Document:

Exhibit 4(p)

 

DECLARATION OF TRUST

OF

AMERIPRISE CAPITAL TRUST IV

 

DECLARATION OF TRUST, dated as of May 5, 2006, among Ameriprise
Financial, Inc., a Delaware corporation, as sponsor (the “Sponsor”), U.S.
Bank Trust National Association, a national banking association, as Delaware
trustee (the “Delaware Trustee”), U.S. Bank National Association, a national
banking association, as property trustee (the “Property Trustee”), and Lori
Anshus, Joel Campbell, and Daniel Murtha as regular trustees (the “Regular Trustees”
and, collectively with the Delaware Trustee and the Property Trustee, the “Trustees”).
The Sponsor and the Trustees hereby agree as follows:

 

1.                                       The
trust created hereby (the “Trust”) shall be known as “Ameriprise Capital Trust
IV”, in which name the Trustees, or the Sponsor to the extent provided herein, may conduct
the business of the Trust, make and execute contracts, and sue and be sued.

 

2.                                       The
Sponsor hereby assigns, transfers, conveys and sets over to the Trustees the
sum of Ten Dollars ($10.00). The Trustees hereby acknowledge receipt of such
amount in trust from the Sponsor, which amount shall constitute the initial
trust estate. The Trustees hereby declare that they will hold the trust estate
in trust for the Sponsor. It is the intention of the parties hereto that the
Trust created hereby constitute a statutory trust under Chapter 38 of Title 12
of the Delaware Code, 12 Del.  C. § 3801 et  seq.
(the “Statutory Trust Act”), and that this document constitute the governing
instrument of the Trust. The Trustees are hereby authorized and directed to
execute and file a certificate of trust with the Secretary of State of the
State of Delaware in the form attached hereto.

 

3.                                       The
Trust is hereby established by the Sponsor and the Trustees for the purposes of
(i) issuing preferred securities (the “Capital Securities”) representing
undivided beneficial interests in the assets of the Trust in exchange for cash
and investing the proceeds thereof in junior subordinated debt securities of
the Sponsor, (ii) issuing and selling common securities (the “Common
Securities” and, together with the Capital Securities, the “Trust Securities”)
representing undivided beneficial interests in the assets of the Trust to the
Sponsor in exchange for cash and investing the proceeds thereof in junior
subordinated debt securities of the Sponsor and (iii) engaging in such
other activities as are necessary, convenient or incidental thereto.

 

4.                                       At
the time of issuance of the Capital Securities of the Trust, the Sponsor and
the Trustees will enter into an amended and restated Declaration of Trust (the “Amended
and Restated Declaration of Trust”), satisfactory to each such party and having
substantially the terms described in the Prospectus (as defined below), to
provide for the contemplated operation of the Trust created hereby and the
issuance of the Trust Securities referred to therein. Prior to the execution
and delivery of the Amended and Restated Declaration of Trust, the Trustees
shall not have any duty or obligation hereunder or with respect to the trust
estate, except as otherwise required by applicable law or as may be
necessary to obtain prior to such execution and delivery any licenses, consents
or approvals required by applicable law or otherwise. Notwithstanding

 

 

the foregoing,
the Trustees may take all actions deemed necessary or advisable to effect
the transactions contemplated in the Amended and Restated Declaration of Trust.

 

5.                                       The
Sponsor and the Regular Trustees hereby authorize and direct the Sponsor, in
each case on behalf of the Trust as sponsor of the Trust, to the fullest extent
permitted by applicable law (i) to prepare, execute and file with the
Securities and Exchange Commission (the “Commission”) (a) a Registration
Statement on Form S-3 (the “1933 Act Registration Statement”) and any
pre-effective and post-effective amendments thereto, including one or more
prospectuses, together with any necessary or desirable amendments thereto and
any exhibits contained therein or forming a part thereof (the “Prospectus”)
relating to the registration of the Trust Securities under the Securities Act
of 1933, as amended, and (b) a Registration Statement on Form 8-A
(the “1934 Act Registration Statement”) (including all pre-effective and
post-effective amendments thereto) relating to the registration of the Trust
Securities under Section 12(b) of the Securities Exchange Act of
1934, as amended; (ii) to prepare, execute and file with the New York
Stock Exchange, the American Stock Exchange or such other national securities
exchange or the Nasdaq National Market System as the Sponsor shall determine a
listing or other similar application and all other applications, statements,
certificates, agreements and other instruments as shall be necessary or
desirable to cause the Capital Securities to be listed or approved for
quotation on the New York Stock Exchange, the American Stock Exchange or such
other national securities exchange or the Nasdaq National Market System; (iii) to
prepare, execute and file such applications, reports, surety bonds, irrevocable
consents, appointments of attorneys for service of process and other papers and
documents as shall be necessary or desirable to register the Capital Securities
under, or obtain for the Capital Securities an exemption from, the securities
or “Blue Sky” laws of such jurisdictions as the Sponsor may deem necessary
or desirable; (iv) to negotiate and execute such underwriting or purchase
agreements and related agreements with one or more underwriters, purchasers or
agents relating to the offering of the Capital Securities, as the Sponsor may deem
necessary or desirable; and (v) to execute any or all documents, papers or
instruments as may be desirable in connection with any of the foregoing. It
is hereby acknowledged and agreed that in connection with any execution or
filing referred to in clauses (i)-(v) above, to the fullest extent
permitted by applicable law (A) in addition to the Sponsor, any Regular
Trustee (or his or her attorney-in-fact and agent) is authorized on behalf of
the Trust to file and execute any of the foregoing documents on behalf of the
Trust and (B) neither the Property Trustee nor the Delaware Trustee shall
be required to join in any such filing or execute on behalf of the Trust any
such document unless required by the rules and regulations of the
Commission, the New York Stock Exchange (or such other national securities
exchange or the Nasdaq National Market System) or state securities or “Blue Sky”
laws, and in such case only to the extent so required. In connection with all
of the foregoing, each Regular Trustee, solely in its capacity as Trustee of
the Trust, hereby constitutes and appoints John C. Junek, Esq. as his or
her true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for such Regular Trustee or in such Regular Trustee’s name,
place and stead, in any and all capacities, to execute the 1933 Act
Registration Statement and the 1934 Act Registration Statement and any and all
amendments (including post-effective amendments) thereto, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with
the Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith as fully to all intents and
purposes as such Regular Trustee might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, or

 

2

 

his substitute
or substitutes, shall do or cause to be done by virtue hereof.

 

6.                                       This
Declaration of Trust may be executed in one or more counterparts.

 

7.                                       The
number of Trustees initially shall be five (5) and thereafter the number
of Trustees shall be such number as shall be fixed from time to time by a
written instrument signed by the Sponsor which may increase or decrease
the number of Trustees; provided, that to the extent required by the Statutory
Trust Act, one Trustee shall be an entity that has its principal place of
business in the State of Delaware and meets any other requirements imposed by
applicable law. Subject to the foregoing, the Sponsor is entitled to appoint or
remove without cause any Trustee at any time. Any Trustee may resign upon
thirty days prior notice to the Sponsor; provided, further, however, that no
resignation of the Delaware Trustee shall be effective until a successor
Delaware trustee meeting the requirements set forth in the proviso of the first
sentence of this Section 7 has been appointed and has accepted such
appointment by an instrument executed by such successor Delaware trustee and
delivered to the Trust, the Sponsor and the resigning Delaware Trustee.

 

8.                                       The
Trust may dissolve and terminate without issuing any Trust Securities at
the election of the Sponsor.

 

9.                                       This
Declaration of Trust shall be governed by and construed in accordance with the
laws of the State of Delaware.

 

[Signature page to follow]

 

3

 

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

 

	
   

  	
  AMERIPRISE
  FINANCIAL, INC.,

  
	
   

  	
  as Sponsor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Arthur
  H. Berman

  	
   

  
	
   

  	
  Name: Arthur
  H. Berman

  
	
   

  	
  Title: SVP and
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK
  TRUST NATIONAL ASSOCIATION,

  
	
   

  	
  as Delaware
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barbara
  A. Nastro

  	
   

  
	
   

  	
  Name:
  Barbara A. Nastro

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION,

  
	
   

  	
  as Property
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barbara
  A. Nastro

  	
   

  
	
   

  	
  Name:
  Barbara A. Nastro

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  /s/ Lori
  Anshus

  	
   

  
	
   

  	
  Lori Anshus,
  as Regular Trustee

  
	
   

  	
   

  
	
   

  	
  /s/ Joel
  Campbell

  	
   

  
	
   

  	
  Joel
  Campbell, as Regular Trustee

  
	
   

  	
   

  
	
   

  	
  /s/ Daniel
  Murtha

  	
   

  
	
   

  	
  Daniel
  Murtha, as Regular Trustee

  

 

4Exhibit 4(q)

 

FORM OF

 

AMENDED AND
RESTATED

 

DECLARATION
OF TRUST

 

OF

 

AMERIPRISE
CAPITAL TRUST [  ]

 

DATED AS OF
                        
    , 200 

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  PAGE

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE I

  	
   

  
	
   

  	
  INTERPRETATION AND
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1.1

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE II

  	
   

  
	
   

  	
  TRUST INDENTURE ACT

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.1

  	
  Trust Indenture Act:
  Application

  	
  8

  
	
  Section 2.2

  	
  Lists of Holders of
  Securities

  	
  8

  
	
  Section 2.3

  	
  Reports by The Property
  Trustee

  	
  9

  
	
  Section 2.4

  	
  Periodic Reports to
  Property Trustee

  	
  9

  
	
  Section 2.5

  	
  Evidence of Compliance
  With Conditions Precedent

  	
  9

  
	
  Section 2.6

  	
  Events of Default; Waiver

  	
  9

  
	
  Section 2.7

  	
  Event of Default; Notice

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE III

  	
   

  
	
   

  	
  ORGANIZATION

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 3.1

  	
  Name

  	
  12

  
	
  Section 3.2

  	
  Office

  	
  12

  
	
  Section 3.3

  	
  Purpose

  	
  12

  
	
  Section 3.4

  	
  Authority

  	
  12

  
	
  Section 3.5

  	
  Title to Property of the
  Trust

  	
  12

  
	
  Section 3.6

  	
  Powers and Duties of the
  Regular Trustees

  	
  12

  
	
  Section 3.7

  	
  Prohibition of Actions by
  The Trust And The Trustees

  	
  15

  
	
  Section 3.8

  	
  Powers and Duties of the
  Property Trustee

  	
  16

  
	
  Section 3.9

  	
  Certain Duties and
  Responsibilities of the Property Trustee

  	
  18

  
	
  Section 3.10

  	
  Certain Rights of Property
  Trustee

  	
  20

  
	
  Section 3.11

  	
  Delaware Trustee

  	
  22

  
	
  Section 3.12

  	
  Execution of Documents

  	
  22

  
	
  Section 3.13

  	
  Not Responsible For
  Recitals or Issuance of Securities

  	
  23

  
	
  Section 3.14

  	
  Duration of Trust

  	
  23

  
	
  Section 3.15

  	
  Mergers

  	
  23

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE IV

  	
   

  
	
   

  	
  SPONSOR

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 4.1

  	
  Sponsor’s Purchase of
  Common Securities

  	
  24

  
	
  Section 4.2

  	
  Responsibilities of the
  Sponsor

  	
  24

  

 

ii

 

	
   

  	
  ARTICLE V

  	
   

  
	
   

  	
  TRUSTEES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 5.1

  	
  Number of Trustees;
  Appointment of Trustee

  	
  25

  
	
  Section 5.2

  	
  Delaware Trustee

  	
  26

  
	
  Section 5.3

  	
  Property Trustee;
  Eligibility

  	
  26

  
	
  Section 5.4

  	
  Certain Qualifications of
  Regular Trustees And Delaware Trustee Generally

  	
  27

  
	
  Section 5.5

  	
  Regular Trustees

  	
  27

  
	
  Section 5.6

  	
  Appointment, Removal And
  Resignation of Trustees

  	
  27

  
	
  Section 5.7

  	
  Vacancies Among Trustees

  	
  28

  
	
  Section 5.8

  	
  Effect of Vacancies

  	
  28

  
	
  Section 5.9

  	
  Meetings

  	
  29

  
	
  Section 5.10

  	
  Delegation of Power

  	
  29

  
	
  Section 5.11

  	
  Merger, Conversion,
  Consolidation or Succession to Business

  	
  29

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE VI

  	
   

  
	
   

  	
  DISTRIBUTIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 6.1

  	
  Distributions

  	
  30

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE VII

  	
   

  
	
   

  	
  ISSUANCE OF SECURITIES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 7.1

  	
  General Provisions
  Regarding Securities

  	
  30

  
	
  Section 7.2

  	
  Subordination of Common
  Securities

  	
  30

  
	
  Section 7.3

  	
  Execution And
  Authentication

  	
  31

  
	
  Section 7.4

  	
  Form And Dating

  	
  31

  
	
  Section 7.5

  	
  Paying Agent

  	
  32

  
	
  Section 7.6

  	
  Paying Agent to Hold Money
  in Trust

  	
  32

  
	
  Section 7.7

  	
  Replacement Securities

  	
  32

  
	
  Section 7.8

  	
  Outstanding Preferred
  Securities

  	
  33

  
	
  Section 7.9

  	
  Cancellation

  	
  33

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE VIII

  	
   

  
	
   

  	
  DISSOLUTION AND
  TERMINATION OF TRUST

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 8.1

  	
  Dissolution and
  Termination of Trust

  	
  33

  
	
  Section 8.2

  	
  Liquidation Distribution
  upon Dissolution of the Trust

  	
  34

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE IX

  	
   

  
	
   

  	
  TRANSFER OF INTERESTS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 9.1

  	
  Transfer of Securities

  	
  35

  
	
  Section 9.2

  	
  Transfer of Certificates

  	
  36

  
	
  Section 9.3

  	
  Deemed Security Holders

  	
  36

  
	
  Section 9.4

  	
  Book Entry Interests

  	
  36

  
	
  Section 9.5

  	
  Notices to Clearing Agency

  	
  38

  

 

iii

 

	
  Section 9.6

  	
  Appointment of Successor
  Clearing Agency

  	
  38

  
	
  Section 9.7

  	
  Definitive Preferred
  Security Certificates Under Certain Circumstances

  	
  38

  
	
  Section 9.8

  	
  Mutilated, Destroyed, Lost
  or Stolen Certificates

  	
  39

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE X

  	
   

  
	
   

  	
  LIMITATION OF LIABILITY OF
  HOLDERS

  	
   

  
	
   

  	
  OF SECURITIES, TRUSTEES OR
  OTHERS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 10.1

  	
  Liability

  	
  40

  
	
  Section 10.2

  	
  Exculpation

  	
  40

  
	
  Section 10.3

  	
  Fiduciary Duty

  	
  41

  
	
  Section 10.4

  	
  Indemnification

  	
  41

  
	
  Section 10.5

  	
  Outside Business

  	
  44

  
	
  Section 10.6

  	
  Compensation; Fees

  	
  44

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE XI

  	
   

  
	
   

  	
  ACCOUNTING

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 11.1

  	
  Fiscal Year

  	
  45

  
	
  Section 11.2

  	
  Certain Accounting Matters

  	
  45

  
	
  Section 11.3

  	
  Banking

  	
  45

  
	
  Section 11.4

  	
  Withholding

  	
  46

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE XII

  	
   

  
	
   

  	
  AMENDMENTS AND MEETINGS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 12.1

  	
  Amendments

  	
  46

  
	
  Section 12.2

  	
  Meetings of the Holders of
  Securities; Action by Written Consent

  	
  48

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE XIII

  	
   

  
	
   

  	
  REPRESENTATIONS OF
  PROPERTY

  	
   

  
	
   

  	
  TRUSTEE AND DELAWARE
  TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 13.1

  	
  Representations and
  Warranties of Property Trustee

  	
  50

  
	
  Section 13.2

  	
  Representations and
  Warranties of Delaware Trustee

  	
  50

  
	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE XIV

  	
   

  
	
   

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 14.1

  	
  Notices

  	
  51

  
	
  Section 14.2

  	
  Governing Law

  	
  52

  
	
  Section 14.3

  	
  Intention of the Parties

  	
  53

  
	
  Section 14.4

  	
  Headings

  	
  53

  
	
  Section 14.5

  	
  Successors and Assign

  	
  53

  
	
  Section 14.6

  	
  Partial Enforceability

  	
  53

  
	
  Section 14.7

  	
  Counterparts

  	
  53

  

 

iv

 

CROSS-REFERENCE TABLE*

 

	
  Section of

  	
   

  	
   

  
	
  Trust Indenture Act

  	
   

  	
  Section of

  
	
  of 1939, as amended

  	
   

  	
  Declaration

  
	
   

  	
   

  	
   

  
	
  310(b)

  	
   

  	
  5.3(c) & (d)

  
	
  311(a)

  	
   

  	
  2.2(b)

  
	
  311(b)

  	
   

  	
  2.2(b)

  
	
  312(b)

  	
   

  	
  2.2(b)

  
	
  313

  	
   

  	
  2.3

  
	
  313(d)

  	
   

  	
  2.3

  
	
  314

  	
   

  	
  2.4

  
	
  314(a)

  	
   

  	
  3.6(j)

  
	
  314(c)

  	
   

  	
  2.5

  
	
  316(a)

  	
   

  	
  2.6(a)- (c) &(e)

  
	
  317(b)

  	
   

  	
  3.8(h)

  

 

*   
This Cross-Reference table does not constitute part of the
Declaration and shall not affect the interpretation of any of its terms or
provisions.

 

v

 

AMENDED AND
RESTATED DECLARATION OF TRUST

OF

AMERIPRISE CAPITAL TRUST [  ]

 

                   ,     

 

This AMENDED AND RESTATED
DECLARATION OF TRUST (the “Declaration”) is dated and effective as of                          
     ,      , by the Trustees
(as defined herein), the Sponsor (as defined herein) and by the Holders (as
defined herein), from time to time, of undivided beneficial interests in the
assets of the Trust to be issued pursuant to this Declaration.

 

WHEREAS, certain of the
Trustees and the Sponsor established Ameriprise Capital Trust [  ] (the “Trust”), a trust under the Delaware
Statutory Trust Act pursuant to a Declaration of Trust dated as of May      ,
2006 (the “Original Declaration”), and a Certificate of Trust filed with the
Secretary of State of the State of Delaware on May      ,
2006 for the sole purpose of issuing and selling certain securities
representing undivided beneficial interests in the assets of the Trust and
investing the proceeds thereof in certain Debt Securities (as defined herein)
of the Debt Security Issuer (as defined herein) and engaging in only those
other activities necessary, advisable or incidental thereto;

 

WHEREAS, as of the date
hereof, no interests in the Trust have been issued; and

 

WHEREAS, all of the Trustees
and the Sponsor, by this Declaration, amend and restate each and every term and
provision of the Original Declaration;

 

NOW, THEREFORE, it being the
intention of the parties hereto to continue the Trust as a statutory trust
under the Delaware Statutory Trust Act and that this Declaration constitutes
the governing instrument of such statutory trust, the Trustees declare that all
assets contributed to the Trust will be held in trust for the benefit of the
Holders, from time to time, of the securities representing undivided beneficial
interests in the assets of the Trust issued hereunder, subject to the
provisions of this Declaration.

 

ARTICLE I

INTERPRETATION
AND DEFINITIONS

 

Section 1.1                                   Definitions.

 

Unless the
context otherwise requires:

 

(a)                                  Capitalized
terms used in this Declaration but not defined in the preamble above have the
respective meanings assigned to them in this Section 1.1;

 

(b)                                 a
term defined anywhere in this Declaration has the same meaning throughout;

 

1

 

(c)                                  all
references to “the Declaration” or “this Declaration” are to this Declaration
as modified, supplemented or amended from time to time;

 

(d)                                 all
references in this Declaration to “Articles” and “Sections” and “Annexes” and “Exhibits”
are to Articles and Sections of and Annexes and Exhibits of or to this
Declaration unless otherwise specified;

 

(e)                                  a
term defined in the Trust Indenture Act has the same meaning when used in this
Declaration unless otherwise defined in this Declaration or unless the context
otherwise requires;

 

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

 

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

 

“Administrative Action” has
the meaning specified in Annex I.

 

“Affiliate” has the same
meaning as given to that term in Rule 405 of the Securities Act or any
successor rule thereunder.

 

“Authorized Officer” of a
Person means any Person that is authorized to bind such Person.

 

“Book Entry Interest” means
a beneficial interest in a Global Certificate, ownership and transfers of which
shall be maintained and made through book entries by a Clearing Agency as
described in Section 9.4.

 

“Business Day” means any day
other than a Saturday, Sunday or any other day on which banking institutions in
the City of New York, New York are permitted or required by law to close.

 

“Certificate” means a Common
Security Certificate or a Preferred Security Certificate.

 

“Clearing Agency” means an
organization registered as a “Clearing Agency” pursuant to Section 17A of
the Exchange Act that is acting as depositary for the Preferred Securities and
in whose name or in the name of a nominee of that organization shall be
registered a Global Certificate and which shall undertake to effect book entry
transfers and pledges of the Preferred Securities.

 

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

 

“Closing Date” means                         
   ,    .

 

2

 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time, or any successor
legislation.

 

“Commission” means the
Securities and Exchange Commission.

 

“Common Security” has the
meaning specified in Section 7.1.

 

“Common Security Certificate”
means a definitive certificate in fully registered form representing a
Common Security substantially in the form of Exhibit A-2.

 

“Company Indemnified Person”
means (a) any Regular Trustee; (b) any Affiliate of any Regular
Trustee; (c) any officer, director, shareholder, member, partner,
employee, representative or agent of any Regular Trustee; or (d) any
officer, employee or agent of the Trust or its Affiliates.

 

“Corporate Trust Office”
means the office of the Property Trustee at which the corporate trust business
of the Property Trustee shall, at any particular time, be principally
administered, which office at the date of execution of this Agreement is
located at:

 

U.S. Bank
National Association 

300 Delaware Avenue 

Wilmington, DE 19801 

Attention: Corporate Trust Administration

 

“Coupon Rate” has the
meaning specified in Annex I.

 

“Covered Person” means: (a) any
officer, director, shareholder, partner, member, representative, employee or
agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any
Holder of Securities.

 

“Debenture Purchase
Agreement” means the Debenture Purchase Agreement between the Debt Security
Issuer and the Trust dated as of                      
       , pursuant to which the Trust will
purchase the Debt Securities from the Debt Security Issuer.

 

“Debt Securities” means the series of
Debt Securities to be issued by the Debt Security Issuer under the Indenture to
be held by the Property Trustee, a specimen certificate for such series of
Debt Securities being attached hereto as Exhibit B.

 

“Debt Security Issuer” means
Ameriprise Financial, Inc., a Delaware corporation, in its capacity as
issuer of the Debt Securities under the Indenture.

 

“Debt Security Trustee”
means U.S. Bank National Association, as trustee under the Indenture until a
successor is appointed thereunder, and thereafter means such successor trustee.

 

“Declaration” has the
meaning set forth in the recitals.

 

3

 

“Definitive Preferred
Security Certificates” has the meaning set forth in Section 9.4.

