Document:

Exhibit 4.2

 

 

 

 

AMENDED AND RESTATED TRUST AGREEMENT

among

STATE STREET CORPORATION,

as DEPOSITOR

U.S. BANK NATIONAL ASSOCIATION,

as PROPERTY
TRUSTEE

U.S. BANK TRUST NATIONAL ASSOCIATION,

as DELAWARE
TRUSTEE

and the several Holders of the Trust
Securities

Dated as of April 30, 2007

STATE STREET
CAPITAL TRUST IV

TABLE
OF CONTENTS

	
  ARTICLE I 

  	
   

  	
  Defined Terms

  	
   

  	
  1

  	
   

  
	
  Section
  1.1

  	
   

  	
  Definitions

  	
   

  	
  1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  II 

  	
   

  	
  Continuation of the
  Issuer 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; Organizational Expenses

  	
   

  	
  11

  	
   

  
	
  Section 2.4

  	
   

  	
  Issuance of the Capital
  Securities

  	
   

  	
  11

  	
   

  
	
  Section 2.5

  	
   

  	
  Issuance of the Common
  Securities; Subscription and Purchase of Debentures

  	
   

  	
  11

  	
   

  
	
  Section 2.6

  	
   

  	
  Declaration of Trust

  	
   

  	
  12

  	
   

  
	
  Section 2.7

  	
   

  	
  Authorization to Enter
  into Certain Transactions

  	
   

  	
  12

  	
   

  
	
  Section 2.8

  	
   

  	
  Assets of Trust

  	
   

  	
  16

  	
   

  
	
  Section 2.9

  	
   

  	
  Title to Trust Property

  	
   

  	
  16

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  III 

  	
   

  	
  Payment Account

  	
   

  	
  17

  	
   

  
	
  Section 3.1

  	
   

  	
  Payment Account

  	
   

  	
  17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  IV 

  	
   

  	
  Distributions;
  Redemption

  	
   

  	
  17

  	
   

  
	
  Section 4.1

  	
   

  	
  Distributions

  	
   

  	
  17

  	
   

  
	
  Section 4.2

  	
   

  	
  Redemption

  	
   

  	
  18

  	
   

  
	
  Section 4.3

  	
   

  	
  Subordination of Common
  Securities

  	
   

  	
  20

  	
   

  
	
  Section 4.4

  	
   

  	
  Payment Procedures

  	
   

  	
  21

  	
   

  
	
  Section 4.5

  	
   

  	
  Tax Returns and Reports

  	
   

  	
  21

  	
   

  
	
  Section 4.6

  	
   

  	
  Payment of Expenses of
  the Issuer Trust

  	
   

  	
  21

  	
   

  
	
  Section 4.7

  	
   

  	
  Payments under Indenture
  or Pursuant to Direct Actions

  	
   

  	
  21

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  V 

  	
   

  	
  Trust Securities
  Certificates

  	
   

  	
  22

  	
   

  
	
  Section 5.1

  	
   

  	
  Initial Ownership

  	
   

  	
  22

  	
   

  
	
  Section 5.2

  	
   

  	
  The Trust Securities
  Certificates

  	
   

  	
  22

  	
   

  
	
  Section 5.3

  	
   

  	
  Execution and Delivery
  of Trust Securities Certificates

  	
   

  	
  22

  	
   

  
	
  Section 5.4

  	
   

  	
  Registration of
  Transfer and Exchange of Capital Securities Certificates

  	
   

  	
  22

  	
   

  
	
  Section 5.5

  	
   

  	
  Mutilated, Destroyed,
  Lost or Stolen Trust Securities Certificates

  	
   

  	
  23

  	
   

  
	
  Section 5.6

  	
   

  	
  Persons Deemed Holders

  	
   

  	
  24

  	
   

  
	
  Section 5.7

  	
   

  	
  Access to List of
  Holders’ Names and Addresses

  	
   

  	
  24

  	
   

  
	
  Section 5.8

  	
   

  	
  Maintenance of Office
  or Agency

  	
   

  	
  24

  	
   

  
	
  Section 5.9

  	
   

  	
  Appointment of Paying
  Agent

  	
   

  	
  24

  	
   

  
	
  Section 5.10

  	
   

  	
  Ownership of Common
  Securities by Depositor

  	
   

  	
  25

  	
   

  

 

 i
 

 

	
  Section 5.11

  	
   

  	
  Book-Entry Capital
  Securities Certificates; Common Securities Certificate

  	
   

  	
  25

  	
   

  
	
  Section 5.12

  	
   

  	
  Notices to Clearing
  Agency

  	
   

  	
  26

  	
   

  
	
  Section 5.13

  	
   

  	
  Definitive Capital
  Securities Certificates

  	
   

  	
  26

  	
   

  
	
  Section 5.14

  	
   

  	
  Rights of Holders;
  Waivers of Past Defaults

  	
   

  	
  27

  	
   

  
	
  Section 5.15

  	
   

  	
  Tax Treatment by the
  Holders

  	
   

  	
  29

  	
   

  
	
  Section 5.16

  	
   

  	
  CUSIP Numbers

  	
   

  	
  29

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VI 

  	
   

  	
  Acts of Holders;
  Meetings; Voting

  	
   

  	
  29

  	
   

  
	
  Section 6.1

  	
   

  	
  Limitations on Voting
  Rights

  	
   

  	
  29

  	
   

  
	
  Section 6.2

  	
   

  	
  Notice of Meetings

  	
   

  	
  30

  	
   

  
	
  Section 6.3

  	
   

  	
  Meetings of Holders of
  the Capital Securities

  	
   

  	
  30

  	
   

  
	
  Section 6.4

  	
   

  	
  Voting Rights

  	
   

  	
  31

  	
   

  
	
  Section 6.5

  	
   

  	
  Proxies, etc.

  	
   

  	
  31

  	
   

  
	
  Section 6.6

  	
   

  	
  Holder Action by
  Written Consent

  	
   

  	
  31

  	
   

  
	
  Section 6.7

  	
   

  	
  Record Date for Voting
  and Other Purposes

  	
   

  	
  31

  	
   

  
	
  Section 6.8

  	
   

  	
  Acts of Holders

  	
   

  	
  31

  	
   

  
	
  Section 6.9

  	
   

  	
  Inspection of Records

  	
   

  	
  33

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VII 

  	
   

  	
  Representations and
  Warranties

  	
   

  	
  33

  	
   

  
	
  Section 7.1

  	
   

  	
  Representations and
  Warranties of the Property Trustee and the Delaware Trustee

  	
   

  	
  33

  	
   

  
	
  Section 7.2

  	
   

  	
  Representations and
  Warranties of the Depositor

  	
   

  	
  34

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII 

  	
   

  	
  The Issuer Trustees

  	
   

  	
  34

  	
   

  
	
  Section 8.1

  	
   

  	
  Certain Duties and
  Responsibilities

  	
   

  	
  34

  	
   

  
	
  Section 8.2

  	
   

  	
  Certain Notices

  	
   

  	
  37

  	
   

  
	
  Section 8.3

  	
   

  	
  Certain Rights of
  Property Trustee

  	
   

  	
  37

  	
   

  
	
  Section 8.4

  	
   

  	
  Not Responsible for Recitals
  or Issuance of Securities

  	
   

  	
  39

  	
   

  
	
  Section 8.5

  	
   

  	
  May Hold Securities.

  	
   

  	
  39

  	
   

  
	
  Section 8.6

  	
   

  	
  Compensation;
  Indemnity; Fees

  	
   

  	
  39

  	
   

  
	
  Section 8.7

  	
   

  	
  Corporate Property
  Trustee Required; Eligibility of Issuer Trustees and Administrative Trustees

  	
   

  	
  40

  	
   

  
	
  Section 8.8

  	
   

  	
  Conflicting Interests.

  	
   

  	
  41

  	
   

  
	
  Section 8.9

  	
   

  	
  Co-Trustees and
  Separate Trustee

  	
   

  	
  41

  	
   

  
	
  Section 8.10

  	
   

  	
  Resignation and
  Removal; Appointment of Successor.

  	
   

  	
  42

  	
   

  
	
  Section 8.11

  	
   

  	
  Acceptance of
  Appointment by Successor

  	
   

  	
  43

  	
   

  
	
  Section 8.12

  	
   

  	
  Merger, Conversion,
  Consolidation or Succession to Business

  	
   

  	
  44

  	
   

  
	
  Section 8.13

  	
   

  	
  Preferential Collection
  of Claims Against Depositor or Issuer Trust

  	
   

  	
  44

  	
   

  
	
  Section 8.14

  	
   

  	
  Trustee May File Proofs
  of Claim

  	
   

  	
  45

  	
   

  
	
  Section 8.15

  	
   

  	
  Reports by Property
  Trustee

  	
   

  	
  45

  	
   

  

 

 ii
 

 

	
  Section 8.16

  	
   

  	
  Reports to the Property
  Trustee

  	
   

  	
  46

  	
   

  	 

	
  Section 8.17

  	
   

  	
  Evidence of Compliance
  with Conditions Precedent

  	
   

  	
  46

  	
   

  	 

	
  Section 8.18

  	
   

  	
  Number of Issuer
  Trustees

  	
   

  	
  46

  	
   

  	 

	
  Section 8.19

  	
   

  	
  Delegation of Power

  	
   

  	
  46

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  ARTICLE
  IX 

  	
   

  	
  Dissolution,
  Liquidation and Merger

  	
   

  	
  47

  	
   

  	 

	
  Section 9.1

  	
   

  	
  Dissolution Upon
  Expiration Date

  	
   

  	
  47

  	
   

  	 

	
  Section 9.2

  	
   

  	
  Early Dissolution

  	
   

  	
  47

  	
   

  	 

	
  Section 9.3

  	
   

  	
  Dissolution

  	
   

  	
  47

  	
   

  	 

	
  Section 9.4

  	
   

  	
  Liquidation

  	
   

  	
  48

  	
   

  	 

	
  Section 9.5

  	
   

  	
  Mergers,
  Consolidations, Amalgamations or Replacements of Issuer Trust

  	
   

  	
  49

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  ARTICLE
  X 

  	
   

  	
  Miscellaneous
  Provisions

  	
   

  	
  50

  	
   

  	 

	
  Section 10.1

  	
   

  	
  Limitation of Rights of
  Holders

  	
   

  	
  50

  	
   

  	 

	
  Section 10.2

  	
   

  	
  Amendment

  	
   

  	
  51

  	
   

  	 

	
  Section 10.3

  	
   

  	
  Separability

  	
   

  	
  52

  	
   

  	 

	
  Section 10.4

  	
   

  	
  Governing Law

  	
   

  	
  52

  	
   

  	 

	
  Section 10.5

  	
   

  	
  Payments Due on
  Non-Business Day

  	
   

  	
  52

  	
   

  	 

	
  Section 10.6

  	
   

  	
  Successors

  	
   

  	
  52

  	
   

  	 

	
  Section 10.7

  	
   

  	
  Headings

  	
   

  	
  52

  	
   

  	 

	
  Section 10.8

  	
   

  	
  Reports, Notices and
  Demands

  	
   

  	
  52

  	
   

  	 

	
  Section 10.9

  	
   

  	
  Agreement Not to Petition

  	
   

  	
  54

  	
   

  	 

	
  Section 10.10

  	
   

  	
  Trust Indenture Act; Conflict
  with Trust Indenture Act

  	
   

  	
  54

  	
   

  	 

	
  Section 10.11

  	
   

  	
  Acceptance of Terms of
  Trust Agreement, Guarantee Agreement and Indenture

  	
   

  	
  54

  	
   

  	 

	
  Section 10.12

  	
   

  	
  Counterparts

  	
   

  	
  55

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  EXHIBITS

  	
   

  	
   

  	
   

  	 

	
  Exhibit
  A

  	
   

  	
  Form of Common
  Securities Certificate

  	
   

  	
   

  	
   

  
	
  Exhibit B

  	
   

  	
  Form of Capital Securities Certificate

  	
   

  	
   

  	
   

  
											

 

 iii

 

AMENDED
AND RESTATED TRUST AGREEMENT, dated as of April 30, 2007 among (i) STATE
STREET CORPORATION, a Massachusetts corporation (including any successors or
assigns, the “Depositor”),
(ii) U.S. BANK NATIONAL ASSOCIATION, a national banking association, as
property trustee (in such capacity, the “Property
Trustee” and, in its separate corporate capacity and not in its
capacity as Property Trustee, the “Bank”),
(iii) U.S. BANK TRUST NATIONAL ASSOCIATION, as Delaware trustee (in such
capacity, the “Delaware Trustee”),
(iv) LYNNE JIMENEZ, an individual, and SUE HORN, an individual, each of whose
address is c/o State Street Corporation, 61 Broadway, 15th Floor, New York, New
York 10006 (each, an “Administrative Trustee,”
and collectively, the “Administrative Trustees”)
(the Property Trustee, the Delaware Trustee, and the Administrative Trustees
being referred to collectively as the “Issuer
Trustees”), and (v) the several Holders, as hereinafter
defined.

