Document:

EXHIBIT 10.53

-----------------
TEXTRON FINANCIAL
-----------------
Asset Based Lending Group

                                               DAVID R. KNIGHT
                                               Senior Account Executive

                                               11575 Great Oaks Way    Ste 210
                                               Alpharetta, GA 30022-2426
                                               (770) 360-1641  Tel
                                               (770) 360-1672  Fax

                                               dknight@textronfinancial.com
                                               www.textronfinancial.com

August 13, 2003

Galaxy Nutritional Foods, Inc.
2441 Viscount Row
Orlando, FL 32809
Attn: Salvatore Furnari, CFC

     Re:  Waiver of Fixed Charge Coverage Ratio

Gentlemen:

     We refer to the Loan and  Security  Agreement  between  Galaxy  Nutritional
Foods, Inc. ("Borrower") and Textron Financial Corporation ("Lender"),  dated as
of May 27, 2003 (the  "Agreement").  All  capitalized  terms used in this letter
shall have the  meanings  assigned to them in the  Agreement,  unless  otherwise
defined in this letter.

     This letter confirms that Lender has waived the Fixed Charge Coverage Ratio
for the quarter ended June 30, 2003,  and for the quarter  ending  September 30,
2003. This waiver is for each monthly period through September 2003. This letter
further confirms that Lender will review the Fixed Charge Coverage Ratio for the
quarter ending December 31, 2003, based on the terms of the Agreement.

     This letter  further  confirms that from and after the date of this letter,
Lender will measure and test all of the financial covenants required of Borrower
under Section 7.6 of the Agreement on a quarterly rather than monthly basis.

     This  letter  further  confirms  Borrower's   understanding  that  Lender's
willingness to grant the aforementioned waivers shall not be deemed or construed
as a waiver of any terms,  conditions or covenants of the Agreement or the other
loan documents other than the above-referenced covenants, and such waivers shall
apply only to the  referenced  periods.  Furthermore,  such waivers shall not be
deemed an agreement or promise to grant any future or  additional  waivers shall
be earned by Lender upon the execution of this letter by Borrower and payable by
Borrower to Lender on the date thereof.

     If you have any questions, please feel free to call.

                                        Very truly yours,

                                        /s/ David R. Knight
                                        David R. Knight
                                        Senior Account Executive

Textron Financial is a subsidiary of Textron Inc.

<PAGE>

ACKNOWLEDGED AND AGREED TO:
Galaxy Nutritional Foods, Inc.

By: /s/ Salvatore J. Furnari
    ---------------------------------

Print Name: Salvatore J. Furnari
            -------------------------

Print Title: Chief Financial Officer
             ------------------------

Textron Financial is a subsidiary of Textron Inc.

<PAGE>EXHIBIT  10.3.1
                                                                 ---------------

                                                  Board Approval: April 29, 2003
                                             Stockholder Approval: June 23, 2003

                              Kirlin Holding Corp.
                          Amendment to 1996 Stock Plan

     Section 3.1 of the Kirlin Holding Corp.  1996 Stock Plan ("Plan") is hereby
amended to increase the number of shares of Common Stock  reserved and available
for issuance for  distribution  under the Plan from  1,000,000  shares of Common
Stock to 2,500,000 shares of Common Stock.EXHIBIT 10.21.1

                              Kirlin Holding Corp.
                              6901 Jericho Turnpike
                             Syosset, New York 11791

                                                             As of June 30, 2003

David O. Lindner

         Re:      Employment Agreements dated  August 29, 2001
                  --------------------------------------------

Gentlemen:

     We refer you to your respective  Employment  Agreements with Kirlin Holding
Corp.  This  letter will serve to amend  Section 2.4 of each of your  Employment
Agreements  by deleting  the current  text of Section  2.4 in its  entirety  and
substituting the following text in its place and stead:

               "2.4 Stock Options. On the first business day of the second month
          following the end of each fiscal quarter, commencing as of the quarter
          ended June 30,  2003,  Executive  shall  receive  ten-year  options to
          purchase that number of shares of the Corporation's common stock equal
          to 0.25% of the shares of common stock of the Corporation  outstanding
          as of the  end of  such  fiscal  quarter  ("Quarterly  Options").  The
          Quarterly   Options   shall  be  issued  under  one  or  more  of  the
          Corporation's  stock  option  plans and shall have an  exercise  price
          equal to the  higher of (i) the  average  of the last sale  price of a
          share of common stock of the Corporation as reported on each of the 20
          consecutive trading days immediately preceding the grant date, or (ii)
          the last sale price on the trading day immediately preceding the grant
          date. If Executive's  employment (other than a termination for "cause"
          by the Corporation) terminates as of the last day of a fiscal quarter,
          Executive  shall  receive,  on  the  last  day of  his  employment  an
          accelerated  grant  of  options  for  such  quarter  then  ended.  All
          Quarterly  Options  so  granted  shall  vest  and  become  exercisable
          immediately  upon  grant  and  shall be  evidenced  by a Stock  Option
          Agreement in the form annexed hereto as Exhibit A."

     Except as herein amended,  all other provisions of the Employment Agreement
shall remain in full force and effect.  Please  confirm  your  agreement to this
change by countersigning and returning a copy of this letter.

                                KIRLIN HOLDING CORP.

                            By: /s/ Barry E. Shapiro
                                -----------------------------
                            By: Barry Shapiro, Chief Financial Officer

AGREED:

By: /s/ David O. Lindner
    --------------------------
By: David O. LindnerEXHIBIT 10.22.1

                              Kirlin Holding Corp.
                              6901 Jericho Turnpike
                             Syosset, New York 11791

                                            As of June 30, 2003

Anthony J. Kirincic

         Re:   Employment Agreements dated  August 29, 2001
               --------------------------------------------

Gentlemen:

     We refer you to your respective  Employment  Agreements with Kirlin Holding
Corp.  This  letter will serve to amend  Section 2.4 of each of your  Employment
Agreements  by deleting  the current  text of Section  2.4 in its  entirety  and
substituting the following text in its place and stead:

               "2.4 Stock Options. On the first business day of the second month
          following the end of each fiscal quarter, commencing as of the quarter
          ended June 30,  2003,  Executive  shall  receive  ten-year  options to
          purchase that number of shares of the Corporation's common stock equal
          to 0.25% of the shares of common stock of the Corporation  outstanding
          as of the  end of  such  fiscal  quarter  ("Quarterly  Options").  The
          Quarterly   Options   shall  be  issued  under  one  or  more  of  the
          Corporation's  stock  option  plans and shall have an  exercise  price
          equal to the  higher of (i) the  average  of the last sale  price of a
          share of common stock of the Corporation as reported on each of the 20
          consecutive trading days immediately preceding the grant date, or (ii)
          the last sale price on the trading day immediately preceding the grant
          date. If Executive's  employment (other than a termination for "cause"
          by the Corporation) terminates as of the last day of a fiscal quarter,
          Executive  shall  receive,  on  the  last  day of  his  employment  an
          accelerated  grant  of  options  for  such  quarter  then  ended.  All
          Quarterly  Options  so  granted  shall  vest  and  become  exercisable
          immediately  upon  grant  and  shall be  evidenced  by a Stock  Option
          Agreement in the form annexed hereto as Exhibit A."

     Except as herein amended,  all other provisions of the Employment Agreement
shall remain in full force and effect.  Please  confirm  your  agreement to this
change by countersigning and returning a copy of this letter.

                                        KIRLIN HOLDING CORP.

                                    By: /s/ Barry E. Shapiro
                                        ---------------------------------------
                                    By: Barry Shapiro, Chief Financial Officer

AGREED:

By: /s/ Anthony J. Kirincic
    ----------------------------
By: Anthony J. KirincicExhibit 10.1 

AMENDED AND RESTATED
TRUST AGREEMENT 

among 

EVEREST REINSURANCE
HOLDINGS, INC., 

as Depositor 

JPMORGAN CHASE BANK, 

as Property Trustee 

CHASE MANHATTAN BANK
USA, NATIONAL ASSOCIATION 

as Delaware Trustee 

and 

THE ADMINISTRATIVE
TRUSTEES NAMED HEREIN 

Dated as of November
14, 2002 

EVEREST RE CAPITAL
TRUST 

TABLE OF CONTENTS

				
	ARTICLE 1	 		DEFINED	TERMS	 	1	 
	         Section	 	1	.1	Definitions	 	1	 
	ARTICLE 2	 		CONTINUATION	OF THE ISSUER TRUST	 	11	 
	         Section	 	2	.1	Name	 	11	 
	         Section	 	2	.2	Office of the Delaware Trustee; Principal Place of Business	 	11	 
	         Section	 	2	.3	Initial Contribution of Trust Property; Organizational Expenses	 	11	 
	         Section	 	2	.4	Issuance of the Preferred Securities	 	11	 
	         Section	 	2	.5	Issuance of the Common Securities; Subscription and Purchase of Debt Securities	 	12	 
	         Section	 	2	.6	Continuation of Trust	 	12	 
	         Section	 	2	.7	Authorization to Enter into Certain Transactions	 	13	 
	         Section	 	2	.8	Assets of Trust	 	16	 
	         Section	 	2	.9	Title to Trust Property	 	16	 
	ARTICLE 3	 		PAYMENT 	ACCOUNT	 	17	 
	         Section	 	3	.1	Payment Account	 	17	 
	ARTICLE 4	 		DISTRIBUTIONS; 	REDEMPTION	 	17	 
	         Section	 	4	.1	Distributions	 	17	 
	         Section	 	4	.2	Redemption	 	18	 
	         Section	 	4	.3	Subordination of Common Securities	 	21	 
	         Section	 	4	.4	Payment Procedures	 	21	 
	         Section	 	4	.5	Withholding Tax	 	21	 
	         Section	 	4	.6	Tax Returns and Reports	 	22	 
	         Section	 	4	.7	Payment of Taxes, Duties, Etc. of the Issuer Trust	 	22	 
	         Section	 	4	.8	Payments under Indenture or Pursuant to Direct Actions	 	22	 
	         Section	 	4	.9	Liability of the Holder of Common Securities	 	22	 
	         Section	 	4	.10	Exchanges	 	23	 
	ARTICLE 5	 		SECURITIES 	CERTIFICATES	 	23	 
	         Section	 	5	.1	Initial Ownership	 	23	 
	         Section	 	5	.2	The Securities Certificates	 	23	 
	         Section	 	5	.3	Execution and Delivery of Securities Certificates	 	24	 

TABLE OF CONTENTS
(continued) 

				
	         Section	 	8	.6	Compensation; Indemnity; Fees	 	44	 
	         Section	 	8	.7	Corporate Property Trustee Required; Eligibility of Issuer Trustees	 	45	 
	         Section	 	8	.8	Conflicting Interests	 	45	 
	         Section	 	8	.9	Co-Trustees and Separate Trustee	 	46	 
	         Section	 	8	.10	Resignation and Removal; Appointment of Successor	 	47	 
	         Section	 	8	.11	Acceptance of Appointment by Successor	 	49	 
	         Section	 	8	.12	Merger, Conversion, Consolidation or Succession to Business	 	49	 
	         Section	 	8	.13	Preferential Collection of Claims Against Depositor or Issuer Trust	 	49	 
	         Section	 	8	.14	Property Trustee May File Proofs of Claim	 	49	 
	         Section	 	8	.15	Reports by Property Trustee	 	50	 
	         Section	 	8	.16	Reports to the Property Trustee	 	51	 
	         Section	 	8	.17	Evidence of Compliance with Conditions Precedent	 	51	 
	         Section	 	8	.18	Number of Issuer Trustees	 	51	 
	         Section	 	8	.19	Delegation of Power	 	51	 
	         Section	 	8	.20	Appointment of Administrative Trustees	 	51	 
	         Section	 	8	.21	Delaware Trustee	 	52	 
	ARTICLE 9	 		TERMINATION, 	LIQUIDATION AND MERGER	 	52	 
	         Section	 	9	.1	Dissolution Upon Expiration Date	 	52	 
	         Section	 	9	.2	Early Termination	 	52	 
	         Section	 	9	.3	Termination	 	53	 
	         Section	 	9	.4	Liquidation	 	53	 
	         Section	 	9	.5	Mergers, Consolidations, Amalgamations or Replacements of Issuer Trust	 	54	 
	ARTICLE 10	 		MISCELLANEOUS 	PROVISIONS	 	55	 
	         Section	 	10	.1	Limitation of Rights of Holders	 	55	 
	         Section	 	10	.2	Agreed Tax Treatment of Issuer Trust and Trust Securities	 	56	 
	         Section	 	10	.3	Amendment	 	56	 
	         Section	 	10	.4	Separability	 	57	 
	         Section	 	10	.5	Governing Law	 	57	 

TABLE OF CONTENTS

                                  (continued) 

				
	         Section	 	10	.6	Payments Due on Non -Business Day	 	58	 
	         Section	 	10	.7	Successors	 	58	 
	         Section	 	10	.8	Headings	 	58	 
	         Section	 	10	.9	Reports, Notices and Demands	 	58	 
	         Section	 	10	.10	Agreement Not to Petition	 	59	 
	         Section	 	10	.11	Trust Indenture Act; Conflict with Trust Indenture Act	 	59	 
	         Section	 	10	.12	Acceptance of Terms of Trust Agreement, Guarantee Agreement and Indenture	 	59	 

		
	

Exhibit A	Certificate of Trust (as filed in 1999)
	Exhibit B	Form of DTC Letter of Representations
	Exhibit C	Form of Common Securities Certificate
	Exhibit D	Form of Expense Agreement
	Exhibit E	Form of Preferred Securities Certificate

        AMENDED
AND RESTATED TRUST AGREEMENT, dated as of November 14, 2002, among (i) Everest Reinsurance
Holdings, Inc., a Delaware corporation (including any successors or assigns, the
“Depositor”), (ii) JPMorgan Chase Bank, a New York banking corporation, as
property trustee (in such capacity, the “Property Trustee” and, in its separate
corporate capacity and not in its capacity as Property Trustee, the “Bank”),
(iii) Chase Manhattan Bank USA, National Association, a national banking association, as
Delaware trustee (in such capacity, the “Delaware Trustee”), (iv) Stephen L.
Limauro, an individual, Keith Shoemaker, an individual and Frank N. Lopapa, an individual,
each of whose address is c/o Everest Reinsurance Holdings, Inc., 477 Martinsville Road,
P.O. Box 830, Liberty Corner, New Jersey 07938 (each an “Administrative Trustee”
and collectively the “Administrative Trustees” and together with the Property
Trustee and the Delaware Trustee the “Issuer Trustees”) and (v) the several
Holders, as hereinafter defined. 

WITNESSETH 

        WHEREAS,
the Depositor, the Property Trustee, the Delaware Trustee and one of the Administrative
Trustees have heretofore created a Delaware statutory trust pursuant to the Delaware
Statutory Trust Act by entering into a Trust Agreement, dated as of September 17, 1999
(the “Original Trust Agreement”), as amended by Amendment No. 1 to the Trust
Agreement of Everest Re Capital Trust, dated July 23, 2002, and by the execution and
filing by the Delaware Trustee with the Secretary of State of the State of Delaware of the
Certificate of Trust, filed on September 17, 1999, attached as Exhibit A; and 

        WHEREAS,
the Depositor and the Issuer Trustees desire to amend and restate the Original Trust
Agreement in its entirety as set forth herein to provide for, among other things, (i) the
issuance of the Common Securities by the Issuer Trust to the Depositor, (ii) the issuance
and sale of the Preferred Securities by the Issuer Trust pursuant to the Underwriting
Agreement and (iii) the acquisition by the Issuer Trust from the Depositor of all of the
right, title and interest in the Debt Securities; 

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

ARTICLE 1 

DEFINED TERMS 

        SECTION
1.1    Definitions.  

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

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

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

               

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

               

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

               

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

               

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

               

          “Act”
has the meaning specified in Section 6.8. 

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

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

          “Additional Taxes”
has the meaning specified in Section 1.1 of the Indenture. 

          “Administrative
Trustee” means each of the Persons appointed in accordance with Section 8.20
solely in such Person’s capacity as Administrative Trustee of the Issuer Trust and
not in such Person’s individual capacity, or any successor Administrative Trustee
appointed as herein provided. 

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

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

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

            “Bankruptcy Event”
means, with respect to any Person: 

          		      (a)       
               the entry of a decree or order by a court having jurisdiction in the premises
               judging such Person a bankrupt or insolvent, or approving as properly filed a
               petition seeking reorganization, arrangement, adjudication or composition of or
               in respect of such Person under any applicable Federal or State bankruptcy,
               insolvency, reorganization or other similar law, or appointing a receiver,
               liquidator, assignee, trustee, sequestrator (or other similar official) of such
               Person or of any substantial part of its property or ordering the winding up or
               liquidation of its affairs, and the continuance of any such decree or order
               unstayed and in effect for a period of 90 consecutive days; or 

               

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

               

        “Bankruptcy
Laws” has the meaning specified in Section 10.10. 

        “Board
of Directors” means the board of directors of the Depositor or any other duly
authorized committee of the board of directors of the Depositor. 

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

        “Book-Entry
Preferred Security” means a Preferred Security, the ownership and transfers of which
shall be made through book entries by a Clearing Agency as described in Section
5.4. 

        “Business
Day” means a day other than (a) a Saturday or Sunday, (b) a day on which banking
institutions in The City of New York are authorized or required by law or executive order
to remain closed or (c) a day on which the Property Trustee’s Corporate Trust Office
or the Corporate Trust Office of the Indenture Trustee is closed for business. 

        “Certificate
Depository Agreement” means the agreement among the Issuer Trust, the Depositor and
DTC, as the initial Clearing Agency, dated as of the date hereof, substantially in the
form attached as Exhibit B, as the same may be amended and supplemented from time
to time. 

