Document:

Exhibit 4(p)

                              JPMORGAN CHASE & CO.

                           CALCULATION AGENT AGREEMENT

      CALCULATION AGENT AGREEMENT dated as of December 1, 2005 between JPMorgan
Chase & Co., a Delaware corporation (hereinafter called the "Issuer"), having
its principal office at 270 Park Avenue, New York, New York 10017-2070, and J.P.
Morgan Securities Inc. (hereinafter sometimes called the "Calculation Agent,"
which term shall, unless the context shall otherwise require, include its
successors and assigns), having its principal office at 270 Park Avenue, New
York, New York 10017-2070.

      WHEREAS, the Issuer proposes to issue and sell from time to time up to
$4,000,000,000 less the initial public offering price of any securities
previously issued under the Registration Statement on Form S-3 file No. 333-[ ]
(the "Registration Statement"), as filed with the Securities and Exchange
Commission under the Securities Act of 1933 (or the equivalent thereof in one or
more currencies other than U.S. dollars) aggregate initial public offering price
of its Global Medium-Term Notes, Series E, due more than nine months from the
date of issue (the "Notes"), its Global Warrants, Series E (the "Warrants") and
its Global Units, Series E (the "Units" and, together with the Notes and
Warrants and any other securities that may be offered by post-effective
amendment to the Registration Statement, the "Program Securities"), as such
amount may be increased from time to time upon due authorization by the Issuer.
The Notes will be issued, either alone or as part of a Unit, pursuant to the
provisions of an indenture dated as of May 25, 2001, between the Company and
Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company),
as trustee (the "Trustee") (as may be supplemented or amended from time to time,
the "Indenture").

      NOW IT IS HEREBY AGREED THAT:

      1. The Issuer hereby appoints J.P. Morgan Securities Inc., as Calculation
Agent for the Notes, upon the terms and subject to the conditions herein set
forth, and J.P. Morgan Securities Inc. hereby accepts such appointment. The
Calculation Agent shall act as an agent of the Issuer for the purpose of
determining any payments to be made on the Notes.

      2. Attached as Exhibits A-1, A-2, A-3, A-4, A-5 and A-6 are the forms of
Notes and the Calculation Agent hereby acknowledges its acceptance of the forms
of the Notes.

      3. The Issuer shall notify the Calculation Agent of the issuance of the
Notes and, at the time of such issuance, shall deliver to the Calculation Agent
all information in the possession of the Issuer for the calculation of any
payments

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thereunder. The Calculation Agent shall calculate any payments due on the Notes
in accordance with the terms of such Notes, the Indenture and the provisions of
this Agreement. In addition, the Calculation Agent shall maintain, or cause to
be maintained, records permitting it to calculate any amounts due (as set forth
in the Notes).

      4. Promptly following the determination of any amount due, the Calculation
Agent will cause to be forwarded to the Issuer, the Trustee and any paying agent
for the Notes information regarding the amount due.

      5. The Issuer will pay such compensation as shall be agreed upon and the
expenses, including reasonable counsel fees, incurred by the Calculation Agent
in connection with its duties hereunder to the Calculation Agent upon receipt of
such invoices as the Issuer shall reasonably require.

      6. Notwithstanding any satisfaction or discharge of the Notes or the
Indenture, the Issuer will indemnify the Calculation Agent against any losses,
liabilities, costs, claims, actions or demands which it may incur or sustain or
which may be made against it in connection with its appointment or the exercise
of its powers and duties hereunder as well as the reasonable costs, including
reasonable fees and expenses of counsel in defending any claim, action or
demand, except such as may result from the negligence or willful misconduct of
the Calculation Agent or any of its employees. The Calculation Agent shall incur
no liability and shall be indemnified and held harmless by the Issuer for, or in
respect of, any actions taken or suffered to be taken in good faith by the
Calculation Agent in reliance upon (i) the written opinion or advice of counsel
or (ii) written instructions from the Issuer.

