Document:

Capital
      Replacement Covenant,
      dated
      as of June 28, 2007 (this “Covenant”),
      by
      Citigroup Inc., a Delaware corporation (the “Corporation”),
      in
      favor of, and for the benefit of, each Covered Debtholder (as defined
      below).

     

    Recitals

     

    A. On
      the
      date hereof, the Corporation is issuing £500,050,000 aggregate principal amount
      of its 6.829% Fixed Rate/Floating Rate Junior Subordinated Deferrable Interest
      Debentures due June 28, 2067 the “Notes”)
      to
      Citigroup Capital XVIII, a Delaware statutory trust (the “Trust”).

     

    B. On
      the
      date hereof, the Trust is issuing £500,000,000 aggregate liquidation amount of
      its 6.829% Fixed Rate/Floating Rate Enhanced Trust Preferred Securities (the
      “Enhanced
      TRUPS”®1 
      and,
      together with the Notes, the “Securities”).

     

    C. This
      Covenant is the “Capital Replacement Covenant” referred to in the Prospectus,
      dated June 22, 2007, relating to the Enhanced TRUPS
      (the
“Prospectus”).

     

    D. The
      Corporation is entering into this Covenant and disclosing the content of this
      Covenant in the manner provided below with the intent that the covenants
      provided for in this Covenant be enforceable by each Covered Debtholder and
      that
      the Corporation be estopped from disregarding the covenants in this Covenant,
      in
      each case to the fullest extent permitted by applicable law.

     

    E. The
      Corporation acknowledges that reliance by each Covered Debtholder upon the
      covenants in this Covenant is reasonable and foreseeable by the Corporation
      and
      that, were the Corporation to disregard its covenants in this Covenant, each
      Covered Debtholder would have sustained an injury as a result of its reliance
      on
      such covenants.

     

    NOW,
      THEREFORE,
      the
      Corporation hereby covenants and agrees as follows in favor of and for the
      benefit of each Covered Debtholder.

     

    SECTION
      1. Definitions.
      Capitalized
      terms used in this Covenant (including the Recitals) have the meanings set
      forth
      in Schedule I hereto.

     

    SECTION
      2. Limitation
      on Redemption and Purchase of Securities. The
      Corporation hereby promises and covenants to, and for the benefit of, each
      Covered Debtholder that the Corporation shall not, and shall cause its
      Subsidiaries, including the Trust, not to, repay, redeem or purchase all or
      any
      part of the Securities before the Termination Date except to the extent that
      (a) the total amount repaid or the redemption or purchase price is equal to
      or less than the sum of the following amounts:

     

      
        

      

    

    
      
        	
                1 

              	
                TruPS®
                  is a registered service mark of Citigroup Global Markets Inc. Citigroup
                  Global Markets Inc. has applied for patent protection for the Enhanced
                  TruPS®
                  structure described in the prospectus dated June 22, 2007 with
                  respect to
                  the Enhanced TruPS.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

    

    (i) the
      Applicable
      Percentage of the aggregate amount of (a) net cash proceeds received by the
      Corporation or its Subsidiaries from the sale of Common Stock and rights to
      acquire Common Stock to Persons that are not Subsidiaries of the Corporation,
      (b) the Market Value of any Common Stock that the Corporation or its
      Subsidiaries have delivered as consideration for property or assets in an arm’s
      length transaction and (c) the Market Value of any Common Stock that the
      Corporation and its Subsidiaries have issued to Persons other than the
      Corporation and its Subsidiaries in connection with the conversion of any
      convertible or exchangeable securities, other than securities for which the
      Corporation or any of its Subsidiaries has received equity credit from any
      NRSRO, in each case since the most recent Measurement Date (without double
      counting proceeds received in any prior Measurement Period); plus 

     

    (ii)
      100%
      of the aggregate net cash proceeds received by the Corporation or its
      Subsidiaries since the most recent Measurement Date (without double counting
      proceeds received in any prior Measurement Period) from the sale of Mandatorily
      Convertible Preferred Stock, Debt Exchangeable for Common Equity, Debt
      Exchangeable for Preferred Equity and REIT Preferred Securities; plus