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

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

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

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

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

        “Common
Security” means an undivided beneficial interest in the assets of the Issuer Trust,
having a Liquidation Amount of $25 and having the rights provided therefor in this Trust
Agreement, including the right to receive Distributions and a Liquidation Distribution to
the extent provided herein. 

        “Corporate
Trust Office” means (i) when used with respect to the Property Trustee, the office of
the Property Trustee located at 4 New York Plaza, 15th Floor, New York, NY
10004, and (ii) when used with respect to the Indenture Trustee, the office of the
Indenture Trustee located in 4 New York Plaza, 15th Floor, New York, NY 10004. 

        “Debt
Securities” means the Depositor’s 7.85% Junior Subordinated Debt Securities due
November 15, 2032 issued pursuant to the Indenture. 

        “Debt
Securities Redemption Date” means, with respect to any Debt Securities to be redeemed
under the Indenture, the date fixed for redemption of such Debt Securities under the
Indenture, including any date fixed for redemption pursuant to the occurrence of a Tax
Event or an Investment Company Event. 

        “Definitive
Preferred Securities Certificates” means either or both (as the context requires) of
(i) Preferred Securities Certificates issued as Global Preferred Securities as provided in
Section 5.2 or 5.4, and (ii) Preferred Securities Certificates issued in
certificated, fully registered form as provided in Section 5.2, 5.4 or
5.5. 

        “Delaware
Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
Section 3801 et seq., or any successor statute thereto, in each case as amended from time
to time. 

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

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

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

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

        “DTC”
means The Depository Trust Company or any successor thereto. 

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

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

          		    (a)       
               the occurrence of an Indenture Event of Default; or 

               

          		    (b)       
               default by the Issuer Trust in the payment of any Distribution when it becomes
               due and payable, and continuation of such default for a period of 30 days; or 

               

          		    (c)       
               default by the Issuer Trust in the payment of any Redemption Price of any Trust
               Security when it becomes due and payable; or 

               

          		    (d)       
               default in the performance, or breach, in any material respect, of any covenant
               or warranty of the Issuer Trustees in this Trust Agreement (other than those
               specified in clause (b) or (c) above) and continuation of such default or breach
               for a period of 60 days after there has been given, by registered or certified
               mail, to the Issuer Trustees and to the Depositor by the Holders of at least 33%
               in aggregate Liquidation Amount of the Outstanding Preferred Securities a
               written notice specifying such default or breach and requiring it to be remedied
               and stating that such notice is a “Notice of Default” hereunder,
               unless Holders in aggregate Liquidation Amount of Outstanding Preferred
               Securities not less than the aggregate Liquidation Amount of Outstanding
               Preferred Securities that gave such notice shall agree in writing to an
               extension of such period prior to its expiration; provided, however, that
               the Holders of such aggregate Liquidation Amount of Outstanding Preferred
               Securities shall be deemed to have agreed to an extension of such period if
               corrective action is initiated by the Issuer Trustees within such period and is
               being diligently pursued; or 

               

          		    (e)       
               the occurrence of a Bankruptcy Event with respect to the Property Trustee if a
               successor Property Trustee has not been appointed within 90 days thereof. 

               

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

        “Expense
Agreement” means the Agreement as to Expenses and Liabilities, dated as of the date
hereof, between the Depositor, in its capacity as holder of the Common Securities, and the
Issuer Trust, substantially in the form attached as Exhibit D, as amended from time
to time. 

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

        “Global
Preferred Security” means a Preferred Securities Certificate evidencing ownership of
Book-Entry Preferred Securities. 

        “Guarantee
Agreement” means the Guarantee Agreement executed and delivered by the Depositor and
JPMorgan Chase Bank, as guarantee trustee, contemporaneously with the execution and
delivery of this Trust Agreement, for the benefit of the holders of the Preferred
Securities, as amended from time to time. 

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

        “Indenture”
means the Junior Subordinated Indenture, dated as of November 14, 2002, between the
Depositor and the Indenture Trustee, as trustee, as amended and supplemented by the First
Supplemental Indenture, among the Depositor, the Indenture Trustee, as trustee, and for
the limited purposes therein specified, Everest Re Group, Ltd., dated as of November 14,
2002, and as further amended or supplemented from time to time. 

        “Indenture
Event of Default” means any “Event of Default” specified in Section
5.1 of the Indenture. 

        “Indenture
Trustee” means the Person identified as the “Trustee” in the Indenture,
solely in its capacity as Trustee pursuant to the Indenture and not in its individual
capacity, or its successor in interest in such capacity, or any successor Trustee
appointed as provided in the Indenture. 

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

        “Investment
Company Event” means the receipt by the Issuer Trust of an Opinion of Counsel
experienced in such matters to the effect that, as a result of the occurrence of a change
in law or regulation or a written change (including any announced prospective change) in
interpretation or application of law or regulation by any legislative body, court,
governmental agency or regulatory authority, there is more than an insubstantial risk that
the Issuer Trust is or will be considered an “investment company” that is
required to be registered under the Investment Company Act, which change or prospective
change becomes effective or would become effective, as the case may be, on or after the
date of the issuance of the Preferred Securities. 

        “Issuer
Trust” means the Delaware statutory trust known as “Everest Re Capital
Trust” which was formed on September 17, 1999 under the Delaware Statutory Trust Act
pursuant to the Original Trust Agreement and the filing of the Certificate of Trust, and
continued pursuant to this Trust Agreement. 

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

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

        “Like
Amount” means (a) with respect to a redemption of any Trust Securities, Trust
Securities having a Liquidation Amount equal to that portion of the principal amount of
Debt Securities to be contemporaneously redeemed in accordance with the Indenture, the
proceeds of which will be used to pay the Redemption Price of such Trust Securities, (b)
with respect to a distribution of Debt Securities to Holders of Trust Securities in
connection with a dissolution or liquidation of the Issuer Trust, Debt Securities having a
principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to
whom such Debt Securities are distributed, and (c) with respect to any distribution of
Additional Amounts to Holders of Trust Securities, Debt Securities having a principal
amount equal to the Liquidation Amount of the Trust Securities in respect of which such
distribution is made. 

        “Liquidation
Amount” means the stated amount of $25 per Trust Security. 

        “Liquidation Date”
means the date on which assets are to be distributed to Holders in accordance with
Section 9.4 hereunder following dissolution of the Issuer Trust. 

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

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

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

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

               

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

               

          		    (c)       
               a statement that such officer has made such examination or investigation as, in
               such officer’s opinion, is necessary to enable such officer to express an
               informed opinion as to whether or not such covenant or condition has been
               complied with; and 

               

          		    (d)       
               a statement as to whether, in the opinion of such officer, such condition or
               covenant has been complied with. 

               

        “Opinion
of Counsel” means a written opinion of counsel, who may be counsel for or an employee
of the Depositor or any Affiliate of the Depositor. 

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

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

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

               

          		    (b)       
               Trust Securities for whose payment or redemption money in the necessary amount
               has been theretofore deposited with the Property Trustee or any Paying Agent;
               provided, however, that if such Trust Securities are to be redeemed,
               notice of such redemption has been duly given pursuant to this Trust Agreement;
               and 

               

          		    (c)       
               Trust Securities that have been paid or in exchange for or in lieu of which
               other Trust Securities have been executed and delivered pursuant to Sections
               5.4, 5.5, 5.6 and 5.11; 

               

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

        “Owner”
means each Person who is the beneficial owner of Book-Entry Preferred Securities as
reflected in the records of the Clearing Agency or, if a Clearing Agency Participant is
not the Owner, then as reflected in the records of a Person maintaining an account with
such Clearing Agency (directly or indirectly, in accordance with the rules of such
Clearing Agency). 

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

        “Payment
Account” means a segregated non-interest-bearing corporate trust account maintained
by the Property Trustee for the benefit of the Holders in which all amounts paid in
respect of the Debt Securities will be held and from which the Property Trustee, through
the Paying Agent, shall make payments to the Holders in accordance with Sections
4.1 and 4.2. 

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

        “Preferred
Security” means an undivided beneficial interest in the assets of the Issuer Trust,
having a Liquidation Amount of $25 and having the rights provided therefor in this Trust
Agreement, including the right to receive Distributions and a Liquidation Distribution to
the extent provided herein. 

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

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

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

        “Redemption
Price” means, with respect to any Trust Security, the Liquidation Amount of such
Trust Security, plus accumulated and unpaid Distributions to the Redemption Date, plus the
related amount of the premium, if any, paid by the Depositor upon the concurrent
redemption of a Like Amount of Debt Securities. 

        “Relevant
Trustee” has the meaning specified in Section 8.10. 

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

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

        “Securities
Register” and “Securities Registrar” have the respective meanings specified
in Section 5.5. 

        “Successor
Preferred Securities” of any particular Preferred Securities Certificate means every
Preferred Securities Certificate issued after, and evidencing all or a portion of the same
beneficial interest in the Issuer Trust as that evidenced by, such particular Preferred
Securities Certificate; and, for the purposes of this definition, any Preferred Securities
Certificate executed and delivered under Section 5.6 in exchange for or in lieu of
a mutilated, destroyed, lost or stolen Preferred Securities Certificate shall be deemed to
evidence the same beneficial interest in the Issuer Trust as the mutilated, destroyed,
lost or stolen Preferred Securities Certificate. 

        “Tax
Event” means the receipt by the Issuer Trust of an Opinion of Counsel experienced in
such matters to the effect that, as a result of (a) any amendment to or change (including
any announced prospective change) in the laws or any regulations thereunder of the United
States or any political subdivision or taxing authority thereof or therein, or (b) any
judicial decision or any official administrative pronouncement (including any private
letter ruling, technical advice memorandum or field service advice) or regulatory
procedure (an “Administrative Action”), regardless of whether such judicial
decision or Administrative Action is issued to or in connection with a proceeding
involving the Depositor or the Issuer Trust and whether or not subject to review or
appeal, which amendment, change, Administrative Action or decision is enacted, promulgated
or announced, in each case, on or after the date hereof, there is more than an
insubstantial risk that (i) the Issuer Trust is, or will be within 90 days of the date of
such opinion, subject to United States federal income tax with respect to income received
or accrued on the Debt Securities, (ii) interest payable by the Depositor or original
issue discount accruing on the Debt Securities is not, or within 90 days of the date of
such opinion, will not be, deductible by the Depositor, in whole or in part, for United
States federal income tax purposes, or (iii) the Issuer Trust is, or will be within 90
days of the date of such opinion, subject to more than a de minimis amount of other taxes,
duties or other governmental charges. 

        “Time
of Delivery” has the meaning specified in the Underwriting Agreement. 

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

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

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

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

        “Underwriting
Agreement” means the Pricing Agreement, dated November 8, 2002, among the Issuer
Trust, the Depositor and the Underwriters named therein, as the same may be amended from
time to time and includes the Underwriting Agreement incorporated therein by reference. 

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

ARTICLE 2 

CONTINUATION OF THE
ISSUER TRUST 

      SECTION 2.1 Name. 

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

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

        The
address of the Delaware Trustee in the State of Delaware is Chase Manhattan Bank USA,
National Association, c/o JPMorgan Chase Bank, 500 Stanton Christiana Road, Building 4
(3rd Floor), Newark, Delaware 19713, Attention: Institutional Trust Services,
or such other address in the State of Delaware as the Delaware Trustee may designate by
written notice to the Holders, the Depositor, the Property Trustee and the Administrative
Trustees. The principal executive office of the Issuer Trust is c/o Everest Reinsurance
Holdings, Inc., 477 Martinsville Road, P.O. Box 830, Liberty Corner, New Jersey 07938,
Attention: General Counsel. 

      SECTION 2.3 Initial
Contribution of Trust Property; Organizational Expenses. 

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

      SECTION 2.4 Issuance of
the Preferred Securities. 

        On
November 8, 2002, the Depositor, both on its own behalf and on behalf of the Issuer Trust
pursuant to the Original Trust Agreement, executed and delivered the Underwriting
Agreement. Contemporaneously with the execution and delivery of this Trust Agreement, an
Administrative Trustee, on behalf of the Issuer Trust, shall execute in accordance with
Sections 5.2, 5.3 and 8.9(a) and the Property Trustee shall deliver
to the underwriters, Preferred Securities Certificates, registered in the names requested
by the underwriters, evidencing an aggregate of 8,000,000 Preferred Securities having an
aggregate Liquidation Amount of $200,000,000, against receipt of the aggregate purchase
price of such Preferred Securities by the Property Trustee. In the event and to the extent
the Over-allotment Option (as defined in the Underwriting Agreement) granted by the Issuer
Trust and the Depositor pursuant to the Underwriting Agreement is exercised by the
underwriters, on each Time of Delivery, an Administrative Trustee, on behalf of the Issuer
Trust, shall execute and deliver to the underwriters named therein Preferred Securities
Certificates, registered in the names requested by the underwriters, in an aggregate
amount of up to 1,000,000 Preferred Securities having an aggregate Liquidation Amount of
up to $25,000,000 against receipt of the aggregate purchase price of such Preferred
Securities by the Property Trustee. 

      SECTION  2.5
     Issuance of the Common Securities; Subscription and Purchase of Debt Securities. 

        Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrative Trustee, on
behalf of the Issuer Trust, shall execute in accordance with Sections 5.2,
5.3 and 8.9(a) and the Property Trustee shall deliver to the Depositor
Common Securities Certificates, registered in the name of the Depositor, evidencing an
aggregate of 247,480 Common Securities having an aggregate Liquidation Amount of
$6,187,000, against receipt of the aggregate purchase price of such Common Securities by
the Property Trustee. Contemporaneously therewith, an Administrative Trustee, on behalf of
the Issuer Trust, shall subscribe for and purchase from the Depositor Debt Securities,
registered in the name of the Property Trustee, not in its individual capacity but solely
as Property Trustee, on behalf of the Issuer Trust and having an aggregate principal
amount equal to $206,187,000, and the Property Trustee, on behalf of the Issuer Trust,
shall deliver to the Depositor the aggregate purchase price therefor (being the sum of the
amounts delivered to the Property Trustee pursuant to (i) the second sentence of
Section 2.4 and (ii) the first sentence of this Section 2.5). In the event
and to the extent the Over-allotment Option granted by the Issuer Trust and the Depositor
pursuant to the Underwriting Agreement is exercised by the underwriters, on each Time of
Delivery, (a) an Administrative Trustee, on behalf of the Issuer Trust, shall execute and
deliver to the Depositor Common Securities Certificates, registered in the name of the
Depositor, evidencing an aggregate of up to 30,960 Common Securities having an aggregate
Liquidation Amount of up to $774,000, against receipt of the aggregate purchase price of
such Common Securities by the Property Trustee and (b) contemporaneously therewith, an
Administrative Trustee, on behalf of the Issuer Trust, shall subscribe for and purchase
from the Depositor Debt Securities, registered in the name of the Property Trustee, not in
its individual capacity but solely as Property Trustee, on behalf of the Issuer Trust and
having an aggregate principal amount equal to the aggregate Liquidation Amount of the
Preferred Securities issued to the underwriters at such Time of Delivery and the Common
Securities issued to the Depositor at such Time of Delivery and the Property Trustee, on
behalf of the Issuer Trust, shall deliver to the Depositor the aggregate purchase price
therefor (being the sum of the amounts delivered to the Property Trustee pursuant to (i)
the third sentence of Section 2.4 and (ii) the second sentence of this Section
2.5). 

      SECTION 2.6 Continuation
of Trust. 

        The
exclusive purposes and functions of the Issuer Trust are (a) to issue and sell Trust
Securities and use the proceeds from such sale to acquire the Debt Securities, and (b) to
engage in only those activities necessary, or incidental thereto. The Delaware Trustee,
Property Trustee and the Administrative Trustees are trustees of the Issuer Trust, and
have all the rights, powers and duties to the extent set forth herein. The Issuer Trustees
hereby acknowledge that they are trustees of the Trust. The Property Trustee hereby
declares that it will hold the Trust Property upon and subject to the conditions set forth
herein for the benefit of the Issuer Trust and the Holders. The Administrative Trustees
shall have all rights, powers and duties set forth herein and in accordance with
applicable law with respect to accomplishing the purposes of the Issuer Trust. The
Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware
Trustee have any of the duties and responsibilities, of the Property Trustee or the
Administrative Trustees set forth herein. The Delaware Trustee shall be one of the
trustees of the Issuer Trust for the sole and limited purpose of fulfilling the
requirements of Section 3807 of the Delaware Statutory Trust Act and for taking such
actions as are required to be taken by a Delaware trustee under the Delaware Statutory
Trust Act. The Delaware Trustee, the Property Trustee and one of the Administrative
Trustee, as the trustees under the Original Trust Agreement, filed the Certificate of
Trust of the Trust with the office of the Secretary of State of the State of Delaware, a
copy of which is attached hereto as Exhibit A, and such filing is hereby confirmed
and ratified. 

      SECTION 2.7
Authorization to Enter into Certain Transactions. 

