Document:

exv4w14w1

Exhibit 4.14.1

      

Amended and Restated

Stock Purchase Contract Agreement

between

U.S. BANCORP

and

USB CAPITAL IX,

acting through Wilmington Trust Company,

as Property Trustee

Dated as of May [•], 2010

      

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

	 
	 	 	 	 
	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
	 	 	7	 
	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
	 	 	8	 
	Section 1.11 No Consent to Assumption
	 	 	9	 
	Section 1.12 No Recourse
	 	 	9	 
	 
	 	 	 	 
	ARTICLE II

	THE STOCK PURCHASE CONTRACTS

	 
	 	 	 	 
	Section 2.1 Issuance of Stock Purchase Contracts; Transferability; Assignment; Amendment
	 	 	9	 
	Section 2.2 Purchase of Preferred Stock; Payment of Purchase Price
	 	 	10	 
	Section 2.3 Issuance of Preferred Stock
	 	 	10	 
	Section 2.4 Termination Event; Notice
	 	 	11	 
	Section 2.5 Charges and Taxes
	 	 	11	 
	Section 2.6 Contract Payments
	 	 	11	 
	Section 2.7 Deferral of Contract Payments
	 	 	14	 
	Section 2.8 Cancellation of Stock Purchase Contracts
	 	 	16	 
	 
	 	 	 	 
	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 Normal ITS or
Stripped ITS
	 	 	17	 
	Section 3.2 Restoration of Rights and Remedies
	 	 	17	 
	Section 3.3 Rights and Remedies Cumulative
	 	 	17	 
	Section 3.4 Delay or Omission Not Waiver
	 	 	17	 
	Section 3.5 Waiver of Stay or Extension Laws
	 	 	18	 
	 
	 	 	 	 
	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
	 	 	18	 
	Section 4.2 Rights and Duties of Successor Corporation
	 	 	18	 
	Section 4.3 Officers’ Certificate and Opinion of Counsel Given to Property Trustee
	 	 	19	 

Stock Purchase Contract Agreement

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE V

	COVENANTS

	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
	 	 	19	 

Stock Purchase Contract Agreement

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          Amended and Restated Stock Purchase Contract Agreement, dated as of May [•], 2010,
between U.S. Bancorp, a Delaware corporation (the “Company”), having its principal office
at 800 Nicollet Mall, Minneapolis, Minnesota 55402, and USB Capital IX, a Delaware statutory trust
(the “Trust”), acting through Wilmington Trust Company, a Delaware banking corporation,
not in its individual capacity but solely as Property Trustee of the Trust (the “Property
Trustee”).

Recitals of the Company

          The Company and the Trust entered into that certain Stock Purchase Contract Agreement, dated
as of March 17, 2006 (the “Original Stock Purchase Contract Agreement”).

          All things necessary to make the Stock Purchase Contracts (as defined herein) the valid
obligations of the Company, and to constitute the Original Stock Purchase Agreement and these
presents a valid agreement of the Company, in accordance with their terms, have been done.

          The Company and the Trust have each duly authorized the execution and delivery of this
Agreement to amend and restate the Original Stock Purchase Contract Agreement in its entirety.

          Now, therefore, this Amended and Restated 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 Amended and Restated Stock Purchase Contract Agreement.

          “Administrative Trustee” has the meaning specified in the Trust Agreement.

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.

          “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 Junior Subordinated Indenture, dated as of April 28, 2005, between
the Company and Delaware Trust Company, National Association (the “Original Trustee”), as amended
and supplemented by the First Supplemental Indenture, dated as of August 3, 2005, between the
Company and the Original Trustee, as further amended and supplemented by the Second Supplemental
Indenture, dated as of December 29, 2005, among the Company, the Original Trustee and the Trustee.

          “Board of Directors” means the board of directors of the Company or any committee of that
board 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, Minneapolis, Minnesota, or Wilmington,
Delaware 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 U.S. Bank National Association, 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 Amended and Restated 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.

          “Contract Payments” means the payments payable by the Company on the Payment Dates in respect
of each Stock Purchase Contract, at the rate of 0.65% per annum of the Stated Amount of each Stock
Purchase Contract.

          “Custodial Agent” means U.S. Bank National Association, 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.

          “Deferred Contract Payments” has the meaning specified in Section 2.7(a).

          “Depositor Affiliated Owner Normal ITS” shall have the meaning specified in Section 2.8.

Stock Purchase Contract Agreement

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          “Distribution Fractional Contract” has the meaning specified in Section 2.8.

          “Early Settlement Event” has the meaning specified in the Third Supplemental Indenture.

          “Eighth Supplemental Indenture” means the Eighth Supplemental Indenture between the Company
and the Trustee, dated as of [the date hereof] to the Base Indenture , as the same may be amended
or supplemented from time to time.

          “Failed Remarketing” has the meaning specified in the Third 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 Minneapolis, or (ii) any successor Federal
Reserve Bank (or successor body performing such duties) having primary jurisdiction over the
Company.

          “Fractional Contracts” has the meaning specified in Section 2.8.

          “Guarantee Agreement” means the Guarantee Agreement between the Company, as Guarantor and
Wilmington Trust Company, as Guarantee Trustee named thereunder, dated as of March 17, 2006.

          “Holder” means a Holder (as such term is defined in the Trust Agreement) of Normal ITS or
Stripped ITS.

          “Indenture” means the Base Indenture, the Third Supplemental Indenture and the Eighth
Supplemental Indenture, taken together, as the same may be amended or supplemented from time to
time with respect to the Notes.

          “ITS” has the meaning specified in the Trust Agreement.

          “Normal ITS” has the meaning specified in the Trust Agreement.

          “Notes” has the meaning specified in the Trust Agreement.

          “Officers’ Certificate” means a certificate signed by the Chairman of the Board of Directors,
a Vice Chairman of the Board of Directors, 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.

          “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 Trust Agreement.

          “Payment Date” means (i) each April 15 and October 15 of each year occurring prior to the
Stock Purchase Date, commencing on October 15, 2006, 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

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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 Stock” means the Series A Non-Cumulative Perpetual Preferred Stock, $100,000
liquidation preference per share and $1.00 par value per share, of the Company.

          “Pro Rata Interest in a share of Preferred Stock” means, with respect to a Stock Purchase
Contract which is not a Fractional Contract, one share of Preferred Stock and, with respect to a
Fractional Contract, the applicable fractional interest in a share of Preferred Stock which may be
acquired pursuant to such Fractional Contract, as determined in accordance with Section 2.8.

          “Proceeds” has the meaning specified in the Collateral Agreement.

          “Property Trustee” means Wilmington Trust Company, not in its individual capacity but solely
as Property Trustee under the Trust Agreement until a successor Property Trustee shall have become
such pursuant to the applicable provisions of the Trust Agreement, and thereafter “Property
Trustee” shall mean the Person who is then Property Trustee thereunder.

          “Qualifying Treasury Securities” has the meaning specified in the Trust Agreement.

          “Remarketing” means a remarketing of Notes pursuant to Article III of the Third Supplemental
Indenture.

          “Remarketing Agent” has the meaning specified in the Trust Agreement.

          “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 named in the
Remarketing Agreement.

          “Remarketing Periods” mean the thirty Business Day period beginning on the thirty-third
Business day preceding each of March 15, 2011, June 15, 2011, September 15, 2011, December 15, 2011
and March 15, 2012, until the settlement of a Successful Remarketing; provided that following the
occurrence of an Early Settlement Event, “Remarketing Periods” shall mean such earlier dates as
determined pursuant to Section 3.4 of the Third Supplemental Indenture.

          “Remarketing Settlement Date” means the third Business Day following a Successful Remarketing.

          “Retained Fractional Contract” has the meaning specified in Section 2.8.

          “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 U.S. Bank National Association, 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

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Intermediary” shall mean such successor or any subsequent successor who is appointed pursuant
to the Collateral Agreement.

          “Securities Registrar” means U.S. Bank National Association, 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” has the meaning specified in the Base Indenture.

          “Stated Amount” means, with respect to any one Stock Purchase Contract that is not a
Fractional Contract, $100,000, and with respect to any one Fractional Contract, the product of (x)
the fractional interest in a share of Preferred Stock that may be acquired pursuant to such
Fractional Contract multiplied by (y) $100,000.

          “Stock Purchase Contract” means a contract having a Stated Amount of $100,000 obligating (i)
the Company to sell, and the Trust (acting through the Property Trustee) to purchase, a Pro Rata
Interest in a share of Preferred Stock for an amount equal to such Stock Purchase Contract’s Stated
Amount 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.
Contemporaneously with the execution and delivery of the Original Stock Purchase Contract
Agreement, the Company issued 12,510 Stock Purchase Contracts to the Trust. References in this
Agreement to the Stock Purchase Contracts, whether individually or collectively, shall mean the
Stock Purchase Contracts outstanding from time to time and shall exclude Stock Purchase Contracts
that have been cancelled, retired, terminated, exercised or otherwise extinguished in accordance
with the terms and conditions of this Agreement and the Trust Agreement. The Fractional Contracts
shall constitute Stock Purchase Contracts to the extent of the Pro Rata Interest in a share of
Preferred Stock represented thereby.

          “Stock Purchase Date” means the first to occur of any January 15, April 15, July 15 and
October 15, or if any such day is not a Business Day, the next Business Day, after (i) the
Remarketing Settlement Date or (ii) the final day of a Remarketing Period of a Failed Remarketing.

          “Stripped ITS” has the meaning specified in the Trust Agreement.

          “Subject Normal ITS” has the meaning specified in Section 2.8.

          “Subject Stock Purchase Contracts” has the meaning specified in Section 2.8

          “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” has the meaning specified in the Third Supplemental Indenture.

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

          “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

Stock Purchase Contract Agreement

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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.

          “Third Supplemental Indenture” means the Third Supplemental Indenture to the Base Indenture,
dated as of March 17, 2006, between the Company and the Trustee, as amended or supplemented from
time to time.

          “Trust” means the Person named as the “Trust” in the first paragraph of this Agreement.

          “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of March 17, 2006,
as amended by Amendment No. 1 thereto, dated as of [ • ], 2010, among the Company, as
depositor, the Property Trustee, the Delaware Trustee and the Administrative Trustees (each as
named therein) and the several Holders (as defined therein), as the same may be further amended
from time to time.

          “Trustee” means Wilmington Trust Company, a Delaware banking corporation, 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.

          “U.S. Bank Deposit” means a deposit of cash or cash equivalent with U.S. Bank National
Association to be made on the Remarketing Settlement Date and payable on the Stock Purchase Date,
with interest accruing at the rate of 5.32% per annum from and including the date of deposit to but
excluding the date of payment, calculated on the basis of the actual number of days elapsed and a
year of 365 days, established in the name of the Collateral Agent pursuant to an agreement naming
the Collateral Agent as customer and providing that the bank’s jurisdiction for purposes of Article
9 of the Uniform Commercial Code is New York.

          “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 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

Stock Purchase Contract Agreement

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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:

Wilmington Trust Company,

as Property Trustee of

USB Capital IX

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-1600

Attention: Corporate Trust Administration

Facsimile: (302) 636-4140

          If to the Company:

U.S. Bancorp

800 Nicollet Mall

Minneapolis, Minnesota 55402

Attention: Treasury Department

Facsimile: (612) 303-1338

          If to the Collateral Agent:

U.S. Bank National Association,

as Collateral Agent

100 Wall Street, 16th Floor

New York, New York 10005

Attention: Beverly A. Freeney

Facsimile: (212) 509-3384

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.

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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 held to be invalid, illegal or unenforceable
by a court of competent jurisdiction, the validity, legality and enforceability of the remaining
provisions hereof , and such provision, to the extent not so held to be invalid, illegal or
unenforceable 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.

          (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

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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.

          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 Wilmington Trust Company, 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 Wilmington Trust Company 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 Wilmington Trust Company, 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 Wilmington Trust Company 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.

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 the Original Stock Purchase Contract
Agreement, the Company issued 12,510 Stock Purchase Contracts having the terms and conditions set
forth therein to the Trust (acting through the Property Trustee), which by execution and delivery
of the Original Stock Purchase Contract Agreement the Company entered into and agreed to be bound
by the Stock Purchase Contracts. No certificates were issued to evidence the Stock Purchase
Contracts. The Company and the Trust hereby agree that the Stock Purchase Contracts shall be, and
by the execution of this Agreement, without the necessity of any further action by any other
Person, are amended as of the date hereof consistent with the terms and conditions applicable
thereto as set forth in this Agreement.

          (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, (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 Trust Agreement or (iii) a distribution of
Subject Stock Purchase Contracts pursuant to Section 2.8, 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,

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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 Trust Agreement 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 Trust Agreement.

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, a Pro Rata Interest in a 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
U.S. Bank Deposit; provided that in the event that a receiver has been appointed for the purpose of
liquidating or winding up the affairs of U.S. Bank National Association while U.S. Bank National
Association is holding the U.S. Bank Deposit, in lieu of payment of the U.S. Bank Deposit the Trust
shall cause the Collateral Agent to assign its rights in the U.S. Bank 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 U.S. Bank 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.

          (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 U.S. Bank 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 Pro Rata Interest in a
share of Preferred Stock in respect of a Stock Purchase Contract or deliver any certificates
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.

          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 (or fractional interests therein) registered in
the name of the Property Trustee (or its nominee) as custodian for the Trust to which the Trust is
entitled hereunder.

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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 (or fractional
interests therein), 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 (or fractional interests therein) 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 (or fractional
interests therein) 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.

Section 2.6 Contract Payments.

          (a) Subject to Section 2.7, the Company shall pay, in arrears on each Payment Date, 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 March 17, 2006 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 (A) any insolvency, bankruptcy, receivership, liquidation, reorganization,
readjustment, composition or other similar proceeding with respect to the Company, its creditors or
its property, (B) any proceeding for the voluntary or involuntary liquidation, dissolution or other
winding up of the Company, whether or not involving insolvency or bankruptcy proceedings, (C) any
assignment by the Company for the benefit of creditors, or (D) any other marshalling of the assets
of the Company:

     (i) 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

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distribution, whether in cash, securities or other property, shall be made to the
Property Trustee in respect of Contract Payments;

     (ii) 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;

     (iii) 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

     (iv) 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

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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 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 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

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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.

          (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) Wilmington Trust Company, 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 Wilmington Trust Company, 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 Administrative 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 Administrative Trustees are required to give notice of any record
date or Payment Date with respect to any class of ITS to the New York Stock Exchange 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 the rate originally

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applicable to the Notes (calculated on the same basis as originally applicable to the Notes),
compounding on each succeeding Payment Date, until paid in full (such deferred installments of
Contract Payments, if any, together with the additional Contract Payments, 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 (or fractional interests therein) 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 April 15, 2014, (iii) bear interest at
the rate per annum equal to the originally applicable rate of interest on the Notes (subject to
deferral on the same basis as the Contract Payments; provided that the reference in clause (i)(2)
of Section 2.7(d) to the beginning of the deferral period shall be deemed to refer to the beginning
of the deferral period with respect to 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 Preferred Stock; (ii) make any payment of principal of or
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 ITS other than, in each case:

     (i) any repurchase, redemption or other acquisition of shares of the Company’s capital
stock in connection with (1) 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, (2) the satisfaction of the Company’s obligations
pursuant to any contract entered into in the ordinary course prior to the beginning of any
deferral period, (3) a dividend reinvestment or stockholder purchase plan, or (4) the
issuance of the Company’s capital stock, or securities

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convertible into or exercisable for such capital stock, as consideration in an
acquisition transaction entered into prior to the applicable event of default, default or
extension period, as the case may be;

          (ii) 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;

          (iii) any purchase of fractional interests of the Company’s capital stock pursuant to
the conversion or exchange provisions of such capital stock or the security being converted
or exchanged;

          (iv) any declaration of a dividend in connection with any rights plan, or the issuance
of rights, stock or other property under any rights plan, or the redemption or repurchase of
rights pursuant thereto;

          (v) payments in respect of the Company’s guarantee related to the ITS executed for the
benefit of the Holders of the ITS; or

          (vi) any dividend in the form of stock, warrants, options or other rights where the
dividend stock or 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 equally with or junior
to such stock.

Section 2.8 Cancellation of Stock Purchase Contracts.