W  I  T  N  E  S  S
E  T  H

WHEREAS, the Issuer Trust was established as a
statutory trust pursuant to the Delaware Statutory Trust Act and pursuant to
the Declaration of Trust, dated as of March 25, 1998 (the “Original Trust Agreement”), by the
trustees named therein and by the execution and filing with the Secretary of State
of the State of Delaware of the Certificate of Trust, filed on March 25, 1998,
as amended on April 25, 2007; and

WHEREAS,
pursuant to a certificate of removal and appointment, dated April 23, 2007, the
Depositor removed, without cause, each trustee of the Issuer Trust and
appointed the Issuer Trustees as trustees of the Issuer Trust; and

WHEREAS, the Depositor and the Issuer 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 Issuer Trust to the Depositor, (ii) the issuance
and sale of the Capital Securities by the Issuer Trust pursuant to the
Underwriting Agreement, and (iii) the acquisition by the Issuer Trust from
the Depositor of all of the right, title and interest in the Debentures;

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

ARTICLE I

Defined Terms

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

 1
 

 

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

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

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

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

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

“Act” has the meaning specified in
Section 6.8.

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

“Additional Sums” has the meaning
specified in Section 10.6 of the Indenture.

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

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

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

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

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

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

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

“Board of Directors” means the board of
directors of the Depositor or the Executive Committee of the board of directors
of the Depositor (or any other committee of the board of directors of the
Depositor performing similar functions) or a committee designated by the board
of directors of the Depositor (or any such committee), comprised of two or more
members of the board of directors of the Depositor or officers of the
Depositor, or both.

“Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the
Depositor to have been duly adopted by the 
Board of Directors, or officers of the Depositor to which authority to
act on behalf of the Board of Directors has been delegated, and to be in full
force and effect on the date of such certification, and delivered to the Issuer
Trustees.

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

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

“Business Day” means any London Business
Day other than any Saturday, Sunday or other day on which banking institutions
in New York, New York, Boston, Massachusetts or Wilmington, Delaware are
authorized or required by law or executive order to remain closed.

“Calculation Agent” has the
meaning specified in Section 4.1(c).

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

 3
 

 

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

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

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

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

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

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

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

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

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

“Corporate Trust Office” means
(i) when used with respect to the Property Trustee, the principal office
of the Property Trustee, and (ii) when used with respect to the Indenture
Trustee, the principal office of the Indenture Trustee.

“Debenture Event of Default” means the
occurrence of any “Event of Default,” as defined in the Indenture, with
respect to the Debentures.

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

“Debenture Tax Event” means a “Tax Event” as defined in the Indenture.

“Debentures” means the Depositor’s
Floating Rate Junior Subordinated Debentures, issued pursuant to the Indenture.

 4
 

 

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

“Delaware Statutory Trust Act” means
Chapter 38 of Title 12 of the Delaware Code § 3801 et seq., as it may be 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 heretofore formed and continued hereunder and not in its
individual capacity, or its successor in interest in such capacity, or any
successor Delaware trustee appointed as herein provided.

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

“Distribution Amount” has the
meaning specified in Section 4.1(c).

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

“Distribution Period” means the period of
time beginning on any Distribution Date (or the Time of Delivery in the case of
the initial Distribution Period) and ending on the day immediately preceding
the next succeeding Distribution Date.

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

“DTC” means The Depository Trust Company.

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

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

(a)           a Debenture Event of
Default;

(b)            the default by the
Property Trustee in the payment of any Distribution on any Trust Security when
such payment becomes due and payable, and continuation of such default for a
period of 30 days;

(c)           the default by the
Property Trustee in the payment of any Redemption Price of any Trust Security
when such becomes due and payable;

(d)           the default in the
performance, or breach, in any material respect, of any covenant or warranty of
the Issuer Trustees in this Trust Agreement, other than a covenant or warranty
of default in the performance of which or the breach of which is dealt with
above, and continuation of such default or breach for a period of 60 days after
there has been given, by registered or certified mail, to the defaulting
trustee or trustees by the Holders of at least 25% in aggregate 

 5
 

 

liquidation amount of the outstanding Capital
Securities of the Issuer Trust, a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” under the Trust Agreement;

(e)           the occurrence of a
Bankruptcy Event with respect to the Property Trustee and our failure to
appoint a successor property trustee within 90 days.

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

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

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

“Floating Rate Capital Security”
means a Capital Security that bears interest at a floating percentage rate as
described in Section 4.1(b).

“Guarantee” means the Guarantee Agreement
executed and delivered by the Depositor and U.S. Bank National Association, as
Guarantee Trustee (as defined therein), contemporaneously with the execution
and delivery of this Trust Agreement, for the benefit of the holders of the
Trust Securities, as amended from time to time.

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

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

“Indenture” means the Junior Subordinated
Indenture, dated as of December 15, 1996, between the Depositor and the former
Indenture Trustee, as trustee, as amended and supplemented by the Second
Supplemental Indenture between State Street Corporation and U.S. Bank National
Association, dated April 30, 2007.

“Indenture Trustee” means U.S. Bank
National Association, a national banking association, 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.

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

“Issuer Trust” means the Delaware
statutory trust known as “State Street Capital Trust IV” which was created on
March 25, 1998 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.

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

“LIBOR Determination Date” has the meaning
specified in Section 4.1(c).

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

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

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

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

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

“London Business Day” means any
day on which dealings in deposits in U.S. dollars are transacted in the London
interbank market.

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

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

(a)           a
statement by each officer signing the Officers’ Certificate that such officer
has read the covenant or condition and the definitions relating thereto;

(b)           a
brief statement of the nature and scope of the examination or investigation
undertaken by such officer in rendering the Officers’ Certificate;

 7

 

(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.

“One-Month
LIBOR” has the meaning specified in Section 4.1(c).

“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.

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

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

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

(b)           Trust
Securities for whose payment or redemption money in the necessary amount has
been theretofore deposited with the Property Trustee or any Paying Agent; 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 exchanged for or in lieu of which other
Capital Securities have been executed and delivered pursuant to Sections 5.4,
5.5, 5.6 and 5.11;

provided,
however, that in determining whether the Holders of the requisite
Liquidation Amount of the Outstanding Capital Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder,
Capital Securities owned by the Depositor, any Issuer Trustee, or any Affiliate
of the Depositor or any Issuer Trustee shall be disregarded and deemed not to
be Outstanding, except that (a) in determining whether any Issuer Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Capital Securities that such Issuer
Trustee knows to be so owned shall be so disregarded, and (b) the
foregoing shall not apply at any time when all of the Outstanding Capital
Securities are owned by the Depositor, one or more of the Issuer Trustees, one
or more of the Administrative Trustees and/or any such Affiliate. Capital
Securities so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the
Administrative Trustees the pledgee’s right so to act with respect to such
Capital Securities and that the pledgee is not the Depositor or any Affiliate
of the Depositor.

“Owner” means each Person who is the
beneficial owner of Book-Entry Capital Securities as reflected in the records
of the Clearing Agency or, if a Clearing Agency Participant 

 8
 

 

is not the Owner, then as reflected in the records of
a Person maintaining an account with such Clearing Agency (directly or
indirectly, in accordance with the rules of such Clearing Agency).

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

“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
Debentures will be held and from which the Property Trustee, through the Paying
Agent, shall make payments to the Holders in accordance with Sections 4.1 and
4.2.

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

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

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

“Redemption Price” means, with respect to
any Trust Security, the Liquidation Amount of such Trust Security, plus
accumulated and unpaid Distributions to the Redemption Date.

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

“Responsible Officer” means, with respect
to any Issuer Trustee, the President, any Senior Vice President, any Vice
President, any Assistant Vice President, the Secretary, any Assistant
Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or
Assistant Trust Officer of such Issuer Trustee.

“Reuters Screen LIBOR01 Page” has
the meaning specified in Section 4.1(c).

“Scheduled Maturity Date” means June 15, 2037 (or June 15, 2047 if the
Scheduled Maturity Date of the Debentures is extended pursuant to the
Indenture).

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

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

 9
 

 

“Successor Capital Securities” of any
particular Capital Securities Certificate means every Capital Securities
Certificate issued after, and evidencing all or a portion of the same
beneficial interest in the Issuer Trust as that evidenced by, such particular
Capital Securities Certificate; and, for the purposes of this definition, any
Capital Securities Certificate executed and delivered under Section 5.5 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Capital
Securities Certificate shall be deemed to evidence the same beneficial interest
in the Issuer Trust as the mutilated, destroyed, lost or stolen Capital
Securities Certificate.

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

“Three-Month LIBOR” has the
meaning specified in Section 4.1(c).

“Time of Delivery” means April 30, 2007.

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

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

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

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

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

“Underwriting Agreement” means the
Underwriting Agreement, dated as of April 23, 2007, among the Issuer Trust, the
Depositor and Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and
Morgan Stanley & Co. Incorporated, as representatives of the underwriters
named therein.

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

 10

 

ARTICLE II

Continuation of the Issuer Trust

Section 2.1             Name.

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

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

The
address of the Delaware Trustee in the State of Delaware is 300 Delaware
Avenue, 9th Floor, Wilmington, DE 19801, Attention:  Corporate Trust Services, or such other
address in the State of Delaware as the Delaware Trustee may designate by
written notice to the Depositor, the Property Trustee and the Administrative
Trustees. The principal executive office of the Issuer Trust is 61 Broadway,
15th Floor, New York, NY 10006, Attention: Administrative Trustees of State
Street Capital Trust IV or such other office that the Administrative Trustees
shall occupy from time to time.

Section 2.3             Initial Contribution of Trust Property;
Organizational Expenses.

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

Section 2.4             Issuance of the Capital Securities.

On
April 23, 2007, the Depositor, both on its own behalf and on behalf of the
Issuer Trust pursuant to the Original Trust Agreement, executed and delivered
the Underwriting Agreement. 
Contemporaneously with the execution and delivery of this Trust
Agreement, an Administrative Trustee, on behalf of the Issuer Trust, shall
execute in accordance with Section 5.3 and deliver to the Underwriters named in
the Underwriting Agreement a Capital Securities Certificate, registered in the
name of the nominee of the initial Clearing Agency, in an aggregate amount of 800,000
Capital Securities having an aggregate Liquidation Amount of $800,000,000,
against payment of the purchase price therefor in immediately available funds,
which funds such Administrative Trustee shall promptly deliver to the Property
Trustee.

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

Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrative
Trustee, on behalf of the Issuer Trust, shall execute in accordance with
Section 5.3 and deliver to the Depositor Common Securities Certificates,
registered in the name of the Depositor, in an aggregate amount of 10 Common
Securities having an aggregate Liquidation 

 11
 

 

Amount of $10,000 against payment by the Depositor of
the purchase price therefor in immediately available funds, which amount such
Administrative Trustee shall promptly deliver to the Property Trustee.  Contemporaneously therewith, an
Administrative Trustee, on behalf of the Issuer Trust, shall subscribe to and
purchase from the Depositor Debentures registered in the name of the Issuer
Trust and having an aggregate principal amount equal to $800,010,000 and shall
deliver to the Depositor the purchase price therefor (being the sum of the amounts
delivered to the Property Trustee pursuant to (i) the second sentence of
Section 2.4 and (ii) the first sentence of this Section 2.5).

Section 2.6             Declaration of Trust.

The
exclusive purposes and functions of the Issuer Trust are (a) to issue and
sell Trust Securities, (b) use the proceeds from such sale to acquire the
Debentures, and (c) to engage in those activities necessary or incidental
thereto.  The Issuer Trust shall not
acquire any investments, sell or assign Trust Property, borrow money, issue debt
or reinvest proceeds derived from investments, mortgage or pledge any of its
assets, take or consent to any action that would result in the placement of a
lien on any of the Trust Property, issue any securities other than the Common
Securities or Capital Securities, or otherwise take (or permit to be taken) any
action or activity that would cause the Issuer Trust not to be classified for
United States federal income tax purposes as a grantor trust.  The Depositor hereby appoints the Issuer
Trustees as trustees of the Issuer Trust, to have all the rights, powers and
duties to the extent set forth herein, and the Issuer Trustees hereby accept
such appointment. The Property Trustee hereby declares that it will hold the
Trust Property upon and subject to the conditions set forth herein for the
benefit of the Issuer Trust and the Holders. 
The Administrative Trustees shall have all rights, powers and duties set
forth herein and in accordance with applicable law with respect to
accomplishing the purposes of the Issuer Trust. 
The Delaware Trustee shall not be entitled to exercise any powers, nor
shall the Delaware Trustee have any of the duties and responsibilities of the
Property Trustee or the Administrative Trustees, or any of the duties and
responsibilities of the Issuer Trustees generally, set forth herein. The
Delaware Trustee shall be one of the trustees of the Issuer Trust for the sole
and limited purpose of fulfilling the 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.

Section 2.7             Authorization to Enter into Certain
Transactions.