 

“Delaware Trustee” has the
meaning set forth in Section 5.1.

 

“Depositary” has the meaning
specified in Annex I.

 

“Direct Action” has the
meaning specified in Section 3.8(e).

 

“Distribution” means a
distribution payable to Holders of Securities in accordance with Section 6.1.

 

“DTC” means The Depository
Trust Company, the initial Clearing Agency.

 

“Event of Default” in
respect of the Securities means an Event of Default (as defined in the
Indenture) that has occurred and is continuing in respect of the Debt
Securities.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time, or any successor
legislation.

 

“Extension Period” has the
meaning specified in Annex I.

 

“Fiscal Year” has the
meaning set forth in Section 11.1.

 

“Fiduciary Indemnified
Person” has the meaning set forth in Section 10.4(b).

 

“Global Certificate” has the
meaning set forth in Section 9.4(a).

 

“Holder” means a Person in
whose name a Security is registered, such Person being a beneficial owner
within the meaning of the Statutory Trust Act.

 

“Indemnified Person” means
each Company Indemnified Person and each Fiduciary Indemnified Person.

 

“Indenture” means the Junior
Subordinated Indenture, dated as of May 5, 2006, between the Debt Security
Issuer and U.S. Bank National Association, as trustee, or, if amended or
supplemented as provided therein, as so amended or supplemented or both, and shall
include the forms and terms of a particular series of securities
established as contemplated thereunder.

 

“Investment Company” means
an investment company as defined in the Investment Company Act.

 

“Investment Company Act”
means the Investment Company Act of 1940, as amended from time to time, or any
successor legislation.

 

“Investment Company Event”
has the meaning set forth in Annex I hereto.

 

“Legal Action” has the
meaning set forth in Section 3.6(g).

 

4

 

“Like Amount” means (a) with
respect to a redemption of Securities having an aggregate Liquidation Amount
equal to that portion of the principal amount of Debt Securities to be
contemporaneously redeemed in accordance with the Indenture, allocated to the
Common Securities and to the Preferred Securities based upon the then
outstanding relative Liquidation Amounts of such classes, and (b) with
respect to a distribution of Debt Securities to Holders of Securities in
connection with a dissolution or liquidation of the Trust, Debt Securities
having an aggregate principal amount equal to the aggregate Liquidation Amount
of the Securities of the Holder to whom such Debt Securities are distributed.

 

“Liquidation” has the
meaning specified in Section 8.2(a).

 

“Liquidation Amount” means
the stated amount of $     per Security.

 

“Liquidation Distribution”
has the meaning specified in Section 8.2(a).

 

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

 

“Majority in liquidation
amount of the Securities” means, except as provided in the terms of the
Preferred Securities or by the Trust Indenture Act, Holder(s) of outstanding
Securities voting together as a single class or, as the context may require,
Holders of outstanding Preferred Securities or Holders of outstanding Common
Securities voting separately as a class, who are the record owners of more than
50% of the aggregate liquidation amount (including the stated amount that would
be paid on redemption, liquidation or otherwise, plus accumulated and unpaid
Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities of the relevant class.

 

“Ministerial Action” has the
meaning set forth in the terms of the Securities as set forth in Annex I.

 

“Officers’ Certificate”
means, with respect to the Trust, a certificate signed by two of the Regular
Trustees, and with respect to Ameriprise Financial, Inc., a certificate
signed by (a) the Chairman, Chief Executive Officer or any Vice President
and (b) the Treasurer, Secretary, Assistant Treasurer or Assistant
Secretary. Any Officers’ Certificate delivered with respect to compliance with
a condition or covenant provided for in this Declaration shall include:

 

(a)                                  a statement that each officer signing the
Certificate 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 each officer in rendering the
Certificate;

 

(c)                                  a statement that each 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
each such officer, such condition or covenant has been complied with.

 

5

 

“OID” has the meaning
specified in Annex I.

 

“Option Closing Date” means
the date of closing of any sale of any securities issued pursuant to an
over-allotment option.

 

“Original Declaration” has
the meaning set forth in the recitals.

 

“Paying Agent” has the
meaning specified in Section 7.5.

 

“Payment Amount” has the
meaning set forth in Section 6.1.

 

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

 

“Preferred Securities
Guarantee” means the guarantee agreement to be dated as of                    
   ,     , of the Sponsor in respect of the
Preferred Securities.

 

“Preferred Security” has the
meaning specified in Section 7.1.

 

“Preferred Security
Beneficial Owner” means, with respect to a Book Entry Interest, a Person who is
the beneficial owner of such Book Entry Interest, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with
such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such
Clearing Agency).

 

“Preferred Security
Certificate” means a certificate representing a Preferred Security
substantially in the form of Exhibit A-1.

 

“Property Trustee” means the
Trustee meeting the eligibility requirements set forth in Section 5.3.

 

“Property Trustee Account”
has the meaning set forth in Section 3.8(c).

 

“Pro Rata” has the meaning
specified in Annex I.

 

“Quorum” means a majority of
the Regular Trustees or, if there are only two Regular Trustees, both of them.

 

“Redemption/Distribution
Notice” has the meaning specified in Annex I.

 

“Redemption Price” has the
meaning specified in Annex I.

 

“Regular Trustee” has the
meaning set forth in Section 5.1.

 

“Related Party” means, with
respect to the Sponsor, any direct or indirect wholly owned subsidiary of the
Sponsor or any other Person that owns, directly or indirectly, 100% of the
outstanding voting securities of the Sponsor.

 

6

 

“Responsible Officer” means,
with respect to the Property Trustee, any officer within the Corporate Trust
Office of the Property Trustee, including any vice president, any assistant
vice president, any assistant treasurer or other officer of the Corporate Trust
Office of the Property Trustee customarily performing functions similar to
those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of that officer’s knowledge of and familiarity with
the particular subject.

 

“Securities” means the
Common Securities and the Preferred Securities.

 

“Securities Act” means the
Securities Act of 1933, as amended from time to time, or any successor
legislation.

 

“Special Event” has the
meaning set forth in Annex I hereto.

 

“Sponsor” or “Ameriprise”
means Ameriprise Financial, Inc., a Delaware corporation, or any successor
entity in a merger, consolidation or amalgamation, in its capacity as sponsor
of the Trust.

 

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

 

“Subscription Agreement”
means the Subscription Agreement between Ameriprise and the Trust dated as of                    
   ,    ,
pursuant to which the Trust will sell the Common Securities to Ameriprise.

 

“Successor Delaware Trustee”
has the meaning set forth in Section 5.6(b).

 

“Successor Entity” has the
meaning set forth in Section 3.15(b).

 

“Successor Property Trustee”
has the meaning set forth in Section 3.8(f)(ii).

 

“Successor Securities” has
the meaning set forth in Section 3.15(b).

 

“Super Majority” has the
meaning set forth in Section 2.6(a)(ii).

 

“Tax Event” has the meaning
set forth in Annex I hereto.

 

“Tax Opinion” has the
meaning set forth in Annex I hereto.

 

“Treasury Regulations” means
the income tax regulations, including temporary and proposed regulations,
promulgated under the Code by the United States Treasury.

 

“Trust” has the meaning set
forth in the recitals.

 

“Trustee” or “Trustees”
means each Person who has signed this Declaration as a trustee, so long as such
Person shall continue in office in accordance with the terms hereof, and all
other Persons who may from time to time be duly appointed, qualified and
serving as Trustees

 

7

 

in accordance with the provisions hereof, and
references herein to a Trustee or the Trustees shall refer to such Person or
Persons solely in their capacity as trustees hereunder.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended from time to time, or any successor
legislation.

 

“Trust Property” means (i) the
Debt Securities, (ii) any cash on deposit in, or owing to, the Property
Trustee Account and (iii) all proceeds and rights in respect of the
foregoing to be held by the Property Trustee pursuant to the terms of this
Declaration for the benefit of the Holders.

 

“25% in liquidation amount
of the Securities” means, except as provided in the terms of the Preferred
Securities or by the Trust Indenture Act, Holder(s) of outstanding Securities
voting together as a single class or, as the context may require,
Holders of outstanding Preferred Securities or Holders of outstanding Common
Securities voting separately as a class, who are the record owners of 25% or
more of the aggregate liquidation amount (including the stated amount that
would be paid on redemption, liquidation or otherwise, plus accumulated and
unpaid Distributions to the date upon which the voting percentages are
determined) of all outstanding Securities of the relevant class.

 

“Underwriting Agreement”
means the Underwriting Agreement for the offering and sale of Preferred
Securities in the form of Exhibit C.

 

ARTICLE II

 

TRUST
INDENTURE ACT

 

Section 2.1                                   Trust
Indenture Act: Application.

 

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

 

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

 

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

 

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

 

Section 2.2                                   Lists of Holders of Securities. 

 

(a)                                  Each
of the Sponsor and the Regular Trustees on behalf of the Trust shall provide
the Property Trustee a list in such form as the Property Trustee may

 

8

 

reasonably require of the names
and addresses of the Holders of the Securities (“List of Holders”), within 30
days of receipt by the Sponsor of a written request for a List of Holders as of
a date no more than 15 days before such List of Holders is given to the
Property Trustee, in each case to the extent such information is in the
possession or control of the Sponsor and is not identical to a previously
supplied list of Holders or has not otherwise been received by the Property
Trustee in its capacity as such. The Property Trustee may destroy any List
of Holders previously given to it on receipt of a new List of Holders.

 

(b)                                 The
Property Trustee shall comply with its obligations under Sections 311(a), 311(b) and
312(b) of the Trust Indenture Act.

 

Section 2.3                                   Reports
by The Property Trustee. Within
60 days after May 15 of each year, the Property Trustee shall provide to
the Holders of the Preferred Securities 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. The Property Trustee shall also
comply with the requirements of Section 313(d) of the Trust Indenture
Act.

 

Section 2.4                                   Periodic
Reports to Property Trustee. Each of
the Sponsor and the Regular Trustees on behalf of the Trust shall provide to
the Property Trustee such documents, reports and information as required by Section 314
(if any) 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.

 

Delivery of such reports,
information and documents to the Property Trustee is for informational purposes
only and the Property Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Sponsor’s compliance with any of
its covenants hereunder (as to which the Property Trustee is entitled to rely
exclusively on Officers’ Certificates).

 

Section 2.5                                   Evidence
of Compliance With Conditions Precedent. Each
of the Sponsor and the Regular Trustees on behalf of the Trust shall provide to
the Property Trustee such evidence of compliance with any conditions precedent,
if any, provided for in this Declaration 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 may be given in the form of an Officers’
Certificate.

 

Section 2.6                                   Events
of Default; Waiver.

 

(a)                                  The
Holders of a Majority in liquidation amount of Preferred Securities may by
vote on behalf of the Holders of all of the Preferred Securities, waive any
past Event of Default in respect of the Preferred Securities and its
consequences, PROVIDED THAT, if the underlying Event of Default under the
Indenture:

 

(i)                                     is
not waivable under the Indenture, the Event of Default under the Declaration
shall also not be waivable; or

 

(ii)                                  requires
the consent or vote of greater than a majority in principal amount of the
Holders of the Debt Securities (a “Super Majority”) to be waived under

 

9

 

the Indenture, the Event of
Default under the Declaration may only be waived by the vote of the
Holders of at least the proportion in liquidation amount of the Preferred
Securities that the relevant Super Majority represents of the aggregate
principal amount of the Debt Securities outstanding.

 

The foregoing provisions of
this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of
the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust
Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such
default shall cease to exist, and any Event of Default with respect to the
Preferred Securities arising therefrom shall be deemed to have been cured, for
every purpose of this Declaration, but no such waiver shall extend to any
subsequent or other default or an Event of Default with respect to the
Preferred Securities or impair any right consequent thereon. Any waiver by the
Holders of the Preferred Securities of an Event of Default with respect to the
Preferred Securities shall also be deemed to constitute a waiver by the Holders
of the Common Securities of any such Event of Default with respect to the
Common Securities for all purposes of this Declaration without any further act,
vote, or consent of the Holders of the Common Securities.

 

(b)                                 The
Holders of a Majority in liquidation amount of the Common Securities may, by
vote, on behalf of the Holders of all of the Common Securities, waive any past
Event of Default with respect to the Common Securities and its consequences,
PROVIDED THAT, if the underlying Event of Default under the Indenture:

 

(i)                                     is
not waivable under the Indenture, except where the Holders of the Common
Securities are deemed to have waived such Event of Default under the
Declaration as provided below in this Section 2.6(b), the Event of Default
under the Declaration shall also not be waivable; or

 

(ii)                                  requires
the consent or vote of a Super Majority to be waived, except where the Holders
of the Common Securities are deemed to have waived such Event of Default under
the Declaration as provided below in this Section 2.6(b), the Event of
Default under the Declaration may only be waived by the vote of the
Holders of at least the proportion in liquidation amount of the Common
Securities that the relevant Super Majority represents of the aggregate
principal amount of the Debt Securities outstanding;

 

PROVIDED
FURTHER, that each Holder of Common Securities will be deemed to have waived
any such Event of Default and all Events of Default with respect to the Common
Securities and its consequences until all Events of Default with respect to the
Preferred Securities have been cured, waived or otherwise eliminated, and until
such Events of Default have been so cured, waived or otherwise eliminated, the
Property Trustee shall act solely on behalf of the Holders of the Preferred
Securities and only the Holders of the Preferred Securities will have the right
to direct the Property Trustee to act in accordance with the terms of the
Securities. The foregoing provisions of this Section 2.6(b) shall be
in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust
Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the
Trust Indenture Act are hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act. Subject to the foregoing
provisions of this Section 2.6(b), upon such waiver, any such default
shall cease to exist and any Event of Default with respect to

 

10

 

the Common Securities arising therefrom shall
be deemed to have been cured for every purpose of this Declaration, but no such
waiver shall extend to any subsequent or other default or Event of Default with
respect to the Common Securities or impair any right consequent thereon.

 

(c)                                  A
waiver of an Event of Default under the Indenture by the Property Trustee at
the direction of the Holders of the Preferred Securities, constitutes a waiver
of the corresponding Event of Default under this Declaration. The foregoing
provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of
the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust
Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act.

 

Section 2.7                                   Event
of Default; Notice.

 

(a)                                  The Property Trustee shall, within 90 days
after the occurrence of an Event of Default actually known to a Responsible
Officer of the Property Trustee, transmit by mail, first class postage
prepaid, to the Holders of the Securities, notices of all such defaults with
respect to the Securities unless such defaults have been cured or waived before
the giving of such notice (the term “defaults” for the purposes of this Section 2.7(a) being
hereby defined to be an Event of Default as defined in the Indenture, not
including any periods of grace provided for therein and irrespective of the
giving of any notice provided therein); PROVIDED THAT, except for a default in
the payment of principal of (or premium, if any) or interest on any of the Debt
Securities or in the payment of any sinking fund installment established for
the Debt Securities, the Property Trustee shall be protected in withholding
such notice if and so long as a Responsible Officer of the Property Trustee in
good faith determines that the withholding of such notice is in the interests
of the Holders of the Securities. Any such notice given pursuant to this Section 2.7(a) shall
state that an Event of Default under the Indenture also constitutes an Event of
Default under this Declaration.

 

(b)                                 The
Property Trustee shall not be deemed to have knowledge of any default except:

 

(i)                                     a default under Sections 7.01(a), 7.01(b) and
7.01(c) of the Indenture; or

 

(ii)                                  any default as to which the Property Trustee
shall have received written notice or of which a Responsible Officer of the
Property Trustee charged with the administration of the Declaration shall have
actual knowledge.

 

11

 

ARTICLE III

ORGANIZATION

 

Section 3.1                                   Name.
 The Trust is named “Ameriprise Capital Trust      ”
as such name may be modified from time to time by the Regular Trustees
following written notice to the Holders of Securities and the other Trustees.
The Trust’s activities may be conducted under the name of the Trust or any
other name deemed advisable by the Regular Trustees.

 

Section 3.2                                   Office.  The address of the principal office of the Trust is c/o Ameriprise, 55
Ameriprise Financial Center, Minneapolis, Minnesota 55474. On at least ten
Business Days written notice to the Holders of Securities, the Regular Trustees
may designate another principal office.

 

Section 3.3                                   Purpose.  The exclusive purposes and functions of the Trust are (a) to issue
and sell Securities and use the proceeds from such sale to acquire the Debt
Securities, (b) to distribute cash payments it receives from the Debt
Security Issuer on the Debt Securities to the Holders of the Securities and (c) except
as otherwise limited herein, to engage in only those other activities
necessary, advisable or incidental thereto. The Trust shall not borrow money,
issue debt or reinvest proceeds derived from investments, pledge any of its
assets, or otherwise undertake (or permit to be undertaken) any activity that
would cause the Trust not to be classified for United States federal income tax
purposes as a grantor trust.

 

Section 3.4                                   Authority.  Subject to the limitations provided in this Declaration and to the
specific duties of the Property Trustee and the Sponsor, the Regular Trustees
shall have exclusive and complete authority to carry out the purposes of the
Trust. An action taken by the Regular Trustees in accordance with their powers
shall constitute the act of and serve to bind the Trust and an action taken by
the Property Trustee or the Sponsor on behalf of the Trust in accordance with
its powers shall constitute the act of and serve to bind the Trust. In dealing
with the Trustees or the Sponsor acting on behalf of the Trust, no person shall
be required to inquire into the authority of the Trustees or the Sponsor to
bind the Trust. Persons dealing with the Trust are entitled to rely
conclusively on the power and authority of the Trustees and the Sponsor as set
forth in this Declaration.

 

Section 3.5                                   Title
to Property of the Trust.  Except as provided in Section 3.8 with
respect to the Debt Securities and the Property Trustee Account or as otherwise
provided in this Declaration, legal title to all assets of the Trust shall be
vested in the Trust. The Holders of Securities shall not have legal title to
any part of the assets of the Trust, but shall have an undivided
beneficial interest in the assets of the Trust.

 

Section 3.6                                   Powers
and Duties of the Regular Trustees.  The Regular Trustees shall have the power,
duty and authority to cause the Trust to engage in the following activities:

 

(a)                                  to
issue and sell the Securities in accordance with this Declaration; PROVIDED,
HOWEVER, that the Trust may issue no more than one series of
Preferred Securities and no more than one series of Common Securities, and
PROVIDED FURTHER, that

 

12

 

there shall be no interests in
the Trust other than the Securities, and the issuance of Securities shall be
limited to a simultaneous issuance of both Preferred Securities and Common
Securities on the Closing Date and Option Closing Date, if any;

 

(b)                                 in
connection with the issue and sale of the Securities, at the direction of the
Sponsor, to:

 

(i)                                     execute and file with the Commission, at such
time as determined by the Sponsor, a registration statement on Form S-3
prepared by the Sponsor, including any amendments thereto in relation to the
Preferred Securities;

 

(ii)                                  execute and file an application, prepared by
the Sponsor, at such time as determined by the Sponsor, to the New York Stock
Exchange or any other national stock exchange for listing, or quotation on an
interdealer quotation system, of the Preferred Securities;

 

(iii)                               execute and deliver letters, documents, or
instruments with The Depository Trust Company relating to the Preferred
Securities;

 

(iv)                              execute and file with the Commission, at such
time as determined by the Sponsor, a registration statement on Form 8-A,
including any amendments thereto, prepared by the Sponsor relating to the
registration of the Preferred Securities under Section 12(b) of the
Exchange Act;

 

(v)                                 execute and deliver for and on behalf of the
Trust the Underwriting Agreement, the Subscription Agreement and other related
agreements providing for the sale of the Securities;

 

(vi)                              execute and file any documents prepared by
the Sponsor, or take any acts as determined by the Sponsor to be necessary in
order to qualify or register all or part of the Preferred Securities in
any State in which the Sponsor has determined to qualify or register such
Preferred Securities for sale or resale, as the case may be; and

 

(vii)                           take all actions and perform such duties
as may be required of the Regular Trustees to open checking, deposit or
similar banking accounts as may be necessary in connection with the
issuance and sale of the Securities;

 

(c)                                  to
acquire the Debt Securities with the proceeds of the sale of the Preferred Securities
and the Common Securities and in connection therewith, to execute and deliver
for and on behalf of the Trust, the Debenture Purchase Agreement and other
related agreements; PROVIDED, HOWEVER, that the Regular Trustees shall cause
legal title to the Debt Securities to be held of record in the name of the
Property Trustee for the benefit of the Holders of the Preferred Securities and
the Holders of Common Securities;

 

(d)                                 to
give the Sponsor and the Property Trustee prompt written notice of the occurrence
of a Special Event; PROVIDED THAT the Regular Trustees shall consult with the
Sponsor and the Property Trustee before taking or refraining from taking any
Ministerial Action in relation to a Special Event;

 

13

 

(e)                                  to
establish a record date with respect to all actions to be taken hereunder that
require a record date be established, including and with respect to, for the
purposes of Section 316 (c) of the Trust Indenture Act,
Distributions, voting rights, redemptions and exchanges, and to issue relevant
notices to the Holders of Preferred Securities and Holders of Common Securities
as to such actions and applicable record dates;

 

(f)                                    to
take all actions and perform such duties as may be required of the Regular
Trustees pursuant to the terms of the Securities;

 

(g)                                 to
bring or defend, pay, collect, compromise, arbitrate, resort to legal action,
or otherwise adjust claims or demands of or against the Trust (“Legal Action”),
unless pursuant to Section 3.8(e), the Property Trustee has the exclusive
power to bring such Legal Action;

 

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

 

(i)                                     to
cause the Trust to comply with the Trust’s obligations under the Trust
Indenture Act;

 

(j)                                     to
give the certificate required by Section 314(a)(4) of the Trust
Indenture Act to the Property Trustee, which certificate may be executed
by any Regular Trustee;

 

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

 

(l)                                     to
act as, or appoint another Person to act as, registrar, transfer agent, or
Paying Agent for the Securities;

 

(m)                               to
give prompt written notice to the Holders of the Securities of any notice
received from the Debt Security Issuer of its election (i) to defer
payments of interest on the Debt Securities by extending the interest payment
period under the Indenture or (ii) to shorten the stated maturity of the
Debt Securities pursuant to the Indenture;

 

(n)                                 to
execute and deliver all documents or instruments, perform all duties and
powers, and do all things for and on behalf of the Trust in all matters
necessary or incidental to the foregoing;

 

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

 

(p)                                 to
take any action, not inconsistent with this Declaration or with applicable law,
that the Regular Trustees determine in their discretion to be necessary or
desirable in carrying out the activities of the Trust as set out in this Section 3.6,
including, but not limited to:

 

14

 

(i)                                     causing the Trust not to be deemed to be an
Investment Company required to be registered under the Investment Company Act;

 

(ii)                                  causing the Trust to be classified for United
States federal income tax purposes as a grantor trust; and

 

(iii)                               cooperating with the Debt Security Issuer to
ensure that the Debt Securities will be treated as indebtedness of the Debt
Security Issuer for United States federal income tax purposes,

 

PROVIDED THAT such action
does not adversely affect the interests of the Holders of the Securities or
vary the terms of the Preferred Securities;

 

(q)                                 to
take all action necessary to cause all applicable tax returns and tax
information reports that are required to be filed with respect to the Trust to
be duly prepared and filed by the Regular Trustees, on behalf of the Trust;

 

(r)                                    to
take all actions and perform such duties as may be required of the
Regular Trustees pursuant to Section 11.2 herein; and

 

(s)                                  to
the extent provided in this Declaration, to wind up the affairs of and
liquidate the Trust and to prepare, execute and file the Certificate of
Cancellation with the Secretary of State of the State of Delaware.