          (a) If (i) a Depositor Affiliated Owner (as defined in the Trust Agreement) acquires or
becomes obligated to acquire Normal ITS pursuant to contract, a tender offer, an exchange offer, a
negotiated transfer or any other transaction (such Normal ITS, the “Depositor Affiliated Normal
ITS”) and (ii) the Depositor delivers a Retirement Notice (as defined in the Trust Agreement) in
accordance with Section 4.9 of the Trust Agreement with respect to all or a portion of the
Depositor Affiliated Normal ITS (such Depositor Affiliated Normal ITS, the “Subject Normal ITS”),
then each Stock Purchase Contract related to the Subject Normal ITS (the “Subject Stock Purchase
Contracts”) shall be distributed to the Third-Party Agent (as defined in the Trust Agreement) in
the manner set forth in Section 4.9 of the Trust Agreement. Following the distribution of such
Subject Stock Purchase Contracts, each such Subject Stock Purchase Contract shall be cancelled and
no longer be treated as outstanding for any purpose. The Subject Stock Purchase Contracts shall be
a number of Stock Purchase Contracts equal to 12,500 multiplied by a fraction equal to the
aggregate Liquidation Amount (as defined in the Trust Agreement) of the Subject Normal ITS divided
by $1,250,000,000. In the event that the number of Subject Stock Purchase Contracts is not a whole
number, then, with respect to such fractional Subject Stock Purchase Contract in excess of the next
lowest whole number, the Trust and the Company shall be deemed to have cancelled one Stock Purchase
Contract (which shall not be a Subject Stock Purchase Contract) and, in place thereof, the Company
shall automatically issue (a) a Stock Purchase Contract representing the right to acquire a
fractional interest in a share of Preferred Stock equal to the number of Subject Stock Purchase
Contracts less the next lowest whole number (the “Distribution Fractional Contract”, which shall be
a Subject Stock Purchase Contract) and (b) a Stock Purchase Contract representing the right to
acquire a fractional interest in a share of Preferred Stock equal to one (1) minus the fractional
interest in a share of Preferred Stock which may be acquired pursuant to the Distribution
Fractional Contract (the “Retained Fractional Contracts”, and together with the Distribution
Fractional Contract, the “Fractional Contracts”). The Distribution Fractional Contract shall be
distributed to the Third-Party Agent in accordance with Section 4.9 of the Trust Agreement. The
Retained Fractional Contract shall be retained by the Trust. Each Fractional Contract shall (i)
represent the right to acquire a fractional interest in a share of Preferred Stock

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as set forth in clauses (a) and (b) above, as applicable and (ii) have a Stated Amount that is
equal to the fractional interest in a share of Preferred Stock that may be acquired pursuant to
such Stock Purchase Contract multiplied by $100,000.

          (b) Upon any cancellation of Subject Stock Purchase Contracts in accordance with Section
2.8(a), all rights of the Trust with respect to such Subject Stock Purchase Contracts will cease,
including but not limited to any right to receive any accrued Contract Payments or Deferred
Contract Payments with respect thereto.

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 Normal ITS or Stripped ITS.

          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 therefor and (ii) except upon and following
a Termination Event, to purchase a Pro Rata Interest in a 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 Pro Rata Interest in a 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 Trust Agreement) of the ITS held by such Holder.

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
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

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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 be a corporation organized and existing under the laws of the United
States of America or a State thereof or the District of Columbia and such corporation shall
expressly assume all the obligations of the Company under the Stock Purchase Contracts, this
Agreement, the Collateral Agreement, the Trust Agreement, 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;

          (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 Trust Agreement 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.

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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 (or fractional interests therein) issuable against tender of payment for
such shares of Preferred Stock (or fractional interests therein) in respect of all Stock Purchase
Contracts.

Section 5.3 Covenants as to Preferred Stock.

          The Company covenants that all shares of Preferred Stock (or fractional interests therein)
that may be issued against tender of payment for such shares of Preferred Stock (or fractional
interests therein) in respect of any Stock Purchase Contract will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable.

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.

* * * *

          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.

Stock Purchase Contract Agreement

-19-

 

     In Witness Whereof, the parties hereto have caused this Agreement to be duly executed
as of the day and year first above written.

	 	 	 	 	 
	 	U.S. Bancorp

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	USB Capital IX

 	 
	 	By:  	Wilmington Trust Company, not in
its individual capacity but solely as Property Trustee 	 

	 	 	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Stock Purchase Contract Agreementexv10w1w1

Exhibit 10.1.1

 

Amended and Restated

Collateral Agreement

among

U.S. BANCORP,

U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent, Custodial Agent,

Securities Intermediary and Securities Registrar

and

USB CAPITAL IX,

acting through Wilmington Trust Company,

as Property Trustee

Dated as of [•], 2010

 

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	Definitions

	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II

	Pledge

	 
	 	 	 	 
	Section 2.01 Pledge
	 	 	7	 
	Section 2.02 Control
	 	 	8	 
	Section 2.03 Termination
	 	 	8	 
	Section 2.04 Release for Subject Normal ITS
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III

	Control

	 
	 	 	 	 
	Section 3.01 Establishment of Collateral Account
	 	 	8	 
	Section 3.02 Treatment as Financial Assets
	 	 	9	 
	Section 3.03 Sole Control by Collateral Agent
	 	 	9	 
	Section 3.04 Securities Intermediary’s Location
	 	 	9	 
	Section 3.05 No Other Claims
	 	 	9	 
	Section 3.06 Investment and Release
	 	 	10	 
	Section 3.07 No Other Agreements
	 	 	10	 
	Section 3.08 Powers Coupled with an Interest
	 	 	10	 
	Section 3.09 Waiver of Lien; Waiver of Set-off
	 	 	10	 
	 
	 	 	 	 
	ARTICLE IV

	Custody

	 
	 	 	 	 
	Section 4.01 Appointment
	 	 	10	 
	Section 4.02 Custody
	 	 	10	 
	Section 4.03 Termination of Custody Account
	 	 	11	 
	Section 4.04 Waiver of Lien; Waiver of Set-off
	 	 	11	 
	 
	 	 	 	 
	ARTICLE V

	Distributions on Collateral and Custody Notes

	 
	 	 	 	 
	Section 5.01 Interest on Notes
	 	 	11	 
	Section 5.02 Payments Following Termination Event
	 	 	11	 
	Section 5.03 Payments Prior to or on Stock Purchase Date
	 	 	12	 
	Section 5.04 Payments to Property Trustee
	 	 	12	 
	Section 5.05 Assets Not Properly Released
	 	 	13	 

Collateral Agreement

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	 	 	Page	 
	ARTICLE VI

	Initial Deposit; Exchange of Normal ITS and Qualifying Treasury Securities for Stripped ITS and
Capital ITS; Reinvestment of Proceeds of Pledged Treasury Securities

	 
	 	 	 	 
	Section 6.01 Initial Deposit of Notes
	 	 	13	 
	Section 6.02 Exchange of Normal ITS and Qualifying Treasury Securities
for Stripped ITS and Capital ITS
	 	 	13	 
	Section 6.03 Exchange of Stripped ITS and Capital ITS for Normal ITS
and Qualifying Treasury Securities
	 	 	14	 
	Section 6.04 Termination Event
	 	 	15	 
	Section 6.05 Reinvestment of Proceeds of Pledged Treasury Securities
	 	 	16	 
	Section 6.06 Application of Proceeds in Settlement of Stock Purchase Contracts
	 	 	17	 
	 
	 	 	 	 
	ARTICLE VII

	Voting Rights –– Notes

	 
	 	 	 	 
	Section 7.01 Voting Rights
	 	 	17	 
	 
	 	 	 	 
	ARTICLE VIII

	Rights and Remedies

	 
	 	 	 	 
	Section 8.01 Rights and Remedies of the Collateral Agent
	 	 	18	 
	Section 8.02 Remarketing; Contingent Exchange Elections by Holder of Normal ITS
	 	 	18	 
	Section 8.03 Contingent Disposition Election by Holder of Capital ITS

	 	 	20	 
	 
	 	 	 	 
	ARTICLE IX

	Representations and Warranties; Covenants

	 
	 	 	 	 
	Section 9.01 Representations and Warranties
	 	 	21	 
	Section 9.02 Covenants
	 	 	21	 
	 
	 	 	 	 
	ARTICLE X

	The Collateral Agent, The Custodial Agent, The Securities Intermediary and The Securities Registrar

	 
	 	 	 	 
	Section 10.01 Appointment, Powers and Immunities
	 	 	21	 
	Section 10.02 Instructions of the Company
	 	 	23	 
	Section 10.03 Reliance by Collateral Agent, Custodial Agent, Securities
Intermediary and Securities Registrar
	 	 	23	 
	Section 10.04 Certain Rights
	 	 	24	 
	Section 10.05 Merger, Conversion, Consolidation or Succession to Business
	 	 	25	 
	Section 10.06 Rights in Other Capacities
	 	 	25	 
	Section 10.07 Non-reliance on Collateral Agent, the Securities
Intermediary, the Custodial Agent and Securities Registrar
	 	 	26	 
	Section 10.08 Compensation and Indemnity
	 	 	26	 
	Section 10.09 Failure to Act
	 	 	27	 
	Section 10.10 Resignation of Collateral Agent, the Securities
Intermediary, the Custodial Agent and Securities Registrar
	 	 	27	 
	Section 10.11 Right to Appoint Agent or Advisor
	 	 	29	 

Collateral Agreement

-ii-

 

	 	 	 	 	 
	 	 	Page	 
	Section 10.12 Survival
	 	 	29	 
	Section 10.13 Exculpation
	 	 	29	 
	Section 10.14 Statements and Confirmations
	 	 	29	 
	Section 10.15 Tax Allocations
	 	 	29	 
	 
	 	 	 	 
	
ARTICLE XI
	Amendment

	 
	 	 	 	 
	Section 11.01 Amendment
	 	 	30	 
	Section 11.02 Execution of Amendments
	 	 	30	 
	 
	 	 	 	 
	ARTICLE XII

	Miscellaneous

	 
	 	 	 	 
	Section 12.01 No Waiver
	 	 	30	 
	Section 12.02 Governing Law; Submission to Jurisdiction; Waiver of
Trial by Jury
	 	 	31	 
	Section 12.03 Notices
	 	 	31	 
	Section 12.04 Successors and Assigns
	 	 	31	 
	Section 12.05 Severability
	 	 	31	 
	Section 12.06 Expenses, Etc
	 	 	32	 
	Section 12.07 Security Interest Absolute
	 	 	32	 
	Section 12.08 Notice of Termination Event
	 	 	33	 
	Section 12.09 Incorporation by Reference
	 	 	33	 
	Section 12.10 No Recourse
	 	 	33	 
	Section 12.11 Amendment and Restatement
	 	 	33	 

EXHIBITS

Exhibit A – Form of Normal ITS Certificate

Exhibit B – Form of Stripped ITS Certificate

Exhibit C – Form of Capital ITS Certificate

SCHEDULES

Schedule I – Reference Dealers

Schedule II – Contact Persons for Confirmation

Collateral Agreement

-iii-

 

          Amended and Restated Collateral Agreement, dated as of
[ • ], 2010, among U.S.
Bancorp, a Delaware corporation (the “Company”), U.S. Bank National Association, a
national banking association organized under the laws of the United States (“USBNA”), as collateral
agent (in such capacity, the “Collateral Agent”), as Custodial Agent (in such capacity, the
“Custodial Agent”), as securities intermediary (as defined in Section 8-102(a)(14) of the UCC) with
respect to the Collateral Account (in such capacity, the “Securities Intermediary”), and as
securities registrar with respect to the Trust Preferred Securities (in such capacity, the
“Securities Registrar”), and USB Capital IX, a Delaware statutory trust (the “Trust”),
acting through Wilmington Trust Company, not in its individual capacity but solely as
Property Trustee on behalf of the Trust (in such capacity, the “Property Trustee”).

Recitals

          The Company, USBNA (in its capacities as Collateral Agent, Custodial Agent, Securities
Intermediary and Securities Registrar), and the Trust (acting through the Property Trustee) are
parties to that certain Collateral Agreement dated as of March 17, 2006 (the “Original Collateral
Agreement”).

          The Company and the Trust (acting through the Property Trustee) are parties to the Amended and
Restated Stock Purchase Contract Agreement, dated as of the date hereof (as it may be further
amended, modified and supplemented and in effect from time to time, the “Stock Purchase Contract
Agreement”), pursuant to which the Company has issued certain stock purchase contracts (each, a
“Stock Purchase Contract”) to the Trust.

          Each Stock Purchase Contract requires the Company to issue and sell, and the Property Trustee
(on behalf of the Trust) to purchase, on the Stock Purchase Date (as defined in the Stock Purchase
Contract Agreement), for an amount (the “Purchase Price”) equal to such Stock Purchase Contract’s
Stated Amount (as defined in the Stock Purchase Contract Agreement), the Pro Rata Interest (as
defined in the Stock Purchase Contract Agreement) in one share of the Company’s Series A Non
Cumulative Perpetual Preferred Stock, $100,000 liquidation preference per share (the “Preferred
Stock”).

          Pursuant to the Trust Agreement (as hereinafter defined), the Stock Purchase Contract
Agreement and the Stock Purchase Contracts, the Trust (acting through the Property Trustee), the
Company and USBNA (in its capacities as Collateral Agent, Custodial Agent, Securities Intermediary
and Securities Registrar) are entering into this Agreement in order to amend in certain respects,
and to restate in its entirety as so amended, the Original Collateral Agreement (as so amended and
restated, this “Agreement”), all things necessary to make this Agreement a valid agreement of the
Company, in accordance with its terms, having been done, and all conditions precedent to the
execution and delivery hereof having been satisfied.

          Now, therefore, this Amended and Restated Collateral 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, the Company, the
Collateral Agent, the Custodial Agent, the Securities Intermediary, the Securities Registrar and
the Trust mutually agree as follows:

Collateral Agreement

 

 

ARTICLE I

Definitions

     Section 1.01 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, and nouns and pronouns of the masculine gender include
the feminine and neuter genders.

     (b) 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 and
references to any Article, Section or other subdivision are references to an Article, Section or
other subdivision of this Agreement.

     (c) The following terms that are defined in the UCC shall have the meanings set forth therein:
“certificated security,” “control,” “financial asset,” “financing statement,” “entitlement order,”
“securities account,” “security entitlement” and “funds-transfer system”.

     (d) Capitalized terms used herein and not defined herein have the meanings assigned to them in
the Trust Agreement.

     (e) The following terms have the meanings given to them in this Section 1.01(e):

          “Address for Notices” has the meaning specified in Section 12.03.

          “Agreement” means this Amended and Restated Collateral Agreement, as the same may be further
amended, modified or supplemented from time to time.

          “Cash” means any coin or currency of the United States as at the time shall be legal tender
for payment of public and private debts.

          “Collateral” means the collective reference to:

     (1) the Collateral Account and all investment property and other financial
assets from time to time credited to the Collateral Account and all security
entitlements with respect thereto, including, without limitation, (A) the Notes,
other than any Notes that are Transferred to (x) the Custodial Agent in accordance
with Section 6.02 upon the Exchange of Normal ITS and Qualifying Treasury Securities
for Stripped ITS and Capital ITS pursuant to Sections 5.13(a)(i), (b) and (c) of the
Trust Agreement from time to time, (y) the Remarketing Agent or the Custody Account
in accordance with Section 8.02(b) upon a Successful Remarketing or (z) the Property
Trustee in accordance with Section 2.04 and (B) any Qualifying Treasury Securities
and security entitlements thereto delivered from time to time upon the exchange of
Normal ITS and Qualifying Treasury Securities for Stripped ITS and Capital ITS
pursuant to Sections 5.13(a)(i), (b) and (c) of the Trust Agreement and in
accordance with Section 6.02;

Collateral Agreement

-2-

 

     (2) all Qualifying Treasury Securities and security entitlements thereto
purchased by the Collateral Agent with the Proceeds of Qualifying Treasury
Securities pursuant to Section 6.05;

     (3) the U.S. Bank Deposit pursuant to Section 6.06;

     (4) all Proceeds of any of the foregoing (whether such Proceeds arise before or
after the commencement of any proceeding under any applicable bankruptcy, insolvency
or other similar law, by or against the Trust, as pledgor or with respect to the
pledgor); and

     (5) all powers and rights now owned or hereafter acquired under or with respect
to the Collateral.

          “Collateral Account” means the securities account of USBNA, as Collateral Agent, maintained by
the Securities Intermediary and designated “U.S. Bank National Association, as Collateral Agent of
U.S. Bancorp, as pledgee of USB Capital IX, acting through Wilmington Trust Company, as Property
Trustee.”

          “Collateral Agent” means the Person named as the “Collateral Agent” in the first paragraph of
this Agreement until a successor Collateral Agent shall have become such pursuant to the applicable
provisions of this Agreement, and thereafter “Collateral Agent” shall mean such Person or any
subsequent successor who is appointed pursuant to this Agreement.

          “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 provisions of the Stock
Purchase Contract Agreement, and thereafter “Company” shall mean such successor.

          “Custodial Agent” means the Person named as the “Custodial Agent” in the first paragraph of
this Agreement until a successor Custodial Agent shall have become such pursuant to the applicable
provisions of this Agreement, and thereafter “Custodial Agent” shall mean such Person or any
subsequent successor who is appointed pursuant to this Agreement.

          “Custody Account” means the securities account of USBNA, as Custodial Agent, designated “U.S.
Bank National Association, as Custodial Agent for USB Capital IX.”

          “Custody Notes” has the meaning specified in Section 4.01.