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

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

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

 12
 

 

(B)                                to
perform on behalf of the Issuer Trust, the Underwriting Agreement and the
current form of letter of representations required by DTC and such other
agreements as may be necessary or desirable in connection with the purposes and
function of the Issuer Trust;

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

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

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

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

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

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

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

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

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

 13
 

 

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

(A)                              the
establishment of the Payment Account;

(B)                                the
receipt of the Debentures;

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

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

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

(F)                                 the
defense of all claims and demands of all Persons at any time claiming any liens
on any Trust Property adverse to the interest of the Issuer Trust or the
Holders in their capacity as Holders;

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

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

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

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

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

 14
 

 

(b)           So long as this
Trust Agreement remains in effect, the Issuer Trust (or the Issuer Trustees
acting on behalf of the Issuer Trust) shall not undertake any business,
activities or transactions except as expressly provided herein or contemplated
hereby. In particular, the Issuer Trustees (acting on behalf of the Issuer
Trust) shall not:

(A)                              acquire
any investments or assets other than as provided herein, or engage in any
activities not authorized by this Trust Agreement;

(B)                                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;

(C)                                take
any action or fail take any action that would reasonably be expected to cause
the Issuer Trust to become taxable as a partnership or a corporation or
classified as other than a grantor trust for United States federal income tax
purposes;

(D)                               incur
any indebtedness for borrowed money or issue any other debt;

(E)                                 take
or consent to any action that would result in the placement of a Lien on any of
the Trust Property;

(F)                                 invest
any proceeds received by the Issuer Trust from holding the Debentures, but
shall distribute all such proceeds to Holders of Trust Securities pursuant to
the terms of this Trust Agreement and of the Trust Securities;

(G)                                acquire
any assets other than the Trust Property;

(H)                               have
any power to, or consent to any action that would vary the investments (within
the meaning of Treasury Regulation Section 301.7701-4(c)) of the Issuer Trust
or of the Holders;

(I)                                    possess
any power or otherwise act in such a way as to vary the terms of the Trust
Securities in any way whatsoever (except to the extent expressly authorized in
this Trust Agreement or by the terms of the Trust Securities); or

(J)                                   issue
any securities or other evidences of beneficial ownership of, or beneficial
interest in, the Issuer Trust other than the Trust Securities.

(c)           In connection with
the issuance and sale of the Capital Securities, the Depositor shall have the
right and responsibility to assist the Issuer Trust with respect to, or effect
on behalf of the Issuer 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):

 15
 

 

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

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

(iii)          the negotiation of
the terms of, and the execution and delivery of, the Underwriting Agreement
providing for the sale of the Capital Securities; and

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

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

Section 2.8             Assets of Trust.

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

Section 2.9             Title to Trust Property.

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

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ARTICLE
III

Payment Account

Section 3.1             Payment Account.

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

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

ARTICLE
IV

Distributions; Redemption

Section 4.1             Distributions.

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

(i)            Distributions
on the Trust Securities shall be cumulative, and will accumulate whether or not
there are funds of the Issuer Trust available for the payment of Distributions.
Distributions shall accumulate from April 30, 2007 and, except in the event
(and to the extent) (x) that the Depositor exercises its right to defer the
payment of interest on the Debentures pursuant to the Indenture or (y) that the
interest on the Floating Rate Capital Securities is payable after the Scheduled
Maturity Date as described in Section 4.1(b), they shall be payable (i)
quarterly in arrears on March 15, June 15, September 15 and December 15
of each year, beginning on September 15, 2017 until June 15, 2047, and
(iii) thereafter monthly in arrears the 15th day of each month, or if this day
is not a Business Day, on the next Business Day.  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 day that is a
Business Day (and without any interest or other payment in respect of any such
delay) with the same force and effect as if made on the date on which such
payment was originally payable (each date on which distributions are payable in
accordance with this Section 4.1(a), a “Distribution Date”).

(ii)           The
Trust Securities shall be entitled to Distributions at the Distribution Rate in
respect of the Liquidation Amount of the Trust Securities. The amount of
Distributions payable for any period shall include any Additional Amounts in
respect of such period.

 17
 

 

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

(b)           Distributions
on the Trust Securities with respect to a Distribution Date shall be payable to
the Holders thereof as they appear on the Securities Register for the Trust
Securities at the close of business on the relevant record date, which, as long
as the Capital Securities remain in book-entry only form, will be at the close
of business on the Business Day next preceding the relevant Distribution
Date.  In the event that the Capital
Securities do not continue to remain in book-entry form, the record date for
payment of Distributions shall be at the close of business on the fifteenth day
(whether or not a Business Day) next preceding the relevant Distribution Date.

Section 4.2             Redemption.

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

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

(i)            the
Redemption Date;

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

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

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

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

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

 18
 

 

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

(d)           If
the Property Trustee gives a notice of redemption in respect of any Capital
Securities, then, by 12:00 noon, New York City time, on the Redemption Date,
subject to Section 4.2(c), the Property Trustee will, with respect to
Book-Entry Capital Securities, irrevocably deposit with the Clearing Agency for
such Book-Entry Capital Securities, to the extent available therefor, funds
sufficient to pay the applicable Redemption Price and will give such Clearing
Agency irrevocable instructions and authority to pay the Redemption Price to
the Holders of the Capital Securities. With respect to Capital Securities that
are not Book-Entry Capital Securities, the Property Trustee, subject to
Section 4.2(c), will irrevocably deposit with the Paying Agent, to the
extent available therefor, funds sufficient to pay the applicable Redemption
Price and will give the Paying Agent irrevocable instructions and authority to
pay the Redemption Price to the Holders of the Capital Securities upon
surrender of their Capital Securities Certificates. Notwithstanding the
foregoing, Distributions payable on or prior to the Redemption Date for any
Trust Securities called for redemption shall be payable to the Holders of such
Trust Securities as they appear on the Securities Register for the Trust
Securities on the relevant record dates for the related Distribution Dates. If
notice of redemption shall have been given and funds deposited as required,
then upon the date of such deposit, all rights of Holders holding Trust Securities
so called for redemption will cease, except the right of such Holders to
receive the Redemption Price and any Distribution payable in respect of the
Trust Securities on or prior to the Redemption Date, but without interest, and
such Trust Securities will cease to be outstanding. In the event that any date
on which any Redemption Price is payable is not a Business Day, then payment of
the Redemption Price payable on such date will be made on the next succeeding
day that is a Business Day (without any interest or other payment in respect of
any such delay). In the event that payment of the Redemption Price in respect
of any Trust Securities called for redemption is improperly withheld or refused
and not paid either by the Issuer Trust or by the Depositor pursuant to the
Guarantee, Distributions on such Trust Securities will continue to accumulate,
as set forth in Section 4.1, from the Redemption Date originally established by
the Issuer Trust for such Trust Securities to the date such Redemption Price is
actually paid, in which case the actual payment date will be the date fixed for
redemption for purposes of calculating the Redemption Price.

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

 19
 

 

Liquidation Amount thereof to be redeemed. For all purposes of this
Trust Agreement, unless the context otherwise requires, all provisions relating
to the redemption of Capital Securities shall relate, in the case of any
Capital Securities redeemed or to be redeemed only in part, to the portion of
the aggregate Liquidation Amount of Capital Securities that has been or is to
be redeemed.

Section 4.3             Subordination of Common Securities.

(a) Payment
of Distributions (including any Additional Amounts) on, the Redemption Price
of, and the Liquidation Distribution in respect of the Trust Securities, as
applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities
and the Capital Securities based on the Liquidation Amount of the Trust
Securities; provided, however, that
if on any Distribution Date, Redemption Date or Liquidation Date any Event of
Default resulting from a Debenture Event of Default specified in Section 5.1 of
the Indenture shall have occurred and be continuing, no payment of any
Distribution (including any Additional Amounts) on, Redemption Price of, or
Liquidation Distribution in respect of any Common Security, and no other
payment on account of the redemption, liquidation or other acquisition of
Common Securities, shall be made unless payment in full in cash of all
accumulated and unpaid Distributions (including any Additional Amounts) on all
Outstanding Capital Securities for all Distribution Periods terminating on or
prior thereto, or in the case of payment of the Redemption Price the full
amount of such Redemption Price on all Outstanding Capital Securities then called
for redemption, or in the case of payment of the Liquidation Distribution the
full amount of such Liquidation Distribution on all Outstanding Capital
Securities, shall have been made or provided for, and all funds immediately
available to the Property Trustee shall first be applied to the payment in full
in cash of all Distributions (including any Additional Amounts) on, or the
Redemption Price of, Liquidation Distribution of the Capital Securities then
due and payable.

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

 20
 

 

Section 4.4             Payment Procedures.

Payments
of Distributions (including any Additional Amounts) in respect of the Capital
Securities shall be made by check mailed to the address of the Person entitled
thereto as such address shall appear on the Securities Register or, if the
Capital Securities are held by a Clearing Agency, such Distributions shall be
made to the Clearing Agency in immediately available funds. Payments in respect
of the Common Securities shall be made in such manner as shall be mutually
agreed between the Property Trustee and the Holders of the Common Securities.

Section 4.5             Tax Returns and Reports.

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

Section 4.6             Payment of Expenses of the Issuer Trust.

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

Section 4.7             Payments under Indenture or Pursuant to
Direct Actions.

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

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ARTICLE V

Trust Securities Certificates

Section 5.1             Initial Ownership.

Upon the formation of the
Issuer Trust and the contribution by the Depositor pursuant to Section 2.3
and until the issuance of the Trust Securities, and at any time during which no
Trust Securities are outstanding, the Depositor shall be the sole beneficial
owner of the Issuer Trust.  The Depositor
agrees to take the position, for United States federal and state income tax
purposes, that (i) the Issuer Trust is a grantor trust and not a partnership or
an association taxable as a corporation, and (ii) the Debentures constitute
indebtedness of the Depositor.

Section 5.2             The Trust Securities Certificates.

The
Capital Securities Certificates shall be issued in minimum denominations of
$1,000 Liquidation Amount and integral multiples of $1,000 in excess thereof,
and the Common Securities Certificates shall be issued in denominations of
$1,000 Liquidation Amount and integral multiples thereof.  The Trust Securities Certificates shall be
(i) executed on behalf of the Issuer Trust by manual or facsimile signature of
at least one Administrative Trustee and, if executed on behalf of the Issuer
Trust by facsimile, countersigned by a transfer agent or its agent and (ii)
authenticated by the Property Trustee by manual or facsimile signature of an
authorized signatory thereof and, if executed by such authorized signatory of
the Property Trustee by facsimile, countersigned by a transfer agent or its
agent.  Trust Securities Certificates
bearing the manual signatures of individuals who were, at the time when such
signatures shall have been affixed, authorized to sign on behalf of the Issuer
Trust or the Property Trustee or, if executed on behalf of the Issuer Trust or
the Property Trustee by facsimile, countersigned by a transfer agent or its
agent, shall be validly issued and entitled to the benefits of this Trust
Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the delivery of such Trust Securities
Certificates or did not hold such offices at the date of delivery of such Trust
Securities Certificates.  A transferee of
a Trust Securities Certificate shall become a Holder, and shall be entitled to
the rights and subject to the obligations of a Holder hereunder, upon due
registration of such Trust Securities Certificate in such transferee’s name
pursuant to Sections 5.4, 5.11, 5.13 and 5.15.

Section 5.3             Execution and Delivery of Trust Securities
Certificates.

At
the Time of Delivery, the Administrative Trustees shall cause Trust Securities
Certificates, in an aggregate Liquidation Amount as provided in Sections 2.4
and 2.5, to be executed on behalf of the Issuer Trust and delivered to or upon
the written order of the Depositor, executed by one authorized officer thereof,
without further corporate action by the Depositor, in authorized denominations.

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

The
Depositor shall keep or cause to be kept, at the office or agency maintained
pursuant to Section 5.8, a register or registers for the purpose of registering
Trust Securities Certificates and transfers and exchanges of Capital Securities
Certificates (the “Securities Register”) in which the transfer agent and
registrar designated by the Depositor (the “Securities Registrar”),

 22
 

 

subject to such
reasonable regulations as it may prescribe, shall provide for the registration
of Capital Securities Certificates and Common Securities Certificates (subject
to Section 5.10 in the case of the Common Securities Certificates) and
registration of transfers and exchanges of Capital Securities Certificates as
herein provided.  The Bank shall be the
initial Securities Registrar.

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

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

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

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

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

If
(a) any mutilated Trust Securities Certificate shall be surrendered to the
Securities Registrar, or if the Securities Registrar shall receive evidence to
its satisfaction of the destruction, loss or theft of any Trust Securities
Certificate, and (b) there shall be delivered to the Securities Registrar
and the Administrative Trustees such security or indemnity as may be required
by them to save each of them harmless, then in the absence of notice that such
Trust Securities Certificate shall have been acquired by a bona fide purchaser,
the Administrative Trustees, or any one of them, on behalf of the Issuer Trust
shall execute and make available for delivery, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Trust Securities Certificate, a
new Trust Securities Certificate of like class, tenor and denomination. In
connection with the issuance of any new Trust Securities Certificate under this
Section 5.5, the Administrative Trustees or the Securities Registrar may
require the payment of a sum sufficient 

 23
 

 

to cover any tax
or other governmental charge that may be imposed in connection therewith. Any
duplicate Trust Securities Certificate issued pursuant to this
Section shall constitute conclusive evidence of an undivided beneficial
interest in the assets of the Issuer Trust corresponding to that evidenced by
the lost, stolen or destroyed Trust Securities Certificate, as if originally
issued, whether or not the lost, stolen or destroyed Trust Securities
Certificate shall be found at any time.