 

The Regular Trustees must
exercise the powers set forth in this Section 3.6 in a manner that is
consistent with the purposes and functions of the Trust set out in Section 3.3,
and the Regular Trustees shall not take any action that is inconsistent with
the purposes and functions of the Trust set forth in Section 3.3.

 

Subject to this Section 3.6,
the Regular Trustees shall have none of the powers or the authority of the
Property Trustee set forth in Section 3.8.

 

Any expenses incurred by the
Regular Trustees pursuant to this Section 3.6 shall be reimbursed by the
Sponsor.

 

The Trust initially appoints
the Property Trustee as transfer agent and registrar for the Preferred
Securities.

 

Section 3.7                                   Prohibition
of Actions by The Trust And The Trustees. 

 

(a)                                  The
Trust shall not, and the Trustees (including the Property Trustee) shall cause the
Trust not to engage in any activity other than as required or authorized by
this Declaration. In particular the Trust shall not and the Trustees (including
the Property Trustee) shall cause the Trust not to:

 

15

 

(i)                                     invest any proceeds received by the Trust
from holding the Debt Securities, but shall distribute all such proceeds to the
Holders of Securities pursuant to the terms of this Declaration and of the
Securities;

 

(ii)                                  acquire any assets other than as expressly
provided herein;

 

(iii)                               possess Trust property for other than a Trust
purpose;

 

(iv)                              make any loans or incur any indebtedness or
acquire any securities other than the Debt Securities;

 

(v)                                 possess any power or otherwise act in such a
way as to vary the Trust assets or the terms of the Securities in any way
whatsoever, except as permitted by the terms of this Declaration;

 

(vi)                              issue any securities or other evidences of
beneficial ownership of, or beneficial interest in, the Trust other than the
Securities; or

 

(vii)                           other than as provided in this Declaration or
Annex I hereto, (A) direct the time, method and place of exercising any
trust or power conferred upon the Property Trustee with respect to the Debt
Securities, (B) waive any past default that is not waivable under the
Indenture, (C) exercise any right to rescind or annul any declaration that
the principal of all the Debt Securities shall be due and payable, or (D) consent
to any amendment, modification or termination of the Indenture or the Debt
Securities where such consent shall be required, unless the Trust shall have
received an opinion of counsel to the effect that such modification will not
cause more than an insubstantial risk that (x) the Trust will be deemed an
Investment Company required to be registered under the Investment Company Act
or (y) the Trust will not be classified as a grantor trust for United States
federal income tax purposes.

 

Section 3.8                                   Powers
and Duties of the Property Trustee.

 

(a)                                  The
legal title to the Debt Securities shall be owned by and held of record in the
name of the Property Trustee (acting in such capacity) for the benefit of the
Trust and the Holders of the Securities. The right, title and interest of the
Property Trustee to the Debt Securities shall vest automatically in each Person
who may hereafter be appointed as Property Trustee in accordance with Section 5.6.
Such vesting and cessation of title shall be effective whether or not
conveyancing documents with regard to the Debt Securities have been executed
and delivered.

 

(b)                                 The
Property Trustee shall not transfer its right, title and interest in the Debt
Securities to the Regular Trustees or to the Delaware Trustee (if the Property
Trustee does not also act as Delaware Trustee).

 

(c)                                  The
Property Trustee shall:

 

(i)                                     establish
and maintain a segregated non-interest bearing trust account (the “Property
Trustee Account”) in the name of and under the exclusive control of the
Property Trustee on behalf of the Holders of the Securities and, upon the receipt
of payments

 

16

 

of funds made in respect of
the Debt Securities held by the Property Trustee (which payments include, but
are not limited to, distributions made pursuant to the Guarantee), deposit such
funds into the Property Trustee Account and make payments to the Holders of the
Preferred Securities and Holders of the Common Securities from the Property
Trustee Account in accordance with Section 6.1. Funds in the Property
Trustee Account shall be held uninvested until disbursed in accordance with
this Declaration. The Property Trustee Account shall be an account that is
maintained with a banking institution the rating on whose long-term unsecured
indebtedness is at least equal to the rating assigned to the Preferred
Securities by a “nationally recognized statistical rating organization,” as
that term is defined for purposes of Rule 436(g)(2) under the
Securities Act;

 

(ii)                                  engage in such ministerial activities as
shall be necessary or appropriate to effect the redemption of the Preferred
Securities and the Common Securities to the extent the Debt Securities are
redeemed or mature;

 

(iii)                               engage in such ministerial activities as
shall be necessary or appropriate to effect the distribution of the Trust
Property in accordance with the terms of this Declaration; and

 

(iv)                              to the extent provided for in this
Declaration, take such ministerial actions as are necessary in connection with
the winding up of the affairs of and liquidation of the Trust and the preparation,
execution and filing of the Certificate of Cancellation with the Secretary of
State of the State of Delaware.

 

(d)                                 The
Property Trustee shall take all actions and perform such duties as may be
specifically required of the Property Trustee pursuant to the terms of the
Securities.

 

(e)                                  The
Property Trustee shall take any Legal Action which arises out of or in
connection with either an Event of Default of which a Responsible Officer of
the Property Trustee has actual knowledge or the Property Trustee’s duties and
obligations under this Declaration or the Trust Indenture Act; PROVIDED
HOWEVER, that if an Event of Default has occurred and is continuing and such
event is attributable to the failure of the Debt Security Issuer to pay
interest or principal on the Debt Securities on the date such interest or
principal is otherwise payable (or in the case of redemption, on the redemption
date), then a Holder of Preferred Securities may directly institute a
proceeding for enforcement of payment to such Holder of the principal of or
interest on the Debt Securities having a principal amount equal to the
aggregate Liquidation Amount of the Preferred Securities of such Holder (a “Direct
Action”) on or after the respective due date specified in the Debt Securities
and, PROVIDED, FURTHER, that if the Property Trustee fails to enforce its
rights under the Debt Securities, any Holder of Preferred Securities may institute
a legal proceeding against any person to enforce the Property Trustee’s rights
under the Debt Securities. In connection with such Direct Action, the rights of
the Holders of the Common Securities will be subrogated to the rights of such
Holder of Preferred Securities to the extent of any payment made by the Debt
Security Issuer to such Holder of Preferred Securities in such Direct Action.
Except as provided in the preceding sentences, the Holders of Preferred
Securities will not be able to exercise directly any other remedy available to
the holders of the Debt Securities.

 

17

 

(f)                                    The Property Trustee shall continue to serve
as a Trustee until either:

 

(i)                                     the Trust has been completely liquidated and
the proceeds of the liquidation distributed to the Holders of Securities
pursuant to the terms of the Securities; or

 

(ii)                                  a successor Property Trustee has been
appointed and has accepted the appointment of Property Trustee in accordance
with Section 5.6 (a “Successor Property Trustee”).

 

(g)                                 The Property Trustee shall have the legal
power to exercise all of the rights, powers and privileges of a Holder of Debt
Securities under the Indenture and, if an Event of Default actually known to a
Responsible Officer of the Property Trustee occurs and is continuing, the
Property Trustee shall, for the benefit of Holders of the Securities, enforce
its rights as holder of the Debt Securities subject to the rights of the
Holders pursuant to the terms of such Securities.

 

(h)                                 Subject to this Section 3.8, the
Property Trustee shall have none of the duties, liabilities, powers or the authority
of the Regular Trustees set forth in Section 3.6. The Property Trustee
must exercise the powers set forth in this Section 3.8 in a manner that is
consistent with the purposes and functions of the Trust set out in Section 3.3,
and the Property Trustee shall not take any action that is inconsistent with
the purposes and functions of the Trust set out in Section 3.3.

 

Section 3.9                                   Certain
Duties and Responsibilities of the Property Trustee.

 

(a)                                  The Property Trustee, before the occurrence
of any Event of Default and after the curing or waiving of all Events of
Default that may have occurred, shall undertake to perform only such
duties as are specifically set forth in this Declaration and no implied
covenants shall be read into this Declaration against the Property Trustee. In
case an Event of Default has occurred (that has not been cured or waived
pursuant to Section 2.6) of which a Responsible Officer of the Property
Trustee has actual knowledge, the Property Trustee shall exercise such of the
rights and powers vested in it by this Declaration, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his or her own affairs.

(b)                                 No provision of this Declaration 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 an 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
Declaration and the Property Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in
this

 

18

 

Declaration, and no implied covenants or
obligations shall be read into this Declaration against the Property Trustee;
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 Declaration; but in the case of any
such certificates or opinions that by any provision hereof 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 Declaration;

 

(ii)                                  the Property Trustee shall not be liable for
any error of judgment made in good faith by a Responsible 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 not less than a Majority in
liquidation amount of the 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
Declaration;

 

(iv)                              no provision of this Declaration 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 it 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 Declaration or indemnity reasonably
satisfactory to the Property Trustee against such risk or liability is not
reasonably assured to it;

 

(v)                                 the Property Trustee’s sole duty with respect
to the custody, safe keeping and physical preservation of the Debt Securities
and the Property Trustee 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 Declaration and the Trust Indenture Act;

 

(vi)                              the Property Trustee shall have no duty or
liability for or with respect to the value, genuineness, existence or
sufficiency of the Debt Securities or the payment of any taxes or assessments
levied thereon or in connection therewith;

 

(vii)                           the Property Trustee shall not be liable for
any interest on any money received by it except as it may otherwise agree
in writing with the Sponsor. Money held by the Property Trustee need not be
segregated from other funds held by it except in relation to the Property
Trustee Account maintained by the Property Trustee pursuant to Section 3.8(c)(i) and
except to the extent otherwise required by law; and

 

(viii)                        the Property Trustee shall not be responsible
for monitoring the compliance by the Regular Trustees or the Sponsor with their
respective duties under this

 

19

 

Declaration, nor shall the
Property Trustee be liable for any default or misconduct of the Regular
Trustees or the Sponsor.

 

Section 3.10                            Certain
Rights of Property Trustee.

 

(a)                                  Subject to the provisions of Section 3.9:

 

(i)                                     the Property Trustee may conclusively
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 (whether in its original or facsimile
form) 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 Sponsor or the
Regular Trustees acting on behalf of the Trust contemplated by this Declaration
shall be sufficiently evidenced by an Officers’ Certificate;

 

(iii)                               whenever in the administration of this
Declaration, the Property Trustee shall deem it desirable that a matter be
proved or established before taking, suffering or omitting any action
hereunder, the Property Trustee (unless other evidence is herein specifically
prescribed) may, in the absence of bad faith on its part, request and conclusively
rely upon an Officers’ Certificate which, upon receipt of such request, shall
be promptly delivered by the Sponsor or the Regular Trustees;

 

(iv)                              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 reregistration thereof;

 

(v)                                 the Property Trustee may consult with
counsel of its selection or other experts and the advice or opinion of such
counsel and experts with respect to legal matters or advice within the scope of
such counsel or experts’ area of expertise 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 accordance with such advice or
opinion. Such counsel may be counsel to the Sponsor or any of its
Affiliates, and may include any of its employees. The Property Trustee
shall have the right at any time to seek instructions concerning the
administration of this Declaration from any court of competent jurisdiction;

 

(vi)                              the Property Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this
Declaration at the request or direction of any Holder, unless such Holder shall
have provided to the Property Trustee security and indemnity, reasonably
satisfactory to the Property Trustee, against the fees, charges, costs,
expenses (including attorneys’ fees and expenses and the expenses of the
Property Trustee’s agents, nominees or custodians) 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 Property Trustee, PROVIDED
that nothing contained in this Section 3.10(a)(vi) shall be taken to (a) require
the Holders of Preferred Securities to offer such indemnity in the event such
Holders

 

20

 

direct the Property Trustee
to take any action it is empowered to take under this Declaration following an
Event of Default or (b) 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 Declaration;

 

(vii)                           the Property Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Property Trustee, in its
discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit but shall incur no additional liability of
any kind by reason of such inquiry;

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

 

(ix)                                any action taken by the Property Trustee or
its agents hereunder shall bind the Trust and the Holders of the Securities,
and the signature of the Property Trustee or its agents alone shall be
sufficient and effective to perform any such action and no third party
shall be required to inquire as to the authority of the Property Trustee to so
act or as to its compliance with any of the terms and provisions of this
Declaration, both of which shall be conclusively evidenced by the Property
Trustee’s or its agent’s taking such action;

 

(x)                                   whenever in the administration of this
Declaration the Property Trustee shall deem it desirable to receive written
instructions with respect to enforcing any remedy or right or taking any other
action hereunder, the Property Trustee (i) may request written
instructions from the Holders of the Securities which instructions may only
be given by the Holders of the same proportion in liquidation amount of the
Securities as would be entitled to direct the Property Trustee under the terms
of the 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 conclusively
relying on or acting in accordance with such instructions;

 

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

 

(xii)                             the Property Trustee shall not be liable for
any action taken, suffered, or omitted to be taken by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Declaration;

 

(xiii)                          the Property Trustee shall not be deemed to
have notice of any default or Event of Default unless a Responsible Officer of
the Property Trustee has actual knowledge thereof or unless written notice of
any event which is in fact such a default or Event 

 

21

 

of Default is received by
the Property Trustee at the Corporate Trust Office of the Property Trustee, and
such notice references the Preferred Securities and this Declaration; and

 

(xiv)                         in the event that direction from the Regular
Trustees is required hereunder, the Property Trustee, at its option, may make
application to the Regular Trustees for written instructions and any such
application shall set forth in writing any action proposed to be taken or
omitted by the Property Trustee under this Declaration and the date on and/or
after which such action shall be taken or such omission shall be effective. The
Property Trustee shall not be liable for any action taken by, or omission of,
the Property Trustee in accordance with a proposal included in such application
on or after the date specified in such application (which date shall not be
less than three Business Days after the date any Regular Trustee actually
receives such application, unless any such Regular Trustee shall have consented
in writing to any earlier date) unless prior to taking any such action (or the
effective date in the case of an omission), the Property Trustee shall have
received written instructions in response to such application providing the
directions required to be given hereunder.

 

(xv)                            In the event that the Property Trustee is
also acting as authenticating agent, Paying Agent, transfer agent or security
registrar, the rights, privileges, immunities, benefits and protections
afforded to the Property Trustee pursuant to this Article 3 shall also be
afforded to such authenticating agent, Paying Agent, transfer agent or security
registrar and to each agent, custodian and other Person employed to act
hereunder.

 

(b)                                 No provision of this Declaration shall be
deemed to impose any duty or obligation on the Property 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 Property 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 Property Trustee shall be construed to be a duty.

 

Section 3.11                            Delaware
Trustee  .  Notwithstanding any other provision of this Declaration other than Section 5.2,
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 Regular
Trustees, the Property Trustee or the Trustees generally (except as may be
required under the Statutory Trust Act) described in this Declaration. Except
as set forth in Section 5.2, the Delaware Trustee shall be a Trustee for
the sole and limited purpose of fulfilling the requirements of Section 3807(a) of
the Statutory Trust Act. No implied covenants or obligations shall be read into
this Declaration against the Delaware Trustee.

 

Section 3.12                            Execution
of Documents  .  Unless otherwise determined by the Regular
Trustees, and except as otherwise required by the Statutory Trust Act, any
Regular Trustee is authorized to execute on behalf of the Trust any documents
that the Regular Trustees have the power and authority to execute pursuant to Section 3.6;
PROVIDED THAT the registration statement referred to in Section 3.6(b)(i),
including any amendments thereto, shall, subject to Section 5.10, be
signed by all of the Regular Trustees.

 

22

 

Section 3.13                            Not
Responsible For Recitals or Issuance of Securities  .  The recitals contained in this Declaration and the Securities shall be
taken as the statements of the Sponsor, and the Trustees do not assume any
responsibility for their correctness. The Trustees make no representations as
to the value or condition of the property of the Trust or any part thereof.
The Trustees make no representations as to the validity or sufficiency of this
Declaration or the Securities.

 

Section 3.14                            Duration
of Trust.  The Trust, unless terminated pursuant to the provisions of Article VIII
hereof, shall have existence for                      
years from                              
       ,        .

 

Section 3.15                            Mergers.

 

(a)                                  The Trust may not consolidate,
amalgamate, merge with or into, or be replaced by, or convey, transfer or lease
its properties and assets as an entirety or substantially as an entirety to any
corporation or other body, except as described in Section 3.15(b) or
(c).

 

(b)                                 The Trust may, with the consent of the
Regular Trustees or, if there are more than two, a majority of the Regular
Trustees and without the consent of the Holders of the Securities, the Delaware
Trustee or the Property Trustee, consolidate, amalgamate, merge with or into,
or be replaced by a trust organized as such under the laws of any State;
PROVIDED that

 

(i)                                     if the Trust is not the Survivor, such
successor entity (the “Successor Entity”) either:

 

(A)                              expressly assumes all of the obligations of
the Trust under the Securities; or

 

(B)                                substitutes for the Preferred Securities
other securities having substantially the same terms as the Preferred
Securities (the “Successor Securities”) so long as the Successor Securities
rank the same as the Preferred Securities rank with respect to Distributions
and payments upon liquidation, redemption and otherwise;

 

(ii)                                  the Sponsor expressly acknowledges a trustee
of the Successor Entity that possesses the same powers and duties as the Property
Trustee as the record holder of the Debt Securities;

 

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

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

 

(v)                                 such merger, consolidation, amalgamation or
replacement does not adversely affect the rights, preferences and privileges of
the Holders of the Securities

 

23

 

(including any Successor
Securities) in any material respect (other than with respect to any dilution of
the Holders’ interest in the Successor Entity);

 

(vi)                              such Successor Entity has a purpose
substantially identical to that of the Trust;

 

(vii)                           prior to such merger, consolidation,
amalgamation or replacement, the Sponsor and the Property Trustee have received
an opinion of independent counsel to the Trust experienced in such matters to
the effect that:

 

(A)                              such merger, consolidation, amalgamation or
replacement does not adversely affect the rights, preferences and privileges of
the Holders of the Securities (including any Successor Securities) in any
material respect (other than with respect to any dilution of the Holders’
interest in the Successor Entity); and

 

(B)                                following such merger, consolidation,
amalgamation or replacement, neither the Trust nor the Successor Entity will be
required to register as an Investment Company; and

 

(C)                                following such merger, consolidation,
amalgamation or replacement, the Trust (or the Successor Entity) will be
classified as a grantor trust for United States federal income tax purposes;
and

 

(viii)                        the Sponsor guarantees the obligations of the
Successor Entity under the Successor Securities at least to the extent provided
by the Preferred Securities Guarantee.

 

(c)                                  Notwithstanding
Section 3.15(b), the Trust shall not, except with the consent of Holders
of 100% in liquidation amount of the Securities, consolidate, amalgamate, merge
with or into, or be replaced by any other entity or permit any other entity to
consolidate, amalgamate, merge with or into, or replace it, if such
consolidation, amalgamation, merger or replacement would cause the Trust or the
Successor Entity to be classified as other than a grantor trust for United States
federal income tax purposes.

ARTICLE IV

 

SPONSOR

 

Section 4.1                                   Sponsor’s
Purchase of Common Securities.  On the Closing Date, the Sponsor will
purchase all of the Common Securities issued by the Trust, in an amount at
least equal to 3% of the capital of the Trust (including for this purpose the
maximum amount of Preferred Securities, if any, that may be issued on the
Option Closing Date pursuant to the exercise of the over-allotment option set
forth in the Underwriting Agreement), at the same time as the Preferred Securities
are sold.

 

Section 4.2                                   Responsibilities
of the Sponsor.  In connection with the issue and sale of the
Preferred Securities, the Sponsor shall have the right and responsibility to
engage in the following activities:

 

24

 

(a)                                  prepare for filing by the Trust with the
Commission a registration statement on Form S-3 in relation to the
Securities, including any amendments thereto;

 

(b)                                 prepare for execution and filing by the Trust
of an application, prepared by the Sponsor, at such time as determined by the
Sponsor, to the New York Stock Exchange or any other national stock exchange
for listing, or quotation on an interdealer quotation system, of the Preferred
Securities;

 

(c)                                  prepare for execution and filing by the Trust
of documents or instruments to be delivered to The Depository Trust Company
relating to the Preferred Securities;

 

(d)                                 prepare for execution and filing by the Trust
of a registration statement on Form 8-A, including any amendments thereto,
prepared by the Sponsor relating to the registration of the Preferred
Securities under Section 12(b) of the Exchange Act;

 

(e)                                  determine the States in which to take
appropriate action to qualify or register for sale all or part of the
Preferred Securities and to do any and all such acts, other than actions which
must be taken by the Trust, and advise the Trust of actions it must take, and
prepare for execution and filing any documents to be executed and filed by the
Trust, as the Sponsor deems necessary or advisable in order to comply with the
applicable laws of any such States; and

 

(f)                                    negotiate the terms of, and execute and
deliver for and on behalf of the Trust, the Underwriting Agreement providing
for the sale of the Preferred Securities.

ARTICLE V

 

TRUSTEES

 

Section 5.1                                   Number
of Trustees; Appointment of Trustee.  The number of Trustees initially shall be
five (5), consisting of three (3) Regular Trustees, the Delaware Trustee
and the Property Trustee and:

 

(a)                                  at any time before the issuance of any Seurities,
the Sponsor may, by written instrument, increase or decrease the number of
Trustees; and

 

(b)                                 after the issuance of any Securities, the
number of Trustees may be increased or decreased by vote of the Holders of
a Majority in liquidation amount of the Common Securities voting as a class at
a meeting of the Holders of the Common Securities;

 

PROVIDED, HOWEVER, that the
number of Trustees shall in no event be less than two (2); PROVIDED FURTHER,
that (i) one Trustee, in the case of a natural person, shall be a person
who is a resident of the State of Delaware or that, if not a natural person, is
an entity which has its principal place of business in the State of Delaware
(the “Delaware Trustee”); (ii) there shall be at least one Trustee who is
an employee of, or is affiliated with, the Sponsor (a “Regular Trustee”); and (iii) one
Trustee shall be the Property Trustee, and such Trustee may also serve as
Delaware Trustee if it meets the applicable requirements.

 

25

 

Section 5.2                                   Delaware
Trustee.  If required by the Statutory Trust Act, one Trustee shall be:

 

(a)                                  a natural person who is a resident of the
State of Delaware; or

 

(b)                                 if not a natural person, an entity which has
its principal place of business in the State of Delaware, and otherwise meets
the requirements of applicable law;

 

PROVIDED THAT, if the
Property Trustee has its principal place of business in the State of Delaware
and otherwise meets the requirements of applicable law, then the Property
Trustee shall also be the Delaware Trustee and Sections 3.11 shall have no
application.

 

(c)                                  The Initial Delaware Trustee shall be: U.S.
Bank Trust National Association.

 

Section 5.3                                   Property
Trustee; Eligibility.