          “Exchange” means an exchange of Normal ITS and Qualifying Treasury Securities for Stripped ITS
and Capital ITS pursuant to Section 5.13(b) of the Trust Agreement and Section 6.02 or an exchange
of Stripped ITS and Capital ITS for Normal ITS and Qualifying Treasury Securities pursuant to
Section 5.13(d) of the Trust Agreement and Section 6.03.

          “Final Dealer” has the meaning specified in Section 6.05(a).

          “Indemnities” has the meaning specified in Section 10.08(b).

          “Like Amount” means with respect to a distribution of Notes to a Third-Party Agent (as such
term is defined in the Trust Agreement) in connection with a retirement of the Subject Normal ITS

Collateral Agreement

-3-

 

pursuant to Section 4.9 of the Trust Agreement, Notes having an aggregate principal amount
equal to the Liquidation Amount (as such term is defined in the Trust Agreement) of the applicable
Subject Normal ITS.

          “Loss” (and collectively, “Losses”) has the meaning specified in Section 10.08(b).

          “Market Disruption Event” means (i) a general moratorium on commercial banking activities in
New York declared by the relevant authorities or (ii) any material disruption of the U.S.
government securities market or U.S. federal funds-transfer systems, written notification of which
shall have been given to the Collateral Agent by any of the Administrative Trustees.

          “Notes” means the Remarketable Junior Subordinated Notes due 2042 of the Company issued
pursuant to the Indenture.

          “Notice of Contingent Disposition Election” means a Notice of Contingent Disposition Election
substantially in the form set forth on the reverse side of the form of Capital ITS Certificate, a
copy of which is attached hereto as Exhibit C.

          “Notice of Contingent Exchange Election” means a Notice of Contingent Exchange Election
substantially in the form set forth on the reverse side of the form of Normal ITS Certificate, a
copy of which is attached hereto as Exhibit A.

          “Obligations” means all obligations and liabilities of the Trust and the Property Trustee on
behalf of the Trust under each Stock Purchase Contract, the Stock Purchase Contract Agreement and
this Agreement or any other document made, delivered or given in connection herewith or therewith,
in each case whether on account of principal, interest (including, without limitation, interest
accruing before and after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to the Property Trustee or the Trust,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding),
fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and
disbursements of counsel to the Company or the Collateral Agent or the Securities Intermediary that
are required to be paid by the Trust pursuant to the terms of any of the foregoing agreements).

          “Permitted Investments” means any one of the following, in each case maturing on the Business
Day following the date of acquisition:

     (1) any evidence of indebtedness with an original maturity of 365 days or less
issued, or directly and fully guaranteed or insured, by the United States of America
or any agency or instrumentality thereof (provided that the full faith and credit of
the United States of America is pledged in support of the timely payment thereof or
such indebtedness constitutes a general obligation of it);

     (2) deposits, certificates of deposit or acceptances with an original maturity
of 365 days or less of any institution which is a member of the Federal Reserve
System having combined capital and surplus and undivided profits of not less than
$500 million at the time of deposit (and which may include the Collateral Agent);

     (3) investments with an original maturity of 365 days or less of any Person
that are fully and unconditionally guaranteed by a bank referred to in clause (2);

Collateral Agreement

-4-

 

     (4) repurchase agreements and reverse repurchase agreements relating to
marketable direct obligations issued or unconditionally guaranteed by the United
States of America or issued by any agency thereof and backed as to timely payment by
the full faith and credit of the United States of America;

     (5) investments in commercial paper, other than commercial paper issued by the
Company or its Affiliates, of any corporation incorporated under the laws of the
United States of America or any State thereof, which commercial paper has a rating
at the time of purchase at least equal to “A-1” by Standard & Poor’s Ratings
Services (“S&P”) or at least equal to “P-1” by Moody’s Investors Service, Inc.
(“Moody’s”); and

     (6) investments in money market funds (including, but not limited to, money
market funds managed by the Collateral Agent or an Affiliate of the Collateral
Agent) registered under the Investment Company Act of 1940, as amended, rated in the
highest applicable rating category by S&P or Moody’s.

          “Pledge” means the lien and security interest created by this Agreement.

          “Pledged Notes” means each Note deposited with the Collateral Agent pursuant to Section 6.01
or delivered to the Collateral Agent pursuant to Section 6.03, until such time as it is (i)
released from the Pledge and delivered to the Custodial Agent pursuant to Section 6.02 or to the
Remarketing Agent or the Custody Account pursuant to Section 8.02(b) or (ii) released from the
Pledge, assigned (as applicable) and transferred or delivered to the Property Trustee on behalf of
the Trust as provided in Section 2.04.

          “Pledged Treasury Securities” means Qualifying Treasury Securities from time to time credited
to the Collateral Account pursuant to Section 6.02 and not then released from the Pledge pursuant
to Section 6.03, together with all Qualifying Treasury Securities purchased from time to time by
the Collateral Agent with the Proceeds of maturing Pledged Treasury Securities pursuant to Section
6.05.

          “Preferred Stock” has the meaning specified in the Recitals of this Agreement.

          “Proceeds” has the meaning ascribed thereto in Section 9-102(a)(64) of the UCC and includes,
without limitation, all interest, dividends, Cash, instruments, securities, financial assets and
other property received, receivable or otherwise distributed upon the sale (including, without
limitation, the Remarketing), exchange, collection or disposition of any financial assets from time
to time held in the Collateral Account.

          “Property Trustee” means the Person named as the “Property Trustee” in the first paragraph of
this Agreement until a successor Property Trustee shall have become such pursuant to the applicable
provisions of the Trust Agreement, and thereafter “Property Trustee” shall mean such Person or any
subsequent successor who is appointed pursuant to the Trust Agreement.

          “Purchase Price” has the meaning specified in the Recitals of this Agreement.

          “Recombination Notice and Request” means a Recombination Notice and Request substantially in
the form set forth on the reverse side of the forms of Stripped ITS Certificate and Capital ITS
Certificate, copies of which are attached hereto as Exhibits B and C respectively.

Collateral Agreement

-5-

 

          “Reference Dealer” means each of the U.S. government securities dealers listed on Schedule I
hereto (including any successor thereto) and any other U.S. government securities dealers
designated by the Collateral Agent (it being understood that the Collateral Agent may, but shall
not be obligated, to designate any one or more such other U.S. government securities dealers);
provided that if at any time fewer than three of the entities named on Schedule I are active U.S.
government securities dealers and approved counterparties of USBNA, any of the Administrative
Trustees may designate an additional U.S. government securities dealer as a Reference Dealer.

          “Retirement Date” has the meaning specified in Section 4.9 of the Trust Agreement.

          “Retirement Notice” has the meaning specified in Section 4.9 of the Trust Agreement.

          “Remarketing” has the meaning specified in the Indenture.

          “Roll Date” means, with respect to any Additional Distribution Date, the latest date prior to
such Additional Distribution Date that is a maturity date of Qualifying Treasury Securities held in
the Collateral Account.

          “Securities Intermediary” means the Person named as the “Securities Intermediary” in the first
paragraph of this Agreement until a successor Securities Intermediary shall have become such
pursuant to the applicable provisions of this Agreement, and thereafter “Securities Intermediary”
shall mean such Person or any subsequent successor who is appointed pursuant to this Agreement.

          “Securities Registrar” means the Person named as the “Securities Registrar” in the first
paragraph of this Agreement until a successor Securities Registrar shall have been appointed by the
Company pursuant to the applicable provisions of the Trust Agreement, and thereafter “Securities
Registrar” shall mean such Person or any subsequent successor who is appointed pursuant to the
Trust Agreement by the Company.

          “Stock Purchase Contract” has the meaning specified in the Recitals of this Agreement.

          “Stock Purchase Contract Agreement” has the meaning specified in the Recitals of this
Agreement.

          “Stripping Notice and Request” means a Stripping Notice and Request substantially in the form
set forth on the reverse side of the form of Normal ITS Certificate, a copy of which is attached
hereto as Exhibit A.

          “Subject Normal ITS” has the meaning set forth in Section 4.9 of the Trust Agreement.

          “Successful” has the meaning specified in the Indenture.

          “Termination Event” has the meaning specified in the Stock Purchase Contract Agreement.

          “Third Party Agent” has the meaning specified in Section 4.9 of the Trust Agreement.

          “Trade Date” means, with respect to each Roll Date, the Business Day immediately preceding
such Roll Date.

Collateral Agreement

-6-

 

          “Trades” means the Treasury/Reserve Automated Debt Entry System maintained by the Federal
Reserve Bank of New York pursuant to the Trades Regulations.

          “Trades Regulations” means the regulations of the United States Department of the Treasury,
published at 31 C.F.R. Part 357, as amended from time to time. Unless otherwise defined herein, all
terms defined in the Trades Regulations are used herein as therein defined.

          “Transfer” means (i) in the case of certificated securities in registered form, delivery as
provided in Section 8-301(a) of the UCC, endorsed to the transferee or in blank by an effective
endorsement, (ii) in the case of Qualifying Treasury Securities, registration of the transferee as
the owner of such Qualifying Treasury Securities on Trades and (iii) in the case of security
entitlements, including, without limitation, security entitlements with respect to Qualifying
Treasury Securities, a securities intermediary indicating by book entry that such security
entitlement has been credited to the transferee’s securities account.

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

          “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of March 17, 2006,
among the Company, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative
Trustees (each as named therein), and the several Holders (as defined therein), as amended by
Amendment No. 1 thereto, dated as of [ • ], 2010, as the same may be further amended, modified
or supplemented from time to time.

          “UCC” means the Uniform Commercial Code as in effect in the State of New York from time to
time.

          “U.S. Bank Deposit” has the meaning specified in the Stock Purchase Contract Agreement.

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

          “Value” means, with respect to any item of Collateral on any date, as to (1) Cash, the face
amount thereof, (2) Notes, the aggregate principal amount thereof and (3) Qualifying Treasury
Securities, the aggregate principal amount thereof.

ARTICLE II

Pledge

     Section 2.01 Pledge.

          The Trust (acting through the Property Trustee) hereby pledges and grants to the Collateral
Agent, as agent of and for the benefit of the Company, a continuing first priority security
interest in and to, and a lien upon and right of set-off against, all of such Person’s right, title
and interest in and to the Collateral to secure the prompt and complete payment and performance
when due (whether at stated maturity, by acceleration or otherwise) of the Obligations. The
Collateral Agent shall have all of the rights, remedies and recourses with respect to the
Collateral afforded a secured party by the UCC, in addition to, and not in limitation of, the other
rights, remedies and recourses afforded to the Collateral Agent by this Agreement.

Collateral Agreement

-7-

 

     Section 2.02 Control.

          The Collateral Agent shall have control of the Collateral Account pursuant to the provisions
of Article III.

     Section 2.03 Termination.

          This Agreement and the Pledge created hereby shall terminate upon the satisfaction of the
Obligations. Upon receipt by the Collateral Agent from the Company of notice of such termination,
the Collateral Agent shall, except as otherwise provided herein, Transfer and instruct the
Securities Intermediary to Transfer the Collateral to or upon the order of the Property Trustee,
free and clear of the Pledge created hereby.

     Section 2.04 Release for Subject Normal ITS.

          In connection with the retirement of any Subject Normal ITS pursuant to Section 4.9 of the
Trust Agreement, the Company shall provide to the Collateral Agent, not less than two Business Days
prior to the applicable Retirement Date (unless a shorter period shall be acceptable to the
Collateral Agent), a copy of the Retirement Notice submitted by the Company to the Property Trustee
and the Securities Registrar in respect of such Subject Normal ITS. Upon receipt by the Collateral
Agent on the Retirement Date of written confirmation from the Securities Registrar as to its
receipt of the Subject Normal ITS pursuant to such Retirement Notice, the Collateral Agent shall
(i) release Pledged Notes of a Like Amount with respect to such Subject Normal ITS from the Pledge,
and (ii) Transfer Pledged Notes to the Property Trustee on behalf of the Trust for distribution by
the Property Trustee to the Third Party Agent, all as contemplated in Section 4.9 of the Trust
Agreement.

ARTICLE III

Control

     Section 3.01 Establishment of Collateral Account.

          The Securities Intermediary hereby confirms that:

     (a) the Securities Intermediary has established the Collateral Account;

     (b) the Collateral Account is a securities account;

     (c) subject to the terms of this Agreement, the Securities Intermediary shall identify in its
records the Collateral Agent as the entitlement holder entitled to exercise the rights that
comprise any financial asset credited to the Collateral Account;

     (d) all property delivered to the Securities Intermediary pursuant to this Agreement or the
Stock Purchase Contract Agreement, including any Permitted Investments purchased by the Securities
Intermediary from the Proceeds of any Collateral, will be credited promptly to the Collateral
Account; and

     (e) all securities or other property underlying any financial assets credited to the
Collateral Account shall be (i) registered in the name of the Property Trustee and indorsed to the
Securities

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Intermediary or in blank, (ii) registered in the name of the Securities Intermediary or the
Collateral Agent or (iii) credited to another securities account maintained in the name of the
Securities Intermediary. In no case will any financial asset credited to the Collateral Account be
registered in the name of the Property Trustee or specially indorsed to the Property Trustee unless
such financial asset has been further indorsed to the Securities Intermediary or in blank.

     Section 3.02 Treatment as Financial Assets.

          Each item of property (whether investment property, financial asset, security, instrument or
Cash) credited to the Collateral Account shall be treated as a financial asset.

     Section 3.03 Sole Control by Collateral Agent.

          Except as provided in Section 8.01, at all times prior to the termination of the Pledge, the
Collateral Agent shall have sole control of the Collateral Account, and the Securities Intermediary
shall take instructions and directions with respect to the Collateral Account solely from the
Collateral Agent. If at any time the Securities Intermediary shall receive an entitlement order
issued by the Collateral Agent and relating to the Collateral Account, the Securities Intermediary
shall comply with such entitlement order without further consent by the Property Trustee or any
other Person. Except with respect to any Pledged Notes that are released from the Pledge as
provided in Section 2.04, or as otherwise permitted under this Agreement, until termination of the
Pledge, the Securities Intermediary will not comply with any entitlement orders issued by the
Property Trustee.

          The Trust hereby irrevocably constitutes and appoints the Collateral Agent and the Company,
with full power of substitution, as the Trust’s attorney-in-fact to take on behalf of, and in the
name, place and stead of the Trust and the Holders, any action necessary or desirable to perfect
and to keep perfected the security interest in the Collateral referred to in Section 2.01. The
grant of such power-of-attorney shall not be deemed to require of the Collateral Agent any specific
duties or obligations not otherwise expressly assumed by the Collateral Agent hereunder.
Notwithstanding the foregoing, in no event shall the Collateral Agent or Securities Intermediary be
responsible for the preparation or filing of any financing or continuation statements in the
appropriate jurisdictions or responsible for maintenance or perfection of any security interest
hereunder.

     Section 3.04 Securities Intermediary’s Location.

          The Collateral Account, and the rights and obligations of the Securities Intermediary, the
Collateral Agent and the Property Trustee with respect thereto, shall be governed by the laws of
the State of New York. Regardless of any provision in any other agreement, for purposes of the UCC,
New York shall be deemed to be the Securities Intermediary’s jurisdiction.

     Section 3.05 No Other Claims.

          Except for the claims and interest of the Collateral Agent and of the Trust in the Collateral
Account, the Securities Intermediary (without having conducted any investigation) does not know of
any claim to, or interest in, the Collateral Account or in any financial asset credited thereto. If
any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment,
judgment, warrant of attachment, execution or similar process) against the Collateral Account or in
any financial asset carried therein, the Securities Intermediary will promptly notify the
Collateral Agent and the Property Trustee.

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     Section 3.06 Investment and Release.

          All Proceeds of financial assets from time to time deposited in the Collateral Account shall
be invested and reinvested as provided in this Agreement. At no time prior to termination of the
Pledge with respect to any particular property shall such property be released from the Collateral
Account except in accordance with this Agreement or upon written instructions of the Collateral
Agent.

     Section 3.07 No Other Agreements.

          The Securities Intermediary has not entered into, and prior to the termination of the Pledge
will not enter into, any agreement with any other Person relating to the Collateral Account or any
financial assets credited thereto, including, without limitation, any agreement to comply with
entitlement orders of any Person other than the Collateral Agent.

     Section 3.08 Powers Coupled with an Interest.

          The rights and powers granted in this Article III to the Collateral Agent have been granted in
order to perfect its security interests in the Collateral Account, are powers coupled with an
interest and will be affected neither by the bankruptcy of the Property Trustee or the Trust nor by
the lapse of time. The obligations of the Securities Intermediary under this Article III shall
continue in effect until the termination of the Pledge with respect to any and all Collateral.

     Section 3.09 Waiver of Lien; Waiver of Set-off.

          The Securities Intermediary waives any security interest, lien or right to make deductions or
set-offs that it may now have or hereafter acquire in or with respect to the Collateral Account,
any financial asset credited thereto or any security entitlement in respect thereof. Neither the
financial assets credited to the Collateral Account nor the security entitlements in respect
thereof will be subject to deduction, set-off, banker’s lien or any other right in favor of any
person other than the Company.

