Document:

Exhibit
10.1

 

JUNIOR SUBORDINATED
INDENTURE

between

CAPITAL TRUST, INC.

and

THE BANK OF NEW YORK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

 

 

 

Dated as of March 29, 2007

 

 

 

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

  	
   

  	
  10

  
	
  SECTION 1.4.

  	
  Acts of Holders

  	
   

  	
  11

  
	
  SECTION 1.5.

  	
  Notices, Etc. to
  Trustee and Company

  	
   

  	
  13

  
	
  SECTION 1.6.

  	
  Notice to
  Holders; Waiver

  	
   

  	
  13

  
	
  SECTION 1.7.

  	
  Effect of
  Headings and Table of Contents

  	
   

  	
  13

  
	
  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

  	
   

  	
  14

  
	
  SECTION 1.12.

  	
  Submission to
  Jurisdiction

  	
   

  	
  14

  
	
  SECTION 1.13.

  	
  Non-Business
  Days

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II.

  	
  Security Forms

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Form of Security

  	
   

  	
  15

  
	
  SECTION 2.2.

  	
  Restricted
  Legend

  	
   

  	
  19

  
	
  SECTION 2.3.

  	
  Form of
  Trustee’s Certificate of Authentication

  	
   

  	
  21

  
	
  SECTION 2.4.

  	
  Temporary
  Securities

  	
   

  	
  22

  
	
  SECTION 2.5.

  	
  Definitive
  Securities

  	
   

  	
  22

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III.

  	
  The Securities

  	
   

  	
  22

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Payment of
  Principal and Interest

  	
   

  	
  22

  
	
  SECTION 3.2.

  	
  Denominations

  	
   

  	
  24

  
	
  SECTION 3.3.

  	
  Execution,
  Authentication, Delivery and Dating

  	
   

  	
  25

  
	
  SECTION 3.4.

  	
  Global
  Securities

  	
   

  	
  26

  
	
  SECTION 3.5.

  	
  Registration,
  Transfer and Exchange Generally

  	
   

  	
  28

  
	
  SECTION 3.6.

  	
  Mutilated,
  Destroyed, Lost and Stolen Securities

  	
   

  	
  29

  
	
  SECTION 3.7.

  	
  Persons Deemed
  Owners

  	
   

  	
  30

  
	
  SECTION 3.8.

  	
  Cancellation

  	
   

  	
  30

  
	
  SECTION 3.9.

  	
  Reserved

  	
   

  	
  30

  
	
  SECTION 3.10.

  	
  Reserved

  	
   

  	
  30

  
	
  SECTION 3.11.

  	
  Agreed Tax
  Treatment

  	
   

  	
  30

  
	
  SECTION 3.12.

  	
  CUSIP Numbers

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV.

  	
  Satisfaction and Discharge

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Satisfaction and
  Discharge of Indenture

  	
   

  	
  31

  
	
  SECTION 4.2.

  	
  Application of
  Trust Money

  	
   

  	
  32

  
								

 

 i
 

 

	
  ARTICLE V.

  	
  Remedies

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Events of
  Default

  	
   

  	
  32

  
	
  SECTION 5.2.

  	
  Acceleration of
  Maturity; Rescission and Annulment

  	
   

  	
  33

  
	
  SECTION 5.3.

  	
  Collection of
  Indebtedness and Suits for Enforcement by Trustee

  	
   

  	
  34

  
	
  SECTION 5.4.

  	
  Trustee May File
  Proofs of Claim

  	
   

  	
  35

  
	
  SECTION 5.5.

  	
  Trustee May
  Enforce Claim Without Possession of Securities

  	
   

  	
  35

  
	
  SECTION 5.6.

  	
  Application of
  Money Collected

  	
   

  	
  36

  
	
  SECTION 5.7.

  	
  Limitation on
  Suits

  	
   

  	
  36

  
	
  SECTION 5.8.

  	
  Unconditional
  Right of Holders to Receive Principal, Premium, if any, and Interest; Direct
  Action by Holders of Preferred Securities

  	
   

  	
  37

  
	
  SECTION 5.9.

  	
  Restoration of
  Rights and Remedies

  	
   

  	
  37

  
	
  SECTION 5.10.

  	
  Rights and
  Remedies Cumulative

  	
   

  	
  37

  
	
  SECTION 5.11.

  	
  Delay or
  Omission Not Waiver

  	
   

  	
  37

  
	
  SECTION 5.12.

  	
  Control by
  Holders

  	
   

  	
  38

  
	
  SECTION 5.13.

  	
  Waiver of Past
  Defaults

  	
   

  	
  38

  
	
  SECTION 5.14.

  	
  Undertaking for
  Costs

  	
   

  	
  39

  
	
  SECTION 5.15.

  	
  Waiver of Usury,
  Stay or Extension Laws

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI.

  	
  The Trustee

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Corporate
  Trustee Required

  	
   

  	
  39

  
	
  SECTION 6.2.

  	
  Certain Duties
  and Responsibilities

  	
   

  	
  40

  
	
  SECTION 6.3.

  	
  Notice of
  Defaults

  	
   

  	
  41

  
	
  SECTION 6.4.

  	
  Certain Rights
  of Trustee

  	
   

  	
  42

  
	
  SECTION 6.5.

  	
  May Hold
  Securities

  	
   

  	
  44

  
	
  SECTION 6.6.

  	
  Compensation;
  Reimbursement; Indemnity

  	
   

  	
  44

  
	
  SECTION 6.7.

  	
  Resignation and
  Removal; Appointment of Successor

  	
   

  	
  45

  
	
  SECTION 6.8.

  	
  Acceptance of
  Appointment by Successor

  	
   

  	
  46

  
	
  SECTION 6.9.

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  	
   

  	
  46

  
	
  SECTION 6.10.

  	
  Not Responsible
  for Recitals or Issuance of Securities

  	
   

  	
  46

  
	
  SECTION 6.11.

  	
  Appointment of
  Authenticating Agent

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII.

  	
  Holder’s Lists and Reports by Company

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Company to
  Furnish Trustee Names and Addresses of Holders

  	
   

  	
  48

  
	
  SECTION 7.2.

  	
  Preservation of
  Information, Communications to Holders

  	
   

  	
  48

  
	
  SECTION 7.3.

  	
  Reports by
  Company

  	
   

  	
  49

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  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

  	
   

  	
  50

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX.

  	
  Supplemental Indentures

  	
   

  	
  51

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Supplemental
  Indentures without Consent of Holders

  	
   

  	
  51

  
										

 

 ii
 

 

	
  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, if any, 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

  	
   

  	
  59

  
	
  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

  	
   

  	
  61

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.1.

  	
  Securities
  Subordinate to Senior Debt

  	
   

  	
  61

  
	
  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

  	
   

  	
  63

  
	
  SECTION 12.5.

  	
  Provisions Solely
  to Define Relative Rights

  	
   

  	
  63

  
	
  SECTION 12.6.

  	
  Trustee to Effectuate
  Subordination

  	
   

  	
  64

  
	
  SECTION 12.7.

  	
  No Waiver of
  Subordination Provisions

  	
   

  	
  64

  
	
  SECTION 12.8.

  	
  Notice to
  Trustee

  	
   

  	
  64

  
	
  SECTION 12.9.

  	
  Reliance on
  Judicial Order or Certificate of Liquidating Agent

  	
   

  	
  65

  
	
  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

  
										

 

 iii
 

SCHEDULES

Schedule A–Determination of LIBOR

Exhibit A–Form of Officer’s Financial Certificate

 iv

Junior Subordinated Indenture,
dated as of March  29, 2007, between Capital Trust, Inc., a Maryland
corporation (the “Company”), and The Bank of New York Trust Company,  National Association,  a national banking association, 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 notes (the “Securities”) issued to evidence loans made
to the Company of the proceeds from the issuance by CT Preferred 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,
together 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;

(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.

“Administrative
Trustee” means, with respect to the Trust, each 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, in each case to the extent legally
enforceable.

“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 Depositary 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.

“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.

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

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

“Commission” has
the meaning specified in Section 7.3(c).

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

“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, its 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 601 Travis, 16th Floor, Houston,
Texas 77002 Attn: Global Corporate Trust — CDO Group.  Initially, all notices and correspondence
shall be addressed to Mudassir Mohamed, telephone number (713) 483-6029.

“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

 3
 

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).

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

“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.

“Depositary 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, or any successor thereto.

“EDGAR” has the
meaning specified in Section 7.3(c).

 “Equity
Interests” means (a) the partnership interests (general or
limited) in a partnership, (b) the membership interests in a limited liability company and (c) the shares or
stock interests (both common stock and preferred stock) in a 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).

“Fixed Rate Period”
shall have the meaning in the form of Security set forth in Section 2.1.

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

 4
 

“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.

“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
January 30, April 30, July 30 and
October 30 of each year, commencing on April 30, 2007, 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.

“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.

“Liquidation Amount”
has the meaning specified in the Trust Agreement.

 5
 

“Maturity” means,
when used with respect to any Security, 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).

“Officers’ Certificate”
means a certificate signed by the Chief Executive Officer, the President, a
Managing Director, a Director or a Vice President, or by the Chief Financial
Officer, the 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 be counsel for or an employee of
the Company or any Affiliate of the Company.

“Optional
Redemption Price” has the meaning set forth in Section 11.1.

“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 in trust 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

(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 unless
the Company shall hold all Outstanding Securities, 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

 6
 

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 (other
than the Company or any Affiliate of the Company) 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, company, limited liability company,
trust, unincorporated association, or 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.

“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.

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

“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.

“Purchase Agreement”
means the Purchase Agreement or Purchase Agreements (whether one or more)
executed and delivered contemporaneously with this Indenture by the Trust, the
Company and the purchaser(s) named therein, as the same may be amended from
time to time.

“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 Special Redemption Price or the Optional Redemption Price, as
applicable, 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.

 7
 

“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, when used with respect to the Trustee, the officer in the Global
Corporate Trust department of the Trustee having direct responsibility for the
administration of this Indenture.

“Rights Plan” means
a plan of the Company providing for the issuance by the Company to all holders
of its Equity Interests of rights entitling the holders thereof to subscribe
for or purchase Equity Interests or any class or series of Equity Interests in
the Company which rights (i) are deemed to be transferred with such Equity
Interests and (ii) are also issued in respect of future issuances of such Equity
Interests, 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.

