Document:

Form of Stock Purch. Contract Agmnt btwn Bank of America and BAC Cap Trust XIV

 [Form of Stock Purchase Contract Agreement]

 between 
 BANK OF AMERICA
CORPORATION 
 and 
 BAC CAPITAL
TRUST XIV, 
 acting through The Bank of New York, 
 as Property Trustee 
 Dated as of February     , 2007 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I	 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	1
			
	 Section 1.1
	 	 Definitions
	  	1
			
	 Section 1.2
	 	 Form of Documents Delivered to Property Trustee
	  	6
			
	 Section 1.3
	 	 Notices.
	  	7
			
	 Section 1.4
	 	 Effect of Headings and Table of Contents.
	  	8
			
	 Section 1.5
	 	 Successors and Assigns.
	  	8
			
	 Section 1.6
	 	 Separability Clause.
	  	8
			
	 Section 1.7
	 	 Benefits of Agreement.
	  	8
			
	 Section 1.8
	 	 Governing Law; Submission to Jurisdiction.
	  	8
			
	 Section 1.9
	 	 Legal Holidays.
	  	8
			
	 Section 1.10
	 	 No Waiver.
	  	9
			
	 Section 1.11
	 	 No Consent to Assumption.
	  	9
			
	 Section 1.12
	 	 No Recourse
	  	9
			
	ARTICLE II	 	THE STOCK PURCHASE CONTRACTS	  	10
			
	 Section 2.1
	 	 Issuance of Stock Purchase Contracts; Transferability; Assignment; Amendment
	  	10
			
	 Section 2.2
	 	 Purchase of Preferred Stock; Payment of Purchase Price
	  	10
			
	 Section 2.3
	 	 Issuance of Preferred Stock.
	  	11
			
	 Section 2.4
	 	 Termination Event; Notice.
	  	11
			
	 Section 2.5
	 	 Charges and Taxes.
	  	11
			
	 Section 2.6
	 	 Contract Payments.
	  	12
			
	 Section 2.7
	 	 Deferral of Contract Payments.
	  	15
			
	ARTICLE III	 	REMEDIES	  	17
			
	 Section 3.1
	 	 Unconditional Right of the Property Trustee to Receive Contract Payments and to Purchase Shares of Preferred Stock; Direct Action by Holders of Preferred HITS
or Treasury HITS.
	  	17
			
	 Section 3.2
	 	 Restoration of Rights and Remedies.
	  	17
			
	 Section 3.3
	 	 Rights and Remedies Cumulative.
	  	18
			
	 Section 3.4
	 	 Delay or Omission Not Waiver.
	  	18
			
	 Section 3.5
	 	 Waiver of Stay or Extension Laws.
	  	18

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
	 ARTICLE IV
	 	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  	18
			
	 Section 4.1
	 	 Covenant Not to Consolidate, Merge, Convey, Transfer or Lease Property Except under Certain Conditions.
	  	18
			
	 Section 4.2
	 	 Rights and Duties of Successor Corporation.
	  	19
			
	 Section 4.3
	 	 Officers’ Certificate and Opinion of Counsel Given to Property Trustee.
	  	19
			
	 ARTICLE V
	 	COVENANTS	  	19
			
	 Section 5.1
	 	 Performance under Stock Purchase Contracts.
	  	19
			
	 Section 5.2
	 	 Company to Reserve Preferred Stock.
	  	19
			
	 Section 5.3
	 	 Covenants as to Preferred Stock.
	  	19
			
	 Section 5.4
	 	 Statements of Officers of the Company as to Default.
	  	20
			
	 Section 5.5
	 	 Certain Rights of the Property Trustee.
	  	20

  

 -ii- 

 STOCK PURCHASE CONTRACT
AGREEMENT, dated as of February     , 2007, between BANK OF AMERICA CORPORATION, a Delaware corporation
(the “Company”), having its principal office at 100 North Tryon Street, Charlotte, North Carolina 28255, and BAC Capital Trust XIV, a Delaware statutory trust (the “Trust”), acting through THE
BANK OF NEW YORK, a New York banking corporation, not in its individual capacity but solely as Property Trustee of the Trust (the “Property Trustee”).

 RECITALS OF THE COMPANY 
 The Company has duly authorized the execution and delivery of this Agreement. 
 All things necessary to make the Stock Purchase Contracts (as defined herein) the valid obligations of the Company, and to constitute these presents a
valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE,
THIS STOCK PURCHASE CONTRACT AGREEMENT WITNESSETH: For and in consideration of the agreements and obligations set forth herein and for other good and
valuable consideration the receipt and sufficiency of which is hereby acknowledged, it is mutually agreed as follows: 
 ARTICLE I

 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.1 Definitions. 
 For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires: 
 (a) The terms defined in this Article have the meanings assigned to them
in this Article and include the plural as well as the singular. 
 (b) All accounting terms not otherwise defined herein have
the meanings assigned to them in accordance with generally accepted accounting principles, and the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting
principles that are generally accepted in the United States at the date or time of such computation; provided that when two or more principles are so generally accepted, it shall mean that set of principles consistent with those in use by the
Company. 
 (c) The words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision. 
 (d) Unless the context otherwise requires, any references to an “Article,” a “Section” or another subdivision refers to an Article, a Section or another subdivision, as the case may be, of this Stock Purchase Contract
Agreement. 

 “Agreement” means this instrument as originally executed or as it may from time to time
be supplemented or amended by one or more agreements supplemental hereto entered into pursuant to the applicable provisions hereof. 
 “Bank of America Deposit” means an interest-bearing deposit of cash or cash equivalents with Bank of America, N.A. to be made on the Remarketing Settlement Date and payable on the Stock Purchase Date that will provide the
Trust with sufficient cash on the Stock Purchase Date to purchase the Preferred Stock and to make the final payment due to holders of Preferred HITS (other than those that elected to exchange their securities) on such date. The deposit shall be
established in the name of the Collateral Agent pursuant to an agreement naming the Collateral Agent as customer and providing that Bank of America, N.A.’s jurisdiction for purposes of Article 9 of the Uniform Commercial Code is New York.