 

(a)                                  There shall at all times be one Trustee which
shall act as Property Trustee which shall:

 

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

 

(ii)                                  be a corporation organized and doing business
under the laws of the United States of America or any State or Territory
thereof or of the District of Columbia, or a corporation or Person permitted by
the Commission to act as an institutional trustee under the Trust Indenture
Act, authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least 50 million U.S. dollars ($50,000,000),
and subject to supervision or examination by federal, state, territorial or
District of Columbia authority. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the
supervising or examining authority referred to above, then for the purposes of
this Section 5.3(a)(ii), 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 Property Trustee shall
cease to be eligible to so act under Section 5.3(a), the Property Trustee
shall immediately resign in the manner and with the effect set forth in Section 5.6(c).

 

(c)                                  If the Property Trustee has or shall acquire
any “conflicting interest” within the meaning of Section 310(b) of
the Trust Indenture Act, the Property Trustee and the Holder of the Common
Securities (as if it were the obligor referred to in Section 310(b) of
the Trust Indenture Act) shall in all respects comply with the provisions of Section 310(b) of
the Trust Indenture Act.

 

(d)                                 The Preferred Securities Guarantee shall be
deemed to be specifically described in this Declaration for purposes of clause (i) of
the first provision contained in Section 310(b) of the Trust
Indenture Act.

 

26

 

(e)                                  The initial Property Trustee shall be: U.S.
Bank National Association.

 

Section 5.4                                   Certain
Qualifications of Regular Trustees And Delaware Trustee Generally.  Each Regular Trustee and the Delaware Trustee (unless the Property
Trustee also acts as Delaware 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
Authorized Officers.

 

Section 5.5                                   Regular
Trustees.

 

(a)                                  The initial Regular Trustees shall be [                                                                                          ], [                                                                                  ] and [                                                              ].

 

(b)                                 Except as expressly set forth in this
Declaration and except if a meeting of the Regular Trustees is called with
respect to any matter over which the Regular Trustees have power to act, any
power of the Regular Trustees may be exercised by, or with the consent of,
any one such Regular Trustee.

 

Section 5.6                                   Appointment,
Removal And Resignation of Trustees.

 

(a)                                  Subject to Section 5.6(b), Trustees may be
appointed or removed without cause at any time:

 

(i)                                     until the issuance of any Securities, by
written instrument executed by the Sponsor; and

 

(ii)                                  after the issuance of any Securities, by vote
of the Holders of a Majority in liquidation amount of the Common Securities voting
as a class at a meeting of the Holders of the Common Securities.

 

(b)                                 (i)                                     The Trustee that acts as Property Trustee
shall not be removed in accordance with Section 5.6(a) until a
Successor Property Trustee has been appointed and has accepted such appointment
by written instrument executed by such Successor Property Trustee and delivered
to the Regular Trustees and the Sponsor; 
and

 

(ii)                                  the Trustee that acts as Delaware Trustee
shall not be removed in accordance with Section 5.6(a) until a
successor Trustee possessing the qualifications to act as Delaware Trustee
under Sections 5.2 and 5.4 (a “Successor Delaware Trustee”) has been appointed
and has accepted such appointment by written instrument executed by such
Successor Delaware Trustee and delivered to the Regular Trustees and the
Sponsor.

 

(c)                                  A Trustee appointed to office shall hold
office until his successor shall have been appointed or until his death,
removal or resignation. Any Trustee may resign from office (without need
for prior or subsequent accounting) by an instrument in writing signed by the
Trustee and delivered to the Sponsor and the Trust, which resignation shall
take effect upon such delivery or upon such later date as is specified therein;
PROVIDED, HOWEVER, that:

 

27

 

(i)                                     No such resignation of the Trustee that acts
as the Property Trustee shall be effective:

 

(A)                              until a Successor Property Trustee has been
appointed and has accepted such appointment by instrument executed by such Successor
Property Trustee and delivered to the Trust, the Sponsor and the resigning
Property Trustee; or

 

(B)                                until the assets of the Trust have been
completely liquidated and the proceeds thereof distributed to the holders of
the Securities; and

 

(ii)                                  No such resignation of the Trustee that acts
as the Delaware Trustee shall be effective until a Successor Delaware Trustee
has been appointed and has accepted such appointment by instrument executed by
such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the
resigning Delaware Trustee.

 

(d)                                 The Holders of the Common Securities shall
use their best efforts to promptly appoint a Successor Delaware Trustee or
Successor Property Trustee as the case may be if the Property Trustee or
the Delaware Trustee delivers an instrument of resignation in accordance with
this Section 5.6.

 

(e)                                  If no Successor Property Trustee or Successor
Delaware Trustee shall have been appointed and accepted appointment as provided
in this Section 5.6 within 60 days after delivery of an instrument of
resignation or removal, the Property Trustee or Delaware Trustee resigning or
being removed, as applicable, at the expense of the Sponsor may petition
any court of competent jurisdiction for appointment of a Successor Property
Trustee or Successor Delaware Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper, appoint a
Successor Property Trustee or Successor Delaware Trustee, as the case may be.

 

(f)                                    No Property Trustee or Delaware Trustee shall
be liable for the acts or omissions to act of any Successor Property Trustee or
Successor Delaware Trustee, as the case may be.

 

Section 5.7                                   Vacancies
Among Trustees. If a Trustee ceases
to hold office for any reason and the number of Trustees is not reduced
pursuant to Section 5.1, or if the number of Trustees is increased
pursuant to Section 5.1, a vacancy shall occur. A resolution certifying
the existence of such vacancy by the Regular Trustees or, if there are more
than two, a majority of the Regular Trustees shall be conclusive evidence of
the existence of such vacancy. The vacancy shall be filled with a Trustee
appointed in accordance with Section 5.6.

 

Section 5.8                                   Effect
of Vacancies.
The death, resignation,
retirement, removal, bankruptcy, dissolution, liquidation, incompetence or
incapacity to perform the duties of a Trustee shall not operate to
dissolve, terminate or annul the Trust. Whenever a vacancy in the number of
Regular Trustees shall occur, until such vacancy is filled by the appointment
of a Regular Trustee in accordance with Section 5.6, the Regular Trustees
in office, regardless of their number, shall have all the powers granted to the
Regular Trustees and shall discharge all the duties imposed upon the Regular
Trustees by this Declaration.

 

28

 

Section 5.9                                   Meetings. If there is more than one Regular Trustee,
meetings of the Regular Trustees shall be held from time to time upon the call
of any Regular Trustee. Regular meetings of the Regular Trustees may be
held at a time and place fixed by resolution of the Regular Trustees. Notice of
any in-person meetings of the Regular Trustees shall be hand delivered or
otherwise delivered in writing (including by facsimile, with a hard copy by overnight
courier) not less than 48 hours before such meeting. Notice of any telephonic
meetings of the Regular Trustees or any committee thereof shall be hand
delivered or otherwise delivered in writing (including by facsimile, with a
hard copy by overnight courier) not less than 24 hours before a meeting.
Notices shall contain a brief statement of the time, place and anticipated
purposes of the meeting. The presence (whether in person or by telephone) of a
Regular Trustee at a meeting shall constitute a waiver of notice of such
meeting except where a Regular Trustee attends a meeting for the express
purpose of objecting to the transaction of any activity on the ground that the
meeting has not been lawfully called or convened. Unless provided otherwise in
this Declaration, any action of the Regular Trustees may be taken at a
meeting by vote of a majority of the Regular Trustees present (whether in
person or by telephone) and eligible to vote with respect to such matter,
provided that a Quorum is present, or without a meeting by the unanimous
written consent of the Regular Trustees. In the event there is only one Regular
Trustee, any and all action of such Regular Trustee shall be evidenced by a
written consent of such Regular Trustee.

 

Section 5.10                            Delegation
of Power. A Regular 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 purposes of executing any documents
contemplated in Section 3.6, including any registration statement or
amendment thereto filed with the Commission, or making any other governmental
filing.

 

The Regular Trustees shall
have power to delegate from time to time to such of their number or to officers
of the Trust the doing of such things and the execution of such instruments
either in the name of the Trust or the names of the Regular Trustees or
otherwise as the Regular Trustees may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of
the Trust, as set forth herein.

 

Section 5.11                            Merger,
Conversion, Consolidation or Succession to Business. Any Person into which the Property Trustee or
the Delaware Trustee, as the case may be, may be merged or converted
or with which either may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which the Property Trustee or the
Delaware Trustee, as the case may be, shall be a party, or any Person
succeeding to all or substantially all the corporate trust business of the
Property Trustee or the Delaware Trustee, as the case may be, shall be the
successor of the Property Trustee or the Delaware Trustee, as the case may be,
hereunder, provided such Person shall be otherwise qualified and eligible under
this Article, without the execution or filing of any paper or any further act
on the part of any of the parties hereto.

 

29

 

ARTICLE VI

DISTRIBUTIONS

 

Section 6.1            Distributions.
Holders of Securities shall receive Distributions (as defined herein) in
accordance with the applicable terms of the relevant Holder’s Securities.
Distributions shall be made on the Preferred Securities and the Common
Securities in accordance with the preferences set forth in their respective
terms. If and to the extent that the Debt Security Issuer makes a payment of
interest (including Compound Interest (as defined in the Indenture, if
applicable) and Additional Interest (as defined in the Indenture, if
applicable)), premium and/or principal on the Debt Securities held by the
Property Trustee (the amount of any such payment being a “Payment Amount”), the
Property Trustee shall and is directed, to the extent funds are available for
that purpose, to make a distribution (a “Distribution”) of the Payment Amount
to Holders.

 

ARTICLE VII

ISSUANCE OF
SECURITIES

 

Section 7.1            General
Provisions Regarding Securities. 

 

(a)           The Regular Trustees shall on behalf
of the Trust issue one class of Preferred Securities representing undivided
beneficial interests in the assets of the Trust having such terms as are set
forth in Annex I (the “Preferred Securities”) and one class of Common
Securities representing undivided beneficial interests in the assets of the
Trust having such terms as are set forth in Annex I (the “Common
Securities”). The Trust shall issue no securities or other interests in the
assets of the Trust other than the Preferred Securities and the Common Securities.
The issuance of the Preferred Securities and the Common Securities will not be
subject to any preemptive rights of any Person.

 

(b)           The consideration received by the
Trust for the issuance of the Securities shall constitute a contribution to the
capital of the Trust and shall not constitute a loan to the Trust.

 

(c)           Upon issuance of the Securities as
provided in this Declaration, the Securities so issued shall be deemed to be
validly issued, fully paid and (subject to Section 10.1) non-assessable.

 

(d)           Every Person, by virtue of having
become a Holder or a Preferred Security Beneficial Owner in accordance with the
terms of this Declaration, shall be deemed to have expressly assented and
agreed to the terms of, and shall be bound by, this Declaration and the
Preferred Securities Guarantee.

 

Section 7.2            Subordination
of Common Securities.
Payment of Distributions on, and the redemption price of the
Preferred Securities and Common Securities, as applicable, will be made Pro
Rata based on the liquidation amount of such Preferred Securities and Common
Securities. However, if on any date on which a Distribution is to be made, or
any Redemption 

 

30

 

Date, an Event of Default or an event of default under the Preferred
Securities Guarantee has occurred and is continuing, no payment of any
Distribution on, or Redemption Price of, any of the Common Securities, and no
other payment on account of the redemption, liquidation or other acquisition of
such Common Securities shall be made unless payment in full in cash of all
accumulated and unpaid Distributions on all the outstanding Preferred
Securities for all Distribution periods terminating on or prior thereto, or in
the case of payment of the Redemption Price the full amount of such Redemption
Price on all the outstanding Preferred Securities then called for redemption,
shall have been made or provided for, and all funds available to the Property
Trustee shall first be applied to the payment in full in cash of all
Distributions on, or the Redemption Price of, the Preferred Securities then due
and payable.

 

Section 7.3            Execution
And Authentication. 

 

(a)           The Certificates shall be signed on behalf of
the Trust by a Regular Trustee. In case any Regular Trustee of the Trust who
shall have signed any of the Securities shall cease to be such Regular Trustee
before the Certificates so signed shall be delivered by the Trust, such
Certificates nevertheless may be delivered as though the person who signed such
Certificates had not ceased to be such Regular Trustee; and any Certificate may
be signed on behalf of the Trust by such persons who, at the actual date of
execution of such Security, shall be the Regular Trustees of the Trust,
although at the date of the execution and delivery of the Declaration any such
person was not such a Regular Trustee.

 

(b)           One Regular Trustee shall sign the
Certificates for the Trust by manual or facsimile signature.

 

A Preferred
Security shall not be valid until authenticated by the manual signature of an
authorized signatory of the Property Trustee. The signature shall be conclusive
evidence that the Preferred Security has been authenticated under this
Declaration.

 

Upon a written
order of the Trust signed by one Regular Trustee, the Property Trustee shall
authenticate the Preferred Securities for original issue.

 

The Property
Trustee may appoint an authenticating agent acceptable to the Trust to
authenticate Preferred Securities. An authenticating agent may authenticate
Preferred Securities whenever the Property Trustee may do so. Each reference in
this Declaration to authentication by the Property Trustee includes
authentication by such agent. An authenticating agent has the same rights as
the Property Trustee to deal with the Trust, the Sponsor or an Affiliate.

 

Section 7.4            Form
And Dating. The
Preferred Securities and the Property Trustee’s certificate of authentication
shall be substantially in the form of Exhibit A-1 and the Common Securities
shall be substantially in the form of Exhibit A-2, each of which is hereby
incorporated in and expressly made a part of this Declaration. Certificates may
be printed, lithographed or engraved or may be produced in any other manner as
is reasonably acceptable to the Regular Trustees, as evidenced by their execution
thereof. The Securities may have letters, numbers, notations, other marks of
identification or designation or other changes or additions thereto or
deletions therefrom as may be required by ordinary usage, custom or practice
and such 

 

31

 

legends or endorsements required by law, stock exchange rule and
agreements to which the Trust is subject, if any (provided that any such
notation, legend or endorsement is in a form acceptable to the Trust). The Trust
at the direction of the Sponsor shall furnish any such legend not contained in
Exhibit A-1 to the Property Trustee in writing. Each Preferred Security
Certificate shall be dated the date of its authentication. The terms and
provisions of the Securities set forth in Annex I and the forms of Securities
set forth in Exhibits A-1 and A-2 are part of the terms of this Declaration
and, to the extent applicable, the Property Trustee and the Sponsor, by their
execution and delivery of this Declaration, expressly agree to such terms and
provisions and to be bound thereby.

 

Section 7.5            Paying
Agent. The Trust shall maintain in the Borough of
Manhattan, City of New York, State of New York, an office or agency where
Preferred Securities not held in book-entry only form may be presented for
payment (“Paying Agent”). Any such Paying Agent shall comply with Section
317(b) of the Trust Indenture Act. The Trust may appoint the Paying Agent and
may appoint one or more additional paying agents in such other locations as it
shall determine. The term “Paying Agent” includes any additional paying agent.
The Trust may change any Paying Agent without prior notice to any Holder. Any
Paying Agent may be removed by the Regular Trustees at any time and a successor
Paying Agent may be appointed at any time by the Regular Trustees. The Paying
Agent may resign upon 30 days written notice to the Regular Trustees. The Trust
shall notify the Property Trustee in writing of the name and address of any
Paying Agent not a party to this Declaration. If the Trust fails to appoint or
maintain another entity as Paying Agent, the Property Trustee shall act as
such. The Trust or any of its Affiliates may act as Paying Agent. The Property
Trustee shall initially act as Paying Agent for the Preferred Securities and
the Common Securities.

 

Section 7.6            Paying
Agent to Hold Money in Trust. The Trust shall
require each Paying Agent other than the Property Trustee to agree in writing
that the Paying Agent will hold in trust for the benefit of Holders or the Property
Trustee all money held by the Paying Agent for the payment of liquidation
amounts or Distributions, and will notify the Property Trustee if there are
insufficient funds for such purpose. While any such insufficiency continues,
the Property Trustee may require a Paying Agent to pay all money held by it to
the Property Trustee. The Trust at any time may require a Paying Agent to pay
all money held by it to the Property Trustee and to account for any money
disbursed by it. Upon payment over to the Property Trustee, the Paying Agent
(if other than the Trust or an Affiliate of the Trust) shall have no further
liability for the money. If the Trust or the Sponsor or an Affiliate of the
Trust or the Sponsor acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as
Paying Agent.

 

Section 7.7            Replacement
Securities. If a Holder claims that a Security
owned by it has been lost, destroyed or wrongfully taken or if such Security is
mutilated and is surrendered to the Trust or in the case of the Preferred
Securities to the Property Trustee, the Trust shall issue and the Property
Trustee shall, upon written order of the Trust, authenticate a replacement
Security if the Property Trustee’s and the Trust’s requirements, as the case
may be are met. An indemnity bond must be provided by the Holder which, in the
judgment of the Property Trustee and the Sponsor, is sufficient to protect the
Trustees, the Sponsor, the Trust or any authenticating agent from any loss
which any of them may suffer if a Security is replaced. The Trust may charge
such Holder for its expenses in replacing a Security.

 

32

 

Section 7.8            Outstanding
Preferred Securities. The Preferred Securities
outstanding at any time are all the Preferred Securities authenticated by the
Property Trustee except for those cancelled by it, those delivered to it for
cancellation, and those described in this Section as not outstanding.

 

If a Preferred
Security is replaced pursuant to Section 7.7 hereof, it ceases to be
outstanding unless the Property Trustee receives proof satisfactory to it that
the replaced Preferred Security is held by a bona fide
purchaser.

 

If Preferred
Securities are considered paid in accordance with the terms of this
Declaration, they cease to be outstanding and Distributions on them shall cease
to accumulate.

 

A Preferred
Security does not cease to be outstanding because one of the Trustee, the
Sponsor or an Affiliate of the Sponsor holds the Security.

 

Section 7.9            Cancellation.
The Trust at any time may deliver Preferred Securities to the Property Trustee
for cancellation. The Paying Agent shall forward to the Property Trustee any
Preferred Securities surrendered to it. The Property Trustee shall promptly
cancel all Preferred Securities surrendered and shall dispose of cancelled
Preferred Securities in accordance with its customary procedures unless the
Trust or otherwise directs. The Trust may not issue new Preferred Securities to
replace Preferred Securities that it has paid or that have been delivered to
the Property Trustee for cancellation.

 

ARTICLE VIII

 

DISSOLUTION
AND TERMINATION OF TRUST

 

Section 8.1            Dissolution
and Termination of Trust. 

 

(a)           The Trust shall dissolve:

 

(i)            upon the bankruptcy of the Sponsor
or the Holder of the Common Securities;

 

(ii)           upon the filing of a certificate of
dissolution or its equivalent with respect to the Sponsor or the Holder of the
Common Securities; or the revocation of the Sponsor’s charter or the charter of
the Holder of the Common Securities and the expiration of 90 days after the
date of revocation without a reinstatement thereof;

 

(iii)          upon the entry of a decree of judicial
dissolution of the Sponsor, the Trust or the Holder of the Common Securities;

 

(iv)          when all of the Securities shall have
been called for redemption and the amounts necessary for redemption thereof
shall have been paid to the Holders in accordance with the terms of the
Securities;

 

(v)           upon the occurrence and continuation
of a Special Event pursuant to which the Trust shall be dissolved in accordance
with the terms of the Securities 

 

33

 

following which, after satisfaction of liabilities to creditors of the
Trust as provided by applicable law (including, without limitation, by paying
or making reasonable provision to pay all claims and obligations of the Trust
in accordance with Section 3808(e) of the Statutory Trust Act), all of the Debt
Securities held by the Property Trustee shall be distributed to the Holders of
Securities in exchange for all of the Securities;

 

(vi)          upon the written direction to the
Property Trustee from the Debt Security Issuer at any time to dissolve the
Trust and, after satisfaction of liabilities to creditors of the Trust as
provided by applicable law (including, without limitation, by paying or making
reasonable provision to pay all claims and obligations of the Trust in
accordance with Section 3808(e) of the Statutory Trust Act), to distribute the
Debt Securities to Holders in exchange for the Securities within 90 days after
notice, subject to the Property Trustee’s and the Regular Trustees’ receipt of
an opinion of  independent counsel
experienced in such matters to the effect that the Holders of the Common
Securities and  Preferred Securities will
not recognize any income, gain or loss for United States federal income tax
purposes as a result of the dissolution of the Trust and such distribution to
Holders;

 

(vii)         the expiration of the term of the Trust
on                                     
       ,          ;

 

(viii)        before the issuance of any Securities,
with the consent of all of the Regular Trustees and the Sponsor; or

 

(ix)           with the consent of at least a
Majority in Liquidation Amount of Preferred Securities, voting together as a
single class;

 

provided that, if a claim has been made under
the Preferred Securities Guarantee, the Trust shall not dissolve until (x) such
claim has been satisfied and the proceeds therefrom have been distributed to
the Holders of the Preferred Securities or (y) the Debt Securities have been
distributed to the Holders pursuant to Section 8.2. hereof.

 

(b)           As soon as is practicable after the
occurrence of an event referred to in Section 8.1(a) and the liquidation of the
Trust, the Regular Trustees shall file a Certificate of Cancellation with the
Secretary of State of the State of Delaware in accordance with the Statutory
Trust Act.

 

(c)           The provisions of Sections 3.9 and
3.10 and Article X shall survive the termination of the Trust.

 

Section 8.2            Liquidation
Distribution upon Dissolution of the Trust.

 

(a)           In the event of any voluntary or
involuntary dissolution of the Trust (a “Liquidation”), the Holders of the
Securities on the date of the Liquidation will be entitled to receive out of
the assets of the Trust available for distribution to Holders of Securities
after satisfaction of liabilities to creditors of the Trust (including, without
limitation, by paying or making reasonable provision to pay all claims and obligations
of the Trust in accordance with Section 3808(e) of the Statutory Trust Act), an
amount equal to the Liquidation Amount of $      
per Security plus accumulated and unpaid Distributions thereon to the date of
payment 

 

34

 

(such amount being the “Liquidation Distribution”), unless, in
connection with such Liquidation after satisfaction of liabilities to creditors
of the Trust (including, without limitation, by paying or making reasonable
provision to pay all claims and obligations of the Trust in accordance with
Section 3808(e) of the Statutory Trust Act), Debt Securities in an aggregate
stated principal amount equal to the Liquidation Amount of such Securities,
with an interest rate equal to the Coupon Rate of, and bearing accumulated and
unpaid interest in an amount equal to the accumulated and unpaid Distributions
on, such Securities, shall have been distributed on a Pro Rata basis (subject
to Section 8.2(b) below) to the Holders of the Securities in exchange for such
Securities.

 

If, upon any
such Liquidation, the Liquidation Distribution can be paid only in part because
the Trust has insufficient assets available to pay in full the aggregate
Liquidation Distribution, then the amounts payable directly by the Trust on the
Securities shall be paid on a Pro Rata basis.

 

(b)           The Holders of the Common Securities
will be entitled to receive distributions upon any such Liquidation Pro Rata
with the Holders of the Preferred Securities except that upon the occurrence
and during the continuance of an Event of Default or an event of default under
the Preferred Securities Guarantee, the Preferred Securities shall have a
preference over the Common Securities with regard to such distributions.