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

          

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

          

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

          

     	                             (B) 	
                   to cause the Issuer Trust to enter into, and to execute, deliver and perform on
          behalf of the Issuer Trust, the Expense          Agreement, the Certificate Depository
          Agreement, any subscription or purchase agreement for the Common          Securities or
          the Debt Securities, as applicable, and such other agreements as may be
          necessary or desirable in          connection with the purposes and function of the
          Issuer Trust; 

          

     	                              (C) 	
                  assisting in the registration of the Preferred Securities under the Securities
          Act, and under applicable state securities         or blue sky laws and the
          qualification of this Trust Agreement as a trust indenture under the Trust
          Indenture Act; 

          

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

          

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

          

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

          

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

          

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

          

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

          

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

          

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

          

     	                               (A) 	
                  the establishment of the Payment Account; 

          

     	                               (B) 	
                  the receipt and holding of legal title of the Debt Securities; 

          

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

          

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

          

     	                               (E) 	
                  the exercise of all of the rights, powers and privileges of a holder of the Debt
          Securities in accordance with the terms         of this Trust Agreement; 

          

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

          

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

          

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

          

     	                                (I) 	
                   the taking of any action incidental to the foregoing as the Property Trustee may
          from time to time determine is          necessary or advisable to give effect to the
          terms of this Trust Agreement and protect and conserve the Trust          Property for
          the benefit of the Holders (without consideration of the effect of any such
          action on any particular          Holder). 

          

     	(b) 	
          So long as this Trust Agreement remains in effect, the Issuer Trust (or the
          Issuer Trustees acting on behalf of the Issuer Trust) shall not undertake any
          business, activities or transaction except as expressly provided herein or
          contemplated hereby. In particular, the Issuer Trustees shall not (i) acquire
          any investments or engage in any activities not authorized by this Trust
          Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or
          otherwise dispose of any of the Trust Property or interests therein, including
          to Holders, except as expressly provided herein, (iii) take any action that
          would reasonably be expected to cause the Issuer Trust to become taxable as a
          corporation or classified as other than a grantor trust for United States
          federal income tax purposes, (iv) take or consent to any action that would cause
          the Debt Securities to be treated as other than indebtedness of the Depositor
          for United States federal income tax purposes, (v) incur any indebtedness for
          borrowed money or issue any other debt, or (vi) take or consent to any action
          that would result in the placement of a Lien on any of the Trust Property. The
          Issuer Trustees shall defend all claims and demands of all Persons at any time
          claiming any Lien on any of the Trust Property adverse to the interest of the
          Issuer Trust or the Holders in their capacity as Holders. 

          

     	(c) 	
          In connection with the issue and sale of the Preferred Securities, the Depositor
          shall have the right and responsibility to assist the Issuer Trust with respect
          to, or effect on behalf of the Issuer Trust, the following (and any actions
          taken by the Depositor in furtherance of the following prior to the date of this
          Trust Agreement are hereby ratified and confirmed in all respects): 

          

     	        (i) 	
          the preparation and filing by the Issuer Trust with the Commission and the
          execution on behalf of the Issuer Trust of a registration statement on the
          appropriate form in relation to the Preferred Securities, including any
          amendments thereto and the taking of any action necessary or desirable to sell
          the Preferred Securities in a transaction or a series of transactions pursuant
          thereto; 

          

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

          

     	        (iii) 	
          the preparation for filing by the Issuer Trust and execution on behalf of the
          Issuer Trust of any application to the New York Stock Exchange or any other
          national stock exchange or the Nasdaq National Market for listing upon notice of
          issuance of any Preferred Securities; 

          

     	        (iv) 	
          the preparation for filing by the Issuer Trust with the Commission and the
          execution on behalf of the Issuer Trust of any registration statement on Form
          8-A relating to Preferred Securities under Section 12(b) or 12(g) of the
          Exchange Act, including any amendments thereto; 

          

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

          

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

          

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

          

      SECTION 2.8 Assets of
Trust. 

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

     SECTION 2.9 Title to
Trust Property. 

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

ARTICLE 3  

PAYMENT ACCOUNT 

      SECTION 3.1 Payment
Account. 

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

          

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

          

ARTICLE 4  

DISTRIBUTIONS;
REDEMPTION 

      SECTION 4.1
Distributions. 

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

          

     	        (i) 	
          Distributions on the Trust Securities shall be cumulative, and shall accumulate
          whether or not there are funds of the Trust available for the payment of
          Distributions. Distributions shall accumulate from November 14, 2002, and,
          except as provided in clause (ii) below, shall be payable quarterly in arrears
          on February 15, May 15, August 15 and November 15 of each year, commencing on
          February 15, 2003. If any date on which a Distribution is otherwise payable on
          the Trust Securities is not a Business Day, then the payment of such
          Distribution shall be made on the next succeeding day that is a Business Day
          (and without any interest or other payment in respect of any such delay), except
          that, if such Business Day is in the next succeeding calendar year, such payment
          shall be made on the immediately preceding Business Day, in each case with the
          same force and effect as if made on the date on which such payment was
          originally payable (each date on which distributions are payable in accordance
          with this Section 4.1(a), a “Distribution Date”). 

          

     	        (ii) 	
          In the event (and to the extent) that the Depositor exercises its right under
          the Indenture to defer the payment of interest on the Debt Securities, quarterly
          Distributions on the Preferred Securities shall be deferred. 

          

     	        (iii) 	
          Distributions shall accumulate in respect of the Trust Securities at a rate of
          7.85% per annum, compounded quarterly, of the Liquidation Amount of the Trust
          Securities. The amount of Distributions payable for any period less than a full
          Distribution period shall be computed on the basis of a 360-day year of twelve
          30-day months and the actual number of days elapsed in a partial month in a
          period. Distributions payable for each full Distribution period will be computed
          by dividing the rate per annum by four. The amount of Distributions payable for
          any period shall include any Additional Amounts in respect of such period. 

          

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

          

     	(b) 	
          Distributions on the Trust Securities with respect to a Distribution Date shall
          be payable to the Holders thereof as they appear on the Securities Register for
          the Trust Securities at the close of business on the relevant record date, which
          shall be at the close of business on the fifteenth day (whether or not a
          Business Day) next preceding the relevant Distribution Date. Distribution
          payable on any Trust Securities that are not punctually paid on any Distribution
          Date as a result of the Depositor having failed to make an interest payment
          under the Debt Securities will cease to be payable to the Person in whose name
          such Trust Securities are registered on the relevant record date, and such
          defaulted Distribution will instead be payable to the Person in whose name such
          Trust Securities are registered on the special record date or other specified
          date for determining Holders entitled to such defaulted interested established
          in accordance with the Indenture. 

          

      SECTION 4.2 Redemption. 

               	(a)  	
                    On each Debt Securities Redemption Date and on the stated maturity of the Debt
                    Securities, the Issuer Trust (subject, in the case of redemption, to the
                    Property Trustee having received notice of such redemption and of the principal
                    amount to be redeemed from the Depositor no later than 45 days prior to such
                    Debt Securities Redemption Date) will be required to redeem a Like Amount of
                    Trust Securities at the Redemption Price. 

                    

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

                    

               	        (i) 	  	
                    the Redemption Date; 

                    

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

                    

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

                    

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

                    

               	        (v) 	  	
                    the place or places where the Trust Securities are to be surrendered for the
                    payment of the Redemption Price; and 

                    

               	(vi) 	  	
                    such other provision as the Property Trustee deems relevant. 

                    

        The
Issuer Trust in issuing the Trust Securities may use “CUSIP” numbers (if then
generally in use), and, if so, the Property Trustee shall indicate the “CUSIP”
numbers of the Trust Securities in notices of redemption and related materials as a
convenience to Holders; provided, however, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the
Trust Securities or as contained in any notice of redemption and related materials. 

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

          

     	(d) 	
          If the Property Trustee gives a notice of redemption in respect of any Preferred
          Securities, then by 10:00 A.M., New York City time, on the Redemption Date, the
          Depositor shall deposit sufficient funds with the Property Trustee to pay the
          Redemption Price. If such deposit has been made by such time, then by 12:00
          noon, New York City time, on the Redemption Date, subject to Section
          4.2(c), the Property Trustee will, with respect to Book-Entry Preferred
          Securities, irrevocably deposit with the Clearing Agency for such Book-Entry
          Preferred Securities, to the extent available therefor, funds sufficient to pay
          the applicable Redemption Price and will give such Clearing Agency irrevocable
          instructions and authority to pay the Redemption Price to the Holders of the
          Preferred Securities. With respect to Preferred Securities that are not
          Book-Entry Preferred Securities, the Property Trustee, subject to Section
          4.2(c), will irrevocably deposit with the Paying Agent or Paying Agents, to
          the extent available therefor, funds sufficient to pay the applicable Redemption
          Price and will give the Paying Agent or Paying Agents irrevocable instructions
          and authority to pay the Redemption Price to the Holders of the Preferred
          Securities upon surrender of their Preferred Securities Certificates.
          Notwithstanding the foregoing, Distributions payable on or prior to the
          Redemption Date for any Trust Securities called for redemption shall be payable
          to the Holders of such Trust Securities as they appear on the Securities
          Register on the relevant record dates for the related Distribution Dates. If
          notice of redemption shall have been given and funds deposited as required, then
          upon the date of such deposit, all rights of Holders holding Trust Securities so
          called for redemption will cease, except the right of such Holders to receive
          the Redemption Price and any Distribution payable in respect of the Trust
          Securities on or prior to the Redemption Date, but without interest, and such
          Securities will cease to be Outstanding. In the event that any date on which any
          Redemption Price is payable is not a Business Day, then payment of the
          Redemption Price payable on such date will be made on the next succeeding day
          that is a Business Day (without any interest or other payment in respect of any
          such delay), except that, if such Business Day falls in the next calendar year,
          such payment will be made on the immediately preceding Business Day, in each
          case, with the same force and effect as if made on such date. In the event that
          payment of the Redemption Price in respect of any Trust Securities called for
          redemption is improperly withheld or refused and not paid either by the Issuer
          Trust or by the Depositor pursuant to the Guarantee Agreement, Distributions on
          such Trust Securities will continue to accumulate, as set forth in Section
          4.1, from the Redemption Date originally established by the Issuer Trust for
          such Trust Securities to the date such Redemption Price is actually paid, in
          which case the actual payment date will be the date fixed for redemption for
          purposes of calculating the Redemption Price. 

          

     	(e) 	
          Subject to Section 4.3(a), if less than all the Outstanding Trust
          Securities are to be redeemed on a Redemption Date, then the aggregate
          Liquidation Amount of Trust Securities to be redeemed shall be allocated pro
          rata to the Common Securities and the Preferred Securities based upon the
          relative Liquidation Amounts of such classes. The particular Preferred
          Securities to be redeemed shall be selected on a pro rata basis based upon their
          respective Liquidation Amounts not more than 60 days prior to the Redemption
          Date by the Property Trustee from the Outstanding Preferred Securities not
          previously called for redemption, provided, however, that so long as all
          of the Preferred Securities are Book-Entry Preferred Securities, such selection
          shall be made in accordance with the customary procedures for the Clearing
          Agency for the Preferred Securities by such Clearing Agency. The Property
          Trustee shall promptly notify the Securities Registrar in writing of the
          Preferred Securities selected for redemption and, in the case of any Preferred
          Securities selected for partial redemption, the Liquidation Amount thereof to be
          redeemed. For all purposes of this Trust Agreement, unless the context otherwise
          requires, all provisions relating to the redemption of Preferred Securities
          shall relate, in the case of any Preferred Securities redeemed or to be redeemed
          only in part, to the portion of the aggregate Liquidation Amount of Preferred
          Securities that has been or is to be redeemed. 

          

     	(f) 	
          Subject to the provisions of this Section 4.2 and applicable law, the
          Depositor or its Affiliates may, at any time and from time to time, purchase
          Outstanding Preferred Securities by tender, in the open market or by private
          agreement. 

          

      SECTION 4.3
Subordination of Common Securities. 

     	(a) 	
          Payment of Distributions (including any Additional Amounts) on, the Redemption
          Price of, and the Liquidation Distribution in respect of the Trust Securities,
          as applicable, shall be made, subject to Section 4.2(e), pro rata among
          the Common Securities and the Preferred Securities based on the Liquidation
          Amount of the Trust Securities; provided, however, that if on any
          Distribution Date, Redemption Date or Liquidation Date any Event of Default
          resulting from a Indenture Event of Default specified in Section 5.1(1)
          or 5.1(2) of the Indenture shall have occurred and be continuing, no
          payment of any Distribution (including any Additional Amounts) on, Redemption
          Price of, or Liquidation Distribution in respect of any Common Security, and no
          other payment on account of the redemption, liquidation or other acquisition of
          Common Securities, shall be made unless payment in full in cash of all
          accumulated and unpaid Distributions (including any Additional Amounts) on all
          Outstanding Preferred Securities for all Distribution periods terminating on or
          prior thereto, or in the case of payment of the Redemption Price the full amount
          of such Redemption Price on all Outstanding Preferred Securities then called for
          redemption, or in the case of payment of the Liquidation Distribution the full
          amount of such Liquidation Distribution on all Outstanding Preferred Securities,
          shall have been made or provided for, and all funds immediately available to the
          Property Trustee shall first be applied to the payment in full in cash of all
          Distributions (including any Additional Amounts) on, or the Redemption Price of,
          the Preferred Securities then due and payable. 

          

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

          

      SECTION 4.4 Payment
Procedures. 

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

      SECTION 4.5 Withholding
Tax. 

        The
Issuer Trust and the Administrative Trustees shall comply with all withholding and backup
withholding tax requirements under United States federal, state and local law. The Issuer
Trust shall request, and the Holders shall provide to the Issuer Trust, such forms or
certificates as are necessary to establish an exemption from withholding and backup
withholding tax with respect to each Holder, and any representations and forms as shall
reasonably be requested by the Issuer Trust to assist it in determining the extent of, and
in fulfilling, its withholding and backup withholding tax obligations. The Administrative
Trustees shall file required forms with applicable jurisdictions and, unless an exemption
from withholding and backup withholding tax is properly established by a Holder, shall
remit amounts withheld with respect to the Holder to applicable jurisdictions. To the
extent that the Issuer Trust is required to withhold and pay over any amounts to any
authority with respect to Distributions or allocations to any Holder, the amount withheld
shall be deemed to be a Distribution in the amount of the withholding to the Holder. In
the event of any claimed overwithholding, Holders shall be limited to an action against
the applicable jurisdiction. If the amount required to be withheld was not withheld from
actual Distributions made, the Issuer Trust may reduce subsequent Distributions by the
amount of such required withholding. 

      SECTION 4.6 Tax Returns
and Reports. 

        The
Administrative Trustees shall prepare (or cause to be prepared), at the Depositor’s
expense, and file all United States federal, state and local tax and information returns
and reports required to be filed by or in respect of the Issuer Trust. In this regard, the
Administrative Trustees shall (a) prepare and file (or cause to be prepared and filed) all
Internal Revenue Service forms and returns required to be filed in respect of the Issuer
Trust by January 31 in each taxable year of the Issuer Trust, and (b) prepare and furnish
(or cause to be prepared and furnished) to each Holder all Internal Revenue Service forms
and returns required to be provided by the Issuer Trust. The Administrative Trustees shall
provide the Depositor and the Property Trustee with a copy of all such returns and reports
promptly after such filing or furnishing. 

      SECTION 4.7 Payment of
Taxes, Duties, Etc. of the Issuer Trust. 

        Upon
receipt under the Debt Securities of Additional Sums and upon the written direction of the
Administrative Trustees, the Property Trustee shall promptly pay, solely out of monies on
deposit pursuant to this Trust Agreement, any Additional Taxes imposed on the Issuer Trust
by the United States or any other taxing authority. 

      SECTION 4.8 Payments
under Indenture or Pursuant to Direct Actions. 

        Any
amount payable hereunder to any Holder of Preferred Securities shall be reduced by the
amount of any corresponding payment such Holder (or any Owner with respect thereto) has
directly received pursuant to Section 5.8 of the Indenture or Section 5.13 of this
Trust Agreement. 

      SECTION 4.9 Liability of
the Holder of Common Securities. 

        Any
Holder of the Common Securities shall be liable for the debts and obligations of the
Issuer Trust in the manner and to the extent set forth with respect to the Depositor and
agrees that it shall be subject to all liabilities to which the Depositor may be subject,
and shall make all payments that the Depositor is required to make, under the terms of the
Expense Agreement. 

      SECTION 4.10 Exchanges. 

     	(a) 	
          If at any time the Depositor or any of its Affiliates (in either case, a
          “Depositor Affiliated Owner/Holder”) is the Owner or Holder of any
          Preferred Securities, such Depositor Affiliated Owner/Holder shall have the
          right to deliver to the Property Trustee all or such portion of its Preferred
          Securities as it elects and receive, in exchange therefor, a Like Amount of Debt
          Securities. Such election (i) shall be exercisable effective on any Distribution
          Date by such Depositor Affiliated Owner/Holder delivering to the Property
          Trustee a written notice of such election specifying the Liquidation Amount of
          Preferred Securities with respect to which such election is being made and the
          Distribution Date on which such exchange shall occur, which Distribution Date
          shall be not less than ten Business Days after the date of receipt by the
          Property Trustee of such election notice and (ii) shall be conditioned upon such
          Deposition Affiliate/Owner/ Holder having delivered or caused to be delivered to
          the Property Trustee or its designee the Preferred Securities which are the
          subject of such election by 10:00 A.M. New York time, on the Distribution Date
          on which such exchange is to occur. After the exchange, such Preferred
          Securities will be cancelled and will no longer be deemed to be Outstanding and
          all rights of the Depositor or its Affiliate(s) with respect to such Preferred
          Securities will cease. 

          

     	(b) 	
          In the case of an exchange described in Section 4.10(a), the Issuer Trust
          will, on the date of such exchange, exchange Debt Securities having a principal
          amount equal to a proportional amount of the aggregate Liquidation Amount of the
          Outstanding Common Securities, based on the ratio of the aggregate Liquidation
          Amount of the Preferred Securities exchanged pursuant to Section 4.9(a)
          divided by the aggregate Liquidation Amount of the Preferred Securities
          Outstanding immediately prior to such exchange, for such proportional amount of
          Common Securities held by the Depositor (which contemporaneously shall be
          cancelled and no longer be deemed to be Outstanding); provided, that the
          Depositor delivers or causes to be delivered to the Property Trustee or its
          designee the required amount of Common Securities to be exchanged by 10:00 A.M.
          New York time, on the Distribution Date on which such exchange is to occur. 