      7. The Calculation Agent accepts its obligations herein set forth upon the
terms and conditions hereof, including the following, to all of which the Issuer
agrees:

                  (i) in acting under this Agreement and in connection with the
            Notes, the Calculation Agent, acting as agent for the Issuer, does
            not assume any obligation towards, or any relationship of agency or
            trust for or with, any of the holders of the Notes;

                  (ii) unless herein otherwise specifically provided, any order,
            certificate, notice, request or communication from the Issuer made
            or given under any provision of this Agreement shall be sufficient
            if signed or given by any person whom the Calculation Agent
            reasonably believes to be a duly authorized officer or
            attorney-in-fact of the Issuer;

<PAGE>

                  (iii) the Calculation Agent shall be obligated to perform only
            such duties as are expressly set forth herein and any duties
            necessarily incidental thereto;

                  (iv) the Calculation Agent shall be protected and shall incur
            no liability for or in respect of any action taken or omitted to be
            taken or anything suffered in good faith by it in reliance upon
            anything contained in the Notes, the Indenture or any information
            supplied to it by the Issuer pursuant to this Agreement, including
            the information to be supplied pursuant to paragraph 3 above.

                  (v) the Calculation Agent, whether acting for itself or in any
            other capacity, may become the owner or pledgee of Notes with the
            same rights as it would have had if it were not acting hereunder as
            Calculation Agent; and

                  (vi) the Calculation Agent shall incur no liability hereunder
            except for loss sustained by reason of its own negligence or willful
            misconduct.

      8. (a) The Calculation Agent may, in its sole discretion, designate one or
more reference treasury dealers (each a "Reference Treasury Dealer") for
purposes of quoting rates or yields in accordance with the terms of the Notes.
Forthwith upon such initial designation or any change in the identity of any
Reference Treasury Dealer, the Calculation Agent shall notify the Issuer and the
Trustee of such designation or change. The Calculation Agent shall not be
responsible to the Issuer or any third party for any failure of any Reference
Treasury Dealer to fulfill its duties or meet its obligations as a Reference
Treasury Dealer or as a result of the Calculation Agent's having acted (except
in the event of negligence or willful misconduct) on any quotation or other
information given by any Reference Treasury Dealer that subsequently may be
found to be incorrect.

            (b) Except as provided below, the Calculation Agent may at any time
      resign as Calculation Agent by giving written notice to the Issuer and the
      Trustee of such intention on its part, specifying the date on which its
      desired resignation shall become effective, provided that such notice
      shall be given not less than 60 days prior to the said effective date
      unless the Issuer and the Trustee otherwise agree in writing; provided,
      however, if the Calculation Agent has given not less than 60 days' prior
      notice of its desired resignation, and during such 60 days a successor
      Calculation Agent has not accepted its appointment as successor
      Calculation Agent, the Calculation Agent so resigning may petition any
      court of competent jurisdiction for the appointment of a successor
      Calculation Agent. The Issuer covenants that it shall appoint a successor
      Calculation Agent as soon as practicable after receipt of any notice of
      resignation hereunder.

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      Except as provided below, the Calculation Agent may be removed by the
filing with it and the Trustee of an instrument in writing signed by the Issuer
specifying such removal and the date it shall become effective (such effective
date being at least 20 days after said filing). Any such resignation or removal
shall take effect upon:

                  (i) the appointment by the Issuer as provided herein of a
            successor Calculation Agent; and

                  (ii) the acceptance of such appointment by such successor
            Calculation Agent.

      Upon its resignation or removal becoming effective, the retiring
Calculation Agent shall be entitled to the payment of its compensation and the
reimbursement of all expenses (including reasonable counsel fees) incurred by
such retiring Calculation Agent pursuant to paragraph 5 hereof.