 

ARTICLE IX

TRANSFER OF
INTERESTS

 

Section 9.1            Transfer
of Securities. 

 

(a)           Securities may only be transferred,
in whole or in part, in accordance with the terms and conditions set forth in
this Declaration and in the terms of the Securities. Any transfer or purported
transfer of any Security not made in accordance with this Declaration shall be
null and void.

 

(b)           Subject to this Article IX, Preferred
Securities shall be transferable.

 

(c)           Subject to this Article IX, the
Sponsor and any Related Party may only transfer Common Securities to the
Sponsor or a Related Party of the Sponsor; PROVIDED THAT, any such transfer
shall not violate the Securities Act and is subject to the condition precedent
that the transferor obtain the written opinion of independent counsel
experienced in such matters that such transfer would not cause more than an
insubstantial risk that:

 

(i)            the Trust would not be classified
for United States federal income tax purposes as a grantor trust; and

 

(ii)           the Trust would be an Investment
Company required to register under the Investment Company Act or the transferee
would become an Investment Company required to register under the Investment
Company Act.

 

35

 

(d)           Each Common Security that bears or is
required to bear the legend set forth in this Section 9.1(d) shall be subject
to the restrictions on transfer provided in the legend set forth in this
Section 9.1(d), unless such restrictions on transfer shall be waived by the
written consent of the Regular Trustees, and the Holder of each such Common
Security, by such security holder’s acceptance thereof, agrees to be bound by
such restrictions on transfer. As used in this Section 9.1(d), the term “transfer”
encompasses any sale, pledge, transfer or other disposition (by operation of
law or otherwise) of any such Common Security.

 

Any
certificate evidencing a Common Security shall bear a legend in substantially
the following form, unless otherwise agreed by the Regular Trustees (with
written notice thereof to the Property Trustee):

 

THE SECURITY
EVIDENCED HEREBY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
UNLESS SUCH OFFER AND SALE ARE REGISTERED UNDER OR ARE EXEMPT FROM REGISTRATION
UNDER THE SECURITIES ACT. THE TRANSFER OF THE SECURITY EVIDENCED HEREBY IS ALSO
SUBJECT TO THE RESTRICTIONS SET FORTH IN THE DECLARATION REFERRED TO BELOW.

 

Section 9.2            Transfer
of Certificates. The
Regular Trustees shall provide for the registration of Certificates and of
transfers of Certificates, which will be effected without charge, but only upon
payment in respect of any tax or other government charges that may be imposed
in relation to it. Upon surrender for registration of transfer of any
Certificate, the Regular Trustees shall cause one or more new Certificates to
be issued in the name of the designated transferee or transferees. Every
Certificate surrendered for registration of transfer shall be accompanied by a
written instrument of transfer in a form satisfactory to the Regular Trustees
duly executed by the Holder or such Holder’s attorney duly authorized in
writing. Each Certificate surrendered for registration of transfer shall be
canceled by the Regular Trustees. A transferee of a Certificate shall be
entitled to the rights and subject to the obligations of a Holder hereunder
upon the receipt by such transferee of a Certificate. By acceptance of a
Certificate, each transferee shall be deemed to have agreed to be bound by this
Declaration.

 

Section 9.3            Deemed
Security Holders. The
Trustees may treat the Person in whose name any Certificate shall be registered
on the books and records of the Trust as the sole holder of such Certificate
and of the Securities represented by such Certificate for purposes of receiving
Distributions and for all other purposes whatsoever and, accordingly, shall not
be bound to recognize any equitable or other claim to or interest in such
Certificate or in the Securities represented by such Certificate on the part of
any Person, whether or not the Trust shall have actual or other notice thereof.

 

Section 9.4            Book
Entry Interests. 

 

(a)           So long as Preferred Securities are
eligible for book-entry settlement with the Clearing Agency or unless otherwise
required by law, all Preferred Securities that are so eligible may be
represented by one or more fully registered Preferred Security Certificates
(each, a “Global Certificate”) in global form to be delivered to DTC, the
initial 

 

36

 

Clearing Agency, by, or on behalf of, the Trust. Such Global
Certificates shall initially be registered on the books and records of the
Trust in the name of Cede & Co., the nominee of DTC, and no Preferred
Security Beneficial Owner will receive a definitive Preferred Security
Certificate representing such Preferred Security Beneficial Owner’s interests
in such Global Certificates, except as provided in Section 9.7 below. The
transfer and exchange of beneficial interests in any such Security in global
form shall be effected through the Clearing Agency in accordance with this
Declaration and the procedures of the Clearing Agency therefor.

 

(b)           Except as provided below, beneficial
owners of a Preferred Security in global form shall not be entitled to have
certificates registered in their names, will not receive or be entitled to
receive physical delivery of certificates in definitive form and will not be
considered Holders of such Preferred Security in global form.

 

(c)           Any Global Certificate may be
endorsed with or have incorporated in the text thereof such legends or recitals
or changes not inconsistent with the provisions of this Declaration as may be
required by the Clearing Agency, by any national securities exchange or by the
National Association of Securities Dealers, Inc. as may be required to comply
with any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange or interdealer quotation system upon
which the Preferred Securities may be listed or traded or to conform with any
usage with respect thereto, or to indicate any special limitations or
restrictions to which any particular Preferred Securities are subject.

 

(d)           Unless and until definitive, fully
registered Preferred Security Certificates (the “Definitive Preferred Security
Certificates”) have been issued to the Preferred Security Beneficial Owners of
a Preferred Security in global form pursuant to Section 9.7:

 

(i)            the provisions of this Section 9.4
shall be in full force and effect with respect to such Preferred Securities;

 

(ii)           the Trust and the Trustees shall be
entitled to deal with the Clearing Agency for all purposes of this Declaration
(including the payment of Distributions on the Global Certificates and
receiving approvals, votes or consents hereunder) as the Holder of such  Preferred Securities and the sole holder of
the Global Certificates and shall have no obligation to the Preferred Security
Beneficial Owners of such Preferred Securities;

 

(iii)          to the extent that the provisions of
this Section 9.4 conflict with any other provisions of this Declaration, the
provisions of this Section 9.4 shall control; and

 

(iv)          the rights of the Preferred Security
Beneficial Owners of Preferred Securities in global form shall be exercised
only through the Clearing Agency and shall be limited to those established by
law and agreements between such Preferred Security Beneficial Owners and the
Clearing Agency and/or the Clearing Agency Participants. The Clearing Agency
will make book-entry transfers among Clearing Agency Participants and receive
and transmit payments of Distributions on the Global Certificates to such
Clearing Agency Participants. DTC will make book entry transfers among the
Clearing Agency Participants, PROVIDED, that solely for the purposes of
determining whether the Holders of the requisite amount of Preferred Securities
have voted on any matter provided for in this 

 

37

 

Declaration, so long as Definitive Preferred Security Certificates have
not been issued, the Trustees may conclusively rely on, and shall be protected
in relying on, any written instrument (including a proxy) delivered to the
Trustees by the Clearing Agency setting forth the Preferred Securities
Beneficial Owners’ votes or assigning the right to vote on any matter to any
other Persons either in whole or in part.

 

(e)           Notwithstanding any other provisions
of this Declaration (other than the provisions set forth in this Section
9.4(e)), a Preferred Security in global form may not be transferred as a whole
except by the Clearing Agency to a nominee of the Clearing Agency or by a
nominee of the Clearing Agency to the Clearing Agency or another nominee or by
the Clearing Agency or a nominee of the Clearing Agency to a successor Clearing
Agency or a nominee of such successor Clearing Agency.

 

Section 9.5            Notices
to Clearing Agency. Whenever
a notice or other communication to the Preferred Security Holders is required
under this Declaration, unless and until Definitive Preferred Security
Certificates shall have been issued to the Preferred Security Beneficial Owners
pursuant to Section 9.7, the Regular Trustees shall give all such notices and
communications specified herein to be given to the Preferred Security Holders
to the Clearing Agency, and shall have no notice obligations to the Preferred
Security Beneficial Owners.

 

Section 9.6            Appointment
of Successor Clearing Agency. If any Clearing Agency notifies the Trust that it is
unwilling or unable to continue its services as securities depositary with
respect to the Preferred Securities, if such Clearing Agency ceases to perform
such services, or if at any time such Clearing Agency ceases to be a clearing
agency registered as such under the Exchange Act when such Clearing Agency is
required to be so registered to act as such depositary, then the Regular
Trustees may, in their sole discretion, appoint a successor Clearing Agency
with respect to such Preferred Securities.

 

Section 9.7            Definitive
Preferred Security Certificates Under Certain Circumstances. 

 

If:

 

(a)           a Clearing Agency notifies the Trust
that it is unwilling or unable to continue its services as securities
depositary with respect to the Preferred Securities, or if at any time such
Clearing Agency ceases to be a clearing agency registered as such under the
Exchange Act when such Clearing Agency is required to be so registered to act
as such depositary and no successor Clearing Agency shall have been appointed
pursuant to Section 9.6 within 90 days of such notification;

 

(b)           the Regular Trustees (with the
consent of the Sponsor), in their sole discretion, determine that the Preferred
Securities in global form shall be exchanged for certificated  Preferred Securities; or

 

(c)           there shall have occurred and be
continuing an Event of Default; then:

 

38

 

(i)            Definitive Preferred Security
Certificates shall be prepared by the Regular Trustees on behalf of the Trust
with respect to such Preferred Securities; and

 

(ii)           upon surrender of the Global
Certificates by the Clearing Agency, accompanied by registration instructions,
the Regular Trustees shall cause Definitive Preferred Security Certificates to
be delivered to Preferred Security Beneficial Owners of such Preferred
Securities in accordance with the instructions of the Clearing Agency. Neither
the Trustees nor the Trust shall be liable for any delay in delivery of such
instructions and each of them may conclusively rely on and shall be protected
in relying on, said instructions of the Clearing Agency. The Definitive
Preferred Security Certificates shall be printed, lithographed or engraved or
may be produced in any other manner as is reasonably acceptable to the Regular
Trustees, as evidenced by their execution thereof, and may have such letters,
numbers or other marks of identification or designation and such legends or
endorsements as the Regular Trustees may deem appropriate, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which Preferred
Securities may be listed, or to conform to usage.

 

At such time
as all interests in a Preferred Security in global form have been redeemed,
exchanged, repurchased or canceled, such Preferred Security in global form
shall be, upon receipt thereof, canceled by the Trust in accordance with
standing procedures and instructions of the Clearing Agency.

 

Section 9.8            Mutilated,
Destroyed, Lost or Stolen Certificates .  If:

 

(a)           any mutilated Certificates should be
surrendered to the Regular Trustees, or if the Regular Trustees shall receive
evidence to their satisfaction of the destruction, loss or theft of any
Certificate; and

 

(b)           there shall be delivered to the
Property Trustee or the Regular Trustees such security or indemnity as may be
required by them to keep each of them harmless,

 

then in the
absence of notice that such Certificate shall have been acquired by a bona fide
purchaser, any Regular Trustee on behalf of the Trust shall execute and deliver,
in exchange for, or in lieu of, any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like denomination. In connection with the
issuance of any new Certificate under this Section 9.8, the Regular Trustees
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute conclusive
evidence of an ownership interest in the relevant Securities, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found
at any time.

 

39

 

ARTICLE X

LIMITATION
OF LIABILITY OF HOLDERS

OF
SECURITIES, TRUSTEES OR OTHERS

 

Section 10.1         Liability. 

 

(a)           Except as expressly set forth in this
Declaration, the Preferred Securities Guarantee and the terms of the
Securities, the Sponsor shall not be:

 

(i)            personally liable for the return of
any portion of the capital contributions (or any return thereon) of the Holders
of the Securities which shall be made solely from assets of the Trust; or

 

(ii)           required to pay to the Trust or to
any Holder of Securities any deficit upon dissolution of the Trust or
otherwise.

 

(b)           The Debt Security Issuer shall be
liable for all of the debts and obligations of the Trust (other than with
respect to the Securities) to the extent not satisfied out of the Trust’s
assets.

 

(c)           Pursuant to Section 3803(a) of the
Statutory Trust Act, the Holders of the Preferred Securities shall be entitled
to the same limitation of personal liability extended to stockholders of
private corporations for profit organized under the General Corporation Law of
the State of Delaware.

 

Section 10.2         Exculpation. 

 

(a)           No Indemnified Person shall be
liable, responsible or accountable in damages or otherwise to the Trust or any
Covered Person for any loss, damage or claim incurred by reason of any act or
omission performed or omitted by such Indemnified Person in good faith on behalf
of the Trust and in a manner such Indemnified Person reasonably believed to be
within the scope of the authority conferred on such Indemnified Person by this
Declaration or by law, except that an Indemnified Person shall be liable for
any such loss, damage or claim incurred by reason of such Indemnified Person’s
gross negligence (or, in the case of the Property Trustee, except as otherwise
set forth in Section 3.9) or willful misconduct with respect to such acts or
omissions.

 

(b)           An Indemnified Person shall be fully
protected in relying in good faith upon the records of the Trust and upon such
information, opinions, reports or statements presented to the Trust by any
Person as to matters the Indemnified Person reasonably believes are within such
other Person’s professional or expert competence and who has been selected with
reasonable care by or on behalf of the Trust, including information, opinions,
reports or statements as to the value and amount of the assets, liabilities,
profits, losses, or any other facts pertinent to the existence and amount of
assets from which Distributions to Holders of Securities might properly be
paid.

 

40

 

Section 10.3         Fiduciary
Duty. 

 

(a)           To the extent that, at law or in
equity, an Indemnified Person has duties (including fiduciary duties) and
liabilities relating thereto to the Trust or to any other Covered Person, an
Indemnified Person acting under this Declaration shall not be liable to the
Trust or to any other Covered Person for its good faith reliance on the
provisions of this Declaration. The provisions of this Declaration, to the
extent that they restrict the duties and liabilities of an Indemnified Person
otherwise existing at law or in equity (other than the duties imposed on the
Property Trustee under the Trust Indenture Act), are agreed by the parties
hereto to replace such other duties and liabilities of such Indemnified Person.

 

(b)           Unless otherwise expressly provided
herein:

 

(i)            whenever a conflict of interest
exists or arises between any Covered Persons; or

 

(ii)           whenever this Declaration or any
other agreement contemplated herein or therein provides that an Indemnified
Person shall act in a manner that is, or provides terms that are, fair and
reasonable to the Trust or any Holder of Securities,

 

the
Indemnified Person shall resolve such conflict of interest, take such action or
provide such terms, considering in each case the relative interest of each
party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any
customary or accepted industry practices, and any applicable generally accepted
accounting practices or principles. In the absence of bad faith by the
Indemnified Person, the resolution, action or term so made, taken or provided
by the Indemnified Person shall not constitute a breach of this Declaration or
any other agreement contemplated herein or of any duty or obligation of the
Indemnified Person at law or in equity or otherwise.

 

(c)           Whenever in this Declaration an
Indemnified Person is permitted or required to make a decision:

 

(i)            in its “discretion” or under a grant
of similar authority, the Indemnified Person shall be entitled to consider such
interests and factors as it desires, including its own interests, and shall
have no duty or obligation to give any consideration to any interest of or
factors affecting the Trust or any other Person; or

 

(ii)           in its “good faith” or under another
express standard, the Indemnified Person shall act under such express standard
and shall not be subject to any other or different standard imposed by this
Declaration or by applicable law.

 

Section 10.4         Indemnification. 

 

(a)           (1) 
The Debt Security Issuer shall indemnify, to the fullest extent
permitted by law, any Company Indemnified Person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the Trust) by reason of the fact
that he is or was a Company Indemnified Person against expenses (including 

 

41

 

attorneys’ fees), judgments, fines and amounts paid in settlement actually
and reasonably incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Trust, and, with respect to
any criminal action or proceeding, had no reasonable cause to believe his
conduct was unlawful. The termination of any action, suit or proceeding by
judgment, order, settlement, conviction, or upon a plea of NOLO CONTENDERE or
its equivalent, shall not, of itself, create a presumption that the Company
Indemnified Person did not act in good faith and in a manner which he
reasonably believed to be in or not opposed to the best interests of the Trust,
and, with respect to any criminal action or proceeding, had no reasonable cause
to believe that his conduct was unlawful.

 

(i)            The Debt Security Issuer shall
indemnify, to the fullest extent permitted by law, any Company Indemnified
Person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the Trust
to procure a judgment in its favor by reason of the fact that he is or was a
Company Indemnified Person against expenses (including attorneys’ fees)
actually and reasonably incurred by him in connection with the defense or
settlement of such action or suit if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Trust
and except that no such indemnification shall be made in respect of any claim,
issue or matter as to which such Company Indemnified Person shall have been
adjudged to be liable to the Trust unless and only to the extent that the Court
of Chancery of Delaware or the court in which such action or suit was brought
shall determine upon application that, despite the adjudication of liability
but in view of all the circumstances of the case, such person is fairly and
reasonably entitled to indemnity for such expenses which such Court of Chancery
or such other court shall deem proper.

 

(ii)           Any indemnification under paragraphs
(i) and (ii) of this Section 10.4(a) (unless ordered by a court) shall be made
by the Debt Security Issuer only as authorized in the specific case upon a
determination that indemnification of the Company Indemnified Person is proper
in the circumstances because he has met the applicable standard of conduct set
forth in paragraphs (i) or (ii). Such determination shall be made (1) by the
Regular Trustees by a majority vote of a quorum consisting of such Regular
Trustees who were not parties to such action, suit or proceeding, (2) if such a
quorum is not obtainable, or, even if obtainable, if a quorum of disinterested
Regular Trustees so directs, by independent legal counsel in a written opinion,
or (3) by the Common Security Holder of the Trust.

 

(iii)          Expenses (including attorneys’ fees)
incurred by a Company Indemnified Person in defending a civil, criminal,
administrative or investigative action, suit or proceeding referred to in
paragraphs (i) and (ii) of this Section 10.4(a) shall be paid by the Debt
Security Issuer in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such Company
Indemnified Person to repay such amount if it shall ultimately be determined that
he is not entitled to be indemnified by the Debt Security Issuer as authorized
in this Section 10.4(a). Notwithstanding the foregoing, no advance shall be
made by the Debt Security Issuer if a determination is reasonably and promptly
made (i) by the Regular Trustees by a majority vote of a quorum of
disinterested Regular Trustees, (ii) if such a quorum is not obtainable, or,
even if obtainable, if a quorum of disinterested Regular Trustees so directs,
by independent legal counsel in a written opinion or 

 

42

 

(iii) by the Common Security Holder of the Trust, that, based upon the
facts known to the Regular Trustees, counsel or the Common Security Holder at
the time such determination is made, such Company Indemnified Person acted in
bad faith or in a manner that such person did not believe to be in or not
opposed to the best interests of the Trust, or, with respect to any criminal
proceeding, that such Company Indemnified Person believed or had reasonable cause
to believe his conduct was unlawful. In no event shall any advance be made in
instances where the Regular Trustees, independent legal counsel or Common
Security Holder reasonably determine that such person deliberately breached his
duty to the Trust or its Common or Preferred Security Holders.

 

(iv)          The indemnification and advancement of
expenses provided by, or granted pursuant to, the other paragraphs of this
Section 10.4(a) shall not be deemed exclusive of any other rights to which
those seeking indemnification and advancement of expenses may be entitled under
any agreement, vote of shareholders or disinterested directors of the Debt
Security Issuer or Preferred Security Holders of the Trust or otherwise, both
as to action in his official capacity and as to action in another capacity
while holding such office. All rights to indemnification under this Section
10.4(a) shall be deemed to be provided by a contract between the Debt Security
Issuer and each Company Indemnified Person who serves in such capacity at any
time while this Section 10.4(a) is in effect. Any repeal or modification of
this Section 10.4(a) shall not affect any rights or obligations then existing.

 

(v)           The Debt Security Issuer or the Trust
may purchase and maintain insurance on behalf of any person who is or was a
Company Indemnified Person against any liability asserted against him and
incurred by him in any such capacity, or arising out of his status as such,
whether or not the Debt Security Issuer would have the power to indemnify him
against such liability under the provisions of this Section 10.4(a).

 

(vi)          For purposes of this Section 10.4(a),
references to “the Trust” shall include, in addition to the resulting or
surviving entity, any constituent entity (including any constituent of a
constituent) absorbed in a consolidation or merger, so that any person who is
or was a director, trustee, officer or employee of such constituent entity, or
is or was serving at the request of such constituent entity as a director,
trustee, officer, employee or agent of another entity, shall stand in the same
position under the provisions of this Section 10.4(a) with respect to the
resulting or surviving entity as he would have with respect to such constituent
entity if its separate existence had continued.

 

(vii)         The indemnification and advancement of
expenses provided by, or granted pursuant to, this Section 10.4(a) shall,
unless otherwise provided when authorized or ratified, continue as to a person
who has ceased to be a Company Indemnified Person and shall inure to the
benefit of the heirs, executors and administrators of such a person.

 

(b)           The Debt Security Issuer agrees to
indemnify the (i) Property Trustee, (ii) the Delaware Trustee, (iii) any
Affiliate of the Property Trustee or the Delaware Trustee, and (iv) any
officers, directors, shareholders, members, partners, employees,
representatives, custodians, nominees or agents of the Property Trustee or the
Delaware Trustee (each of the Persons in (i) through (iv) being referred to as
a “Fiduciary Indemnified Person”) for, and to hold each Fiduciary Indemnified
Person harmless against, any loss, liability or 

 

43

 

expense incurred without negligence or bad faith on its part, arising
out of or in connection with the acceptance or administration or the trust or
trusts hereunder, including the costs and expenses (including reasonable legal
fees and expenses) of defending itself against or investigating any claim or
liability in connection with the exercise or performance of any of its powers
or duties hereunder. The provisions of this Section 10.4(b) shall survive the
satisfaction and discharge of this Declaration or the resignation or removal of
the Property Trustee or the Delaware Trustee, as the case may be.

 

Section 10.5         Outside
Business. Any
Covered Person, the Sponsor, the Delaware Trustee and the Property 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 Trust, and the Trust and the Holders of Securities shall have
no rights by virtue of this Declaration 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 Trust, shall not be deemed
wrongful or improper. No Covered Person, the Sponsor, the Delaware Trustee nor
the Property Trustee shall be obligated to present any particular investment or
other opportunity to the Trust even if such opportunity is of a character that,
if presented to the Trust, could be taken by the Trust, and any Covered Person
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 Covered Person, the Delaware Trustee and the Property Trustee
may engage or be interested in any financial or other transaction with the
Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee
or agent for, or act on any committee or body of holders of, securities or
other obligations of the Sponsor or its Affiliates.

 

Section 10.6         Compensation;
Fees.

 

The Debt
Security Issuer agrees:

 

(a)           To pay to the Trustees from time to
time such compensation for all services rendered by them hereunder as the
parties shall agree in writing 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); and

 

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

 

The provisions
of this Section 10.6 shall survive the dissolution of the Trust and the
termination of this Declaration and the removal or resignation of any Trustee.

 

No Trustee may
claim any lien or charge on any property of the Trust as a result of any amount
due pursuant to this Section 10.6.