          

ARTICLE 5 

SECURITIES CERTIFICATES 

      SECTION 5.1 Initial
Ownership. 

        Upon
the formation of the Issuer Trust and the contribution by the Depositor referred to in
Section 2.3 and until the issuance of the Trust Securities, and at any time during
which no Trust Securities are Outstanding, the Depositor shall be the sole beneficial
owner of the Issuer Trust. 

      SECTION 5.2 The
Securities Certificates. 

     	(a) 	
          The Preferred Securities Certificates shall be issued in minimum denominations
          of $25 Liquidation Amount and integral multiples of $25 in excess thereof, and
          the Common Securities Certificates shall be issued in denominations of $25
          Liquidation Amount and integral multiples thereof. The Securities Certificates
          shall be executed on behalf of the Issuer Trust by manual signature of at least
          one Administrative Trustee. Securities Certificates bearing the signatures of
          individuals who were, at the time when such signatures shall have been affixed,
          authorized to sign on behalf of the Issuer Trust, shall be validly issued and
          entitled to the benefits of this Trust Agreement, notwithstanding that such
          individuals or any of them shall have ceased to be so authorized prior to the
          delivery of such Securities Certificates or did not hold such offices at the
          date of delivery of such Securities Certificates. A transferee of a Trust
          Securities Certificate shall become a Holder, and shall be entitled to the
          rights and subject to the obligations of a Holder hereunder, upon due
          registration of such Trust Securities Certificate in such transferee’s name
          pursuant to Section 5.5. 

          

     	(b) 	
          Upon their original issuance, Preferred Securities Certificates shall be issued
          in the form of one or more Global Preferred Securities registered in the name of
          DTC, as Clearing Agency, or its nominee and deposited with DTC or a custodian
          for DTC for credit by DTC to the respective accounts of the Owners thereof (or
          such other accounts as they may direct). 

          

     	(c) 	
          A single Common Securities Certificate representing the Common Securities and,
          in the case of each exercise of the Over-allotment Option, an additional Common
          Securities Certificate, shall be issued to the Depositor in the form of a
          definitive Common Securities Certificate. 

          

      SECTION 5.3 Execution
and Delivery of Securities Certificates. 

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

      SECTION 5.4 Book-Entry
Preferred Securities. 

     	(a) 	
          No Global Preferred Security may be exchanged in whole or in part for Preferred
          Securities Certificates registered, and no transfer of a Global Preferred
          Security in whole or in part may be registered, in the name of any Person other
          than the Clearing Agency for such Global Preferred Security or a nominee thereof
          unless (i) the Clearing Agency advises the Administrative Trustees in writing
          that the Clearing Agency is no longer willing or able to properly discharge its
          responsibilities with respect to the Global Preferred Security, and the
          Administrative Trustees are unable to locate a qualified successor within 90 of
          receipt of such notice, (ii) the Clearing Agency ceases to be a clearing agency
          registered under the Exchange Act and the Administrative Trustees fail to
          appoint a qualified successor within 90 days of such event, (iii) the
          Administrative Trustees at their option advise the Property Trustee in writing
          that the Issuer Trust elects to terminate the book-entry system through the
          Clearing Agency, or (iv) an Indenture Event of Default has occurred and is
          continuing. Upon the occurrence of any event specified in clause (i), (iii) or
          (iv) (provided, that in case of an event referred to in clause (iv), the
          Property Trustee shall be deemed to have knowledge thereof in accordance with
          the third paragraph of Section 8.2), above, the Administrative Trustee
          shall notify the Clearing Agency and instruct the Clearing Agency to notify all
          Owners of Book-Entry Preferred Securities, the Delaware Trustee and the Property
          Trustee of the occurrence of such event and of the availability of the
          Definitive Preferred Securities Certificates to Owners of the Preferred
          Securities requesting the same. 

          

     	(b) 	
          If any Global Preferred Security is to be exchanged for other Preferred
          Securities Certificates or canceled in part, or if any other Preferred
          Securities Certificate is to be exchanged in whole or in part for Book-Entry
          Preferred Securities represented by a Global Preferred Security, then either (i)
          such Global Preferred Security shall be so surrendered for exchange or
          cancellation as provided in this Article V or (ii) the aggregate Liquidation
          Amount represented by such Global Preferred Security shall be reduced, subject
          to Section 5.2, or increased by an amount equal to the Liquidation Amount
          represented by that portion of the Global Preferred Security to be so exchanged
          or canceled, or equal to the Liquidation Amount represented by such other
          Preferred Securities Certificates to be so exchanged for Book-Entry Preferred
          Securities represented thereby, as the case may be, by means of an appropriate
          adjustment made on the records of the Securities Registrar, whereupon the
          Property Trustee, in accordance with the Applicable Procedures, shall instruct
          the Clearing Agency or its authorized representative to make a corresponding
          adjustment to its records. Upon surrender to the Administrative Trustees or the
          Securities Registrar of the Global Preferred Security or Securities by the
          Clearing Agency, accompanied by registration instructions, the Administrative
          Trustees, or any one of them, shall execute the Definitive Preferred Securities
          Certificates in accordance with the instructions of the Clearing Agency. None of
          the Securities Registrar or the Issuer Trustees shall be liable for any delay in
          delivery of such instructions and may conclusively rely on, and shall be fully
          protected in relying on, such instructions. Upon the issuance of Definitive
          Preferred Securities Certificates, the Issuer Trustees shall recognize the
          Holders of the Definitive Preferred Securities Certificates as Holders. The
          Definitive Preferred Securities Certificates shall be printed, lithographed or
          engraved or may be produced in any other manner as is reasonably acceptable to
          the Administrative Trustees, as evidenced by the execution thereof by the
          Administrative Trustees or any one of them. 

          

     	(c) 	
          Every Preferred Securities Certificate executed and delivered upon registration
          or transfer of, or in exchange for or in lieu of, a Global Preferred Security or
          any portion thereof, whether pursuant to this Article V or Article
          IV or otherwise, shall be executed and delivered in the form of, and shall
          be, a Global Preferred Security, unless such Preferred Securities Certificate is
          registered in the name of a Person other than the Clearing Agency for such
          Global Preferred Security or a nominee thereof. 

          

     	(d) 	
          The Clearing Agency or its nominee, as registered owner of a Global Preferred
          Security, shall be the Holder of such Global Preferred Security for all purposes
          under this Agreement and the Global Preferred Security, and Owners with respect
          to a Global Preferred Security shall hold such interests pursuant to the
          Applicable Procedures. The Securities Registrar and the Issuer Trustees shall be
          entitled to deal with the Clearing Agency for all purposes of this Trust
          Agreement relating to the Global Preferred Securities (including the payment of
          the Liquidation Amount of and Distributions on the Book-Entry Preferred
          Securities represented thereby and the giving of instructions or directions by
          Owners of Book-Entry Preferred Securities represented thereby and the giving of
          notices) as the sole Holder of the Book-Entry Preferred Securities represented
          thereby and shall have no obligations to the Owners thereof. None of the Issuer
          Trustees nor the Securities Registrar shall have any liability in respect of any
          transfers effected by the Clearing Agency. 

          

        The
rights of the Owners of the Book-Entry Preferred Securities shall be exercised only
through the Clearing Agency and shall be limited to those established by law, the
Applicable Procedures and agreements between such Owners and the Clearing Agency and/or
the Clearing Agency Participants, provided, however, solely for the purpose of
determining whether the Holders of the requisite amount of Preferred Securities have voted
on any matter provided for in this Trust Agreement, so long as Preferred Security
Certificates in certificated form have not been issued pursuant to Section 5.4(b),
the Issuer Trustees may conclusively rely on, and shall be fully protected in relying on,
any written instrument (including a proxy) delivered to the Property Trustee by the
Clearing Agency setting forth the Owners’ votes or assigning the right to vote on any
matter to any other Persons either in whole or in part. Pursuant to the Certificate
Depository Agreement, unless and until Preferred Securities Certificates in certificated
form are issued pursuant to Section 5.4(b), the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and transmit
payments on the Preferred Securities to such Clearing Agency Participants, and none of the
Depositor or the Issuer Trustees shall have any responsibility or obligation with respect
thereto. 

      SECTION 5.5 Registration
of Transfer and Exchange of Preferred Securities Certificates. 

     	(a) 	
          The Property Trustee shall keep or cause to be kept, at its Corporate Trust
          Office, a register or registers (the “Securities Register”) in which
          the registrar and transfer agent with respect to the Trust Securities (the
          “Securities Registrar”), subject to such reasonable regulations as it
          may prescribe, shall provide for the registration of Preferred Securities
          Certificates and Common Securities Certificates (subject to Section 5.11
          in the case of the Common Securities Certificates) and registration of transfers
          and exchanges of Preferred Securities Certificates as herein provided. The
          Person acting as the Property Trustee shall at all times also be the Securities
          Registrar. 

          

	  	
Upon
surrender for registration of transfer of any Preferred Securities Certificate at the
office or agency maintained pursuant to Section 5.9, the Administrative Trustees or
any one of them shall execute and deliver to the Property Trustee, and the Property
Trustee shall deliver, in the name of the designated transferee or transferees, one or
more new Preferred Securities Certificates in authorized denominations of a like aggregate
Liquidation Amount as may be required by this Trust Agreement dated the date of execution
by such Administrative Trustee or Trustees. At the option of a Holder, Preferred
Securities Certificates may be exchanged for other Preferred Securities Certificates in
authorized denominations and of a like aggregate Liquidation Amount upon surrender of the
Preferred Securities Certificate to be exchanged at the office or agency maintained
pursuant to Section 5.9. 

	  	
The
Securities Registrar shall not be required, (i) to issue, register the transfer of or
exchange any Preferred Security during a period beginning at the opening of business 15
days before the day of selection for redemption of such Preferred Securities pursuant to
Article IV and ending at the close of business on the day of mailing of the notice
of redemption, or (ii) to register the transfer of or exchange any Preferred Security so
selected for redemption in whole or in part, except, in the case of any such Preferred
Security to be redeemed in part, any portion thereof not to be redeemed. 

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

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

               	(b)  	
                    Notwithstanding any other provision of this Trust Agreement, transfers and
                    exchanges of Preferred Securities Certificates and beneficial interests in a
                    Global Preferred Security of the kinds specified in this Section 5.5(b)
                    shall be made only in accordance with this Section 5.5(b). 

                    

               	(i) 	  	
                    Non-Global Preferred Security to Global Preferred Security. If the Holder of a
                    Preferred Securities Certificate (other than a Global Preferred Security) wishes
                    at any time to transfer all or any portion of such Preferred Securities
                    Certificate to a Person who wishes to take delivery thereof in the form of a
                    beneficial interest in a Global Preferred Security, such transfer may be
                    effected only in accordance with the provisions of this clause (b)(i) and
                    subject to the Applicable Procedures. Upon receipt by the Securities Registrar
                    of (A) such Preferred Securities Certificate as provided in Section
                    5.5(a) and instructions satisfactory to the Securities Registrar directing
                    that a beneficial interest in the Global Preferred Security of a specified
                    number of Preferred Securities not greater than the number of Preferred
                    Securities represented by such Preferred Securities Certificate be credited to a
                    specified Clearing Agency Participant’s account, then the Securities
                    Registrar shall cancel such Preferred Securities Certificate (and issue a new
                    Preferred Securities Certificate in respect of any untransferred portion
                    thereof) as provided in Section 5.5(a) and increase the aggregate
                    Liquidation Amount of the Global Preferred Security by the Liquidation Amount
                    represented by such Preferred Securities so transferred as provided in
                    Section 5.4(c). 

                    

               	(ii) 	  	
                    Non-Global Preferred Security to Non-Global Preferred Security. A Preferred
                    Securities Certificate that is not a Global Preferred Security may be
                    transferred, in whole or in part, to a Person who takes delivery in the form of
                    another Preferred Securities Certificate that is not a Global Preferred Security
                    as provided in Section  5.5(a). 

                    

               	(iii) 	  	
                    Exchanges between Global Preferred Security and Non-Global Preferred Security. A
                    beneficial interest in a Global Preferred Security may be exchanged for a
                    Preferred Securities Certificate that is not a Global Preferred Security as
                    provided in Section 5.4. 

                    

      SECTION 5.6 Mutilated,
Destroyed, Lost or Stolen Securities Certificates. 

        If
(a) any mutilated Securities Certificate shall be surrendered to the Securities Registrar,
or if the Securities Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Securities Certificate, and (b) there shall be delivered
to the Securities Registrar and the Administrative Trustees such security or indemnity as
may be required by them to save each of them harmless, then in the absence of notice that
such Securities Certificate shall have been acquired by a bona fide purchaser, the
Administrative Trustees, or any one of them, on behalf of the Issuer Trust shall execute
and make available for delivery, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Securities Certificate, a new Securities Certificate of like
class, tenor and denomination. In connection with the issuance of any new Securities
Certificate under this Section 5.6, the Administrative Trustees or the Securities
Registrar may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate Securities
Certificate issued pursuant to this Section 5.6 shall constitute conclusive
evidence of an undivided beneficial interest in the assets of the Issuer Trust
corresponding to that evidenced by the lost, stolen or destroyed Securities Certificate,
as if originally issued, whether or not the lost, stolen or destroyed Securities
Certificate shall be found at any time. 

        If
any such mutilated, destroyed, lost or stolen Security has become or is about to become
due and payable, the Corporation in its discretion may, instead of issuing a new Security,
pay such Security. 

        The
provisions of this Section 5.6 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement of mutilated,
destroyed, lost or stolen Securities Certificates. 

SECTION 5.7 Persons
Deemed Holders. 

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

      SECTION 5.8 Access to
List of Holders’ Names and Addresses. 

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

      SECTION 5.9 Maintenance
of Office or Agency. 

        The
Property Trustee shall designate, with the consent of the Administrative Trustees, which
consent shall not be unreasonably withheld, an office or offices or agency or agencies
where Preferred Securities Certificates may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Issuer Trustees in respect of the
Trust Securities Certificates may be served. The Property Trustee initially designates the
Corporate Trust Office, Attention: Institutional Trust Services, as its office and agency
for such purposes. The Property Trustee shall give prompt written notice to the Depositor,
the Administrative Trustees and to the Holders of any change in the location of the
Securities Register or any such office or agency. 

      SECTION 5.10 Appointment
of Paying Agents. 

        The
Paying Agent or Paying Agents shall make Distributions to Holders from the Payment Account
and shall report the amounts of such Distributions to the Property Trustee and the
Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds
from the Payment Account solely for the purpose of making the Distributions referred to
above. The Administrative Trustees may revoke such power and remove the Paying Agent in
their sole discretion. The Paying Agent shall initially be the Property Trustee. Any
Person acting as Paying Agent shall be permitted to resign as Paying Agent upon 30
days’ written notice to the Administrative Trustees and the Property Trustee. If the
Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall
resign or its authority to act be revoked, the Administrative Trustees shall appoint a
successor (which shall be a bank or trust company) to act as Paying Agent. Such successor
Paying Agent or any additional Paying Agent appointed by the Administrative Trustees shall
execute and deliver to the Issuer Trustees an instrument in which such successor Paying
Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying
Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any,
held by it for payment to the Holders in trust for the benefit of the Holders entitled
thereto until such sums shall be paid to such Holders. The Paying Agent shall return all
unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying
Agent shall also return all funds in its possession to the Property Trustee. The
provisions of Sections 8.1, 8.3 and 8.6 herein shall apply to the
Bank also in its role as Paying Agent, for so long as the Bank shall act as Paying Agent
and, to the extent applicable, to any other Paying Agent appointed hereunder. Any
reference in this Agreement to the Paying Agent shall include any co-paying agent unless
the context requires otherwise. 

      SECTION 5.11 Ownership
of Common Securities by Depositor. 

        At
each Time of Delivery, the Depositor shall acquire, and thereafter shall retain,
beneficial and record ownership of the Common Securities. Neither the Depositor nor any
successor Holder of the Common Securities may transfer less than all the Common
Securities, and the Depositor or any such successor Holder may transfer the Common
Securities only (i) in connection with a consolidation or merger of the Depositor into
another corporation, or any conveyance, transfer or lease by the Depositor of its
properties and assets substantially as an entirety to any Person, pursuant to Section
8.1 of the Indenture, or (ii) to the Depositor or an Affiliate of the Depositor in
compliance with applicable law (including the Securities Act, and applicable state
securities and blue sky laws), and in either case only upon an effective assignment and
delegation by the Holder of all the Common Securities to its transferee of all of its
rights and obligations under the Expense Agreement. To the fullest extent permitted by
law, any attempted transfer of the Common Securities other than as set forth in the
immediately preceding sentence shall be void. The Administrative Trustees shall cause each
Common Securities Certificate issued to the Depositor to contain a legend stating
substantially “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT TO THE DEPOSITOR OR AN
AFFILIATE OF THE DEPOSITOR IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST
AGREEMENT AND ONLY IN CONNECTION WITH A SIMULTANEOUS DELEGATION AND ASSIGNMENT OF THE
EXPENSE AGREEMENT REFERRED TO THEREIN.” 

      SECTION 5.12 Notices to
Clearing Agency. 

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

       SECTION 5.13 Rights of
Holders; Waivers of Past Defaults.  