     

    (iii)
      100%
      of
      the aggregate amount of net cash proceeds received by the Corporation and its
      Subsidiaries since the most recent Measurement Date (without double counting
      proceeds received in any prior Measurement Period) from the sale of Qualifying
      Capital Securities;

     

    in
      each
      case to Persons that are not Subsidiaries of the Corporation and (b) the
      Corporation has obtained the prior concurrence or approval of the Federal
      Reserve (which includes the Board of Governors of the Federal Reserve System
      and
      the Federal Reserve Bank of New York, or its successor as the Corporation’s
      primary federal banking regulator) if such concurrence or approval is then
      required under the Federal Reserve’s capital rules. For the avoidance of doubt,
      persons covered by the Corporation’s dividend reinvestment plan and employee
      benefit plans shall be deemed not to be Subsidiaries of the Corporation for
      purposes of this Section 2; provided, however that the provisions of this
      Section 2 shall not apply to (i) the purchase of the Securities or any portion
      thereof in connection with the distribution thereof, (ii) purchases of the
      Securities or any portion thereof by Affiliates of the Corporation in connection
      with market-making or other secondary-market activities or (iii) any
      distribution of the Notes to holders of the Enhanced TruPS
      upon a
      dissolution of the Trust. For
      purposes of this Covenant, the term “repay” includes the defeasance by the
      Corporation of the Notes as well as the satisfaction and discharge of its
      obligations under the Indenture with respect to the Notes.

     

    SECTION
      3. Covered
      Debt 

     

    (a)
      The
      Corporation represents and warrants that the Initial Covered Debt is Eligible
      Debt.

     

    (b) On
      the
      Redesignation Date or during the 30-day period immediately preceding the
      Redesignation Date with respect to the then-effective Covered Debt, the
      Corporation shall identify the series of Eligible Debt that will become the
      Covered Debt on and after such Redesignation Date in accordance with the
      following procedures:

     

    
      
         

      

      
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    (A) the
      Corporation shall identify each series of its then-outstanding long-term
      indebtedness for money borrowed that is Eligible Debt;

     

    (B) if
      only
      one series of the Corporation’s then-outstanding long-term indebtedness for
      money borrowed is Eligible Debt, such series shall become the Covered Debt
      on
      the related Redesignation Date;

     

    (C) if
      the
      Corporation has more than one outstanding series of long-term indebtedness
      for
      money borrowed that is Eligible Debt, then the Corporation shall identify the
      series that has the latest occurring final maturity date as of the date the
      Corporation is applying the procedures in this Section 3(b) and such series
      shall become the Covered Debt on the related Redesignation Date;

     

    (D) the
      series of outstanding long-term indebtedness for money borrowed that is
      determined to be Covered Debt pursuant to clause (B) or (C) above shall be
      the
      Covered Debt for purposes of this Covenant for the period commencing on the
      related Redesignation Date and continuing to, but not including, the
      Redesignation Date as of which a new series of outstanding long-term
      indebtedness is next determined to be the Covered Debt pursuant to the
      procedures set forth in this Section 3(b); and

     

    (E) in
      connection with such identification of a new series of Covered Debt, the
      Corporation shall give the notice provided for in Section 4 within the time
      frame provided for in such section.

     

    (c)
      The
      Corporation agrees that, if at any time the Covered Debt is held by a trust
      (for
      example, where the Covered Debt is part of an issuance of trust preferred
      securities), a holder of the securities issued by such trust may enforce this
      Covenant directly against the Corporation (including by instituting legal
      proceedings) as though such holder owned Covered Debt directly, and the holders
      of such trust securities shall be deemed to be Covered Debtholders for purposes
      of this Covenant for so long as the indebtedness held by such trust remains
      Covered Debt hereunder.