 

44

 

ARTICLE XI

ACCOUNTING

 

Section 11.1         Fiscal
Year. The
fiscal year (“Fiscal Year”) of the Trust shall be the same as the fiscal year
of the Sponsor, unless another fiscal year is required by the Code or Treasury
regulations promulgated thereunder.

 

Section 11.2         Certain
Accounting Matters. 

 

(a)           At all times during the existence of
the Trust, the Regular Trustees shall keep, or cause to be kept, full books of
account, records and supporting documents, which shall reflect in detail, each
transaction of the Trust. The books of account shall be maintained on the
accrual method of accounting, in compliance with generally accepted accounting
principles, consistently applied. The Trust shall use the accrual method of
accounting for the United States federal income tax purposes. The books of
account and the records of the Trust shall be examined by and reported upon as
of the end of each Fiscal Year of the Trust by a firm of independent certified
public accountants selected by the Regular Trustees.

 

(b)           The Sponsor shall cause to be
prepared and delivered to each of the Holders of Securities, within 90 days
after the end of each Fiscal Year of the Sponsor, annual financial statements
of the Sponsor, including a balance sheet of the Sponsor as of the end of such
Fiscal Year, and the related statements of income or loss.

 

(c)           The Regular Trustees shall cause to
be duly prepared and delivered to each of the Holders of Securities, any annual
United States federal income tax information statement, required by the Code,
containing such information with regard to the Securities held by each Holder
as is required by the Code and the Treasury Regulations. Notwithstanding any
right under the Code to deliver any such statement at a later date, the Regular
Trustees shall endeavor to deliver all such statements within 30 days after the
end of each Fiscal Year of the Trust.

 

(d)           The Regular Trustees shall cause to
be duly prepared and filed with the appropriate taxing authority, an annual
United States federal income tax return, on a Form 1041 or such other form
required by United States federal income tax law, and any other annual income
tax returns required to be filed by the Regular Trustees on behalf of the Trust
with any state or local taxing authority.

 

Section 11.3         Banking. The Trust shall maintain
one or more bank accounts in the name and for the sole benefit of the Trust;
PROVIDED, HOWEVER, that all payments of funds in respect of the Debt Securities
held by the Property Trustee shall be made directly to the Property Trustee
Account and no other funds of the Trust shall be deposited in the Property
Trustee Account. The sole signatories for such accounts shall be designated by
the Regular Trustees; PROVIDED, HOWEVER, that the Property Trustee shall
designate the signatories for the Property Trustee Account.

 

45

 

Section 11.4         Withholding. The Trust and the Regular
Trustees shall comply with all withholding requirements under United States
federal, state and local law. The Trust shall request, and the Holders shall
provide to the Trust, such forms or certificates as are necessary to establish
an exemption from withholding with respect to each Holder, and any
representations and forms as shall reasonably be requested by the Trust to
assist it in determining the extent of, and in fulfilling, its withholding
obligations. The Regular Trustees shall file required forms with applicable
jurisdictions and, unless an exemption from withholding is properly established
by a Holder, shall remit amounts withheld with respect to the Holder to
applicable jurisdictions. To the extent that the Trust is required to withhold
and pay over any amounts to any authority with respect to distributions or
allocations to any Holder, the amount withheld shall be deemed to be a
distribution in the amount of the withholding to the Holder. In the event of
any claimed over-withholding, Holders shall be limited to an action against the
applicable jurisdiction. If the amount required to be withheld was not withheld
from actual Distributions made, the Trust may reduce subsequent Distributions
by the amount of such withholding. Furthermore, if withholding is imposed on
payments of interest on the Debt Securities, to the extent such withholding is
attributable to ownership by a specific Holder of Preferred Securities, the
amount withheld shall be deemed a distribution in the amount of the withholding
to such specific Holder.

 

ARTICLE XII

AMENDMENTS
AND MEETINGS

 

Section 12.1         Amendments. Except as otherwise provided
in this Declaration or by any applicable terms of the Securities,

 

(a)           this Declaration may only be amended
by a written instrument approved and executed by the Regular Trustees (or, if
there are more than two Regular Trustees a majority of the Regular Trustees)
and:

 

(i)            if the amendment affects the rights,
powers, duties, obligations or immunities of the Property Trustee, also by the
Property Trustee; and

 

(ii)           if the amendment affects the rights,
powers, duties, obligations or immunities of the Delaware Trustee, also by the
Delaware Trustee;

 

(b)           no amendment shall be made, and any
such purported amendment shall be void and ineffective:

 

(i)            unless, in the case of any proposed
amendment, the Property Trustee and the Delaware Trustee shall have first
received an Officers’ Certificate from each of the Trust and the Sponsor that
such amendment is permitted by, and conforms to, the terms of this Declaration
(including the terms of the Securities);

 

(ii)           unless, in the case of any proposed
amendment which affects the rights, powers, duties, obligations or immunities
of the Property Trustee, the Property Trustee shall have first received an
opinion of counsel (who may be counsel to the Sponsor or 

 

46

 

the Trust) that such amendment is permitted by, and conforms to, the
terms of this Declaration (including the terms of the Securities); and

 

(iii)          to the extent the result of such
amendment would be to:

 

(A)          cause the Trust to fail to continue to
be classified for purposes of United States federal income taxation as a
grantor trust;

 

(B)           reduce or otherwise adversely affect
the powers of the Property Trustee, unless approved by the Property Trustee; or

 

(C)           cause the Trust to be deemed to be an
Investment Company required to be registered under the Investment Company Act;

 

(c)           at such time after the Trust has
issued any Securities that remain outstanding, any amendment that would (i)
adversely affect the powers, preferences or special rights of the Securities whether
by way of amendment to this Declaration or otherwise or (ii) provide for the
dissolution, winding up or termination of the Trust other than pursuant to the
terms of this Declaration, may be effected only with the approval of the
Holders of at least a Majority in liquidation amount of the Securities affected
thereby; provided, that if any
amendment or proposal referred to in clause (i) hereof would adversely affect
only the Preferred Securities or the Common Securities, then only the affected
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 a Majority in
liquidation amount of such class of Securities;

 

(d)           Section 9.1(c), Section 10.1(c) and
this Section 12.1 shall not be amended without the consent of all of the
Holders of the Securities;

 

(e)           Article IV shall not be amended
without the consent of the Holders of a Majority in liquidation amount of the
Common Securities;

 

(f)            the rights of the holders of the Common
Securities under Article V to increase or decrease the number of, and appoint
and remove Trustees shall not be amended without the consent of the Holders of
a Majority in liquidation amount of the Common Securities;

 

(g)           notwithstanding Section 12.1(c), this
Declaration may be amended from time to time by the Holders of a Majority in
liquidation amount of the Common Securities and the Property Trustee, without
the consent of the Holders of the Preferred Securities to:

 

(i)            cure any ambiguity, correct or
supplement any provision in this Declaration that may be defective or
inconsistent with any other provision, or to make any other provisions with
respect to matters or questions arising under this Declaration, which shall not
be inconsistent with the other provisions of this Declaration;

 

(ii)           add to the covenants, restrictions or
obligations of the Sponsor; or

 

47

 

(iii)          to modify, eliminate or add to any
provisions of this Declaration to such extent as shall be necessary to ensure
that the Trust will be classified for United States federal income tax purposes
as a grantor trust at all times that any Securities are outstanding or to
ensure that the Trust will not be an Investment Company required to register under
the Investment Company Act;

 

PROVIDED,
HOWEVER, such action specified in this Section 12.1(g) shall not adversely
affect in any material respect the interests of any Holder of Securities; and

 

(h)           this Declaration may be amended by
the Holders of a Majority in liquidation amount of the Common Securities and
the Property Trustee if:

 

(i)            the Holders of a Majority in
liquidation amount of the Preferred Securities consent to such amendment; and

 

(ii)           the Property Trustee and the Regular
Trustees have received an opinion of 
independent counsel experienced in such matters to the effect that such
amendment or the exercise of any power granted to the Regular Trustees in
accordance with such amendment will not affect the Trust’s status as a grantor
trust for United States federal income tax purposes or the Trust’s exemption
from status as an Investment Company required to register under the Investment
Company Act,

 

PROVIDED, that
without the consent of each Holder of Securities, this Declaration may not be
amended to: (x) change the amount or timing of any Distribution on the
Securities or otherwise adversely affect the amount of any Distribution
required to be made in respect of the Securities as of a specified date;
or (y) restrict the right of a Holder of Securities to institute suit for
the enforcement of any such payment on or after such date.

 

(i)            Any amendments of this Declaration
shall become effective when notice thereof is given to Holders of Securities.

 

Section 12.2         Meetings
of the Holders of Securities; Action by Written Consent. 

 

(a)           Meetings of the Holders of any class
of Securities may be called at any time by the Regular Trustees (or as provided in the terms of the
Securities) to consider and act on any matter on which Holders of such class of
Securities are entitled to act under the terms of this Declaration, the terms
of the Securities or the rules of any stock exchange on which the Preferred
Securities are listed or admitted for trading. The Regular Trustees shall call
a meeting of the Holders of such class if directed to do so by the Holders of
at least 25% in liquidation amount of such class of Securities. Such direction
shall be given by delivering to the Regular Trustees one or more notices in a
writing stating that the signing Holders of Securities wish to call a meeting
and indicating the general or specific purpose for which the meeting is to be
called. Any Holders of Securities calling a meeting shall specify in writing
the Security Certificates held by the Holders of Securities exercising the
right to call a meeting and only those Securities specified shall be counted
for purposes of determining whether the required percentage set
forth in the second sentence of this paragraph has been met.

 

48

 

(b)           Except to the extent otherwise
provided in the terms of the Securities, the following provisions shall apply
to meetings of Holders of Securities:

 

(i)            notice of any such meeting shall be
given to all the Holders of Securities having a right to vote thereat at least
7 days and not more than 60 days before the date of such meeting. Each such
notice will include a statement setting forth the following information:  (i) the date of such meeting or the date by
which such action is to be taken; (ii) a description of any resolution proposed
for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought; and (iii) instructions of the
delivery of proxies or consents. Whenever a vote, consent or approval of the
Holders of Securities is permitted or required under this Declaration or the
rules of any stock exchange on which the Preferred Securities are listed or
admitted for trading, such vote, consent or approval may be given at a meeting
of the Holders of Securities. Any action that may be taken at a meeting of the
Holders of Securities may be taken without a meeting if a consent in writing
setting forth the action so taken is signed by the Holders of Securities owning
not less than the minimum amount of Securities in liquidation amount that would
be necessary to authorize or take such action at a meeting at which all Holders
of Securities having a right to vote thereon were present and voting. Prompt
notice of the taking of action without a meeting shall be given to the Holders
of Securities entitled to vote who have not consented in writing. The Regular
Trustees may specify that any written ballot submitted to the Security Holder
for the purpose of taking any action without a meeting shall be returned to the
Trust within the time specified by the Regular Trustees;

 

(ii)           each Holder of a Security may
authorize any Person to act for it by proxy on all matters in which a Holder of
Securities is entitled to participate, including waiving notice of any meeting,
or voting or participating at a meeting. No proxy shall be valid after the
expiration of 11 months from the date thereof unless otherwise provided in the
proxy. Every proxy shall be revocable at the pleasure of the Holder of
Securities executing it. Except as otherwise provided herein, all matters
relating to the giving, voting or validity of proxies shall be governed by the
General Corporation Law of the State of Delaware relating to proxies, and
judicial interpretations thereunder, as if the Trust were a Delaware
corporation and the Holders of the Securities were stockholders of a Delaware
corporation;

 

(iii)          each meeting of the Holders of the
Securities shall be conducted by the Regular Trustees or by such other Person
that the Regular Trustees may designate;

 

(iv)          unless the Statutory Trust Act, this
Declaration, the terms of the Securities, the Trust Indenture Act or the
listing rules of any stock exchange on which the Preferred Securities are then
listed or trading, otherwise provides, the Regular Trustees, in their sole
discretion, shall establish all other provisions relating to meetings of
Holders of Securities, including notice of the time, place or purpose of any
meeting at which any matter is to be voted on by any Holders of Securities, waiver
of any such notice, action by consent without a meeting, the establishment of a
record date, quorum requirements, voting in person or by proxy or any other
matter with respect to the exercise of any such right to vote; and

 

49

 

(v)           any Preferred Securities that are
owned by the Debt Security Issuer or any entity directly or indirectly
controlling or controlled by, or under direct or indirect common control with,
the Debt Security Issuer shall not be entitled to vote or consent and shall,
for purposes of any vote or consent, be treated as if such Preferred Securities
were not issued and outstanding.

 

ARTICLE XIII

REPRESENTATIONS
OF PROPERTY

TRUSTEE AND
DELAWARE TRUSTEE

 

Section 13.1         Representations
and Warranties of Property Trustee. The Trustee that acts as initial Property Trustee
represents and warrants to the Trust and to the Sponsor at the date of this
Declaration, and each Successor Property Trustee represents and warrants, as
applicable, to the Trust and the Sponsor at the time of the Successor Property
Trustee’s acceptance of its appointment as Property Trustee that:

 

(a)           the Property Trustee is U.S. Bank
National Association, a national banking association with trust powers, duly
organized, validly existing and in good standing, with trust power and
authority to execute and deliver, and to carry out and perform its obligations
under the terms of, this Declaration;

 

(b)           the execution, delivery and
performance by the Property Trustee of this Declaration has been duly
authorized by all necessary corporate action on the part of the Property
Trustee. This Declaration has been duly executed and delivered by the Property
Trustee, and it constitutes a legal, valid and binding obligation of the
Property Trustee, enforceable against it in accordance with its terms, subject
to applicable bankruptcy, reorganization, moratorium, insolvency, and other
similar laws affecting creditors’ rights generally and to general principles of
equity and the discretion of the court (regardless of whether the enforcement
of such remedies is considered in a proceeding in equity or at law);

 

(c)           the execution, delivery and
performance of this Declaration by the Property Trustee does not conflict with
or constitute a breach of the charter or by-laws of the Property Trustee; and

 

(d)           no consent, approval or authorization
of, or registration with or notice to, any state or federal banking authority
is required for the execution, delivery or performance by the Property Trustee,
of this Declaration.

 

Section 13.2         Representations
and Warranties of Delaware Trustee. The Trustee that acts as initial Delaware Trustee
represents and warrants to the Trust and to the Sponsor at the date of this
Declaration, and each Successor Delaware Trustee represents and warrants to the
Trust and the Sponsor at the time of the Successor Delaware Trustee’s
acceptance of its appointment as Delaware Trustee that:

 

50

 

(a)           the Delaware Trustee is a national
banking association, duly organized, validly existing and in good standing,
with corporate power and authority to execute and deliver, and to carry out and
perform its obligations under the terms of, this Declaration;

 

(b)           the execution, delivery and
performance by the Delaware Trustee of this Declaration has been duly
authorized by all necessary corporate action on the part of the Delaware
Trustee. This Declaration has been duly executed and delivered by the Delaware
Trustee, and it constitutes a legal, valid and binding obligation of the
Delaware Trustee, enforceable against it in accordance with its terms, subject
to applicable bankruptcy, reorganization, moratorium, insolvency, and other
similar laws affecting creditors’ rights generally and to general principles of
equity and the discretion of the court (regardless of whether the enforcement
of such remedies is considered in a proceeding in equity or at law);

 

(c)           no consent, approval or authorization
of, or registration with or notice to, any Delaware or federal banking
authority is required for the execution, delivery or performance by the
Delaware Trustee, of the Declaration;

 

(d)           the Delaware Trustee is a natural
person who is a resident of the State of Delaware or, if not a natural person,
an entity which has its principal place of business in the State of Delaware;
and

 

(e)           the execution, delivery and
performance of this Declaration by the Delaware Trustee does not conflict with,
or constitute a breach of, the certificate of incorporation or the by-laws of the
Delaware Trustee.

 

ARTICLE XIV

MISCELLANEOUS

 

Section 14.1         Notices. All notices provided for
in this Declaration shall be in writing, duly signed by the party giving such
notice, and shall be delivered, telecopied or mailed by first class mail, as
follows:

 

(a)           if given to the Trust, in care of the
Regular Trustees at the Trust’s mailing address set forth below (or such other
address as the Trust may give notice of to the Property Trustee, the Delaware
Trustee and the Holders of the Securities):

 

Ameriprise Capital
Trust       

c/o Ameriprise
Financial, Inc.

55 Ameriprise
Financial Center

Minneapolis,
Minnesota 55474

Attention:  General Counsel

 

(b)           if given to the Delaware Trustee, at
the mailing address set forth below (or such other address as Delaware Trustee
may give notice of to the Holders of the Securities):

 

51

 

DELAWARE
TRUSTEE

 

U.S. Bank Trust
National Association

300 Delaware
Avenue 

Wilmington, DE 19801 

Attention: Corporate Trust Administration

 

(c)           if given to the Property Trustee, at
its Corporate Trust Office’s mailing address set forth below (or such other
address as the Property Trustee may give notice of to the Holders of the
Securities).

 

PROPERTY
TRUSTEE

 

U.S. Bank
National Association

300 Delaware
Avenue 

Wilmington, DE 19801 

Attention: Corporate Trust Administration

 

(d)           if given to the Holder of the Common
Securities, at the mailing address of the Sponsor set forth below (or such
other address as the Holder of the Common Securities may give notice to the
Trust):

 

Ameriprise
Financial, Inc.

55 Ameriprise
Financial Center

Minneapolis,
Minnesota 55474

Attention:  General Counsel

 

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

 

With respect
to the Trust, the Delaware Trustee, the Property Trustee and the Holder of the
Common Securities, all notices shall be deemed to have been given when received.
With respect to any other Holder, all notices shall be deemed to have been
given when mailed by first class mail, postage prepaid.

 

Section 14.2         Governing
Law. THIS DECLARATION AND THE RIGHTS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY
SUCH LAWS WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS OF THE STATE OF
DELAWARE OR ANY OTHER JURISDICTION THAT WOULD CALL FOR THE APPLICATION OF THE
LAW OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE; PROVIDED, HOWEVER,
THAT THERE SHALL NOT BE APPLICABLE TO THE PARTIES HEREUNDER OR THIS DECLARATION
ANY PROVISION OF THE LAWS (STATUTORY OR COMMON) OF THE STATE OF DELAWARE
PERTAINING TO TRUSTS THAT RELATE TO OR REGULATE, IN A MANNER INCONSISTENT WITH
THE TERMS HEREOF, (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR 

 

52

 

AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES,
(B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES, OFFICERS, AGENTS OR
EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER
GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF
REAL OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES,
OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS AND
EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR LIMITATIONS ON THE
PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION OF TRUST INVESTMENTS OR
REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER OF HOLDING OR
INVESTING TRUST ASSETS OR (G) THE ESTABLISHMENT OF FIDUCIARY OR OTHER STANDARDS
OF RESPONSIBILITY OR LIMITATIONS ON THE ACTS OR POWERS OF TRUSTEES THAT ARE
INCONSISTENT WITH THE LIMITATIONS OR LIABILITIES OR AUTHORITIES AND POWERS OF
THE TRUSTEES HEREUNDER AS SET FORTH OR REFERENCED IN THIS DECLARATION. SECTION
3540 OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THE TRUST.

 

Section 14.3         Intention
of the Parties. It
is the intention of the parties hereto that the Trust be classified for United
States federal income tax purposes as a grantor trust. The provisions of this
Declaration shall be interpreted to further this intention of the parties.

 

Section 14.4         Headings. Headings contained in
this Declaration are inserted for convenience of reference only and do not
affect the interpretation of this Declaration or any provision hereof.

 

Section 14.5         Successors
and Assign. Whenever
in this Declaration any of the parties hereto is named or referred to, the
successors and assigns of such party shall be deemed to be included, and all
covenants and agreements in this Declaration by the Sponsor and the Trustees
shall bind and inure to the benefit of their respective successors and assigns,
whether so expressed.

 

Section 14.6         Partial
Enforceability. If
any provision of this Declaration, or the application of such provision to any
Person or circumstance, shall be held invalid, the remainder of this
Declaration, or the application of such provision to persons or circumstances
other than those to which it is held invalid, shall not be affected thereby.

 

Section 14.7         Counterparts. This Declaration may
contain more than one counterpart of the signature page and this Declaration
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.

 

(signature page follows)

 

53

 

IN WITNESS
WHEREOF, the undersigned have caused these presents to be executed as of the
day and year first above written.

 

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  , as Regular Trustee

  
	
   

  	
   

  	
  Solely as
  trustee and not in an individual capacity

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  , as Regular Trustee

  
	
   

  	
   

  	
  Solely as trustee and not in an individual
  capacity

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  , as Regular Trustee

  
	
   

  	
   

  	
  Solely as trustee and not in an individual
  capacity

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK TRUST NATIONAL ASSOCIATION

  
	
   

  	
  as Delaware Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION

  
	
   

  	
  as Property Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
												

 

54

 

	
   

  	
  AMERIPRISE FINANCIAL, INC.,

  
	
   

  	
  as Sponsor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

55

 

ANNEX I

 

TERMS OF

 

   % TRUST
PREFERRED SECURITIES

 

   % COMMON
SECURITIES

 

Pursuant to Section 7.1 of the Amended and Restated Declaration of
Trust, dated as of                                             ,
      (as amended from time to time, the “Declaration”),
the designation, rights, privileges, restrictions, preferences and other terms
and provisions of the Preferred Securities and the Common Securities are set
out below (each capitalized term used but not defined herein has the meaning
set forth in the Declaration):

 

1.                                       DESIGNATION
AND NUMBER.

 

(a)                                  PREFERRED
SECURITIES.                       
Preferred Securities of the Trust with an aggregate liquidation amount with
respect to the assets of the Trust of                          
Dollars ($                ),
and a liquidation amount with respect to the assets of $    
per Preferred Security, are hereby designated for the purposes of
identification only as “    % Trust Preferred Securities”
(the “Preferred Securities”). The Preferred Security Certificates evidencing
the Preferred Securities shall be substantially in the form of Exhibit A-1
to the Declaration, with such letters, numbers, notations, other means of
identification or designation or other changes or additions thereto or
deletions therefrom as may be required by ordinary usage, custom or
practice and such legends or endorsements required by law, state exchange rule and
agreements to which the Trust is subject, if any (provided that any such
notation, legend or endorsement is in a form acceptable to the Trust).

 

(b)                                 COMMON
SECURITIES.                        
Common Securities of the Trust with an aggregate liquidation amount with
respect to the assets of the Trust of                                 
Dollars ($                  ),
and a liquidation amount with respect to the assets of the Trust of $      
per Common Security, are hereby designated for the purposes of identification
only as “        % Common Securities”
(the “Common Securities”). The Common Securities Certificates evidencing the Common
Securities shall be in the form of Exhibit A-2 to the Declaration,
with such letters, numbers, notations, other means of identification or
designation or other changes or additions thereto or deletions therefrom as may be
required by ordinary usage, custom or practice and such legends or endorsements
required by law, state exchange rule and agreements to which the Trust is
subject, if any (provided that any such notation, legend or endorsement is in a
form acceptable to the Trust).