 “Bankruptcy Code” means the Bankruptcy Reform Act of 1978, Title 11 of the United States Code, as amended from time
to time, or any other law of the United States that from time to time provides a uniform system of bankruptcy laws. 
 “Base
Indenture” means the Restated Junior Subordinated Debt Securities Indenture, dated as of November 1, 2001, between the Company and The Bank of New York Trust Company, N.A., as successor trustee. 
 “Board of Directors” means the board of directors of the Company or any committee of that board of directors of the Company duly
authorized to act hereunder. 
 “Business Day” means any day other than a Saturday, Sunday or any other day on which banking
institutions and trust companies in New York, New York or Charlotte, North Carolina are permitted or required by law or executive order to close. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral” has the meaning
specified in the Collateral Agreement. 
 “Collateral Agent” means The Bank of New York Trust Company, N.A. as Collateral
Agent, under the Collateral Agreement until a successor Collateral Agent shall have become such pursuant to the applicable provisions of the Collateral Agreement, and thereafter “Collateral Agent” shall mean the Person who is then the
Collateral Agent thereunder. 
 “Collateral Agreement” means the Collateral Agreement, dated as of the date hereof, among
the Company, the Trust (acting through the Property Trustee), the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar, as amended from time to time. 
 “Company” means the Person named as the “Company” in the first paragraph of this Agreement until a successor shall have become
such pursuant to the applicable provision of this Agreement, and thereafter “Company” shall mean such successor. 
  

 2 

 “Contract Payments” means the payments payable by the Company on the Payment Dates in
respect of each Stock Purchase Contract, at the rate of     % per annum of the Stated Amount of each Stock Purchase Contract. 
 “Corporate HITS” has the meaning specified in the Declaration. 
 “Custodial
Agent” means The Bank of New York Trust Company, N.A. as Custodial Agent under the Collateral Agreement until a successor Custodial Agent shall have become such pursuant to the applicable provisions of the Collateral Agreement, and
thereafter “Custodial Agent” shall mean the Person who is then the Custodial Agent thereunder. 
 “Declaration”
means the Amended and Restated Declaration of Trust, dated as of February     , 2007, among the Company, as sponsor, the Property Trustee, the Delaware Trustee and the Regular Trustees (each as named therein) and the
several Holders (as defined therein). 
 “Deferred Contract Payments” has the meaning specified in Section 2.7(a).

 “Early Settlement Event” has the meaning specified in the Fourteenth Supplemental Indenture. 
 “Failed Remarketing” has the meaning specified in the Fourteenth Supplemental Indenture. 
 “Federal Reserve” means (i) the Board of Governors of the Federal Reserve System, as from time to time constituted, or if at any
time after the execution of this Agreement the Federal Reserve is not existing and performing the duties now assigned to it, then the body or bodies performing such duties at such time, or the Federal Reserve Bank of Richmond, or (ii) any
successor Federal Reserve Bank (or successor body performing such duties) having primary jurisdiction over the Company. 
 “Guarantee
Agreement” means the HITS Guarantee Agreement between the Company, as Guarantor, and The Bank of New York, as Guarantee Trustee named thereunder, dated as of the date hereof. 
 “HITS” means the Preferred HITS, Treasury HITS, and Corporate HITS. 
 “Holder” means a Holder (as such term is defined in the Declaration) of Preferred HITS or Treasury HITS. 
 “Indenture” means the Base Indenture, as amended from time to time, and the Fourteenth Supplemental Indenture, taken together, as
amended or supplemented from time to time with respect to the Notes. 
 “Notes” has the meaning specified in the
Declaration. 
 “Officers’ Certificate” means a certificate signed by the President or a Vice President, and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company or the duly authorized designee of any of the foregoing, and delivered to the Property Trustee. 
  

 3 

 “Opinion of Counsel” means a written opinion of legal counsel, who may be counsel to the
Company (and who may be an employee of the Company), and who shall be reasonably acceptable to the Property Trustee. An Opinion of Counsel may rely on certificates as to matters of fact. 
 “Paying Agent” has the meaning specified in the Declaration. 
 “Payment Date” means (i) each March 15 and September 15 of each year occurring prior to the Stock Purchase Date,
commencing on September 15, 2007, and (ii) the Stock Purchase Date. 
 “Person” means a legal person, including
any individual, corporation, estate, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity of
whatever nature. 
 “Pledged Notes” has the meaning specified in the Collateral Agreement. 
 “Pledged Securities” means the Pledged Notes and the Pledged Treasury Securities. 
 “Pledged Treasury Securities” has the meaning specified in the Collateral Agreement. 
 “Preferred HITS” has the meaning specified in the Declaration. 
 “Preferred Stock” means Floating Rate Non-Cumulative Preferred Stock, Series G, $100,000 liquidation preference per share, of the
Company. 
 “Proceeds” has the meaning specified in the Collateral Agreement. 
 “Property Trustee” means The Bank of New York, not in its individual capacity but solely as Property Trustee under the Declaration until
a successor Property Trustee shall have been appointed pursuant to the applicable provisions of the Declaration, and thereafter “Property Trustee” shall mean the Person who is then Property Trustee thereunder. 
 “Qualifying Treasury Securities” has the meaning specified in the Declaration. 
 “Regular Trustee” has the meaning specified in the Declaration. 
 “Remarketing” means a remarketing of Notes pursuant to Article III of the Fourteenth Supplemental Indenture. 
 “Remarketing Agent” has the meaning specified in the Declaration. 
 “Remarketing Agreement” means the Remarketing Agreement to be entered into prior to the first Remarketing among the Company, the
Property Trustee and the Remarketing Agent. 
  

 4 

 “Remarketing Dates” means any of the five consecutive Business Days beginning on the
seventh Business day prior to each of February 15, 2012, May 15, 2012, August 15, 2012, November 15, 2012 and February 15, 2013, until the settlement of a Successful Remarketing; provided that following the
occurrence of an Early Settlement Event, Remarketing Dates mean such earlier dates as determined pursuant to Section 3.4 of the Fourteenth Supplemental Indenture. 
 “Remarketing Settlement Date” means the first February 15, May 15, August 15 or November 15 following the Remarketing Period in which a Successful Remarketing occurs.

 “Securities Act” means the Securities Act of 1933 and any successor statute thereto, in each case as amended from time to
time, and the rules and regulations promulgated thereunder. 
 “Securities Intermediary” means The Bank of New York Trust
Company, N.A. as Securities Intermediary under the Collateral Agreement until a successor Securities Intermediary shall have become such pursuant to the applicable provisions of the Collateral Agreement, and thereafter “Securities
Intermediary” shall mean such successor or any subsequent successor who is appointed pursuant to the Collateral Agreement. 
 “Securities Registrar” means The Bank of New York Trust Company, N.A. as Securities Registrar under the Collateral Agreement until a successor Securities Registrar shall have become such pursuant to the applicable
provisions of the Collateral Agreement, and thereafter “Securities Registrar” shall mean such successor or any subsequent successor who is appointed pursuant to the Collateral Agreement. 
 “Senior and Subordinated Debt” are used as described in Section 7.1 of the Fourteenth Supplemental Indenture. 
 “Stated Amount” means, with respect to any one Stock Purchase Contract, $100,000. 
 “Stock Purchase Contract” means a contract having the Stated Amount obligating (i) the Company to sell, and the Trust (acting
through the Property Trustee) to purchase, one share of Preferred Stock for $100,000 on the Stock Purchase Date and (ii) the Company to pay Contract Payments to the Trust, in each case on the terms and subject to the conditions set forth in
Article II and Article V. 
 “Stock Purchase Date” means the first to occur of (i) the first
March 15, June 15, September 15 and December 15, or if any such day is not a Business Day, the next Business Day, after the Remarketing Settlement Date or (ii) March 15, 2013. 
 “Subordinated Notes” means the subordinated notes of the Company that may be issued to the Property Trustee as provided in
Section 2.7(c). 
 “Successful Remarketing” has the meaning specified in the Fourteenth Supplemental Indenture.