Section 5.6             Persons Deemed Holders.

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

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

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

Section 5.8             Maintenance of Office or Agency.

The
Administrative Trustees shall designate an office or offices or agency or
agencies where Capital Securities Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Issuer Trustees in respect of the Trust Securities Certificates may be
served. The Administrative Trustees initially designate U.S. Bank National
Association, 100 Wall Street, Suite 1600, New York, New York 10005, as its
office and agency for such purposes. The Administrative Trustee shall give
prompt written notice to the Depositor, the Property Trustees and to the
Holders of any change in the location of the Securities Register or any such
office or agency.

Section 5.9             Appointment of Paying Agent.

The
Paying Agent shall make Distributions to Holders from the Payment Account and
shall report the amounts of such Distributions to the Property Trustee and the
Administrative 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 Property Trustee may revoke such power and
remove the Paying Agent in its sole discretion. The Paying Agent shall
initially be the Bank. Any Person acting as Paying Agent shall be permitted to
resign as Paying Agent upon 30 days’ written notice to the Administrative
Trustees and the Property Trustee. If the Bank shall no longer be the Paying
Agent or a successor Paying Agent shall resign or its authority to act be
revoked, the Property Trustee shall appoint a successor (which shall be a bank
or trust company) that is reasonably acceptable to the Administrative Trustees
to act as Paying Agent. Such successor Paying Agent or any additional Paying
Agent shall execute and deliver to the Issuer Trustees an instrument in which
such successor Paying Agent or additional Paying Agent shall agree with the
Issuer Trustees that as Paying Agent, such successor Paying Agent or additional
Paying Agent will hold all sums, if any, held by it for payment to the Holders 

 24
 

 

in trust for the
benefit of the Holders entitled thereto until such sums shall be paid to such
Holders. The Paying Agent shall return all unclaimed funds to the Property
Trustee and upon removal of a Paying Agent such Paying Agent shall also return
all funds in its possession to the Property Trustee. The provisions of Sections
8.1, 8.3 and 8.6 herein shall apply to the Bank also in its role as Paying
Agent, for so long as the Bank shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in
this Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

Section 5.10           Ownership of Common Securities by Depositor.

At
the Time of Delivery, the Depositor shall acquire, and thereafter shall retain,
beneficial and record ownership of the Common Securities.  To the fullest extent permitted by law, other
than a transfer in connection with a consolidation or merger of the 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, pursuant
to Section 8.1 of the Indenture, any attempted transfer of the Common
Securities shall be void.  The
Administrative Trustees shall cause each Common Securities Certificate issued
to the Depositor to contain a legend stated “THIS CERTIFICATE IS NOT TRANSFERABLE TO ANY PERSON EXCEPT TO THE
DEPOSITOR OR AN AFFILIATE OF THE DEPOSITOR IN COMPLIANCE WITH APPLICABLE LAW
AND SECTION 5.10 OF THE TRUST AGREEMENT.”

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

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

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

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

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

(iv)          the rights of the
Owners of the Book-Entry Capital Securities Certificate shall be exercised only
through the Clearing Agency and shall be limited to those established by 

 25
 

 

law and
agreements between such Owners and the Clearing Agency and/or the Clearing
Agency Participants.  Pursuant to the
current letter of representations required by DTC, unless and until Definitive
Capital Securities Certificates are issued pursuant to Section 5.13, the
initial Clearing Agency will make book-entry transfers among the Clearing
Agency Participants and receive and transmit payments on the Capital Securities
to such Clearing Agency Participants.

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

Section 5.12           Notices to Clearing Agency.

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

Section 5.13           Definitive Capital Securities Certificates.

If
(a) the Depositor advises the Issuer Trustees in writing that the Clearing
Agency is no longer willing or able to properly discharge its responsibilities
with respect to the Capital Securities Certificates, and the Depositor is
unable to locate a qualified successor, (b) the Depositor at its option advises
the Issuer Trustees in writing that it elects to terminate the book-entry
system through the Clearing Agency or (c) after the occurrence of a Debenture
Event of Default, Owners of Capital Securities Certificates representing
beneficial interests aggregating at least a majority of the Liquidation Amount
advise the Administrative Trustees in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interest
of the Owners of Capital Securities Certificates, then the Administrative
Trustees shall notify the other Issuer Trustees and the Clearing Agency, and
the Clearing Agency, in accordance with its customary rules and procedures,
shall notify all Clearing Agency Participants for whom it holds Capital
Securities of the occurrence of any such event and of the availability of the
Definitive Capital Securities Certificates to Owners of such class or classes,
as applicable, requesting the same.  Upon
surrender to the Administrative Trustees of the typewritten Capital Securities
Certificate or Certificates representing the Book-Entry Capital Securities
Certificates by the Clearing Agency, accompanied by registration instructions,
the Administrative Trustees, or any one of them, shall execute the Definitive
Capital Securities Certificates in accordance with the instructions of the
Clearing Agency, if executed on behalf of the Issuer Trust by facsimile,
countersigned by a transfer agent or its agent. 
Neither the Securities Registrar nor the Issuer Trustees shall be liable
for any delay in delivery of such instructions and may conclusively rely on,
and shall be protected in relying on, such instructions.  Upon the issuance of Definitive Capital
Securities Certificates, the Issuer Trustees shall recognize the Holders of the
Definitive Capital Securities Certificates as Trust Security Holders.  The Definitive Capital Securities
Certificates shall be typewritten, printed, lithographed or engraved or may be
produced in any other manner as is reasonably acceptable to the Administrative
Trustees that meets the requirements of any stock exchange or automated
quotation system on which the Capital Securities are then listed or approved
for trading, as evidenced by the execution thereof by the Administrative
Trustees or any one of them.

 26

 

Section 5.14           Rights of Holders; Waivers of Past Defaults.

(a)           The legal title to
the Trust Property is vested exclusively in the Property Trustee (in its
capacity as such) in accordance with Section 2.9, and the Holders shall
not have any right or title therein other than the undivided beneficial
interest in the assets of the Issuer Trust conferred by their Trust Securities
and they shall have no right to call for any partition or division of property,
profits or rights of the Issuer Trust except as described below. The Trust
Securities shall be personal property giving only the rights specifically set
forth therein and in this Trust Agreement. The Trust Securities shall have no
preemptive or similar rights and when issued and delivered to Holders against payment
of the purchase price therefor will be fully paid and nonassessable by the
Issuer Trust. The Holders of the Trust Securities, in their capacities as such,
shall be entitled to the same limitation of personal liability extended to
stockholders of private corporations for profit organized under the General
Corporation Law of the State of Delaware.

(b)           For so long as any
Capital Securities remain Outstanding, if, upon a Debenture Event of Default,
the Indenture Trustee fails or the holders of not less than 25% in principal
amount of the outstanding Debentures fail to declare the principal and accrued
interest including additional interest of all of the Debentures to be
immediately due and payable, the Holders of at least 25% in Liquidation Amount
of the Capital Securities then Outstanding shall have the right to make such
declaration by a notice in writing to the Property Trustee, the Depositor and
the Indenture Trustee.

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

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

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

(B)                                any
accrued Additional Interest on all of the Debentures,

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

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

 27
 

 

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

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

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

(c)           For so long as any
Capital Securities remain Outstanding, to the fullest extent permitted by law
and subject to the terms of this Trust Agreement and the Indenture, upon a
Debenture Event of Default specified in Section 5.1(1) or 5.1(2) of the Indenture,
any Holder of Capital 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
Debentures having an aggregate principal amount equal to the aggregate
Liquidation Amount of the Capital Securities of such Holder (a “Direct Action”). Except as set forth
in Section 5.14(b) and this Section 5.14(c), the Holders of Capital
Securities shall have no right to exercise directly any right or remedy
available to the holders of, or in respect of, the Debentures.

(d)           Except as otherwise
provided in paragraphs (a), (b) and (c) of this Section 5.14, the Holders of at
least a Majority in Liquidation Amount of the Capital Securities may, on behalf
of the Holders of all the Capital Securities, waive any past default or Event
of Default and its consequences.  Upon
such waiver, any such default or Event of Default shall cease to exist, and any
default or Event of Default arising therefrom shall be deemed to have been
cured, for every 

 28
 

 

purpose of
this Trust Agreement, but no such waiver shall extend to any subsequent or
other default or Event of Default or impair any right consequent thereon.

Section 5.15           Tax Treatment by the Holders.

Each Holder or beneficial
owner, including any transferee, of any Trust Securities agrees, for United
States federal income tax purposes:

(a)                                  to
treat the Issuer Trust as a grantor trust and not as a partnership or any
association taxable as a corporation;

(b)           to the treatment of such Holder or
beneficial owner as an owner of an undivided interest in the Debentures; and

(c)           to treat the Debentures as
indebtedness of Debentures Issuer.

Section 5.16           CUSIP Numbers.

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

ARTICLE VI

Acts of Holders; Meetings; Voting

Section 6.1             Limitations on Voting Rights.

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

(b)           So long as any
Debentures are held by the Property Trustee on behalf of the Issuer Trust, the
Issuer Trustees shall not (i) direct the time, method and place of
conducting any proceeding for any remedy available to the Indenture Trustee, or
execute any trust or power conferred on the Indenture Trustee with respect to
the Debentures, (ii) waive any past default that may be waived under
Section 5.13 of the Indenture, (iii) exercise any right to rescind or
annul a declaration that the principal of all the Debentures shall be due and
payable, or (iv) consent to any amendment, modification or termination of
the Indenture or the Debentures, where such consent shall be required, without,
in each case, obtaining the prior approval of the Holders of at least a
Majority in Liquidation Amount of the Capital Securities, provided, however, that where 

 29
 

 

a consent
under the Indenture would require the consent of each holder of Debentures
affected thereby, no such consent shall be given by the Property Trustee
without the prior written consent of each Holder of Capital Securities. The
Issuer Trustees shall not revoke any action previously authorized or approved
by a vote of the Holders of the Capital Securities, except by a subsequent vote
of the Holders of the Capital Securities. The Property Trustee shall notify all
Holders of the Capital Securities of any notice of default received with
respect to the Debentures. In addition to obtaining the foregoing approvals of
the Holders of the Capital Securities, prior to taking any of the foregoing
actions, the Issuer Trustees shall, at the expense of the Depositor, obtain an
Opinion of Counsel experienced in such matters to the effect that such action
shall not cause the Issuer Trust to be taxable as a corporation or classified
as other than a grantor trust for United States federal income tax purposes.

(c)           If any proposed
amendment to the Trust Agreement provides for, or the Issuer Trustees otherwise
propose to effect, (i) any action that would adversely affect in any
material respect the powers, preferences or special rights of the Capital
Securities, whether by way of amendment to the Trust Agreement or otherwise, or
(ii) the dissolution and winding-up of the Issuer Trust, other than
pursuant to the terms of this Trust Agreement, then the Holders of Outstanding
Capital Securities as a class will be entitled to vote on such amendment or
proposal and such amendment or proposal shall not be effective except with the
approval of the Holders of at least a Majority in Liquidation Amount of the
Capital Securities. Notwithstanding any other provision of this Trust
Agreement, no amendment to this Trust Agreement may be made if, as a result of
such amendment, it would cause the Issuer Trust to be taxable as a corporation
or classified as other than a grantor trust for United States federal income
tax purposes.

Section 6.2             Notice of Meetings.

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

Section 6.3             Meetings of Holders of the Capital
Securities.

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

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

 30
 

 

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

Section 6.4             Voting Rights.

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

Section 6.5             Proxies, etc.

At
any meeting of Holders, any Holder entitled to vote thereat may vote by proxy, provided that no proxy shall be voted
at any meeting unless it shall have been placed on file with the Property
Trustee, or with such other officer or agent of the Issuer Trust as the
Property Trustee may direct, for verification prior to the time at which such
vote shall be taken. Pursuant to a resolution of the Property Trustee, proxies
may be solicited in the name of the Property Trustee or one or more officers of
the Property Trustee. Only Holders of record shall be entitled to vote. When
Trust Securities are held jointly by several persons, any one of them may vote
at any meeting in person or by proxy in respect of such Trust Securities, but
if more than one of them shall be present at such meeting in person or by
proxy, and such joint owners or their proxies so present disagree as to any
vote to be cast, such vote shall not be received in respect of such Trust
Securities. A proxy purporting to be executed by or on behalf of a Holder shall
be deemed valid unless challenged at or prior to its exercise, and the burden
of proving invalidity shall rest on the challenger. No proxy shall be valid
more than three years after its date of execution.

Section 6.6             Holder Action by Written Consent.

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

Section 6.7             Record Date for Voting and Other Purposes.