     

    SECTION
      4. Notice.
      In
      order to give effect to the intent of the Corporation described in Recital
      D,
      the Corporation covenants that:

     

    (a) simultaneous
      with the execution of this Covenant or as soon as practicable after the date
      hereof, it shall (i) give notice to the Holders of the Initial Covered
      Debt, in the manner provided in the indenture relating to the Initial Covered
      Debt, of this Covenant and the rights granted to such Holders hereunder and
      (ii) file a copy of this Covenant with the Commission as an exhibit to a
      Current Report on Form 8-K under the Exchange Act;

     

    (b) so
      long
      as the Corporation is a reporting company under the Exchange Act, the
      Corporation will include in each annual report filed with the Commission on
      Form
      10-K under the Exchange Act a description of the covenant set forth in
      Section 2 and identify the series of long-term indebtedness for borrowed
      money that is Covered Debt as of the date such Form 10-K is filed with the
      Commission;

     

    
      
         

      

      
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    (c) within
      30
      days after a series of the Corporation’s long-term indebtedness for money
      borrowed (1) becomes Covered Debt or (2) ceases to be Covered Debt, the
      Corporation will give notice of such occurrence to the holders of such long-term
      indebtedness for money borrowed in the manner provided for in the indenture,
      fiscal agency agreement or other contract or instrument under which such
      long-term indebtedness for money borrowed was issued and, thereafter, publicly
      announce such occurrence (a) in a Current Report on Form 8-K under the
      Exchange Act which either describes this Covenant and incorporates this Covenant
      by reference to a previously filed exhibit to a Current Report on Form 8-K
      or
      includes a copy of this Covenant, and (b) in the Corporation’s quarterly
      report on Form 10-Q or the Corporation’s annual report on Form 10-K,
      as applicable (or any successor to such forms), that immediately follows the
      public announcement; 

     

    (d) if,
      and
      only if, the Corporation ceases to be a reporting company under the Exchange
      Act, the Corporation will (1) post on its website or any other similar
      electronic platform generally available to the public the information otherwise
      required to be included in Exchange Act filings pursuant to clauses (b) and
      (c)
      of this Section 4 and (2),
      to
      the extent permitted by Bloomberg or any other similar third-party vendor that
      makes available to the marketplace information with respect to securities that
      are Covered Debt by posting such information on an electronically accessible
      screen (each an “Investor
      Screen”),
      cause
      a notation to be included on each such Investor Screen identifying the relevant
      series of indebtedness of the Corporation that is Covered Debt from time to
      time
      as Covered Debt for purposes of this Covenant and cause a hyperlink to a
      conformed copy of this Covenant to be included on the Investor Screen for each
      series of Covered Debt (but only so long as such series is Covered
      Debt);
      and

     

    (e) promptly
      upon request by any Holder of Covered Debt, the Corporation will provide such
      Holder with a conformed copy of the executed version of this
      Covenant.

     

    SECTION
      5. Term.
      (a)  The
      obligations of the Corporation pursuant to this Covenant shall remain in full
      force and effect until the earliest date (the “Termination
      Date”)
      to
      occur of (1) the date, if any, on which the Holders of a majority by principal
      amount of the then-effective Covered Debt consent or agree, as evidenced by
      a
      resolution of a meeting of the Holders or otherwise in writing, to the
      termination of this Covenant, (2) the date on which the Corporation has no
      outstanding Eligible Subordinated Debt or Eligible Senior Debt (in each case
      without giving effect to the rating requirement in clause (ii) of the definition
      of each such term), (3) June 28, 2047 and (4) the occurrence of an event of
      default and acceleration under the indenture relating to the Notes. From and
      after the Termination Date, the obligations of the Corporation pursuant to
      this
      Covenant shall be of no further force or effect.

     

    (b) For
      purposes of Section 5(a)(1) and Section 6, the Holders whose consent or
      agreement is required to terminate the covenants in Section 2 or to amend or
      supplement the obligations of the Corporation under this Covenant shall be
      the
      Holders of the then-effective Covered Debt as of a record date established
      by
      the Corporation that is not more than 45 days prior to the date on which the
      Corporation proposes that such termination, amendment or supplement becomes
      effective.

