred Securities Certificate that is
 a QIB may, upon request, and in accordance with the provisions of this Section 5.6 and Section
 5.7, exchange such Definitive Preferred Securities Certificate for a beneficial interest in a Global
 Preferred Security.

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        (b)
 If any Global Preferred Security is to be exchanged for Definitive Preferred Securities Certificates
 or canceled in part, or if any Definitive Preferred Securities Certificate is to be exchanged in whole
 or in part for any Global Preferred Security, then either (i) such Global Preferred Security shall be
 so surrendered for exchange or cancellation as provided in this Article V or (ii) the aggregate
 Liquidation Amount represented by such Global Preferred Security shall be reduced, subject to Section
 5.4, or increased by an amount equal to the Liquidation Amount represented by that portion of the
 Global Preferred Security to be so exchanged or canceled, or equal to the Liquidation Amount represented
 by such Definitive Preferred Securities Certificates to be so exchanged for any Global Preferred Security,
 as the case may be, by means of an appropriate adjustment made on the records of the Securities Registrar,
 whereupon the Property Trustee, in accordance with the Applicable Depositary Procedures, shall instruct
 the Depositary or its authorized representative to make a corresponding adjustment to its records. Upon
 any such surrender to the Administrative Trustees or the Securities Registrar of any Global Preferred
 Security or Securities by the Depositary, accompanied by registration instructions, the Administrative
 Trustees, or any one of them, shall execute the Definitive Preferred Securities Certificates in accordance
 with the instructions of the Depositary. None of the Securities Registrar or the Trustees shall be liable
 for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected
 in relying on, such instructions.

        (c)
 Every Definitive Preferred Securities Certificate executed and delivered upon registration or transfer
 of, or in exchange for or in lieu of, a Global Preferred Security or any portion thereof shall be executed
 and delivered in the form of, and shall be, a Global Preferred Security, unless such Definitive Preferred
 Securities Certificate is registered in the name of a Person other than the Depositary for such Global
 Preferred Security or a nominee thereof.

        (d)
 The Depositary or its nominee, as registered owner of a Global Preferred Security, shall be the Holder
 of such Global Preferred Security for all purposes under this Trust Agreement and the Global Preferred
 Security, and Owners with respect to a Global Preferred Security shall hold such interests pursuant
 to the Applicable Depositary Procedures. The Securities Registrar and the Trustees shall be entitled
 to deal with the Depositary for all purposes of this Trust Agreement relating to the Global Preferred
 Securities (including the payment of the Liquidation Amount of and Distributions on the Book-Entry Preferred
 Securities represented thereby and the giving of instructions or directions by Owners of Book-Entry
 Preferred Securities represented thereby and the giving of notices) as the sole Holder of the Book-Entry
 Preferred Securities represented thereby and shall have no obligations to the Owners thereof. None of
 the Trustees nor the Securities Registrar shall have any liability in respect of any transfers effected
 by the Depositary.

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        (e)
 The rights of the Owners of the Book-Entry Preferred Securities shall be exercised only through the
 Depositary and shall be limited to those established by law, the Applicable Depositary Procedures and
 agreements between such Owners and the Depositary and/or the Depositary Participants; provided, solely
 for the purpose of determining whether the Holders of the requisite amount of Preferred Securities have
 voted on any matter provided for in this Trust Agreement, to the extent that Preferred Securities are
 represented by a Global Preferred Security, the Trustees may conclusively rely on, and shall be fully
 protected in relying on, any written instrument (including a proxy) delivered to the Property Trustee
 by the Depositary setting forth the Owners’ votes or assigning the right to vote on any matter to any
 other Persons either in whole or in part. To the extent that Preferred Securities are represented by
 a Global Preferred Security, the initial Depositary will make book-entry transfers among the Depositary
 Participants and receive and transmit payments on the Preferred Securities that are represented by a
 Global Preferred Security to such Depositary Participants, and none of the Depositor or the Trustees
 shall have any responsibility or obligation with respect thereto.

        (f)
 To the extent that a notice or other communication to the Holders is required under this Trust Agreement,
 for so long as Preferred Securities are represented by a Global Preferred Security, the Trustees shall
 give all such notices and communications to the Depositary, and shall have no obligations to the Owners.

        SECTION
 5.7.     Registration of Transfer and Exchange of Preferred Securities Certificates.

        (a)
 The Property Trustee shall keep or cause to be kept, at the Corporate Trust Office, a register or registers
 (the “Securities Register”) in which the registrar and transfer agent with respect to the Trust Securities
 (the “Securities Registrar”), subject to such reasonable regulations as it may prescribe, shall provide
 for the registration of Preferred Securities Certificates and Common Securities Certificates and registration
 of transfers and exchanges of Preferred Securities Certificates as herein provided. The Person acting
 as the Property Trustee shall at all times also be the Securities Registrar. The provisions of Article
 VIII shall apply to the Property Trustee in its role as Securities Registrar.

        (b)
 Upon surrender for registration of transfer of any Preferred Securities Certificate at the office or
 agency maintained pursuant to Section 5.7(f), the Administrative Trustees or any one of them
 shall execute by manual or facsimile signature and deliver to the Property Trustee, and the Property
 Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one
 or more new Preferred Securities Certificates in authorized denominations of a like aggregate Liquidation
 Amount as may be required by this Trust Agreement dated the date of execution by such Administrative
 Trustee or Trustees. At the option of a Holder, Preferred Securities Certificates may be exchanged for
 other Preferred Securities Certificates in authorized denominations and of a like aggregate Liquidation
 Amount upon surrender of the Preferred Securities Certificate to be exchanged at the office or agency
 maintained pursuant to Section 5.7(f). Whenever any Preferred Securities Certificates are
 so surrendered for exchange, the Administrative Trustees or any one of them shall execute by manual
 or facsimile signature and deliver to the Property Trustee, and the Property Trustee shall authenticate
 and deliver, the Preferred Securities Certificates that the Holder making the exchange is entitled to
 receive.

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        (c)
 The Securities Registrar shall not be required, (i) to issue, register the transfer of or exchange any
 Preferred Security during a period beginning at the opening of business fifteen (15) days before the
 day of selection for redemption of such Preferred Securities pursuant to Article IV and ending
 at the close of business on the day of mailing of the notice of redemption or (ii) to register the transfer
 of or exchange any Preferred Security so selected for redemption in whole or in part, except, in the
 case of any such Preferred Security to be redeemed in part, any portion thereof not to be redeemed.

        (d)
 Every Preferred Securities Certificate presented or surrendered for registration of transfer or exchange
 shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to
 the Securities Registrar duly executed by the Holder or such Holder’s attorney duly authorized in writing
 and (i) if such Preferred Securities Certificate is being transferred otherwise than to a QIB, accompanied
 by a certificate of the transferee substantially in the form set forth as Exhibit E hereto or
 (ii) if such Preferred Securities Certificate is being transferred to a QIB, accompanied by a certificate
 of the transferor substantially in the form set forth as Exhibit F hereto.

        (e)
 No service charge shall be made for any registration of transfer or exchange of Preferred Securities
 Certificates, but the Property Trustee on behalf of the Trust 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 Preferred Securities Certificates.

        (f)
 The Administrative Trustees shall designate an office or offices or agency or agencies where Preferred
 Securities Certificates may be surrendered for registration of transfer or exchange. The Depositor initially
 designates the Corporate Trust Office as its office and agency for such purposes. The Administrative
 Trustees shall give prompt written notice to the Depositor, the Property Trustee and to the Holders
 of any change in the location of any such office or agency.

        SECTION
 5.8.     Mutilated, Destroyed, Lost or Stolen Securities Certificates.

        (a)
 If any mutilated Securities Certificate shall be surrendered to the Securities Registrar together with
 such security or indemnity as may be required by the Securities Registrar and the Administrative Trustees
 to save each of them harmless, the Administrative Trustees, or any one of them, on behalf of the Trust,
 shall execute and make available for delivery in exchange therefor a new Securities Certificate of like
 class, tenor and denomination.

        (b)
 If the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or theft
 of any Securities Certificate and there shall be delivered to the Securities Registrar and the Administrative
 Trustees such security or indemnity as may be required by them to save each of them harmless, then in
 the absence of notice that such Securities Certificate shall have been acquired by a protected purchaser,
 the Administrative Trustees, or any one of them, on behalf of the Trust, shall execute and make available
 for delivery, and, with respect to Preferred Securities, the Property Trustee shall authenticate, in
 exchange for or in lieu of any such destroyed, lost or stolen Securities Certificate, a new Securities
 Certificate of like class, tenor and denomination.

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        (c)
 In connection with the issuance of any new Securities Certificate under this Section 5.8, the
 Administrative Trustees 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.

        (d)
 Any duplicate Securities Certificate issued pursuant to this Section 5.8 shall constitute conclusive
 evidence of an undivided beneficial interest in the assets of the Trust corresponding to that evidenced
 by the mutilated, lost, stolen or destroyed Securities Certificate, as if originally issued, whether
 or not the lost, stolen or destroyed Securities Certificate shall be found at any time.

        (e)
 If any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable,
 the Depositor in its discretion may, instead of issuing a new Security, pay such Security.

        (f)
 The provisions of this Section 5.8 are exclusive and shall preclude (to the extent lawful) all
 other rights and remedies with respect to the replacement of mutilated, destroyed, lost or stolen Securities
 Certificates.

        SECTION
 5.9.     Persons Deemed Holders.

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

        SECTION
 5.10.     Cancellation.

        All
 Preferred Securities Certificates surrendered for registration of transfer or exchange or for payment
 shall, if surrendered to any Person other than the Property Trustee, be delivered to the Property Trustee,
 and any such Preferred Securities Certificates and Preferred Securities Certificates surrendered directly
 to the Property Trustee for any such purpose shall be promptly canceled by it. The Administrative Trustees
 may at any time deliver to the Property Trustee for cancellation any Preferred Securities Certificates
 previously delivered hereunder that the Administrative Trustees may have acquired in any manner whatsoever,
 and all Preferred Securities Certificates so delivered shall be promptly canceled by the Property Trustee.
 No Preferred Securities Certificates shall be executed and delivered in lieu of or in exchange for any
 Preferred Securities Certificates canceled as provided in this Section 5.10, except as expressly
 permitted by this Trust Agreement. All canceled Preferred Securities Certificates shall be disposed
 of by the Property Trustee in accordance with its customary practices and the Property Trustee shall
 deliver to the Administrative Trustees a certificate of such disposition.

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        SECTION
 5.11.     Ownership of Common Securities by Depositor.

        (a)
 On the Closing Date, the Depositor shall acquire, and thereafter shall retain, beneficial and record
 ownership of the Common Securities. Neither the Depositor nor any successor Holder of the Common Securities
 may transfer less than all the Common Securities, and the Depositor or any such successor Holder may
 transfer the Common Securities only (i) in connection with a consolidation or merger of the Depositor
 into another Person, or any conveyance, transfer or lease by the Depositor of its properties and assets
 substantially as an entirety to any Person (in which event such Common Securities will be transferred
 to such surviving entity, transferee or lessee, as the case may be), pursuant to Section 8.1
 of the Indenture or (ii) to the Depositor or an Affiliate of the Depositor, in each such case in compliance
 with applicable law (including the Securities Act, and applicable state securities and blue sky laws).
 To the fullest extent permitted by law, any attempted transfer of the Common Securities other than as
 set forth in the immediately preceding sentence shall be void. The Administrative Trustees shall cause
 each Common Securities Certificate issued to the Depositor to contain a legend stating substantially
 “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE
 TRUST AGREEMENT.”