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

          

     	(b) 	
          For so long as any Preferred Securities remain Outstanding, if, upon an
          Indenture Event of Default, the Indenture Trustee fails or the holders of not
          less than 33% in principal amount of the outstanding Debt Securities fail to
          declare the principal of all of the Debt Securities to be immediately due and
          payable, the Holders of at least 33% in Liquidation Amount of the Preferred
          Securities then Outstanding shall have the right to make such declaration by a
          notice in writing to the Property Trustee, the Depositor and the Indenture
          Trustee. 

          

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

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

                    

               	          (A) 	  	
                    all overdue installments of interest on all of the Debt Securities, 

                    

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

                    

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

                    

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

                    

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

                    

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

        Upon
receipt by the Property Trustee of written notice declaring such an acceleration, or
rescission and annulment thereof, by Holders of any part of the Preferred Securities a
record date shall be established for determining Holders of Outstanding Preferred
Securities entitled to join in such notice, which record date shall be at the close of
business on the day the Property Trustee receives such notice. The Holders on such record
date, or their duly designated proxies, and only such Persons, shall be entitled to join
in such notice, whether or not such Holders remain Holders after such record date;
provided, however, that, unless such declaration of acceleration, or rescission and
annulment, as the case may be, shall have become effective by virtue of the requisite
percentage having joined in such notice prior to the day that is 90 days after such record
date, such notice of declaration of acceleration, or rescission and annulment, as the case
may be, shall automatically and without further action by any Holder be canceled and of no
further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder,
from giving, after expiration of such 90-day period, a new written notice of declaration
of acceleration, or rescission and annulment thereof, as the case may be, that is
identical to a written notice that has been canceled pursuant to the proviso to the
preceding sentence, in which event a new record date shall be established pursuant to the
provisions of this Section 5.13(b). 

     	(c) 	
          For so long as any Preferred Securities remain Outstanding, to the fullest
          extent permitted by law and subject to the terms of this Trust Agreement and the
          Indenture, upon an Indenture Event of Default specified in Section 5.1(1) or
          5.1(2) of the Indenture, any Holder of Preferred Securities shall have the right
          to institute a proceeding directly against the Depositor, pursuant to Section
          5.8 of the Indenture, for enforcement of payment to such Holder of any amounts
          payable in respect of Debt Securities having an aggregate principal amount equal
          to the aggregate Liquidation Amount of the Preferred Securities of such Holder
          (a “Direct Action”). Except as set forth in Section 5.13(b) and
          this Section 5.13(c), the Holders of Preferred Securities shall have no
          right to exercise directly any right or remedy available to the holders of, or
          in respect of, the Debt Securities. 

          

     	(d) 	
          Except as otherwise provided in paragraphs (a), (b) and (c) of this Section
          5.13, the Holders of at least a Majority in Liquidation Amount of the
          Preferred Securities may, on behalf of the Holders of all the Preferred
          Securities, waive any past default or Event of Default and its consequences.
          Upon such waiver, any such default or Event of Default shall cease to exist, and
          any default or Event of Default arising therefrom shall be deemed to have been
          cured, for every purpose of this Trust Agreement, but no such waiver shall
          extend to any subsequent or other default or Event of Default or impair any
          right consequent thereon. 

          

     	(e) 	
          The Holders of a Majority in Liquidation Amount of the Preferred Securities
          shall have the right to direct the time, method and place of conducting any
          proceeding for any remedy available to the Property Trustee in respect of this
          Trust Agreement or the Debt Securities or exercising any trust or power
          conferred upon the Property Trustee under this Trust Agreement; provided,
          however, that, subject to Section 8.1, the Property Trustee shall
          have the right to decline to follow any such direction if the Property Trustee
          being advised by counsel determines that the action so directed may not lawfully
          be taken, or if the Property Trustee in good faith shall, by an officer or
          officers of the Property Trustee, determine that the proceedings so directed
          would be illegal or involve it in personal liability or be unduly prejudicial to
          the rights of Holders not party to such direction, and provided further that
          nothing in this Trust Agreement shall impair the right of the Property Trustee
          to take any action deemed proper by the Property Trustee and which is not
          inconsistent with such direction. 

          

ARTICLE 6 

ACTS OF HOLDERS;
MEETINGS; VOTING 

      SECTION 6.1     Limitations
on Voting Rights.  

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

          

     	(b) 	
          So long as any Debt Securities are held by the Property Trustee on behalf of the
          Issuer Trust, the Property Trustee shall not (i) direct the time, method and
          place of conducting any proceeding for any remedy available to the Indenture
          Trustee, or exercise any trust or power conferred on the Property Trustee with
          respect to the Debt Securities, (ii) waive any past default that may be waived
          under Section 5.13 of the Indenture, (iii) exercise any right to rescind or
          annul a declaration that the principal of all the Debt Securities shall be due
          and payable, or (iv) consent to any amendment, modification or termination of
          the Indenture or the Debt Securities, where such consent shall be required,
          without, in each case, obtaining the prior approval of the Holders of at least a
          Majority in Liquidation Amount of the Preferred Securities, provided, 
          however, that where a consent under the Indenture would require the consent of
          each Holder of Debt Securities affected thereby, no such consent shall be given
          by the Property Trustee without the prior written consent of each Holder of
          Preferred Securities. The Property Trustee shall not revoke any action
          previously authorized or approved by a vote of the Holders of the Preferred
          Securities, except by a subsequent vote of the Holders of the Preferred
          Securities. Subject to Section 8.2, the Property Trustee shall notify all
          Holders of the Preferred Securities of any notice of default received with
          respect to the Debt Securities. In addition to obtaining the foregoing approvals
          of the Holders of the Preferred Securities, prior to taking any of the foregoing
          actions, the Property Trustee shall, at the expense of the Depositor, obtain an
          Opinion of Counsel experienced in such matters to the effect that such action
          shall not cause the Issuer Trust to be taxable as a corporation or classified as
          other than a grantor trust for United States federal income tax purposes. 

          

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

          

      SECTION 6.2 Notice of
Meetings. 

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

      SECTION 6.3 Meetings of
Holders of the Preferred Securities. 

        No
annual meeting of Holders is required to be held. The Property Trustee, however, shall
call a meeting of the Holders of the Preferred Securities to vote on any matter upon the
written request of the Holders of at least 33% in aggregate Liquidation Amount of the
Outstanding Preferred Securities and the Administrative Trustees or the Property Trustee
may, at any time in their discretion, call a meeting of the Holders of the Preferred
Securities to vote on any matters as to which such Holders are entitled to vote. 

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

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

      SECTION 6.4 Voting
Rights. 

        Holders
shall be entitled to one vote for each $25 of Liquidation Amount represented by their
Outstanding Trust Securities in respect of any matter as to which such Holders are
entitled to vote. 

      SECTION 6.5 Proxies, Etc. 

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

      SECTION 6.6 Holder
Action by Written Consent. 

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

      SECTION 6.7 Record Date
for Voting and Other Purposes. 

        Except
as provided in Section 5.13(b) for the purposes of determining the Holders who are
entitled to notice of and to vote at any meeting or to act by written consent, or to
participate in any distribution on the Trust Securities in respect of which a record date
is not otherwise provided for in this Trust Agreement, or for the purpose of any other
action, the Administrative Trustees may from time to time fix a date, not more than 90
days prior to the date of any meeting of Holders or the payment of a distribution or other
action, as the case may be, as a record date for the determination of the identity of the
Holders of record for such purposes. 

      SECTION 6.8 Acts of
Holders. 

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

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

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

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

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

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

      SECTION 6.9 Inspection
of Records. 

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

ARTICLE 7 

REPRESENTATIONS AND
WARRANTIES  

      SECTION  7.1
           Representations and Warranties of the Property Trustee and the Delaware Trustee.  

        The
Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself,
hereby represents and warrants for the benefit of the Depositor and the Holders that: 

     	(a) 	
          the Property Trustee is a New York banking corporation, duly organized, validly
          existing and in good standing under the laws of the State of New York; 

          

     	(b) 	
          the Property Trustee has full corporate power, authority and legal right to
          execute, deliver and perform its obligations under this Trust Agreement and has
          taken all necessary action to authorize the execution, delivery and performance
          by it of this Trust Agreement; 

          

     	(c) 	
          the Delaware Trustee is a national banking association; 

          

     	(d) 	
          the Delaware Trustee has full corporate power, authority and legal right to
          execute, deliver and perform its obligations under this Trust Agreement and has
          taken all necessary action to authorize the execution, delivery and performance
          by it of this Trust Agreement; 

          

     	(e) 	
          this Trust Agreement has been duly authorized, executed and delivered by the
          Property Trustee and the Delaware Trustee and constitutes the valid and legally
          binding agreement of each of the Property Trustee and the Delaware Trustee
          enforceable against each of them in accordance with its terms, subject to
          bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
          similar laws of general applicability relating to or affecting creditors’
          rights and to general equity principles; 

          

     	(f) 	
          the execution, delivery and performance of this Trust Agreement has been duly
          authorized by all necessary corporate or other action on the part of the
          Property Trustee and the Delaware Trustee and does not require any approval of
          stockholders of the Property Trustee and the Delaware Trustee and such
          execution, delivery and performance will not (i) violate the Charter or Bylaws
          of the Property Trustee or the Delaware Trustee, violate any provision of, or
          constitute, with or without notice or lapse of time, a default under, or result
          in the creation or imposition of, any Lien on any properties included in the
          Trust Property pursuant to the provisions of, any indenture, mortgage, credit
          agreement, license or other agreement or instrument to which the Property
          Trustee or the Delaware Trustee is a party or by which it is bound, or (ii)
          violate any applicable law, governmental rule or regulation of the United States
          or the State of Delaware, as the case may be, governing the banking, trust or
          general powers of the Property Trustee or the Delaware Trustee (as appropriate
          in context) or any order, judgment or decree applicable to the Property Trustee
          or the Delaware Trustee; 

          

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

          

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

          

      SECTION 7.2
Representations and Warranties of Depositor. 

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

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

               

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

               

ARTICLE 8 

THE ISSUER TRUSTEES 

      SECTION 8.1 Certain
Duties and Responsibilities. 

     	(a) 	
          The rights, immunities, duties and responsibilities of the Issuer Trustees shall
          be as provided by this Trust Agreement and, in the case of the Property Trustee,
          by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
          Trust Agreement shall require any of the Issuer Trustees to expend or risk its
          own funds or otherwise incur any financial liability in the performance of any
          of its duties hereunder, or in the exercise of any of its or their rights or
          powers, if it or they shall have reasonable grounds for believing that repayment
          of such funds or adequate indemnity against such risk or liability is not
          reasonably assured to it. Whether or not therein expressly so provided, every
          provision of this Trust Agreement relating to the conduct or affecting the
          liability of or affording protection to the Issuer Trustees shall be subject to
          the provisions of this Section 8.1. Nothing in this Trust Agreement shall
          be construed to release an Administrative Trustee from liability for his or her
          own negligent action, his or her own negligent failure to act, or his or her own
          willful misconduct. To the extent that, at law or in equity, an Issuer Trustee
          has duties and liabilities relating to the Issuer Trust or to the Holders, such
          Issuer Trustee shall not be liable to the Issuer Trust or to any Holder for such
          Issuer Trustee’s good faith reliance on the provisions of this Trust
          Agreement. The provisions of this Trust Agreement, to the extent that they
          restrict the duties and liabilities of the Issuer Trustees otherwise existing at
          law or in equity, are agreed by the Depositor and the Holders to replace such
          other duties and liabilities of the Issuer Trustees. 

          

     	(b) 	
          All payments made by the Property Trustee or a Paying Agent in respect of the
          Trust Securities shall be made only from the revenue and proceeds from the Trust
          Property and only to the extent that there shall be sufficient revenue or
          proceeds from the Trust Property to enable the Property Trustee or a Paying
          Agent to make payments in accordance with the terms hereof. Each Holder, by its
          acceptance of a Trust Security, agrees that it will look solely to the revenue
          and proceeds from the Trust Property to the extent legally available for
          distribution to it as herein provided and that the Issuer Trustees are not
          personally liable to it for any amount distributable in respect of any Trust
          Security or for any other liability in respect of any Trust Security. This
          Section 8.1(b) does not limit the liability of the Issuer Trustees
          expressly set forth elsewhere in this Trust Agreement or, in the case of the
          Property Trustee, in the Trust Indenture Act. 

          

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

          

     	(d) 	
          The Property Trustee, before the occurrence of any Event of Default and after
          the curing or waiver of all Events of Default that may have occurred, shall
          undertake to perform only such duties as are specifically set forth in this
          Trust Agreement (including pursuant to Section 10.10), and no implied
          covenants shall be read into this Trust Agreement against the Property Trustee.
          If an Event of Default has occurred (that has not been cured or waived pursuant
          to Section 5.13), the Property Trustee shall exercise such of the rights
          and powers vested in it by this Trust Agreement and use the same degree of care
          and skill in its exercise thereof as a prudent person would exercise or use
          under the circumstances in the conduct of his or her own affairs. 

          

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

          

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

          

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

          

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

          

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

          

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

          

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

          

     	          (v) 	
          the Property Trustee shall not be liable for any interest on any money received
          by it except as it may otherwise agree with the Depositor; and money held by the
          Property Trustee need not be segregated from other funds held by it except in
          relation to the Payment Account maintained by the Property Trustee pursuant to
          Section 3.1 and except to the extent otherwise required by law; 

          

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

          

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

          

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

          

      SECTION 8.2 Certain
Notices. 

        Within
90 days after the occurrence of any Event of Default actually known to the Property
Trustee, the Property Trustee shall transmit, in the manner and to the extent provided in
Section 10.9, notice of such Event of Default to the Holders, the Administrative
Trustees and the Depositor, unless such Event of Default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the
principal of (or premium, of any) or interest (including any Additional Interest) on any
Trust Security, the Property Trustee shall be fully protected in withholding such notice
if and so long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Property Trustee in good faith determines
that the withholding of such notice is in the interests of the Holders of Securities of
such series. For the purpose of this Section, the term “default” means any event
that is, or after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series. 

        Within
five Business Days after the receipt of notice of the Depositor’s exercise of its
right to defer the payment of interest on the Debt Securities pursuant to the Indenture,
the Administrative Trustees shall transmit, in the manner and to the extent provided in
Section 10.9, notice of such exercise to the Holders and the Property and Indenture
Trustees, unless such exercise shall have been revoked. 

        The
Property Trustee shall not be deemed to have knowledge of any Event of Default unless the
Property Trustee shall have received written notice thereof from the Depositor, any
Administrative Trustee or any Holder or an officer of the Property Trustee charged with
the administration of this Trust Agreement shall have obtained actual knowledge of such
Event of Default. 

     SECTION 8.3 Certain
Rights of Property Trustee. 

        Subject
to the provisions of Section 8.1: 

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

               

          	(b) 	  	
               if (i) in performing its duties under this Trust Agreement the Property Trustee
               is required to decide between alternative courses of action, (ii) in construing
               any of the provisions of this Trust Agreement the Property Trustee finds the
               same ambiguous or inconsistent with any other provisions contained herein, or
               (iii) the Property Trustee is unsure of the application of any provision of this
               Trust Agreement, then, except as to any matter as to which the Holders of the
               Preferred Securities are entitled to vote under the terms of this Trust
               Agreement, the Property Trustee shall deliver a notice to the Depositor
               requesting the Depositor’s written instruction as to the course of action
               to be taken and the Property Trustee shall take such action, or refrain from
               taking such action, as the Property Trustee shall be instructed in writing to
               take, or to refrain from taking, by the Depositor; provided, however,
               that if the Property Trustee does not receive such instructions of the Depositor
               within ten Business Days after it has delivered such notice, or such reasonably
               shorter period of time set forth in such notice, the Property Trustee may, but
               shall be under no duty to, take such action, or refrain from taking such action,
               as the Property Trustee shall deem advisable and in the best interests of the
               Holders, in which event the Property Trustee shall have no liability except for
               its own bad faith, negligence or willful misconduct; 

               

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

               

          	(d) 	  	
               any direction or act of an Administrative Trustee contemplated by this Trust
               Agreement shall be sufficiently evidenced by a certificate executed by such
               Administrative Trustee and setting forth such direction or act; 

               

          	(e) 	  	
               the Property Trustee shall have no duty to see to any recording, filing or
               registration of any instrument (including any financing or continuation
               statement or any filing under tax or securities laws) or any re-recording,
               re-filing or re-registration thereof; 

               

          	(f) 	  	
               the Property Trustee may consult with counsel (which counsel may be counsel to
               the Property Trustee, the Depositor or any of its Affiliates, and may include
               any of its employees) and the advice of such counsel shall be full and complete
               authorization and protection in respect of any action taken, suffered or omitted
               by it hereunder in good faith and in reliance thereon and in accordance with
               such advice; the Property Trustee shall have the right at any time to seek
               instructions concerning the administration of this Trust Agreement from any
               court of competent jurisdiction; 

               

          	(g) 	  	
               the Property Trustee shall be under no obligation to exercise any of the rights
               or powers vested in it by this Trust Agreement at the request or direction of
               any of the Holders pursuant to this Trust Agreement, unless such Holders shall
               have offered to the Property Trustee reasonable security or indemnity against
               the costs, expenses and liabilities that might be incurred by it in compliance
               with such request or direction; provided, however, that, nothing
               contained in this Section 8.3(g) shall be taken to relieve the Property
               Trustee, upon the occurrence of an Event of Default, of its obligation to
               exercise the rights and powers vested in it by this Trust Agreement; 

               

          	(h) 	  	
               the Property Trustee shall not be bound to make any investigation into the facts
               or matters stated in any resolution, certificate, statement, instrument,
               opinion, report, notice, request, consent, order, approval, bond, debenture,
               note or other evidence of indebtedness or other paper or document, unless
               requested in writing to do so by one or more Holders, but the Property Trustee
               may make such further inquiry or investigation into such facts or matters as it
               may see fit; 

               

          	(i) 	  	
               the Property Trustee may execute any of the trusts or powers hereunder or
               perform any duties hereunder either directly or by or through its agents,
               attorneys, custodians or nominees, provided, however, that the Property
               Trustee shall be responsible for its own negligence or misconduct with respect
               to selection of any agent, attorney, custodian or nominee appointed by it
               hereunder; 

               

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

               

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

               

          	(l) 	  	
               without prejudice to any other rights available to the Property Trustee under
               applicable law, when the Property Trustee incurs expenses or renders services in
               connection with a Bankruptcy Event, such expenses (including legal fees and
               expenses of its counsel) and the compensation for such services are intended to
               constitute expenses of administration under any bankruptcy law or law relating
               to creditors rights generally; and 

               

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

               

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

      SECTION 8.4 Not
Responsible for Recitals or Issuance of Securities. 