 “Termination Date” means the date, if any, on which a Termination Event occurs. 
  

 5 

 “Termination Event” means the occurrence of any of the following events at any time on
or prior to the Stock Purchase Date: 
 (i) a judgment, decree or court order shall have been entered granting relief under
the Bankruptcy Code, adjudicating the Company to be insolvent, or approving as properly filed a petition seeking reorganization or liquidation of the Company or any other similar applicable federal or state law and if such judgment, decree or order
shall have been entered more than 60 days prior to the Stock Purchase Date, such decree or order shall have continued undischarged and unstayed for a period of 60 days; 
 (ii) a judgment, decree or court order for the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency
of the Company or of its property, or for the termination or liquidation of its affairs, shall have been entered and if such judgment, decree or order shall have been entered more than 60 days prior to the Stock Purchase Date, such judgment, decree
or order shall have continued undischarged and unstayed for a period of 60 days; or 
 (iii) the Company shall file a petition
for relief under the Bankruptcy Code, or shall consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent seeking reorganization or liquidation under the Bankruptcy Code or any other similar applicable
federal or state law, or shall consent to the filing of any such petition, or shall consent to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or of its property, or shall make an assignment for
the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due. 
 “Fourteenth
Supplemental Indenture” means the Fourteenth Supplemental Indenture to the Base Indenture, dated as of the date hereof, between the Company and the Trustee, as amended or supplemented from time to time. 
 “Treasury HITS” has the meaning specified in the Declaration. 
 “Trust” means the Person named as the “Trust” in the first paragraph of this Agreement. 
 “Trustee” means The Bank of New York Trust Company, N.A., a national banking association, as successor to The Bank of New York, solely
in its capacity as trustee pursuant to the Indenture and not in its individual capacity, or its successor in interest in such capacity, or any successor trustee appointed as provided in the Indenture. 
 “Vice President” means any vice president, whether or not designated by a number or a word or words added before or after the title
“Vice President.” 
 Section 1.2 Form of Documents Delivered to Property Trustee. 
 (a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give 

  

 6 

 
an opinion as to such matters in one or several documents. Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which
its certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 (b) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Agreement, they may, but need not, be consolidated and form one instrument. 
 Section 1.3 Notices. 
 Any notice or communication is duly given if in writing and delivered in Person or mailed by first-class mail (registered or certified, return receipt
requested), telecopier (with receipt confirmed) or overnight air courier guaranteeing next day delivery, to the others’ address; provided that notice shall be deemed given to the Property Trustee only upon receipt thereof: 
 If to the Trust or the Property Trustee: 
 The Bank of New York, 
     as Property Trustee of 
     BAC Capital Trust XIV 
 c/o The Bank of New York Trust Company, N.A. 
 Towermarc Plaza, 2nd Floor 
 10161 Centurion Parkway

 Jacksonville, FL 32256 
 Attention: Tina Gonzalez 
 Facsimile: (904) 645-1921 
 If to the Company: 
 Bank of
America Corporation 
 100 North Tryon Street 
 NC1-007-07-06 
 Charlotte, North Carolina 28255 
 Attention: Corporate Treasury – Securities Administration 
 Facsimile: (704) 386-0270 
 If to the Collateral Agent: 
 The Bank of New York Trust Company, N.A., 
     as Collateral Agent 
 Towermarc Plaza, 2nd Floor 
 10161 Centurion Parkway

 Jacksonville, FL 32256 
 Attention: Tina Gonzalez 
 Facsimile: (904) 645-1921 
  

 7 

 Section 1.4 Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 1.5 Successors and Assigns. 
 All
covenants and agreements in this Agreement by the Company and the Trust shall bind their respective successors and assigns, whether so expressed or not. 
 Section 1.6 Separability Clause. 
 In case any provision in this Agreement shall be invalid, illegal or unenforceable by
a court of competent jurisdiction, the validity, legality and enforceability of the remaining provisions hereof and thereof shall not in any way be affected or impaired thereby. 
 Section 1.7 Benefits of Agreement. 
 Nothing contained in this Agreement, express or implied,
shall give to any Person, other than the parties hereto and their successors hereunder and, to the extent provided hereby, the holders of Senior and Subordinated Debt and any Paying Agent, any benefits or any legal or equitable right, remedy or
claim under this Agreement. 
 Section 1.8 Governing Law; Submission to Jurisdiction. 
 This Agreement shall be governed by and construed in accordance with the laws of the State of New York. The Company and the Trust hereby submit to
the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and the courts of the State of New York (in each case sitting in New York County) for the purposes of all legal proceedings arising out of or
relating to this Agreement or the transactions contemplated hereby. The Company and the Trust irrevocably waive, to the fullest extent permitted by applicable law, any objection that they may now or hereafter have to the laying of the venue of any
such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. 
 Section 1.9 Legal Holidays. 
 (a) In any case where any Payment Date shall not be a Business Day (notwithstanding any
other provision of this Agreement), Contract Payments or other distributions shall not be paid on such date, but Contract Payments or such other distributions shall be paid on the next succeeding Business Day with the same force and effect as if
made on such Payment Date. No interest shall accrue or be payable by the Company or to the Property Trustee (on behalf of the Trust) for the period from and after any such Payment Date on such successive Business Day. 
  

 8 

 (b) In any case where the Stock Purchase Date shall not be a Business Day (notwithstanding any other
provision of this Agreement), the Stock Purchase Contracts shall not be performed and shall not be effected on such date, but the Stock Purchase Contracts shall be performed on the next succeeding Business Day with the same force and effect as if
made on such Stock Purchase Date. 
 Section 1.10 No Waiver. 
 No failure on the part of the Company, the Property Trustee, the Collateral Agent, the Securities Intermediary or any of their respective agents to exercise, and no course of dealing with respect to, and no delay in
exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Company, the Property Trustee, the Collateral Agent, the Securities Intermediary or any of their respective agents of
any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
 Section 1.11 No Consent to Assumption. 
 Pursuant
to the Declaration, the Property Trustee for and on behalf of the Trust hereby expressly withholds any consent to the assumption under Section 365 of the Bankruptcy Code or otherwise, of the Stock Purchase Contract by the Company or its
trustee, receiver, liquidator or a Person performing similar functions in the event that the Company becomes the debtor under the Bankruptcy Code or subject to other similar state or Federal law providing for reorganization or liquidation.