        (b)
 Any Holder of the Common Securities shall be liable for the debts and obligations of the Trust in the
 manner and to the extent set forth with respect to the Depositor and agrees that it shall be subject
 to all liabilities to which the Depositor may be subject and, prior to becoming such a Holder, shall
 deliver to the Administrative Trustees an instrument of assumption satisfactory to such Trustees.

        SECTION
 5.12.     Restricted Legends.

        (a)
 Each Preferred Security Certificate shall bear a legend in substantially the following form:

	 	“[IF THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

	 	UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO SIMMONS FIRST CAPITAL TRUST III OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY 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 HEREON 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 ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

	

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	 	THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

	 	THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO AN
EXEMPTION FROM THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR (V), SUBJECT TO THE RIGHT OF THE TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION OF COUNSEL AND OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

	 	THE PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

	

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	 	THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT 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”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS
SECURITY, OR ANY INTEREST THEREIN, IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

	 	THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”).”

	

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        (b)
 The above legend shall not be removed from any of the Preferred Securities Certificates unless there
 is delivered to the Property Trustee and the Depositor satisfactory evidence, which may include an opinion
 of counsel, as may be reasonably required to ensure that any future transfers thereof may be made without
 restriction under the provisions of the Securities Act and other applicable law. Upon provision of such
 satisfactory evidence, one or more of the Administrative Trustees on behalf of the Trust shall execute
 and deliver to the Property Trustee, and the Property Trustee shall deliver, at the written direction
 of the Administrative Trustees and the Depositor, Preferred Securities Certificates that do not bear
 the legend.

        SECTION
 5.13.     Form of Certificate of Authentication.

        The
 Property Trustee’s certificate of authentication shall be in substantially the following form:

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

	Dated:		DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity, but solely as Property Trustee

By:
        ——————————————
        Authorized officer 

	

ARTICLE VI.

MEETINGS; VOTING; ACTS OF HOLDERS

        SECTION
 6.1.     Notice of Meetings.

        Notice
 of all meetings of the Holders of the Preferred 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 Preferred
 Securities, at such Holder’s registered address, at least fifteen (15) days and not more than ninety
 (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
 6.2.     Meetings of Holders of the Preferred Securities.

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

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

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

        SECTION
 6.3.     Voting Rights.

        Holders
 shall be entitled to one vote for each $10,000 of Liquidation Amount represented by their Outstanding
 Trust Securities in respect of any matter as to which such Holders are entitled to vote.

        SECTION
 6.4.     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 Administrative Trustees,
 or with such other officer or agent of the Trust as the Administrative Trustees 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 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
 6.5.     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 Preferred Securities entitled to
 vote in respect of such action (or such lesser or greater proportion thereof as shall be required by
 any other provision of this Trust Agreement) shall consent to the action in writing; provided, that
 notice of such action is promptly provided to the Holders of Preferred Securities that did not consent
 to such action. Any action that may be taken by the Holders of all the Common Securities may be taken
 without a meeting and without prior notice if such Holders shall consent to the action in writing.

        SECTION
 6.6.     Record Date for Voting and Other Purposes.

        Except
 as provided in Section 6.10(a), for the purposes of determining the Holders who are entitled
 to notice of and to vote at any meeting or to act 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 Trustees may from time to time
 fix a date, not more than ninety (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.

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        SECTION
 6.7.     Acts of Holders.

        (a)
 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 thereof
 duly appointed in writing; and, except as otherwise expressly provided herein, such action shall become
 effective when such instrument or instruments are delivered to an Administrative 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 conclusive in favor of the Trustees, if made in the manner provided in this Section
 6.7.

        (b)
 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 such signer’s individual capacity, such certificate or affidavit shall also constitute
 sufficient proof of such signer’s 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 Trustee receiving the same deems sufficient.

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

        (d)
 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 Trustees, the Administrative Trustees
 or the Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security.

        (e)
 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.

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

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        SECTION
 6.8.     Inspection of Records.

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

        SECTION
 6.9.     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 Preferred Securities shall have any right to vote or in any manner otherwise control
 the administration, operation and management of the Trust or the obligations of the parties hereto,
 nor shall anything herein set forth, or contained in the terms of the 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 Notes are held by the Property Trustee on behalf of the Trust, the Property Trustee shall
 not (i) direct the time, method and place of conducting any proceeding for any remedy available to the
 Note Trustee, or exercise any trust or power conferred on the Property Trustee with respect to the Notes,
 (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 Notes shall be due and payable
 or (iv) consent to any amendment, modification or termination of the Indenture or the Notes, 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 Preferred Securities; provided, that where a consent under
 the Indenture would require the consent of each holder of Notes (or each Holder of Preferred Securities)
 affected thereby, no such consent shall be given by the Property Trustee without the prior written consent
 of each Holder of Preferred Securities. The Property Trustee shall not revoke any action previously
 authorized or approved by a vote of the Holders of the Preferred Securities, except by a subsequent
 vote of the Holders of the Preferred Securities. In addition to obtaining the foregoing approvals of
 the Holders of the Preferred Securities, prior to taking any of the foregoing actions, the Property
 Trustee shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced in such matters
 to the effect that such action shall not cause the 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 Trustees otherwise propose to
 effect, (i) any action that would adversely affect in any material respect the powers, preferences or
 special rights of the Preferred Securities, whether by way of amendment to the Trust Agreement or otherwise
 or (ii) the dissolution, winding-up or termination of the Trust, other than pursuant to the terms of
 this Trust Agreement, then the Holders of Outstanding Preferred Securities as a class will be entitled
 to vote on such amendment or proposal and such amendment or proposal shall not be effective except with
 the approval of the Holders of at least a Majority in Liquidation Amount of the Preferred 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 Trust to be taxable as a corporation or
 classified as other than a grantor trust for United States federal income tax purposes.

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        SECTION
 6.10.     Acceleration of Maturity; Rescission of Annulment; Waivers of Past
 Defaults.

        (a)
 For so long as any Preferred Securities remain Outstanding, if, upon a Note Event of Default, the Note
 Trustee fails or the holders of not less than twenty five percent (25%) in principal amount of the outstanding
 Notes fail to declare the principal of all of the Notes to be immediately due and payable, the Holders
 of at least twenty-five percent (25%) in Liquidation Amount of the Preferred Securities then Outstanding
 shall have the right to make such declaration by a notice in writing to the Property Trustee, the Depositor
 and the Note Trustee. At any time after a declaration of acceleration with respect to the Notes has
 been made and before a judgment or decree for payment of the money due has been obtained by the Note
 Trustee as provided in the Indenture, the Holders of at least a Majority in Liquidation Amount of the
 Preferred Securities, by written notice to the Property Trustee, the Depositor and the Note Trustee,
 may rescind and annul such declaration and its consequences if:

	 	        (i) the Depositor has paid or deposited with the Note Trustee a sum sufficient to pay:

	 	        (A) all overdue installments of interest on all of the Notes;

	 	        (B) any accrued Additional Interest on all of the Notes;

	 	        (C) the principal of and any premium on any Notes that have become due otherwise than by such declaration of acceleration and interest and Additional Interest thereon at the rate borne by the Notes; and

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

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

	

        Upon
 receipt by the Property Trustee of written notice requesting such an acceleration, or rescission and
 annulment thereof, by Holders of any part of the Preferred Securities, a record date shall be established
 for determining Holders of Outstanding Preferred 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
 ninety (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 ninety (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 6.10(a).

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        (b)
 For so long as any Preferred Securities remain Outstanding, to the fullest extent permitted by law and
 subject to the terms of this Trust Agreement and the Indenture, upon a Note Event of Default specified
 in paragraph (a) or (b) of Section 5.1 of the Indenture, any Holder of Preferred Securities shall
 have the right to institute a proceeding directly against the Depositor, pursuant to Section 5.8
 of the Indenture, for enforcement of payment to such Holder of any amounts payable in respect of Notes
 having an aggregate principal amount equal to the aggregate Liquidation Amount of the Preferred Securities
 of such Holder. Except as set forth in Section 6.10(a) and this Section 6.10(b),
 the Holders of Preferred Securities shall have no right to exercise directly any right or remedy available
 to the holders of, or in respect of, the Notes.

        (c)
 Notwithstanding paragraphs (a) and (b) of this Section 6.10, the Holders of at least a Majority
 in Liquidation Amount of the Preferred Securities may, on behalf of the Holders of all the Preferred
 Securities, waive any Note Event of Default, except any Note Event of Default arising from the failure
 to pay any principal of or any premium or interest on (including any Additional Interest) the Notes
 (unless such Note Event of Default has been cured and a sum sufficient to pay all matured installments
 of interest and all principal and premium on all Notes due otherwise than by acceleration has been deposited
 with the Note Trustee) or a Note Event of 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 Note.
 Upon any such waiver, such Note Event of Default shall cease to exist and any Note Event of Default
 arising therefrom shall be deemed to have been cured for every purpose of the Indenture; but no such
 waiver shall affect any subsequent Note Event of Default or impair any right consequent thereon.

        (d)
 Notwithstanding paragraphs (a) and (b) of this Section 6.10, the Holders of at least a Majority
 in Liquidation Amount of the Preferred Securities may, on behalf of the Holders of all the Preferred
 Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of
 Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been
 cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent
 or other Event of Default or impair any right consequent thereon.

        (e)
 The Holders of a Majority in Liquidation Amount of the Preferred Securities shall have the right to
 direct the time, method and place of conducting any proceeding for any remedy available to the Property
 Trustee in respect of this Trust Agreement or the Notes or exercising any trust or power conferred upon
 the Property Trustee under this Trust Agreement; provided, that, subject to Sections 8.5 and
 8.7, the Property Trustee shall have the right to decline to follow any such direction if the
 Property Trustee being advised by counsel determines that the action so directed may not lawfully be
 taken, or if the Property Trustee in good faith shall, by an officer or officers of the Property Trustee,
 determine that the proceedings so directed would be illegal or involve it in personal liability or be
 unduly prejudicial to the rights of Holders not party to such direction, and provided, further, that
 nothing in this Trust Agreement shall impair the right of the Property Trustee to take any action deemed
 proper by the Property Trustee and which is not inconsistent with such direction.

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ARTICLE VII.

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 Depositor and the Holders that:

        (a)
 the Property Trustee is a New York 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 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;

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

        (d)
 the Delaware Trustee has full corporate 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 legal, valid and binding agreement of each of the Property Trustee
 and the Delaware Trustee enforceable against each of them in accordance with its terms, subject to applicable
 bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles
 of equity;

        (f)
 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 Articles of Association or By-laws of the Property Trustee
 or the Delaware Trustee or (ii) violate any applicable 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 or any order, judgment or decree applicable to the Property
 Trustee or the Delaware Trustee;

        (g)
 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 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 the case may be; and

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        (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 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.

        SECTION
 7.2.     Representations and Warranties of Depositor.