ARTICLE IV

Custody

     Section 4.01 Appointment.

          The Trust hereby appoints the Custodial Agent as Custodial Agent of the Trust to hold all of
the Notes that are property of the Trust, other than the Pledged Notes and Pledge Notes that have
been released from the Pledge and Transferred to the Property Trustee for distribution by the
Property Trustee to the Third-Party Agent in accordance with Section 2.04 hereof (collectively, the
“Custody Notes”), for the benefit of the Trust and for the purposes set forth herein, and the
Custodial Agent hereby accepts such appointment under the terms and conditions set forth herein.

     Section 4.02 Custody.

          The Custodial Agent will hold the Custody Notes in the Custody Account. For the avoidance of
doubt, the Custodial Agent shall segregate on its books and records the assets of the Trust from
assets held by the Custodial Agent for other customers (including the Collateral) or for the
Custodial Agent itself. The Custodial Agent shall only have the obligations expressly set forth
herein and shall

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have no responsibility for monitoring compliance with the Trust Agreement, the Stock Purchase
Contract Agreement or any other agreement in connection therewith. The Custodial Agent shall
accept the Transfer of Notes from the Collateral Agent from time to time pursuant to Section 6.02,
deliver Notes to the Collateral Agent from time to time pursuant to Section 6.03 and deliver Notes
to the Remarketing Agent on the Remarketing Settlement Date pursuant to Section 8.03.

     Section 4.03 Termination of Custody Account.

          Upon receipt by the Custodial Agent from the Company of notice of termination of this
Agreement pursuant to Section 2.03, the Custodial Agent shall deliver the Custody Notes to the
Property Trustee.

     Section 4.04 Waiver of Lien; Waiver of Set-off.

          The Custodial Agent waives any security interest, lien or right to make deductions or set-offs
that it may now have or hereafter acquire in or with respect to the Custody Account, any financial
asset credited thereto or any security entitlement in respect thereof. Neither the financial
assets credited to the Custody Account nor the security entitlements in respect thereof will be
subject to deduction, set-off, banker’s lien or any other right in favor of any Person other than
the Trust.

ARTICLE V

Distributions on Collateral and

Custody Notes

     Section 5.01 Interest on Notes.

     (a) The Collateral Agent shall transfer all interest received from time to time by the
Collateral Agent on account of the Pledged Notes to the Paying Agent.

     (b) The Custodial Agent shall transfer all interest received from time to time by the
Custodial Agent on account of the Custody Notes to the Paying Agent.

     Section 5.02 Payments Following Termination Event.

          Following a Termination Event, written notice of which the Collateral Agent or the Custodial
Agent, as the case may be, shall have received from the Company, the Property Trustee or any of the
Administrative Trustees,

     (a) the Collateral Agent shall cause the Securities Intermediary to Transfer (i) the Pledged
Notes, (ii) the Pledged Treasury Securities and (iii) any Permitted Investments, including in each
case any and all payments of principal or interest it receives in respect thereof, to the Property
Trustee or its designee, free and clear of the Pledge created hereby; and

     (b) the Custodial Agent shall Transfer the Custody Notes and any and all payments of principal
or interest it receives in respect thereof to the Property Trustee or its designee.

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     Section 5.03 Payments Prior to or on Stock Purchase Date.

     (a) Except as provided in Section 5.03(c) and Section 6.05, if the Collateral Agent or the
Custodial Agent, as the case may be, shall not have received from the Company, the Property Trustee
or any of the Administrative Trustees notice of any Termination Event, all payments of principal
received by the Collateral Agent or the Securities Intermediary in respect of (i) the Pledged Notes
and (ii) the Pledged Treasury Securities shall be held until the Stock Purchase Date and an amount
thereof equal to the Purchase Price under the Stock Purchase Contracts shall be transferred to the
Company on the Stock Purchase Date as provided in Section 2.2 of the Stock Purchase Contract
Agreement in satisfaction of the Trust’s obligation to pay such Purchase Price. Any balance
remaining in the Collateral Account shall be released from the Pledge and Transferred to the Paying
Agent, free and clear of the Pledge created thereby. The Company shall instruct the Collateral
Agent in writing as to the Permitted Investments in which any payments received under this Section
5.03(a) (which, for purpose of confirmation, includes the excess Proceeds received under Section
6.05(b)) shall be invested; provided that if the Company fails to deliver such instructions by
10:30 A.M. (New York City time) on the day such payments are received by the Collateral Agent, the
Collateral Agent shall invest such payments in the Permitted Investments as described in clause (6)
of the definition of Permitted Investments. The Collateral Agent shall have no liability in
respect of losses incurred as a result of the failure of the Company to provide timely written
investment direction. The Collateral Agent may conclusively rely on any written direction and
shall bear no liability for any loss or other damage based on acting or omitting to act under this
Section 5.03 (which, for purpose of confirmation, includes acting or omitting to act under Section
6.05(b) in respect of excess Proceeds referred to therein) pursuant to any direction of the Company
or any investment in Permitted Investments as described in clause (6) of the definition of
Permitted Investments as provided herein and neither the Collateral Agent nor the Securities
Intermediary shall in any way be liable for the selection of Permitted Investments or by reason of
any insufficiency in the Collateral Account resulting from any loss on any Permitted Investment
included therein.

     (b) All payments of principal received by the Custodial Agent in respect of the Custody Notes
shall be transferred to the Paying Agent.

     (c) All payments of principal received by the Collateral Agent or the Securities Intermediary
in respect of (1) the Pledged Notes and (2) the Pledged Treasury Securities or security
entitlements thereto, that, in each case, have been released from the Pledge pursuant hereto (other
than Pledged Notes that upon such release shall have become Custody Notes in accordance with
Section 6.03) shall be transferred to or in accordance with the written instructions of the Paying
Agent.

     Section 5.04 Payments to Property Trustee.

          The Securities Intermediary and the Custodial Agent shall use commercially reasonable efforts
to deliver payments to the Paying Agent or the Property Trustee as provided hereunder to the
following account established by the Paying Agent or the Property Trustee, for
credit to U.S. Bank National Association, ABA#091000022, A/C#180121167365, for further credit to
793126000, Ref: USB Capital IX, Attn: Beverly A. Freeney, not later than 12:00 P.M. (New York
City time) on the Business Day it receives such payment; provided that if such payment is required
to be made on a day that is not a Business Day or after 11:00 A.M. (New York City time) on a
Business Day, then it shall use commercially reasonable efforts to deliver such payment to the
Paying Agent or the Property Trustee no later than 10:30 A.M. (New York City time) on the next
succeeding Business Day.

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     Section 5.05 Assets Not Properly Released.

          If the Paying Agent or the Property Trustee shall receive any principal payments on account of
financial assets credited to the Collateral Account and not released therefrom in accordance with
this Agreement, the Paying Agent or the Property Trustee shall hold the same as trustee of an
express trust for the benefit of the Company and, upon receipt of an Officers’ Certificate of the
Company so directing, promptly deliver the same to the Securities Intermediary for credit to the
Collateral Account or to the Company for application to the Obligations, and the Paying Agent or
the Property Trustee shall acquire no right, title or interest in any such payments of principal
amounts so received. Neither the Paying Agent nor the Property Trustee shall have any liability
under this Section 5.05 unless and until it has been notified in writing that such payment was
delivered to it erroneously and nor shall it have any liability for any action taken, suffered or
omitted to be taken prior to its receipt of such notice.

ARTICLE VI

Initial Deposit; Exchange of Normal ITS and 

Qualifying Treasury Securities for Stripped ITS and Capital ITS; Reinvestment of 

Proceeds of Pledged Treasury Securities

     Section 6.01 Initial Deposit of Notes.

     (a) Prior to or concurrently with the execution and delivery of the Original Collateral
Agreement, the Property Trustee Transfered to the Securities Intermediary, for credit to the
Collateral Account, Notes having an aggregate principal amount of $1,251,000,000.

     (b) The Collateral Agent shall, at any time or from time to time, at the written request of
the Company, cause any or all securities or other property underlying any financial assets credited
to the Collateral Account to be registered in the name of the Securities Intermediary, the
Collateral Agent or their respective nominees; provided that unless any Event of Default (as
defined in the Trust Agreement) shall have occurred and be continuing, and in respect of which the
Collateral Agent shall have received written notice from the Property Trustee or the Administrative
Trustees, the Collateral Agent agrees not to cause any Notes to be so re-registered.

     Section 6.02 Exchange of Normal ITS and Qualifying Treasury Securities for Stripped ITS and
Capital ITS.

     (a) On each occasion on which a Holder of Normal ITS exercises its rights pursuant to Sections
5.13(a)(i), (b) and (c) of the Trust Agreement to exchange Normal ITS and Qualifying Treasury
Securities for Stripped ITS and Capital ITS by, during any Exchange Period:

     (i) depositing with the Collateral Agent the treasury security that is the Qualifying
Treasury Security on the date of deposit, in the principal amount of $1,000 for each Normal
ITS being Exchanged;

     (ii) Transferring the Normal ITS being Exchanged to the Securities Registrar; and

     (iii) delivering a duly executed and completed Stripping Notice and Request to the
Securities Registrar and Collateral Agent (x) stating that the Holder has deposited the
appropriate Qualifying Treasury Securities with the Collateral Agent for deposit in the
Collateral Account, (y)

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stating that the Holder is Transferring the related Normal ITS to the Securities
Registrar in connection with an Exchange of such Normal ITS and Qualifying Treasury
Securities for a Like Amount of Stripped ITS and Capital ITS, and (z) requesting the
delivery to the Holder of such Stripped ITS and Capital ITS,

the Collateral Agent shall, upon the deposit and Transfer pursuant to clauses (i) and (ii) and
receipt of the notice and request referred to in clause (iii), (w) be deemed to accept the
Qualifying Treasury Securities deposited pursuant to clause (i) as Collateral subject to the
Pledge, (x) release Pledged Notes of a Like Amount from the Pledge, (y) Transfer such Pledged Notes
to the Custodial Account free and clear of the Company’s security interest therein, and (z) confirm
to the Property Trustee in writing that such release and Transfer has occurred. The Custodial
Agent shall continue to hold such Notes as Custody Notes pursuant to Article IV.

     (b) The Securities Registrar, pursuant to the procedures provided for in Section 5.11 of the
Trust Agreement dealing with increasing and decreasing the number of Trust Preferred Securities
evidenced by Book-Entry Trust Preferred Securities Certificates, shall cancel the number of Normal
ITS Transferred pursuant to Section 6.02(a) and deliver a Like Amount of Stripped ITS and Capital
ITS to the Holder, all by making appropriate notations on the Book-Entry Trust Preferred Securities
Certificates of the appropriate Class.

     (c) The substitution of Qualifying Treasury Securities, or security entitlements thereto, for
financial assets held in the Collateral Account pursuant to this Section 6.02, shall not constitute
a novation of the security interest created hereby.

     Section 6.03 Exchange of Stripped ITS and Capital ITS for Normal ITS and Qualifying Treasury
Securities.

     (a) On each occasion on which a Holder of Stripped ITS and Capital ITS exercises its rights
pursuant to Sections 5.13(d) of the Trust Agreement to exchange Stripped ITS and Capital ITS for
Normal ITS and Qualifying Treasury Securities by, during any Exchange Period, Transferring the
Stripped ITS and the Capital ITS being Exchanged to the Securities Registrar and delivering a duly
executed and completed Recombination Notice and Request to the Securities Registrar and Collateral
Agent (x) stating that the Holder is Transferring the related Stripped ITS and Capital ITS to the
Securities Registrar in connection with the Exchange of such Stripped ITS and Capital ITS for a
Like Amount of each of Normal ITS and Pledged Treasury Securities, (y) requesting the Collateral
Agent to release from the Pledge and deliver to the Holder Pledged Treasury Securities in a
principal amount equal to the Liquidation Amount of each of the Stripped ITS and Capital ITS being
exchanged, and (z) requesting the Securities Registrar to deliver to the Holder Normal ITS of a
Like Amount.

     (b) Upon the Transfer pursuant to Section 6.03(a) and receipt of the notice and request
referred to in Section 6.03(a):

     (i) the Custodial Agent will Transfer a Like Amount of Notes from the Custody Account
to the Collateral Account in substitution for such Pledged Treasury Securities;

     (ii) the Collateral Agent will be deemed to accept the Notes Transferred by the
Custodial Agent pursuant to clause (i) as Collateral subject to the Pledge;

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     (iii) the Collateral Agent will release Pledged Treasury Securities of a Like Amount
from the Pledge and deliver such Qualifying Treasury Securities to the Holder free and clear
of the Company’s security interest therein, and confirm in writing to the Property Trustee
that such release and Transfer has occurred; and

     (iv) the Securities Registrar, pursuant to the procedures provided for in Section 5.11
of the Trust Agreement dealing with increasing and decreasing the number of Trust Preferred
Securities evidenced by Book-Entry Trust Preferred Securities Certificates, shall cancel the
number of Stripped ITS and Capital ITS delivered pursuant to Section 6.03(a) and deliver a
Like Amount of Normal ITS to the Holder, all by making appropriate notations on the
Book-Entry Trust Preferred Securities Certificates of the appropriate Class.

     (c) The substitution of Notes for financial assets held in the Collateral Account pursuant to
this Section 6.03, shall not constitute a novation of the security interest created hereby.

     Section 6.04 Termination Event.

     (a) Upon receipt by the Collateral Agent of written notice from the Company, the Property
Trustee or any of the Administrative Trustees of the Trust that a Termination Event has occurred,
the Collateral Agent shall release all Collateral from the Pledge and shall promptly instruct the
Securities Intermediary to Transfer:

     (i) any Pledged Notes;

     (ii) the Proceeds of the U.S. Bank Deposit; and

     (iii) any Pledged Treasury Securities,

          to the Property Trustee, free and clear of the Pledge created hereby.

     (b) If such Termination Event shall result from the Company’s becoming a debtor under the
Bankruptcy Code, and if the Collateral Agent shall for any reason fail promptly to effectuate the
release and Transfer of all Pledged Notes, Pledged Treasury Securities, Permitted Investments, the
U.S. Bank Deposit and Proceeds of any of the foregoing, as the case may be, as provided by this
Section 6.04, the Property Trustee or any of the Administrative Trustees shall:

     (i) use its best efforts to obtain an opinion of a nationally recognized law firm to
the effect that, notwithstanding the Company being the debtor in such a bankruptcy case, the
Collateral Agent will not be prohibited from releasing or Transferring the Collateral as
provided in this Section 6.04 and shall deliver or cause to be delivered such opinion to the
Collateral Agent within ten calendar days after the occurrence of such Termination Event,
and if (A) the Property Trustee or any of the Administrative Trustees shall be unable to
obtain such opinion within ten calendar days after the occurrence of such Termination Event
or (B) the Collateral Agent shall continue, after delivery of such opinion, to refuse to
effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Securities,
Permitted Investments, the U.S. Bank Deposit and Proceeds of any of the foregoing, as the
case may be, as provided in this Section 6.04, then the Property Trustee shall within
fifteen calendar days after the occurrence of such Termination Event commence an action or
proceeding in the court having jurisdiction of the Company’s case under the Bankruptcy Code
seeking an order requiring the Collateral Agent to effectuate the

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release and Transfer of all Pledged Notes, Pledged Treasury Securities, Permitted
Investments, the U.S. Bank Deposit and Proceeds of any of the foregoing, or as the case may
be, as provided by this Section 6.04; or

     (ii) commence an action or proceeding like that described in Section 6.04(b)(i) hereof
within ten days after the occurrence of such Termination Event.

     Section 6.05 Reinvestment of Proceeds of Pledged Treasury Securities.

     (a) At or about 11:00 A.M., New York City time, on each Trade Date, the Collateral Agent shall
select at least three Reference Dealers (including at least three Reference Dealers named on
Schedule I hereto or named by any of the Administrative Trustees as replacements therefor who are
approved counterparties of USBNA) and request each of them to provide a commitment (which may be
oral if promptly confirmed in writing by facsimile or e-mail), satisfactory in form to the
Collateral Agent, to the effect that if selected as the Final Dealer, such Reference Dealer shall
sell to the Collateral Agent, for delivery against payment on the immediately succeeding Roll Date,
an aggregate principal amount of the U.S. treasury security that is the Qualifying Treasury
Security on such Roll Date equal to the aggregate principal amount of Qualifying Treasury
Securities held in the Collateral Account on such Trade Date. If the Collateral Agent shall have
received at least two firm offers, it shall select the lowest offer and the Reference Dealer
providing the lowest offer shall be the “Final Dealer”; provided that if two or more Reference
Dealers have provided identical lowest offers, the Collateral Agent shall select any of these
Reference Dealers as the Final Dealer in its absolute discretion. The Final Dealer shall be
obligated to sell to the Collateral Agent, for Cash on the Roll Date, the aggregate principal
amount of the U.S. treasury security specified in such offer. If the Collateral Agent determines
that (i) a Market Disruption Event has occurred or (ii) fewer than two Reference Dealers have
provided firm offers in a timely manner meeting the foregoing requirements, the steps contemplated
above shall be taken on each succeeding Business Day on which the Collateral Agent determines that
no Market Disruption Event has occurred until at least two Reference Dealers have provided such
offers, except that the Collateral Agent shall request offers from the Reference Dealers for same
day settlement. The Collateral Agent shall use reasonable care in administering the foregoing
procedures and shall have no liability in connection therewith to the Trust, the Property Trustee,
the Company or any other Person in the absence of gross negligence or willful misconduct. All
determinations regarding whether a Market Disruption Event has occurred shall be made by the
Collateral Agent in its sole discretion.