        The
recitals contained herein and in the Securities Certificates shall be taken as the
statements of the Issuer Trust and the Depositor, and the Issuer Trustees do not assume
any responsibility for their correctness. The Issuer Trustees make no representations as
to the title to, or value or condition of, the property of the Issuer Trust or any part
thereof, nor as to the validity or sufficiency of this Trust Agreement, the Debt
Securities or the Trust Securities. The Issuer Trustees shall not be accountable for the
use or application by the Depositor of the proceeds of the Debt Securities. 

      SECTION 8.5 May Hold
Securities. 

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

      SECTION 8.6
Compensation; Indemnity; Fees. 

      The
Depositor agrees: 

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

               

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

               

          	(c) 	  	
               to the fullest extent permitted by applicable law, to indemnify and hold
               harmless (i) each Issuer Trustee, (ii) any Affiliate of any Issuer Trustee,
               (iii) any officer, director, shareholder, employee, representative or agent of
               any Issuer Trustee, and (iv) any employee or agent of the Issuer Trust from and
               against any loss, damage, liability, tax (other than income, franchise or other
               taxes imposed on amounts paid pursuant to (a) or (b) hereof), penalty, expense
               or claim of any kind or nature whatsoever incurred without negligence, willful
               misconduct or bad faith on its part, arising out of or in connection with the
               acceptance or administration of the trust or trust hereunder, including the
               reasonable costs and expenses of defending itself against any claim or liability
               in connection with the exercise or performance of any of its powers or duties
               hereunder. 

               

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

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

        In
the event that the Property Trustee is also acting as Paying Agent or Securities Registrar
hereunder, the rights and protections afforded to the Property Trustee pursuant to this
Article VIII shall also be afforded to such Paying Agent or Securities Registrar. 

      SECTION 8.7 Corporate
Property Trustee Required; Eligibility of Issuer Trustees. 

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

          

     	(b) 	
          There shall at all times be one or more Administrative Trustees hereunder with
          respect to the Trust Securities. Each Administrative Trustee shall be either a
          natural person who is at least 21 years of age or a legal entity that shall act
          through one or more persons authorized to bind that entity. 

          

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

          

      SECTION 8.8 Conflicting
Interests. 

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

          

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

          

      SECTION 8.9 Co-Trustees
and Separate Trustee. 

        At
any time or times, for the purpose of meeting the legal requirements of the Trust
Indenture Act or of any jurisdiction in which any part of the Trust Property may at the
time be located, the Depositor and the Administrative Trustees, except in such instances
as set forth in the second following sentence, by agreed action of the majority of such
Trustees shall have power to appoint, and upon the written request of the Administrative
Trustees, the Depositor shall for such purpose join with the Administrative Trustees in
the execution, delivery, and performance of all instruments and agreements necessary or
proper to appoint, one or more Persons approved by the Property Trustee either to act as
co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property,
or to the extent required by law to act as separate trustee of any such property, in
either case with such powers as may be provided in the instrument of appointment, and to
vest in such Person or Persons in the capacity aforesaid, any property, title, right or
power deemed necessary or desirable, subject to the other provisions of this Section
8.9. Any co-trustee or separate trustee appointed pursuant to this Section 8.9
shall either be (i) a natural person who is at least 21 years of age and a resident of the
United States, or (ii) a legal entity with its principal place of business in the United
States that shall act through one or more persons authorized to bind such entity. If the
Depositor does not join in such appointment within 15 days after the receipt by it of a
request to do so, or in case an Event of Default under the Indenture shall have occurred
and be continuing, the Property Trustee alone shall have the power to make such
appointment. 

        Should
any written instrument from the Depositor be required by any co-trustee or separate
trustee so appointed for more fully confirming to such co-trustee or separate trustee such
property, title, right, or power, any and all such instruments shall, on request, be
executed, acknowledged and delivered by the Depositor, provided, however, that, if
an Event of Default shall have occurred and be continuing, the Property Trustee may
execute any such instrument on behalf of the Depositor as its agent and attorney-in-fact
therefor. 

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

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

               

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

               

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

               

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

               

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

               

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

               

      SECTION 8.10 Resignation
and Removal; Appointment of Successor. 

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

        Subject
to the immediately preceding paragraph, a Relevant Trustee may resign at any time by
giving written notice thereof to the Depositor and, in the case of the Property Trustee
and the Delaware Trustee, to the Holders. If the instrument of acceptance by the successor
Issuer Trustee required by Section 8.11 shall not have been delivered to the
Relevant Trustee within 60 days after the giving of such notice of resignation, the
Relevant Trustee may petition, at the expense of the Issuer Trust, any court in the State
of Delaware for the appointment of a successor Relevant Trustee. 

        Unless
an Indenture Event of Default shall have occurred and be continuing, the Property Trustee
or the Delaware Trustee, or both of them, may be removed at any time by Act of the Holder
of Common Securities. If an Indenture Event of Default shall have occurred and be
continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed
at such time by Act of the Holders of at least a majority in aggregate Liquidation Amount
of the Outstanding Preferred Securities, delivered to the Relevant Trustee (in its
individual capacity and on behalf of the Issuer Trust). An Administrative Trustee may be
removed only by the Holder of the Common Securities at any time. 

        If
any Issuer Trustee shall be removed or become incapable of acting as Issuer Trustee, or if
a vacancy shall occur in the office of any Issuer Trustee for any cause, at a time when no
Indenture Event of Default shall have occurred and be continuing, the Holder of the Common
Securities, by Act of the Holder of the Common Securities delivered to the retiring
Relevant Trustee, shall promptly appoint a successor Relevant Trustee or Trustees, and
such successor Issuer Trustee and the retiring Relevant Trustee shall comply with the
applicable requirements of Section 8.11. If the Property Trustee or the Delaware
Trustee shall resign, be removed or become incapable of continuing to act as the Property
Trustee or the Delaware Trustee, as the case may be, at a time when an Indenture Event of
Default shall have occurred and be continuing, the Holders of the Preferred Securities, by
Act of the Holders of a majority in Liquidation Amount of the Preferred Securities then
Outstanding delivered to the retiring Relevant Trustee, shall promptly appoint a successor
Relevant Trustee or Trustees, and such successor Issuer Trustee and the retiring Relevant
Trustee shall comply with the applicable requirements of Section 8.11. If an
Administrative Trustee shall resign, be removed or become incapable of acting as
Administrative Trustee, at a time when an Indenture Event of Default shall have occurred
and be continuing, the Holder of the Common Securities by Act of the Holder of Common
Securities delivered to the retiring Administrative Trustee shall promptly appoint a
successor Administrative Trustee and such successor Administrative Trustee and the
retiring Administrative Trustee shall comply with the applicable requirements of
Section 8.11. If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, no successor Relevant Trustee shall have been so
appointed by the Holder of the Common Securities or Holders of the Preferred Securities
and accepted appointment in the manner required by Section 8.11, any Holder who has
been a Holder of Preferred Securities for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Relevant Trustee. 

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

        Notwithstanding
the foregoing or any other provision of this Trust Agreement, in the event any
Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes, in
the opinion of the Holder of Common Securities, incompetent or incapacitated, the vacancy
created by such death, incompetence or incapacity may be filled by (a) the unanimous act
of the remaining Administrative Trustees if there are at least two of them, or (b)
otherwise by the Depositor (with the successor in each case being a Person who satisfies
the eligibility requirement for Administrative Trustees or Delaware Trustee, as the case
may be, set forth in Section 8.7). 

      SECTION 8.11 Acceptance
of Appointment by Successor. 

        In
case of the appointment hereunder of a successor Relevant Trustee, the retiring Relevant
Trustee and each successor Relevant Trustee with respect to the Trust Securities shall
execute and deliver an amendment hereto wherein each successor Relevant Trustee shall
accept such appointment and which shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Relevant Trustee all
the rights, powers, trusts and duties of the retiring Relevant Trustee with respect to the
Trust Securities and the Issuer Trust and upon the execution and delivery of such
amendment the resignation or removal of the retiring Relevant Trustee shall become
effective to the extent provided therein and each such successor Relevant Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Relevant Trustee; but, on request of the Issuer Trust or
any successor Relevant Trustee such retiring Relevant Trustee shall, upon payment of its
charges, duly assign, transfer and deliver to such successor Relevant Trustee all Trust
Property, all proceeds thereof and money held by such retiring Relevant Trustee hereunder
with respect to the Trust Securities and the Trust. 

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

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

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

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

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

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

      SECTION 8.14 Property
Trustee May File Proofs of Claim. 

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

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

               

          	(b) 	  	
               to collect and receive any moneys or other property payable or deliverable on
               any such claims and to distribute the same; 

               

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Property
Trustee and, in the event the Property Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Property Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Property Trustee, its
agents and counsel, and any other amounts due the Property Trustee. 

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

      SECTION 8.15 Reports by
Property Trustee. 

     	(a) 	
          Not later than November 15 of each year commencing with November 15, 2003, the
          Property Trustee shall transmit to all Holders in accordance with Section
          10.9, and to the Depositor, a brief report, dated as of the immediately
          preceding September 15 concerning the Property Trustee and its actions under
          this Trust Agreement if and as may be required pursuant to Section 313(a) of the
          Trust Indenture Act. 

          

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

          

     	(c) 	
          A copy of each such report shall, at the time of such transmission to Holders,
          be filed by the Property Trustee with each national stock exchange, the Nasdaq
          National Market or such other interdealer quotation system or self-regulatory
          organization upon which the Trust Securities are listed or traded, if any, with
          the Commission and with the Depositor. The Depositor shall notify the Property
          Trustee of any such listing or trading. 

          

      SECTION 8.16 Reports to
the Property Trustee. 

        Each
of the Depositor and the Administrative Trustees shall provide to the Property Trustee
such documents, reports and information as required by Section 314 of the Trust Indenture
Act (if any) and the compliance certificate required by Section 314(a) of the Trust
Indenture Act in the form, in the manner and at the times required by Section 314 of the
Trust Indenture Act, such compliance certificate to be delivered on or before 120 days
after the end of each fiscal year of the Depositor. 

      SECTION 8.17 Evidence of
Compliance with Conditions Precedent. 

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

      SECTION 8.18 Number of
Issuer Trustees. 

     	(a) 	
          The number of Issuer Trustees shall be five, provided that the Property Trustee
          and the Delaware Trustee may be the same Person. 

          

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

          

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

          

      SECTION 8.19 Delegation
of Power. 

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

          

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

          

      SECTION 8.20 Appointment
of Administrative Trustees. 

     	(a) 	
          Whenever a vacancy in the number of Administrative Trustees shall occur, until
          such vacancy is filled by the appointment of an Administrative Trustee in
          accordance with this Section 8.20, the Administrative Trustees in office,
          regardless of their number (and notwithstanding any other provision of this
          Agreement), shall have all the powers granted to the Administrative Trustees and
          shall discharge all the duties imposed upon the Administrative Trustees by this
          Trust Agreement. 

          

      SECTION 8.21 Delaware
Trustee. 

        It
is expressly understood and agreed by the parties hereto that in fulfilling its
obligations as Delaware Trustee hereunder on behalf of the Issuer Trust (i) any agreements
or instruments executed and delivered by Chase Manhattan Bank USA, National Association
are executed and delivered not in its individual capacity but solely as Delaware Trustee
under this Trust Agreement in the exercise of the powers and authority conferred and
vested in it, (ii) each of the representations, undertakings and agreements herein made on
the part of the Issuer Trust is made and intended not as representations, warranties,
covenants, undertakings and agreements by Chase Manhattan Bank USA, National Association
in its individual capacity but is made and intended for the purpose of binding only the
Issuer Trust, and (iii) under no circumstances shall Chase Manhattan Bank USA, National
Association in its individual capacity be personally liable for the payment of any
indebtedness or expenses of the Issuer Trust or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the Trust under
this Trust Agreement, except if such breach or failure is due to any gross negligence or
willful misconduct of the Delaware Trustee. 

ARTICLE 9 

TERMINATION,
LIQUIDATION AND MERGER  

      SECTION 9.1                                   Dissolution
Upon Expiration Date. 

        Unless
earlier dissolved, the Issuer Trust shall automatically dissolve on November 15, 2037 (the
“Expiration Date”), and the Trust Property shall be liquidated in accordance
with Section 9.4. 

      SECTION 9.2                                   Early
Termination. 

        The
first to occur of any of the following events is an “Early Termination Event”,
upon the occurrence of which the Issuer Trust shall be dissolved: 

          	(a)  	
               the occurrence of a Bankruptcy Event in respect of, or the dissolution or
               liquidation of, the Depositor, in its capacity as the Holder of the Common
               Securities, unless the Depositor shall transfer the Common Securities as
               provided by Section 5.11, in which case this provision shall refer
               instead to any such successor Holder of the Common Securities; 

               

          	(b)  	
               the written direction to the Property Trustee from the Holder of the Common
               Securities at any time to dissolve the Issuer Trust and, after satisfaction of
               liability of the Issuer Trust as required by applicable law, to distribute the
               Debt Securities to Holders in exchange for the Preferred Securities (which
               direction is optional and wholly within the discretion of the Holder of the
               Common Securities); 

               

          	(c)  	
               the redemption of all of the Preferred Securities in connection with the payment
               at maturity redemption of all the Debt Securities; and 

               

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

               

      SECTION 9.3                                   Termination. 

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

      SECTION 9.4                                   Liquidation. 

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

          

     	        (i) 	
          state the Liquidation Date; 

          

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

          

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

          

     	(b) 	
          Except where Section 9.2(c) or 9.4(d) applies, in order to effect
          the liquidation of the Issuer Trust and distribution of the Debt Securities to
          Holders, the Property Trustee, either itself acting as exchange agent or through
          the appointment of a separate exchange agent, shall establish a record date for
          such distribution (which shall be not more than 45 days prior to the Liquidation
          Date) and, establish such procedures as it shall deem appropriate to effect the
          distribution of Debt Securities in exchange for the Outstanding Securities
          Certificates. 

          

     	(c) 	
          Except where Section 9.2(c) or 9.4(d) applies, after the
          Liquidation Date, (i) the Trust Securities will no longer be deemed to be
          Outstanding, (ii) certificates representing a Like Amount of Debt Securities
          will be issued to Holders of Securities Certificates, upon surrender of such
          Certificates to the exchange agent for exchange, (iii) the Depositor shall use
          its best efforts to have the Debt Securities listed on the New York Stock
          Exchange or on such other exchange, interdealer quotation system or
          self-regulatory organization on which the Preferred Securities are then listed,
          (iv) Securities Certificates not so surrendered for exchange will be deemed to
          represent a Like Amount of Debt Securities bearing accrued and unpaid interest
          in an amount equal to the accumulated and unpaid Distributions on such
          Securities Certificates until such certificates are so surrendered (and until
          such certificates are so surrendered, no payments of interest or principal will
          be made to Holders of Securities Certificates with respect to such Debt
          Securities) and (v) all rights of Holders holding Trust Securities will cease,
          except the right of such Holders to receive Debt Securities upon surrender of
          Securities Certificates. 

          

     	(d) 	
          If, notwithstanding the other provisions of this Section 9.4, whether
          because of an order for dissolution entered by a court of competent jurisdiction
          or otherwise, distribution of the Debt Securities in the manner provided herein
          is determined by the Property Trustee not to be practical, the Trust Property
          shall be liquidated, and the Issuer Trust shall be wound-up by the Property
          Trustee in such manner as the Property Trustee determines. In such event Holders
          will be entitled to receive out of the assets of the Issuer Trust available for
          distribution to Holders, after satisfaction of liabilities to creditors of the
          Issuer Trust as provided by applicable law, an amount equal to the Liquidation
          Amount per Trust Security plus accumulated and unpaid Distributions thereon to
          the date of payment (such amount being the “Liquidation
          Distribution”). If, upon any such winding up the Liquidation Distribution
          can be paid only in part because the Issuer Trust has insufficient assets
          available to pay in full the aggregate Liquidation Distribution, then, subject
          to the next succeeding sentence, the amounts payable by the Issuer Trust on the
          Trust Securities shall be paid on a pro rata basis (based upon Liquidation
          Amounts). The Holder of the Common Securities will be entitled to receive
          Liquidation Distributions upon any such winding-up pro rata (determined as
          aforesaid) with Holders of all Trust Securities, except that, if an Indenture
          Event of Default specified in Section 5.1(1) or 5.1(2) of the
          Indenture has occurred and is continuing, the Preferred Securities shall have a
          priority over the Common Securities as provided in Section 4.3. 