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

        (a)
 the Depositor is a corporation duly organized, validly existing and in good standing under the laws
 of its state of incorporation;

        (b)
 the Depositor has full corporate 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;

        (c)
 this Trust Agreement has been duly authorized, executed and delivered by the Depositor and constitutes
 the legal, valid and binding agreement of the Depositor enforceable against the Depositor in accordance
 with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights
 generally and to general principles of equity;

        (d)
 the Securities Certificates issued at the Closing Date on behalf of the Trust have been duly authorized
 and will have been duly and validly executed, issued and delivered by the applicable 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;

        (e)
 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 Depositor and do not require any approval of stockholders
 of the Depositor and such execution, delivery and performance will not (i) violate the articles or certificate
 of incorporation or by-laws (or other organizational documents) of the Depositor or (ii) violate any
 applicable law, governmental rule or regulation governing the Depositor or any material portion of its
 property or any order, judgment or decree applicable to the Depositor or any material portion of its
 property;

        (f)
 neither the authorization, execution or delivery by the Depositor of this Trust Agreement nor the consummation
 of any of the transactions by the Depositor 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 governing the Depositor or any material portion
 of its property; and

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        (g)
 there are no proceedings pending or, to the best of the Depositor’s knowledge, threatened against or
 affecting the Depositor or any material portion of its property in any court or before any governmental
 authority, agency or arbitration board or tribunal that, individually or in the aggregate, would reasonably
 be expected to materially and adversely affect the Trust or question the right, power and authority
 of the Depositor, as the case may be, to enter into or perform its obligations under this Trust Agreement.

ARTICLE VIII.

THE TRUSTEES

        SECTION
 8.1.     Number of Trustees.

        The
 number of Trustees shall be five (5), provided, that the Property Trustee and the Delaware Trustee may
 be the same Person, in which case the number of Trustees shall be four (4). The number of Trustees may
 be increased or decreased by Act of the Holder of the Common Securities subject to Sections 8.2,
 8.3, and 8.4. The death, resignation, retirement, removal, bankruptcy, incompetence or
 incapacity to perform the duties of a Trustee shall not operate to annul, dissolve or terminate the
 Trust.

        SECTION
 8.2.     Property Trustee Required.

        There
 shall at all times be a Property Trustee hereunder with respect to the Trust Securities. The Property
 Trustee shall be a corporation organized and doing business under the laws of the United States or of
 any state thereof, authorized to exercise corporate trust powers, having a combined capital and surplus
 of at least fifty million dollars ($50,000,000), subject to supervision or examination by federal or
 state authority and having an office within the United States. 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 8.2, 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 shall cease to be eligible in accordance
 with the provisions of this Section 8.2, it shall resign immediately in the manner and with
 the effect hereinafter specified in this Article VIII.

        SECTION
 8.3.     Delaware Trustee Required.

        (a)
 If required by the Delaware Statutory Trust Act, 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 that has its principal
 place of business in the State of Delaware, otherwise meets the requirements of applicable Delaware
 law and shall act through one or more persons authorized to bind such entity. If at any time the Delaware
 Trustee shall cease to be eligible in accordance with the provisions of this Section 8.3, it
 shall resign immediately in the manner and with the effect hereinafter specified in this Article
 VIII.

        (b)
 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 Trustees set forth
 herein. The Delaware Trustee shall be one of the trustees of the Trust for the sole and limited purpose
 of fulfilling the requirements of Section 3807 of the Delaware Statutory Trust Act and for taking such
 actions as are required to be taken by a Delaware trustee under the Delaware Statutory Trust Act. The
 duties (including fiduciary duties), liabilities and obligations of the Delaware Trustee shall be limited
 to (a) accepting legal process served on the Trust in the State of Delaware and (b) the execution of
 any certificates required to be filed with the Secretary of State of the State of Delaware that the
 Delaware Trustee is required to execute under Section 3811 of the Delaware Statutory Trust Act and there
 shall be no other duties (including fiduciary duties) or obligations, express or implied, at law or
 in equity, of the Delaware Trustee.

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        SECTION
 8.4.     Appointment of Administrative Trustees.

        (a)
 There shall at all times be one or more Administrative Trustees 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. Each
 of the individuals identified as an “Administrative Trustee” in the preamble of this Trust Agreement
 hereby accepts his or her appointment as such.

        (b)
 Except where a requirement for action by a specific number of Administrative Trustees is expressly set
 forth in this Trust Agreement, any act required or permitted to be taken by, and any power of the Administrative
 Trustees may be exercised by, or with the consent of, any one such Administrative Trustee. Whenever
 a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the
 appointment of an Administrative Trustee in accordance with Section 8.11, the Administrative
 Trustees in office, regardless of their number (and notwithstanding any other provision of this Trust
 Agreement), shall have all the powers granted to the Administrative Trustees and shall discharge all
 the duties imposed upon the Administrative Trustees by this Trust Agreement.

        SECTION
 8.5.     Duties and Responsibilities of the Trustees.

        (a)
 The rights, immunities, duties and responsibilities of the Trustees shall be as provided by this Trust
 Agreement and there shall be no other duties (including fiduciary duties) or obligations, express or
 implied, at law or in equity, of the Trustees; provided, however, that if an Event of Default known
 to the Property Trustee has occurred and is continuing, the Property Trustee shall, prior to the receipt
 of directions, if any, from the Holders of at least a Majority in Liquidation Amount of the Preferred
 Securities, exercise such of the rights and powers vested in it by the Indenture, and use the same degree
 of care and skill in its exercise, as a prudent person would exercise or use under the circumstances
 in the conduct of such person’s own affairs. Notwithstanding the foregoing, no provision of this Trust
 Agreement shall require any of the Trustees to expend or risk its own funds or otherwise incur any financial
 liability in the performance of any of its 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
 herein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting
 the liability of or affording protection to the Trustees shall be subject to the provisions of this
 Section 8.5. To the extent that, at law or in equity, a Trustee has duties and liabilities relating
 to the Trust or to the Holders, such Trustee shall not be liable to the Trust or to any Holder for such
 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 Trustees otherwise existing
 at law or in equity, are agreed by the Depositor and the Holders to replace such other duties and liabilities
 of the Trustees.

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        (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 Trustees are
 not personally liable to it for any amount distributable in respect of any Trust Security or for any
 other liability in respect of any Trust Security. This Section 8.5(b) does not limit the liability
 of the Trustees expressly set forth elsewhere in this Trust Agreement.

        (c)
 No provisions of this Trust Agreement shall be construed to relieve the Property Trustee from liability
 with respect to matters that are within the authority of the Property Trustee under this Trust Agreement
 for its own negligent action, negligent failure to act or willful misconduct, except that:

	 	        (i) the Property Trustee shall not be liable for any error or 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;

	 	        (ii) 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 Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Property Trustee hereunder or under the Indenture, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement;

	 	        (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the Notes 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;

	 	        (iv) the Property Trustee shall not be liable for any interest on any money received by it except as it may otherwise agree with the Depositor; 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; and

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

	

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        SECTION
 8.6.     Notices of Defaults and Extensions.

        (a)
 Within ninety (90) days after the occurrence of a default actually known to the Property Trustee, the
 Property Trustee shall transmit notice of such default to the Holders, the Administrative Trustees and
 the Depositor, unless such default shall have been cured or waived; provided, that, except in the case
 of a default in the payment of the principal of or any premium or interest (including any Additional
 Interest) on any Trust Security, the Property Trustee shall be fully protected in withholding such notice
 if and so long as the board of directors, the executive committee or a trust committee of directors
 and/or Responsible Officers of the Property Trustee in good faith determines that the withholding of
 such notice is in the interests of the Holders of the Trust Securities. For the purpose of this Section
 8.6, the term “default” means any event that is, or after notice or lapse of time or both would
 become, an Event of Default.

        (b)
 Within five (5) Business Days after the receipt of notice of the Depositor’s exercise of its right to
 defer the payment of interest on the Notes 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 Trustees, unless such exercise shall have been revoked.

        (c)
 The Property Trustee shall not be deemed to have knowledge of any Event of Default unless the Property
 Trustee shall have received written notice thereof from the Depositor, any Administrative Trustee or
 any Holder or unless an officer of the Property Trustee charged with the administration of this Trust
 Agreement shall have obtained actual knowledge of such Event of Default.

        (d)
 The Property Trustee shall notify all Holders of the Preferred Securities of any notice of default received
 with respect to the Notes.

        SECTION
 8.7.     Certain Rights of Property Trustee.

        Subject
 to the provisions of Section 8.5:

        (a)
 the Property Trustee may conclusively rely and shall be protected in acting or refraining from acting
 in good faith and in accordance with the terms hereof upon any resolution, Opinion of Counsel, certificate,
 written representation of a Holder or transferee, certificate of auditors or any other resolution, certificate,
 statement, instrument, opinion, report, notice, request, direction, 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 is required to decide
 between alternative courses of action, (ii) in construing any of the provisions of this Trust Agreement
 the Property Trustee finds a provision ambiguous or inconsistent with any other provisions contained
 herein or (iii) the Property Trustee 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 Preferred Securities are entitled to vote
 under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor
 requesting the Depositor’s written instruction as to the course of action to be taken and the Property
 Trustee shall take such action, or refrain from taking such action, as the Property Trustee shall be
 instructed in writing to take, or to refrain from taking, by the Depositor; provided, that if the Property
 Trustee does not receive such instructions of the Depositor within ten (10) Business Days after it has
 delivered such notice or such reasonably shorter period of time set forth in such notice, the Property
 Trustee may, but shall be under no duty to, take such action, or refrain from taking such action, as
 the Property Trustee shall deem advisable and in the best interests of the Holders, in which event the
 Property Trustee shall have no liability except for its own negligence, bad faith or willful misconduct;

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        (c)
 any direction or act of the Depositor contemplated by this Trust Agreement shall be sufficiently evidenced
 by an Officers’ Certificate unless otherwise expressly provided herein;

        (d)
 any direction or act of an 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)
 the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument
 (including any financing or continuation statement or any filing under tax or securities laws) or any
 re-recording, re-filing or re-registration thereof;

        (f)
 the Property Trustee may consult with counsel (which counsel may be counsel to the Property Trustee,
 the Depositor 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)
 the Property Trustee shall be under no obligation to exercise any of the rights or powers vested in
 it by this Trust Agreement at the request or direction of any of the Holders pursuant to this Trust
 Agreement, unless such Holders shall have offered to the Property Trustee reasonable security or indemnity
 against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that
 might be incurred by it in compliance with such request or direction, including reasonable advances
 as may be requested by the Property Trustee;

        (h)
 the Property Trustee shall not be bound to make any investigation into the facts or matters stated in
 any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
 order, 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 the Property Trustee may make such
 further inquiry or investigation into such facts or matters as it may see fit, and, if the Property
 Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the books,
 records and premises of the Depositor, personally or by agent or attorney;

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        (i)
 the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
 either directly or by or through its agents, attorneys, custodians or nominees and the Property Trustee
 shall not be responsible for any negligence or misconduct on the part of any such agent, attorney, custodian
 or nominee appointed with due care by it hereunder;

        (j)
 whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable
 to receive instructions with respect to enforcing any remedy or right hereunder, the Property Trustee
 (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 be entitled to direct the
 Property Trustee under this Trust Agreement 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;

        (k)
 except as otherwise expressly provided by this Trust Agreement, the Property Trustee shall not be under
 any obligation to take any action that is discretionary under the provisions of this Trust Agreement;

        (l)
 without prejudice to any other rights available to the Property Trustee under applicable law, when the
 Property Trustee incurs expenses or renders services in connection with a Bankruptcy Event, such expenses
 (including legal fees and expenses of its agents and counsel) and the compensation for such services
 are intended to constitute expenses of administration under any bankruptcy law or law relating to creditors
 rights generally; and

        (m)
 whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable
 that a matter be proved or established prior to taking, suffering or omitting any action hereunder,
 the Property Trustee (unless other evidence be herein specifically prescribed) may, in the absence of
 bad faith on its part, request and rely on an Officers’ Certificate which, upon receipt of such request,
 shall be promptly delivered by the Depositor.