“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 Securities issued under this
Indenture; provided, that Senior
Debt shall not be deemed to include any debt (and guarantees, if any, in
respect of any such debt) issued to any trust other than the Trust (or a
trustee of any such trust) 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. For the avoidance of doubt, the proviso in the
previous sentence (x) only refers to the Company’s issuance of debt in
connection with trust preferred securities substantially similar to the
Preferred Securities (which debt and trust preferred securities may be pari
passu with, or junior to, the Securities and the Preferred Securities but will
not be entitled to the subordination provisions of Article XII) and (y) in no
way (i) affects the subordination of the Securities to other Senior Debt
pursuant to the provisions of Article XII or (ii) is a limitation on the
Company’s ability to issue additional Debt or other securities.

“Special Event”
means the occurrence of 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.

“Special Redemption
Price” has the meaning set forth in Section 11.2.

 8
 

“Stated Maturity”
means April 30, 2037.

“Subsidiary” of a
Person means (a) any corporation more than 50% of the outstanding securities
having ordinary voting power of which shall at the time be owned or controlled,
directly or indirectly, by such Person and/or by one or more of its
Subsidiaries or (b) any partnership, limited liability company, association,
joint venture or similar business organization more than 50% of the ownership
interests having ordinary voting power of which shall at the time be owned or
controlled, directly or indirectly, by such Person and/or by one or more of its
Subsidiaries.  Unless otherwise expressly
provided, all references herein to a “Subsidiary” shall mean a Subsidiary of
the Company.

“Taberna” has
the meaning set forth in Section 7.3(b).

“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.

“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, The Bank of New York (Delaware), as Delaware
Trustee 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 as of this
Indenture.

 9
 

“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, if requested by the Trustee, 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.

(b)           Every certificate or opinion 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

(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.

 10
 

(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.

(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

 11
 

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 in Section 1.4(h)) 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.

(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

 12
 

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 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 and received
by 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 410 Park Avenue, 14th Floor, New York, New York 10022 or at any
other address previously furnished in writing to the Trustee by the Company.

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 (if any), and not
earlier than the earliest date (if any), 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.

 13
 

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.

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 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, if any, or principal or other amounts in respect
of such

 14
 

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:

CAPITAL TRUST, INC.

Junior Subordinated Note
due 2037

	
  No.

  	
   

  	
  $

  

 

Capital Trust, Inc., a corporation organized and
existing under the laws of Maryland (hereinafter called the “Company,” which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to The Bank of New York Trust Company,
National Association, not in its individual capacity, but solely as Property
Trustee for CT Preferred Trust II, 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 April 30, 2037. The Company further promises to pay interest on said
principal sum from March 29, 2007, or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, quarterly in arrears on January 30, April
30, July 30 and October 30 of each year, commencing April 30, 2007, 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 fixed rate equal to  7.03% per
annum through the interest payment date in April 2017 (“Fixed Rate Period”) and thereafter at  a variable rate equal to LIBOR plus 2.25%
per annum, 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,
further, that any overdue
principal, premium, if any, or Additional Tax Sums and any overdue installment
of interest shall bear Additional Interest at a fixed rate equal to 7.03% per
annum through the interest payment date in April 2017 and thereafter at a
variable rate equal to LIBOR plus 2.25% per annum (to the extent that the
payment of such interest shall be legally enforceable), compounded quarterly, from the dates

 15

such amounts are due until they are paid or made
available for payment, and such interest shall be payable on demand.

During the Fixed Rate
Period, the amount of interest payable shall be computed on the basis of a
360-day year of twelve 30-day months and the amount payable for any partial
period shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months. Upon expiration of the Fixed Rate Period,
the amount of interest payable for any interest payment period will be computed
on the basis of a 360-day year and the actual number of days elapsed in the
relevant interest period.  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.

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.

 16
 

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.

[FORM OF REVERSE OF
SECURITY]

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 March 29, 2007 (the
“Indenture”), between the Company
and The Bank of New York Trust Company, National Association, 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,
the Holders of the Securities and the holders of the Preferred 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 March
29, 2007 (as modified, amended or supplemented from time to time, the “Trust Agreement”), relating to the CT
Preferred 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.

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) on or after April  30, 2012 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 (or of the redeemed portion hereof, as applicable),
together, in the case of any such redemption, with accrued interest, including
any Additional Interest, through but excluding the date fixed as the Redemption
Date.

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 seven and one half percent (107.5%) of the principal
amount hereof, together, in the case of any such redemption, with accrued
interest, including any Additional Interest, through but excluding the date
fixed as the Redemption Date.

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

 17
 

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, if any, and interest, including any Additional Interest (to the
extent legally enforceable), on this Security at the times, place and rate, and
in the coin or currency, herein prescribed.

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is restricted to
transfers to (i) the Company, (ii) “Qualified Institutional Buyers” (as defined
in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)), (iii) outside the United States in an
offshore transaction in accordance with Regulation S under the Securities Act,
(iv) pursuant to an effective registration statement under the Securities Act or
(v) pursuant to another exemption from registration under the Securities Act
and, in the case of clauses (ii), (iii), (iv) or (v), a person whom the Company
reasonably believes also is a “Qualified Purchaser” (as defined in Section
2(a)(51) of the Investment Company of 1940, as amended, and 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.

 18
 

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 herein, 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 on this         
day of                     ,
20    .

	
  

  	
  Capital Trust, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
      Name:

  
	
   

  	
      Title:

  

 

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

 19
 

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 OR (II) TO
A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A OF THE SECURITIES ACT), (III) OUTSIDE THE UNITED
STATES IN  AN OFFSHORE TRANSACTION
IN  ACCORDANCE WITH REGULATION S UNDER
THE SECURITIES  ACT, (IV) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (V) PURSUANT TO
ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND, IN THE CASE
OF CLAUSES II, III, IV, OR V, TO A PERSON WHOM THE ISSUER REASONABLY BELIEVES
ALSO IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE
INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND (B) THE HOLDER WILL NOTIFY ANY
PURCHASER OF ANY SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
(A) ABOVE.

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.

 20
 

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 PLAN, 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.  ANY PURCHASER OR
HOLDER OF THE SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT 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.”

(b)           The above legends 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 or violation of 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, upon receipt of a Company Order
directing it to do so, a Security that does not bear the legend.

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

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

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

	
  Dated:

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Authenticating Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

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

 21
 

such appropriate
insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as evidenced by their execution of
such Securities.

(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 fixed rate equal to  7.03% per annum through the interest payment date on April
30, 2017 and thereafter at a variable rate of LIBOR plus 2.25% per annum 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, if any, or Additional
Tax Sums and any overdue installment of interest shall bear Additional Interest
at the rate equal to a fixed rate equal to  7.03% per annum
through the interest payment date on April 30, 2017 and thereafter at a
variable  rate of LIBOR plus 2.25%  per annum compounded quarterly 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

 22
 

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:

(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 or automated quotation system on which
the Securities may be listed, traded or quoted and, upon such notice as may be
required by such exchange or automated quotation system (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. During the Fixed Rate Period, the amount of interest
payable shall be computed on the basis of a 360-day year of twelve 30-day
months and the amount payable for any partial period shall be computed on the
basis of the number of days elapsed in a 360-day year of twelve 30-day
months.  Upon expiration of the Fixed
Rate Period,

 23
 

the amount of interest payable for any interest
payment period will be computed 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 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.

(f)            The parties hereto acknowledge and
agree that the holders of the Preferred Securities have certain rights to
direct the Company to modify the Interest Payment Dates and corresponding
Redemption Date and Stated Maturity of the Securities or a portion of the
Securities pursuant to the Purchase Agreement; provided,
that such modification and any actions in connection therewith will not cause
any of the Securities to be treated as other than indebtedness for U.S. federal
income tax purposes and will not cause the Trust to be treated as an
association or other entity taxable as a corporation or partnership or other
than a grantor trust for U.S. federal income tax purposes. In the event any
such modifications are made to the Securities or a portion of the Securities,
appropriate changes to the form of Security set forth in Article II
hereof shall be made prior to the issuance and authentication of new or
replacement Securities.  Any such
modification of the Interest Payment Date and corresponding Redemption Date and
Stated Maturity with respect to any Securities or tranche of Securities shall
not require or be subject to the consent of the Trustee and may be effected
without the delivery of an Opinion of Counsel as otherwise may be required
under Section 1.2.

(g)           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.

 24
 

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 Seventy-Seven Million Three Hundred Twenty-Five
Thousand Dollars ($77,325,000) 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:  (1) 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, and the Indenture constitutes, valid and legally binding obligations
of the Company, each enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles; (2) the Securities have been duly
authorized and executed by the Company and have been delivered to the Trustee
for authentication in accordance with this Indenture; (3) the Securities are
not required to be registered under the Securities Act; and (4) the Indenture
is not required to be qualified under the Trust Indenture Act.

(b)           The Securities shall be executed on
behalf of the Company by its Chief Executive Officer, its President, a Managing
Director, a Director or one of its Vice Presidents or by the Chief Financial
Officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary.  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.

(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 signatories, 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.

 25
 

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
registered Securities, 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.  The
Trustee may conclusively rely, and be protected in relying, upon the written
identification of the owners of beneficial interests furnished by the
Depositary, and shall not be liable for any delay resulting from a delay by the
Depositary.  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
(x) the portion thereof to be so exchanged or canceled, or (y) 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 Depositary 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.

 26
 

(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 Depositary 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.

 27
 

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)           Subject to compliance with Section
2.2(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(g):  (i) 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.

(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

 28
 

shall give prompt written notice to the Trustee and to
the Holders of any change in the location of any such office or agency.

(i)            The Securities may only be
transferred to (i) the Company, (ii) a “qualified institutional  buyer” (as defined in Rule 144A of the
Securities Act), (iii) outside the United States in an offshore transaction in
accordance with Regulation S under the Securities Act, (iv) pursuant to an
effective registration statement under the Securities Act or (v) pursuant to
another exemption from registration under the Securities Act and, in the case
of clauses (ii), (iii), (iv) or (v), to a Person whom the Company reasonably
believes is also a “Qualified Purchaser”, as such term is defined in Section
2(a)(51) of the Investment Company Act.

(j)            Neither the Trustee nor the
Securities Registrar shall be responsible for ascertaining whether any transfer
hereunder complies with the registration provisions of or any exemptions from
the Securities Act, applicable state securities laws or the applicable laws of
any other jurisdiction, ERISA, the Code, or the Investment Company Act; provided, that if a certificate is
specifically required by the express terms of this Section 3.5 to be
delivered to the Trustee or the Securities Registrar by a Holder or transferee
of a Security, the Trustee and the Securities Registrar shall be under a duty
to receive and examine the same to determine whether or not the certificate
substantially conforms on its face to the requirements of this Indenture and
shall promptly notify the party delivering the same if such certificate does
not comply with such terms.