          

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

        The
Issuer Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or
convey, transfer or lease its properties and assets substantially as an entirety to any
Person except pursuant to this Section 9.5. At the request of the Holders of the
Common Securities, without the consent of the Holders the Issuer Trust may merge with or
into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its
properties and assets substantially as an entirety to a trust organized as such under the
laws of any State; provided, that (i) such successor entity either (A) expressly
assumes all of the obligations of the Issuer Trust with respect to the Preferred
Securities, or (B) substitutes for the Preferred Securities other securities having
substantially the same terms as the Preferred Securities (the “Successor
Securities”) so long as the Successor Securities have the same priority as the
Preferred Securities with respect to distributions and payments upon liquidation,
redemption and otherwise, (ii) a trustee of such successor entity possessing the same
powers and duties as the Property Trustee is appointed to hold the Debt Securities, (iii)
such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does
not cause the Preferred Securities (including any Successor Securities) to be downgraded
by any nationally recognized statistical rating organization that then assigns a rating to
the Preferred Securities, (iv) the Preferred Securities are listed, or any Successor
Securities will be listed upon notice of issuance, on any national securities exchange or
interdealer quotation system on which the Preferred Securities are then listed, if any,
(v) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not adversely affect the rights, preferences and privileges of the Holders of the
Preferred Securities (including any Successor Securities) in any material respect, (vi)
such successor entity has a purpose substantially identical to that of the Issuer Trust,
(vii) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer
or lease, the Depositor has received an Opinion of Counsel to the effect that (A) such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not
adversely affect the rights, preferences and privileges of the Holders of the Preferred
Securities (including any Successor Securities) in any material respect, and (B) following
such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease,
neither the Issuer Trust nor such successor entity will be required to register as an
“investment company” under the Investment Company Act, and (viii) the Depositor
or its permitted transferee owns all of the common securities of such successor entity and
guarantees the obligations of such successor entity under the Successor Securities at
least to the extent provided by the Guarantee Agreement. Notwithstanding the foregoing,
the Issuer Trust shall not, except with the consent of Holders of all of the Preferred
Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey,
transfer or lease its properties and assets substantially as an entirety to any other
Person or permit any other entity to consolidate, amalgamate, merge with or into, or
replace it if such consolidation, amalgamation, merger, replacement, conveyance, transfer
or lease would cause the Issuer Trust or the successor entity to be taxable as a
corporation or classified as other than a grantor trust for United States federal income
tax purposes or cause the Debt Securities to be treated as other than indebtedness of the
Depositor for United States federal income tax purposes. 

ARTICLE 10 

MISCELLANEOUS
PROVISIONS 

      SECTION 10.1                           Limitation
of Rights of Holders. 

        Except
as set forth in Section 9.2, the death, bankruptcy, termination, dissolution or
incapacity of any Person having an interest, beneficial or otherwise, in Trust Securities
shall not operate to terminate this Trust Agreement, nor annul, dissolve or terminate the
Issuer Trust nor entitle the legal representatives or heirs of such Person or any Holder
for such Person, to claim an accounting, take any action or bring any proceeding in any
court for a partition or winding up of the arrangements contemplated hereby, nor otherwise
affect the rights, obligations and liabilities of the parties hereto or any of them. 

      SECTION 10.2              Agreed Tax
Treatment of Issuer Trust and Trust Securities. 

        The
parties hereto and, by its acceptance or acquisition of a Trust Security or a beneficial
interest therein the Holder of, and any Person that acquires a beneficial interest in,
such Trust Security intend and agree to treat the Issuer Trust as a grantor trust for
United States federal, state and local tax purposes, to treat the Trust Securities
(including but not limited to all payments and proceeds with respect to such Trust
Securities) as undivided beneficial ownership interests in the Trust Property (and
payments and proceeds therefrom, respectively) for United States federal, state and local
tax purposes and to treat the Debt Securities as indebtedness of the Depositor for United
States federal, state and local tax purposes. The provisions of this Trust Agreement shall
be interpreted to further this intention and agreement of the parties. 

      SECTION 10.3                 Amendment. 

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

          

     	(b) 	
          Except as provided in Section 10.3(c) hereof, any provision of this Trust
          Agreement may be amended by the Property Trustee, the Administrative Trustees
          and the Holders of all of the Common Securities and with (i) the consent of
          Holders of at least a Majority in Liquidation Amount of the Preferred
          Securities, and (ii) receipt by the Issuer Trustees of an Opinion of Counsel to
          the effect that such amendment or the exercise of any power granted to the
          Issuer Trustees in accordance with such amendment will not cause the Issuer
          Trust to be taxable as a corporation or classified as other than a grantor trust
          for United States federal income tax purposes or affect the treatment of the
          Debt Securities as indebtedness of the Depositor for United States federal
          income tax purposes or affect the Issuer Trust’s exemption from status as
          an “investment company” under the Investment Company Act. 

          

     	(c) 	
          In addition to and notwithstanding any other provision in this Trust Agreement,
          without the consent of each affected Holder, this Trust Agreement may not be
          amended to (i) change the amount or timing of any Distribution on the Trust
          Securities or otherwise adversely affect the amount of any Distribution required
          to be made in respect of the Trust Securities as of a specified date, or (ii)
          restrict the right of a Holder to institute suit for the enforcement of any such
          payment on or after such date; and notwithstanding any other provision herein,
          without the unanimous consent of the Holders, this paragraph (c) of this
          Section 10.3 may not be amended. 

          

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

          

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

          

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

          

     	(g) 	
          No Issuer Trustee shall be required to enter into any amendment to this Trust
          Agreement that affects its own rights, duties or immunities under this Trust
          Agreement. The Issuer Trustees shall be entitled to receive an Opinion of
          Counsel and an Officers’ Certificate stating that any amendment to this
          Trust Agreement is in compliance with this Trust Agreement and all conditions
          precedent herein provided for relating to such action have been met. 

          

      SECTION 10.4
               Separability. 

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

      SECTION 10.5            Governing
Law. 

        THIS
TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE ISSUER TRUST,
THE DEPOSITOR AND THE ISSUER TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE TRUST
SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
DELAWARE WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS PROVISIONS, PROVIDED, THAT THE
IMMUNITIES AND STANDARD OF CARE OF THE PROPERTY TRUSTEE IN CONNECTION WITH THE
ADMINISTRATION OF ITS TRUSTS AND DUTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK. THE PROVISIONS OF SECTION 3540
OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THIS TRUST. 

      SECTION 10.6              Payments
Due on Non -Business Day. 

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

      SECTION 10.7               Successors. 

        This
Trust Agreement shall be binding upon and shall inure to the benefit of any successor to
the Depositor, the Issuer Trust and any Issuer Trustee, including any successor by
operation of law. Except in connection with a transaction involving the Depositor that is
permitted pursuant to Section 5.11 hereof and pursuant to which the assignee agrees
in writing to perform the Depositor’s obligations hereunder, the Depositor shall not
assign its obligations hereunder. 

      SECTION 10.8                Headings. 

        The
Article and Section headings are for convenience only and shall not affect the
construction of this Trust Agreement. 

      SECTION 10.9                Reports,
Notices and Demands. 

        Any
report, notice, demand or other communication that by any provision of this Trust
Agreement is required or permitted to be given or served to or upon any Holder or the
Depositor may be given or served in writing by deposit thereof, first-class postage
prepaid, in the United States mail, hand delivery or facsimile transmission, in each case,
addressed, (a) in the case of a Holder of Preferred Securities, to such Holder as such
Holder’s name and address may appear on the Securities Register; and (b) in the case
of the Holder of all the Common Securities or the Depositor, to Everest Reinsurance
Holdings, Inc., 477 Martinsville Road, P.O. Box 830, Liberty Corner, New Jersey
07938-0830, Attention: General Counsel, facsimile no.(908) 604-3450, or to such other
address as may be specified in a written notice by the Holder of all the Common Securities
or the Depositor, as the case may be, to the Property Trustee. Such notice, demand or
other communication to or upon a Holder shall be deemed to have been sufficiently given or
made, for all purposes, upon hand delivery, mailing or transmission. Such notice, demand
or other communication to or upon the Depositor shall be deemed to have been sufficiently
given or made only upon actual receipt of the writing by the Depositor. 

Any notice, demand or other
communication that by any provision of this Trust Agreement is required or permitted to be
given or served to or upon the Property Trustee, the Delaware Trustee, the Administrative
Trustees or the Issuer Trust shall be given in writing by deposit thereof, first-class
postage prepaid, in the U.S. mail, hand delivery or facsimile transmission, addressed to
such Person as follows: (a) with respect to the Property Trustee to 4 New York Plaza,
15th Floor, New York, NY 10004, Attention: Institutional Trust Services,
facsimile no.: (212) 623-6167; (b) with respect to the Delaware Trustee, to c/o JP Morgan
Chase Bank, 500 Stanton Christiana Road, Building 4 (3rd Floor), Newark, Delaware 19713,
Attention: Institutional Trust Services, facsimile no.: (302) 552-6280; (c) with respect
to the Administrative Trustees, to them at the address above for notices to the Depositor,
marked “Attention: Administrative Trustees of Everest Re Capital Trust”, and (d)
with respect to the Issuer Trust, to its principal office specified in Section 2.1,
with a copy to the Property Trustee. Such notice, demand or other communication to or upon
the Issuer Trust, the Property Trustee or the Administrative Trustees shall be deemed to
have been sufficiently given or made only upon actual receipt of the writing by the Issuer
Trust, the Property Trustee or such Administrative Trustees. 

      SECTION 10.10                Agreement
Not to Petition. 

        Each
of the Issuer Trustees and the Depositor agree for the benefit of the Holders that, until
at least one year and one day after the Issuer Trust has been terminated in accordance
with Article IX, they shall not file, or join in the filing of, a petition against the
Issuer Trust under any bankruptcy, insolvency, reorganization or other similar law
(including the United States Bankruptcy Code) (collectively, “Bankruptcy Laws”)
or otherwise join in the commencement of any proceeding against the Issuer Trust under any
Bankruptcy Law. If the Depositor takes action in violation of this Section 10.10,
the Property Trustee agrees, for the benefit of Holders, that at the expense of the
Depositor, it shall file an answer with the bankruptcy court or otherwise properly contest
the filing of such petition by the Depositor against the Issuer Trust or the commencement
of such action and raise the defense that the Depositor has agreed in writing not to take
such action and should be estopped and precluded therefrom and such other defenses, if
any, as counsel for the Property Trustee or the Issuer Trust may assert. 

      SECTION 10.11              Trust
Indenture Act; Conflict with Trust Indenture Act. 

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

          

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

          

     	(c) 	
          If any provision hereof limits, qualifies or conflicts with the duties imposed
          by Sections 310 to 317, inclusive, of the Trust Indenture Act through operation
          of Section 318(c) thereof, such imposed duties shall control. If any provision
          of this Trust Agreement modifies or excludes any provision of the Trust
          Indenture Act which may be so modified or excluded, the latter provision shall
          be deemed to apply to this Trust Agreement as so modified or excluded, as the
          case may be. 

          

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

          

      SECTION 10.12                Acceptance
of Terms of Trust Agreement, Guarantee Agreement and Indenture. 

        THE
RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A
HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT,
SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A
BENEFICIAL INTEREST IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST
AGREEMENT, THE GUARANTEE AGREEMENT AND THE INDENTURE, AND AGREEMENT TO THE SUBORDINATION
PROVISIONS, THE TAX TREATMENT PROVISIONS AND OTHER TERMS OF THE GUARANTEE AGREEMENT AND
THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE ISSUER TRUST, SUCH HOLDER AND
SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING,
OPERATIVE AND EFFECTIVE AS BETWEEN THE ISSUER TRUST AND SUCH HOLDER AND SUCH OTHERS. 

[REMAINDER OF THIS
PAGE INTENTIONALLY LEFT BLANK] 

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

		
	 	EVEREST REINSURANCE HOLDINGS, INC.
	 	as Depositor
	 	
	 	 
	 	Name:                                                    
	 	Title:                                                      

		
	JPMORGAN CHASE BANK,	CHASE MANHATTAN BANK USA, 
		NATIONAL ASSOCIATION
	as Property Trustee	as Delaware Trustee
	 	 
	
	

	Name:                                                    	Name:                                                    
	Title:                                                      	Title:                                                      
	 	 
	Stephen L. Limauro,	Frank N. Lopapa,
	      as Administrative Trustee	      as Administrative Trustee
	 	 
	
	

	 	 
	Keith Shoemaker	 
	      as Administrative Trustee	 
	 	 
	
	 

Exhibit A 

CERTIFICATE OF TRUST 

OF 

EVEREST RE CAPITAL
TRUST 

(as executed in 1999) 

        This
Certificate of Trust of Everest Re Capital Trust (the “Trust”), dated September
17, 1999, is being duly executed and filed on behalf of the Trust by the undersigned, as
trustee, to form a business trust under the Delaware Business Trust Act (12 Del. C.
Section 3801 et seq.) (the “Act”). 

                  1.                                           Name.
The name of the business trust formed by this Certificate of Trust is           Everest
Re Capital Trust.  

                       2.                                 
          Delaware Trustee. The name and business address of the trustee of the Trust in
          the State of Delaware are Chase                                                        Manhattan Bank Delaware. 

                       3.                                
          Effective Date. This Certificate of Trust shall be effective upon its filing. 

        IN
WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance
with Section 3811(a)(1) of the Act.. 

		
	 	CHASE MANHATTAN BANK  DELAWARE,
	 	not in its individual capacity but solely as
	 	trustee
	 	 
	 	By:                                                   
	 	Name:                                              
		Title:                                                 
	 	 
	 	THE CHASE MANHATAN BANK,
	 	not in its individual capacity but soley as
	 	trustee
	 	 
	 	By:                                                   
	 	Name:                                              
	 	Title:                                                 
	 	 
	 	STEPHEN L. LIMAURO,
	  	not in his individual capacity but soley as trustee 
	  	  
	  	
 

Exhibit B 

[FORM DTC LETTER OF
REPRESENTATIONS] 

The Depository Trust
Company 

A subsidiary of The
Depository Trust & Clearing Corporation 

BLANKET ISSUER LETTER
OF REPRESENTATIONS 

[To be Completed by
Issuer] 

Everest Reinsurance
Holdings, Inc. 

[Name of Issuer] 

_________________  

[Date] 

General Counsel’s
Office; 49th FloorThe 
Depository Trust Company55 
Water Street 

New York, NY 10041-0099 

Ladies and Gentlemen: 

        This
letter sets forth our understanding with respect to all issues (the
“Securities”) that Issuer shall request be made eligible for deposit by The
Depository Trust Company (“DTC”). 

        To
induce DTC to accept the Securities as eligible for deposit at DTC, and to act in
accordance with DTC’s Rules with respect to the Securities, Issuer represents to DTC
that Issuer will comply with the requirements stated in DTC’s Operational
Arrangements, as they may be amended from time to time. 

		
	Note:	 
	Schedule A contains statements that DTC believes accurately	Very truly yours,
	describe DTC, the method of effecting book-entry transfers of	 
	securities distributed through DTC, and certain related matters.	

	 	(Issuer)
	 	By: 

	 	(Authorized Officer's Signature)
	  	  
	Received	and                  Accepted
	THE DEPOSITORY TRUST COMPANY	

	 	(Print Name)
	By:
	

	 	(Street Address)
	 	 
	 	

	 	(City)(State)(Country)                 (Zip Code)
	 	 
	 	

	  	(Phone Number) 

SCHEDULE A 

(To Blanket Issuer
Letter of Representations) 

SAMPLE OFFERING
DOCUMENT LANGUAGE 

DESCRIBING
BOOK-ENTRY-ONLY ISSUANCE 

(Prepared by
DTC—bracketed material may be applicable only to certain issues) 

             1.    
          The Depository Trust Company (“DTC”), New York, NY, will act as
          securities depository for the securities (the “Securities”). The
          Securities will be issued as fully-registered securities registered in the name
          of Cede & Co. (DTC’s partnership nominee) or such other name as may be
          requested by an authorized representative of DTC. One fully-registered Security
          certificate will be issued for the Securities, in the aggregate principal amount
          of such issue, and will be deposited with DTC. 

             2.    
          DTC, the world’s largest depository, is a limited-purpose trust company
          organized under the New York Banking Law, a “banking organization”
          within the meaning of the New York Banking Law, a member of the Federal Reserve
          System, a “clearing corporation” within the meaning of the New York
          Uniform Commercial Code, and a “clearing agency” registered pursuant
          to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC
          holds and provides asset servicing for over 2 million issues of U.S. and
          non-U.S. equity issues, corporate and municipal debt issues, and money market
          instruments from over 85 countries that DTC’s participants (“Direct
          Participants”) deposit with DTC. DTC also facilitates the post-trade
          settlement among Direct Participants of sales and other securities transactions
          in deposited securities, through electronic computerized book-entry transfers
          and pledges between Direct Participants’ accounts. This eliminates the need
          for physical movement of securities certificates. Direct Participants include
          both U.S. and non-U.S. securities brokers and dealers, banks, trust companies,
          clearing corporations, and certain other organizations. DTC is a wholly-owned
          subsidiary of The Depository Trust & Clearing Corporation
          (“DTCC”). DTCC, in turn, is owned by a number of Direct Participants
          of DTC and Members of the National Securities Clearing Corporation, Government
          Securities Clearing Corporation, MBS Clearing Corporation, and Emerging Markets
          Clearing Corporation, (NSCC, GSCC, MBSCC, and EMCC, also subsidiaries of DTCC),
          as well as by the New York Stock Exchange, Inc., the American Stock Exchange
          LLC, and the National Association of Securities Dealers, Inc. Access to the DTC
          system is also available to others such as both U.S. and non-U.S. securities
          brokers and dealers, banks, trust companies, and clearing corporations that
          clear through or maintain a custodial relationship with a Direct Participant,
          either directly or indirectly (“Indirect Participants”). DTC has
          Standard & Poor’s highest rating: AAA. The DTC Rules applicable to its
          Participants are on file with the Securities and Exchange Commission. More
          information about DTC can be found at www.dtcc.com. 