            (c) If at any time the Calculation Agent shall resign or be removed,
      or shall become incapable of acting or shall be adjudged bankrupt or
      insolvent, or liquidated or dissolved, or an order is made or an effective
      resolution is passed to wind up the Calculation Agent, or if the
      Calculation Agent shall file a voluntary petition in bankruptcy or make an
      assignment for the benefit of its creditors, or shall consent to the
      appointment of a receiver, administrator or other similar official of all
      or any substantial part of its property, or shall admit in writing its
      inability to pay or meet its debts as they mature, or if a receiver,
      administrator or other similar official of the Calculation Agent or of all
      or any substantial part of its property shall be appointed, or if any
      order of any court shall be entered approving any petition filed by or
      against the Calculation Agent under the provisions of any applicable
      bankruptcy or insolvency law, or if any public officer shall take charge
      or control of the Calculation Agent or its property or affairs for the
      purpose of rehabilitation, conservation or liquidation, then a successor
      Calculation Agent shall be appointed by the Issuer by an instrument in
      writing filed with the successor Calculation Agent and the Trustee. Upon
      the appointment as aforesaid of a successor Calculation Agent and
      acceptance by the latter of such appointment, the former Calculation Agent
      shall cease to be Calculation Agent hereunder.

            (d) Any successor Calculation Agent appointed hereunder shall
      execute and deliver to its predecessor, the Issuer and the Trustee an
      instrument accepting such appointment hereunder, and thereupon such
      successor Calculation Agent, without any further act, deed or conveyance,
      shall become vested with all the authority, rights, powers, immunities,
      duties and obligations of such predecessor with like effect as if
      originally named as the Calculation Agent hereunder, and such predecessor,
      upon

<PAGE>

      payment of its compensation, charges and disbursements then unpaid, shall
      thereupon become obliged to transfer and deliver, and such successor
      Calculation Agent shall be entitled to receive, copies of any relevant
      records maintained by such predecessor Calculation Agent.

            (e) Any corporation or other entity into which the Calculation Agent
      may be merged or converted or any corporation or other entity with which
      the Calculation Agent may be consolidated or any corporation resulting
      from any merger, conversion or consolidation to which the Calculation
      Agent shall be a party shall, to the extent permitted by applicable law,
      be the successor Calculation Agent under this Agreement without the
      execution or filing or any paper or any further act on the part of any of
      the parties hereto. Notice of any such merger, conversation or
      consolidation shall forthwith be given to the Issuer and the Trustee.

            (f) The provision of paragraph 6 hereof shall survive any
      resignation or removal of the Calculation Agent hereunder.

      9. Any notice required to be given hereunder shall be delivered in person,
sent by letter or telex or telecopy or communicated by telephone (subject, in
the case of communication by telephone, to confirmation dispatched within two
business days by letter, telex or telecopy), in the case of the Issuer, to it at
the address set forth in the heading of this Agreement, Attention: Corporate
Treasury; in the case of the Calculation Agent, to it at the address set forth
in the heading of this Agreement, Attention: Structured Investments, Private
Banking Marketing Desk; and in the case of the Trustee, to it at 60 Wall Street,
MS NYC60-2515, New York, NY 10005, Attention: Trust and Securities Services; or,
in any case, to any other address of which the party receiving notice shall have
notified the party giving such notice in writing.

      10. This Agreement may be amended only by a writing duly executed and
delivered by each of the parties signing below.

      11. The provisions of this Agreement shall be governed by, and construed
in accordance with, the internal laws of the State of New York.

      This Agreement may be executed in counterparts and the executed
counterparts shall together constitute a single instrument.

<PAGE>

      IN WITNESS WHEREOF, this Agreement has been executed and delivered as of
the date and year first above written.

                                                    JPMORGAN CHASE & CO.
                                                    By:    /s/ Louis M. Morrell
                                                           ---------------------
                                                        Name:  Louis M. Morrell
                                                        Title: Managing Director

                                                    J.P. MORGAN SECURITIES INC.
                                                    By: /s/ Michael Camacho
                                                           ---------------------
                                                        Name:  Michael Camacho
                                                        Title: Managing DirectorExhibit 4(q)

                  PAYING AGENT, REGISTRAR & TRANSFER AGENT AND
                         AUTHENTICATING AGENT AGREEMENT

      THIS AGREEMENT is dated as of March 23, 2005, and shall remain in effect
thereafter, among JPMorgan Chase & Co., a corporation organized under the laws
of the State of Delaware (the "Issuer"), Deutsche Bank Trust Company Americas
(f/k/a Bankers Trust Company), a New York banking corporation (the "Trustee"),
and JPMorgan Chase Bank, National Association, a national banking association
(the "Bank").