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 Trustee to save the Company and the Trustee 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
Trustee (i) evidence to its satisfaction of the destruction, loss or theft of
any Security and (ii) such security or indemnity as may be required by it to
save each of the Company and the Trustee 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.

 29
 

(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.

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 retained or 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.                Reserved.

SECTION
3.10.              Reserved.

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 U.S. 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 any other Trust
property) (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.

 30
 

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.

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

 31
 

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

(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(d),
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 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):

 32
 

(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; 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 in any material respect 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;

(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 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 ninety (90) consecutive days;

(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

 33
 

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 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:

(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 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 (subject
to Section 5.2(b) hereof) if:

 34
 

(i)            default is made in the payment of
any installment of interest (including any Additional Interest) on any Security
when such interest becomes due and payable and such default continues for a
period of thirty (30) days, or

(ii)           default is made in the payment of the
principal of and any premium on any Security at the Maturity thereof,

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.

(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

 35

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;

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

 36
 

(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, if any, 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 of the Preferred Securities held by such
holder.

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

 37
 

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 (or, as the case may be, the
holders of a majority in aggregate Liquidation Amount of Preferred 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

(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 or the
holders of not less than a majority in aggregate Liquidation Amount 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
Outstanding 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 Outstanding 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.

 38
 

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.

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 or national banking association 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 entity 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 entity 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.

 39
 

SECTION
6.2.                Certain
Duties and Responsibilities.

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 (or, if applicable, from the
holders of at least a majority in aggregate Liquidation Amount of Preferred
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.

(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 or any holder of Preferred Securities 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 and the holders of Preferred
Securities 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;

 40
 

(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 (or, as the case may
be, the holders of a majority in aggregate Liquidation Amount of Preferred
Securities); and

(iii)          the Trustee shall be under no
liability for interest on any money received by it hereunder except as
otherwise agreed in writing 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.

(e)           If at any time the Trustee hereunder
is not the same Person as the Property Trustee under the Trust Agreement:

(i)            whenever a reference is made herein
to the dissolution, termination or liquidation of the Trust, the Trustee shall
be entitled to assume that no such dissolution, termination, or liquidation has
occurred so long as the Securities are or continue to be registered in the name
of such Property Trustee, and the Trustee shall be charged with notice or
knowledge of such dissolution, termination or liquidation only upon written
notice thereof given to the Trustee by the Depositor under the Trust Agreement;
and

(ii)           the Trustee shall not be charged with
notice or knowledge that any Person is a holder of Preferred Securities or
Common Securities issued by the Trust or whether any group of holders of
Preferred Securities constitutes any specified percentage of all outstanding
Preferred Securities for any purpose under this Indenture, unless and until the
Trustee is furnished with a list of holders by such Property Trustee and the
aggregate Liquidation Amount of the Preferred Securities then outstanding.  The Trustee may conclusively rely and shall
be protected in relying on such list.

(f)            Notwithstanding Section 1.10,
the Trustee shall not, and shall not be deemed to, owe any fiduciary duty to
the holders of any of the Trust Securities issued by the Trust and shall not be
liable to any such holder (other than for the willful misconduct or negligence
of the Trustee) if the Trustee in good faith (i) pays over or distributes to a
registered Holder of the Securities or to the Company or to any other Person,
cash, property or securities to which such holders of such Trust Securities
shall be entitled or (ii) takes any action or omits to take any action at the
request of the Holder of such Securities. 
Nothing in this paragraph shall affect the obligation of any other such
Person to hold such payment for the benefit of, and to pay such amount over to,
such holders of Preferred Securities or Common Securities or their
representatives.

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

 41
 

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,
further, 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.

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 (10) 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 or any holder of
Preferred Securities pursuant to this Indenture, unless such Holders (or such
holders of Preferred Securities) 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

 42
 

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;

(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 written 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

 43
 

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.

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; provided,
however, that in no event shall the amounts paid to the Trustee pursuant to
Section 6.6.(a)(i) exceed $4,000 per year, unless agreed to between the Trustee
and the Company (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 actually
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 Company hereby grants and pledges
to the Trustee and 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.

 44
 

(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.

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 (or, if
the Securities have been Outstanding for less than six (6) months, the entire
period of such lesser time) 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

 45
 

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.

(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

 46
 

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.

(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.

 47
 

(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 referred to in the within mentioned Indenture.

	
  Dated:

  	
  THE BANK OF NEW YORK TRUST
  COMPANY,

  NATIONAL ASSOCIATION, not in its
  individual

  capacity, but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authenticating Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

ARTICLE VII

HOLDER’S LISTS AND
REPORTS BY 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)           semiannually, 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

 48
 

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.

SECTION
7.3.                Reports
by Company.

(a)           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 delivery requirement
set forth in the preceding sentence may be satisfied by compliance with Section
7.3(b) hereof.

(b)           Unless filed with the Commission as
contemplated by Section 7.3(c) below, the Company shall furnish to each of (i)
the Trustee, (ii) the Holders and to subsequent holders of Securities, (iii)
Taberna Capital Management, LLC, 450 Park Avenue, 11th Floor, New York, New York 10022,
Attn:  Thomas Bogal (or such other address
as designated by Taberna Capital Management, LLC) and (iv) any beneficial owner
of the Securities reasonably identified to the Company (which identification
may be made either by such beneficial owner or by Taberna Capital Management,
LLC), a duly completed and executed certificate substantially and substantively
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.  The delivery
requirements under this Section 7.3(b) may be satisfied by compliance
with Section 8.16(b) of the Trust Agreement.

(c)           If the Company intends to file its
annual and quarterly information with the Securities and Exchange Commission
(the “Commission”) in electronic
form pursuant to Regulation S-T of the Commission using the Commission’s
Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system, the Company shall notify the Trustee in the
manner prescribed herein of each such annual and quarterly filing.  The Trustee is hereby authorized and directed
to access the EDGAR system for purposes of retrieving the financial information
so filed.  Compliance with the foregoing
shall constitute delivery by the Company of its financial statements to the
Trustee in compliance with the provisions of Section 314(a) of the Trust
Indenture Act, if applicable, and shall satisfy its obligations to the Trustee
and the Holders of the Securities, and Taberna Capital Management, LLC under
Section 7.3(b).  Delivery of reports,
information and documents to the Trustee pursuant to this Section 7.3(c)
shall be solely for purposes of compliance with this Section 7.3(c) and,
if applicable, with Section 314(a) of the Trust Indenture Act.  The Trustee’s receipt of such reports,
information and documents shall not constitute notice to it of the content
thereof or any matter determinable from the content thereof,

 49
 

including the Company’s compliance with any of its
covenants hereunder, as to which the Trustee is entitled to rely upon Officers’
Certificates.

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 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 and such entity 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; provided, however,
that such entity shall not be required to be organized and existing under the
laws of the United States of America or any State or Territory thereof or the
District of Columbia if such foreign entity expressly submits in writing to the
jurisdiction of the courts of the State of New York and appoints an agent for
service of process in the State of New York.

(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

(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

 50
 

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, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form reasonably
satisfactory to the Trustee, and upon request by the Company (provided that all
conditions precedent thereto have been met), the Trustee shall enter into such
indenture supplemental hereto for any of the following purposes:

(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 evidence and provide for the
acceptance of appointment hereunder by a successor trustee; or

(c)           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 or amend 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 (c) shall not adversely affect in any material
respect the interests of any Holders or the holders of the Preferred
Securities; or

 51
 

(d)           to comply with the rules and
regulations of any securities exchange or automated quotation system on which
any of the Securities may be listed, traded or quoted; or

(e)           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 (e) shall not adversely affect in any
material respect the interests of any Holders or the holders of the Preferred
Securities; or

(f)            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 (f) 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)           Subject to Section 9.1, 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;

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 of the Preferred Securities shall have consented
to such amendment; provided, further, that if the

 52
 

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 Preferred 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 and every holder of Preferred
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.

ARTICLE X

COVENANTS

SECTION
10.1.              Payment
of Principal, Premium, if any,
and Interest.

The Company covenants and agrees for the benefit of
the Holders of the Securities that it will duly and punctually pay the
principal of and any premium and interest (including any

 53
 

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 such 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 to so 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
(who by executing and delivering this Indenture agrees to be so bound), subject
to the provisions of this Section 10.2, that such Paying Agent will (i)
comply with the provisions of this Indenture and 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 trusts 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 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

 54
 

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.

SECTION
10.3.              Statement
as to Compliance.

Upon the reasonable request of the Holder of the Trust
Securities, the Company shall deliver to the Trustee, within thirty (30) days
after such request, an Officers’ Certificate covering the preceding calendar
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.  The
delivery requirements of this Section 10.3 may be satisfied by
compliance with Section 8.16(a) of the Trust Agreement.

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 Property 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.  Notwithstanding the
foregoing, 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 (the Interest Payment shall be 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

 55

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.

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.

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, 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 of the Company’s Equity Interests, (ii) vote in favor of or permit or
otherwise allow any of its Subsidiaries to declare or pay any dividends or
distributions on, or redeem, purchase, acquire or make a liquidation payment
with respect to or otherwise retire, any shares of any such Subsidiary’s
preferred stock or other Equity Interests entitling the holders thereof to a
stated rate of return (for the avoidance of doubt, whether such preferred stock
or other Equity Interests are perpetual or otherwise) other than to the
Company, or (iii) make any payment of principal of or any interest or premium,
if any, 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 (A)
repurchases, redemptions or other acquisitions of Equity Interests 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 Equity
Securities of the Company (or securities convertible into or exercisable for
such Equity Securities) as consideration in an acquisition transaction entered
into prior to the date of the event of default (B) as a result of an exchange
or conversion of any

 56
 

class or series of the Company’s Equity Interests (or
any Equity Securities of a Subsidiary of the Company) for any class or series
of the Company’s Equity Interests or of any class or series of the Company’s
indebtedness for any class or series of the Company’s Equity Interests, (C) the
purchase of fractional interests in shares of the Company’s Equity Interests
pursuant to the conversion or exchange provisions of such Equity Interests 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).

(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 or (B) 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.

(c)           Subject to the Company’s right to merge
into an entity that is not a real estate investment trust pursuant to Section
8.1 hereof, the Company also agrees to use its commercially reasonable efforts
to meet the requirements to qualify, effective for the fiscal year ending
December 31, 2007 and all future fiscal years, as a real estate investment
trust under the Internal Revenue Code of 1986, as amended unless and until the
Board of Directors of the Company determines that it is not in the best
interests of the Company to be organized as a REIT.