        No
 provision of this Trust Agreement shall be deemed to impose any duty or obligation on any 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.

        SECTION
 8.8.     Delegation of Power.

        Any
 Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person
 over the age of 21 its, his or her power for the purpose of executing any documents contemplated in
 Section 2.5. The Trustees shall have power to delegate from time to time to such of their number
 or to the Depositor the doing of such things and the execution of such instruments either in the name
 of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient, to the extent
 such delegation is not prohibited by applicable law or contrary to the provisions of this Trust Agreement.

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        SECTION
 8.9.     May Hold Securities.

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

        SECTION
 8.10.     Compensation; Reimbursement; Indemnity.

        The
 Depositor agrees:

        (a)
 to pay to the Trustees from time to time such reasonable compensation for all services rendered by them
 hereunder as may be agreed by the Depositor and the 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)
 to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances incurred
 or made by the Trustees in accordance with any provision of this 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 gross negligence, bad faith or willful misconduct;
 and

        (c)
 to the fullest extent permitted by applicable law, to indemnify and hold harmless (i) each Trustee,
 (ii) any Affiliate of any Trustee, (iii) any officer, director, shareholder, employee, representative
 or agent of any Trustee or any Affiliate of any Trustee and (iv) any employee or agent of the Trust
 (referred to herein as an “Indemnified Person”) from and against any loss, damage, liability, tax (other
 than income, franchise or other taxes imposed on amounts paid pursuant to Section 8.10(a) or
 (b) hereof), penalty, expense or claim of any kind or nature whatsoever incurred without negligence,
 bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or
 administration of the Trust hereunder, including the advancement of funds to cover the reasonable costs
 and expenses of defending itself against any claim or liability in connection with the exercise or performance
 of any of its powers or duties hereunder.

        The
 Trust shall have no payment, reimbursement or indemnity obligations to the Trustees under this Section
 8.10. The provisions of this Section 8.10 shall survive the termination of this Trust Agreement
 and the earlier removal or resignation of any Trustee.

        No
 Trustee may claim any Lien on any Trust Property whether before or after termination of the Trust as
 a result of any amount due pursuant to this Section 8.10.

        To
 the fullest extent permitted by law, in no event shall the Property Trustee and the Delaware Trustee
 be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever,
 including, but not limited to, lost profits, even if the Trustee has been advised of the likelihood
 of such loss or damage and regardless of the form of action.

        In
 no event shall the Property Trustee and the Delaware Trustee be liable for any failure or delay in the
 performance of its obligations hereunder because of circumstances beyond its control, including, but
 not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
 government action, including any laws, ordinances, regulations, governmental action or the like which
 delay, restrict or prohibit the providing of the services contemplated by this Trust Agreement.

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        SECTION
 8.11.     Resignation and Removal; Appointment of Successor.

        (a)
 No resignation or removal of any Trustee and no appointment of a successor Trustee pursuant to this
 Article VIII shall become effective until the acceptance of appointment by the successor Trustee
 in accordance with the applicable requirements of Section 8.12.

        (b)
 A Trustee may resign at any time by giving written notice thereof to the Depositor and, in the case
 of the Property Trustee and the Delaware Trustee, to the Holders.

        (c)
 Unless an Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware
 Trustee, or both of them, may be removed (with or without cause) at any time by Act of the Holder of
 Common Securities. If an Event of Default shall have occurred and be continuing, the Property Trustee
 or the Delaware Trustee, or both of them, may be removed (with or without cause) at such time by Act
 of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities, delivered to
 the removed Trustee (in its individual capacity and on behalf of the Trust). An Administrative Trustee
 may be removed (with or without cause) only by Act of the Holder of the Common Securities at any time.

        (d)
 If any Trustee shall resign, be removed or become incapable of acting as Trustee, or if a vacancy shall
 occur in the office of any Trustee for any reason, at a time when no Event of Default shall have occurred
 and be continuing, the Holder of the Common Securities, by Act of the Holder of the Common Securities,
 shall promptly appoint a successor Trustee or Trustees, and such successor Trustee and the retiring
 Trustee shall comply with the applicable requirements of Section 8.12. If the Property Trustee
 or the Delaware Trustee shall resign, be removed or become incapable of continuing to act as the Property
 Trustee or the Delaware Trustee, as the case may be, at a time when an Event of Default shall have occurred
 and be continuing, the Holders of the Preferred Securities, by Act of the Holders of a Majority in Liquidation
 Amount of the Preferred Securities, shall promptly appoint a successor Property Trustee or Delaware
 Trustee, and such successor Property Trustee or Delaware Trustee and the retiring Property Trustee or
 Delaware Trustee shall comply with the applicable requirements of Section 8.12. If an Administrative
 Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, at a time
 when an Event of Default shall have occurred and be continuing, the Holder of the Common Securities
 by Act of the Holder of Common Securities shall promptly appoint a successor Administrative Trustee
 and such successor Administrative Trustee and the retiring Administrative Trustee shall comply with
 the applicable requirements of Section 8.12. If no successor Trustee shall have been so appointed
 by the Holder of the Common Securities or Holders of the Preferred Securities, as the case may be, and
 accepted appointment in the manner required by Section 8.12 within thirty (30) days after the
 giving of a notice of resignation by a Trustee, the removal of a Trustee, or a Trustee becoming incapable
 of acting as such Trustee, any Holder who has been a Holder of Preferred Securities for at least six
 (6) months may, on behalf of himself and all others similarly situated, and any resigning Trustee may,
 in each case, at the expense of the Depositor, petition any court of competent jurisdiction for the
 appointment of a successor Trustee.

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        (e)
 The Depositor shall give notice of each resignation and each removal of the Property Trustee or the
 Delaware Trustee and each appointment of a successor Property Trustee or Delaware Trustee to all Holders
 in the manner provided in Section 10.8. Each notice shall include the name of the successor Property
 Trustee or Delaware Trustee and the address of its Corporate Trust Office if it is the Property Trustee.

        (f)
 Notwithstanding the foregoing or any other provision of this Trust Agreement, in the event any Administrative
 Trustee or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the Holder
 of Common Securities, incompetent or incapacitated, the vacancy created by such death, incompetence
 or incapacity may be filled by (i) the unanimous act of the remaining Administrative Trustees if there
 are at least two of them or (ii) otherwise by the Holder of the Common Securities (with the successor
 in each case being a Person who satisfies the eligibility requirement for Administrative Trustees or
 Delaware Trustee, as the case may be, set forth in Sections 8.3 and 8.4).

        (g)
 Upon the appointment of a successor Delaware Trustee, such successor Delaware Trustee shall file a Certificate
 of Amendment to the Certificate of Trust in accordance with Section 3810 of the Delaware Statutory Trust
 Act.

        SECTION
 8.12.     Acceptance of Appointment by Successor.

        (a)
 In case of the appointment hereunder of a successor Trustee, each successor Trustee shall execute and
 deliver to the Depositor and to the retiring Trustee an instrument accepting such appointment, and thereupon
 the resignation or removal of the retiring Trustee shall become effective and each such successor Trustee,
 without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts
 and duties of the retiring Trustee; but, on request of the Trust or any successor Trustee such retiring
 Trustee shall, upon payment of its charges, duly assign, transfer and deliver to such successor Trustee
 all Trust Property, all proceeds thereof and money held by such retiring Trustee hereunder with respect
 to the Trust Securities and the Trust.

        (b)
 Upon request of any such successor Trustee, the Trust (or the retiring Trustee if requested by the Depositor)
 shall execute any and all instruments for more fully and certainly vesting in and confirming to such
 successor Trustee all such rights, powers and trusts referred to in the preceding paragraph.

        (c)
 No successor Trustee shall accept its appointment unless at the time of such acceptance such successor
 Trustee shall be qualified and eligible under this Article VIII.

        SECTION
 8.13.     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 Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust
 business of such Trustee, shall be the successor of such Trustee hereunder, without the execution or
 filing of any paper or any further act on the part of any of the parties hereto, provided, that such
 Person shall be otherwise qualified and eligible under this Article VIII.

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

        The
 recitals contained herein and in the Securities Certificates shall be taken as the statements of the
 Trust and the Depositor, and the Trustees do not assume any responsibility for their correctness. The
 Trustees make no representations as to the title to, or value or condition of, the property of the Trust
 or any part thereof, nor as to the validity or sufficiency of this Trust Agreement, the Notes or the
 Trust Securities. The Trustees shall not be accountable for the use or application by the Depositor
 of the proceeds of the Notes.

        SECTION
 8.15.     Property Trustee May File Proofs of Claim.

        (a)
 In case of any Bankruptcy Event (or event that with the passage of time would become a Bankruptcy Event)
 relative to the Trust or any other obligor upon the Trust Securities or the property of the Trust or
 of such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions
 on the Trust Securities shall then be due and payable and irrespective of whether the Property Trustee
 shall have made any demand on the Trust for the payment of any past due Distributions) shall be entitled
 and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise:

	 	        (i) 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

	 	        (ii) to collect and receive any monies 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 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 first 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.

        (b)
 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.

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        SECTION
 8.16.     Reports to and from the Property Trustee.

        (a)
 The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than
 forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not
 later than ninety (90) days after the end of each fiscal year of the Depositor ending after the date
 of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal period, stating whether
 or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance
 or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard
 to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust
 shall be in default, specifying all such defaults and the nature and status thereof of which they have
 knowledge.

        (b)
 The Depositor shall furnish to (i) the Property Trustee, (ii) the Purchaser and (iii) any Owner of the
 Preferred Securities reasonably identified to the Depositor and the Trust (which identification may
 be made either by such Owner or by the Placement Agent or Purchaser), a duly completed and executed
 certificate in the form attached hereto as Exhibit G, including the financial statements referenced
 in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not
 later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal
 year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor.

        (c)
 The Property Trustee shall obtain all reports, certificates and information, which it is entitled to
 obtain under each of the Operative Documents.

ARTICLE IX.

Termination, Liquidation and Merger

        SECTION
 9.1.     Dissolution Upon Expiration Date.

        Unless
 earlier dissolved, the Trust shall automatically dissolve on December 30, 2038 (the “Expiration Date”),
 and the Trust Property shall be liquidated in accordance with Section 9.4.

        SECTION
 9.2.     Early Termination.