                                   WITNESSETH:

      WHEREAS, the Issuer has entered into an Indenture, dated as of May 25,
2001 (the "Indenture"), with the Trustee, pursuant to which the Issuer may issue
its unsecured debentures, notes or other evidences of indebtedness to be issued
in one or more series (the "Securities") up to such principal amount or amounts
as may from time to time be authorized in accordance with the terms thereof;

      WHEREAS, the Issuer wishes to appoint the Bank as paying agent, registrar
and transfer agent under the Indenture;

      WHEREAS, the Issuer and the Trustee wish to appoint the Bank as
Authenticating Agent under the Indenture;

      WHEREAS, all things necessary to make this Agreement a valid agreement
according to the terms of the Indenture have been done;

      NOW, THEREFORE, the Issuer, the Trustee and the Bank, for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, hereby mutually covenant and agree as follows:

      SECTION 1. Paying Agent. (a) Appointment. In accordance with and subject
to Section 3.04 of the Indenture, the Issuer hereby appoints the Bank, and the
Bank hereby accepts such appointment, to act, on the terms and conditions
specified herein, as paying agent (the "Paying Agent") in connection with any
series of Securities issued under the Indenture, unless the parties hereto
otherwise agree to the contrary.

      (b) Availability of Funds. The Issuer shall assure that funds are
available to the Paying Agent not later than 12:00 noon New York City time on or
prior to each due date of the principal of or interest on the Securities of any
series, in immediately available funds sufficient to pay the principal of, and
interest on, each of the Securities of such series (together with any additional
amounts payable pursuant to the terms of such Securities) as the case may be.
The Issuer shall promptly notify the Trustee of any failure to take such action.
When used herein, the terms "principal" and "interest" shall have the meanings
ascribed to them in Section 1.01 of the Indenture.

<PAGE>

      (c) Application of Funds; Return of Unclaimed Funds. Until used or applied
as herein provided and except as otherwise provided in the terms of any series
of Securities, all funds made available to the Paying Agent hereunder shall be
held for the purposes for which they were received but need not be segregated
from other funds except to the extent required by law.

      (d) Agreements with the Trustee. The Paying Agent shall (i) hold all sums
received by it as such agent for the payment of the principal of or interest on
any Securities of such series (whether such sums have been paid to it by the
Issuer or by any other obligor on the Securities of such series) in trust for
the benefit of the holders of the Securities of such series or the Coupons
appertaining thereto, if any, or of the Trustee, and (ii) give the Trustee
notice of any failure by the Issuer (or by any other obligor on the Securities
of such series) to make any payment of the principal of or interest on the
Securities when the same shall be due and payable.

      (e) No Agency Relationship. In acting under this Agreement or in
connection with any series of Securities issued under the Indenture, the Paying
Agent is acting solely as agent of the Issuer and shall not assume any
relationship of agency or trust for or with any Securityholder, except that all
funds held by the Bank for payment of principal of or interest on the Securities
shall be held in trust by it and applied to payments of the Securities subject
to the limitations set forth herein and in the terms of the Security.

      SECTION 2. Registrar and Transfer Agent. (a) Appointment. The Issuer
hereby appoints the Bank, and the Bank hereby accepts such appointment, to act,
on the terms and conditions specified herein, as registrar and transfer agent
(the "Registrar and Transfer Agent") in connection with any series of Securities
issued under the Indenture, unless the parties hereto otherwise agree to the
contrary.

      (b) Rights and Obligations. The Registrar and Transfer Agent shall have
the same rights and obligations with respect to the registration and transfer of
any series of Securities that the Issuer has outstanding under Sections 2.08 and
3.02 of the Indenture.