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 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, other than payments of principal, 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

 57
 

free and clear of U.S. withholding tax to any
beneficial owner thereof that has provided an Internal Revenue Service Form W-9
or W-8BEN (or any substitute or successor form) establishing its U.S. or
non-U.S. status for U.S. federal income tax purposes, or any other applicable
form establishing a complete exemption from U.S. withholding tax.

SECTION
10.9.              Inspection
of Books and Records.  If the Company is no longer subject to the
reporting requirements of the Exchange Act and if an Event of Default has
occurred and is continuing under his Indenture, the Company shall permit
Taberna to examine the books and records of account of the Company and its
Subsidiaries (and to make copies thereof and extracts therefrom) and to discuss
the affairs, finances and accounts of such Persons with, and to be advised as
to the same by, its officers, all at such reasonable times and intervals during
normal business hours as Taberna may reasonably request, at the expense of
Taberna, provided, that prior to any
such examination by Taberna, the Company and Taberna shall have entered into a
commercially reasonable confidentiality agreement. Taberna shall use good faith
efforts to coordinate such inspections so as to minimize the interference with
and disruption to the Company’s normal business operations.

ARTICLE
XI

Redemption of Securities

SECTION
11.1.              Optional
Redemption.

The Company may, at its option, on or after April 30, 2012, 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 and unpaid interest, including any Additional Interest, through
but excluding the date fixed as the Redemption Date (the “Optional
Redemption Price”).

SECTION
11.2.              Special
Event Redemption.

Prior to April 30, 2012, 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 seven and one half percent (107.5%) of the principal amount
thereof, together, in the case of any such redemption, with accrued interest,
including any Additional Interest, through but excluding the date fixed as the
Redemption Date (the “Special Redemption Price”).

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

 58
 

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 and
redeemed on a pro rata basis not more than sixty (60) days prior to the
Redemption Date by the Trustee from the Outstanding Securities not previously
called for redemption, 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.

(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 (5th) 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);

 59
 

(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 amount of and 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.

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.

 60
 

(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.

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.

 61
 

(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 Equity Interests 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 on 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.

(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

 62
 

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.

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.

 63
 

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.

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
(2) 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 (2)
Business Days prior to such date.

 64
 

(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.

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

 65
 

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 a Paying Agent.

* * * *

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.

	
   

  	
  Capital Trust, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John R.
  Klopp

  	
   

  
	
   

  	
   

  	
  Name: John R. Klopp

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST COMPANY,

  NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   Maria D.
  Calzado

  	
   

  
	
   

  	
   

  	
  Name: Maria D. Calzado

  
	
   

  	
   

  	
  Title: Vice President

  

 

 67

Exhibit 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 a Distribution Date
after the expiration of the Fixed Rate Period
(each such day, a “LIBOR
Determination Date”), LIBOR for any given security shall for the
following interest payment period equal the rate (expressed as a percentage per
annum) for U.S. dollar deposits in Europe, for a three (3) month period, that
appears on Dow Jones Telerate (as defined in the International Swaps and
Derivatives Association, Inc. 2000 Interest Rate and Currency Exchange
Definitions) Page 3750, or such other page as may replace such Page 3750, as of
11:00 a.m. (London time) on such LIBOR Determination Date, as reported by
Bloomberg Financial Market Commodities News or any successor service. If such
rate is superseded on Telerate Page 3750 by a corrected rate before 12:00 noon
(London time) on such LIBOR Determination Date, the corrected rate as so
substituted will be LIBOR for 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 (expressed
as a percentage per annum) of the Reference Banks (as defined below) to leading
banks in the London interbank market for U.S. dollar deposits in Europe, for a
three (3) month period, for an amount determined by the Calculation Agent (but
not less than U.S. $1,000,000) 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 (expressed
as a percentage per annum) that two (2) leading banks in The City of New York
selected by the Calculation Agent are quoting on the relevant LIBOR
Determination Date for U.S. dollar deposits in Europe, for a three (3) month
period, for an amount determined by the Calculation Agent (but not less than
U.S. $1,000,000); 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 (a) on which commercial banks are open for business (including
dealings in foreign exchange and foreign currency deposits) in London and (b)
is not a Saturday, Sunday or other day on which commercial banking institutions
in New York, New York or Wilmington, Delaware are authorized or obligated by
law or executive order to be closed.

 A-1

Form of Officer’s
Financial Certificate

The undersigned, the [Chairman/Vice Chairman/Chief
Executive Officer/President/ Vice President/Chief
Financial Officer/Treasurer/Assistant Treasurer], hereby certifies, pursuant to
Section 7.3(b) of the Junior Subordinated Indenture, dated as of March
29, 2007, among Capital Trust, Inc. (the “Company”) and The Bank of New York
Trust Company, National Association, as trustee, that, as of [date], [20    ],
the Company, if applicable, and its subsidiaries had the following ratios and
balances:

As of [Quarterly/Annual Financial Date], 20    

	
  Senior secured indebtedness
  for borrowed money (“Debt”)

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Senior unsecured Debt

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Subordinated Debt

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total Debt

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ratio of (x) senior secured
  and unsecured Debt to (y) total Debt

  	
   

  	
   

  	
  %

  

 

* 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 [date], 20    
and all required Financial Statements (as defined in the Purchase Agreement)
for the year ended [date], 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 and all required Financial Statements (as defined in the Purchase
Agreement) for the year ended [date], 20    ] 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).

There has been no monetary default with respect to any
indebtedness owed by the Company and/or its subsidiaries (other than those
defaults cured within 30 days of the occurrence of the same) [, except as set
forth below:].

[Insert any exceptions by listing, in detail, the
nature of the condition or event causing such noncompliance, the period during
which such condition or event has existed and the action(s) the Company has
taken, is taking, or proposes to take with respect to each such condition or
event.]

IN WITNESS WHEREOF, the undersigned has executed this
Officer’s Financial Certificate as of this           
day of                           ,
20    .

	
  

  	
  CAPITAL TRUST, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Capital Trust, Inc.

  410 Park Avenue, 14th Floor

  New York, New York 10022

  (212) 655-0247Exhibit
10.2

 

 

AMENDED AND RESTATED
TRUST AGREEMENT

among

CAPITAL
TRUST, INC.,

AS DEPOSITOR

THE BANK OF NEW YORK TRUST COMPANY, NATIONAL ASSOCIATION

AS PROPERTY TRUSTEE

THE BANK OF NEW YORK (DELAWARE)

AS DELAWARE TRUSTEE

AND

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

AS ADMINISTRATIVE TRUSTEES

 

DATED AS OF MARCH 29, 2007

CT PREFERRED TRUST II

 

TABLE OF CONTENTS

	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I.

  	
  Defined Terms

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II.

  	
  The Trust

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Name

  	
   

  	
  11

  
	
  SECTION 2.2.

  	
  Office of the
  Delaware Trustee; Principal Place of Business

  	
   

  	
  11

  
	
  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

  	
   

  	
  12

  
	
  SECTION 2.6.

  	
  Assets of Trust

  	
   

  	
  15

  
	
  SECTION 2.7.

  	
  Title to Trust Property

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III.

  	
  Payment Account; Paying Agents

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Payment Account

  	
   

  	
  16

  
	
  SECTION 3.2.

  	
  Appointment of
  Paying Agents

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV.

  	
  Distributions; Redemption

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Distributions

  	
   

  	
  17

  
	
  SECTION 4.2.

  	
  Redemption

  	
   

  	
  18

  
	
  SECTION 4.3.

  	
  Subordination of
  Common Securities

  	
   

  	
  21

  
	
  SECTION 4.4.

  	
  Payment
  Procedures

  	
   

  	
  21

  
	
  SECTION 4.5.

  	
  Withholding Tax

  	
   

  	
  22

  
	
  SECTION 4.6.

  	
  Tax Returns and
  Other Reports

  	
   

  	
  22

  
	
  SECTION 4.7.

  	
  Payment of
  Taxes, Duties, Etc. of the Trust

  	
   

  	
  22

  
	
  SECTION 4.8.

  	
  Payments under
  Indenture or Pursuant to Direct Actions

  	
   

  	
  22

  
	
  SECTION 4.9.

  	
  Exchanges

  	
   

  	
  23

  
	
  SECTION 4.10.

  	
  Calculation
  Agent

  	
   

  	
  23

  
	
  SECTION 4.11.

  	
  Certain
  Accounting Matters

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V.

  	
  Securities

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Initial Ownership

  	
   

  	
  25

  
	
  SECTION 5.2.

  	
  Authorized Trust
  Securities

  	
   

  	
  25

  
	
  SECTION 5.3.

  	
  Issuance of the
  Common Securities; Subscription and Purchase of Notes

  	
   

  	
  25

  
	
  SECTION 5.4.

  	
  The Securities
  Certificates

  	
   

  	
  26

  
	
  SECTION 5.5.

  	
  Rights of
  Holders

  	
   

  	
  26

  
	
  SECTION 5.6.

  	
  Book-Entry
  Preferred Securities

  	
   

  	
  27

  
	
  SECTION 5.7.

  	
  Registration of
  Transfer and Exchange of Preferred Securities Certificates

  	
   

  	
  28

  
						

 

 

	
  SECTION 5.8.

  	
  Mutilated,
  Destroyed, Lost or Stolen Securities Certificates

  	
   

  	
  30

  
	
  SECTION 5.9.

  	
  Persons Deemed
  Holders

  	
   

  	
  31

  
	
  SECTION 5.10.

  	
  Cancellation

  	
   

  	
  31

  
	
  SECTION 5.11.

  	
  Ownership of
  Common Securities by Depositor

  	
   

  	
  31

  
	
  SECTION 5.12.

  	
  Restricted
  Legends

  	
   

  	
  32

  
	
  SECTION 5.13.

  	
  Form of
  Certificate of Authentication

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI.

  	
  Meetings; Voting; Acts of Holders

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Notice of
  Meetings

  	
   

  	
  35

  
	
  SECTION 6.2.

  	
  Meetings of Holders
  of the Preferred Securities

  	
   

  	
  35

  
	
  SECTION 6.3.

  	
  Voting Rights

  	
   

  	
  35

  
	
  SECTION 6.4.

  	
  Proxies, Etc

  	
   

  	
  35

  
	
  SECTION 6.5.

  	
  Holder Action by
  Written Consent

  	
   

  	
  36

  
	
  SECTION 6.6.