     (b) On each Roll Date (or, if no Final Dealer shall have been selected on the Trade Date, on
the date that the Final Dealer is selected), the Collateral Agent shall instruct the Securities
Intermediary to apply the Proceeds of the U.S. treasury securities held in the Collateral Account
to the purchase price of the Qualifying Treasury Securities, which shall be deposited in the
Collateral Account, and to apply the excess of such Proceeds over the purchase price of the
Qualifying Treasury Securities to purchase Permitted Investments for deposit in the Collateral
Account.

     (c) On each Additional Distribution Date, if the Qualifying Treasury Securities shall have
been purchased and deposited in the Collateral Account, the Collateral Agent shall liquidate the
Permitted Investments in the Collateral Account and direct the Securities Intermediary to pay the
Proceeds to the Payment Account.

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     Section 6.06 Application of Proceeds in Settlement of Stock Purchase Contracts.

     (a) The Trust (acting through the Property Trustee) agrees to pay the purchase price under the
Stock Purchase Contracts on the Stock Purchase Date from the Proceeds of the Qualifying Treasury
Securities held in the Collateral Account and the U.S. Bank Deposit (or in the circumstances set
forth in the Stock Purchase Contract Agreement, by assignment thereof). Without receiving any
further instruction from the Property Trustee, the Collateral Agent shall, in settlement of such
Stock Purchase Contracts on the Stock Purchase Date, (i) instruct the Securities Intermediary to
remit Proceeds of the Qualifying Treasury Securities to the Company and (ii) instruct U.S. Bank
National Association to pay the Proceeds of the U.S. Bank Deposit to the Company in an amount equal
to the excess of the Purchase Price over the amount of the Proceeds of the Qualifying Treasury
Securities.

     (b) In the event of a Failed Remarketing, the Collateral Agent, for the benefit of the
Company, will, at the written instruction of the Company, deliver or dispose of the Pledged Notes
in accordance with the Company’s written instructions to satisfy in full, from any such disposition
or retention, the obligations of the Trust to pay the purchase price for the shares of Preferred
Stock to be issued under the Stock Purchase Contracts to the extent not paid from the Proceeds of
the Qualifying Treasury Securities held in the Collateral Account.

     (c) Thereafter, the Collateral Agent shall promptly remit the Proceeds of the Qualifying
Treasury Securities held in the Collateral Account in excess of the aggregate purchase price for
the shares of Preferred Stock to be issued under such Stock Purchase Contracts to the Property
Trustee.

ARTICLE VII

Voting Rights –– Notes

     Section 7.01 Voting Rights.

          The Property Trustee on behalf of the Trust may, subject to the Trust Agreement, exercise, or
refrain from exercising, any and all voting and other consensual rights pertaining to the Notes or
any part thereof for any purpose not inconsistent with the terms of this Agreement and in
accordance with the terms of the Stock Purchase Contract Agreement; provided, however, that the
Property Trustee shall not exercise or shall not refrain from exercising such right with respect to
any Notes, if, in the reasonable judgment of the Property Trustee, such action would impair or
otherwise have a material adverse effect on the value of all or any of the Notes; and provided,
further, that the Property Trustee shall give the Company, the Collateral Agent and the Custodial
Agent, at least five Business Days’ prior written notice of the manner in which it intends to
exercise, or its reasons for refraining from exercising, any such right. Upon receipt of any
notices and other communications in respect of any Notes, including notice of any meeting at which
holders of the Notes are entitled to vote or solicitation of consents, waivers or proxies of
holders of the Notes, the Collateral Agent and the Custodial Agent shall use reasonable efforts to
send promptly to the Property Trustee such notice or communication, and as soon as reasonably
practicable after receipt of a written request therefor from the Property Trustee, execute and
deliver to the Property Trustee such proxies and other instruments in respect of such Notes (in
form and substance satisfactory to the Collateral Agent or the Custodial Agent, as the case may be)
as are prepared by the Company and delivered to the Property Trustee with respect to the Notes.

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ARTICLE VIII

Rights and Remedies

     Section 8.01 Rights and Remedies of the Collateral Agent.

     (a) In addition to the rights and remedies specified in Section 6.04 or otherwise available at
law or in equity, after an event of default (as specified in Section 8.01(b)) hereunder, the
Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a
secured party under the UCC (whether or not the UCC is in effect in the jurisdiction where the
rights and remedies are asserted) and the Trades Regulations and such additional rights and
remedies to which a secured party is entitled under the laws in effect in any jurisdiction where
any rights and remedies hereunder may be asserted. Without limiting the generality of the
foregoing, such remedies may include, to the extent permitted by applicable law, (1) retention of
the Pledged Notes or the Pledged Treasury Securities in full satisfaction of the Trust’s or the
Property Trustee’s obligations under the Stock Purchase Contracts and the Stock Purchase Contract
Agreement or (2) sale of the Pledged Notes or the Pledged Treasury Securities in one or more public
or private sales as permitted by applicable law.

     (b) Without limiting any rights or powers otherwise granted by this Agreement to the
Collateral Agent, in the event the Company is unable to make payments from amounts transferred or
transferable to the Company on account of the principal payments of any Pledged Treasury Securities
as provided in Article V, in satisfaction of the Obligations of the Trust under the Stock Purchase
Contracts, the inability to make such payments shall constitute an event of default hereunder and
the Collateral Agent shall have and may exercise, with reference to such Pledged Treasury
Securities any and all of the rights and remedies available to a secured party under the UCC and
the Trades Regulations after default by a debtor, and as otherwise granted herein or under any
other law.

     (c) Without limiting any rights or powers otherwise granted by this Agreement to the
Collateral Agent, the Collateral Agent is hereby irrevocably authorized to receive and collect all
payments of (i) the principal amount of, and any interest on, the Pledged Notes and (ii) the
principal amount of, and any interest on, the Pledged Treasury Securities, subject, in each case,
to the provisions of Article V, and as otherwise granted herein.

     (d) The Property Trustee agrees that, from time to time, upon the written request of the
Company or the Collateral Agent (acting upon the request of the Company), the Property Trustee
shall execute and deliver such further documents and do such other acts and things as the Company
or the Collateral Agent (acting upon the request of the Company) may reasonably request in order to
maintain the Pledge, and the perfection and priority thereof, and to confirm the rights of the
Collateral Agent hereunder; provided that, in no event shall the Property Trustee be responsible
for the preparation (other than execution upon the request of the Company) or filing of any
financing or continuation statements. In the absence of bad faith, the Property Trustee shall have
no liability to the Company or the Collateral Agent (acting upon the request of the Company) for
executing any documents or taking any such acts requested by the Company or the Collateral Agent
(acting upon the request of the Company) hereunder.

     Section 8.02 Remarketing; Contingent Exchange Elections by Holder of Normal ITS.

     (a) In the event a Holder of Normal ITS exercises its rights pursuant to Sections 5.14(a)(i),
(b) and (e) of the Trust Agreement to contingently exchange Normal ITS and Qualifying Treasury
Securities for Stripped ITS and Capital ITS in connection with any Remarketing by,

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     (i) during the period that commences with the Collateral Agent’s and the Securities
Registrar’s opening of normal business hours on the tenth Business Day immediately preceding
a Remarketing Date and ending at 3:00 P.M., New York City time, on the second Business Day
immediately preceding such Remarketing Date, Transferring the Normal ITS that are the
subject of such Contingent Exchange Election to the Securities Registrar, accompanied by a
duly executed and completed Notice of Contingent Exchange Election; and

     (ii) not later than 3:00 P.M., New York City time, on the second Business Day
immediately preceding the Remarketing Date, depositing with the Collateral Agent the
treasury security that is the Qualifying Treasury Security on the date of deposit, in the
amount of $1,000 for each Normal ITS that is subject to the Contingent Exchange Election,

the Collateral Agent shall, upon the Transfer and receipt of the duly executed and completed Notice
of Contingent Exchange Election pursuant to clause (i) and the deposit referred to in clause (ii),
notify the Remarketing Agent not later than 11:00 A.M., New York City time, on the Business Day
immediately preceding each Remarketing Date of the aggregate principal amount of Pledged Notes with
respect to which elections have been validly made pursuant to this Section 8.02(a).

     (b) Upon the receipt of notice from the Remarketing Agent that the Remarketing has been
Successful, on the Remarketing Settlement Date,

     (i) the Collateral Agent shall (A) instruct the Securities Intermediary to release from
the Pledge and deliver to the Remarketing Agent the Pledged Notes for which no election has
been validly made pursuant to Section 8.02(a), free and clear of the Company’s security
interest therein, against delivery by the Remarketing Agent of Qualifying Treasury
Securities purchased with the net Proceeds of the sale of such Pledged Notes in the
Remarketing for deposit in the Collateral Account, (B) instruct the Securities Intermediary
to release from the Pledge and (C) Transfer to the Custody Account the Pledged Notes for
which an election has been validly made pursuant to Section 8.02(a), free and clear of the
Company’s security interest therein, upon delivery by the Collateral Agent to the Securities
Intermediary for deposit into the Collateral Account the Qualifying Treasury Securities to
be deposited in connection with such elections, and confirm to the Property Trustee in
writing that such instructions have been delivered;

     (ii) the Securities Intermediary will (A) release the Pledged Notes from the Pledge,
Transfer such Pledged Notes, free and clear of the Pledge, (x) to the Remarketing Agent in
the case of Pledged Notes for which no election has been validly made pursuant to Section
8.02(a) and (y) to the Custody Account in the case of Pledged Notes for which an election
has been validly made pursuant to Section 8.02(a), (B) deposit in the Collateral Account as
Pledged Treasury Securities the Qualifying Treasury Securities deposited with the Collateral
Agent pursuant to Section 8.02(a) or delivered by the Remarketing Agent and (C) confirm to
the Property Trustee in writing that such release, Transfer and deposit have occurred;

     (iii) the Custodial Agent shall hold such Notes delivered to it pursuant to clause
(ii)(y) of this Section 8.02(b) in the Custody Account; and

     (iv) the Securities Registrar shall cancel the number of Normal ITS Transferred
pursuant to Section 8.02(a) and deliver a Like Amount of Capital ITS and Stripped ITS to the
Holder in accordance with the procedures provided for in Section 5.14 of the Trust
Agreement.

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     (c) Upon the receipt of notice from the Remarketing Agent that the Remarketing has not been
Successful:

     (i) as soon as reasonably practicable after the Remarketing, the Collateral Agent will
deliver back to such Holder the Qualifying Treasury Securities delivered by such Holder to
the Collateral Agent pursuant to Section 8.02(a); and

     (ii) the Securities Registrar will disregard the delivery by such Holder of Normal ITS
pursuant to Section 8.02(a), with the consequence that such Holder shall be deemed to
continue to hold such Normal ITS.

     (d) The substitution of Qualifying Treasury Securities, or security entitlements thereto, for
financial assets held in the Collateral Account pursuant to this Section 8.02, shall not constitute
a novation of the security interest created hereby.

     Section 8.03 Contingent Disposition Election by Holder of Capital ITS.

     (a) In the event a Holder of Capital ITS exercises its rights pursuant to Sections
5.14(a)(ii), (b), (f) and (g) of the Trust Agreement to contingently dispose of Capital ITS in
connection with any Remarketing by, during the period that commences with the Custodial Agent’s and
Securities Registrar’s opening of normal business hours on the tenth Business Day immediately
preceding a Remarketing Date and ending at 3:00 P.M., New York City time, on the second Business
Day immediately preceding such Remarketing Date, Transferring the Capital ITS that are the subject
of such Contingent Disposition Election to the Securities Registrar and delivering a duly completed
Notice of Contingent Disposition Election to the Securities Registrar and Custodial Agent, the
Custodial Agent shall, upon such Transfer and receipt of such notice, notify the Remarketing Agent
not later than 11:00 A.M., New York City time, on the Business Day immediately preceding each
Remarketing Date of the aggregate principal amount of Custody Notes with respect to which elections
have been validly made pursuant to this Section 8.03(a).

     (b) If the Custodial Agent is notified by the Remarketing Agent that the related Remarketing
is Successful:

     (i) the Securities Registrar shall cancel the number of Capital ITS Transferred
pursuant to Section 8.03(a) in accordance with the procedures provided for in Section 5.11
of the Trust Agreement;

     (ii) the Custodial Agent shall deliver Custody Notes in the aggregate principal amount
with respect to which elections have been validly made pursuant to Section 8.03(a) to the
Remarketing Agent on the Remarketing Settlement Date; and

     (iii) on or promptly after the Remarketing Settlement Date, the Custodial Agent will
pay to the Property Trustee the net Proceeds of the Custody Notes received from the
Remarketing Agent.

     (c) If the Custodial Agent is notified by the Property Trustee or the Remarketing Agent that
the related Remarketing is not Successful, the Securities Registrar will disregard the delivery by
such Holder of Capital ITS pursuant to Section 8.03(a), with the consequence that such Holder shall
continue to hold such Capital ITS.

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     (d) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent, the
Securities Registrar, the Property Trustee, the Company or the Remarketing Agent shall be obligated
in any case to provide funds to make payment upon tender of Notes for Remarketing.

ARTICLE IX

Representations and Warranties; Covenants

     Section 9.01 Representations and Warranties.

          The Property Trustee on behalf of the Trust hereby represents and warrants to the Collateral
Agent that:

     (a) the Property Trustee on behalf of the Trust has the power to grant a security interest in
and lien on the Collateral; and

     (b) the Property Trustee on behalf of the Trust is the sole beneficial owner of the Collateral
and, in the case of Collateral delivered in physical form, is the sole holder of such Collateral
and is the sole beneficial owner of, or has the right to Transfer, the Collateral it Transfers to
the Collateral Agent for credit to the Collateral Account, free and clear of any security interest,
lien, encumbrance, call, liability to pay money or other restriction other than the security
interest and lien granted under Article II hereof.

     Section 9.02 Covenants.

          The Property Trustee on behalf of the Trust hereby covenants to the Collateral Agent that for
so long as the Collateral remains subject to the Pledge:

     (a) it will not create or purport to create or allow to subsist any mortgage, charge, lien,
pledge or any other security interest whatsoever over the Collateral or any part of it other than
pursuant to this Agreement; and

     (b) it will not sell or otherwise dispose (or attempt to dispose) of the Collateral or any
part of it except in accordance with the terms of this Agreement.

ARTICLE X

The Collateral Agent, The Custodial Agent, The Securities Intermediary 

and The Securities Registrar

          It is hereby agreed as follows:

     Section 10.01 Appointment, Powers and Immunities.

          The Collateral Agent and the Securities Intermediary shall act as agents for the Company
hereunder with such powers as are specifically vested in the Collateral Agent or the Securities
Intermediary, as the case may be, by the terms of this Agreement and the Collateral Agent and the
Securities Intermediary owe no duties, fiduciary or otherwise, to any other Person except as
provided by applicable law. The Custodial Agent and the Securities Registrar shall act as agents
for the Property Trustee hereunder with such powers as are specifically vested in the Custodial
Agent or the Securities

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Registrar, as the case may be, by the terms of this Agreement and, in the case of the
Securities Registrar, the Trust Agreement and the Custodial Agent and the Securities Registrar owe
no duties, fiduciary or otherwise, to any other Person except as provided by applicable law. The
Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar
shall:

     (a) have no duties or responsibilities except those expressly set forth in this Agreement and
no implied covenants or obligations shall be inferred from this Agreement against the Collateral
Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar, nor shall the
Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar be
bound by the provisions of any agreement by any party hereto beyond the specific terms hereof;

     (b) not be responsible for any recitals contained in this Agreement, or in any certificate or
other document referred to or provided for in, or received by it under, this Agreement, the Trust
Preferred Securities or the Stock Purchase Contract Agreement, or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement (other than as against
the Collateral Agent, the Custodial Agent or the Securities Registrar, as the case may be), the
Trust Preferred Securities, any Collateral or the Stock Purchase Contract Agreement or any other
document referred to or provided for herein or therein or for any failure by the Company or any
other Person (except the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar, as the case may be) to perform any of its obligations thereunder or hereunder
or for the validity, perfection, enforceability, priority or, except as expressly required hereby,
maintenance of any security interest created hereunder;

     (c) not be required to initiate or conduct any litigation or collection efforts or proceedings
hereunder (except pursuant to directions furnished under Section 10.02, subject to Section 10.08);

     (d) not be responsible for the exercise of any of the rights and remedies (at the direction of
the Property Trustee or the Holders of the ITS, or otherwise) upon a default or event of default
under the indenture;

     (e) not be responsible for any action taken, suffered or omitted to be taken by it hereunder
or under any other document or instrument referred to or provided for herein or in connection
herewith or therewith, except for its own gross negligence or willful misconduct; and

     (f) not be required to advise any party as to selling or retaining, or taking or refraining
from taking any action with respect to, any securities or other property deposited hereunder.