      SECTION 3. Authenticating Agent. (a) Appointment. In accordance with and
subject to Section 6.13 of the Indenture, the Issuer and the Trustee hereby
appoint the Bank, and the Bank hereby accepts such appointment, to act, on the
terms and conditions specified herein, as authenticating agent (the
"Authenticating Agent") on behalf of the Trustee to authenticate Securities,
including Securities issued upon exchange, registration of transfer, partial
redemption or pursuant to Section 2.09 of the Indenture, unless the parties
hereto otherwise agree to the contrary.

      (b) Representation and Warranty. The Authenticating Agent hereby
represents and warrants that it is, and at all times during which this Agreement
is

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in effect will be (i) a national association organized and doing business under
the laws of the United States of America or of any State, (ii) authorized under
such laws to exercise corporate trust powers, (iii) an institution having a
combined capital and surplus of at least $5,000,000 (determined as provided in
Section 6.09 of the Indenture with respect to the Trustee) and (iv) subject to
supervision or examination by Federal or State authority.

      (c) Authorized Representatives. From time to time the Issuer will furnish
the Authenticating Agent with a certificate or similar form of evidence of the
Issuer demonstrating the incumbency of officers authorized to execute Securities
and Issuer Orders on behalf of the Issuer (an "Authorized Representative").
Until the Authenticating Agent receives a subsequent incumbency certificate or
similar form of evidence of the Issuer, the Authenticating Agent shall be
entitled to rely on the last such certificate or similar form of evidence
delivered to it for purposes of determining the Authorized Representatives.

      (d) Reliance on an Issuer Order. The Authenticating Agent shall incur no
liability to the Issuer in acting hereunder on instructions which the recipient
believed in good faith to have been given by an Authorized Representative.

      SECTION 4. Liability. Neither the Bank nor its officers or employees
shall be liable for any act or omission hereunder except in the case of gross
negligence or willful misconduct. The duties and obligations of the Bank, its
officers and employees shall be determined by the express provisions of this
Agreement and they shall not be liable except for the performance of such duties
and obligations as are specifically set forth herein and no implied covenants
shall be read into this Agreement against them. The Bank may consult with
counsel and shall be fully protected in any action taken in good faith in
accordance with the advice of counsel. Neither the Bank nor its officers or
employees shall be required to ascertain whether any issuance or sale of
Securities (or any amendment or termination of this Agreement) has been duly
authorized or is in compliance with any other agreement to which the Issuer is a
party (whether or not the Bank is also a party of such other agreement).

      SECTION 5. Indemnification. The Issuer agrees to indemnify and hold
harmless the Bank, its directors, officers, employees and agents from and
against any and all liabilities (including liability for penalties), losses,
claims, damages, actions, suits, judgments, demands, costs and expenses
(including reasonable legal fees and expenses) relating to or arising out of or
in connection with its or their performance under this Agreement, except to the
extent that they are caused by the gross negligence or willful misconduct of the
Bank. The foregoing indemnity includes, but is not limited to, any action taken
or omitted in good faith within the scope of this Agreement upon telephone,
telecopier or other electronically transmitted instructions, if authorized
herein, received from or believed by the Bank in good faith to have been given
by an Authorized Representative. In no event shall the Bank be liable for
special, indirect or

                                       3
<PAGE>

consequential loss or damage of any kind whatsoever (including but not limited
to lost profits) even if the Bank has been advised of the likelihood of such
loss or damage and regardless of the form of action. This indemnity shall
survive the resignation or removal of the Bank and the satisfaction or
termination of this Agreement.

      SECTION 6. The Trustee. Deutsche Bank Trust Company Americas, in its
capacity as Trustee hereunder shall be afforded all of the rights, powers,
immunities and indemnities set forth in the Indenture as if such rights, powers,
immunities and indemnities were specifically set forth herein.

      SECTION 7. Compensation of the Bank. The Issuer agrees to pay the
compensation of the Bank at such rates as shall be agreed upon from time to time
and to reimburse the Bank its out-of-pocket expenses (including reasonable legal
fees and expenses), disbursements and advances incurred or made in accordance
with any provisions of this Agreement. The obligations of the Issuer to the Bank
pursuant to this Section shall survive the resignation or removal of the Bank
and the satisfaction or termination of this Agreement.