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

        (a)
 the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of, the Depositor,
 in its capacity as the Holder of the Common Securities, unless the Depositor shall have transferred
 the Common Securities as provided by Section 5.11, 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 the Holder of the Common Securities at any time to
 dissolve the Trust and, after satisfaction of any liabilities of the Trust as required by applicable
 law, to distribute the Notes to Holders in exchange for the Preferred Securities (which direction is
 optional and wholly within the discretion of the Holder of the Common Securities), provided, that the
 Holder of the Common Securities shall have received the prior approval of the Federal Reserve if then
 required;

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        (c)
 the redemption of all of the Preferred Securities in connection with the payment at maturity or redemption
 of all the Notes; and

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

        SECTION
 9.3.     Termination.

        The
 respective obligations and responsibilities of the Trustees and the Trust 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 Trust pursuant to Section 9.4, or upon
 the redemption of all of the Trust Securities pursuant to Section 4.2; (b) the satisfaction
 of any expenses owed by the Trust; and (c) the discharge of all administrative duties of the Administrative
 Trustees, including the performance of any tax reporting obligations with respect to the Trust or the
 Holders.

        SECTION
 9.4.     Liquidation.

        (a)
 If an Early Termination Event specified in Section 9.2(a), (b) or (d) occurs or
 upon the Expiration Date, the Trust shall be liquidated by the Property Trustee as expeditiously as
 the Property Trustee shall determine to be possible by distributing, after satisfaction of liabilities
 to creditors of the Trust as provided by applicable law, to each Holder a Like Amount of Notes, subject
 to Section 9.4(d). Notice of liquidation shall be given by the Property Trustee not less than
 thirty (30) nor more than sixty (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 Liquidation Date;

	 	        (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and (subject to Section 9.4(d)) any Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Notes; and

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

	

        (b)
 Except where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of the
 Trust and distribution of the Notes 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 not be more than forty-five (45) days prior to the Liquidation Date nor prior
 to the date on which notice of such liquidation is given to the Holders) and establish such procedures
 as it shall deem appropriate to effect the distribution of Notes in exchange for the Outstanding Securities
 Certificates.

52

	

        (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 Notes will be issued to Holders of Securities Certificates, upon surrender of such Certificates to
 the exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Notes listed
 on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory
 organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates
 not so surrendered for exchange will be deemed to represent a Like Amount of Notes bearing accrued and
 unpaid interest in an amount equal to the accumulated and unpaid Distributions on such 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 Securities Certificates with respect to such Notes)
 and (v) all rights of Holders holding Trust Securities will cease, except the right of such Holders
 to receive Notes upon surrender of Securities Certificates.

        (d)
 Notwithstanding the other provisions of this Section 9.4, if distribution of the Notes in the
 manner provided herein is determined by the Property Trustee not to be permitted or practical, the Trust
 Property shall be liquidated, and the Trust shall be wound up by the Property Trustee in such manner
 as the Property Trustee determines. In such event, Holders will be entitled to receive out of the assets
 of the Trust available for distribution to Holders, after satisfaction of liabilities to creditors of
 the Trust as provided by applicable law, 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 winding up the Liquidation Distribution can be paid only in part because
 the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then,
 subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall
 be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Securities will
 be entitled to receive Liquidation Distributions upon any such winding up pro rata (based upon Liquidation
 Amounts) with Holders of all Trust Securities, except that, if an Event of Default has occurred and
 is continuing, the Preferred Securities shall have a priority over the Common Securities as provided
 in Section 4.3.

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

        The
 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 Person except pursuant to this
 Article IX. At the request of the Holders of the Common Securities, without the consent of the
 Holders of the Preferred Securities, the 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:

        (a)
 such successor entity either (i) expressly assumes all of the obligations of the Trust under this Trust
 Agreement with respect to the Preferred Securities or (ii) substitutes for the Preferred Securities
 other securities having substantially the same terms as the Preferred Securities (such other Securities,
 the “Successor Securities”) so long as the Successor Securities have the same priority as the Preferred
 Securities with respect to distributions and payments upon liquidation, redemption and otherwise;

53

	

        (b)
 a trustee of such successor entity possessing substantially the same powers and duties as the Property
 Trustee is appointed to hold the Notes;

        (c)
 if the Preferred Securities or the Notes are rated, such merger, consolidation, amalgamation, replacement,
 conveyance, transfer or lease does not cause the Preferred Securities or the Notes (including any Successor
 Securities) to be downgraded by any nationally recognized statistical rating organization that then
 assigns a rating to the Preferred Securities or the Notes;

        (d)
 the Preferred Securities are listed, or any Successor Securities will be listed upon notice of issuance,
 on any national securities exchange or interdealer quotation system on which the Preferred Securities
 are then listed, if any;

        (e)
 such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely
 affect the rights, preferences and privileges of the Holders of the Preferred Securities (including
 any Successor Securities) in any material respect;

        (f)
 such successor entity has a purpose substantially identical to that of the Trust;

        (g)
 prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Depositor
 has received an Opinion of Counsel to the effect that (i) such merger, consolidation, amalgamation,
 replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges
 of the Holders of the Preferred Securities (including any Successor Securities) in any material respect;
 (ii) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease,
 neither the Trust nor such successor entity will be required to register as an “investment company”
 under the Investment Company Act and (iii) following such merger, consolidation, amalgamation, replacement,
 conveyance, transfer or lease, the Trust (or the successor entity) will continue to be classified as
 a grantor trust for U.S. federal income tax purposes; and

        (h)
 the Depositor 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.

Notwithstanding the foregoing, the Trust shall not,
 except with the consent of Holders of all of the Preferred 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 Person or permit any other entity to consolidate, amalgamate, merge with
 or into, or replace, the Trust if such consolidation, amalgamation, merger, replacement, conveyance,
 transfer or lease would cause the 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 or cause the Notes to be
 treated as other than indebtedness of the Depositor for United States federal income tax purposes.

54

	

ARTICLE X.

MISCELLANEOUS PROVISIONS

        SECTION
 10.1.     Limitation of Rights of Holders.

        Except
 as set forth in Section 9.2, the death, bankruptcy, termination, dissolution or incapacity of
 any Person having an interest, beneficial or otherwise, in Trust Securities shall not operate to terminate
 this Trust Agreement, nor annul, dissolve or terminate the Trust 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.

        SECTION
 10.2.     Agreed Tax Treatment of Trust and Trust Securities.

        The
 parties hereto and, by its acceptance or acquisition of a Trust Security or a beneficial interest therein,
 the Holder of, and any Person that acquires a beneficial interest in, such Trust Security intend and
 agree to treat the Trust as a grantor trust for United States federal, state and local tax purposes,
 and to treat the Trust Securities (including all payments and proceeds with respect to such Trust Securities)
 as undivided beneficial ownership interests in the Trust Property (and payments and proceeds therefrom,
 respectively) for United States federal, state and local tax purposes. The provisions of this Trust
 Agreement shall be interpreted to further this intention and agreement of the parties.

        SECTION
 10.3.     Amendment.

        (a)
 This Trust Agreement may be amended from time to time by the Property Trustee, the Administrative Trustees
 and the Holder of all the Common Securities, without the consent of any Holder of the Preferred Securities,
 (i) to cure any ambiguity, correct or supplement any provision herein that may be defective or 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, (ii) to modify, eliminate or add to any provisions of this Trust Agreement to such
 extent as shall be necessary to ensure that the Trust will neither be taxable as a corporation nor be
 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 Notes are treated as indebtedness of
 the Depositor for United States federal income tax purposes, or to ensure that the Trust will not be
 required to register as an “investment company” under the Investment Company Act or (iii) to add to
 the covenants, restrictions or obligations of the Depositor; provided, that in the case of clauses (i),
 (ii) or (iii), such action shall not adversely affect in any material respect the interests of any Holder.

        (b)
 Except as provided in Section 10.3(c), any provision of this Trust Agreement may be amended by
 the Property Trustee, the Administrative Trustees and the Holder of all of the Common Securities and
 with (i) the consent of Holders of at least a Majority in Liquidation Amount of the Preferred Securities
 and (ii) receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise
 of any power granted to the Trustees in accordance with such amendment will not cause the Trust to be
 taxable as a corporation or classified as other than a grantor trust for United States federal income
 tax purposes or affect the treatment of the Notes as indebtedness of the Depositor for United States
 federal income tax purposes or affect the Trust’s exemption from status (or from any requirement to
 register) as an “investment company” under the Investment Company Act.

55

	

        (c)
 Notwithstanding any other provision of this Trust Agreement, without the consent of each Holder, this
 Trust Agreement may not be amended to (i) change the accrual rate, amount, currency or timing of any
 Distribution on or the redemption price of the Trust Securities or otherwise adversely affect the amount
 of any Distribution or other payment required to be made in respect of the Trust Securities as of a
 specified date, (ii) restrict or impair the right of a Holder to institute suit for the enforcement
 of any such payment on or after such date, (iii) reduce the percentage of aggregate Liquidation Amount
 of Outstanding Preferred Securities, the consent of whose Holders is required for any such amendment,
 or the consent of whose Holders is required for any waiver of compliance with any provision of this
 Trust Agreement or of defaults hereunder and their consequences provided for in this Trust Agreement;
 (iv) impair or adversely affect the rights and interests of the Holders in the Trust Property, or permit
 the creation of any Lien on any portion of the Trust Property; or (v) modify the definition of “Outstanding,”
 this Section 10.3(c), Sections 4.1, 4.2, 4.3, 6.10(e) or Article
 IX.

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

        (e)
 If any amendment to this Trust Agreement is made, the Administrative Trustees or the Property Trustee
 shall promptly provide to the Depositor a copy of such amendment.

        (f)
 No 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 Trustees 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 and all conditions precedent herein provided for relating to
 such action have been met.

        (g)
 No amendment or modification to this Trust Agreement that adversely affects in any material respect
 the rights, duties, liabilities, indemnities or immunities of the Delaware Trustee hereunder shall be
 permitted without the prior written consent of the Delaware Trustee.

        SECTION
 10.4.     Separability.

        If
 any provision in this Trust Agreement or in the 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, and there shall be deemed substituted for the provision at issue
 a valid, legal and enforceable provision as similar as possible to the provision at issue.

56

	

        SECTION
 10.5.     Governing Law.

        THIS
 TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE TRUST, THE DEPOSITOR AND
 THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED
 IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICTS
 OF LAWS PROVISIONS.

        SECTION
 10.6.     Successors.

        This
 Trust Agreement shall be binding upon and shall inure to the benefit of any successor to the Depositor,
 the Trust and any Trustee, including any successor by operation of law. Except in connection with a
 transaction involving the Depositor that is permitted under Article VIII of the Indenture and
 pursuant to which the assignee agrees in writing to perform the Depositor’s obligations hereunder, the
 Depositor 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.

        (a)
 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 Depositor may be given or served in
 writing delivered in person, or by reputable, overnight courier, by telecopy or by deposit thereof,
 first-class postage prepaid, in the United States mail, addressed, (a) in the case of a Holder of Preferred
 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 all the Common Securities or the Depositor, to Simmons First National
 Corporation, P.O. Box 7009, Pine Bluff, Arkansas 71611, Attention: Executive Vice President and Chief
 Financial Officer, or to such other address as may be specified in a written notice by the Holder of
 all the Common Securities or the Depositor, as the case may be, to the Property Trustee. Such report,
 notice, demand or other communication to or upon a Holder or the Depositor shall be deemed to have been
 given when received in person, within one (1) Business Day following delivery by overnight courier,
 when telecopied with receipt confirmed, or within three (3) Business Days following delivery by mail,
 except that if a notice or other document is refused delivery or cannot be delivered because of a changed
 address of which no notice was given, such notice or other document shall be deemed to have been delivered
 on the date of such refusal or inability to deliver.