             3.    
          Purchases of Securities under the DTC system must be made by or through Direct
          Participants, which will receive a credit for the Securities on DTC’s
          records. The ownership interest of each actual purchaser of each Security
          (“Beneficial Owner”) is in turn to be recorded on the Direct and
          Indirect Participants’ records. Beneficial Owners will not receive written
          confirmation from DTC of their purchase. Beneficial Owners are, however,
          expected to receive written confirmations providing details of the transaction,
          as well as periodic statements of their holdings, from the Direct or Indirect
          Participant through which the Beneficial Owner entered into the transaction.
          Transfers of ownership interests in the Securities are to be accomplished by
          entries made on the books of Direct and Indirect Participants acting on behalf
          of Beneficial Owners. Beneficial Owners will not receive certificates
          representing their ownership interests in Securities, except in the event that
          use of the book-entry system for the Securities is discontinued. 

             4.    
          To facilitate subsequent transfers, all Securities deposited by Direct
          Participants with DTC are registered in the name of DTC’s partnership
          nominee, Cede & Co., or such other name as may be requested by an authorized
          representative of DTC. The deposit of Securities with DTC and their registration
          in the name of Cede & Co. or such other DTC nominee do not effect any change
          in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of
          the Securities; DTC’s records reflect only the identity of the Direct
          Participants to whose accounts such Securities are credited, which may or may
          not be the Beneficial Owners. The Direct and Indirect Participants will remain
          responsible for keeping account of their holdings on behalf of their customers. 

             5.    
          Conveyance of notices and other communications by DTC to Direct Participants, by
          Direct Participants to Indirect Participants, and by Direct Participants and
          Indirect Participants to Beneficial Owners will be governed by arrangements
          among them, subject to any statutory or regulatory requirements as may be in
          effect from time to time. 

             6.    
          Redemption notices shall be sent to DTC. If less than all of the Securities
          within an issue are being redeemed, DTC’s practice is to determine by lot
          the amount of the interest of each Direct Participant in such issue to be
          redeemed. 

             7.    
          Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote
          with respect to Securities unless authorized by a Direct Participant in
          accordance with DTC’s Procedures. Under its usual procedures, DTC mails an
          Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus
          Proxy assigns Cede & Co.‘s consenting or voting rights to those Direct
          Participants to whose accounts Securities are credited on the record date
          (identified in a listing attached to the Omnibus Proxy). 

             8.    
          Redemption proceeds, distributions, and dividend payments on the Securities will
          be made to Cede & Co., or such other nominee as may be requested by an
          authorized representative of DTC. DTC’s practice is to credit Direct
          Participants’ accounts upon DTC’s receipt of funds and corresponding
          detail information from Issuer or Agent, on payable date in accordance with
          their respective holdings shown on DTC’s records. Payments by Participants
          to Beneficial Owners will be governed by standing instructions and customary
          practices, as is the case with securities held for the accounts of customers in
          bearer form or registered in “street name,” and will be the
          responsibility of such Participant and not of DTC [nor its nominee], Agent, or
          Issuer, subject to any statutory or regulatory requirements as may be in effect
          from time to time. Payment of redemption proceeds, distributions, and dividend
          payments to Cede & Co. (or such other nominee as may be requested by an
          authorized representative of DTC) is the responsibility of Issuer or Agent,
          disbursement of such payments to Direct Participants will be the responsibility
          of DTC, and disbursement of such payments to the Beneficial Owners will be the
          responsibility of Direct and Indirect Participants. 

             9.    
          DTC may discontinue providing its services as depository with respect to the
          Securities at any time by giving reasonable notice to Issuer or Agent. Under
          such circumstances, in the event that a successor depository is not obtained,
          Security certificates are required to be printed and delivered. 

             10.    
          Issuer may decide to discontinue use of the system of book-entry transfers
          through DTC (or a successor securities depository). In that event, Security
          certificates will be printed and delivered. 

             11.    
          The information in this section concerning DTC and DTC’s book-entry system
          has been obtained from sources that Issuer believes to be reliable, but Issuer
          takes no responsibility for the accuracy thereof. 

Exhibit C 

[FORM OF COMMON
SECURITIES CERTIFICATE] 

THIS CERTIFICATE IS
NOT TRANSFERABLE EXCEPT TO THE 

DEPOSITOR OR AN
AFFILIATE OF THE DEPOSITOR IN 

COMPLIANCE WITH APPLICABLE
LAW AND SECTION 5.11 OF THE 

TRUST AGREEMENT AND
ONLY IN CONNECTION WITH A 

SIMULTANEOUS
DELEGATION AND ASSIGNMENT OF THE EXPENSE AGREEMENT 

REFERRED TO THEREIN 

Certificate Number                                                                        Number of Common Securities

C — 

Certificate Evidencing
Common Securities 

of 

Everest Re Capital Trust 

7.85% Common Securities 

(liquidation amount $25
per Common Security) 

        Everest
Re Capital Trust, a statutory trust created under the laws of the State of Delaware (the
“Issuer Trust”), hereby certifies that Everest Reinsurance Holdings, Inc., a
Delaware corporation (the “Holder”) is the registered owner of common securities
of the Issuer Trust representing undivided common beneficial interests in the assets of
the Issuer Trust and designated the 7.85% Common Securities (liquidation amount $25 per
Common Security) (the “Common Securities”). Except in accordance with Section
5.11 of the Trust Agreement (as defined below), the Common Securities are not transferable
and any attempted transfer hereof other than in accordance therewith shall be void. The
designations, rights, privileges, restrictions, preferences and other terms and provisions
of the Common Securities are set forth in, and this certificate and the Common Securities
represented hereby are issued and shall in all respects be subject to the terms and
provisions of, the Amended and Restated Trust Agreement of the Issuer Trust, dated as of
November 14, 2002, as the same may be amended from time to time (the “Trust
Agreement”), among Everest Reinsurance Holdings, Inc., as Depositor, JPMorgan Chase
Bank, as Property Trustee, Chase Manhattan Bank USA, National Association, as Delaware
Trustee, the Administrative Trustees party thereto and the Holders, from time to time, of
Trust Securities. The Issuer Trust will furnish a copy of the Trust Agreement to the
Holder without charge upon written request to the Issuer Trust at its principal place of
business or registered office. 

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

        This
Common Securities Certificate shall be governed by and construed in accordance with the
laws of the State of Delaware. 

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

        IN
WITNESS WHEREOF, one of the Administrative Trustees of the Issuer Trust has executed this
certificate this __ day of November , 2002. 

		
		EVEREST RE CAPITAL TRUST
	 	 
	 	By:                                                     
	 	Name:
	 	Title: Administrative Trustee

Exhibit D 

[FORM OF EXPENSE
AGREEMENT] 

AGREEMENT AS TO
EXPENSES AND LIABILITIES 

        AGREEMENT
AS TO EXPENSES AND LIABILITIES, dated as of November 14, 2002, between Everest Reinsurance
Holdings, Inc., a Delaware corporation (the “Corporation”), and Everest Re
Capital Trust, a Delaware statutory trust (the “Issuer Trust”). 

        WHEREAS,
the Issuer Trust intends to issue its Common Securities (the “Common
Securities”) to and acquire Debt Securities from the Corporation and to issue and
sell 7.85% Preferred Securities (the “Preferred Securities”) with such powers,
preferences and special rights and restrictions as are set forth in the Amended and
Restated Trust Agreement, dated as of November 14, 2002, among the Corporation, as
Depositor, JPMorgan Chase Bank, as Property Trustee, Chase Manhattan Bank USA, National
Association, as Delaware Trustee, and the Holders of Trust Securities, as the same may be
amended from time to time (the “Trust Agreement”); 

        WHEREAS,
the Corporation will directly or indirectly own all of the Common Securities of the Trust
and will issue the Debt Securities; 

        WHEREAS,
capitalized terms used but not defined herein have the meanings set forth in the Trust
Agreement; 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

        SECTION
1.1.   Guarantee by the Corporation. Subject to the terms and
conditions hereof, the Corporation hereby irrevocably and unconditionally guarantees to
each person or entity to whom the Issuer Trust is now or hereafter becomes indebted or
liable (the “Beneficiaries”) the full payment, when and as due, of any and all
Obligations (as hereinafter defined) to such Beneficiaries. As used herein,
“Obligations” means any costs, expenses or liabilities of the Issuer Trust,
other than obligations of the Issuer Trust to pay to holders of any Trust Securities the
amounts due such holders pursuant to the terms of the Trust Securities. This Agreement is
intended to be for the benefit of, and to be enforceable by, all such Beneficiaries,
whether or not such Beneficiaries have received notice hereof. 

        SECTION
1.2.   Subordination of Guarantee. The guarantee and other liabilities
and obligations of the Corporation under this Agreement shall constitute unsecured
obligations of the Corporation and shall rank subordinate and junior in right of payment
to all Senior Indebtedness (as defined in the Indenture) of the Corporation to the extent
and in the manner set forth in the Indenture with respect to the Debt Securities, and the
provisions of Article XIV of the Indenture will apply, mutatis mutandis, to the
obligations of the Corporation hereunder. The obligations of the Corporation hereunder do
not constitute Senior Indebtedness (as defined in the Indenture) of the Corporation. 

        SECTION
1.3.   Term of Agreement. This Agreement shall terminate and be of no
further force and effect upon the later of (a) the date on which full payment has been
made of all amounts payable to all holders of all the Preferred Securities (whether upon
redemption, liquidation, exchange or otherwise) and (b) the date on which the Debt
Securities shall have been distributed to the Holders of the Trust Securities as provided
in Article IX of the Trust Agreement; provided, however, that this Agreement shall
continue to be effective or shall be reinstated, as the case may be, if at any time any
holder of Preferred Securities or any Beneficiary must restore payment of any sums paid
under the Preferred Securities, under any Obligation, under the Guarantee Agreement dated
the date hereof by the Corporation and JPMorgan Chase Bank, as guarantee trustee, or under
this Agreement for any reason whatsoever. This Agreement is continuing, irrevocable,
unconditional and absolute. 

        SECTION
1.4.   Waiver of Notice. The Corporation hereby waives notice of
acceptance of this Agreement and of any Obligation to which it applies or may apply, and
the Corporation hereby waives presentment, demand for payment, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 

        SECTION
1.5.   No Impairment. The obligations, covenants, agreements and duties
of the Corporation under this Agreement shall in no way be affected or impaired by reason
of the happening from time to time of any of the following: 

         (a)       
          the extension of time for the payment by the Issuer Trust of all or any portion
          of the Obligations or for the performance of any other obligation under, arising
          out of, or in connection with, the Obligations; 

         (b)       
          any failure, omission, delay or lack of diligence on the part of the
          Beneficiaries to enforce, assert or exercise any right, privilege, power or
          remedy conferred on the Beneficiaries with respect to the Obligations or any
          action on the part of the Issuer Trust granting indulgence or extension of any
          kind; or 

         (c)       
          the voluntary or involuntary liquidation, dissolution, sale of any collateral,
          receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
          reorganization, arrangement, composition or readjustment of debt of, or other
          similar proceedings affecting, the Issuer Trust or any of the assets of the
          Issuer Trust (other than the dissolution of the Issuer Trust in accordance with
          the terms thereof). 

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

        SECTION
1.6.   Enforcement. A Beneficiary may enforce this Agreement directly
against the Corporation and the Corporation waives any right or remedy to require that any
action be brought against the Issuer Trust or any other person or entity before proceeding
against the Corporation. 

        SECTION
1.7.   Subrogation. The Corporation shall be subrogated to all rights
(if any) of any Beneficiary against the Issuer Trust in respect of any amounts paid to the
Beneficiaries by the Corporation under this Agreement; provided, however, that the
Corporation shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any rights that it may acquire by way of subrogation or
any indemnity, reimbursement or other agreement, in all cases as a result of payment under
this Agreement, if, at the time of any such payment, any amounts are due and unpaid under
this Agreement. 

ARTICLE II 

        SECTION
2.1.   Assignment. This Agreement may not be assigned by either party
hereto without the consent of the other, and any purported assignment without such consent
shall be void. 

        SECTION
2.2.   Binding Effect. All guarantees and agreements contained in this
Agreement shall bind the successors, assigns, receivers, trustees and representatives of
the Corporation and shall inure to the benefit of the Beneficiaries. 

        SECTION
2.3.   Amendment. So long as there remains any Beneficiary or any
Preferred Securities are outstanding, this Agreement shall not be modified or amended in
any manner adverse to such Beneficiary or to the holders of the Preferred Securities
without the consent of such Beneficiary or the holders of the Preferred Securities, as the
case may be. 

        SECTION
2.4.   Notices. Any notice, request or other communication required or
permitted to be given hereunder shall be given in writing by delivering the same against
receipt therefor by facsimile transmission (confirmed by mail), telex or by registered or
certified mail, addressed as follows (and if so given, shall be deemed given when mailed
or upon receipt of an answer -back, if sent by telex): 

      If
given to the Corporation: 

      Everest
Reinsurance Holdings, Inc.
      477 Martinsville Road 

               	P.O. 	       

                     Box 830 Liberty Corner, New Jersey 07938 Facsimile No.: (908) 604-3450
                    Attention: General Counsel 

                    

      If
given to the Issuer Trust: 

      Everest
Re Capital Trust477 
Martinsville Road 

               	P.O. 	       

                     Box 830 Liberty Corner, New Jersey 07938 Facsimile No.: (908) 604-3450
                    Attention: General Counsel 

                    

        With
a copy to: 

      Everest
Reinsurance Holdings, Inc.477 
Martinsville Road 

               	P.O. 	       

                     Box 830 Liberty Corner, New Jersey 07938 Facsimile No.: (908) 604-3450
                    Attention: General Counsel 

                    

        SECTION
2.5.    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

        THIS
AGREEMENT is executed as of the day and year first above written. 

		
	 	 EVEREST REINSURANCE HOLDINGS, INC.
	 	 
	 	

		Name:
		Title:

		
	 	EVEREST RE CAPITAL TRUST
	 	 
	 	By:

	 	Name:
	 	Title:

Exhibit E 

[FORM OF PREFERRED
SECURITIES CERTIFICATE] 

        [IF
THE PREFERRED SECURITIES CERTIFICATE IS TO BE EVIDENCED BY A GLOBAL PREFERRED SECURITY,
INSERT—This Preferred Securities Certificate is a Global Preferred Security within
the meaning of the Trust Agreement hereinafter referred to and is registered in the name
of a Clearing Agency or a nominee of a Clearing Agency. This Preferred Securities
Certificate is exchangeable for Preferred Securities Certificates registered in the name
of a person other than the Clearing Agency or its nominee only in the limited
circumstances described in the Trust Agreement and may not be transferred except as a
whole by the Clearing Agency to a nominee of the Clearing Agency or by a nominee of the
Clearing Agency to the Clearing Agency or another nominee of the Clearing Agency, except
in the limited circumstances described in the Trust Agreement. 

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

Certificate Number                                                                                                                                                                                Number of Preferred Securities

CUSIP NO. 

Certificate Evidencing
Preferred Securities 

of 

Everest Re Capital Trust 

7.85% Preferred
Securities 

(liquidation amount $25
per Preferred Security) 

Everest Re Capital Trust, a statutory
trust created under the laws of the State of Delaware (the “Issuer Trust”),
hereby certifies that (the “Holder”) is the registered owner of Preferred
Securities of the Trust representing an undivided capital beneficial interest in the
assets of the Trust and designated the Everest Re Capital Trust 7.85% Preferred
Securities, (liquidation amount $25 per Preferred Security) (the “Preferred
Securities”). The Preferred Securities are transferable on the books and records of
the Issuer Trust, in person or by a duly authorized attorney, upon surrender of this
certificate duly endorsed and in proper form for transfer as provided in Section 5.5 of
the Trust Agreement (as defined below). The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred Securities are
set forth in, and this certificate and the Preferred Securities represented hereby are
issued and shall in all respects be subject to the terms and provisions of, the Amended
and Restated Trust Agreement of the Issuer Trust, dated as of November 14, 2002, as the
same may be amended from time to time (the “Trust Agreement”), among Everest
Reinsurance Holdings, Inc., as Depositor, JPMorgan Chase Bank, as Property Trustee, Chase
Manhattan Bank USA, National Association, as Delaware Trustee, the Administrative Trustees
party thereto and the Holders of Trust Securities. The Holder is entitled to the benefits
of the Guarantee Agreement entered into by Everest Reinsurance Holdings, Inc., a Delaware
corporation, and JPMorgan Chase Bank, as Guarantee Trustee, dated as of November 14, 2002,
as the same may be amended from time to time (the “Guarantee Agreement”), to the
extent provided therein. The Issuer Trust will furnish a copy of the Trust Agreement and
the Guarantee Agreement to the Holder without charge upon written request to the Property
Trustee at its principal place of business or registered office. 

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

        This
Preferred Securities Certificate shall be governed by and construed in accordance with the
laws of the State of Delaware. 

        All
capitalized terms used but not defined in this Preferred Securities Certificate are used
with the meanings specified in the Trust Agreement, including the Exhibits thereto. 

         IN WITNESS  WHEREOF,  one of the  Administrative  Trustees  of the Issuer  Trust has  executed  this  certificate  this __ day
of                    , 200  .

		
	 	EVEREST RE CAPITAL TRUST
	 	 
	 	 By:

	 	Name:
	 	Administrative Trustee

ASSIGNMENT 

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

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

(Insert address and zip
code of assignee) 

and irrevocably appoints 

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

Date: 

Signature: 

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

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

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