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

 31
 

 

Section 6.8             Acts of Holders.

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

The
fact and date of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved
in any other manner that any Issuer Trustee receiving the same deems
sufficient.

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

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

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

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

A
Holder may institute a legal proceeding directly against the Depositor under
the Guarantee to enforce its rights under the Guarantee without first
instituting a legal proceeding against the Guarantee Trustee (as defined in the
Guarantee), the Issuer Trust, any Issuer Trustee, or any person or entity.

 32

 

Section 6.9             Inspection of Records.

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

ARTICLE
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, validly
existing and in good standing under the laws of the United States;

(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 national banking association, duly organized, validly
existing and in good standing under the laws of the United States;

(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 valid and legally binding
agreement of each of the Property Trustee and the Delaware Trustee enforceable
against each of them in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles;

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

 33
 

 

trust or general powers of the Property Trustee or the Delaware Trustee
(as appropriate in context) or any order, judgment or decree applicable to the
Property Trustee or the Delaware Trustee;

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

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

Section 7.2             Representations and Warranties of the
Depositor.

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

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

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

ARTICLE
VIII

The Issuer Trustees

Section 8.1             Certain Duties and Responsibilities.

(a)           The
duties and responsibilities of the Issuer Trustees shall be as provided by this
Trust Agreement, subject to Section 10.10 hereof. Notwithstanding the
foregoing, but subject to Section 8.1(c), no provision of this Trust Agreement
shall require any of the Issuer Trustees to expend or risk its or their own
funds or otherwise incur any financial liability in the performance of any of
its or their duties hereunder, or in the exercise of any of its or their rights
or powers, if it or they shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. Whether or not therein 

 34
 

 

expressly so provided, every provision of this Trust Agreement relating
to the conduct or affecting the liability of or affording protection to the
Issuer Trustees shall be subject to the provisions of this Section 8.1. Nothing
in this Trust Agreement shall be construed to release an Administrative Trustee
from liability for his or her own negligent action, its own negligent failure
to act, or his or her own willful misconduct. To the extent that, at law or in
equity, an Administrative Trustee has duties and liabilities relating to the
Issuer Trust or to the Holders, such Administrative Trustee shall not be liable
to the Issuer Trust or to any Holder for such Administrative Trustee’s good
faith reliance on the provisions of this Trust Agreement. The provisions of
this Trust Agreement, to the extent that they restrict the duties and
liabilities of the Administrative 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 Administrative 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 Issuer Trustees are not
personally liable to such Holder for any amount distributable in respect of any
Trust Security or for any other liability in respect of any Trust Security.
This Section 8.1(b) does not limit the liability of the Issuer Trustees
expressly set forth elsewhere in this Trust Agreement or, in the case of the
Property Trustee, in the Trust Indenture Act.

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

(d)           The
Property Trustee, before the occurrence of any Event of Default and after the
curing of all Events of Default that may have occurred, shall undertake to
perform only such duties as are specifically set forth in this Trust Agreement
(including pursuant to Section 10.10), and no implied covenants shall be read
into this Trust Agreement against the Property Trustee. If an Event of Default
has occurred (that has not been cured or waived pursuant to Section 5.14), the
Property Trustee shall exercise such of the rights and powers vested in it by
this Trust Agreement, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs.

(e)           No
provision of this Trust Agreement shall be construed to relieve the Property
Trustee from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that:

(i)            prior
to the occurrence of any Event of Default and after the curing or waiving of
all such Events of Default that may have occurred:

(A)                              the
duties and obligations of the Property Trustee shall be determined solely by
the express provisions of this Trust Agreement (including pursuant to Section
10.10), and the Property Trustee shall not be liable except for the performance
of such 

 35
 

 

duties and
obligations as are specifically set forth in this Trust Agreement (including
pursuant to Section 10.10); and

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

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

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

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

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

(vi)          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 Issuer Trustee, the Administrative Trustees or the
Depositor; and

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

 

 36
 

 

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

Section 8.2             Certain Notices.

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

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

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

Section 8.3             Certain Rights of Property Trustee.

Subject
to the provisions of Section 8.1:

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

(b)           if
(i) in performing its duties under this Trust Agreement the Property
Trustee is required to decide between alternative courses of action,
(ii) in construing any of the provisions of this Trust Agreement the
Property Trustee finds the same 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 Capital 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 opinion 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 deem
advisable and in the best interests of the Holders, in which event the Property
Trustee shall have no liability except for its own bad faith, negligence or
willful misconduct;

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

 37
 

 

(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 rerecording,
refiling or re-registration thereof;

(f)            the
Property Trustee may consult with counsel (which counsel may be counsel to 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 and liabilities that might be incurred by it in compliance with
such request or direction; provided
that, nothing contained in this Section 8.3(g) shall be taken to relieve the
Property Trustee, upon the occurrence of an Event of Default, of its obligation
to exercise the rights and powers vested in it by this Trust Agreement;

(h)           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, 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;

(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 or attorneys, provided that the Property Trustee
shall be responsible for its own negligence or misconduct with respect to
selection of any agent or attorney appointed by it hereunder;

(j)            whenever
in the administration of this Trust Agreement the Property Trustee shall deem
it desirable to receive instructions with respect to enforcing any remedy or
right or taking any other action hereunder, the Property Trustee (i) may
request instructions from the Holders (which instructions may only be given by
the Holders of the same proportion in Liquidation Amount of the Trust
Securities as would be entitled to direct the Property Trustee under the terms
of the Trust Securities in respect of such remedy, right or action),
(ii) may refrain from enforcing such remedy or right or taking such other
action until such instructions are received, and (iii) shall be protected
in acting in accordance with such instructions; and

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

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No
provision of this Trust Agreement shall be deemed to impose any duty or
obligation on any Issuer Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it, in any
jurisdiction in which it shall be illegal, or in which such Person shall be
unqualified or incompetent in accordance with applicable law, to perform any such
act or acts, or to exercise any such right, power, duty or obligation. No
permissive power or authority available to any Issuer Trustee shall be
construed to be a duty.

Section 8.4             Not Responsible for Recitals or Issuance of
Securities.

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

Section 8.5             May Hold Securities.

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

Section 8.6             Compensation; Indemnity; Fees.

The
Depositor agrees:

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

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

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

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incurred by such Indemnified Person by reason of negligence, bad faith
or willful misconduct with respect to such acts or omissions.

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

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

The
Depositor and any Issuer Trustee may engage in or possess an interest in other
business ventures of any nature or description, independently or with others,
similar or dissimilar to the business of the Issuer Trust, and the Issuer Trust
and the Holders of Trust Securities shall have no rights by virtue of this
Trust Agreement in and to such independent ventures or the income or profits
derived therefrom, and the pursuit of any such venture, even if competitive
with the business of the Issuer Trust, shall not be deemed wrongful or
improper. Neither the Depositor nor any Issuer Trustee shall be obligated to
present any particular investment or other opportunity to the Issuer Trust even
if such opportunity is of a character that, if presented to the Issuer Trust,
could be taken by the Issuer Trust, and the Depositor and any Issuer Trustee
shall have the right to take for its own account (individually or as a partner
or fiduciary) or to recommend to others any such particular investment or other
opportunity. Any Issuer Trustee may engage or be interested in any financial or
other transaction with the Depositor or any Affiliate of the Depositor, or may
act as depository for, trustee or agent for, or act on any committee or body of
holders of, securities or other obligations of the Depositor or its Affiliates.

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

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

(b)           There
shall at all times be one or more Administrative 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.

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

Section 8.8             Conflicting Interests.

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

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

Section 8.9             Co-Trustees and Separate Trustee.

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

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

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

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

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

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

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

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

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

Section 8.10           Resignation and Removal; Appointment of
Successor.

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

Subject
to the immediately preceding paragraph, the Relevant Trustee may resign at any
time by giving written notice thereof to the Holders and by appointing a
successor Relevant Trustee. The Relevant Trustee shall appoint a successor by
requesting from at least three Persons meeting the eligibility requirements its
expenses and charges to serve as the Relevant Trustee on a form provided by the
Administrative Trustees, and selecting the Person who agrees to the lowest
expenses and charges. If the instrument of acceptance by the successor Issuer
Trustee required by Section 8.11 shall not have been delivered to the
Relevant Trustee within 60 days after the giving of such notice of resignation,
the Relevant Trustee may petition, at the expense of the, in the case of the
Property Trustee, Depositor, any court of competent jurisdiction for the
appointment of a successor Relevant Trustee.

Unless
Debenture Event of Default shall have occurred and is continuing any Trustee
may be removed at any time by the Holder of Common Securities.  The Property Trustee or the 

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Delaware Trustee,
or both of them, may be removed by Act of the Holders of at least a Majority in
Liquidation Amount of the Capital Securities, delivered to the Relevant Trustee
(in its individual capacity and, in the case of the Property Trustee, on behalf
of the Issuer Trust) (i) for cause (including upon the occurrence of a
default in the performance, or breach, in any material respect, of any covenant
or warranty of the Issuer Trustees in this Trust Agreement (other than (a)
default by the Issuer Trust in the payment of any Distribution when it becomes
due and payable, and continuation of such default for a period of 30 days or (b)
default by the Issuer Trust in the payment of any Redemption Price of any Trust
Security when it becomes due and payable) and continuation of such default or
breach for a period of 60 days after there has been given, by registered or
certified mail, to the Issuer Trustees and to the Depositor by the Holders of
at least 25% in aggregate Liquidation Amount of the Outstanding Capital
Securities a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default” hereunder with respect to the Relevant
Trustee), or (ii) if a Debenture Event of Default shall have occurred and
be continuing at any time.  In no event
will the Holders of the Capital Securities have the right to vote to appoint,
remove or replace the Administrative Trustees, which voting rights are vested
exclusively in the Depositor, as the Holder of Common Securities.

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

The
Property Trustee shall give notice of each resignation and each removal of an
Issuer Trustee and each appointment of a successor Issuer Trustee to all
Holders in the manner provided in Section 10.8 and shall give notice to
the Depositor and to the Administrative Trustees. Each notice shall include the
name of the successor Relevant Trustee and the address of its Corporate Trust
Office if it is the Property Trustee.

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

Section 8.11           Acceptance of Appointment by Successor.

In
case of the appointment hereunder of a successor Relevant Trustee, the retiring
Relevant Trustee and each successor Relevant Trustee with respect to the Trust
Securities shall execute and deliver an amendment hereto wherein each successor
Relevant Trustee shall accept 

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

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

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

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

Any
Person into which the Property Trustee or the Delaware Trustee or any
Administrative Trustee that is not a natural person may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which such Relevant Trustee shall be a party, or
any Person, succeeding to all or substantially all the corporate trust business
of such Relevant Trustee, shall be the successor of such Relevant Trustee
hereunder, provided that such
Person shall be otherwise qualified and eligible under this Article VIII and
shall be bound by all the terms of this Trust Agreement, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto.

Section 8.13           Preferential Collection of Claims Against
Depositor or Issuer Trust.

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

 44
 

 

Section 8.14           Trustee May File Proofs of Claim.

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

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

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

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

Section 8.15           Reports by Property Trustee.

(a)           Within
60 days after June 15 of each year commencing with June 15, 2007, the Property
Trustee shall transmit to all Holders in accordance with Section 10.8, and
to the Depositor, a brief report dated as of the immediately preceding June 15 with
respect to:

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

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

 45
 

 

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

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

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

Section 8.16           Reports to the Property Trustee.

Each
of the Depositor and the Administrative Trustees shall provide to the Property
Trustee such documents, reports and information as required by Section 314
of the Trust Indenture Act (if any) and the compliance certificate required by
Section 314(a) of the Trust Indenture Act in the form, in the manner and
at the times required by Section 314 of the Trust Indenture Act. The
Depositor and the Administrative Trustees shall annually file with the Property
Trustee a certificate specifying whether such Person is in compliance with all
of the terms and covenants applicable to such Person hereunder.

Section 8.17           Evidence of Compliance with Conditions
Precedent.

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

Section 8.18           Number of Issuer Trustees.

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

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

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

Section 8.19           Delegation of Power.

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

 46
 

 

(b)           The
Administrative Trustees shall have power to delegate from time to time to such
of their number the doing of such things and the execution of such instruments
either in the name of the Issuer Trust or the names of the Administrative Trustees
or otherwise as the Administrative Trustees may deem expedient, to the extent
such delegation is not prohibited by applicable law or contrary to the
provisions of this Trust Agreement.

ARTICLE
IX

Dissolution, Liquidation and Merger

Section 9.1             Dissolution Upon Expiration Date.

Unless
earlier dissolved, the Issuer Trust shall automatically dissolve, and its
affairs be wound up, on December 31, 2097 (the “Expiration Date”), following the distribution of the Trust
Property in accordance with Section 9.4.

Section 9.2             Early Dissolution.

The
first to occur of any of the following events is an “Early Dissolution Event”:

(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 transfer the Common Securities as
provided by Section 5.10, in which case this provision shall refer instead to
any such successor Holder of the Common Securities;

(b)           the
written direction to the Property Trustee from the Holder of the Common
Securities at any time to dissolve the Issuer Trust and to distribute the
Debentures to Holders in exchange for the Capital Securities (which direction
is optional and wholly within the discretion of the Holder of the Common
Securities);

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

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

Section 9.3             Dissolution.