        (b)
 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 Property Trustee, the Delaware Trustee, the Administrative
 Trustees or the Trust shall be given in writing by deposit thereof, first-class postage prepaid, in
 the U.S. mail, personal delivery or facsimile transmission, addressed to such Person as follows: (a)
 with respect to the Property Trustee to Deutsche Bank Trust Company Americas, 60 Wall Street, New York,
 NY 10005, Attention: Wanda Camacho, facsimile no. (212) 797-8622; (b) with respect to the Delaware Trustee,
 to Deutsche Bank Trust Company Delaware, 1011 Centre Road, Second Floor, Wilmington, DE 19804, Attention:
 Corporate Trust and Agency Services, facsimile no. (302) 636-3222; (c) with respect to the Administrative
 Trustees, to them at the address above for notices to the Depositor, marked “Attention: Administrative
 Trustees of Simmons First Capital Trust III,” and (d) with respect to the Trust, to its principal executive
 office specified in Section 2.2, with a copy to the Property Trustee. Such notice, demand or
 other communication to or upon the Trust, the Property Trustee or the Administrative Trustees shall
 be deemed to have been sufficiently given or made only upon actual receipt of the writing by the Trust,
 the Property Trustee or the Administrative Trustees.

57

	

        SECTION
 10.9.     Agreement Not to Petition.

        Each
 of the Trustees and the Depositor agree for the benefit of the Holders that, until at least one year
 and one day after the Trust has been terminated in accordance with Article IX, they shall not
 file, or join in the filing of, a petition against the Trust under any Bankruptcy Law or otherwise join
 in the commencement of any proceeding against the Trust under any Bankruptcy Law. If the Depositor takes
 action in violation of this Section 10.9, the Property Trustee agrees, for the benefit of Holders,
 that at the expense of the Depositor, it shall file an answer with the applicable bankruptcy court or
 otherwise properly contest the filing of such petition by the Depositor against the Trust or the commencement
 of such action and raise the defense that the Depositor has agreed in writing not to take such action
 and should be estopped and precluded therefrom and such other defenses, if any, as counsel for the Property
 Trustee or the Trust may assert.

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

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

58

	

        IN
 WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Trust Agreement as of the
 day and year first above written.

		 	

SIMMONS FIRST NATIONAL CORPORATION
as Depositor

 By:
 /s/ J. Thomas May     

       J. Thomas May
   
     Chairman, President and Chief Executive Officer

	DEUTSCHE BANK TRUST COMPANY
AMERICAS, as Property Trustee		DEUTSCHE BANK TRUST COMPANY
DELAWARE, as Delaware Trustee

	By: /s/ Wanda Camacho

        ————————————

        Name:
        
Title:		By: /s/ Amy L. Martin

        ————————————
        
Amy L. Martin 
        Assistant Vice President 

	/s/ J. Thomas May

———————————

J. Thomas May
Administrative Trustee		/s/ Barry L. Crow

——————————————
Barry L. Crow
Administrative Trustee

	

/s/ Bob Fehlman

——————————————

Bob Fehlman
Administrative Trustee

	

Exhibit A

CERTIFICATE OF TRUST

OF

Simmons First Capital Trust III

                This
 Certificate of Trust of Simmons First Capital Trust III (the “Trust”) is being duly executed and filed
 on behalf of the Trust by the undersigned, as trustees, to form a statutory trust under the Delaware
 Statutory Trust Act (12 Del. C. §3801 et seq.) (the “Act”).

                1.
 Name. The name of the statutory trust formed by this Certificate of Trust is: Simmons First Capital
 Trust III.

                2.
 Delaware Trustee. The name and business address of the trustee of the Trust with its principal
 place of business in the State of Delaware are Deutsche Bank Trust Company Delaware, 1011 Centre Road,
 Second Floor, Wilmington, DE 19805, Attention: Elizabeth B. Ferry.

                3.
 Effective Date. This Certificate of Trust shall be effective upon its filing with the Secretary
 of State of the State of Delaware.

                IN
 WITNESS WHEREOF, the undersigned have duly executed this Certificate of Trust in accordance with Section
 3811(a)(1) of the Act.

			Deutsche Bank Trust Company Americas, not in its individual capacity, but solely as Property Trustee

By:
        ——————————————
        Name:
        Title:

Deutsche Bank Trust Company Delaware, not in its individual capacity, but solely as Delaware Trustee

By:
        ——————————————
        Name:
        Title: 

	

A-1

	

Exhibit B

[FORM OF COMMON SECURITIES CERTIFICATE]

THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER
 THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES
 LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION
 FROM REGISTRATION. THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND
 SECTION 5.11 OF THE TRUST AGREEMENT

	Certificate Number	_________ Common Securities

	

        C-

Certificate Evidencing Common Securities

of

Simmons First Capital Trust III

Common Securities

(liquidation amount $1,000 per Common Security)

        Simmons
 First Capital Trust III, a statutory trust created under the laws of the State of Delaware (the “Trust”),
 hereby certifies that ______________________ (the “Holder”) is the registered owner of ____________common
 securities of the Trust representing undivided common beneficial interests in the assets of the Trust
 and designated the Simmons First Capital Trust III Common Securities (liquidation amount $1,000 per
 Common Security) (the “Common Securities”). Except in accordance with Section 5.11 of the Trust
 Agreement (as defined below), the Common Securities are not transferable and, to the fullest extent
 permitted by law, 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 Trust
 Agreement of the Trust, dated as of December 16, 2003, as the same may be amended from time to time
 (the “Trust Agreement”), among Simmons First National Corporation, as Depositor, Deutsche Bank Trust
 Company Americas, as Property Trustee, Deutsche Bank Trust Company Delaware, as Delaware Trustee, the
 Administrative Trustees named therein and the Holders, from time to time, of Trust Securities. The Trust
 will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the
 Trust at its principal place of business or registered office.

B-1

	

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

        This
 Common Securities Certificate shall be governed by and construed in accordance with the laws of the
 State of Delaware.

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

        IN
 WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed on behalf of the Trust
 this certificate this ____ day of ________________.

			SIMMONS FIRST CAPITAL TRUST II

By:
        ——————————————
        Name:
        Administrative Trustee

	

B-2

	

Exhibit C

[FORM OF PREFERRED SECURITIES CERTIFICATE]

        “[IF
 THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE
 MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
 TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES
 REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
 IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED
 SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC)
 MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

        UNLESS
 THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO SIMMONS FIRST CAPITAL
 TRUST III OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY
 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 HEREON 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 ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
 HAS AN INTEREST HEREIN.]

        THE
 PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
 FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED
 SECURITIES OR ANY INTEREST THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
 OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES
 IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM
 THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

        THE
 HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST
 AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED
 ONLY (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
 BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS
 OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)
 (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN
 ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
 TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV)
 PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO AN EXEMPTION
 FROM THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE
 OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR (V), SUBJECT
 TO THE RIGHT OF THE TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION OF COUNSEL AND OTHER INFORMATION SATISFACTORY
 TO EACH OF THEM AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF
 THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

C-1

	

        THE
 PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION
 AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF
 PREFERRED SECURITIES OR ANY INTEREST THEREIN IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS
 THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
 WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT
 TO BE THE HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT
 OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN, AND SUCH PURPORTED
 TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

        THE
 HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS
 AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT
 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”), OR AN ENTITY
 WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND
 NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST
 THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT
 OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE
 EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY OR ANY INTEREST THEREIN IS NOT PROHIBITED BY
 SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER
 OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY
 ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING
 OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER
 PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE
 ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT
 RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH
 THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

C-2

	

        THIS
 OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED
 STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”).

C-3

	Certificate Number	_________ Preferred Securities
________ Aggregate Liquidation Amount

	

CUSIP NO.

Certificate Evidencing Preferred Securities

of

Simmons First Capital Trust III

Preferred Securities
(liquidation amount $1,000
 per Preferred Security)

        Simmons
 First Capital Trust III, a statutory trust created under the laws of the State of Delaware (the “Trust”),
 hereby certifies that ___________________ (the “Holder”) is the registered owner of ___________ Preferred
 Securities [if the Preferred Security is a Global Security, then insert — ,or such other number of Preferred
 Securities represented hereby as may be set forth in the records of the Securities Registrar hereinafter
 referred to in accordance with the Trust Agreement (as defined below),] of the Trust representing an
 undivided preferred beneficial interest in the assets of the Trust and designated the Simmons First
 Capital Trust III Preferred Securities (liquidation amount $1,000 per Preferred Security) (the “Preferred
 Securities”). The Preferred Securities are transferable on the books and records of the Trust, in person
 or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form
 for transfer as provided in Section 5.7 of the Trust Agreement (as defined below). The designations,
 rights, privileges, restrictions, preferences and other terms and provisions of the Preferred Securities
 are set forth in, and this certificate and the Preferred Securities represented hereby are issued and
 shall in all respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement
 of the Trust, dated as of December 16, 2003, as the same may be amended from time to time (the “Trust
 Agreement”), among Simmons First National Corporation, an Arkansas corporation, as Depositor, Deutsche
 Bank Trust Company Americas, as Property Trustee, Deutsche Bank Trust Company Delaware, as Delaware
 Trustee, the Administrative Trustees named therein and the Holders, from time to time, of Trust Securities.
 The Holder is entitled to the benefits of the Guarantee Agreement entered into by Simmons First National
 Corporation and Deutsche Bank Trust Company Americas, as Guarantee Trustee, dated as of December 16,
 2003, as the same may be amended from time to time (the “Guarantee Agreement”), to the extent provided
 therein. The Trust will furnish a copy of each of the Trust Agreement and the Guarantee Agreement to
 the Holder without charge upon written request to the Property Trustee 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-4

	

        This
 Preferred Securities Certificate shall be governed by and construed in accordance with the laws of the
 State of Delaware.

        All
 capitalized terms used but not defined in this Preferred Securities Certificate are used with the meanings
 specified in the Trust Agreement, including the Schedules and Exhibits thereto.

        IN
 WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed on behalf of the Trust
 this certificate this __ day of __________, ____.

			SIMMONS FIRST CAPITAL TRUST III

By:
        ——————————————
        Name:
        Administrative Trustee

	

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

Dated:

			Deutsche Bank Trust Company Americas, not in its individual capacity, but solely as Property Trustee

By:
        ——————————————
        Authorized officer

	

C-5

	

[FORM OF REVERSE OF SECURITY]

        The
 Trust promises to pay Distributions from December 16, 2003, or from the most recent Distribution Date
 to which Distributions have been paid or duly provided for, quarterly (subject to deferral as set forth
 herein) in arrears on March 30th, June 30th, September 30th and December
 30th of each year, commencing on March 30, 2004, at a fixed rate per annum equal to 6.97%
 of the Liquidation Amount of the Preferred Securities represented by this Preferred Securities Certificate
 through the Distribution Date in December, 2010 and a variable rate per annum, reset quarterly, equal
 to LIBOR plus 2.80% of the Liquidation Amount of the Preferred Securities represented by this Preferred
 Securities Certificate thereafter, together with any Additional Interest Amounts, in respect to such
 period.