  	
  Record Date for
  Voting and Other Purposes

  	
   

  	
  36

  
	
  SECTION 6.7.

  	
  Acts of Holders

  	
   

  	
  36

  
	
  SECTION 6.8.

  	
  Inspection of
  Records

  	
   

  	
  37

  
	
  SECTION 6.9.

  	
  Limitations on
  Voting Rights

  	
   

  	
  37

  
	
  SECTION 6.10.

  	
  Acceleration of
  Maturity; Rescission of Annulment; Waivers of Past Defaults

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII.

  	
  Representations and Warranties

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Representations
  and Warranties of the Property Trustee and the Delaware Trustee

  	
   

  	
  40

  
	
  SECTION 7.2.

  	
  Representations
  and Warranties of Depositor

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII.

  	
  The Trustees

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Number of
  Trustees

  	
   

  	
  43

  
	
  SECTION 8.2.

  	
  Property Trustee
  Required

  	
   

  	
  43

  
	
  SECTION 8.3.

  	
  Delaware Trustee
  Required

  	
   

  	
  43

  
	
  SECTION 8.4.

  	
  Appointment of
  Administrative Trustees

  	
   

  	
  44

  
	
  SECTION 8.5.

  	
  Duties and Responsibilities
  of the Trustees

  	
   

  	
  44

  
	
  SECTION 8.6.

  	
  Notices of
  Defaults and Extensions

  	
   

  	
  45

  
	
  SECTION 8.7.

  	
  Certain Rights
  of Property Trustee

  	
   

  	
  46

  
	
  SECTION 8.8.

  	
  Delegation of
  Power

  	
   

  	
  48

  
	
  SECTION 8.9.

  	
  May Hold
  Securities

  	
   

  	
  48

  
	
  SECTION 8.10.

  	
  Compensation;
  Reimbursement; Indemnity

  	
   

  	
  48

  
	
  SECTION 8.11.

  	
  Resignation and
  Removal; Appointment of Successor

  	
   

  	
  49

  
	
  SECTION 8.12.

  	
  Acceptance of
  Appointment by Successor

  	
   

  	
  51

  
	
  SECTION 8.13.

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  	
   

  	
  51

  
	
  SECTION 8.14.

  	
  Not Responsible
  for Recitals, Issuance of Securities or Representations

  	
   

  	
  51

  
	
  SECTION 8.15.

  	
  Property Trustee
  May File Proofs of Claim

  	
   

  	
  52

  
	
  SECTION 8.16.

  	
  Reports to the
  Property Trustee

  	
   

  	
  53

  
					

 

 ii
 

 

	
  ARTICLE IX.

  	
  Termination, Liquidation and Merger

  	
   

  	
  53

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Dissolution Upon
  Expiration Date

  	
   

  	
  53

  
	
  SECTION 9.2.

  	
  Early Termination

  	
   

  	
  53

  
	
  SECTION 9.3.

  	
  Termination

  	
   

  	
  54

  
	
  SECTION 9.4.

  	
  Liquidation

  	
   

  	
  54

  
	
  SECTION 9.5.

  	
  Mergers,
  Consolidations, Amalgamations or Replacements of Trust

  	
   

  	
  56

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X.

  	
  Miscellaneous Provisions

  	
   

  	
  57

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
  Limitation of
  Rights of Holders

  	
   

  	
  57

  
	
  SECTION 10.2.

  	
  Agreed Tax
  Treatment of Trust and Trust Securities

  	
   

  	
  57

  
	
  SECTION 10.3.

  	
  Amendment

  	
   

  	
  57

  
	
  SECTION 10.4.

  	
  Separability

  	
   

  	
  59

  
	
  SECTION 10.5.

  	
  Governing Law

  	
   

  	
  59

  
	
  SECTION 10.6.

  	
  Successors

  	
   

  	
  59

  
	
  SECTION 10.7.

  	
  Headings

  	
   

  	
  59

  
	
  SECTION 10.8.

  	
  Reports, Notices
  and Demands

  	
   

  	
  60

  
	
  SECTION 10.9.

  	
  Agreement Not to
  Petition

  	
   

  	
  60

  
	
  SECTION 10.10.

  	
  Counterparts

  	
   

  	
  61

  
					

 

	
  Exhibit A

  	
  Certificate of Trust of CT Preferred Trust II

  
	
   

  	
   

  
	
  Exhibit B

  	
  Form of Common Securities Certificate

  
	
   

  	
   

  
	
  Exhibit C

  	
  Form of Preferred Securities Certificate

  
	
   

  	
   

  
	
  Exhibit D

  	
  Junior Subordinated Indenture

  
	
   

  	
   

  
	
  Exhibit E

  	
  Form of Certificate to be Executed for Transferees

  
	
   

  	
   

  
	
  Exhibit F

  	
  Form of Officer’s Financial Certificate

  
	
   

  	
   

  
	
  Schedule A

  	
  Calculation of LIBOR

  

 

 iii

THIS AMENDED AND RESTATED
TRUST AGREEMENT, dated as of March 29, 2007, among (i) Capital
Trust, Inc., a Maryland corporation (including any successors or permitted
assigns, the “Depositor”), (ii)
The Bank of New York Trust Company, National Association, a national banking
association, as property trustee (in such
capacity, the “Property Trustee”), (iii) The Bank of New York
(Delaware), a Delaware banking corporation, as Delaware trustee (in such
capacity, the “Delaware Trustee”),
(iv) John R. Klopp, an individual, Stephen D. Plavin, an individual and
Geoffrey G. Jervis, an individual, each of whose address is c/o Capital Trust,
Inc., 410 Park Avenue, 14th Floor, New York, New York 10022, 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 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 March 21,
2007 (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 Purchase 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.

“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 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 ninety (90) 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.

“Closing Date”
has the meaning specified in the Purchase 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.

 3
 

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

“Common Security”
means an undivided beneficial interest in the assets of the 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 601 Travis, 16th Floor, Houston, Texas 77002, Attention: Global
Corporate Trust – CDO Group.  Initially,
all notices and correspondence shall be addressed to Mudassir Mohamed,
telephone number (713) 483-6029.

 “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.

“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, a New York corporation, or any successor
thereto.

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

 4
 

“EDGAR”
has the meaning specified in Section 4.11(c).

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

(a)           the
occurrence of a 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 Administrative 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.

“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.

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

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

 5
 

“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.

“Interest Payment Date(s)”
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” means Common or Preferred Securities, as the
case may be, representing more than fifty percent (50%) of the aggregate
Liquidation Amount of all (or a specified group of) then Outstanding Common or
Preferred Securities, as the case may be.

“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.

 6
 

“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.

“Officers’
Certificate” means a certificate signed by the Chief Executive
Officer, the President, a Managing Director, Director or 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
certificate provided pursuant to Section 8.16 which is not an Officers’
Certificate) 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 Purchase Agreement, the Indenture, the Trust
Agreement, the Notes and the Trust Securities.

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

“Optional Note
Redemption Price” means, with respect to any Note to be redeemed on
any Redemption Date under the Indenture, an amount equal to one hundred percent
(100%) of the outstanding principal amount of such Note, together with accrued
interest, including any Additional Interest (to the extent legally
enforceable), thereon through but not including the date fixed as such
Redemption Date.

“Optional
Redemption Price” means, with respect to any Trust Security, an
amount equal to one hundred percent (100%) of the Liquidation Amount of such
Trust Security on the Redemption Date, plus accumulated and unpaid
Distributions to the Redemption Date, plus the related amount of the premium,
if any, and/or accrued interest, including Additional Interest, if any, thereon
paid by the Depositor upon the concurrent redemption or payment at maturity of
a Like Amount of Notes.

 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, or portions thereof, for which payment or redemption money in the
necessary amount has been theretofore deposited or set aside for deposit 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 Trustee to pay Distributions
or other amounts in respect of any Trust Securities on behalf of the Trust.

 8
 

“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.

“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.

“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.

“Purchase Agreement”
means the Purchase Agreement or Purchase Agreements (whether one or more)
executed and delivered contemporaneously with this Agreement by the Trust, the
Depositor and the purchaser(s) named therein, as the same may be amended from
time to time.

“QIB”
means a “qualified institutional buyer” as defined in Rule 144A under the
Securities Act of 1933, as amended.

“QP”
means a “qualified purchaser” as defined in Section 2(a)(51) of the Investment
Company Act of 1940, as amended.

“QIB/QP” means a QIB that is also a
QP.

“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 the Special Redemption Price or Optional Redemption Price, as
applicable.  If the Depositor has
redeemed the Notes at the Special Note Redemption Price, the Trust shall redeem
the Trust Securities at the Special Redemption Price.  If the Depositor has redeemed the Notes at
the Optional Note Redemption Price, the Trust shall redeem the Trust Securities
at the Optional Redemption Price.

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

 9
 

“Responsible
Officer” means, with respect to the Property Trustee, the officer in
the Global Corporate Trust department of the Property Trustee having direct
responsibility for the administration of this Trust Agreement.

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

“Securities
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.

“Special Note
Redemption Price” means, with respect to any Note to be redeemed on
any Redemption Date under the Indenture, an amount equal to one hundred seven
and one half percent (107.5%) of the outstanding principal amount of such Note,
together with accrued interest, including Additional Interest, thereon through
but not including the date fixed as such Redemption Date.

“Special Redemption
Price” means, with respect to any Trust Security, an amount equal to
one hundred seven and one half percent (107.5%) of the Liquidation Amount of
such Trust Security on the Redemption Date, plus accumulated and unpaid
Distributions to the Redemption Date, plus the related amount of the premium,
if any, and/or accrued interest, including Additional Interest, if any, thereon
paid by the Depositor upon the concurrent redemption or payment at maturity of
a Like Amount of Notes.

“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 “CT Preferred Trust II,” which was
created on March 21, 2007 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, as the same may be modified,
amended or supplemented from time to time in accordance with the applicable
provisions hereof, including all Schedules and Exhibits.

“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.

 10
 

ARTICLE II

THE TRUST

SECTION
2.1.                Name.

The trust continued hereby shall be known as “CT
Preferred Trust II”, 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.