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

(b)           As
soon as practicable thereafter, and after satisfaction of liabilities to
creditors of the Issuer Trust as required by applicable law, including Section
3808 of the Delaware Statutory 

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Trust Act, the Delaware Trustee, when notified in writing of the
completion of the winding up of the Issuer Trust in accordance with the
Delaware Statutory Trust Act, shall terminate the Issuer Trust by filing a
certificate of cancellation with the Secretary of State of the State of
Delaware.

Section 9.4             Liquidation.

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

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

(ii)           state
the Liquidation Date;

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

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

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

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

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

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

The
Issuer Trust may not merge with or into, consolidate, amalgamate, or be
replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other body, except pursuant
to this Section 9.5. At the request of the Holders of the Common
Securities, with the consent of the Holders of at least a Majority in
Liquidation Amount of the Capital Securities, and without the consent of the
Issuer Trustees, the Issuer Trust may merge with or into, consolidate,
amalgamate, or be replaced by or convey, transfer or lease its properties and
assets substantially as an entirety to a trust organized as such under the laws
of any state; provided, that

(i)            such
successor entity either (a) expressly assumes all of the obligations of
the Issuer Trust with respect to the Capital Securities, or
(b) substitutes for the Capital Securities other securities having
substantially the same terms as the Capital Securities (the “Successor
Securities”) so long as the Successor Securities have the same priority as the
Capital Securities with respect to distributions and payments upon liquidation,
redemption and otherwise, provided, however, that the Administrative Trustee
first obtains the opinion of counsel of the Issuer Trust experienced in such
matters, to the effect that such substitution would not vary the investment
(within the meaning of Treasury Regulation Section 301.7701-4(c)) of the Issuer
Trust or of the Holders,

(ii)           a
trustee of such successor entity possessing the same powers and duties as the
Property Trustee is appointed by the Depositary Holder of Common Securities to
hold the Debentures,

 49

 

(iii)          Successor
Securities are listed or will be listed upon notification of issuance on any
national securities exchange or other organization on which the Capital
Securities are then listed, if any,

(iv)          such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not cause the Capital Securities (including any Successor Securities) to
be downgraded by any nationally recognized statistical rating organization,

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

(vi)          such
successor entity has a purpose substantially identical to that of the Issuer
Trust,

(vii)         prior
to such merger, consolidation, amalgamation, replacement, conveyance, transfer
or lease, the Property Trustee has received an Opinion of Counsel to the effect
that (a) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences
and privileges of the Holders of the Capital Securities (including any
Successor Securities) in any material respect, and (b) following such
merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease, neither the Issuer Trust nor such successor entity will be required to
register as an “investment company” under the Investment Company Act, and

(viii)        the
Depositor or its permitted transferee owns all of the Common Securities of such
successor entity and guarantees the obligations of such successor entity under
the Successor Securities at least to the extent provided by the Guarantee
Agreement.

Notwithstanding the foregoing, the Issuer Trust shall not, except with
the consent of Holders of all of the Capital Securities, consolidate,
amalgamate, merge with or into, or be replaced by or convey, transfer or lease
its properties and assets substantially as an entirety to any other entity or
permit any other entity to consolidate, amalgamate, merge with or into, or
replace it if such consolidation, amalgamation, merger, replacement,
conveyance, transfer or lease would cause the Issuer Trust or the successor
entity to be taxable as a partnership or a corporation or classified as other
than a grantor trust 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 or incapacity of any person having an
interest, beneficial or otherwise, in Trust Securities shall not operate to
terminate this Trust Agreement, nor entitle the legal representatives or heirs
of such person or any Holder for such person, to claim an accounting, take any
action or bring any proceeding in any court for a partition or winding up of
the arrangements contemplated hereby, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

 50
 

 

Section 10.2           Amendment.

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

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

(c)           In
addition to and notwithstanding any other provision in this Trust Agreement,
without the consent of each affected Holder (such consent being obtained in
accordance with Section 6.3 or 6.6 hereof), this Trust Agreement may not
be amended to (i) change the amount or timing of any Distribution on the
Trust Securities or otherwise adversely affect the amount of any Distribution
required to be made in respect of the Trust Securities as of a specified date,
or (ii) restrict the right of a Holder to institute suit for the
enforcement of any such payment on or after such date; and notwithstanding any
other provision herein, without the unanimous consent of the Holders (such
consent being obtained in accordance with Section 6.3 or 6.6 hereof), this
paragraph (c) of this Section 10.2 may not be amended.

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

(e)           Notwithstanding
anything in this Trust Agreement to the contrary, without the consent of the
Depositor and the Administrative Trustees, this Trust Agreement may not be
amended in a manner that imposes any additional obligation on the Depositor or
the Administrative Trustees.

 51
 

 

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

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

Section 10.3           Separability.

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

Section 10.4           Governing Law.

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

Section 10.5           Payments Due on Non-Business Day.

If
the date fixed for any payment on any Trust Security shall be a day that is not
a Business Day, then such payment need not be made on such date but may be made
on the next succeeding day that is a Business Day (except as otherwise provided
in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made
on the date fixed for such payment, and no Distributions shall accumulate on
such unpaid amount for the period after such date.

Section 10.6           Successors.

This
Trust Agreement shall be binding upon and shall inure to the benefit of any
successor to the Depositor, the Issuer Trust, and any Issuer Trustee, including
any successor by operation of law. Except in connection with a consolidation,
merger or sale 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.

 52
 

 

Section 10.8           Reports, Notices and Demands.

Any
report, notice, demand or other communication that by any provision of this
Trust Agreement is required or permitted to be given or served to or upon any
Holder or the Depositor may be given or served in writing by deposit thereof,
first-class postage prepaid, in the United States mail, hand delivery or
facsimile transmission, in each case, addressed,

(a)           in
the case of a Holder of Capital Securities, to such Holder as such Holder’s
name and address may appear on the Securities Register; and

(b)           in
the case of the Holder of the Common Securities or the Depositor, to

State Street Corporation,

Attention: Secretary

One Lincoln Street

Boston, MA 02111

Facsimile no.: (617) 664-4006,

or to such other
address as may be specified in a written notice by the Holder of the Common
Securities or the Depositor, as the case may be, to the Property Trustee. Such
notice, demand or other communication to or upon a Holder shall be deemed to
have been sufficiently given or made, for all purposes, upon hand delivery,
mailing or transmission. Such notice, demand or other communication to or upon
the Depositor shall be deemed to have been sufficiently given or made only upon
actual receipt of the writing by the Depositor.

Any notice,
demand or other communication that by any provision of this Trust Agreement is
required or permitted to be given or served to or upon the Issuer Trust, the
Property Trustee, the Delaware Trustee or the Administrative Trustees shall be
given in writing addressed to such Person as follows:

(a)           with
respect to the Property Trustee, to

U.S. Bank National Association

100 Wall Street

Suite 1600

New York, NY 10005

(b)           with
respect to the Delaware Trustee, to

U.S. Bank Trust National Association

300 Delaware Avenue

9th Floor

Wilmington, DE 19801

Attention: Corporate Trust Services

(c)           with
respect to the Administrative Trustees, to them at

61 Broadway, 15th Floor,

New York, NY 10006

Attention: Administrative Trustees of State Street Capital Trust IV

 53
 

 

(d)           with
respect to the Issuer Trust, to its principal office specified in Section 2.2,
with a copy to the Property Trustee. Such notice, demand or other communication
to or upon the Issuer Trust, the Property Trustee or the Administrative
Trustees shall be deemed to have been sufficiently given or made only upon
actual receipt of the writing by the Issuer Trust, the Property Trustee or such
Administrative Trustee.

Section 10.9           Agreement Not to Petition.

Each
of the Issuer Trustees and the Depositor agree for the benefit of the Holders
that, until at least one year and one day after the Issuer Trust has been
dissolved in accordance with Article IX, they shall not file, or join in the
filing of, a petition against the Issuer Trust under any bankruptcy, insolvency,
reorganization or other similar law (including the United States Bankruptcy
Code) (collectively, “Bankruptcy Laws”)
or otherwise join in the commencement of any proceeding against the Issuer
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
bankruptcy court or otherwise properly contest the filing of such petition by
the Depositor against the Issuer Trust or the commencement of such action and
raise the defense that the Depositor has agreed in writing not to take such
action and should be stopped and precluded therefrom and such other defenses,
if any, as counsel for the Issuer Trustee or the Issuer Trust may assert.

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

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

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

(c)           If
any provision hereof limits, qualifies or conflicts with another provision hereof
which is required to be included in this Trust Agreement by any of the
provisions of the Trust Indenture Act, such required provision shall
control.  If any provision of this Trust
Agreement modifies or excludes any provision of the Trust Indenture Act which
may be so modified or excluded, the latter provisions shall be deemed to apply
to this Trust Agreement as so modified or excluded, as the case may be.

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

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

THE
RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON
BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER
MANIFESTATION OF ASSENT, SHALL 

 54
 

 

CONSTITUTE THE
UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL
INTEREST IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST
AGREEMENT, THE GUARANTEE AGREEMENT AND THE INDENTURE, AND AGREEMENT TO THE
SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AGREEMENT AND THE
INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE ISSUER TRUST, SUCH HOLDER
AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE
BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE ISSUER TRUST AND SUCH HOLDER
AND SUCH OTHERS.

Section 10.12         Counterparts.

This
Trust Agreement may contain more than one counterpart of the signature page and
this Trust Agreement may be executed by the affixing of the signature of each
of the Trustees to one of such counterpart signature pages.  All of such counterpart signature pages shall
be read as though one, and they shall have the same force and effect as though
all of the signers had signed a single signature page.

[REMAINDER OF THIS
PAGE INTENTIONALLY LEFT BLANK]

 55
 

 

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

	
  

  	
   

  	
  STATE STREET CORPORATION,

  
	
   

  	
   

  	
  as Depositor

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. BANK TRUST NATIONAL ASSOCIATION

  
	
   

  	
   

  	
  as Delaware Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Lynne Jimenez,

  
	
   

  	
   

  	
   

  	
   

  	
  as Administrative Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Sue Horn,

  
	
   

  	
   

  	
   

  	
   

  	
  as Administrative Trustee

  

 

 56

 

Exhibit A

FORM OF COMMON
SECURITIES CERTIFICATE

THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT TO THE
DEPOSITOR OR AN AFFILIATE OF THE DEPOSITOR IN COMPLIANCE WITH APPLICABLE LAW
AND SECTION 5.10 OF THE TRUST AGREEMENT

 

	
  Certificate Number

  	
   

  	
  Number
  of Common Securities

  
	
  C-1

  	
   

  	
  10

  

 

Certificate Evidencing Common Securities

of

State Street Capital Trust IV

Common Securities

(liquidation amount $1,000 per Common Security)

State Street Capital Trust IV, a statutory trust
created under the laws of the State of Delaware (the “Issuer Trust”), hereby
certifies that State Street Corporation (the “Holder”) is the registered owner
of Ten Common Securities of the Issuer Trust representing undivided common
beneficial interests in the assets of the Issuer Trust and designated the
Common Securities (liquidation amount $1,000 per Common Security) (the “Common
Securities”). Except in accordance with Section 5.10 of the Trust
Agreement (as defined below) the Common Securities are not transferable and any
attempted transfer hereof other than in accordance therewith shall be void. The
designations, rights, privileges, restrictions, preferences and other terms and
provisions of the Common Securities are set forth in, and this certificate and
the Common Securities represented hereby are issued and shall in all respects
be subject to the terms and provisions of, the Amended and Restated Trust
Agreement of the Issuer Trust, dated as of April 30, 2007, as the same may be
amended from time to time (the “Trust Agreement”), among State Street
Corporation, as Depositor, U.S. Bank National Association, as Property Trustee,
U.S. Bank Trust National Association, as Delaware Trustee, the Administrative
Trustees named therein and the Holders of Trust Securities, including the designation
of the terms of the Common Securities as set forth therein. The Issuer Trust
will furnish a copy of the Trust Agreement to the Holder without charge upon
written request to the Issuer Trust at its principal place of business or
registered office.

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

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

 A-1
 

 

IN
WITNESS WHEREOF, one of the Administrative Trustees of the Issuer Trust
has executed this certificate this ____day of April, 2007.