      SECTION 8. Notices. Notices and other communications hereunder shall be
in writing and shall be addressed as follows, or to such other addresses as the
parties hereto shall specify from time to time:

      (i) if to the Issuer:

      JPMorgan Chase & Co.
      270 Park Avenue
      New York, New York 10017
      Attention: Neila Radin
      Phone: (212) 270-0938
      Fax: (212) 270-1222

      (ii) if to the Bank:

      JPMorgan Chase Bank, National Association
      Institutional Trust Services
      4 New York Plaza, 15th Floor
      New York, New York 10004
      Attention: Bill Lee
      Phone:   (212) 623-5340
      Fax:     (212) 623-6274

      (iii) if to the Trustee:

      Deutsche Bank Trust Company Americas
      (f/k/a Bankers Trust Company)
      Trust & Securities Services

                                       4
<PAGE>

      60 Wall Street
      MS NYC60-2710
      New York, New York 10005-2858
      Attention: Irina Golovashchuk
      Phone:   (212) 250-2191
      Fax:     (212) 797-8614

      SECTION 9. Resignation or Removal of Bank. (a) Resignation by Bank.
Subject to Section 9(c) the Bank may at any time resign in its capacity as any
agent designated hereunder by giving written notice to the Issuer (and, in the
case of resignation in its capacity as the Authenticating Agent, to the Trustee)
of such intention on its part, specifying the date on which its desired
resignation shall become effective; provided, however, that such date shall be
not less than three months after the giving of such notice by the Bank to the
Issuer and, if applicable, to the Trustee.

      (b) Removal by Issuer. The Issuer may at any time remove the Bank in its
capacity as any agent designated hereunder by giving written notice to the Bank
specifying such capacity upon which the removal relates and the date upon which
it is intended to become effective.

      (c) Effective Date. Such resignation or removal shall take effect on the
date of the appointment by the Issuer (and if applicable, the Trustee) of a
successor agent and the acceptance of such appointment by such successor agent.
In the event of resignation by the Bank in any capacity, if a successor agent
has not been appointed by the Issuer within three months after the giving of
notice by the Bank of its intention to resign in such capacity, the Bank may, at
the expense of the Issuer, petition any court of competent jurisdiction for
appointment of a successor Bank.

      SECTION 10. Benefit of Agreement. This Agreement is solely for the
benefit of the parties hereto, their successors and assigns, and no other person
shall acquire or have any right under or by virtue hereof.

      SECTION 11. Securities Held by the Bank. The Bank, in its individual or
other capacity, may become the owner or pledgee of the Securities with the same
rights it would have if it were not acting as the Paying Agent, the Registrar
and Transfer Agent or the Authenticating Agent hereunder.

      SECTION 12. Governing Law. This Agreement is to be delivered and
performed in the State of New York, and shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of New York.

      SECTION 13. Counterparts. This Agreement may be executed by the parties
hereto in any number of counterparts, and by each of the parties hereto in
separate counterparts. Each such counterpart, when so executed and delivered,

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<PAGE>

shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument.

      SECTION 14. Capitalized Terms. Capitalized terms used herein but not
otherwise defined shall have the meanings ascribed to them in the Indenture.

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<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on their behalf by their officers thereunto duly authorized, all as of
the date and year first above written.

                                                 JPMORGAN CHASE & CO.

                                                 By: /s/ Louis M. Morrell
                                                     ---------------------------
                                                     Name:  Louis M. Morrell
                                                     Title: Managing Director

                                                 JPMORGAN CHASE BANK,
                                                   NATIONAL ASSOCIATION

                                                 By: /s/ Tai Bill Lee
                                                     ---------------------------
                                                     Name:  Tai Bill Lee
                                                     Title: Vice President

                                                 DEUTSCHE BANK TRUST COMPANY
                                                   AMERICAS (f/k/a Bankers Trust
                                                   Company)

                                                 By: /s/ Irina Golovashchuk
                                                     ---------------------------
                                                     Name:  Irina Golovashchuk
                                                     Title: Associate

                                       7

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