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

The address of the Delaware Trustee in the State of
Delaware is The Bank of New York (Delaware), 100 White Clay Center, Route 273,
Newark, DE 19711, Attention: Global Corporate Trust — CDO Group, 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 410 Park Avenue, 14th Floor, New York, New York 10022, Attention:
Geoffrey Jervis, 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, and the Trust shall have the power and authority, to
(i) issue and sell Trust Securities and use the proceeds from such sale to
acquire the Notes and to execute, deliver and perform the Operative Documents
to which it is a party and such other agreements necessary or desirable in
connection therewith, including without limitation a common securities
subscription agreement and a junior subordinated note purchase agreement, 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

 11
 

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:

(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, a common securities subscription
agreement and a junior subordinated note purchase 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)          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;

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

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

 12
 

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

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

(I)            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); including and with
respect to, for the purposes of Section 316(c) of the Trust Indenture Act,
Distributions, voting rights, redemptions and exchanges, and to issue relevant
notices to the Holders of Preferred Securities and Holders of Common Securities
as to such actions and applicable record dates;

(J)            to give the Note Issuer, the
depositor and the Property Trustee prompt written notice of the occurrence of a
Tax Event or an Investment Company Event; provided that the Administrative Trustees
shall consult with the Note Issuer, the Depositor and the Property Trustee
before taking or refraining from taking any action in relation to a Tax Event
or an Investment Company Event;

(K)          to bring or defend, pay, collect,
compromise, arbitrate, resort to legal action or otherwise adjust claims or
demands of or against the Trust (“Legal Action”), unless pursuant to Section
2.5(a)(ii), the Property Trustee has the exclusive power to bring such Legal
Action;

(L)           to employ or otherwise engage
employees and agents (who may be designated as officers with titles) and
managers, contractors, advisors and consultants and pay reasonable compensation
for such services;

(M)         to incur expenses which are necessary
or incidental to carry out any of the purposes of the Trust;

(N)          to act as, or appoint another Person
to act as, registrar and transfer agent for the Securities;

(O)          to take all action that may be
necessary or appropriate for the preservation and the continuation of the Trust’s
valid existence, rights, franchises and privileges as a statutory business
trust under the laws of the State of Delaware and of each other jurisdiction in
which such existence is necessary to protect the limited liability of the
Holders of the Trust Securities or to enable the Trust to effect the purposes
for which the Trust was created;

(P)           to take any action, not inconsistent
with this Trust Agreement with applicable law that the Administrative Trustees
determine in their discretion to be necessary or desirable in carrying out the
activities of the Trust as set out in this Section 2.5; provided, however, such
action shall not (i) cause the Trust to be deemed to be Investment Company
required to be registered under the Investment

 13
 

Company Act; and (ii)
cause the Trust to be characterized for United States federal income tax
purposes as an association taxable as a corporation or a partnership;

(Q)          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

(R)           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,
provided that the Administrative Trustees shall have the power, duty and
authority to act on behalf of the Trust with respect to 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).

 14
 

(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 Purchase 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

(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 authorized to operate the Trust so that
the Trust will not be taxable as a corporation or classified as other than a
grantor trust for U.S.  federal income
tax purposes, so that the Notes will be treated as indebtedness of the
Depositor for U.S.  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 respect thereof, 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.

 15
 

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 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.

 16
 

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 March 29,
2007, and, except as provided in clause (ii) below, shall be payable quarterly  in arrears on January 30, April 30, July
30 and October 30 of each year, commencing on April 30, 2007. 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)           Distributions shall accumulate in
respect of the Trust Securities at a fixed rate equal to 7.03% per annum
through the Interest Payment Date in April 2017  and thereafter at  a
variable rate equal to LIBOR plus 2.25% per annum of the Liquidation Amount of
the Trust Securities, such rate being the rate of interest payable on the
Notes. LIBOR shall be determined by the Calculation Agent in accordance with Schedule
A. During the Fixed Rate Period,
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 of twelve
30-day months and the amount payable for any partial period shall be computed
on the basis of the number of days elapsed in a 360-day year of twelve 30-day
months. Upon expiration of the Fixed Rate Period, the amount of interest payable
for any Distribution period will 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

(iii)          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

 17
 

fifteenth day (whether or not a Business Day)
preceding the relevant Distribution Date, except that Distributions and any
Additional Interest Amounts payable on the stated maturity (or any date of
principal repayment upon early maturity) of the principal of a Trust Security
or on a Redemption Date shall be paid to the Person to whom principal is
paid.  Distributions payable on any Trust
Securities that are not punctually 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.

(c)           As a condition to the payment of any
principal of or interest on the Trust Securities without the imposition of
withholding tax, the Administrative Trustees shall require the previous
delivery of properly completed and signed applicable U.S. federal income tax
certifications (generally, an Internal Revenue Service Form W-9 (or applicable
successor form) in the case of a person that is a “United States person” within
the meaning of Section 7701(a)(30) of the Code or an Internal Revenue Service
Form W-8 (or applicable successor form) in the case of a person that is not a “United
States person” within the meaning of Section 7701(a)(30) of the Code) and any
other certification acceptable to it to enable the Paying Agent to determine
its duties and liabilities with respect to any taxes or other charges that it
may be required to pay, deduct or withhold in respect of such Trust Securities.

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 (5th) 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);

 18
 

(iii)          if less than all the Outstanding Trust
Securities are to be redeemed, the identification (and, in the case of partial
redemption, the respective 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 legally available in the Payment Account for the payment
of such Redemption Price.  Under the
Indenture, the Notes may be redeemed by the Depositor, at the Depositor’s
option, on or after April  30, 2012,  in whole or in part, from time to time at the Optional Note
Redemption Price.  The Notes may also be
redeemed by the Depositor, at its option pursuant to the terms of the
Indenture, in whole but not in part, upon the occurrence and during the
continuation of an Investment Company Event or a Tax Event, at the Special Note
Redemption Price.

(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

 19
 

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 Property Trustee or the Paying Agent, 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.

(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. Upon such a partial redemption, the Preferred Securities to be
redeemed from each Holder of Preferred Securities shall be selected on a
pro rata basis based upon the respective Liquidation Amounts of the
Preferred Securities then held by each Holder of the Preferred Securities 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, 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.

(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

 20
 

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 and legally 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 and legally 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.

 21

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.

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), by
January 31 in each taxable year of the Trust to each Holder all Internal
Revenue Service forms and returns required to be provided by the Trust. The
Administrative Trustees shall provide the Depositor, Taberna Capital
Management, LLC and the Property Trustee with a copy of all such returns and
reports promptly after such filing or furnishing.

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.

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.

 22
 

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, subject to compliance
with Sections 2.2 and 3.5 of the Indenture, receive, in exchange therefor, a
Like Amount of Notes. Such election shall be exercisable effective on any
Distribution Date by such Depositor Affiliate delivering to the Property
Trustee (i) at least ten (10) Business Days prior to the Distribution Date on
which such exchange is to occur, the registration instructions and the
documentation, if any, required pursuant to Sections 2.2 and 3.5 of the
Indenture to enable the Indenture Trustee to issue the requested Like Amount of
Notes, (ii) 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 (iii) 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 Calculation Agent may be removed
by the Administrative Trustees at any time. 
Notwithstanding the foregoing, the Property Trustee shall initially and,
subject to the immediately following sentence, for so long as it holds any of
the Notes, be the Calculation Agent for purposes of determining LIBOR for each
Distribution Date.  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.

 23
 

(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 (the Interest Payment shall
be 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, the Administrative Trustees, the Note Trustee, each Paying Agent and
the Depositary.  The Calculation Agent
will also specify to the Administrative Trustees the quotations upon which the
foregoing rates and amounts are based and, in any event, the Calculation Agent
shall notify the Administrative Trustees 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)           If the Depositor intends to file its
annual and quarterly information with the Commission in electronic form
pursuant to Regulation S-T of the Commission using the Commission’s Electronic
Data Gathering, Analysis and Retrieval (“EDGAR”)
system, the Property Trustee is hereby authorized and directed to access the
EDGAR system for purposes of retrieving the financial information so
filed.  Compliance with the foregoing
shall constitute delivery by the Administrative Trustees of its financial
statements to the Property Trustee in compliance with the provisions of Section
314(a) of the Trust Indenture Act, if applicable, and such filing shall satisfy
the Company’s delivery obligations with respect to the subject of such filing
under Section 4.11(b) hereof.  Delivery
of reports, information and documents to the Property Trustee pursuant to this Section
4.11(c) shall be solely for purposes of compliance with

 24
 

this Section 4.11 and, if applicable, with
Section 314(a) of the Trust Indenture Act. 
The Property Trustee’s receipt of such reports, information and
documents shall not constitute notice to it of the content thereof or any
matter determinable from the content thereof, including the Depositor’s compliance
with any of its covenants hereunder, as to which the Property Trustee is
entitled to rely upon Officers’ Certificates.

(d)           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.

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 $75,000,000 and
one series of Common Securities having an aggregate Liquidation Amount of
$2,325,000.

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 2,325 Common Securities having an aggregate Liquidation Amount of
Two Million Three Hundred Twenty-Five Thousand Dollars ($2,325,000), against
receipt by the Trust of the aggregate purchase price of such Common Securities
of Two Million Three Hundred Twenty-Five Thousand Dollars ($2,325,000).
Contemporaneously therewith and with the sale by the Trust to the Holders of an
aggregate of 75,000 Preferred Securities having an aggregate Liquidation Amount
of Seventy-Five Million Dollars ($75,000,000), an Administrative Trustee, on
behalf of the Trust, shall 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 Seventy-Seven Million Three Hundred Twenty-Five
Thousand Dollars ($77,325,000), 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 Seventy-Seven Million Three Hundred Twenty-Five Thousand
Dollars ($77,325,000) (being the aggregate amount paid by the

 25
 

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.

(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/QPs 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/QP shall be
issued in the form of Definitive Preferred Securities Certificates.

(d)           A Preferred Security shall not be
valid until authenticated by the manual signature of an authorized signatory 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.

(a)           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

 26
 

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/QP, 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/QP 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.

(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

 27
 

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.

(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,
that 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

 28
 

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)           Subject to Section 5.7(d),
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.

(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 accompanied by a
certificate of the transferee substantially in the form set forth as Exhibit
E 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 and
initially designate 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.

 29
 

(g)           The Preferred Securities may only be
transferred to (i) the Trust, (ii) a person whom the seller reasonably believes
is a QIB, (iii) outside the United States in an offshore transaction in
accordance with Regulation S under the Securities Act, (iv) pursuant to an
effective registration statement under the Securities Act or (v) pursuant to
another exemption from registration under the Securities Act and in the case of
clauses (ii), (iii), (iv), or (v), a person whom the issuer reasonably believes
also is a QP.