          Subject to the foregoing, during the term of this Agreement, the Collateral Agent, the
Securities Intermediary, the Custodial Agent and Securities Registrar shall take all reasonable
action in connection with the safekeeping and preservation of the Collateral and the Custody Notes
hereunder as determined by industry standards.

          No provision of this Agreement shall require the Collateral Agent, the Securities
Intermediary, the Custodial Agent or the Securities Registrar to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder. In no
event shall the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar be liable for any amount in excess of the Value of the Collateral and the
Custody Notes.

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     Section 10.02 Instructions of the Company.

          The Company shall have the right, by one or more written instruments executed and delivered to
the Collateral Agent, to direct the time, method and place of conducting any proceeding for the
realization of any right or remedy available to the Collateral Agent, or of exercising any power
conferred on the Collateral Agent, or to direct the taking or refraining from taking of any action
authorized by this Agreement; provided that (i) such direction shall not conflict with the
provisions of any law or of this Agreement or involve the Collateral Agent in personal liability
and (ii) the Collateral Agent shall be indemnified as provided herein. Nothing contained in this
Section 10.02 shall impair the right of the Collateral Agent in its discretion to take any action
or omit to take any action which it deems proper and which is not inconsistent with such direction.
None of the Collateral Agent, the Custodial Agent or the Securities Registrar has any obligation or
responsibility for determining the necessity of filing or to file or monitor the filing of UCC
financing statements or other UCC statements.

     Section 10.03 Reliance by Collateral Agent, Custodial Agent, Securities Intermediary and
Securities Registrar.

          Each of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar shall be entitled to rely conclusively upon any certification, order,
judgment, opinion, notice or other written or telephonic communication (including, without
limitation, any thereof by e-mail or similar electronic means, telecopy, telex or facsimile)
believed by it to be genuine and to have been signed or sent by or on behalf of the proper Person
or Persons (without being required to determine the correctness of any fact stated therein). Each
of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar may consult with legal counsel or other experts of its selection and the advice, opinions
and statements of such legal counsel and other experts and any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon. As to any matters not expressly provided for by
this Agreement, the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar shall in all cases be fully protected in acting, suffering, or in refraining
from acting, hereunder in accordance with instructions given by the Company or the Property Trustee
in accordance with this Agreement. In the event any instructions are given (other than in writing
at the time of the execution of the Agreement), whether in writing, by telecopier or otherwise, the
Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar are
authorized to seek confirmation of such instructions by telephone call-back to the person or
persons designated on Schedule II hereto, and the Collateral Agent, the Securities Intermediary,
the Custodial Agent and the Securities Registrar may rely upon the confirmations of anyone
purporting to be the Person or Persons so designated. The persons and telephone numbers for
call-backs may be changed only in writing actually received and acknowledged by the Collateral
Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar.

          It is understood that the Collateral Agent, the Securities Intermediary, the Custodial Agent
and the Securities Registrar in any funds transfer may rely solely upon any account numbers or
similar identifying numbers provided by the Company or the Property Trustee to identify (i) the
beneficiary, (ii) the beneficiary’s bank, or (iii) an intermediary bank. The Collateral Agent, the
Securities Intermediary, the Custodial Agent and the Securities Registrar may apply any of the
deposited funds for any payment order it executes using any such identifying number, even where its
use may result in a Person other than the beneficiary being paid, or the transfer of funds to a
bank other than the beneficiary’s bank, or an intermediary bank, designated by the Company or the
Property Trustee; provided that

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payment is made and confirmed to the account as specified by the Company or the Property
Trustee, as the case may be.

     Section 10.04 Certain Rights.

     (a) Whenever in the administration of the provisions of this Agreement the Collateral Agent,
the Securities Intermediary, the Custodial Agent or the Securities Registrar shall deem it
necessary or desirable that a matter be proved or established prior to taking or suffering or
omitting to take any action hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in the absence of bad faith on the part of the Collateral
Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, be deemed to
be conclusively proved and established by a certificate signed by one of the Company’s officers,
and delivered to the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar and such certificate, in the absence of bad faith on the part of the
Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar,
shall be full warrant to the Collateral Agent, the Securities Intermediary, the Custodial Agent or
the Securities Registrar for any action taken, suffered or omitted by any of them under the
provisions of this Agreement in reliance thereon.

     (b) The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
entitlement order, approval or other paper or document.

     (c) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar shall be responsible or liable for any failure or delay in the performance of
its obligations under this Agreement arising out of or caused, directly or indirectly, by
circumstances beyond its reasonable control, including, without limitation, acts of God,
earthquakes, fires, floods, terrorism, wars, civil or military disturbances, sabotage, epidemics,
riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or
communication services, accidents, labor disputes, acts of civil or military authority and
governmental action.

     (d) The Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar may request that the Company and the Property Trustee each deliver an Officers’
Certificate setting forth the names of individuals and/or titles of officers authorized at such
time to take specified actions pursuant to this Agreement, which Officers’ Certificate may be
signed by any person authorized to sign an Officers’ Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded.

     (e) The permissive right of the Collateral Agent, the Securities Intermediary, the Custodial
Agent and the Securities Registrar to take or refrain from taking any actions enumerated in this
Agreement shall not be construed as a duty;

     (f) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar shall be liable for any error of judgment made in good faith, unless it shall
have been grossly negligent in ascertaining the pertinent facts.

     (g) The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar shall have no liability whatsoever for the action or inaction of any Clearing Agency or
any book-entry system thereof. In no event shall any Clearing Agency or any book-entry system
thereof be

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deemed an agent or subcustodian of the Collateral Agent, the Securities Intermediary, the
Custodial Agent or the Securities Registrar. Unless and until Definitive Trust Preferred
Securities Certificates have been issued to Owners pursuant to Section 5.15 of the Trust Agreement,
the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar
shall be entitled to deal with the Clearing Agency for all purposes of this Agreement (including
the receipt or transfer of any funds hereunder) as the Holder of the Trust Preferred Securities,
shall have no obligation to the Owners and the rights of the Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law and agreement between such
Owners and the Trust or the Clearing Agency Participants. The provisions of Sections 5.6 and 5.11
of the Trust Agreement are hereby made applicable to the Collateral Agent, the Securities
Intermediary, the Custodial Agent and the Securities Registrar, mutatis mutandis, as if they were
the Securities Registrar as referred to therein.

     (h) The Securities Registrar shall also have all of the rights, privileges, protections,
immunities and benefits given to the Securities Registrar under the Trust Agreement, including its
right to be indemnified. In the event of any conflict between any of the provisions of the Trust
Agreement and this Agreement with respect to any of such rights, privileges, protections,
immunities and benefits, the provisions of this Agreement shall govern and control and supersede
such other provisions.

     Section 10.05 Merger, Conversion, Consolidation or Succession to Business.

          Any Person into which the Collateral Agent, the Securities Intermediary, the Custodial Agent
and the Securities Registrar may be merged or converted or with which it may be consolidated, or
any Person resulting from any merger, conversion or consolidation to which the Collateral Agent,
the Securities Intermediary, the Custodial Agent and the Securities Registrar shall be a party, or
any Person succeeding to all or substantially all of the corporate trust business of the Collateral
Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall be the
successor of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar hereunder without the execution or filing of any paper with any party hereto
or any further act on the part of any of the parties hereto except where an instrument of transfer
or assignment is required by law to effect such succession, anything herein to the contrary
notwithstanding.

     Section 10.06 Rights in Other Capacities.

          The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar and their Affiliates may (without having to account therefor to the Company) accept
deposits from, lend money to, make their investments in and generally engage in any kind of
banking, trust or other business with the Trust, any other Person interested herein and any Holder
of Trust Preferred Securities (and any of their respective subsidiaries or Affiliates) as if it
were not acting as the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar, as the case may be, and the Collateral Agent, the Securities Intermediary,
the Custodial Agent, the Securities Registrar and their Affiliates may accept fees and other
consideration from the Trust, any other Person interested herein and any Holder of Trust Preferred
Securities without having to account for the same to the Company; provided that each of the
Securities Registrar, the Securities Intermediary, the Custodial Agent and the Collateral Agent
covenants and agrees with the Company that it shall not accept, receive or permit there to be
created in favor of itself and shall take no affirmative action to permit there to be created in
favor of any other Person, any security interest, lien or other encumbrance of any kind in or upon
the Collateral other than the lien created by the Pledge.

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     Section 10.07 Non-reliance on Collateral Agent, the Securities Intermediary, the Custodial
Agent and Securities Registrar.

          None of the Securities Registrar, the Securities Intermediary, the Custodial Agent or the
Collateral Agent shall be required to keep itself informed as to the performance or observance by
the Trust or any Holder of Trust Preferred Securities of this Agreement, the Stock Purchase
Contract Agreement, the Trust Preferred Securities or any other document referred to or provided
for herein or therein or in connection herewith or therewith or to inspect the properties or books
of the Trust or any Holder of Trust Preferred Securities. None of the Collateral Agent, the
Securities Intermediary, the Custodial Agent or the Securities Registrar shall have any duty or
responsibility to provide the Company or the Property Trustee with any credit or other information
concerning the affairs, financial condition or business of the Trust or the Company or any Holder
of Trust Preferred Securities (or any of their respective Affiliates) that may come into the
possession of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar or any of their respective Affiliates.

     Section 10.08 Compensation and Indemnity.

          The Company agrees to:

     (a) pay the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar from time to time such compensation as shall be agreed in writing between the
Company and the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar, as the case may be, for all services rendered by them hereunder;

     (b) indemnify and hold harmless the Collateral Agent, the Securities Intermediary, the
Custodial Agent, the Securities Registrar and each of their respective directors, officers, agents
and employees (collectively, the “Indemnitees”), from and against any and all claims, liabilities,
losses, damages, fines, penalties and expenses (including reasonable fees and expenses of counsel)
and taxes (other than those based upon, determined by or measured by the income of the Collateral
Agent, the Custodial Agent and the Securities Registrar) (collectively, “Losses” and individually,
a “Loss”) that may be imposed on, incurred by, or asserted against, the Indemnitees or any of them
for or in respect of the Collateral Agent’s, the Securities Intermediary’s, the Custodial Agent’s
and the Securities Registrar’s (i) execution and delivery of this Agreement and (ii) following any
instructions or other directions upon which either the Collateral Agent, the Securities
Intermediary, the Custodial Agent or the Securities Registrar is entitled to rely pursuant to the
terms of this Agreement; and

     (c) in addition to and not in limitation of clause (b) immediately above, indemnify and hold
the Indemnitees and each of them harmless from and against any and all Losses that may be imposed
on, incurred by or asserted against, the Indemnitees or any of them in connection with or arising
out of the Collateral Agent’s, the Securities Intermediary’s, the Custodial Agent’s or the
Securities Registrar’s acceptance or performance of its powers and duties under this Agreement,
provided that any Indemnitee with respect to the specific Loss against which indemnification is
sought under this clause (c) has not acted with gross negligence or engaged in willful misconduct.

          The provisions of this Section 10.08 and Section 12.07 shall survive the resignation or
removal of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar and the termination of this Agreement.

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     Section 10.09 Failure to Act.

          In the event of (i) uncertainty on the part of the Collateral Agent, the Securities
Intermediary, the Custodial Agent or the Securities Registrar as to the application of any
provision in this Agreement or any other agreement relating to the transaction contemplated hereby
or (ii) any ambiguity in the provisions of this Agreement or any dispute between or conflicting
claims by or among the parties hereto or any other Person with respect to any funds or property
deposited hereunder, such Collateral Agent, Securities Intermediary, Custodial Agent or Securities
Registrar in the case of (i) or each of the Collateral Agent, the Securities Intermediary, the
Custodial Agent and the Securities Registrar in the case of (ii) shall be entitled, at its sole
option and after prompt written notice to the Company and the Trust, to refrain from taking any
action in respect of such uncertainty or ambiguous provision or to refuse to comply with any and
all claims, demands or instructions with respect to such property or funds so long as such dispute
or conflict shall continue, and the Collateral Agent, the Securities Intermediary, the Custodial
Agent and the Securities Registrar shall not be or become liable in any way to any of the parties
hereto for its so refraining or refusal to comply with such conflicting claims, demands or
instructions. The Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar shall be entitled to refuse to act until either:

     (a) such ambiguous provisions or conflicting or adverse claims or demands, as the case may be,
shall have been finally determined by a court of competent jurisdiction or settled by agreement
between the conflicting parties as evidenced in a writing satisfactory to the Collateral Agent, the
Securities Intermediary, the Custodial Agent or the Securities Registrar; or

     (b) the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar shall have received security or an indemnity satisfactory to it sufficient to save it
harmless from and against any and all loss, liability or reasonable out-of-pocket expense which it
may incur by reason of its acting.

          The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar may in addition elect to commence an interpleader action or seek other judicial relief or
orders as the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar may deem necessary. Notwithstanding anything contained herein to the contrary, none of
the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar
shall be required to take any action that it reasonably believes to be contrary to law or to the
terms of this Agreement, or which it reasonably believes would subject it or any of its officers,
employees or directors to liability.

     Section 10.10 Resignation of Collateral Agent, the Securities Intermediary, the Custodial
Agent and Securities Registrar.

          Subject to the appointment and acceptance of a successor Collateral Agent, Securities
Intermediary, Custodial Agent and Securities Registrar as provided below:

     (i) the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar may resign at any time by giving notice thereof to the Company and the
Property Trustee;

     (ii) the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar may be removed at any time by the Company; and

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     (iii) if the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar fails to perform any of its material obligations hereunder in any
material respect for a period of not less than 20 days after receiving written notice of
such failure by the Property Trustee and such failure shall be continuing, the Collateral
Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar may be
removed by the Property Trustee or the Administrative Trustees;

provided that any Person at any time acting as Collateral Agent, Securities Intermediary, Custodial
Agent or Securities Registrar may not resign or be removed in any one of those capacities without
the consent of each party to this Collateral Agreement unless it resigns or is removed in all such
capacities in which it is then acting. The Property Trustee shall promptly notify the Company of
any removal of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar pursuant to clause (iii) of this Section 10.10. Upon any such resignation or
removal, the Company shall have the right to appoint a successor Collateral Agent, Securities
Intermediary, Custodial Agent or Securities Registrar, as the case may be, which shall not be an
Affiliate of the Trust. If no successor Collateral Agent, Securities Intermediary, Custodial Agent
or Securities Registrar shall have been so appointed and shall have accepted such appointment
within 30 days after the retiring Collateral Agent’s, Securities Intermediary’s, Custodial Agent’s
or Securities Registrar’s giving of notice of resignation or the Company’s or the Property
Trustee’s giving notice of such removal, then the retiring or removed Collateral Agent, Securities
Intermediary, Custodial Agent or Securities Registrar may petition any court of competent
jurisdiction, at the expense of the Company, for the appointment of a successor Collateral Agent,
Securities Intermediary, Custodial Agent or Securities Registrar. The Collateral Agent, the
Securities Intermediary, the Custodial Agent and the Securities Registrar shall each be a bank or a
national banking association which has an office (or an agency office) in New York City with a
combined capital and surplus of at least $50,000,000. Upon the acceptance of any appointment as
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar hereunder by a
successor Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as
the case may be, such successor Collateral Agent, Securities Intermediary, Custodial Agent or
Securities Registrar, as the case may be, shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Collateral Agent, Securities Intermediary,
Custodial Agent or Securities Registrar, as the case may be, and the retiring Collateral Agent,
Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, shall take
all appropriate action, subject to payment of any amounts then due and payable to it hereunder, to
transfer any money and property held by it hereunder (including the Collateral) to such successor.
The retiring Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar
shall, upon such succession, be discharged from its duties and obligations as Collateral Agent,
Securities Intermediary, Custodial Agent or Securities Registrar hereunder. After any retiring
Collateral Agent’s, Securities Intermediary’s, Custodial Agent’s or Securities Registrar’s
resignation or removal hereunder as Collateral Agent, Securities Intermediary, Custodial Agent or
Securities Registrar, the provisions of this Article X shall continue in effect for its benefit in
respect of any actions taken or omitted to be taken by it while it was acting as the Collateral
Agent, Securities Intermediary, Custodial Agent or Securities Registrar. Any resignation or
removal of the Collateral Agent, Custodial Agent or Securities Registrar hereunder, at a time when
such Person is acting as the Collateral Agent, Securities Intermediary, Custodial Agent or
Securities Registrar, shall be deemed for all purposes of this Agreement as the simultaneous
resignation or removal of the Collateral Agent, Securities Registrar or Custodial Agent, as the
case may be.