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

        In
 the event (and to the extent) that the Depositor exercises its right under the Indenture to defer the
 payment of interest on the Notes, Distributions on the Preferred Securities shall be deferred.

        Under
 the Indenture, so long as no Note Event of Default has occurred and is continuing, the Depositor shall
 have the right, at any time and from time to time during the term of the Notes, to defer the payment
 of interest on the Notes for a period of up to twenty (20) consecutive quarterly interest payment periods
 (each such extended interest payment period, an “Extension Period”), during which Extension Period no
 interest shall be due and payable (except any Additional Tax Sums that may be due and payable). No interest
 (including Additional Interest) on the Notes shall be due and payable during an Extension Period, except
 at the end thereof, but each installment of interest that would otherwise have been due and payable
 during such Extension Period shall bear Additional Interest (to the extent payment of such interest
 would be legally enforceable) at a fixed rate per annum equal to 6.97% through the Interest Payment
 Date in December, 2010, and a variable rate per annum, reset quarterly, equal to LIBOR plus 2.80% thereafter,
 compounded quarterly, from the dates on which amounts would have otherwise been due and payable until
 paid or until funds for the payment thereof have been made available for payment. If Distributions are
 deferred, the deferred Distributions (including Additional Interest Amounts) shall be paid on the date
 that the related Extension Period terminates to Holders (as defined in the Trust Agreement) of the Trust
 Securities as they appear on the books and records of the Trust on the record date immediately preceding
 such termination date.

        Distributions
 on the Securities must be paid on the dates payable (after giving effect to any Extension Period) to
 the extent that the Trust has funds available for the payment of such Distributions in the Payment Account
 of the Trust. The Trust’s funds available for Distribution to the Holders of the Preferred Securities
 will be limited to payments received from the Depositor. The payment of Distributions out of moneys
 held by the Trust is guaranteed by the Depositor pursuant to the Guarantee Agreement.

C-6

	

        During
 any such Extension Period, the Depositor shall not (i) declare or pay any dividends or distributions
 on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Depositor’s
 capital stock or (ii) make any payment of principal of or any interest or premium on or repay, repurchase
 or redeem any debt securities of the Depositor that rank pari passu in all respects with or junior in
 interest to the Notes (other than, with respect to clauses (i) and (ii) above, (a) repurchases, redemptions
 or other acquisitions of shares of capital stock of the Depositor in connection with (1) any employment
 contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees,
 officers, directors or consultants, (2) a dividend reinvestment or stockholder stock purchase plan or
 (3) the issuance of capital stock of the Depositor (or securities convertible into or exercisable for
 such capital stock) as consideration in an acquisition transaction entered into prior to the applicable
 Extension Period, (b) as a result of an exchange or conversion of any class or series of the Depositor’s
 capital stock (or any capital stock of a Subsidiary (as defined in the Indenture) of the Depositor)
 for any class or series of the Depositor’s capital stock or of any class or series of the Depositor’s
 indebtedness for any class or series of the Depositor’s capital stock, (c) the purchase of fractional
 interests in shares of the Depositor’s capital stock pursuant to the conversion or exchange provisions
 of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend
 in connection with any Rights Plan (as defined in the Indenture), the issuance of rights, stock or other
 property under any Rights Plan, or the redemption or repurchase of rights pursuant thereto or (e) any
 dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock
 issuable upon exercise of such warrants, options or other rights is the same stock as that on which
 the dividend is being paid or ranks pari passu with or junior to such stock).

        On
 each Note Redemption Date, on the stated maturity (or any date of principal repayment upon early maturity)
 of the Notes and on each other date on (or in respect of) which any principal on the Notes is repaid,
 the Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. Under
 the Indenture, the Notes may be redeemed by the Depositor on any Interest Payment Date, at the Depositor’s
 option, on or after December 30, 2010, in whole or in part from time to time at a redemption price equal
 to one hundred percent (100%) of the principal amount thereof or the redeemed portion thereof, as applicable,
 together, in the case of any such redemption, with accrued interest, including any Additional Interest,
 to but excluding the date fixed for redemption; provided, that the Depositor shall have received the
 prior approval of the Federal Reserve if then required. The Notes may also be redeemed by the Depositor,
 at its option, at any time, in whole but not in part, upon the occurrence of a Capital Disqualification
 Event, an Investment Company Event or a Tax Event at the Indenture Redemption Price.

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

        Payments
 of Distributions (including any Additional Interest Amounts), the Redemption Price, Liquidation Amount
 or any other amounts in respect of the Preferred Securities shall be made by wire transfer at such place
 and to such account at a banking institution in the United States as may be designated in writing at
 least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper
 written transfer instructions have not been received by the relevant record date, in which case such
 payments shall be made by check mailed to the address of such Person as such address shall appear in
 the Security Register. If any Preferred Securities are held by a Depositary, such Distributions shall
 be made to the Depositary in immediately available funds.

C-7

	

        The
 indebtedness evidenced by the Notes is, to the extent provided in the Indenture, subordinate and junior
 in right of payment to the prior payment in full of all Senior Debt (as defined in the Indenture), and
 this Security is issued subject to the provisions of the Indenture with respect thereto.

C-8

	

ASSIGNMENT

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

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

(Insert address and zip code of assignee)

and irrevocably appoints

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

	Date:	 	 
	 	 	

	 	 	 
	Signature:	 	 
	 	 	

			(Sign exactly as your name appears on the other side of this Preferred Securities 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-9

	

Exhibit D

Junior Subordinated Indenture

D-1

	

Exhibit E

FORM OF TRANSFEREE CERTIFICATE
TO BE EXECUTED BY
 TRANSFEREES OTHER THAN QIBS

__________, [    ]

Simmons First National Corporation
Simmons First
 Capital Trust III
P.O. Box 7009
Pine Bluff, Arkansas 71611

	 	Re: 	Purchase of $1,000 stated liquidation amount of Preferred Securities
(the “Preferred Securities”) of Simmons First Capital Trust III

	

Ladies and Gentlemen:

                In
 connection with our purchase of the Preferred Securities we confirm that:

                1.
 We understand that the Preferred Securities (the “Preferred Securities”) of Simmons First Capital Trust
 III (the “Trust”) (including the guarantee (the “Guarantee”) of Simmons First National Corporation (the
 “Company”) executed in connection therewith) and the Junior Subordinated Notes due 2033 of the Company
 (the “Subordinated Notes”) (the Preferred Securities, the Guarantee and the Subordinated Notes together
 being referred to herein as the “Offered Securities”), have not been registered under the Securities
 Act of 1933, as amended (the “Securities Act”), and may not be offered or sold except as permitted in
 the following sentence. We agree on our own behalf and on behalf of any investor account for which we
 are purchasing the Offered Securities that, if we decide to offer, sell or otherwise transfer any such
 Offered Securities, (i) such offer, sale or transfer will be made only (a) to the Trust, (b) to a person
 we reasonably believe is a “qualified institutional buyer” (a “QIB”) (as defined in Rule 144 under the
 Securities Act) in a transaction meeting the requirements of Rule 144A, (c) to an institutional “accredited
 investor” within the meaning of subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the Securities
 Act that is acquiring Offered Securities for its own account, or for the account of such an “accredited
 investor,” for investment purposes and not with a view to, or for offer or sale in connection with,
 any distribution thereof in violation of the Securities Act, (d) pursuant to an effective registration
 statement under the Securities Act, or (e) pursuant to an exemption from the Securities Act, in each
 case in accordance with any applicable securities laws of any state of the United States or any other
 applicable jurisdiction and, in the case of (c) or (e), subject to the right of the Trust and the depositor
 to require an opinion of counsel and other information satisfactory to each of them. The foregoing restrictions
 on resale will not apply subsequent to the date on which, in the written opinion of counsel, the Preferred
 Securities are not “restricted securities” within the meaning of Rule 144 under the Securities Act.
 If any resale or other transfer of the Offered Securities is proposed to be made pursuant to clause
 (c) or (e) above, the transferor shall deliver a letter from the transferee substantially in the form
 of this letter to the Property Trustee as Transfer Agent, which shall provide as applicable, among other
 things, that the transferee is an “accredited investor” within the meaning of subparagraph (a) (1),
 (2), (3) or (7) of Rule 501 under the Securities Act that is acquiring such Securities for investment
 purposes and not for distribution in violation of the Securities Act. We acknowledge on our behalf and
 on behalf of any investor account for which we are purchasing Securities that the Trust and the Company
 reserve the right prior to any offer, sale or other transfer pursuant to clause (c) or (e) to require
 the delivery of any opinion of counsel, certifications and/or other information satisfactory to the
 Trust and the Company. We understand that the certificates for any Offered Security that we receive
 will bear a legend substantially to the effect of the foregoing.

E-1

	

                2.
 We are an “accredited investor” within the meaning of subparagraph (a) (1), (2), (3) or (7) of Rule
 501 under the Securities Act purchasing for our own account or for the account of such an “accredited
 investor,” and we are acquiring the Offered Securities for investment purposes and not with view to,
 or for offer or sale in connection with, any distribution in violation of the Securities Act, and we
 have such knowledge and experience in financial and business matters as to be capable of evaluating
 the merits and risks of our investment in the Offered Securities, and we and any account for which we
 are acting are each able to bear the economic risks of our or its investment.

                3.
 We are acquiring the Offered Securities purchased by us for our own account (or for one or more accounts
 as to each of which we exercise sole investment discretion and have authority to make, and do make,
 the statements contained in this letter) and not with a view to any distribution of the Offered Securities,
 subject, nevertheless, to the understanding that the disposition of our property will at all times be
 and remain within our control.

                4.
 In the event that we purchase any Preferred Securities or any Subordinated Notes, we will acquire such
 Preferred Securities having an aggregate stated liquidation amount of not less than $100,000 or such
 Subordinated Notes having an aggregate principal amount not less than $100,000, for our own account
 and for each separate account for which we are acting.

                5.
 We acknowledge that we either (A) are not a fiduciary of a employee benefit, individual retirement account
 or other plan or arrangement 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”), or an entity whose underlying assets include “plan assets” by reason of any Plan’s
 investment in the entity, and are not purchasing the Offered Securities on behalf of or with “plan assets”
 by reason of any Plan’s investment in the entity, (B) are eligible for the exemptive relief available
 under one or more of the following prohibited transaction class exemptions (“PTCEs”) issued by the U.S.
 Department of Labor: PTCE 96-23, 95-60, 91-38, 90-1 or 84-14 or another applicable exemption, or (C)
 our purchase and holding of this security, or any interest therein, is not prohibited by Section 406
 of ERISA or Section 4975 of the Code with respect to such purchase or holding.

                6.
 We acknowledge that the Trust and the Company and others will rely upon the truth and accuracy of the
 foregoing acknowledgments, representations, warranties and agreements and agree that if any of the acknowledgments,
 representations, warranties and agreements deemed to have been made by our purchase of the Offered Securities
 are no longer accurate, we shall promptly notify the Company. If we are acquiring any Offered Securities
 as a fiduciary or agent for one or more investor accounts, we represent that we have sole discretion
 with respect to each such investor account and that we have full power to make the foregoing acknowledgments,
 representations and agreement on behalf of each such investor account.