(h)           Neither the Trustee nor the
Securities Registrar shall be responsible for ascertaining whether any transfer
hereunder complies with the registration provisions of or any exemptions from
the Securities Act, applicable state securities laws or the applicable laws of
any other jurisdiction, ERISA, the Code or the Investment Company Act; provided, that if a certificate is
specifically required by the express terms of this Section 5.7 to be
delivered to the Trustee or the Securities Registrar by a Holder or transferee
of a Security, the Trustee and the Securities Registrar shall be under a duty
to receive and examine the same to determine whether or not the certificate
substantially conforms on its face to the requirements of this Trust Agreement
and shall promptly notify the party delivering the same if such certificate
does not comply with such terms.

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 to save
each of the Trustees 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 such security or indemnity as may be required by it to save each of
the Trustees 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.

(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 and for the reimbursement of any reasonable
out-of-pocket expenses incurred by the Trust 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.

 30
 

(e)           If any such mutilated, destroyed,
lost or stolen Securities Certificate has become or is about to become due and
payable, the Depositor in its discretion may provide the Property Trustee or
Paying Agent, as applicable, with the funds to pay such Trust Security and upon
receipt of such funds, the Property Trustee or Paying Agent, as applicable,
shall pay such Trust Security instead of issuing a new Securities Certificate.

(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 retained by the Property Trustee in accordance
with its customary practices.

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). In any such case, the successor Holder must be a
person whom the issuer reasonably believes is a “qualified purchaser”, as
defined in Section 2(a)(51) of its Investment Company Act of 1940, as amended.
To the fullest extent permitted by law, any attempted

 31
 

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 CT PREFERRED TRUST II 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

 32
 

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), (III)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (V) PURSUANT TO ANOTHER
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, AND, IN THE CASE OF
CLAUSES (II), (III), (IV), OR (V), TO A PERSON WHOM THE ISSUER REASONABLY
BELIEVES ALSO IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE
INVESTMENT COMPANY ACT OF 1940, AS AMENDED, 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.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO THE PROVISIONS OF AN AMENDED AND RESTATED TRUST AGREEMENT OF CT
PREFERRED TRUST II DATED MARCH 29, 2007 (A COPY OF WHICH IS ON FILE WITH THE
SECRETARY OF THE ISSUER) AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE PROVISIONS
OF SUCH TRUST AGREEMENT.

 33
 

THE HOLDER OF THIS PREFERRED SECURITY, OR ANY INTEREST
THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND
WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, 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.  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 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.”

(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:

  	
  The Bank of New York Trust
  Company, National

  Association, not in its individual capacity, but solely

  as Property Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized signatory

  

 

 34
 

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.

(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

 35
 

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.

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

 36
 

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.

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 or waive
compliance with any covenant or condition under Section 10.7 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

 37
 

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 U.S.  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.

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;

 38
 

(C)           the principal of and premium, if any,
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).

(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 premium,
if any, or interest (including any Additional Interest) on 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, if any, 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

 39
 

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.

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 national
banking association, duly organized and validly existing under the laws of the
United States of America;

(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 incorporated and validly existing under the laws of
the State of Delaware;

 40
 

(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,
fraudulent transfer, reorganization, moratorium 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 Certificate or Articles of Incorporation or Association,
as applicable, or By-laws of the Property Trustee or the Delaware Trustee, (ii)
violate any provision of, or constitute, with or without notice or lapse of
time, a default under, or result in the imposition of any lien on any
properties included in the Trust Property pursuant to the provisions of any
indenture, mortgage, credit agreement, license or other agreement or instrument
to which the Property Trustee or the Delaware Trustee is a party or by which it
is bound, or (iii) violate any 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

(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.

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SECTION 7.2.        Representations and Warranties of Depositor.

The Depositor hereby represents and warrants for the
benefit of the Holders and the Trustees 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 of incorporation or by-laws
(or other organizational documents) of the Depositor or (ii) cause the
Depositor to 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

(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 materially and adversely affect the
Trust or would 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.

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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.  The Delaware Trustee shall
have the same rights, privileges and immunities as the Property Trustee.

(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

 43
 

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.

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
this Trust Agreement, 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.  Nothing in this Trust Agreement shall be
construed to release any Administrative Trustee from liability for his or her
own negligent action, negligent failure to act; or his or her own willful
misconduct.  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

 44
 

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.

(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;

(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 in writing 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.

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

 45
 

Administrative Trustees and the Depositor, unless such
default shall have been cured or waived. 
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)           The Property Trustee shall not be
charged with knowledge of any Event of Default unless either (i) a Responsible
Officer of the Property Trustee shall have actual knowledge or (ii) the
Property Trustee shall have received written notice thereof from the Depositor,
an Administrative Trustee or a Holder.

(c)           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;

(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;

 46
 

(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; provided, however, that nothing contained
in this Section 8.7(g) shall be construed to relieve the Property
Trustee, upon the occurrence of an Event of Default, of its obligation to
exercise the rights and powers vested in it by this Trust Agreement; provided, further,
that nothing contained in this Section 8.7(g) shall prevent the Property
Trustee from exercising its rights under Section 8.11 hereof;

(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;

(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

 47
 

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
conclusively 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.

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.

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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 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 (or, if the Preferred Securities have been Outstanding for
less than six (6) months, the entire period of such lesser time) 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.

(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

 50
 

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, Issuance of Securities or
Representations.

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.  It is
expressly understood and agreed by the parties hereto that insofar as any
document, agreement or certificate is executed on behalf of the Trust by any
Trustee (i) such document, agreement or certificate is executed and delivered
by such Trustee, not in its individual capacity but solely as Trustee under
this Trust Agreement in the exercise of the powers and authority conferred and
vested in it, (ii) each of the representations, warranties, covenants,
undertakings and agreements made on the part of the Trust is made and intended
not as a representation, warranty, covenant, undertaking or agreement by any
Trustee in its individual capacity but is made and intended for the purpose of
binding only the Trust and (iii) under no circumstances shall any Trustee in
its individual capacity be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Trust under this Trust Agreement or any other document, agreement or
certificate delivered in connection therewith.

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.

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(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.

SECTION 8.16.      Reports to the Property Trustee.

(a)           Upon the reasonable request of the
Holder of the Trust Securities, the Depositor and the Administrative Trustees
shall deliver to the Property Trustee, within thirty (30) days after such
request, an Officers’ Certificate covering the preceding fiscal year, 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 (i) to
the Property Trustee; (ii) Taberna Capital Management, LLC (at 450 Park
Avenue, 11th Floor, New York, New York 10022, Attention: Thomas Bogal or
such other address as designated by Taberna Capital Management, LLC); 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
Taberna Capital Management, LLC) a duly completed and executed certificate
substantively and substantially in the form attached hereto as Exhibit F,
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.  Such parties are hereby authorized and
directed to access the EDGAR system for purposes of retrieving the financial
information so filed.  Such filing shall
satisfy the Company’s delivery obligations with respect to the subject of such
filing under Section 8.16(b)(i), (ii), and (iii).

The Property Trustee shall obtain all reports,
certificate 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 April 30, 2042  (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:

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(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 and in accordance with written instructions of the
Administrative Trestees, 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);

(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.

(a)           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.

(b)           As soon as practicable thereafter,
and after satisfaction of liabilities to creditors of the Trust as required by
applicable law, including Section 3808 of the Delaware Statutory Trust Act, the
Delaware Trustee, when notified in writing of the completion of the winding up
of the Trust in accordance with the Delaware Statutory Trust Act, shall
terminate the Trust by filing, at the expense of the Depositor, a certificate
of cancellation with the Secretary of State of the State of Delaware.

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:

 54
 

(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.

(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 commercially reasonable 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

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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;

(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)           Reserved.

(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 from a nationally recognized, independent
counsel to the Depositor experienced in such matters 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

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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.

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.

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, unless otherwise required by law, 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 and to treat the Notes as indebtedness of
the Depositor 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 or amend any other provisions with respect to matters or
questions arising

 57
 

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.  In addition to
and subject to the foregoing, the Distribution Dates, Redemption Date and
Stated Maturity (as defined in the Indenture) with respect to the Preferred
Securities or a portion of the Preferred Securities shall be conformed in
connection with any modification of the Interest Payment Date, Redemption Date
or Stated Maturity of the Junior Subordinated Notes made by the Depositor and
the Trust at the direction of any holder of the Preferred Securities or a
portion of the Preferred Securities as set forth in Section 6 of the Purchase
Agreement.

(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, except as set forth in the last sentence of Section 10.3(b)
above, (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,” in 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

 58
 

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 and the Note Trustee 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.

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

 59
 

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 Capital Trust, Inc., 410 Park Avenue, 14th
Floor, New York, New York 10022, Attention: Geoffrey Jervis, 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: (i) with
respect to the Property Trustee to The Bank of New York Trust Company, National
Association, 601 Travis, 16th Floor, Houston,
Texas 77002, Attention: Global Corporate Trust — CDO Group, facsimile no. (713)
483-6001 (initially, all notices and correspondence shall be addressed to
Mudassir Mohamed, telephone (713) 483-6029, (ii) with respect to the
Delaware Trustee, to The Bank of New York (Delaware), 100 White Clay Center,
Route 273, P.O. Box 6995, Newark, Delaware 19711, Attention:  Global Corporate Trust — CDO Group, facsimile
no.  (302) 453-4400; (iii) with
respect to the Administrative Trustees, to them at the address above for
notices to the Depositor, marked “Attention: Administrative Trustees of CT
Preferred Trust II”, and (iv) 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.

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

 60
 

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.

SECTION 10.10.    Counterparts.

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

[REMAINDER OF THIS
PAGE INTENTIONALLY LEFT BLANK]

 61

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

	
  

  	
  CAPITAL TRUST, INC.,

  
	
   

  	
  as Depositor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John R. Klopp

  	
   

  
	
   

  	
   

  	
  Name: John R. Klopp

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

	
  THE BANK OF NEW
  YORK TRUST

  COMPANY, NATIONAL ASSOCIATION, as

  Property Trustee

  	
  THE
  BANK OF NEW YORK (DELAWARE),

  as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Kristine K.
  Gullo

  	
   

  
	
  By:

  	
   /s/ Maria D. Calzado

  	
   

  	
   

  	
  Name: 
  Kristine K. Gullo

  
	
   

  	
  Name: Maria D.
  Calzado

  	
   

  	
  Title:  Vice
  President

  
	
   

  	
  Title: Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Stephen D. Plavin

  	
   

  
	
  /s/ John R.
  Klopp

  	
   

  	
  Administrative Trustee

  
	
  Administrative
  Trustee

  	
  Name:  Stephen
  D. Plavin

  
	
  Name:  John R. Klopp

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Geoffrey G.
  Jervis

  	
   

  	
   

  
	
  Administrative
  Trustee

  	
   

  
	
  Name:  Geoffrey G. Jervis

  	
   

  
										

 

Exhibit
A

CERTIFICATE OF TRUST

OF

CT PREFERRED TRUST II

This Certificate of Trust of CT Preferred Trust II  (the “Trust”)
is being duly executed and filed on behalf of the Trust by the undersigned, as
trustee, 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 hereby
is: CT Preferred Trust II.