Collateral Agreement

-28-

 

     Section 10.11 Right to Appoint Agent or Advisor.

          The Collateral Agent shall have the right to appoint agents or advisors in connection with any
of its duties hereunder, and the Collateral Agent shall not be liable for any action taken,
suffered or omitted by, or in reliance upon the advice of, such agents or advisors selected in good
faith. The appointment of agents (which, for the purpose of this sentence, excludes legal counsel)
pursuant to this Section 10.11 shall be subject to prior written consent of the Company, which
consent shall not be unreasonably withheld.

     Section 10.12 Survival.

          The provisions of this Article X and Section 12.06 shall survive termination of this Agreement
and the resignation or removal of the Collateral Agent, the Securities Intermediary, the Custodial
Agent or the Securities Registrar.

     Section 10.13 Exculpation.

          Anything contained in this Agreement to the contrary notwithstanding, in no event shall the
Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar or
their officers, directors, employees or agents be liable under this Agreement for indirect,
special, punitive, or consequential loss or damage of any kind whatsoever, including, but not
limited to, lost profits, whether or not the likelihood of such loss or damage was known to the
Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, or
any of them and regardless of the form of action.

     Section 10.14 Statements and Confirmations.

          The Securities Intermediary will, as soon as reasonably practicable after receipt of same,
send copies of all statements, confirmations and other correspondence concerning the Collateral
Account and any financial assets credited thereto simultaneously to each of the Property Trustee
and the Collateral Agent at their addresses for notices under this Agreement. The Custodial Agent
will, as soon as reasonably practicable after receipt of same, send copies of all statements,
confirmations and other correspondence concerning the Custody Account and any financial assets
credited thereto to the Property Trustee at its address for notices under this Agreement.

     Section 10.15 Tax Allocations.

          The Administrative Trustees shall report all items of income, gain, expense and loss
recognized in the Collateral Account and the Custody Account, to the extent such reporting is
required by law, to the Internal Revenue Service authorities in the manner required by law. None of
the Securities Intermediary, the Collateral Agent, the Custodial Agent, the Securities Registrar or
the Property Trustee shall have any tax reporting duties hereunder.

Collateral Agreement

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ARTICLE XI

Amendment

     Section 11.01 Amendment.

          The Company, when duly authorized by resolution of its Board of Directors, the Collateral
Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar and the Property
Trustee on behalf of the Trust, at any time and from time to time, may amend this Agreement by a
written instrument, in form satisfactory to the Company, the Collateral Agent, the Securities
Intermediary, the Custodial Agent, the Securities Registrar and the Property Trustee, as provided
under Section 6.1(c) of the Trust Agreement. Notwithstanding the foregoing, any amendment to the
forms of ITS certificates attached as exhibits hereto shall be effective upon written notice
thereof from the Company without the consent of the Collateral Agent, the Securities Intermediary,
the Custodial Agent or the Securities Registrar setting forth the revised form or forms and
confirming that such revised form or forms have been duly adopted in accordance with the Trust
Agreement; provided that no such amendment that adversely affects the rights, duties or immunities
of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar shall be effective against such adversely affected party without its consent.

     Section 11.02 Execution of Amendments.

          In executing any amendment permitted by this Article XI, the Collateral Agent, the Securities
Intermediary, the Custodial Agent, the Securities Registrar and the Property Trustee shall be
entitled to receive and (subject to Section 8.3 of the Trust Agreement with respect to the Property
Trustee) shall be fully authorized and protected in relying upon, an Opinion of Counsel and an
Officers’ Certificate of the Company to the effect that all of the requirements of Section 6.1(c)
of the Trust Agreement in respect of such amendment have been met and/or satisfied. The Collateral
Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar and the Property
Trustee may, but shall not be obligated to, enter into any such amendment which affects their own
respective rights, duties or immunities under this Agreement or otherwise.

ARTICLE XII

Miscellaneous

     Section 12.01 No Waiver.

          No failure on the part of the Company, the Collateral Agent, the Securities Intermediary, the
Custodial Agent, the Securities Registrar 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 a waiver thereof; nor shall any single or partial exercise by the Company, the
Securities Intermediary, the Collateral Agent, the Custodial Agent, the Securities Registrar 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.

Collateral Agreement

-30-

 

     Section 12.02 Governing Law; Submission to Jurisdiction; Waiver of Trial by Jury.

          This Agreement shall be governed by and construed in accordance with the laws of the State of
New York. The Company, the Collateral Agent, the Securities Intermediary, the Custodial Agent, the
Securities Registrar 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, the Collateral
Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar 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. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES IRREVOCABLY AND
UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     Section 12.03 Notices.

          All notices, requests, consents and other communications provided for herein (including,
without limitation, any modifications of, or waivers or consents under, this Agreement) shall be
given or made in writing (including, without limitation, by telecopy) delivered to the intended
recipient at the “Address for Notices” specified below its name on the signature pages hereof or,
as to any party, at such other address as shall be designated by such party in a notice to the
other parties. Except as otherwise provided in this Agreement, all such communications shall be
deemed to have been duly given when transmitted by telecopy or personally delivered or, in the case
of a mailed notice, upon receipt, in each case given or addressed as aforesaid.

     Section 12.04 Successors and Assigns.

          This Agreement shall be binding upon and inure to the benefit of the respective successors of
the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary, the Securities
Registrar and the Trust.

          Nothing in this Agreement, express or implied, shall give any Person, other than the parties
hereto and their permitted successors, any benefit or any legal or equitable right, remedy or claim
under this Agreement.

     Section 12.05 Severability.

          If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest
extent permitted by law, (i) the other provisions hereof shall remain in full force and effect in
such jurisdiction and shall be liberally construed in order to give effect to the intentions of the
parties hereto as nearly as may be possible and (ii) the invalidity or unenforceability of any
provision hereof in any jurisdiction shall not affect the validity or enforceability of such
provision in any other jurisdiction.

Collateral Agreement

-31-

 

     Section 12.06 Expenses, Etc.

          The Company agrees to reimburse the Collateral Agent, the Securities Intermediary, the
Custodial Agent and the Securities Registrar for:

     (a) all reasonable costs and expenses of the Collateral Agent, the Securities Intermediary,
the Custodial Agent and the Securities Registrar (including, without limitation, the reasonable
fees and expenses of counsel to the Collateral Agent, the Securities Intermediary, the Custodial
Agent and the Securities Registrar), in connection with (i) the negotiation, preparation, execution
and delivery or performance of this Agreement and (ii) any modification, supplement or waiver of
any of the terms of this Agreement;

     (b) all reasonable costs and expenses of the Collateral Agent, the Securities Intermediary,
the Custodial Agent and the Securities Registrar (including, without limitation, the reasonable
fees and expenses of counsel) in connection with (i) any enforcement or proceedings resulting or
incurred in connection with causing the Trust or the Property Trustee to satisfy its obligations
under the Stock Purchase Contracts or the Stock Purchase Contract Agreement and (ii) the
enforcement of this Section 12.06;

     (c) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by
any governmental or revenue authority in respect of this Agreement or any other document referred
to herein and all costs, expenses, taxes, assessments and, subject to Section 10.01(b) and the last
sentence of Section 10.01, other charges incurred in connection with any filing, registration,
recording or perfection of any security interest contemplated hereby;

     (d) all reasonable fees and expenses of any agent or advisor appointed by the Collateral Agent
and (except in the case of legal counsel) consented to by the Company under Section 10.11; and

     (e) any other out-of-pocket costs and expenses reasonably incurred by the Collateral Agent,
the Securities Intermediary, the Custodial Agent and the Securities Registrar in connection with
the performance of their duties hereunder.

     Section 12.07 Security Interest Absolute.

          All rights of the Collateral Agent and security interests hereunder, and all obligations of
the Trust from time to time hereunder, shall be absolute and unconditional irrespective of:

     (a) any lack of validity or enforceability of any provision of the Stock Purchase Contracts or
any other agreement or instrument relating thereto;

     (b) any change in the time, manner or place of payment of, or any other term of, or any
increase in the amount of, all or any of the Obligations under the Stock Purchase Contracts, or any
other amendment or waiver of any term of, or any consent to any departure from any requirement of,
the Stock Purchase Contract Agreement or any Stock Purchase Contract or any other agreement or
instrument relating thereto; or

     (c) any other circumstance which might otherwise constitute a defense available to, or
discharge of, a borrower, a guarantor or a pledgor.

Collateral Agreement

-32-

 

     Section 12.08 Notice of Termination Event.

          Upon the occurrence of a Termination Event, the Company shall deliver written notice to the
Property Trustee, the Collateral Agent, the Custodial Agent and the Securities Registrar. Upon the
written request of the Collateral Agent or the Securities Registrar, the Company shall inform such
party whether or not a Termination Event has occurred.

     Section 12.09 Incorporation by Reference.

          In connection with its execution and performance hereunder the Property Trustee is entitled to
all rights, privileges, protections, immunities, benefits and indemnities provided to it under the
Trust Agreement.

     Section 12.10 No Recourse.

          It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by Wilmington Trust Company, 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 Wilmington Trust Company 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 Wilmington Trust Company, 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 Wilmington Trust Company 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.

     Section 12.11 Amendment and Restatement.

          This Agreement is an amendment and restatement of the Original Collateral Agreement and does
not constitute, and is not intended by the parties to be, a novation of the Original Collateral
Agreement. Without limiting the foregoing, the Pledge previously granted and effected pursuant to
the Original Collateral Agreement remains and shall continue in full force and effect on and after
the date hereof with the priority in effect as established in the Original Collateral Agreement.
Except as expressly amended hereby, the Original Collateral Agreement shall remain and continue in
full force and effect in accordance with its terms.

* * * *

          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.

Collateral Agreement

-33-

 

          In Witness Whereof, the parties hereto have caused this Agreement to be duly executed
as of the day and year first above written.

	 	 	 	 	 	 	 	 	 

	U.S. Bancorp	 	USB Capital IX
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Wilmington Trust Company, not in its

individual capacity but solely as Property Trustee
	By:

	 	/s/	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name:
	 

	 	 	 	 	 	 	 	Title:
	 
	 	 	 	 	 	 	 	 
	Address for Notices:	 	Address for Notices:
	 
	 	 	 	 	 	 	 	 
	U.S. Bancorp	 	Wilmington Trust Company,
	800 Nicollet Mall	 	          as Property Trustee of
	Minneapolis, Minnesota 55402	 	          USB Capital IX
	Attention: Treasury Department	 	Rodney Square North
	Facsimile: (612) 303-1338	 	1100 North Market Street
	 	 	 	 	Wilmington, Delaware 19890-1600
	 	 	 	 	Attention: Corporate Trust Administration
	 	 	 	 	Facsimile: (302) 636-4140
	 
	 	 	 	 	 	 	 	 
	U.S. Bank National Association,	 	 	 	 	 	 
	 

	 	as Collateral Agent, Securities	 	 	 	 	 	 
	 

	 	Intermediary, Custodial Agent and	 	 	 	 	 	 
	 

	 	Securities Registrar	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Address for Notices:	 	 	 	 	 	 
	100 Wall Street, 16th Floor	 	 	 	 	 	 
	New York, New York 10005	 	 	 	 	 	 
	Attention:	 	 	 	 	 	 
	Facsimile: (212) 509-3384	 	 	 	 	 	 

Collateral Agreement

-34-

 

Exhibit A

FORM OF NORMAL ITS CERTIFICATE

     {For inclusion in Global Certificates only – THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN
THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR ITS NOMINEE. THIS CERTIFICATE IS EXCHANGEABLE FOR
CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE
(OTHER THAN A TRANSFER OF THIS CERTIFICATE 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) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.}

			
	 	 	 
	No.                     
	 	Number of Normal ITS:                     
	 
	 	CUSIP No.                     

USB Capital IX

Normal ITS

          This Normal ITS Certificate certifies that {                    } is the
registered Holder of the number of Normal ITS set forth above {for inclusion in Global Certificates
only - or such other number of Normal ITS reflected in the Schedule of Increases and Decreases in
the Global Certificate attached hereto}. Each Normal ITS represents a beneficial interest in USB
Capital IX (the “Trust”), having a Liquidation Amount of $1,000. The Normal ITS are transferable
on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender
of this certificate duly endorsed and in proper form for transfer as provided in Section 5.4 of the
Trust Agreement (as defined below). The designations, rights, privileges, restrictions,
preferences and other terms and provisions of the Normal ITS are set forth in, and this certificate
and the Normal ITS represented hereby are issued and shall in all respects be subject to the terms
and provisions of the Amended and Restated Trust Agreement of the Trust, dated as of March 17,
2006, as the same may be amended and restated from time to time (the “Trust Agreement”), including
the designation of the terms of the Normal ITS as set forth therein. The Holder is entitled to the
benefits of the Guarantee Agreement entered into by the Depositor and Wilmington Trust Company, as
Guarantee Trustee, dated as of March 17, 2006 (the “Guarantee Agreement”). All capitalized terms
used herein that are defined in the Trust Agreement have the meaning set forth therein.

Collateral Agreement

A-1

 

          Section 5.13(b) of the Trust Agreement provides for the procedures pursuant to which Holders
of Normal ITS may exchange Normal ITS and Qualifying Treasury Securities for Stripped ITS and
Capital ITS and Section 5.14(d) of the Trust Agreement provides for the procedures pursuant to
which Holders of Normal ITS may elect to exchange Normal ITS and Qualifying Treasury Securities for
Stripped ITS and Capital ITS in the event a Remarketing is Successful. The forms of Stripping
Notice and Request and Notice of Contingent Exchange Election required to be delivered in
connection therewith are printed on the reverse hereof.

          A copy of each of the Trust Agreement and the Guarantee Agreement is available for inspection
at the offices of the Property Trustee.

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

          IN WITNESS WHEREOF, the Trust acting through one of its Administrative Trustees has executed
this Normal ITS Certificate.

	 	 	 	 	 
	 	USB CAPITAL IX, acting through one of its 

     Administrative Trustees

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 
	Date: 	 	 	 

Collateral Agreement

A-2

 

	 	 	 	 	 

ABBREVIATIONS

          The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 	 	 	 	 

	TEN COM:	 	as tenants in common
	 
	 	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT:

	 	 	 	Custodian
	 	 	 	(cust)(minor) Under
	 

	 	 
	 	 	 	 	 	 
	 	 	Uniform Gifts to Minors Act of	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	TENANT:	 	as tenants by the entireties
	 
	 	 	 	 	 	 	 	 
	JT TEN:	 	as joint tenants with right of survivorship and not as
tenants in common

          Additional abbreviations may also be used though not in the above list.

          FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

(Please insert Social Security or Taxpayer I.D.

or other Identifying Number of Assignee)

(Please print or type name and address including Postal Zip Code of Assignee)

the within Normal ITS Certificates and all rights thereunder, hereby irrevocably
constituting and appointing attorney                                         , to transfer said Normal ITS
Certificates on the books of U.S. Bancorp, with full power of substitution in the premises.

	 	 	 

	Dated:

	 	Signature
	 

	 	NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within Normal ITS Certificates in every particular,
without alteration or enlargement or any change whatsoever.

Signature Guarantee:

Collateral Agreement

A-3

 

FORM OF STRIPPING NOTICE AND REQUEST

U.S. Bank National Association,

     as Collateral Agent and Securities Registrar

100 Wall Street, 16th Floor

New York, New York 10005

          Re: Normal ITS of USB Capital IX

          The undersigned Holder hereby notifies you pursuant to Section 5.13(b) of the Amended and
Restated Trust Agreement, dated as of March 17, 2006 and as amended as of [ • ], 2010, of USB
Capital IX (as the same may be further amended from time to time, the “Trust Agreement”), among
U.S. Bancorp, as Depositor, Wilmington Trust Company, as Property Trustee, Wilmington Trust
Company, as Delaware Trustee, the Administrative Trustees (as named therein) and the several
Holders of the Trust Securities, and Section 6.02 of the Collateral Agreement, that the Holder:

     (i) is depositing the appropriate Qualifying Treasury Securities with U.S.
Bank National Association, as Collateral Agent, for deposit in the Collateral Account,

     (ii) is transferring the related Normal ITS to the Securities Registrar in
connection with an Exchange of such Normal ITS and Qualifying Treasury Securities for a Like
Amount of Stripped ITS and Capital ITS, and

     (iii) hereby requests the delivery to the Holder of such Stripped ITS and
Capital ITS.

          All capitalized terms used herein that are defined in the Trust Agreement have the meaning set
forth therein. The undersigned Holder has paid all applicable fees and expenses relating to such
Exchange.