 

2.                                       DISTRIBUTIONS.

 

(a)                                  Distributions
payable on each Security will be fixed at a rate per annum of         %
(the “Coupon Rate”) of the stated liquidation amount of $      
per Security, such rate being the rate of interest payable on the Debt
Securities to be held by the Property Trustee. Distributions in arrears for
more than one quarter will bear interest thereon compounded quarterly at the
Coupon Rate (to the extent permitted by applicable law). The term “Distributions”
as used herein includes such interest payable unless otherwise stated. A

 

 

Distribution is payable only to the extent
that payments are made in respect of the Debt Securities held by the Property
Trustee and to the extent the Property Trustee has funds available therefor.
The amount of Distributions payable for any period will be computed for any
full quarterly Distribution period on the basis of a 360-day year of twelve
30-day months, and for any period shorter than a full quarterly Distribution
period for which Distributions are computed, Distributions will be computed on
the basis of the actual number of days elapsed per 30-day month.

 

(b)                                 Distributions
on the Securities will be cumulative, will accumulate from                                         
      ,         
and will be payable quarterly in arrears, on                                         
      ,                                         
      ,                                         
       and                                         
       of each year, commencing on                                         
      ,         ,
except as otherwise described below. So long as the Debt Security Issuer shall
not be in default in the payment of interest on the Debt Securities, the Debt
Security Issuer has the right under the Indenture to defer payments of interest
on the Debt Securities by extending the interest payment period from time to
time on the Debt Securities (each an “Extension Period”), during which
Extension Period no interest shall be due and payable on the Debt Securities,
PROVIDED THAT no Extension Period shall last beyond the date of maturity of the
Debt Securities. As a consequence of such deferral, Distributions will also be
deferred. Despite such deferral, quarterly Distributions will continue to
accumulate with interest thereon (to the extent permitted by applicable law) at
the Coupon Rate compounded quarterly during any such Extension Period. Prior to
the termination of any such Extension Period, the Debt Security Issuer may further
extend such Extension Period; PROVIDED THAT such Extension Period together with
all such previous and further extensions thereof may not extend beyond the
maturity of the Debt Securities. Payments of accumulated Distributions and, to
the extent permitted by applicable law, accumulated interest thereon shall be
payable on the Distribution payment date on which the relevant Extension Period
terminates and shall be payable to Holders as they appear on the books and
records of the Trust at the close of business on the record date next preceding
such Distribution payment date. Upon the termination of any Extension Period
and the payment of all amounts then due, the Debt Security Issuer may commence
a new Extension Period, subject to the above requirements. Each Extension
Period, if any, will end on an interest payment date for the Debt Securities;
such date will also be a Distribution payment date for the Securities. In the
event that the Debt Security Issuer exercises its right to defer payment of
interest, then during such Extension Period the Debt Security Issuer shall not (a) declare
or pay dividends on, make distributions with respect to, or redeem, purchase or
acquire, or make a liquidation payment with respect to, any of its capital
stock, or (b) make any payment of interest, principal or premium, if any,
on or repay, repurchase or redeem any debt securities issued by the Debt
Security Issuer (including other junior subordinated debt securities) that rank
PARI PASSU with or junior in interest to the Debt Securities or make any
guarantee payments with respect to the foregoing or with respect to any
guarantee by the Debt Security Issuer of the debt securities of any subsidiary
of the Debt Security Issuer if such guarantee ranks PARI PASSU with or junior
in interest to the Debt Securities (other than (i) as a result of the
exchange, redemption or conversion of one class or series of the
capital stock of the Debt Security Issuer (or any capital stock of a subsidiary
thereof) for another class or series of the capital stock of the Debt
Security Issuer or any class or series of the indebtedness of the
Debt Security Issuer for any class or series of the capital stock of
the Debt Security Issuer, (ii) the purchase of fractional interests in
shares of the capital stock of the Debt Security Issuer pursuant to the conversion
or exchange provisions of such capital

 

 

stock or the security being converted into or
exchanged for such capital stock, (iii) any dividend in the form of
stock, warrants, options or other rights where the dividend stock or the stock
issuable upon exercise of such warrants, options or other rights is the same
stock as that on which the dividend is being paid or ranks PARI PASSU with or
junior to such stock, (iv) any declaration of a dividend in connection
with the implementation of a shareholders’ rights plan, or the issuance of
rights, stock or other property under any such plan in the future, or the
redemption or repurchase of any such rights pursuant thereto, (v) payments
under the Preferred Securities Guarantee or under any similar guarantee by the
Debt Security Issuer with respect to any trust common or trust preferred
securities of its subsidiaries, and (vi) repurchases, redemptions or other
acquisitions of shares of the capital stock of the Debt Security Issuer in
connection with (1) any employment contract, benefit plan or other similar
arrangement with or for the benefit of an one or more employees, officers,
directors or consultants, (2) a dividend reinvestment or shareholder stock
purchase plan or (3) the issuance of capital stock of the Debt Security
Issuer (or securities convertible or exercisable for such capital stock) as
consideration in an acquisition transaction entered into prior to such
Extension Period).

 

(c)                                  Distributions
on the Preferred Securities will be payable to the Holders thereof as they
appear on the books and records of the Trust on the relevant record dates.
While the Preferred Securities remain in book-entry only form, the relevant
record dates shall be one Business Day prior to the relevant payment dates
which payment dates correspond to the interest payments dates on the Debt
Securities. Subject to any applicable laws and regulations and the provisions
of the Declaration, each such payment in respect of the Preferred Securities
will be made as described under the heading “Book-Entry Only Issuance - The
Depository Trust Company” in the Prospectus Supplement dated                                           
      ,         ,
to the Prospectus dated May 5, 2006 (together, the “PROSPECTUS”) included in
the Registration Statement on Form S-3 of the Sponsor, the Debt Security
Issuer and the Trust. If the Preferred Securities shall not continue to remain
in book-entry only form, the relevant record dates for the Preferred
Securities, shall conform to the rules of any securities exchange on
which the securities are listed and, if none, shall be fifteen days prior to
the relevant payment dates, which payment dates correspond to the record and
interest payment dates on the Debt Securities. The relevant record dates for
the Common Securities shall be the same record dates as for the Preferred
Securities. Distributions payable on any Securities that are not punctually
paid on any Distribution payment date, as a result of the Debt Security Issuer
having failed to make a payment under the Debt Securities, will cease to be
payable to the Person in whose name such Securities are registered on the
relevant record date, and such defaulted Distribution will instead be payable
to the Person in whose name such Securities are registered on the special
record date or other specified date determined in accordance with the
Indenture. If any date on which Distributions are payable on the Securities is
not a Business Day, then payment of the Distributions payable on such date will
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) except that, if such
Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same
force and effect as if made on such date.

 

 

(d)                                 In
the event that there is any money or other property held by or for the Trust
that is not accounted for hereunder, such property shall be distributed Pro
Rata (as defined herein) among the Holders of the Securities.

 

3.                                       LIQUIDATION DISTRIBUTION UPON DISSOLUTION. The
Debt Security Issuer will have the right at any time to cause the Trust to be
dissolved with the result that, after satisfaction of liabilities to creditors
of the Trust (including, without limitation, by paying or making reasonable
provision to pay all claims and obligations of the Trust in accordance with Section 3808(e) of
the Statutory Trust Act), a Like Amount of Debt Securities will be distributed
on a Pro Rata basis to the Holders of the Preferred Securities and the Common
Securities in liquidation of such Holders’ interests in the Trust, within 90
days following notice given to the Holders of the Preferred Securities, subject
to the Regular Trustees’ receipt of an opinion of  independent counsel experienced in such
matters to the effect that the Holders will not recognize any income, gain or
loss for United States federal income tax purposes as a result of the
dissolution of the Trust and such distribution to Holders of Preferred
Securities.

 

In the event of any voluntary or involuntary dissolution of the Trust
(each a “Liquidation”), the Holders of the Securities on the date of the
Liquidation will be entitled to receive out of the assets of the Trust
available for distribution to Holders of Securities after satisfaction of
liabilities to creditors of the Trust (including, without limitation, by paying
or making reasonable provision to pay all claims and obligations of the Trust
in accordance with Section 3808(e) of the Statutory Trust Act), an
amount equal to the aggregate of the stated Liquidation Amount of $      
per Security plus accumulated and unpaid Distributions thereon to the date of
payment (such amount being the “Liquidation Distribution”), unless, in connection
with such Liquidation after satisfaction of liabilities to creditors of the
Trust (including, without limitation, by paying or making reasonable provision
to pay all claims and obligations of the Trust in accordance with Section 3808(e) of
the Statutory Trust Act), Debt Securities in an aggregate stated principal
amount equal to the aggregate stated Liquidation Amount of such Securities,
with an interest rate equal to the Coupon Rate of, and bearing accumulated and
unpaid interest in an amount equal to the accumulated and unpaid Distributions
on, such Securities, shall have been distributed on a Pro Rata basis to the
Holders of the Securities in exchange for such Securities.

 

If, upon any such Liquidation, the Liquidation Distribution can be paid
only in part because the Trust has insufficient assets available to pay in
full the aggregate Liquidation Distribution, then the amounts payable directly
by the Trust on the Securities shall be paid on a Pro Rata basis.

 

If the Debt Securities are distributed to the Holders of the
Securities, pursuant to the terms of the Indenture, the Debt Security Issuer
will use its best efforts to have the Debt Securities listed on the New York
Stock Exchange or on such other exchange as the Preferred Securities were listed
on immediately prior to the distribution of the Debt Securities.

 

4.                                       REDEMPTION
AND DISTRIBUTION.

 

(a)                                  The
Debt Securities will mature on                                         
      ,         ,
and may be redeemed, in whole or in part, at any time on or after                                         
      ,

 

 

         .
Upon the repayment of the Debt Securities in whole or in part, whether at
maturity, upon redemption or otherwise, the proceeds from such repayment or
payment shall be simultaneously applied to redeem a Like Amount of Securities
at a redemption price per Security equal to the redemption price of the Debt
Securities, together with accumulated and unpaid Distributions thereon to, but
excluding, the date of the redemption, payable in cash (the “Redemption Price”).
Holders and the Property Trustee will be given not less than 30 nor more than
60 days’ notice of such redemption.

 

(b)                                 If  fewer than all the outstanding Securities are
to be so redeemed, the Common Securities and the Preferred Securities will be
redeemed Pro Rata and the Preferred Securities to be redeemed will be as
described in Section 4(f) below.

 

(c)                                  If,
at any time prior to                                         
      ,         ,
a Tax Event or an Investment Company Event (each, as defined below, a “Special
Event”) shall occur and be continuing, the Debt Security Issuer shall have the
right, upon not less than 30 nor more than 60 days’ notice, to redeem the Debt
Securities in whole (not in part) at a redemption price equal to 100% of the
principal amount thereof plus accumulated and unpaid interest thereon, for cash
within 90 days following the occurrence of such Special Event, provided such
event is then continuing. Following such redemption, a Like Amount of
Securities shall be redeemed by the Trust at the Redemption Price on a Pro Rata
basis; PROVIDED, HOWEVER, that if at the time there is available to the Debt
Security Issuer or the Trust the opportunity to eliminate, within such 90 day
period, the Special Event by taking some ministerial action, such as filing a
form, making an election or pursuing some other similar reasonable measure that
has no material adverse effect on the Trust, the Debt Security Issuer, the
Sponsor or the Holders of the Securities (each, a “Ministerial Action”), then
the Debt Security Issuer or the Trust shall pursue such measure in lieu of a
redemption. If the Debt Securities are not redeeemed or distributed to the
Holders of the Securities in liquidation of the Trust, the Securities shall
remain outstanding.

 

“Tax Event” means that the Regular Trustees shall have received an
opinion of independent tax counsel experienced in such matters (a “Tax Opinion”)
to the effect that as a result of (a) any amendment to, clarification of,
or change (including any announced prospective change) in the laws (or any
regulations thereunder) of the United States or any political subdivision or
taxing authority thereof or therein affecting taxation, (b) any judicial
decision, official administrative pronouncement, ruling, regulatory procedure,
notice or announcement, including any notice or announcement of intent to adopt
such procedures or regulations (an “Administrative Action”) or (c) any
amendment to, clarification of, or change in the official position or the interpretation
of such Administrative Action or judicial decision that differs from the
theretofore generally accepted position, in each case, by any legislative body,
court, governmental authority or regulatory body, irrespective of the manner in
which such amendment, clarification, change or Administrative Action is made
known, which amendment, clarification, change or Administrative Action is
effective or which pronouncement or decision is announced, in each case, on or
after,                                         
      ,         ,
there is more than an insubstantial risk that (i) the Trust is, or will be
within 90

 

 

days of the date thereof, subject to United
States federal income tax with respect to income accrued or received on the
Debt Securities, (ii) the Trust is, or will be within 90 days of the date
thereof, subject to more than a de minimis amount of taxes (other than
withholding taxes), duties or other governmental charges, or (iii) interest
paid in cash by the Debt Security Issuer to the Trust on the Debt Securities is
not, or within 90 days of the date thereof will not be, deductible, in whole or
in part, by the Debt Security Issuer for United States federal income tax
purposes. Notwithstanding the foregoing, a Tax Event shall not include any change
in tax law that requires the Debt Security Issuer for United States federal
income tax purposes to defer taking a deduction for any original issue discount
(“OID”) that accumulates with respect to the Debt Securities until the interest
payment related to such OID is paid by the Debt Security Issuer in cash;
PROVIDED, that such change in tax law does not create more than an
insubstantial risk that the Debt Security Issuer will be prevented from taking
a deduction for OID accruing with respect to the Debt Securities at a date that
is no later than the date the interest payment related to such OID is actually
paid by the Debt Security Issuer in cash.

 

“Investment Company Event” means that the Regular Trustees shall have
received an opinion of independent counsel experienced in such matters to the
effect that, as a result of the occurrence of a change (including any announced
prospective change) in law or regulation or a written change (including any
announced prospective change) in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory
authority on or after                                         
      ,         ,
there is more than an insubstantial risk that the Trust is or will be
considered an “investment company” that is required to be registered under the
Investment Company Act of 1940, as amended.

 

After the date fixed by the Regular Trustees for any distribution of
Debt Securities upon dissolution of the Trust: (i) the Securities will no
longer be deemed to be outstanding, (ii) The Depository Trust Company (the
“Depositary”) or its nominee (or any successor Clearing Agency or its nominee),
as the record Holder of the Preferred Securities held in global form, will
receive a registered certificate or certificates representing the Debt
Securities held in global form to be delivered upon such distribution, and
(iii) certificates representing Securities held in definitive form, except
for certificates representing Preferred Securities held by the Depositary or
its nominee (or any successor Clearing Agency or its nominee), will be deemed
to represent Debt Securities having an aggregate principal amount equal to the
aggregate stated Liquidation Amount of, with an interest rate identical to the
Coupon Rate of, and accumulated and unpaid interest (including Compound
Interest and Additional Interest (as defined in the Indenture)) equal to
accumulated and unpaid Distributions on such Securities until such certificates
are presented to the Debt Security Issuer or its agent for transfer or reissue.

 

(d)                                 The
Trust may not redeem fewer than all the outstanding Securities unless all
accumulated and unpaid Distributions have been paid on all Securities for all
quarterly Distribution periods terminating on or prior to the date of
redemption.

 

(e)                                  (i)                                     Notice
of any redemption of, or notice of distribution of Debt Securities in exchange
for, the Securities (a “Redemption/Distribution Notice”) will be given by the
Trust by mail to each Holder of Securities to be redeemed or exchanged not
fewer than 30 nor more than 60 days before the date fixed for redemption or
exchange thereof which, in the case of a redemption, will be the date fixed for
redemption of the Debt Securities. For purposes of the calculation of the date
of redemption or exchange and the dates on which notices are given pursuant to
this Section 4(e), a Redemption/Distribution Notice shall be deemed to be
given on the day such notice is first mailed by first-class mail, postage
prepaid, or by such other means suitable to assure delivery of such written
notice, to Holders of Securities. Each

 

 

Redemption/Distribution Notice shall be
addressed to the Holders of Securities at the address of each such Holder
appearing in the books and records of the Trust. No defect in the
Redemption/Distribution Notice or in the mailing of either thereof with respect
to any Holder of Securities shall affect the validity of the redemption or
exchange proceedings with respect to any other Holder of Securities.

 

(ii)                                  In addition to the
Redemption/Distribution Notice to be provided to the Holders of Securities
pursuant to clause (i) of this Section 4(e), the Debt Security Issuer
or the Trust shall give public notice of any such redemption by the issuance of
a press release through the services of the Dow Jones Broad Tape, Reuters News
Service and Bloomberg News Service.

 

(f)                                    In
the event that fewer than all the outstanding Securities are to be redeemed,
the particular Preferred Securities to be redeemed shall be selected on a Pro Rata
basis not more than 60 days prior to the Redemption Date from the outstanding
Preferred Securities not previously called for redemption, by such method as
the Property Trustee shall deem fair and appropriate, or if the Preferred
Securities are then held in book-entry form, in accordance with the Depositary’s
customary procedures, it being understood that, in respect of Preferred
Securities registered in the name of and held of record by the Depositary or
its nominee (or any successor Clearing Agency or its nominee) or any nominee,
the distribution of the proceeds of such redemption will be made to each
Clearing Agency Participant (or Person on whose behalf such nominee holds such
securities) in accordance with the procedures applied by such agency or nominee.
The Property Trustee shall promptly notify the securities registrar for the
Securities in writing of the Preferred Securities selected for redemption.

 

(g)                                 If
Securities are to be redeemed and the Trust gives a Redemption/Distribution
Notice, which notice may only be issued for a redemption if the Debt
Securities are redeemed as set out in the Indenture (which notice will be
irrevocable), then (i) with respect to Preferred Securities held in
book-entry form, by 12:00 noon, New York City time, on the redemption date,
provided that the Debt Security Issuer has paid the Property Trustee a
sufficient amount of cash in connection with the related redemption of the Debt
Securities, the Property Trustee will deposit irrevocably with the Depositary
or its nominee (or successor Clearing Agency or its nominee) funds sufficient
to pay the applicable Redemption Price with respect to such Preferred
Securities and will give the Depository irrevocable instructions and authority
to pay the Redemption Price to the Holders of such Preferred Securities, and (ii) with
respect to Preferred Securities issued in definitive form and Common
Securities, provided that the Debt Security Issuer has paid the Property
Trustee a sufficient amount of cash in connection with the related redemption
of the Debt Securities, the Property Trustee will deposit irrevocably with the
Paying Agent for such Securities funds sufficient to pay the applicable
Redemption Price with respect to such Securities and will give the Paying Agent
irrevocable instructions and authority to pay the Redemption Price to the
Holders of such Securities upon surrender of their certificates evidencing such
Securities. If a Redemption/Distribution Notice shall have been given in
connection with a redemption and funds deposited as required, then from and
after the required date of such deposit, distributions will cease to accumulate
on the Securities so called for redemption and all rights of Holders of such
Securities so called for redemption will cease, except the right of the Holders
of such Securities to receive the Redemption Price, but without interest on
such Redemption Price. If any

 

 

date fixed for redemption of Securities is
not a Business Day, then payment of the Redemption Price payable on such date
will be made on the next succeeding Business Day (and without any interest or
other payment in respect of any such delay) except that, if such Business Day
falls in the next calendar year, such payment will be made on the immediately
preceding Business Day, in each case with the same force and effect as if made
on such date fixed for redemption. If payment of the Redemption Price in
respect of any Securities is improperly withheld or refused and not paid either
by the Property Trustee or by the Sponsor as guarantor pursuant to the relevant
Securities Guarantee, Distributions on such Securities will continue to
accumulate from the original redemption date to the actual date of payment, in
which case the actual payment date will be considered the date fixed for redemption
for purposes of calculating the Redemption Price.

 

Notwithstanding the foregoing, payment of accumulated and unpaid
Distributions on the Redemption Date of the Securities will be subject to the
rights of Holders on the close of business on the relevant record date in
respect of a Distribution Date occurring on or prior to such Redemption Date.

 

Neither the Regular Trustees nor the Trust shall be required (i) in
the event of any redemption in part, to issue, register the transfer of or
exchange any Securities during a period beginning at the opening of business 15
days before any selection for redemption of Securities and ending at the close
of business on the earliest date in which the relevant Redemption/Distribution
Notice is deemed to have been given to all holders of Securities to be so
redeemed or (ii) to register the transfer of or exchange any Securities
selected for redemption, in whole or in part, except for the unredeemed portion
of any Securities being redeemed in part.

 

(h)                                 Redemption/Distribution
Notices shall be sent by the Regular Trustees on behalf of the Trust to (i) in
respect of Preferred Securities held in global form, the Depositary or its
nominee (or any successor Clearing Agency or its nominee), (ii) with
respect to Preferred Securities held in definitive form, to the Holders
thereof, and (iii) in respect of the Common Securities, to the Holders
thereof.

 

(i)                                     Subject
to the foregoing and applicable law (including, without limitation, United
States federal securities laws), the Sponsor or any of its subsidiaries may at
any time and from time to time purchase outstanding Preferred Securities by
tender, in the open market or otherwise.

 

5.                                       VOTING
AND OTHER RIGHTS - PREFERRED SECURITIES.

 

(a)                                  Except
as provided under Sections 5(b) and 7 of this Annex I to the Declaration
and as otherwise required by law, the Preferred Securities Guarantee and the
Declaration, the Holders of the Preferred Securities will not have voting
rights.

 

(b)                                 Subject
to the requirements set forth in this paragraph, the Holders of a Majority in
liquidation amount of the Preferred Securities then outstanding, voting
separately as a class, may direct the time, method, and place of
conducting any proceeding for any remedy available to the Property Trustee, or may direct
the exercise of any trust or power conferred upon the Property Trustee under
the Declaration, including the right to direct the Property Trustee, as

 

 

holder of the Debt Securities, to (i) exercise
the remedies available under the Indenture with respect to the Debt Securities,
(ii) waive any past default and its consequences that are waivable under
the Indenture, (iii) exercise any right to rescind or annul a declaration
that the principal of all the Debt Securities shall be due and payable, or (iv) in
accordance with Section 8 hereof, consent to any amendment, modification
or termination of the Indenture where consent is required, PROVIDED, HOWEVER,
that if an Event of Default under the Indenture has occurred and is continuing
then the holders of 25% of the aggregate liquidation amount of the Preferred
Securities then outstanding may direct the Property Trustee to declare the
principal of and interest on the Debt Securities immediately due and payable;
and PROVIDED, FURTHER, that, where a consent under the Indenture would require
the consent or act of the Holders of greater than a majority of the Holders in
principal amount of Debt Securities then outstanding (a “Super Majority”)
affected thereby, the Property Trustee may only give such consent or take
such action at the written direction of the Holders of at least the proportion
in liquidation amount of the Preferred Securities which the relevant Super
Majority represents of the aggregate principal amount of the Debt Securities
then outstanding. The Property Trustee shall not revoke any action previously
authorized or approved by a vote of the Holders of the Preferred Securities.
Other than with respect to directing the time, method and place of conducting
any remedy available to the Property Trustee as set forth above, the Property
Trustee shall not take any action in accordance with the directions of the
Holders of the Preferred Securities under this paragraph unless the Property
Trustee has obtained an opinion of independent tax counsel experienced in such
matters to the effect that for United States federal income tax purposes, such
action will not cause the Trust to be classified as other than a grantor trust.
If the Property Trustee fails to enforce its rights under the Debt Securities,
any Holder of Preferred Securities may institute a legal proceeding
against any person to enforce the Property Trustee’s rights under the Debt
Securities. If an Event of Default has occurred and is continuing and such
event is attributable to the failure of the Debt Security Issuer to pay
interest or principal on the Debt Securities on the date such interest or
principal is otherwise payable (or in the case of redemption, on the redemption
date), then a Holder of Preferred Securities may directly institute a
proceeding for enforcement of payment to such Holder of the principal of or
interest on the Debt Securities having a principal amount equal to the
aggregate liquidation amount of the Preferred Securities of such Holder (a “Direct
Action”) on or after the respective due date specified in the Debt Securities.
In connection with such Direct Action, the rights of the Holders of Common
Securities will be subrogated to the rights of such Holder of Preferred
Securities to the extent of any payment made by the Issuer to such Holder of
Preferred Securities in such Direct Action. Except as provided in the preceding
sentences, the Holders of Preferred Securities will not be able to exercise
directly any other remedy available to the holders of the Debt Securities.