 Section 1.12 No Recourse 
 It is
expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by The Bank of New York, not individually or personally but solely as Property Trustee of the Trust, in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, warranties, covenants,
undertakings and agreements by The Bank of New York but is made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on The Bank of New York, individually or
personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no
circumstances shall The Bank of New York be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust
under this Agreement or any other related documents. 
  

 9 

 ARTICLE II 
 THE STOCK PURCHASE CONTRACTS 
 Section 2.1 Issuance of Stock Purchase Contracts; Transferability; Assignment;
Amendment. 
 (a) Contemporaneously with the execution and delivery of this Agreement, the Company hereby issues
             Stock Purchase Contracts having the terms and conditions set forth herein to the Trust (acting through the Property Trustee), which by its execution and delivery of this
Agreement is entering into and agreeing to be bound by the Stock Purchase Contracts. No certificates will be issued to evidence the Stock Purchase Contracts. 
 (b) To the fullest extent permitted by law, other than a transfer in connection with (i) a merger, consolidation, amalgamation or replacement of the Trust or (ii) any conveyance, transfer or lease by the
Trust of its properties and assets substantially as an entirety to, and the assumption by, a successor entity pursuant to Section 9.5 of the Declaration, any attempted transfer of the Stock Purchase Contracts shall be void. 
 (c) To the fullest extent permitted by law, any assignment by the Trust of its rights hereunder, other than an assignment of this Agreement in connection
with a merger, consolidation, amalgamation or replacement of the Trust or any conveyance, transfer or lease by the Trust of its properties and assets substantially as an entirety to, and the assumption by, a successor entity pursuant to
Section 9.5 of the Declaration, shall be void. 
 (d) No amendment, modification or waiver of any provision of this Agreement shall be
effective against either party hereto unless it is duly authorized by resolution of the Board of Directors of the Company and permitted under Section 6.1 of the Declaration. 
 Section 2.2 Purchase of Preferred Stock; Payment of Purchase Price. 
 (a) Each Stock Purchase
Contract shall obligate the Trust (acting through the Property Trustee) to purchase, and the Company to sell, on the Stock Purchase Date at a price equal to the Stated Amount, one share of Preferred Stock, unless a Termination Event shall have
occurred. 
 (b) If there has been a Successful Remarketing, the Trust will satisfy its obligations under Section 2.2(a) to pay the
purchase price in respect of the Stock Purchase Contracts out of (i) the Proceeds at maturity of the Pledged Treasury Securities and (ii) to the extent of the excess of the purchase price over the amount of the Proceeds at maturity of the
Pledged Treasury Securities, the Bank of America Deposit; provided that in the event that a receiver has been appointed for the purpose of liquidating or winding up the affairs of The Bank of New York while The Bank of New York is holding the
Bank of America Deposit, in lieu of payment of the Bank of America Deposit the Trust shall cause the Collateral Agent to assign its rights in the Bank of America Deposit to the Company on the Stock Purchase Date to the extent of such amount required
in full satisfaction of the Trust’s obligation to pay the Bank of America Deposit pursuant to this clause (ii). 
 (c) If there is a
Failed Remarketing, the Collateral Agent for the benefit of the Company reserves all of its rights as a secured party with respect to the Notes and, subject to applicable law and Section 2.2(d), may, among other things, (i) retain such
Notes or their Proceeds in full satisfaction of the Trust’s obligations under the Stock Purchase Contracts or (ii) sell such Notes in one or more public or private sales as permitted by applicable law, in order to satisfy the Trust’s
obligations under Section 2.2(a) to pay the purchase price in respect of the Stock Purchase Contracts to the extent not satisfied out of the Proceeds at maturity of the Pledged Treasury Securities. 
  

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 (d) The obligations of the Trust to pay the purchase price in respect of the Stock Purchase Contracts are
non-recourse obligations and are payable solely out of the Proceeds of any Collateral pledged to secure the obligations of the Trust assignment of the Bank of America Deposit as set forth in this Section 2.2, and in no event will the Property
Trustee be liable for any deficiency between the Proceeds of the disposition of Collateral and the purchase price in respect of the Stock Purchase Contracts. 
 (e) The Company shall not be obligated to cause the issuance of any share of Preferred Stock in respect of a Stock Purchase Contract or deliver any certificate therefor to the Property Trustee unless the Company shall
have received payment for the share of Preferred Stock to be purchased thereunder in the manner herein set forth. 
 Section 2.3 Issuance of
Preferred Stock. 
 (a) Unless a Termination Event shall have occurred, on the Stock Purchase Date upon receipt of the aggregate purchase
price payable on all Stock Purchase Contracts, the Company shall cause to be issued and deposited with the Property Trustee (or its nominee), one or more certificates representing newly issued shares of Preferred Stock registered in the name of the
Property Trustee (or its nominee) as custodian for the Trust to which the Trust is entitled hereunder. 
 Section 2.4 Termination Event; Notice.

 (a) The Stock Purchase Contracts and all obligations and rights of the Company and the Trust (including the obligations and rights of the
Property Trustee acting on behalf of the Trust) thereunder, including, without limitation, the right of the Trust to receive and the obligation of the Company to pay any Contract Payments (including any accrued and unpaid Contract Payments), and the
rights and obligations of the Trust to purchase shares of Preferred Stock, shall immediately and automatically terminate, without the necessity of any notice or action by the Trust, the Property Trustee or the Company, if a Termination Event shall
have occurred on or prior to the Stock Purchase Date. 
 (b) Upon the occurrence of a Termination Event, the Company shall promptly but in no
event later than five Business Days thereafter give written notice to the Property Trustee and the Collateral Agent of such event. 
 Section 2.5
Charges and Taxes. 
 The Company will pay all stock transfer and similar taxes attributable to the initial issuance and delivery of
the shares of Preferred Stock pursuant to the Stock Purchase Contracts; provided that the Company shall not be required to pay any such tax or taxes that may be payable in respect of any issuance of a share of Preferred Stock in a name other
than in the name of the Property Trustee or its nominee, as custodian for the Trust, and the Company shall not be required to issue or deliver such share certificates unless or until the Person or Persons requesting the issuance thereof shall have
paid to the Company, in addition to any Stated Amount, the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
  