2.             Delaware
Trustee.  The name and business
address of the trustee meeting the requirements of Section 3807 of the Act are
The Bank of New York (Delaware), White Clay Center, Route 273, Newark, Delaware
19711.

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 trustee of the
Trust has executed this Certificate of Trust in accordance with the Act.

 

	
   

  	
  THE BANK OF NEW YORK (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

  	
   

  	
  Number of Common Securities

  
	
   

  	
   

  	
   

  
	
  C-

  	
   

  	
   

  

 

 

Certificate Evidencing
Common Securities

of

CT PREFERRED TRUST II

Common Securities

(liquidation amount $1,000 per Common Security)

CT Preferred Trust II, a statutory trust created under
the laws of the State of Delaware (the “Trust”),
hereby certifies that Capital Trust, Inc., a Maryland corporation (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 CT Preferred Trust II
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 March 29, 2007 as the same may be amended from time to time (the “Trust Agreement”), among Capital Trust,
Inc., as Depositor, The Bank of New York Trust Company, National Association,
as Property Trustee, The Bank of New York (Delaware), as Delaware Trustee, the
Administrative Trustees named therein and the Holders, from time to time, of
the 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 March, 2007.

 

	
  

  	
  CT Preferred 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 CT PREFERRED TRUST II 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 SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO THE PROVISIONS OF AN AMENDED AND RESTATED TRUST AGREEMENT OF                     
DATED               
(A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE ISSUER) AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF
EXCEPT IN COMPLIANCE WITH THE PROVISIONS OF SUCH TRUST AGREEMENT.

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

 C-1
 

SELLER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144a UNDER THE SECURITIES ACT) (III)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (V) PURSUANT TO ANOTHER
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, AND, IN THE CASE OF
CLAUSES II, III, IV, OR V, TO A PERSON WHOM THE ISSUER REASONABLY BELIEVES ALSO
IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT
COMPANY ACT OF 1940, AS AMENDED  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.

THE HOLDER OF THIS PREFERRED SECURITY, OR ANY INTEREST
THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND
WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, 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.  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 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.

 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

  	
  Aggregate
  Liquidation Amount

  Preferred Securities

  

 

CUSIP NO.

 

Certificate Evidencing
Preferred Securities

of

CT
PREFERRED TRUST II

Preferred Securities

(liquidation amount $1,000 per Preferred Security)

CT Preferred Trust II, 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 CT Preferred
Trust II  Preferred Securities, (liquidation
amount $1,000 per Preferred Security) (the “Preferred
Securities”).  Subject to the
terms of the Trust Agreement (as defined below), 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 March 29, 2007, as the same may be amended
from time to time (the “Trust Agreement”),
among Capital Trust, Inc., as Depositor, The Bank of New York Trust Company,
National Association, as Property Trustee, The Bank of New York (Delaware), as
Delaware Trustee, the Administrative Trustees named therein and the Holders,
from time to time, of the Trust Securities. 
The Trust will furnish a copy of the Trust Agreement to the Holder
without charge upon written request to the Property Trustee at its Corporate
Trust 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
March, 2007.

	
  

  	
  CT PREFERRED TRUST II

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
    Name:

  	
   

  
	
   

  	
   

  	
    Administrative Trustee

  	
   

  

 

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

	
  Dated:

  	
  THE BANK OF NEW YORK TRUST
  COMPANY,

  NATIONAL ASSOCIATION, not in its
  individual

  capacity, but solely as Property Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
    Authorized
  signatory

  	
   

  

 

 C-5
 

[FORM OF REVERSE OF
SECURITY]

The Trust promises to pay Distributions from March 29,
2007, or from the most recent Distribution Date to which Distributions have
been paid or duly provided for, quarterly in arrears on January 30, April 30,
July 30 and October 30 of each
year, commencing on April 30, 2007, at a fixed rate equal to  7.03% per annum through the Interest
Payment Date in  April 30, 2017 and thereafter at a variable rate
equal to LIBOR plus 2.25% per annum of the Liquidation Amount of the Preferred
Securities represented by this Preferred Securities Certificate, 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.

Distributions on the Securities must be paid on the
dates payable 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.

During an Event of Default, 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,
if any, 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 (A) repurchases,
redemptions or other acquisitions of shares of capital stock of the Depositor
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 Depositor (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into
prior to the date of the Event of Default, (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 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, 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

 C-6
 

Depositor on any Interest Payment Date, at the
Depositor’s option, on or after April 30, 2012 in whole or in part from time to
time at the Optional Note Redemption Price 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. 
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 an Investment Company
Event or a Tax Event at the Special Note Redemption Price; provided, that such Investment Company
Event or a Tax Event is continuing on the Redemption Date.

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.

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-7
 

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-8

Exhibit
D

Junior Subordinated
Indenture

 D-1

Exhibit
E

Form of Transferee
Certificate

to be Executed by Transferees

                    ,
[     ]

The Bank of New York
Trust Company, National
Association
 601 Travis, 16th Floor

Houston, Texas 77002

Attention: Global Corporate Trust – CDO Group

Capital Trust, Inc.

CT Preferred Trust II

410 Park Avenue, 14th Floor

New York, New York 10022

Re:                               Purchase of $                        
stated liquidation amount of Preferred

Securities (the “Preferred Securities”) of CT Preferred Trust II

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 CT
Preferred Trust II (the “Trust”) and the Junior Subordinated Notes due 2037 of
Capital Trust, Inc. (the “Company”) executed in connection therewith (the “Subordinated
Notes”) (the entire amount of the Trust’s outstanding Preferred Securities 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 the Trust or its
designated representative reasonably believes is a “qualified purchaser” (a “QP”)
(as defined in Section 2(a)(51) of the Investment Company Act of 1940, as
amended) and in compliance with the Securities Act.  We understand that the certificates for any
Offered Security that we receive will bear a legend substantially to the effect
of the foregoing.

2.             We
are a “qualified purchaser” within the meaning of section 2(a)(51) of the
Investment Company Act of 1940, as amended, and are purchasing for our own
account or for the account of such a “qualified purchaser,” 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. We were not formed for the purpose of
investing in the Trust, and we understand that the Trust may receive a list of
participants holding positions in its securities from the Depository Trust
Company.

 E-1
 

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 are not a fiduciary of (i) 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 (ii) an entity whose underlying assets include “plan assets”
by reason of any Plan’s investment in the entity, and are not purchasing any of
the Offered Securities on behalf of or with “plan assets” by reason of any Plan’s
investment in the entity.

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 any 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 acknowledgements,
representations and agreement on behalf or each such investor account. We will
provide notice of all transfer restrictions applicable to the Offend Securities
to subsequent transferees.

 

	
   

  	
  (Name of Purchaser)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

Upon transfer, the Preferred Securities (having a
stated liquidation amount of $                          )
would be registered in the name of the new beneficial owner as follows.

Name:

Address:                                                        

Taxpayer ID Number:                                   

 E-2

Exhibit
F

Officer’s Financial
Certificate

The undersigned, the [Chief Executive
Officer/President/Managing Director/Director /Chief Financial
Officer/Treasurer/Assistant Treasurer], hereby certifies pursuant to Section
8.16(b) of the Amended and Restated Trust Agreement, dated as of March 29, 2007
(the “Trust Agreement”), among Capital Trust, Inc. (the “Company”), The Bank of
New York Trust Company, National Association, as property trustee, The Bank of
New York (Delaware), as Delaware trustee, and the administrative trustees named
therein, that, as of [date], [20    ], the Company had the
following ratios and balances:

As of [Quarterly/Annual Financial Date], 20    

	
  Senior secured indebtedness
  for borrowed money (“Debt”)

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Senior unsecured Debt

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Subordinated Debt

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total Debt

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ratio of (x) senior secured
  and unsecured Debt to (y) total Debt

  	
   

  	
   

  	
  %

  

 

* A table describing the officer’s financial
certificate calculation procedures is provided on page 3

[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] [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).

 F-1
 

[IN WITNESS WHEREOF, the undersigned has executed this
Officer’s Financial Certificate as of this           
day of                           ,
20    .

	
  

  	
  CAPITAL
  TRUST, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  
	
   

  	
  Capital Trust,
  Inc.

  
	
   

  	
  410 Park Avenue,
  14th Floor

  
	
   

  	
  New York, New
  York 10022

  
	
   

  	
  (212) 655-0247

  
				

 

 F-2

DETERMINATION OF LIBOR

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 after the expiration of the Fixed
Rate Period (each such day, a “LIBOR
Determination Date”), LIBOR for any given security shall for the
following interest payment period equal the rate (expressed as a percentage per
annum) for U.S. dollar deposits in Europe, for a three (3) month period, that
appears on Dow Jones Telerate (as defined in the International Swaps and
Derivatives Association, Inc. 2000 Interest Rate and Currency Exchange Definitions)
Page 3750, or such other page as may replace such Page 3750, as of 11:00 a.m.
(London time) on such LIBOR Determination Date, as reported by Bloomberg
Financial Market Commodities News or any successor service. If such rate is
superseded on Telerate Page 3750 by a corrected rate before 12:00 noon (London
time) on such LIBOR Determination Date, the corrected rate as so substituted
will be LIBOR for 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 (expressed
as a percentage per annum) of the Reference Banks (as defined below) to leading
banks in the London interbank market for U.S. dollar deposits in Europe, for a
three (3) month period, for an amount determined by the Calculation Agent (but
not less than U.S. $1,000,000) 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 (expressed as a percentage per annum) that two (2) leading banks in
The City of New York selected by the Calculation Agent are quoting on the
relevant LIBOR Determination Date for U.S. dollar deposits in Europe, for a
three (3) month period, for an amount determined by the Calculation Agent (but
not less than U.S. $1,000,000); 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 (a) on which commercial banks are open for business (including
dealings in foreign exchange and foreign currency deposits) in London and (b)
is not a Saturday, Sunday or other day on which commercial banking institutions
in New York, New York or Wilmington, Delaware are authorized or obligated by
law or executive order to be closed.

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