	 	 	 

	Date:
	 	 
	 
	 	 
	 

	 	Signature Guarantee:
	 
	 	 
	Please print name and address of
Registered Holder:
	 	 
	 
	 	 
	Name

	 	Social Security or other Taxpayer
Identification Number, if any
	 
	 	 
	Address
	 	 

Collateral Agreement

A-4

 

FORM OF NOTICE OF CONTINGENT EXCHANGE ELECTION

U.S. Bank National Association,

     as Collateral Agent and Securities Registrar

100 Wall Street, 16th Floor

New York, New York 10005

          Re: Normal ITS of USB Capital IX

          The undersigned Holder hereby notifies you pursuant to Section 5.14(d) of the Amended and
Restated Trust Agreement, dated as of March 17, 2006 and as amended as of [ • ], 2010, of USB
Capital IX (as the same may be further amended from time to time, the “Trust Agreement”), among
U.S. Bancorp, as Depositor, Wilmington Trust Company, as Property Trustee, Wilmington Trust
Company, as Delaware Trustee, the Administrative Trustees (as named therein) and the several
Holders of the Trust Securities, and Section 8.02 of the Collateral Agreement, that the Holder:

     (i) is depositing the appropriate Qualifying Treasury Securities with U.S.
Bank National Association, as Collateral Agent, for deposit in the Collateral Account,

     (ii) is transferring the related Normal ITS to the Securities Registrar in
connection with a Contingent Exchange Election of such Normal ITS and Qualifying Treasury
Securities for a Like Amount of Stripped ITS and Capital ITS, and

     (iii) hereby requests the delivery to the Holder of such Stripped ITS and
Capital ITS if the upcoming Remarketing is Successful, it being understood that if such
Remarketing is not Successful, this Notice shall be disregarded and the Collateral Agent
shall return such Qualifying Treasury Securities to the Holder promptly after the
Remarketing.

          All capitalized terms used herein that are defined in the Trust Agreement have the meaning set
forth therein. The undersigned Holder has paid all applicable fees and expenses relating to such
Contingent Exchange Election.

	 	 	 

	Date:
	 	 
	 
	 	 
	 

	 	Signature Guarantee:
	 
	 	 
	Please print name and address of
Registered Holder:
	 	 
	 
	 	 
	Name

	 	Social Security or other Taxpayer
Identification Number, if any
	 
	 	 
	Address
	 	 

Collateral Agreement

A-5

 

{TO BE ATTACHED TO GLOBAL CERTIFICATES}

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL CERTIFICATE

The following increases or decreases in this Global Certificate have been made:

	 	 	 	 	 	 	 
	Amount of increase in	 	Amount of decrease in	 	Number of Normal ITS	 	 
	Number of Normal ITS	 	Number of Normal ITS	 	evidenced by this Global	 	Signature of authorized
	evidenced by this	 	evidenced by this Global	 	Certificate following such	 	signatory of Securities
	Global Certificate	 	Certificate	 	decrease or increase	 	Registrar
	 	 	 	 	 	 	 

Collateral Agreement

A-6

 

Exhibit B

FORM OF STRIPPED ITS CERTIFICATE

          {For inclusion in Global Certificates only – THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN
THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR ITS NOMINEE. THIS CERTIFICATE IS EXCHANGEABLE FOR
CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE
(OTHER THAN A TRANSFER OF THIS CERTIFICATE 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) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.}

			
	 	 	 
	No.                     
	 	Number of Stripped ITS:                     
	 
	 	CUSIP No.                     

USB Capital IX

Stripped ITS

          This Stripped ITS Certificate certifies that {                    } is the
registered Holder of the number of Stripped ITS set forth above {for inclusion in Global
Certificates only - or such other number of Stripped ITS reflected in the Schedule of Increases and
Decreases in the Global Certificate attached hereto}. Each Stripped ITS represents a beneficial
interest in USB Capital IX (the “Trust”), having a Liquidation Amount of $1,000. The Stripped ITS
are transferable on the books and records of the Trust, in person or by a duly authorized attorney,
upon surrender of this certificate duly endorsed and in proper form for transfer as provided in
Section 5.4 of the Trust Agreement (as defined below). The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Stripped ITS are set forth in, and
this certificate and the Stripped ITS represented hereby are issued and shall in all respects be
subject to the terms and provisions of the Amended and Restated Trust Agreement of the Trust, dated
as of March 17, 2006, as the same may be amended and restated from time to time (the “Trust
Agreement”), including the designation of the terms of the Stripped ITS as set forth therein. The
Holder is entitled to the benefits of the Guarantee Agreement entered into by the Depositor and
Wilmington Trust Company, as Guarantee Trustee, dated as of March 17, 2006 (the “Guarantee
Agreement”). All capitalized terms used herein that are defined in the Trust Agreement have the
meaning set forth therein.

Collateral Agreement

B-1

 

          Section 5.13(d) of the Trust Agreement provides for the procedures pursuant to which Holders
of Capital ITS and Stripped ITS may exchange them for Normal ITS and Qualifying Treasury
Securities. The form of Recombination Notice required to be delivered in connection therewith is
printed on the reverse hereof.

          A copy of each of the Trust Agreement and the Guarantee Agreement is available for inspection
at the offices of the Property Trustee.

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

          IN WITNESS WHEREOF, the Trust acting through one of its Administrative Trustees has executed
this Stripped ITS Certificate.

	 	 	 	 	 
	 	USB CAPITAL IX, acting through one of its 

     Administrative Trustees

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 
	Date: 	 	 	 
	 

Collateral Agreement

B-2

 

ABBREVIATIONS

          The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 	 	 	 	 

	TEN COM:	 	as tenants in common
	 
	 	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT:

	 	 	 	Custodian
	 	 	 	(cust)(minor) Under
	 

	 	 
	 	 	 	 	 	 
	 	 	Uniform Gifts to Minors Act of	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	TENANT:	 	as tenants by the entireties
	 
	 	 	 	 	 	 	 	 
	JT TEN:	 	as joint tenants with right of survivorship and not as
tenants in common

          FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

(Please insert Social Security or Taxpayer I.D.

or other Identifying Number of Assignee)

(Please print or type name and address including Postal Zip Code of Assignee)

the within Stripped ITS Certificates and all rights thereunder, hereby irrevocably
constituting and appointing attorney                     , to transfer said Stripped ITS
Certificates on the books of U.S. Bancorp, with full power of substitution in the premises.

	 	 	 

	Dated:

	 	Signature
	 

	 	NOTICE: The signature to this assignment must correspond with the
name as it appears upon the face of the within Stripped ITS
Certificates in every particular, without alteration or enlargement
or any change whatsoever.

Signature Guarantee:

Collateral Agreement

B-3

 

FORM OF RECOMBINATION NOTICE AND REQUEST

U.S. Bank National Association,

     as Collateral Agent and Securities Registrar

100 Wall Street, 16th Floor

New York, New York 10005

          Re: Stripped ITS and Capital ITS of USB Capital IX

          The undersigned Holder hereby notifies you pursuant to Section 5.13(d) of the Amended and
Restated Trust Agreement, dated as of March 17, 2006 and as amended as of [ • ], 2010, of USB
Capital IX (as the same may be further amended from time to time, the “Trust Agreement”), among
U.S. Bancorp, as Depositor, Wilmington Trust Company, as Property Trustee, Wilmington Trust
Company, as Delaware Trustee, the Administrative Trustees (as named therein) and the several
Holders of the Trust Securities, and Section 6.03 of the Collateral Agreement, that the Holder:

     (i) is transferring $                     Liquidation Amount of Stripped ITS and
Capital ITS in connection with an Exchange of such Stripped ITS and Capital ITS for a Like
Amount of Normal ITS and Qualifying Treasury Securities,

     (ii) hereby requests the Collateral Agent to release from the Pledge and
deliver to the Holder Pledged Treasury Securities in a principal amount equal to such
Liquidation Amount, and

     (iii) hereby requests the delivery to the Holder of such Normal ITS of a Like
Amount.

          All capitalized terms used herein that are defined in the Trust Agreement have the meaning set
forth therein. The undersigned Holder has paid all applicable fees and expenses relating to such
Exchange.

	 	 	 

	Date:
	 	 
	 
	 	 
	 

	 	Signature Guarantee:
	 
	 	 
	Please print name and address of
Registered Holder:
	 	 
	 
	 	 
	Name

	 	Social Security or other Taxpayer
Identification Number, if any
	 
	 	 
	Address
	 	 

Collateral Agreement

B-4

 

{TO BE ATTACHED TO GLOBAL CERTIFICATES}

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL CERTIFICATE

The following increases or decreases in this Global Certificate have been made:

	 	 	 	 	 	 	 
	Amount of increase in	 	Amount of decrease in	 	Number of Stripped ITS	 	 
	Number of Stripped ITS	 	Number of Stripped ITS	 	evidenced by this Global	 	Signature of authorized
	evidenced by this	 	evidenced by this Global	 	 Certificate following such	 	signatory of Securities
	Global Certificate	 	Certificate	 	decrease or increase	 	Registrar
	 	 	 	 	 	 	 

Collateral Agreement

B-5

 

Exhibit C

FORM OF CAPITAL ITS CERTIFICATE

          {For inclusion in Global Certificates only – THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN
THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR ITS NOMINEE. THIS CERTIFICATE IS EXCHANGEABLE FOR
CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE
(OTHER THAN A TRANSFER OF THIS CERTIFICATE 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) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.}

			
	 	 	 
	No.                     
	 	Number of Capital ITS:                     
	 
	 	CUSIP No.                     

USB Capital IX

Capital ITS

          This Capital ITS Certificate certifies that {                    } is the
registered Holder of the number of Capital ITS set forth above {for inclusion in Global
Certificates only - or such other number of Capital ITS reflected in the Schedule of Increases and
Decreases in the Global Certificate attached hereto}. Each Capital ITS represents a beneficial
interest in USB Capital IX (the “Trust”), having a Liquidation Amount of $1,000. The Capital ITS
are transferable on the books and records of the Trust, in person or by a duly authorized attorney,
upon surrender of this certificate duly endorsed and in proper form for transfer as provided in
Section 5.4 of the Trust Agreement (as defined below). The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Capital ITS are set forth in, and
this certificate and the Capital ITS represented hereby are issued and shall in all respects be
subject to the terms and provisions of the Amended and Restated Trust Agreement of the Trust, dated
as of March 17, 2006, as the same may be amended and restated from time to time (the “Trust
Agreement”), including the designation of the terms of the Capital ITS as set forth therein. The
Holder is entitled to the benefits of the Guarantee Agreement entered into by the Depositor and
Wilmington Trust Company, as Guarantee Trustee, dated as of March 17, 2006 (the “Guarantee
Agreement”). All capitalized terms used herein that are defined in the Trust Agreement have the
meaning set forth therein.

Collateral Agreement

C-1

 

          Section 5.13(d) of the Trust Agreement provides for the procedures pursuant to which Holders
of Capital ITS and Stripped ITS may exchange them for Normal ITS and Qualifying Treasury Securities
and Section 5.14(f) of the Trust Agreement provides for the procedures pursuant to which Holders of
Capital ITS may elect to dispose of Capital ITS in the event a Remarketing is Successful. The
forms of Recombination Notice and Request and Notice of Contingent Disposition Election required to
be delivered in connection therewith are printed on the reverse hereof.

          A copy of each of the Trust Agreement and the Guarantee Agreement is available for inspection
at the offices of the Property Trustee.

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

          IN WITNESS WHEREOF, the Trust acting through one of its Administrative Trustees has executed
this Capital ITS Certificate.

	 	 	 	 	 
	 	USB CAPITAL IX, acting through one of its 

     Administrative Trustees

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 
	Date: 	 	 	 

Collateral Agreement

C-2

 

	 	 	 	 	 

ABBREVIATIONS

          The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 	 	 	 	 

	TEN COM:	 	as tenants in common
	 
	 	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT:

	 	 	 	Custodian
	 	 	 	(cust)(minor) Under
	 

	 	 
	 	 	 	 	 	 
	 	 	Uniform Gifts to Minors Act of	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	TENANT:	 	as tenants by the entireties
	 
	 	 	 	 	 	 	 	 
	JT TEN:	 	as joint tenants with right of survivorship and not as
tenants in common

          Additional abbreviations may also be used though not in the above list.

          FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

(Please insert Social Security or Taxpayer I.D.

or other Identifying Number of Assignee)

(Please print or type name and address including Postal Zip Code of Assignee)

the within Capital ITS Certificates and all rights thereunder, hereby irrevocably
constituting and appointing attorney                                         , to transfer said Capital ITS
Certificates on the books of U.S. Bancorp, with full power of substitution in the premises.

	 	 	 

	Dated:

	 	Signature
	 

	 	NOTICE: The signature to this assignment must correspond with the
name as it appears upon the face of the within Capital ITS
Certificates in every particular, without alteration or enlargement
or any change whatsoever.

Collateral Agreement

C-3

 

FORM OF RECOMBINATION NOTICE AND REQUEST

U.S. Bank National Association

     as Collateral Agent and Securities Registrar

100 Wall Street, 16th Floor

New York, New York 10005

          Re: Stripped ITS and Capital ITS USB Capital IX

          The undersigned Holder hereby notifies you pursuant to Section 5.13(d) of the Amended and
Restated Trust Agreement, dated as of March 17, 2006 and as amended as of [ • ], 2010, of USB
Capital IX (as the same may be further amended from time to time, the “Trust Agreement”), among
U.S. Bancorp, as Depositor, Wilmington Trust Company, as Property Trustee, Wilmington Trust
Company, as Delaware Trustee, the Administrative Trustees (as named therein) and the several
Holders of the Trust Securities, and Section 6.03(a) of the Collateral Agreement that the Holder:

     (i) is transferring $                     Liquidation Amount of Stripped ITS and
Capital ITS in connection with an Exchange of such Stripped ITS and Capital ITS for a Like
Amount of Normal ITS and Qualifying Treasury Securities,

     (ii) hereby requests the Collateral Agent to release from the Pledge and
deliver to the Holder Pledged Treasury Securities in a principal amount equal to such
Liquidation Amount, and

     (iii) hereby requests the delivery to the Holder of such Normal ITS of a Like
Amount.

          All capitalized terms used herein that are defined in the Trust Agreement have the meaning set
forth therein. The undersigned Holder has paid all applicable fees and expenses relating to such
Exchange.

	 	 	 

	Date:
	 	 
	 
	 	 
	 

	 	Signature Guarantee:
	 
	 	 
	Please print name and address of
Registered Holder:
	 	 
	 
	 	 
	Name

	 	Social Security or other Taxpayer
Identification Number, if any
	 
	 	 
	Address
	 	 

Collateral Agreement

C-4

 

FORM OF NOTICE OF CONTINGENT DISPOSITION ELECTION

U.S. Bank National Association

     as Collateral Agent and Securities Registrar

100 Wall Street, 16th Floor

New York, New York 10005

          Re: Normal ITS of USB Capital IX

          The undersigned Holder hereby notifies you pursuant to Section 5.14(f) of the Amended and
Restated Trust Agreement, dated as of March 17, 2006 and as amended as of [ • ], 2010, of USB
Capital IX (as the same may be further amended from time to time, the “Trust Agreement”), among
U.S. Bancorp, as Depositor, Wilmington Trust Company, as Property Trustee, Wilmington Trust
Company, as Delaware Trustee, the Administrative Trustees (as named therein) and the several
Holders of the Trust Securities, and Section 8.03 of the Collateral Agreement, that the Holder:

     (i) is transferring                      Capital ITS to the Securities Registrar, and

     (ii) hereby requests the payment to the Holder, if the upcoming Remarketing
is Successful, of an amount in cash for each such Capital ITS equal to the proceeds of the
sale of $1,000 principal amount of Notes, it being understood that if such Remarketing is
not Successful, this Notice shall be disregarded.

          All capitalized terms used herein that are defined in the Trust Agreement have the meaning set
forth therein. The undersigned Holder has paid all applicable fees and expenses relating to such
Contingent Exchange Election.

	 	 	 

	Date:
	 	 
	 
	 	 
	 

	 	Signature Guarantee:
	 
	 	 
	Please print name and address of
Registered Holder:
	 	 
	 
	 	 
	Name

	 	Social Security or other Taxpayer
Identification Number, if any
	 
	 	 
	Address
	 	 

Collateral Agreement

C-5

 

{TO BE ATTACHED TO GLOBAL CERTIFICATES}

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL CERTIFICATE

The following increases or decreases in this Global Certificate have been made:

	 	 	 	 	 	 	 
	Amount of increase in	 	Amount of decrease in	 	Number of Capital ITS	 	 
	Number of Capital ITS	 	Number of Capital ITS	 	evidenced by this Global	 	Signature of authorized
	evidenced by this	 	evidenced by this Global	 	Certificate following such	 	signatory of Securities
	Global Certificate	 	Certificate	 	decrease or increase	 	Registrar
	 	 	 	 	 	 	 

Collateral Agreement

C-6

 

Schedule I

Reference Dealers

U.S. Bank National Association

Goldman Sachs & Co.

Citigroup

Collateral Agreement

 

 

Schedule II

Contact Persons for Confirmation

	 	 	 
	Name	 	Phone Number
	Kenneth D. Nelson

	 	(612) 303-4159

Collateral Agreement

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