 11 

 Section 2.6 Contract Payments. 
 (a) Subject to Section 2.7, the Company shall pay, in arrears on each Payment Date, or if such day is not a Business Day, the next Business Day, the Contract Payments payable in respect of each Stock Purchase
Contract to the Property Trustee or upon its order. The Contract Payments will be payable by wire transfer to the account designated by the Property Trustee by a prior written notice to the Company. The Contract Payments will accrue from and
including February     , 2007 or from and including the most recent Payment Date on which Contract Payments have been paid or duly provided for (subject to deferral as set forth in Section 2.7) to but excluding the
next succeeding Payment Date. Contract Payments will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 (b)
The Company’s obligations with respect to Contract Payments, if any, will be subordinated and junior in right of payment to the Company’s obligations under any Senior and Subordinated Debt to the extent and in the manner set forth in
Sections 2.6(b) through (l). 
 (c) In the event of (i) any insolvency, bankruptcy, receivership, liquidation, reorganization,
readjustment, composition or other similar proceeding with respect to the Company, its creditors or its property, (ii) any proceeding for the voluntary or involuntary liquidation, dissolution or other winding up of the Company, whether or not
involving insolvency or bankruptcy proceedings, (iii) any assignment by the Company for the benefit of creditors, or (iv) any other marshalling of the assets of the Company: 
 (A) all Senior and Subordinated Debt (including any interest thereon accruing after the commencement of any such proceedings) shall first
be paid in full before any payment or distribution, whether in cash, securities or other property, shall be made to the Property Trustee in respect of Contract Payments; 
 (B) any payment or distribution, whether in cash, securities or other property that would otherwise (but for these subordination
provisions) be payable or deliverable in respect of Contract Payments shall be paid or delivered directly to the holders of Senior and Subordinated Debt in accordance with the priorities then existing among such holders until all Senior and
Subordinated Debt (including any interest thereon accruing after the commencement of any such proceedings) shall have been paid in full; 
 (C) after payment in full of all sums owing with respect to Senior and Subordinated Debt, the Property Trustee, together with the holders of any obligations of the Company ranking on a parity with the Contract
Payments, shall be entitled to be paid from the remaining assets of the Company the amounts at the time due and owing on account of unpaid Contract Payments and interest thereon and such other obligations before any payment or other distribution,
whether in cash, securities or other property, shall be made on account of any capital stock of the Company or any obligations of the Company ranking junior to the Company’s obligations to make Contract Payments under the Stock Purchase
Contracts and such other obligations; and 
  

 12 

 (D) in the event that, notwithstanding the foregoing, any payment or distribution of any
character or any security, whether in cash, securities or other property, shall be received by the Property Trustee or the Trust in contravention of any of the terms hereof such payment or distribution or security shall be received in trust for the
benefit of, and shall be paid over or delivered and transferred to, the holders of the Senior and Subordinated Debt at the time outstanding in accordance with the priorities then existing among such holders for application to the payment of all
Senior and Subordinated Debt remaining unpaid, to the extent necessary to pay all such Senior and Subordinated Debt in full. In the event of the failure of the Property Trustee or the Trust to endorse or assign any such payment, distribution or
security, each holder of Senior and Subordinated Debt is hereby irrevocably authorized to endorse or assign the same. 
 (d) For purposes of
Sections 2.6(b) through (l), the words “cash, securities or other property” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other Person provided for by a plan
of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in Sections 2.6(b) through (l) with respect to such Contract Payments on the Stock Purchase Contracts to the payment of all Senior and
Subordinated Debt that may at the time be outstanding; provided that (i) the indebtedness or guarantee of indebtedness, as the case may be, that constitutes Senior and Subordinated Debt is assumed by the Person, if any, resulting from
any such reorganization or readjustment, and (ii) the rights of the holders of the Senior and Subordinated Debt are not, without the consent of each such holder adversely affected thereby, altered by such reorganization or readjustment.

 (e) Any failure by the Company to make any payment on or perform any other obligation under Senior and Subordinated Debt, other than any
indebtedness incurred by the Company or assumed or guaranteed, directly or indirectly, by the Company for money borrowed (or any deferral, renewal, extension or refunding thereof) or any indebtedness or obligation as to which the provisions of
Sections 2.6(b) through (l) shall have been waived by the Company in the instrument or instruments by which the Company incurred, assumed, guaranteed or otherwise created such indebtedness or obligation, shall not be deemed a default or event
of default if (i) the Company shall be disputing its obligation to make such payment or perform such obligation and (ii) either (A) no final judgment relating to such dispute shall have been issued against the Company that is in full
force and effect and is not subject to further review, including a judgment that has become final by reason of the expiration of the time within which a party may seek further appeal or review, or (B) in the event a judgment that is subject to
further review or appeal has been issued, the Company shall in good faith be prosecuting an appeal or other proceeding for review and a stay of execution shall have been obtained pending such appeal or review. 
 (f) Subject to the irrevocable payment in full of all Senior and Subordinated Debt, the Property Trustee on behalf of the Trust shall be subrogated
(equally and ratably with the holders of all obligations of the Company that by their express terms are subordinated to Senior and Subordinated Debt of the Company to the same extent as payment of the Contract Payments in respect of the Stock
Purchase Contracts is subordinated and that are entitled to like rights of subrogation) to the rights of the holders of Senior and Subordinated Debt to receive payments or distributions of cash, securities or other property of the Company applicable
to the Senior and Subordinated Debt until all such Contract Payments owing on the Stock Purchase Contracts shall 

  

 13 

 
be paid in full, and as between the Company, its creditors other than holders of such Senior and Subordinated Debt and the Property Trustee, no such payment
or distribution made to the holders of Senior and Subordinated Debt by virtue of Sections 2.6(b) through (l) that otherwise would have been made to the Property Trustee shall be deemed to be a payment by the Company on account of such Senior
and Subordinated Debt, it being understood that the provisions of Sections 2.6(b) through (l) are intended solely for the purpose of defining the relative rights of the Property Trustee, on the one hand, and the holders of Senior and
Subordinated Debt, on the other hand. 
 (g) Nothing contained in Sections 2.6(b) through (l) or elsewhere in this Agreement is intended
to or shall impair, as among the Company, its creditors other than the holders of Senior and Subordinated Debt and the Property Trustee, the obligation of the Company, which is absolute and unconditional, to pay to the Property Trustee such Contract
Payments on the Stock Purchase Contracts as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Property Trustee and creditors of the Company other than the
holders of Senior and Subordinated Debt, nor shall anything herein or therein prevent the Property Trustee from exercising all remedies otherwise permitted by applicable law upon default under this Agreement, subject to the rights, if any, under
Sections 2.6(b) through (l), of the holders of Senior and Subordinated Debt in respect of cash, securities or other property of the Company received upon the exercise of any such remedy. 
 (h) Upon payment or distribution of assets of the Company referred to in Sections 2.6(b) through (l), the Property Trustee shall be entitled to rely upon
any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization proceeding affecting the affairs of the Company is pending or upon a certificate of the trustee in bankruptcy,
receiver, conservator, assignee for the benefit of creditors, liquidating trustee or other Person making any payment or distribution, delivered to the Property Trustee, for the purpose of ascertaining the Persons entitled to participate in such
payment or distribution, the holders of the Senior and Subordinated Debt and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to
Sections 2.6(b) through (l). 
 (i) The Property Trustee shall be entitled to conclusively rely on the delivery to it of a written notice by
a Person representing himself to be a holder of Senior and Subordinated Debt (or a trustee or representative on behalf of such holder) to establish that such notice has been given by a holder of Senior and Subordinated Debt or a trustee or
representative on behalf of any such holder or holders. In the event that the Property Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior and Subordinated Debt to
participate in any payment or distribution pursuant to Section 2.6(b) through (l), the Property Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Property Trustee as to the amount of Senior and
Subordinated Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under Sections 2.6(b) through (l), and, if such evidence is
not furnished, the Property Trustee may defer payment to such Person pending judicial determination as to the right of such Person to receive such payment. 
  