	
  

  	
   

  	
   

  	
   

  	
  STATE STREET CAPITAL TRUST IV

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Administrative Trustee

  

 

PROPERTY TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

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

Dated:

 

	
  

  	
   

  	
   

  	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  as Property Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 A-2

 

Exhibit B

FORM OF GLOBAL CAPITAL SECURITIES CERTIFICATE

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

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

NO EMPLOYEE BENEFIT OR OTHER
PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”) (EACH, A “PLAN”), NO ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” UNDER ERISA BY REASON OF ANY PLAN’S INVESTMENT IN THE
ENTITY (A “PLAN ASSET ENTITY”), AND NO PERSON INVESTING “PLAN ASSETS” OF ANY
PLAN, MAY ACQUIRE OR HOLD THIS CAPITAL SECURITIES CERTIFICATE, OR ANY INTEREST
HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF
AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
(“PTCE”) 96-23, 95-60, 91-38, 90-1 OR 84-14 OR
ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING AND, IN
THE CASE OF ANY PURCHASER OR HOLDER RELYING ON ANY EXEMPTION OTHER THAN PTCE 96-23,
95-60, 91-38, 90-1 OR 84-14, HAS COMPLIED WITH ANY
REQUEST BY THE DEPOSITOR OR THE ISSUER TRUST FOR AN OPINION OF COUNSEL OR OTHER
EVIDENCE WITH RESPECT TO THE AVAILABILITY OF SUCH EXEMPTION. ANY PURCHASER OR
HOLDER OF THIS CAPITAL SECURITIES CERTIFICATE OR ANY INTEREST HEREIN WILL BE
DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING HEREOF THAT IT EITHER
(A) IS NOT A PLAN OR A PLAN ASSET ENTITY AND IS NOT PURCHASING SUCH
SECURITIES ON BEHALF OF OR WITH “PLAN ASSETS” OF ANY PLAN, (B) IS NOT A
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA SECTION 4975 OF THAT CODE, OR
(C) IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER PTCE 96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE
EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING.

 B-1
 

 

	
  Certificate Number

  	
   

  	
  Number
  of Capital Securities

  
	
  P-1

  	
   

  	
  800,000

  

 

CUSIP NO.

ISIN

COMMON CODE NO.

Certificate Evidencing Capital
Securities

of

State Street Capital Trust IV

Capital Securities

(liquidation amount $1,000 per Capital Security)

State
Street Capital Trust IV, a statutory trust created under the laws of the State
of Delaware (the “Issuer Trust”), hereby certifies that Cede & Co. (the “Holder”)
is the registered owner of Eight Hundred Thousand Capital Securities of the
Issuer Trust representing an undivided preferred beneficial interest in the
assets of the Issuer Trust and designated the State Street Capital Trust IV
Capital Securities (liquidation amount $1,000 per Capital Security) (the “Capital
Securities”). The Capital Securities are transferable on the books and records
of the Issuer Trust, in person or by a duly authorized attorney, upon surrender
of this certificate duly endorsed and in proper form for transfer as provided
in Section 5.5 of the Trust Agreement (as defined below). The
designations, rights, privileges, restrictions, preferences and other terms and
provisions of the Capital Securities are set forth in, and this certificate and
the Capital Securities represented hereby are issued and shall in all respects
be subject to the terms and provisions of, the Amended and Restated Trust
Agreement of the Issuer Trust, dated as of April 30, 2007, as the same may be
amended from time to time (the “Trust Agreement”), among State Street
Corporation, as Depositor, U.S. Bank National Association, as Property Trustee,
U.S. Bank Trust National  Association, as
Delaware Trustee, the Administrative Trustees named therein and the Holders of
Trust Securities, including the designation of the terms of the Capital
Securities as set forth therein. The Holder is entitled to the benefits of the
Guarantee Agreement, dated as of April __, 2007, (the “Guarantee Agreement”),
by and between State Street Corporation, as Guarantor, and U.S. Bank National
Association, as Guarantee Trustee, to the extent provided therein. The Issuer
Trust will furnish a copy of the Trust Agreement and the Guarantee Agreement to
the Holder without charge upon written request to the Issuer Trust at its
principal place of business or registered office.

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

 B-2
 

 

IN
WITNESS WHEREOF, one of the Administrative Trustees of the Issuer Trust
has executed this certificate this ____day of April, 2007.

	
  

  	
   

  	
   

  	
   

  	
  STATE STREET CAPITAL TRUST IV

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Administrative Trustee

  

 

 

PROPERTY TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

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

Dated:

	
  

  	
   

  	
   

  	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  as Property Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 B-3
 

 

ASSIGNMENT

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

                                                                                                                                                                                                                                

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

                                                                                                                                                                                                                                

                                                                                                                                                                                                                                

(Insert address
and zip code of assignee)

and irrevocably appoints                                                                                                                                                                    

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

Date: ________________

Signature:

                                                                                                                                                                                                                                

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

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

 B-4Exhibit 4.4

GUARANTEE
AGREEMENT

by and between

STATE STREET CORPORATION,

as GUARANTOR

AND

U.S. BANK NATIONAL ASSOCIATION,

as GUARANTEE TRUSTEE

relating to

STATE STREET CAPITAL TRUST IV

Dated as of
April 30, 2007

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  	
   

  
	
  ARTICLE I
  Definitions

  	
   

  	
  1

  	
   

  
	
      Section
  1.1.

  	
   

  	
  Definitions

  	
   

  	
  1

  	
   

  
	
  ARTICLE II Trust
  Indenture Act

  	
   

  	
  4

  	
   

  
	
  Section 2.1.

  	
   

  	
  Trust Indenture
  Act; Application

  	
   

  	
  4

  	
   

  
	
  Section 2.2.

  	
   

  	
  List of Holders

  	
   

  	
  5

  	
   

  
	
  Section 2.3.

  	
   

  	
  Reports by the
  Guarantee Trustee

  	
   

  	
  5

  	
   

  
	
  Section 2.4.

  	
   

  	
  Periodic Reports
  to the Guarantee Trustee

  	
   

  	
  5

  	
   

  
	
  Section 2.5.

  	
   

  	
  Evidence of
  Compliance with Conditions Precedent

  	
   

  	
  5

  	
   

  
	
  Section 2.6.

  	
   

  	
  Events of
  Default; Waiver

  	
   

  	
  5

  	
   

  
	
  Section 2.7.

  	
   

  	
  Event of
  Default; Notice

  	
   

  	
  6

  	
   

  
	
  Section 2.8.

  	
   

  	
  Conflicting
  Interests

  	
   

  	
  6

  	
   

  
	
  ARTICLE III
  Powers, Duties and Rights of the Guarantee Trustee

  	
   

  	
  6

  	
   

  
	
  Section 3.1.

  	
   

  	
  Powers and
  Duties of the Guarantee Trustee

  	
   

  	
  6

  	
   

  
	
  Section 3.2.

  	
   

  	
  Certain Rights
  of Guarantee Trustee

  	
   

  	
  8

  	
   

  
	
  Section 3.3.

  	
   

  	
  Compensation;
  Indemnity; Fees

  	
   

  	
  9

  	
   

  
	
  ARTICLE IV
  Guarantee Trustee

  	
   

  	
  10

  	
   

  
	
  Section 4.1.

  	
   

  	
  Guarantee
  Trustee; Eligibility

  	
   

  	
  10

  	
   

  
	
  Section 4.2.

  	
   

  	
  Appointment,
  Removal and Resignation of the Guarantee Trustee

  	
   

  	
  10

  	
   

  
	
  ARTICLE V
  Guarantee

  	
   

  	
  11

  	
   

  
	
  Section 5.1.

  	
   

  	
  Guarantee

  	
   

  	
  11

  	
   

  
	
  Section 5.2.

  	
   

  	
  Waiver of Notice
  and Demand

  	
   

  	
  11

  	
   

  
	
  Section 5.3.

  	
   

  	
  Obligations Not
  Affected

  	
   

  	
  11

  	
   

  
	
  Section 5.4.

  	
   

  	
  Rights of
  Holders

  	
   

  	
  12

  	
   

  
	
  Section 5.5.

  	
   

  	
  Guarantee of
  Payment

  	
   

  	
  12

  	
   

  
	
  Section 5.6.

  	
   

  	
  Subrogation

  	
   

  	
  13

  	
   

  
	
  Section 5.7.

  	
   

  	
  Independent
  Obligations

  	
   

  	
  13

  	
   

  
	
  ARTICLE VI
  Covenants and Subordination

  	
   

  	
  13

  	
   

  
	
  Section 6.1.

  	
   

  	
  Subordination

  	
   

  	
  13

  	
   

  
	
  Section 6.2.

  	
   

  	
  Pari Passu
  Guarantees

  	
   

  	
  13

  	
   

  

 

 

	
  ARTICLE VII Termination

  	
   

  	
  14

  	
   

  
	
  Section 7.1.

  	
   

  	
  Termination

  	
   

  	
  14

  	
   

  
	
  ARTICLE VIII
  Miscellaneous

  	
   

  	
  14

  	
   

  
	
  Section 8.1.

  	
   

  	
  Successors and
  Assigns

  	
   

  	
  14

  	
   

  
	
  Section 8.2.

  	
   

  	
  Amendments

  	
   

  	
  14

  	
   

  
	
  Section 8.3.

  	
   

  	
  Notices

  	
   

  	
  14

  	
   

  
	
  Section 8.4.

  	
   

  	
  Benefit

  	
   

  	
  15

  	
   

  
	
  Section 8.5.

  	
   

  	
  Governing Law

  	
   

  	
  15

  	
   

  
	
  Section 8.6.

  	
   

  	
  Counterparts

  	
   

  	
  15

  	
   

  

 

 ii

GUARANTEE
AGREEMENT, dated as of April 30, 2007, between STATE STREET CORPORATION, a
Massachusetts corporation (the “Guarantor”),
having its principal office at One Lincoln Street, Boston, Massachusetts 02111,
and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee
(the “Guarantee Trustee”), for
the benefit of the Holders (as defined herein) from time to time of the Capital
Securities (as defined herein) of STATE STREET CAPITAL TRUST IV, a Delaware
statutory trust (the “Issuer Trust”).

RECITALS

WHEREAS, pursuant to an Amended and Restated
Trust Agreement, of even date herewith (the “Trust
Agreement”), among State Street Corporation, as Depositor, the
Property Trustee, the Delaware Trustee, and the Administrative Trustees (each
as named therein) and the holders from time to time of undivided beneficial
interests in the assets of the Issuer Trust, the Issuer Trust is issuing
$800,000,000 aggregate Liquidation Amount (as defined in the Trust Agreement)
of its Floating Rate Capital Securities (liquidation amount $1,000 per capital
security) (the “Capital Securities”),
representing undivided preferred beneficial interests in the assets of the
Issuer Trust and having the terms set forth in the Trust Agreement; and

WHEREAS, the Capital Securities will be issued
by the Issuer Trust, and the proceeds thereof, together with the proceeds from
the issuance of the Issuer Trust’s Common Securities (as defined herein), will
be used to purchase the Debentures (as defined in the Trust Agreement) of the
Guarantor, which Debentures will be deposited with U.S. BANK NATIONAL
ASSOCIATION, as Property Trustee under the Trust Agreement, as trust assets;
and

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

NOW, THEREFORE, in consideration of the purchase of
Capital Securities by each Holder, which purchase the Guarantor hereby
acknowledges shall benefit the Guarantor, the Guarantor executes and delivers
this Guarantee Agreement for the benefit of the Holders from time to time.

ARTICLE I

Definitions

Section 1.1.            Definitions.

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

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

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

 

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

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

(e)           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 Guarantee Agreement; and

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

“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.

“Board
of Directors” means the board of directors of the Guarantor
or the Executive Committee of the board of directors of the Guarantor (or any
other committee of the board of directors of the Guarantor performing similar
functions) or a committee designated by the board of directors of the Guarantor
(or such committee), comprised of two or more members of the board of directors
of the Guarantor or officers of the Guarantor, or both.

“Capital
Securities” has the meaning specified in the recitals to this
Guarantee Agreement.

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

“Event
of Default” means (i) a default by the Guarantor in any
of its payment obligations under this Guarantee Agreement or (ii) a
default by the Guarantor in any other obligation hereunder that remains unremedied
for 30 days.

“Guarantee
Agreement” means this Guarantee Agreement, as modified,
amended or supplemented from time to time.

“Guarantee
Payments” means the following payments or distributions,
without duplication, with respect to the Capital Securities, to the extent not
paid or made by or on behalf of the Issuer Trust: (i) any accumulated and
unpaid Distributions (as defined in the Trust Agreement) required to be paid on
the Capital Securities, to the extent the Issuer Trust shall have funds on hand
available therefor at such time; (ii) the Redemption Price (as defined in the
Trust Agreement) with respect to any Capital Securities called for redemption
by the Issuer Trust, to the extent the Issuer Trust shall have funds on hand
available therefor at such time; and (iii) upon a voluntary or involuntary
dissolution, winding-up or termination of the Issuer Trust, unless Debentures
are distributed to the Holders or all of the Capital Securities are redeemed,
the lesser 

 2
 

of (a) the Liquidation
Distribution (as defined in the Trust Agreement) with respect to the Capital
Securities, to the extent that the Issuer Trust shall have funds on hand
available therefor at such time, and (b) the amount of assets of the Issuer
Trust remaining available for distribution to Holders on liquidation of the
Issuer.

“Guarantee
Trustee” means U.S. BANK NATIONAL ASSOCIATION solely in its
capacity as Guarantee Trustee and not in its individual capacity, until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
pursuant to the terms of this Guarantee Agreement, and thereafter means each
such Successor Guarantee Trustee.