E-2

			(Name of Purchaser)

By:
            ——————————————
Date:
            —————————————— 

	

        Upon
 transfer, the Offered Securities would be registered in the name of the new beneficial owner as follows.

Name:
————————————————————————
Address:
————————————————————————
Taxpayer
 ID Number:
————————————————————————

E-3

	

Exhibit F

FORM OF TRANSFEROR CERTIFICATE
TO BE EXECUTED FOR
 QIBs

__________, [    ]

Simmons First National Corporation
Simmons First
 Capital Trust III
P.O. Box 7009
Pine Bluff, Arkansas 71611

	 	Re: 	Purchase of $1,000 stated liquidation amount of Preferred Securities
(the “Preferred Securities”) of Simmons First Capital Trust III

	

        Reference
 is hereby made to the Amended and Restated Trust Agreement of Simmons First Capital Trust III, dated
 as of December 16, 2003 (the “Trust Agreement”), among J. Thomas May, Barry L. Crow and Bob Fehlman,
 as Administrative Trustees, Deutsche Bank Trust Company Delaware, as Delaware Trustee, Deutsche Bank
 Trust Company Americas, as Property Trustee, Simmons First National Corporation, as Depositor, and the
 holders from time to time of undivided beneficial interests in the assets of Simmons First Capital Trust
 III. Capitalized terms used but not defined herein shall have the meanings given them in the Trust Agreement.

        This
 letter relates to $________________________ aggregate liquidation amount of Preferred Securities which
 are held in the name of _____________ (the “Transferor”).

        In
 accordance with Article V of the Trust Agreement, the Transferor hereby certifies that such Preferred
 Securities are being transferred in accordance with (i) the transfer restrictions set forth in the Preferred
 Securities and (ii) Rule 144A under the Securities Act (“Rule 144A”), to a transferee that the Transferor
 reasonably believes is purchasing the Preferred Securities for its own account or an account with respect
 to which the transferee exercises sole investment discretion and the transferee and any such account
 is a “qualified institutional buyer” within the meaning of Rule 144A, in a transaction meeting the requirements
 of Rule 144A and in accordance with applicable securities laws of any state of the United States or
 any other jurisdiction.

        You
 are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
 hereof to any interested party in any administrative or legal proceeding or official inquiry with respect
 to the matters covered hereby.

			(Name of Transferor)

By:
        ——————————————
        Name:
        Title:

	

Date: ________________

F-1

	

Exhibit G

Officer’s Certificate

        The
 undersigned, the [Chief Financial Officer] [Treasurer] [Executive Vice President] hereby certifies,
 pursuant to Section 8.16(b) of the Amended and Restated Trust Agreement, dated as of December 16, 2003,
 among Simmons First National Corporation (the “Company”), Deutsche Bank Trust Company Americas, as property
 trustee, Deutsche Bank Trust Company Delaware, as Delaware trustee and the administrative trustees named
 therein, that, as of [date], [20__], the Company had the following ratios and balances:

BANK HOLDING COMPANY
As of [Quarterly Financial
 Dates]

	Tier 1 Risk Weighted Assets	 	 	 	 	%
	 	

	 
	Ratio of Double Leverage	 	 	 	 	%
	 	

	 
	Non-Performing Assets to Loans and OREO	 	 	 	 	%
	 	

	 
	Tangible Common Equity as a Percentage of Tangible Assets	 	 	 	 	%
	 	

	 
	Ratio of Reserves to Non-Performing Loans	 	 	 	 	%
	 	

	 
	Ratio of Net Charge-Offs to Loans	 	 	 	 	%
	 	

	 
	Return on Average Assets (annualized)	 	 	 	 	%
	 	

	 
	Net Interest Margin (annualized)	 	 	 	 	%
	 	

	 
	Efficiency Ratio	 	 	 	 	%
	 	

	 
	Ratio of Loans to Assets	 	 	 	 	%
	 	

	 
	Ratio of Loans to Deposits	 	 	 	 	%
	 	

	 
	Double Leverage (exclude trust preferred as equity)	 	 	 	 	%
	 	

	 
	Total Assets	 	 	$	 	 
	 	

	 
	Year to Date Income	 	 	$	 	 
	 	

	 

	

* A table describing the quarterly report calculation
 procedures is provided on page __

[FOR FISCAL YEAR END: Attached hereto are the
 audited consolidated financial statements (including the balance sheet, income statement and statement
 of cash flows, and notes thereto, together with the report of the independent accountants thereon) of
 the Company and its consolidated subsidiaries for the three years ended _______, 20___.]

[FOR FISCAL QUARTER END: Attached hereto are
 the unaudited consolidated and consolidating financial statements (including the balance sheet and income
 statement) of the Company and its consolidated subsidiaries for the fiscal quarter] ended [date], 20__.

G-1

	

The financial statements fairly present in all material
 respects, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial position
 of the Company and its consolidated subsidiaries, and the results of operations and changes in financial
 condition as of the date, and for the [___ quarter interim] [annual] period ended [date], 20__, and
 such financial statements have been prepared in accordance with GAAP consistently applied throughout
 the period involved (expect as otherwise noted therein).

        IN
 WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of this _____ day of _____________,
 20__

			——————————————
Name:
Title:

Simmons First National Corporation
P.O. Box 7009
Pine Bluff, Arkansas 71611
(870) 541-1095

	

G-2

	

Financial Definitions

	

	Report Item 	 	Corresponding FRY-9C or LP Line Items with
Line Item corresponding Schedules 	 	Description of Calculation 	 
	

	Tier 1 Risk Weighted Assets	 	BHCK7206
Schedule HC-R	 	Tier 1 Risk Ratio: Core Capital (Tier 1)/ Risk-Adjusted Assets	 
	

	Ratio of Double Leverage	 	(BHCP0365)/(BCHCP3210)
Schedule PC in the LP	 	Total equity investments in subsidiaries divided by the total equity capital. This field is calculated at the parent company level. “Subsidiaries” include bank, bank holding company, and non-bank subsidiaries.	 
	

	Non-Performing Assets to Loans and OREO	 	(BHCK5525-BHCK3506+BHCK5526-
BHCK3507+BHCK2744)/(BHCK2122+BHCK2744)
Schedules HC-C, HC-M & HC-N	 	Total Nonperforming Assets (NPLs+Foreclosed Real Estate+Other Nonaccrual & Repossessed Assets)/Total Loans+Foreclosed Real Estate	 
	

	Tangible Common Equity as a Percentage of Tangible Assets	 	(BHDM3210-BHCK3163)/(BHCK2170-
BHCK3163)
Schedule HC	 	(Equity Capital – Goodwill)/(Total Assets – Goodwill)	 
	

	Ratio of Reserves to Non-Performing Loans	 	(BHCK3123+BHCK3128)/(BHCK5525-
BHCK3506+BHCK5526-BHCK3507)
Schedules HC & HC-N & HC-R	 	Total Loan Loss and Allocated Transfer Risk Reserves/ Total Nonperforming Loans (Nonaccrual + Restructured)	 
	

	Ratio of Net Charge-Offs to Loans	 	(BHCK4635-BHCK4605)/(BHCK3516)
Schedules HC-B & HC-K	 	Net charge offs for the period as a percentage of average loans.	 
	

	Return on Average Assets (annualized)	 	(BHCK4340/BHCK3368)
Schedules HI & HC-K	 	Net Income as a percentage of Assets.	 
	

	Net Interest Margin (annualized)	 	(BHCK4519)/(BHCK3515+BHCK3365+
BHCK3516+BHCK3401+BHCKB985)
Schedules HI Memorandum and HC-K	 	(Net Interest Income Fully Taxable Equivalent, if available/Average Earning Assets)	 
	

	

G-3

	

	Report Item 	 	Corresponding FRY-9C or LP Line Items with
Line Item corresponding Schedules 	 	Description of Calculation 	 
	

	Efficiency Ratio	 	(BHCK4093)/(BHCK4519+BHCK4079)
Schedule HI	 	(Non-interest Expense)/(Net Interest Income Fully Taxable Equivalent, if available, plus Non-interest Income)	 
	

	Ratio of Loans to Assets	 	(BHCKB528+BHCK5369)/(BHCK2170)
Schedule HC	 	Total Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total Assets	 
	

	Ratio of Loans to Deposits	 	(BHCKB528+BHCK5369)/(BHDM6631+
BHDM6636+BHFN6631+BHFN6636)
Schedule HC	 	Total Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total Deposits (Includes Domestic and Foreign Deposits)	 
	

	Total Assets	 	(BHCK2170)
Schedule HC	 	The sum of total assets. Includes cash and balances due from depository institutions; securities; federal funds sold and securities purchased under agreements to resell; loans and lease financing receivables; trading assets; premises and fixed assets; other real estate owned; investments in unconsolidated subsidiaries and associated companies; customer’s liability on acceptances outstanding; intangible assets; and other assets.	 
	

	Net Income	 	(BHCK4300)
Schedule HI	 	The sum of income (loss)before extraordinary items and other adjustments and extraordinary items; and other adjustments, net of income taxes.	 
	

	

G-4

	

Schedule A

        With
 respect to the Trust Securities, the London interbank offered rate (“LIBOR”) shall be determined by
 the Calculation Agent in accordance with the following provisions (in each case rounded to the nearest
 .000001%):

(1) On the second LIBOR Business Day (as defined below)
 prior to a Distribution Date beginning with the Distribution Date in December, 2010 (each such day,
 a “LIBOR Determination Date”), LIBOR for any given security shall, for the following distribution period,
 equal the rate, as obtained by the Calculation Agent from Bloomberg Financial Markets Commodities News,
 for three-month Eurodollar deposits that appears on Dow Jones Telerate Page 3750 (as defined in the
 International Swaps and Derivatives Association, Inc. 1991 Interest Rate and Currency Exchange Definitions),
 or such other page as may replace such Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination
 Date.

(2) If, on any LIBOR Determination Date, such rate
 does not appear on Dow Jones Telerate Page 3750 or such other page as may replace such Page 3750, the
 Calculation Agent shall determine the arithmetic mean of the offered quotations of the Reference Banks
 (as defined below) to leading banks in the London interbank market for three-month Eurodollar deposits
 in an amount determined by the Calculation Agent by reference to requests for quotations as of approximately
 11:00 a.m. (London time) on the LIBOR Determination Date made by the Calculation Agent to the Reference
 Banks. If, on any LIBOR Determination Date, at least two of the Reference Banks provide such quotations,
 LIBOR shall equal such arithmetic mean of such quotations. If, on any LIBOR Determination Date, only
 one or none of the Reference Banks provide such quotations, LIBOR shall be deemed to be the arithmetic
 mean of the offered quotations that leading banks in the City of New York selected by the Calculation
 Agent are quoting on the relevant LIBOR Determination Date for three-month Eurodollar deposits in an
 amount determined by the Calculation Agent by reference to the principal London offices of leading banks
 in the London interbank market; provided, that if the Calculation Agent is required but is unable to
 determine a rate in accordance with at least one of the procedures provided above, LIBOR shall be LIBOR
 as determined on the previous LIBOR Determination Date.

(3) As used herein: “Reference Banks” means four major
 banks in the London interbank market selected by the Calculation Agent; and “LIBOR Business Day” means
 a day on which commercial banks are open for business (including dealings in foreign exchange and foreign
 currency deposits) in London.

Schedule A-1

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