 14 

 (j) Nothing contained in Sections 2.6(b) through (l) shall affect the obligations of the Company to
make, or prevent the Company from making, payment of the Contract Payments, except as otherwise provided in Sections 2.6(b) through (l). 
 (k) The Bank of New York, or any successor Property Trustee, in its individual capacity shall be entitled to all the rights set forth in this Section with respect to any Senior and Subordinated Debt at the time held by it, to the same
extent as any other holder of Senior and Subordinated Debt and nothing in this Agreement shall deprive The Bank of New York, or any successor Property Trustee of any of its rights as such holder. 
 (l) No right of any present or future holder of any Senior and Subordinated Debt to enforce the subordination herein shall at any time or in any way be
prejudiced or impaired by any act or failure to act on the part of the Company or by any noncompliance by the Company with the terms, provisions and covenants of this Agreement, regardless of any knowledge thereof that any such holder may have or be
otherwise charged with. 
 (m) Nothing in this Section 2.6 shall apply to claims of, or payments to, the Property Trustee under or
pursuant to Section 2.7. 
 (n) With respect to the holders of Senior and Subordinated Debt, (i) the duties and obligations of the
Property Trustee shall be determined solely by the express provisions of this Agreement; (ii) the Property Trustee shall not be liable to any such holders if it shall, acting in good faith, mistakenly pay over or distribute to the Holders or to
the Company or any other Person cash, securities or other property to which any holders of Senior and Subordinated Debt shall be entitled by virtue of this Section 2.6 or otherwise; (iii) no implied covenants or obligations shall be read
into this Agreement against the Property Trustee; and (iv) the Property Trustee shall not be deemed to be a fiduciary as to such holders. 
 (o) Nothing in this Section 2.6 shall apply to any payment or distribution, whether in cash, securities or other property, made to, or paid over or distributed by, any Paying Agent in respect of Contract Payments or otherwise. The
Paying Agent shall owe no duty, fiduciary or otherwise, to any holder of Senior and Subordinated Debt and shall not be liable to any holders of Senior and Subordinated Debt if it shall pay over or distribute to the Holders or to the Company or any
other Person cash, securities or other property to which any holders of Senior and Subordinated Debt shall otherwise be entitled by virtue of this Section 2.6 or otherwise; and no implied covenants or obligations shall be read into this
Agreement against the Paying Agent. 
 Section 2.7 Deferral of Contract Payments. 
 (a) The Company shall have the right (which will be exercised if so directed by the Federal Reserve), at any time prior to the Stock Purchase Date, to
defer the payment of any or all of the Contract Payments otherwise payable on any Payment Date, but only if the Company shall give the Property Trustee and the Regular Trustees (with a copy to the Paying Agent) written notice of its election to
defer each such deferred Contract Payment (specifying the amount to be deferred) at least ten Business Days prior to the earlier of (i) the next succeeding Payment Date or (ii) the date the Property Trustee and the Regular Trustees are
required to give notice of any record date or Payment Date with respect to any class of HITS to the New York Stock Exchange 

  

 15 

 
or other applicable self regulatory organization or to the Holders, but in any event not less than one Business Day prior to such record date. Any Contract
Payments so deferred shall, to the extent permitted by law, accrue interest thereon at a rate of     % per annum, compounding on each succeeding Payment Date, until paid in full (such deferred installments of Contract
Payments, if any, together with the interest, if any, accrued thereon, being referred to herein as the “Deferred Contract Payments”). Deferred Contract Payments, if any, shall be due on the next succeeding Payment Date except to the
extent that payment is deferred pursuant to this Section 2.7, except as provided under Section 1.9. No Contract Payments may be deferred to a date that is after the Stock Purchase Date and no such deferral period may end other than on a
Payment Date, except as provided under Section 1.9. If the Stock Purchase Contracts are terminated upon the occurrence of a Termination Event, the Trust’s right to receive Contract Payments, if any, and any Deferred Contract Payments, will
terminate. 
 (b) In the event that the Company elects to defer the payment of Contract Payments on the Stock Purchase Contracts until a
Payment Date prior to the Stock Purchase Date, then all Deferred Contract Payments, if any, shall be payable to the Property Trustee on behalf of the Trust on such Payment Date, except as provided under Section 1.9. 
 (c) In the event that the Company elects to defer the payment of Contract Payments on the Stock Purchase Contracts and such deferral is continuing on the
Stock Purchase Date, the Property Trustee will receive on the Stock Purchase Date in lieu of a cash payment, in addition to the shares of Preferred Stock to be issued pursuant to Section 2.3, Subordinated Notes that will (i) have a
principal amount equal to the aggregate amount of Deferred Contract Payments at the Stock Purchase Date, (ii) mature on the later of March 15, 2015 or five years after commencement of the deferral period, (iii) bear interest at a rate
of     % per annum (subject to deferral on the same basis as the Contract Payments), (iv) be subordinate and rank junior in right of payment to all of the Company’s Senior and Subordinated Debt on the same basis
as the Contract Payments, and (v) be redeemable at the option of the Company at any time or from time to time prior to their stated maturity at a redemption price equal to the principal amount thereof plus any accrued and unpaid interest to the
date of redemption; provided that the Company shall register such Subordinated Notes under the Securities Act prior to the delivery thereof to the Property Trustee unless they may be so delivered pursuant to an exemption or exception from
registration thereunder. 
 (d) In the event the Company exercises its option to defer the payment of Contract Payments then, until the
earlier of (x) the Termination Date or (y) the date on which the Company shall have either paid all Deferred Contract Payments to the Property Trustee in cash or repaid all amounts outstanding on the Subordinated Notes, the Company shall
not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of its capital stock, including its Preferred Stock, or make any guarantee payment with respect to
the foregoing, other than: 
 (A) any repurchase, redemption or other acquisition of shares of the Company’s capital
stock in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors, consultants or independent contractors; 
  