“Guarantor”
has the meaning specified in the first paragraph of this Guarantee Agreement.

“Holder”
means any Holder (as defined in the Trust Agreement) of any Capital Securities;
provided, however, that in
determining whether the holders of the requisite percentage of Capital
Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor,
the Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee
Trustee.

“Indenture”
means the Junior Subordinated Indenture, dated as of December 15, 1996, as
amended and supplemented by the Second Supplemental Indenture between the
Company and U.S. Bank National Association, as trustee, dated April 30, 2007.

“Issuer
Trust” has the meaning specified in the first paragraph of
this Guarantee Agreement.

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

“Majority
in Liquidation Amount of the Capital Securities” means,
except as provided by the Trust Indenture Act, Capital Securities representing
more than 50% of the aggregate Liquidation Amount (as defined in the Trust
Agreement) of all Capital Securities then Outstanding (as defined in the Trust
Agreement).

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

(a)           a statement by each
officer signing the Officers’ Certificate that such officer has read the
covenant or condition and the definitions relating thereto;

(b)           a brief statement of
the nature and scope of the examination or investigation undertaken by such
officer in rendering the Officers’ Certificate;

 3
 

(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.

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

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

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

“Trust
Agreement” means the Amended and Restated Trust Agreement of
the Issuer Trust referred to in the recitals to this Guarantee Agreement, as
modified, amended or supplemented from time to time.

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

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

ARTICLE II

Trust Indenture Act

Section 2.1.            Trust Indenture Act; Application.

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

(b)           If and to the extent
any provision of this Guarantee Agreement limits, qualifies or conflicts with
the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture
Act, such imposed duties shall control.

 4
 

Section 2.2.            List of Holders.

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

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

Section 2.3.            Reports by the Guarantee Trustee.

Within 60 days
after June 15 of each year, commencing June 15, 2007, the Guarantee Trustee
shall provide to the Holders such reports as are required by Section 313 of the
Trust Indenture Act, if any, in the form and in the manner provided by Section
313 of the Trust Indenture Act. If this Guarantee Agreement shall have been
qualified under the Trust Indenture Act, the Guarantee Trustee shall also
comply with the requirements of Section 313(d) of the Trust Indenture Act.

Section 2.4.            Periodic Reports to the Guarantee
Trustee.

The Guarantor
shall provide to the Guarantee Trustee and the Holders such documents, reports
and information, if any, as required by Section 314 of the Trust Indenture Act
and the compliance certificate required by Section 314 of the Trust Indenture
Act, in the form, in the manner and at the times required by Section 314 of the
Trust Indenture Act, provided
that such documents, reports and information shall be required to be provided
to the Securities and Exchange Commission only if this Guarantee Agreement
shall have been qualified under the Trust Indenture Act.

Section 2.5.            Evidence of Compliance with
Conditions Precedent.

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

Section 2.6.            Events of Default; Waiver.

The Holders of at
least a Majority in Liquidation Amount of the Capital Securities may, by vote,
on behalf of the Holders of all the Capital Securities, waive any past default
or Event of Default and its consequences. Upon such waiver, any such default or
Event of Default shall 

 5
 

cease to exist, and any
default or Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Guarantee Agreement, but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

Section 2.7.            Event of Default; Notice.

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

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

Section 2.8.            Conflicting Interests.

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

ARTICLE III

Powers, Duties and Rights of the Guarantee Trustee

Section 3.1.            Powers and Duties of the
Guarantee Trustee.

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

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

(c)           The Guarantee
Trustee, before the occurrence of any Event of Default and after the curing of
all Events of Default that may have occurred, shall undertake to perform only
such duties as are specifically set forth in this Guarantee Agreement
(including pursuant to Section 2.1), and no implied covenants shall be read
into this Guarantee Agreement against the 

 6
 

Guarantee Trustee.
If an Event of Default has occurred (that has not been cured or waived pursuant
to Section 2.6), the Guarantee Trustee shall exercise such of the rights and
powers vested in it by this Guarantee Agreement, and use the same degree of
care and skill in its exercise thereof, as a prudent person would exercise or
use under the circumstances in the conduct of his or her own affairs.

(d)           No provision of this
Guarantee Agreement shall be construed to relieve the Guarantee Trustee from
liability for its own negligent action, its own negligent failure to act or its
own willful misconduct, except that:

(i)            Prior to the
occurrence of any Event of Default and after the curing or waiving of all such
Events of Default that may have occurred:

(A)          the duties and obligations
of the Guarantee Trustee shall be determined solely by the express provisions
of this Guarantee Agreement (including pursuant to Section 2.1), and the
Guarantee Trustee shall not be liable except for the performance of such duties
and obligations as are specifically set forth in this Guarantee Agreement
(including pursuant to Section 2.1); and

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

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

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

(iv)          Subject to Section
3.1(b), no provision of this Guarantee Agreement shall require the Guarantee
Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of
its rights or powers, if the Guarantee Trustee shall have reasonable grounds
for believing that the repayment of such funds or liability is not reasonably
assured to it under the terms of this Guarantee Agreement or adequate indemnity
against such risk or liability is not reasonably assured to it.

 7
 

Section 3.2.            Certain
Rights of Guarantee Trustee.

(a)           Subject to the
provisions of Section 3.1:

(i)            The Guarantee
Trustee may rely and shall be fully protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document reasonably believed
by it to be genuine and to have been signed, sent or presented by the proper
party or parties.

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

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

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

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

(vi)          The Guarantee
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Guarantee Trustee,
in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit.

(vii)         The Guarantee
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through its agents or attorneys, and the 

 8
 

Guarantee Trustee
shall not be responsible for any misconduct or negligence on the part of any
such agent or attorney appointed by it with due care hereunder.

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

(b)           No provision of this
Guarantee Agreement shall be deemed to impose any duty or obligation on the
Guarantee Trustee to perform any act or acts or exercise any right, power, duty
or obligation conferred or imposed on it in any jurisdiction in which it shall
be illegal, or in which the Guarantee Trustee shall be unqualified or
incompetent in accordance with applicable law, to perform any such act or acts
or to exercise any such right, power, duty or obligation. No permissive power
or authority available to the Guarantee Trustee shall be construed to be a duty
to act in accordance with such power and authority.

Section 3.3.            Compensation; Indemnity; Fees.

The Guarantor agrees:

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

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

(c)           to indemnify the
Guarantee Trustee for, and to hold it harmless against, any loss, liability or
expense incurred without negligence, willful misconduct or bad faith on the
part of the Guarantee Trustee, arising out of or in connection with the
acceptance or administration of this Guarantee Agreement, including the costs
and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder.

The Guarantee Trustee
will not claim or exact any lien or charge on any Guarantee Payments as a
result of any amount due to it under this Guarantee Agreement.

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

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ARTICLE IV

Guarantee Trustee

Section 4.1.            Guarantee Trustee; Eligibility.

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

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

(ii)           be a Person that is
eligible pursuant to the Trust Indenture Act to act as such and has a combined
capital and surplus of at least $50,000,000, and shall be a corporation meeting
the requirements of Section 310(a) of the Trust Indenture Act. If such
corporation publishes reports of condition at least annually, pursuant to law
or to the requirements of its supervising or examining authority, then, for the
purposes of this Section 4.1 and to the extent permitted by the Trust
Indenture Act, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.

(b)           If at any time the
Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a),
the Guarantee Trustee shall immediately resign in the manner and with the
effect set out in Section 4.2.

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

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

(a)           Subject to Section
4.2(c), the Guarantee Trustee may be appointed or removed at any time by the
action of the Holders of a Majority in Liquidation Amount of the Capital
Securities delivered to the Guarantee Trustee and the Guarantor (i) for
cause or (ii) if a Debenture Event of Default (as defined in the Trust
Agreement) shall have occurred and be continuing at any time.

(b)           Subject to Section
4.2(c), the Guarantee Trustee may resign from office (without need for prior or
subsequent accounting) by giving written notice thereof to the Holders and the
Guarantor and by appointing a successor Guarantee Trustee. The Guarantee Trustee
shall appoint a successor by requesting from at least three Persons meeting the
requirements of Section 4.1(a) their expenses and charges to serve as the
Guarantee Trustee, and selecting the Person who agrees to the lowest expenses
and charges.

(c)           The Guarantee
Trustee appointed hereunder shall hold office until a Successor Guarantee
Trustee shall have been appointed and shall have accepted such appointment. No
removal or resignation of a Guarantee Trustee shall be effective until a
Successor Guarantee Trustee has been appointed and has accepted such
appointment by written instrument executed by such Successor Guarantee Trustee
and delivered to the Guarantor and, in the case of any resignation, the
resigning Guarantee Trustee.

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

(e)           If a resigning
Guarantee Trustee shall fail to appoint a successor, or if a Guarantee Trustee
shall be removed or become incapable of acting as Guarantee Trustee and a
replacement shall not be appointed prior to such resignation or removal, or if
a vacancy shall occur in the office of Guarantee Trustee for any cause, the
Holders of the Capital Securities, by the action of the Holders of record of
not less than 25% in aggregate Liquidation Amount of the Capital Securities
then Outstanding delivered to such Guarantee Trustee, may appoint a Successor
Guarantee Trustee or Trustees. If no successor Guarantee Trustee shall have
been so appointed by the Holders of the Capital Securities and accepted
appointment, any Holder, on behalf of such Holder and all others similarly
situated, or any other Guarantee Trustee, may petition any court of competent
jurisdiction for the appointment of a successor Guarantee Trustee.

ARTICLE V

Guarantee

Section 5.1.            Guarantee.

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

Section 5.2.            Waiver of Notice and Demand.

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

Section 5.3.            Obligations Not Affected.

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

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

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

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

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

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

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

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

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

Section 5.4.            Rights of Holders.

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

Section 5.5.            Guarantee of Payment.

This Guarantee
Agreement creates a guarantee of payment and not of collection. This Guarantee
Agreement will not be discharged except by payment of the Guarantee Payments in

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full (without duplication
of amounts theretofore paid by the Issuer Trust) or upon the distribution of
Debentures to Holders as provided in the Trust Agreement.

Section 5.6.            Subrogation.

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

Section 5.7.            Independent Obligations.

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

ARTICLE VI

Covenants and Subordination

Section 6.1.            Subordination.

The obligations of
the Guarantor under this Guarantee Agreement will constitute unsecured
obligations of the Guarantor and will rank subordinate and junior in right of
payment to all Senior Debt (as defined in the Indenture) of the Guarantor to
the extent and in the manner set forth in the Indenture with respect to the
Debentures, and the provisions of Article XIII of the Indenture will apply, mutatis mutandis, to the obligations of
the Guarantor hereunder. The obligations of the Guarantor hereunder do not
constitute Senior Debt (as defined in the Indenture) of the Guarantor.

Section 6.2.            Pari Passu Guarantees.

The obligations of
the Guarantor under this Guarantee Agreement shall rank pari passu with the obligations of the
Guarantor under (i) any similar guarantee agreements issued by the Guarantor on
behalf of the holders of preferred or capital securities issued by any Issuer
Trust (as defined in the Indenture), (ii) the Indenture and the Securities
(as defined therein) issued thereunder; (iii) any similar expense agreements
entered into by the Guarantor in connection with the offering of Capital
Securities (as defined in the Indenture) by any Issuer Trust, and (iv) any
other security, guarantee or other agreement or obligation that is expressly
stated to rank pari passu with
the obligations of the Guarantor under this Guarantee Agreement or with any
obligation that ranks pari passu
with the obligations of the Guarantor under this Guarantee Agreement.

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ARTICLE VII

Termination

Section 7.1.            Termination.

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

ARTICLE VIII

Miscellaneous

Section 8.1.            Successors and Assigns.

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

Section 8.2.            Amendments.

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

Section 8.3.            Notices.

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

(a)           if given to the
Guarantor, to the address or telecopy number set forth below or such other
address or telecopy number as the Guarantor may give notice to the Guarantee
Trustee and the Holders:

State Street Corporation

One Lincoln Street

Boston, Massachusetts 02111

 14
 

Attention: Secretary

Telecopy: 617-664-4006

(b)           if given to the
Guarantee Trustee, at the Issuer Trust’s address or telecopy number set forth
below or such other address or telecopy number as the Guarantee Trustee may
give notice to the Guarantor and Holders:

U.S. BANK NATIONAL ASSOCIATION

One Federal Street

3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services

with a copy to:

State Street Capital Trust IV

c/o State Street Bank and Trust Company, N.A.

61 Broadway, 15th Floor

New York, New York  10006

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

All notices
hereunder shall be deemed to have been given when received in person,
telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid, except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the
date of such refusal or inability to deliver.

Section 8.4.            Benefit.

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

Section 8.5.            Governing Law.

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

Section 8.6.            Counterparts.

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

 15
 

 

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

STATE STREET CORPORATION,

as Guarantor

By:                                                                          

     Name:

     Title:

U.S. BANK NATIONAL ASSOCIATION

by:                                                                          

     Name:

     Title:

 

 16

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