 

The Property Trustee shall notify all Holders of the Preferred
Securities of any notice of default received from the trustee under the
Indenture with respect to the Debt Securities. Such notice shall state that
such event of default also constitutes an Event of Default under the
Declaration.

 

Any approval or direction of Holders of Preferred Securities may be
given at a separate meeting of Holders of Preferred Securities convened for
such purpose, at a meeting of all of the Holders of Securities in the Trust or
pursuant to written consent. The Regular Trustees will cause a notice of any
meeting at which Holders of Preferred Securities are entitled to vote, or of
any matter upon which action by written consent of such Holders is to be taken,
to be

 

 

mailed to each Holder of record of Preferred
Securities. Each such notice will include a statement setting forth (i) the
date of such meeting or the date by which such action is to be taken, (ii) a
description of any resolution proposed for adoption at such meeting on which
such Holders are entitled to vote or of such matter upon which written consent
is sought and (iii) instructions for the delivery of proxies or consents.

 

No vote or consent of the Holders of the Preferred Securities will be
required for the Trust to redeem and cancel Preferred Securities or to
distribute the Debt Securities in accordance with the Declaration and the terms
of the Securities.

 

Notwithstanding that Holders of Preferred Securities are entitled to
vote or consent under any of the circumstances described above, any of the
Preferred Securities that are owned by the Sponsor or any Affiliate of the
Sponsor shall not be entitled to vote or consent and shall, for purposes of
such vote or consent, be treated as if they were not outstanding.

 

6.                                       VOTING
RIGHTS - COMMON SECURITIES.

 

 (a)                               Except
as provided under Sections 6(b), 6(c) and 7 of this Annex I of the
Declaration and as otherwise required by law and the Declaration, the Holders
of the Common Securities will not have voting rights.

 

(b)                                 The
Holders of the Common Securities are entitled, in accordance with Article V
of the Declaration, to vote to appoint, remove or replace any Trustee or to
increase or decrease the number of Trustees.

 

(c)                                  Subject
to Section 2.6 of the Declaration and only after any Event of Default with
respect to the Preferred Securities has been cured, waived, or otherwise
eliminated and subject to the requirements of the second to last sentence of
this paragraph, the Holders of a Majority in liquidation amount of the Common
Securities, voting separately as a class, may direct 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 the Declaration, including (i) directing the time, method, place of
conducting any proceeding for any remedy available to the Debt Security
Trustee, or exercising any trust or power conferred on the Debt Security
Trustee with respect to the Debt Securities, (ii) waive any past default
and its consequences that are waivable under the Indenture, (iii) exercise
any right to rescind or annul a declaration that the principal of all the Debt
Securities shall be due and payable, PROVIDED THAT, where a consent or action
under the Indenture would require the consent or act of the relevant Super
Majority, the Property Trustee may only give such consent or take such
action at the written direction of the Holders of at least the proportion in
liquidation amount of the Common Securities which the relevant Super Majority
represents of the aggregate principal amount of the Debt Securities
outstanding. The Property Trustee shall not revoke any action previously
authorized or approved by a vote of the Holders of the Preferred Securities.
Other than with respect to directing the time, method and place of conducting
any remedy available to the Property Trustee or the Debt Security Trustee as
set forth above, the Property Trustee shall not take any action in accordance
with the directions of the Holders of the Common Securities under this
paragraph unless the Property Trustee has obtained an opinion of independent
tax counsel experienced in such matters to the effect that for United States
federal income tax

 

 

purposes, such action will not cause the
Trust to be classified as other than a grantor trust. If the Property Trustee
fails to enforce its rights under the Declaration, any Holder of Common
Securities may institute a legal proceeding directly against any Person to
enforce the Property Trustee’s rights under the Declaration, without first
instituting a legal proceeding against the Property Trustee or any other
Person.

 

Any approval
or direction of Holders of Common Securities may be given at a separate
meeting of Holders of Common Securities convened for such purpose, at a meeting
of all of the Holders of Securities in the Trust or pursuant to written
consent. The Regular Trustees will cause a notice of any meeting at which
Holders of Common Securities are entitled to vote, or of any matter upon which
action by written consent of such Holders is to be taken, to be mailed to each
Holder of record of Common Securities. Each such notice will include a
statement setting forth (i) the date of such meeting or the date by which
such action is to be taken, (ii) a description of any resolution proposed
for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought and (iii) instructions
for the delivery of proxies or consents.

 

No vote or consent of the Holders of the Common Securities will be
required for the Trust to redeem and cancel Common Securities or to distribute
the Debt Securities in accordance with the Declaration and the terms of the
Securities.

 

7.                                       AMENDMENTS
TO DECLARATION AND INDENTURE.

 

(a)                                  In
addition to any requirements under Section 12.1 of the Declaration, if any
proposed amendment to the Declaration provides for, or the Regular Trustees
otherwise propose to effect, (i) any action that would adversely affect
the powers, preferences or special rights of the Securities, whether by way of
amendment to the Declaration or otherwise, or (ii) the dissolution,
winding-up or termination of the Trust, other than as described in Section 8.1
of the Declaration, then the Holders of outstanding Securities voting together
as a single class, will be entitled to vote on such amendment or proposal (but
not on any other 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 Securities then outstanding affected thereby;
PROVIDED, HOWEVER, if any amendment or proposal referred to in clause (i) above
would adversely affect only the Preferred Securities or only the Common
Securities, then only the affected 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 a Majority in liquidation amount of such class of
Securities then outstanding.

 

(b)                                 In
the event the consent of the Property Trustee as the holder of the Debt
Securities is required under the Indenture with respect to any amendment,
modification or termination of the Indenture or the Debt Securities, the
Property Trustee shall request the written direction of the Holders of the
Securities with respect to such amendment, modification or termination and
shall vote with respect to such amendment, modification or termination as
directed by a Majority in liquidation amount of the Securities then
outstanding, voting together as a single class; PROVIDED, HOWEVER, that where a
consent under the Indenture would require the consent of the relevant Super
Majority, the Property Trustee may only give such consent at the direction
of the Holders of at least the proportion in liquidation amount of the

 

 

Securities then outstanding, voting together
as a single class, which the relevant Super Majority represents of the
aggregate principal amount of the Debt Securities then outstanding; PROVIDED,
FURTHER, that the Property Trustee shall not take any action in accordance with
the directions of the Holders of the Securities under this Section 7(b) unless
the Property Trustee has obtained an opinion of independent tax counsel
experienced in such matters to the effect that for United States federal income
tax purposes, such action will not cause the Trust to be classified as other
than a grantor trust.

 

8.                                       PRO RATA. A reference in these terms
of the Securities to any distribution or treatment as being “Pro Rata” shall
mean pro rata to each Holder of Securities according to the aggregate
liquidation amount of the Securities held by the relevant Holder in relation to
the aggregate liquidation amount of all Securities outstanding unless, in
relation to a payment, an Event of Default under the Declaration has occurred
and is continuing, in which case any funds available to make such payment shall
be paid first in cash to each Holder of the Preferred Securities pro rata
according to the aggregate liquidation amount of Preferred Securities held by the
relevant Holder relative to the aggregate liquidation amount of all Preferred
Securities outstanding, and only after satisfaction of all amounts owed to the
Holders of the Preferred Securities, to each Holder of Common Securities pro
rata according to the aggregate liquidation amount of Common Securities held by
the relevant Holder relative to the aggregate liquidation amount of all Common
Securities outstanding.

 

9.                                       RANKING. The Preferred Securities rank
PARI PASSU and payment thereon shall be made Pro Rata with the Common
Securities except that, where an Event of Default occurs and is continuing, the
rights of Holders of the Common Securities to payment in respect of
Distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights to payment of the Holders of the Preferred
Securities.

 

10.                                 LISTING. The Regular Trustees shall
use their best efforts to cause the Preferred Securities to be listed on the
New York Stock Exchange.

 

11.                                 ACCEPTANCE OF SECURITIES GUARANTEE AND
INDENTURE. Each Holder of
Preferred Securities and Common Securities, by the acceptance thereof, agrees
to the provisions of the Preferred Securities Guarantee, including the
subordination provisions therein and to the provisions of the Indenture.

 

12.                                 NO PREEMPTIVE RIGHTS. The issuance of
Preferred Securities and the issuance of Common Securities are not subject to
preemptive or other similar rights. The Holders of the Securities shall have no
preemptive rights to subscribe for any additional securities.

 

13.                                 MISCELLANEOUS. These terms constitute
a part of the Declaration. The Sponsor will provide a copy of the
Declaration, the Preferred Securities Guarantee, and the Indenture to a Holder
without charge on written request to the Sponsor at its principal place of
business.

 

14.                                 GOVERNING LAW. These terms and the
rights of the parties hereunder shall be governed by and interpreted in
accordance with the laws of the State of Delaware, and all rights and remedies
shall be governed by such laws without regard to principals of conflict of
laws.

 

 

EXHIBIT A-1

 

{FORM OF PREFERRED
SECURITY CERTIFICATE}

 

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

 

UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.,
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.}

 

 

Certificate Number:

 

	
  Number of
  Preferred Securities:

  	
   

  	
   

  	
  Cusip No.:

  	
   

  	
   

  

 

Certificate Evidencing
Preferred Securities

 

of

 

Ameriprise Capital Trust       

 

        %
Trust Preferred Securities

(liquidation amount $      
per Trust Preferred Security)

 

Ameriprise Capital Trust       , a
statutory trust formed under the laws of the State of Delaware (the “Trust”),
hereby certifies that Cede & Co. (the “Holder”) is the registered
owner of Preferred Securities of the Trust representing undivided beneficial
interests in the assets of the Trust designated the         %
Trust Preferred Securities (liquidation amount $      
per Trust Preferred Security) (the “Preferred Securities”). Subject to the
Declaration (as defined below), the Preferred Securities are transferable on
the books and records of the Trust, in person or by a duly authorized attorney,
upon surrender of this certificate duly endorsed and in proper form for
transfer.

 

The designation, rights, privileges, restrictions, preferences and
other terms and provisions of the Preferred Securities represented hereby are
issued and shall in all respects be subject to the provisions of the Amended
and Restated Declaration of Trust of the Trust, dated as of                                         
      ,         ,
as the same may be amended from time to time (the “Declaration”),
including the designation of the terms of the Preferred Securities as set forth
in Annex I to the Declaration.

 

Capitalized terms used herein but not defined shall have the meaning
given them in the Declaration. The Holder is entitled to the benefits of the
Preferred Securities Guarantee to the extent provided therein. The Sponsor will
provide a copy of the Declaration, the Preferred Securities Guarantee and the
Indenture to the Holder without charge upon written request to the Trust at its
principal place of business.

 

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

 

By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debt Securities as indebtedness and the Preferred
Securities as evidence of indirect beneficial ownership in the Debt Securities.

 

Unless the Property Trustee’s
Certificate of Authentication hereon has been properly executed, these
Preferred Securities shall not be entitled to any benefit under the Declaration
or be valid or obligatory for any purpose.

 

 

IN WITNESS WHEREOF, the Trust has executed this certificate this       
day of                                         ,
        .

 

	
   

  	
  Ameriprise
  Capital Trust

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Regular
  Trustee solely as trustee and

  
	
   

  	
   

  	
   

  	
  not in his
  individual capacity

  
								

 

 

{FORM OF CERTIFICATE OF
AUTHENTICATION}

 

PROPERTY TRUSTEE’S CERTIFICATE
OF AUTHENTICATION

 

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

 

Dated:                            
        ,           

 

U.S. Bank National Association,

as Property Trustee

 

or as Authentication Agent

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Authorized Signatory

  	
  Authorized Signatory

  

 

 

{FORM OF REVERSE OF SECURITY}

 

Distributions payable on each Preferred Security will be fixed at a
rate per annum of         % (the “Coupon
Rate”) of the stated liquidation amount of $      
per Preferred Security, such rate being the rate of interest payable on the
Debt Securities to be held by the Property Trustee. Distributions in arrears
for more than one quarter will bear interest thereon compounded quarterly at
the Coupon Rate (to the extent permitted by applicable law). The term “Distributions”
as used herein includes such cash distributions and any such interest payable
unless otherwise stated. A Distribution is payable only to the extent that
payments are made in respect of the Debt Securities held by the Property
Trustee and to the extent the Property Trustee has funds available therefor.
The amount of Distributions payable for any period will be computed for any
full quarterly Distribution period on the basis of a 360-day year of twelve
30-day months, and for any period shorter than a full quarterly Distribution
period for which Distributions are computed, Distributions will be computed on
the basis of the actual number of days elapsed per 30-day month.

 

Except as otherwise described below, Distributions on the Preferred
Securities will be cumulative, will accumulate from                                         
      ,         
and will be payable quarterly in arrears, on                                         
      ,                                         
      ,                                       
       and                                         
       of each year, commencing on                                       
      ,         ,
which payment dates shall correspond to the interest payment dates on the Debt
Securities, to Holders of record one (1) Business Day prior to such
payment dates; PROVIDED, HOWEVER, that if the Preferred Securities are not then
in book in book-entry only form, such Distributions shall be paid to Holders of
record on the date that is fifteen days prior to the relevant payment dates,
unless otherwise provided in the Declaration. The Debt Security Issuer has the
right under the Indenture to defer payments of interest by extending the
interest payment period from time to time on the Debt Securities (each an “Extension
Period”); PROVIDED THAT no Extension Period shall last beyond the date of the
maturity of the Debt Securities and, as a consequence of such deferral,
Distributions will also be deferred. Despite such deferral, quarterly
Distributions will continue to accumulate with interest thereon (to the extent
permitted by applicable law) at the Coupon Rate compounded quarterly during any
such Extension Period. Prior to the termination of any such Extension Period,
the Debt Security Issuer may further extend such Extension Period;
PROVIDED THAT such Extension Period together with all such previous and further
extensions thereof may not extend beyond the maturity date of the Debt Securities.
Upon the termination of any Extension Period and the payment of all amounts
then due, the Debt Security Issuer may commence a new Extension Period,
subject to the above requirements.

 

The Preferred Securities shall be redeemable as provided in the
Declaration.

 

 

{FORM OF ASSIGNMENT FOR DEFINITIVE
PREFERRED SECURITY}

 

For value received                                                                                       
hereby sell(s), assign(s) and transfer(s) unto                                                                                               
(Please insert social security or other taxpayer identification number of
assignee.) the within security and hereby irrevocably constitutes and appoints                       
attorney to transfer the said security on the books of the Company, with full
power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature(s):

  	
   

  	
   

  
	
   

  
	
  Signature
  Guarantee*

  
					

 

NOTICE:  The above signatures of the holder(s) hereof
must correspond with the name as written upon the face of this Security in
every particular without alteration or enlargement or any change whatever.

 

* (Signature must be guaranteed
by an “eligible guarantor institution,” that is, a bank, stockbroker, savings
and loan association or credit union meeting the requirements of the Paying
Agent, which requirements include membership or participation in the Securities
Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Paying Agent in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.)

 

 

SCHEDULE I

 

CHANGES TO NUMBER OF PREFERRED
SECURITIES IN GLOBAL SECURITY

 

	
  Number of
  Capital

  	
   

  	
   

  
	
  Securities
  by which this

  	
   

  	
   

  
	
  Global
  Security Is To Be

  	
   

  	
  Remaining
  Capital

  
	
  Reduced or
  Increased,

  	
   

  	
  Securities
  Represented

  
	
  and Reason
  for:

  	
   

  	
  by this
  Global Security:

  

 

 

Date:

 

Reduction or Increase Notation
Made By:

 

 

EXHIBIT A-2

 

{FORM OF COMMON SECURITY
CERTIFICATE}

 

THE SECURITY EVIDENCED HEREBY HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD UNLESS SUCH OFFER AND SALE ARE REGISTERED UNDER OR ARE
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT. THE TRANSFER OF THE SECURITY
EVIDENCED HEREBY IS ALSO SUBJECT TO THE RESTRICTIONS SET FORTH IN THE
DECLARATION REFERRED TO BELOW.

 

The Common Securities may only be transferred by the Sponsor and
any Related Party to the Sponsor or a Related Party of the Sponsor; PROVIDED
THAT, any such transfer shall not violate the Securities Act and is subject to
the condition precedent that the transferor obtain the written opinion of
independent counsel experienced in such matters that such transfer would not
cause more than an insubstantial risk that:

 

(i)                                     the
Trust would not be classified for United States federal income tax purposes as
a grantor trust; and

 

(ii)                                  the
Trust would be an Investment Company required to register under the Investment
Company Act or the transferee would become an Investment Company required to
register under the Investment Company Act.

 

Certificate Number:

 

Number of Common Securities:                           

 

Certificate Evidencing Common
Securities

 

of

 

Ameriprise Capital Trust       

 

        %
Common Securities

 

(liquidation amount $      
per Common Security)

 

Ameriprise Capital Trust       , a
statutory trust formed under the laws of the State of Delaware (the “Trust”),
hereby certifies that Ameriprise Financial, Inc. (the “Holder”) is the registered
owner of common securities of the Trust representing undivided beneficial
interests in the assets of the Trust designated the         %
Common Securities (liquidation amount $       per
Common Security) (the “Common Securities”). Subject to the Declaration (as
defined below), the Common Securities are transferable on the books and records
of the Trust, in person or by a duly authorized attorney, upon surrender of
this certificate duly endorsed and in proper form for transfer.

 

 

The designation, rights, privileges, restrictions, preferences and
other terms and provisions of the Common Securities represented hereby are
issued and shall in all respects be subject to the provisions of the Amended
and Restated Declaration of Trust of the Trust dated as of                                       
      ,         ,
as the same may be amended from time to time (the “Declaration”),
including the designation of the terms of the Common Securities as set forth in
Annex I to the Declaration.

 

Capitalized terms used herein but not defined shall have the meaning
given them in the Declaration. The Sponsor will provide a copy of the
Declaration and the Indenture to a Holder without charge upon written request
to the Trust at its principal place of business.

 

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

 

By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debt Securities as indebtedness and the Common Securities
as evidence of indirect beneficial ownership in the Debt Securities.

 

IN WITNESS WHEREOF, the Trust has executed this certificate this       
day of                                         
        .

 

	
   

  	
  Ameriprise
  Capital Trust

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Regular
  Trustee solely as trustee and

  	
   

  
	
   

  	
   

  	
   

  	
  not in his
  individual capacity

  	
   

  
								

 

 

{FORM OF REVERSE OF SECURITY}

 

Distributions payable on each Common Security will be fixed at a rate
per annum of         % (the “Coupon
Rate”) of the stated liquidation amount of $      
per Common Security, such rate being the rate of interest payable on the Debt
Securities to be held by the Property Trustee. Distributions in arrears for
more than one quarter will bear interest thereon compounded quarterly at the
Coupon Rate (to the extent permitted by applicable law). The term “Distributions”
as used herein includes such cash distributions and any such interest payable
unless otherwise stated. A Distribution is payable only to the extent that
payments are made in respect of the Debt Securities held by the Property
Trustee and to the extent the Property Trustee has funds available therefor.
The amount of Distributions payable for any period will be computed for any
full quarterly Distribution period on the basis of a 360-day year of twelve
30-day months, and for any period shorter than a full quarterly Distribution
period for which Distributions are computed, Distributions will be computed on
the basis of the actual number of days elapsed per 30-day month.

 

Except as otherwise described below, Distributions on the Common
Securities will be cumulative, will accumulate from                                         
      ,         
and will be payable quarterly in arrears, on                                        
      ,                                         
      ,                                         
       and                                         
       of each year, commencing on                                         
      ,         ,
which payment dates shall correspond to the interest payment dates on the Debt
Securities, to Holders of record one (1) Business Day prior to such
payment dates; PROVIDED, HOWEVER, that if the Preferred Securities are not then
in book-entry only form, such Distributions shall be paid to Holders of record
on the date that is fifteen days prior to the relevant payment dates, unless
otherwise provided in the Declaration. The Debt Security Issuer has the right
under the Indenture to defer payments of interest by extending the interest
payment period from time to time on the Debt Securities (each an “Extension
Period”), PROVIDED THAT no Extension Period shall last beyond the date of
maturity of the Debt Securities and, as a consequence of such deferral,
Distributions will also be deferred. Despite such deferral, quarterly
Distributions will continue to accumulate with interest thereon (to the extent
permitted by applicable law) at the Coupon Rate compounded quarterly during any
such Extension Period. Prior to the termination of any such Extension Period,
the Debt Security Issuer may further extend such Extension Period;
PROVIDED THAT such Extension Period together with all such previous and further
extensions thereof may not extend beyond the date of maturity of the Debt
Securities. Upon the termination of any Extension Period and the payment of all
amounts then due, the Debt Security Issuer may commence a new Extension
Period, subject to the above requirements.

 

The Common Securities shall be redeemable as provided in the Declaration.

 

Under certain circumstances, the rights of the holders of the Common
Securities shall be subordinate to the rights of the holders of the Preferred
Securities, as provided in the Declaration.

 

 

FORM OF ASSIGNMENT FOR SECURITY THEREOF

 

For value received                                                                                 
hereby sell(s), assign(s) and transfer(s) unto                                                                                               
(Please insert social security or other taxpayer identification number of
assignee.) the within security and hereby irrevocably constitutes and appoints                       
attorney to transfer the said security on the books of                         ,
with full power of substitution in the premises.

 

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature(s):

  	
   

  	
   

  
	
   

  
	
  Signature
  Guarantee*

  
					

 

NOTICE:  The above signatures of the holder(s) hereof
must correspond with the name as written upon the face of this Security in
every particular without alteration or enlargement or any change whatever.

 

* (Signature must be guaranteed
by an “eligible guarantor institution,” that is, a bank, stockbroker, savings
and loan association or credit union meeting the requirements of the Paying
Agent, which requirements include membership or participation in the Securities
Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Paying Agent in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.)

 

 

EXHIBIT B

 

SPECIMEN OF DEBT SECURITY

 

 

EXHIBIT C

 

UNDERWRITING AGREEMENT

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