 16 

 (B) any exchange, redemption or conversion of any class or series of the Company’s
capital stock, or the capital stock of one of its subsidiaries, for any other class or series of the Company’s capital stock, or any class or series of the Company’s indebtedness for any class or series of its capital stock; 
 (C) any purchase of fractional interests of the Company’s capital stock pursuant to the acquisition, conversion or exchange
provisions of such capital stock or the security being converted or exchanged; or 
 (D) payments in respect of the
Company’s guarantee related to the HITS executed for the benefit of the Holders of the HITS; 
 or (ii) make any payment of principal, interest or
premium, if any, on, or repay, repurchase or redeem, any debt security of the Company that ranks pari passu in all respects with or junior in interest to the Notes (except for partial payments of interest pursuant to the terms of the Notes);
or (iii) make any guarantee payments with respect to any guarantee by the Company of the debt securities of any subsidiary of the Company that by its terms ranks pari passu in all respects with or junior in interest to the Company’s
guarantee related to the HITS. 
 ARTICLE III 
 REMEDIES 
 Section 3.1 Unconditional Right of the Property Trustee to Receive Contract Payments and to
Purchase Shares of Preferred Stock; Direct Action by Holders of Preferred HITS or Treasury HITS. 
 The Property Trustee on behalf of the
Trust shall have the right, which is absolute and unconditional, (i) subject to Article II, to receive each Contract Payment with respect to each Stock Purchase Contract on the respective Payment Date and (ii) except upon and following a
Termination Event, to purchase one share of Preferred Stock pursuant to such Stock Purchase Contract and, in each such case, to institute suit for the enforcement of any such right to receive Contract Payments and the right to purchase such share of
Preferred Stock, and such rights shall not be impaired without its consent. Up to and including the Stock Purchase Date, or the earlier termination of the Stock Purchase Contracts, any Holder shall have the right, upon default in the payment of any
Contract Payment with respect to any Stock Purchase Contract on the respective Payment Date (subject to Article II), to institute a suit directly against the Company for enforcement of payment to such Holder of Contract Payments on Stock Purchase
Contracts (or interests therein) having a stated amount equal to the aggregate Liquidation Amount (as defined in the Declaration) of the HITS held by such Holder, but without first directing the Property Trustee to enforce the terms of the Stock
Purchase Contracts or suing the Company to enforce the Property Trustee’s rights under the Stock Purchase Contracts. 
 Section 3.2 Restoration
of Rights and Remedies. 
 If the Property Trustee has instituted any proceeding to enforce any right or remedy under this Agreement and
such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Property Trustee, then and in every such case, subject to any 

  

 17 

 
determination in such proceeding, the Company and the Property Trustee shall be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Property Trustee shall continue as though no such proceeding had been instituted. 
 Section 3.3 Rights and
Remedies Cumulative. 
 No right or remedy herein conferred upon or reserved to the Property Trustee is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 3.4 Delay or Omission Not Waiver. 
 No delay or omission of the Property Trustee to exercise any right upon a
default or remedy upon a default shall impair any such right or remedy or constitute a waiver of any such right. Every right and remedy given by this Article III or by law to the Property Trustee may be exercised from time to time, and as often as
may be deemed expedient, by the Property Trustee. 
 Section 3.5 Waiver of Stay or Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Agreement; and the Company (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Property Trustee, but will suffer and permit the execution of every such power
as though no such law had been enacted. 
 ARTICLE IV 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 Section 4.1 Covenant Not to Consolidate, Merge,
Convey, Transfer or Lease Property Except under Certain Conditions. 
 The Company covenants that it will not consolidate with, convert
into, or merge with and into, any other entity or sell, assign, transfer, lease or convey all or substantially all of its properties and assets to any Person or entity, unless: 
 (a) the successor shall expressly assume all the obligations of the Company under the Stock Purchase Contracts, this Agreement, the Collateral Agreement,
the Declaration, the Indenture (including any supplement thereto), the Guarantee Agreement and the Remarketing Agreement by one or more supplemental agreements in form reasonably satisfactory to the Property Trustee, executed and delivered to the
Property Trustee by such corporation; 
  

 18 

 (b) such successor corporation shall not, immediately after such consolidation, conversion, merger, sale,
assignment, transfer, lease or conveyance, be in default of payment obligations under the Stock Purchase Contracts, this Agreement, the Collateral Agreement, the Declaration or the Remarketing Agreement or in material default in the performance of
any other covenants under any of the foregoing agreements; and 
 (c) the successor entity shall have reserved sufficient authorized and
unissued shares of preferred stock having substantially the same terms and conditions as the Preferred Stock such that the Trust will receive, on the Stock Purchase Date, shares of preferred stock having substantially the same rights as the
Preferred Stock that the Trust would have received had such merger, consolidation or other transaction not occurred. 
 Section 4.2 Rights and Duties
of Successor Corporation. 
 In case of any such merger, consolidation, share exchange, sale, assignment, transfer, lease or conveyance
and upon any such assumption by a successor corporation in accordance with Section 4.1, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named herein as the Company. 
 Section 4.3 Officers’ Certificate and Opinion of Counsel Given to Property Trustee. 
 The Property Trustee, subject to Section 4.1 and Section 4.2, shall receive an Officers’ Certificate and an Opinion of Counsel as
conclusive evidence that any such merger, consolidation, share exchange, sale, assignment, transfer, lease or conveyance, and any such assumption, complies with the provisions of this Article IV and that all conditions precedent to the consummation
of any such merger, consolidation, share exchange, sale, assignment, transfer, lease or conveyance have been met. 
 ARTICLE V

 COVENANTS 
 Section 5.1
Performance under Stock Purchase Contracts. 
 The Company covenants and agrees for the benefit of the Trust that it will duly and
punctually perform its obligations under the Stock Purchase Contracts in accordance with the terms of the Stock Purchase Contracts and this Agreement. 
 Section 5.2 Company to Reserve Preferred Stock. 
 The Company shall at all times prior to the Stock Purchase Date
reserve and keep available, free from preemptive rights, out of its authorized but unissued Preferred Stock the full number of shares of Preferred Stock issuable against tender of payment for such shares of Preferred Stock in respect of all Stock
Purchase Contracts. 
 Section 5.3 Covenants as to Preferred Stock. 
 The Company covenants that all shares of Preferred Stock that may be issued against tender of payment for such shares of Preferred Stock in respect of any Stock Purchase Contract will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable. 
  

 19 

 Section 5.4 Statements of Officers of the Company as to Default. 
 The Company will deliver to the Property Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an
Officers’ Certificate, stating whether or not to the knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions hereof, and if the Company shall be in default,
specifying all such defaults and the nature and status thereof of which they may have knowledge. 
 Section 5.5 Certain Rights of the Property
Trustee. 
 The rights, privileges, protections, indemnities and immunities afforded the Property Trustee under the Declaration are hereby
incorporated herein as if set forth herein in full. 
 * * * * 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

  

 20 

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

			
	Bank of America Corporation
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BAC Capital Trust XIV
		
	By:	 	The Bank of New York, not in its individual capacity but solely as Property Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 21Amendment No. 3 to Master Repurchase Agreement

 Exhibit 10.1 
 AMENDMENT NO. 3 TO MASTER REPURCHASE AGREEMENT 
 AMENDMENT NO. 3 TO MASTER REPURCHASE AGREEMENT,
dated as of February 8, 2007 (this “Amendment”), by and between CBRE REALTY FINANCE HOLDINGS IV, LLC and CBRE REALTY FINANCE TRS WAREHOUSE FUNDING III, LLC (each a “Seller”, and a collectively, the
“Sellers”), and WACHOVIA BANK, NATIONAL ASSOCIATION (the “Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase Agreement (as defined
below). 
 RECITALS 
 WHEREAS, the Sellers and the Buyer are parties to that certain Master Repurchase Agreement, dated August 24, 2006, as amended by that certain Amendment No. 1 to Master Repurchase Agreement, dated August 24, 2006 and that
certain Amendment No. 2 to Master Repurchase Agreement, dated December 15, 2006 (the “Existing Repurchase Agreement”); and 
 WHEREAS, the Sellers and the Buyer have agreed to temporarily further increase the Maximum Amount to $700,000,000. 
 Therefore, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Sellers and the Buyer hereby agree as follows: 
 SECTION 1. Amendments. 
 (a)
Section 2.01 of the Existing Repurchase Agreement is hereby modified by deleting the defined term “Maximum Amount” in its entirety and inserting the following defined term in lieu thereof: 
 “Maximum Amount”: (i) Solely during the Increase Period, an amount equal to $700,000,000 and (ii) following the
Increase Period, an amount equal to $300,000,000, or, in either case, such greater amount as the Buyer may determine in accordance with Section 3.05(b) hereof. 
 (b) Section 2.01 of the Existing Repurchase Agreement is hereby modified by inserting in proper alphabetical order the following new defined term: 
 “Increase Period”: The period from and including February 8, 2007 through and including the earlier of
(i) April 30, 2007 and (ii) the closing of a Securitization Vehicle involving all or substantially all of the Purchased Assets. 

 SECTION 2. Conditions Precedent. This Amendment and its provisions shall become effective
on the date on which the Buyer shall have received this Amendment, executed and delivered by a duly authorized officer of each Seller and the Buyer (the “Amendment Effective Date”). 
 SECTION 3. Representations and Warranties. Each Seller hereby represents and warrants to the Buyer, as of the date hereof and as of the
Amendment Effective Date, that (i) the Seller is in compliance with all of the terms and provisions set forth in the Existing Repurchase Agreement and the other Repurchase Documents on its part to be observed or performed, (ii) no Default
or Event of Default has occurred or is continuing, (iii) the Seller has no, and hereby waives all, defenses, rights of setoff, claims, counterclaims or causes of action of any kind or description against the Buyer arising under or in respect of
the Existing Repurchase Agreement or any other Repurchase Document and (iv) the Buyer is in full compliance with its undertakings and obligations under the Existing Repurchase Agreement and the other Repurchase Documents. Each Seller hereby
confirms and reaffirms the representations and warranties contained in the Existing Repurchase Agreement and all of the other Repurchase Documents. 
 SECTION 4. Limited Effect. Except as expressly amended and modified by this Amendment, the Existing Repurchase Agreement and each of the other Repurchase Documents shall continue to be, and shall remain, in full force and
effect in accordance with their respective terms; provided, however, that upon the Amendment Effective Date, each reference therein and herein to the “Repurchase Documents” shall be deemed to include, in any event, this
Amendment and each reference to the “Repurchase Agreement” in any of the Repurchase Documents shall be deemed to be a reference to the Existing Repurchase Agreement as amended hereby. 
 SECTION 5. Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be
effective as delivery of a manually executed original counterpart thereof. 
 SECTION 6. Expenses. The Sellers agree to pay and
reimburse the Buyer for all of the out-of-pocket costs and expenses incurred by the Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of Cadwalader,
Wickersham & Taft LLP, counsel to the Buyer. 
 SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 [SIGNATURES FOLLOW] 
  

 -2- 

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

					
	SELLERS
	
	CBRE REALTY FINANCE TRS
		 	WAREHOUSE FUNDING III, LLC, a
		 	Delaware limited liability company, as Seller
		
	 By:
	 	 CBRE Realty Finance TRS, Inc., a
 Delaware
corporation

		
	 By:
	 	 /s/ Paul Martin

		 	Name:	 	Paul Martin
		 	Title:	 	Executive Vice President
	
	CBRE REALTY FINANCE HOLDINGS IV,
		 	LLC, a Delaware limited liability company, as Seller
		
	 By:
	 	CBRE Realty Finance Holdings, LLC, a Delaware limited liability company
		
	 By:
	 	 /s/ Paul Martin

			
		 	Name:	 	Paul Martin
		 	Title:	 	Managing Director

							
	BUYER
	
	WACHOVIA BANK, NATIONAL ASSOCIATION
			
		 	By:	 	  
 /s/ Joseph F.
Cannon

		 		 	Name:	 	Joseph F. Cannon
		 		 	Title:	 	Vice President

  

 Although consent of the Guarantor is not needed to effect the changes set forth in this Amendment, as a convenience to
the parties, the Guarantor hereby acknowledges, accepts and agrees to the changes made to the Existing Repurchase Agreement by this Amendment and affirms and confirms its obligations under the Guarantee. 
 GUARANTOR 
 CBRE REALTY FINANCE, INC., 
 a Maryland corporation 
  

					
	By:	 	  
 /s/ Paul
Martin

	  	 	Name:	 	Paul Martin
		 	Title:	 	Executive Vice President

 CBRE REALTY FINANCE HOLDINGS, LLC, 
 a Delaware limited liability company 
  

					
	By:	 	 /s/ Paul Martin

	  	 	Name:	 	Paul Martin
		 	Title:	 	Managing Director

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