     

    
      
         

      

      
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    SECTION
      6. Amendments.
      This
      Covenant may be amended or supplemented from time to time by a written
      instrument signed by the Corporation with the consent of the Holders of a
      majority by principal amount of the then-effective series of Covered Debt,
      provided
      that
      this
      Covenant may be amended or supplemented from time to time by a written
      instrument signed only by the Corporation (and without the consent of the
      Holders of the then-effective series of Covered Debt) if (i) such amendment
      or supplement eliminates Common Stock, Debt Exchangeable for Common Stock,
      rights to acquire Common Stock, and/or Mandatorily Convertible Preferred Stock
      as a Replacement Capital Security, if after the date of this Covenant, the
      Corporation has been advised in writing by a nationally recognized independent
      accounting firm or an accounting standard or interpretive guidance of an
      existing accounting standard issued by an organization or regulator that has
      responsibility for establishing or interpreting accounting standards in the
      United States becomes effective such that there is more than an insubstantial
      risk that failure to eliminate Common Stock, Debt Exchangeable for Common Stock,
      rights to acquire Common Stock and/or Mandatorily Convertible Preferred Stock
      as
      a Replacement Capital Security would result in a reduction in the Corporation’s
      earnings per share as calculated in accordance with generally accepted
      accounting principles in the United States; (ii) such amendment or
      supplement is not adverse to the Holders of the then-effective series of Covered
      Debt and an officer of the Corporation has delivered a written certificate
      to
      the Holders of the then-effective Covered Debt in the manner provided for in
      the
      indenture, fiscal agency agreement or other instrument with respect to such
      Covered Debt stating that, in his or her determination, such amendment or
      supplement would not adversely affect the Holders of the then-effective Covered
      Debt; or (iii) the effect of such amendment or supplement is solely to
      impose additional restrictions on, or eliminate certain of, the types of
      securities qualifying as Replacement Capital Securities (other than the
      securities covered by clause (i) above), and an officer of the Corporation
      has delivered a written certificate to the Holders of the then-effective Covered
      Debt in the manner provided for in the indenture, fiscal agency agreement or
      other instrument with respect to such Covered Debt stating that, in his or
      her
      determination, such amendment or supplement would not adversely affect the
      Holders of the then-effective Covered Debt.

     

    SECTION
      7. Miscellaneous.
      (a)  This
      Covenant shall be governed by and construed in accordance with the laws of
      the
      State of New York.

     

    (b) This
      Covenant shall be binding upon the Corporation and its successors and assigns
      and shall inure to the benefit of the Covered Debtholders as they exist from
      time to time (it being understood and agreed by the Corporation that any Person
      who is a Covered Debtholder at the time such Person acquires or holds Covered
      Debt shall retain its status as a Covered Debtholder for so long as the series
      of long-term indebtedness for borrowed money owned by such Person is Covered
      Debt and, if such Person initiates a claim or proceeding to enforce its rights
      under this Covenant after the Corporation has violated its covenants in
      Section 2 and before the series of long-term indebtedness for money
      borrowed held by such Person is no longer Covered Debt, such Person’s rights
      under this Covenant shall not terminate by reason of such series of long-term
      indebtedness for money borrowed no longer being Covered Debt).

     

    
      
         

      

      
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    (c) All
      demands, notices, requests and other communications to the Corporation under
      this Covenant shall be deemed to have been duly given and made if in writing
      and
      (i) if served by personal delivery upon the Corporation, on the day so delivered
      (or, if such day is not a Business Day, the next succeeding Business Day),
      (ii)
      if delivered by registered post or certified mail, return receipt requested,
      or
      sent by a national or international courier service, on the date of receipt
      (or,
      if such date of receipt is not a Business Day, the next succeeding Business
      Day), or (iii) if sent by telecopier, on the day telecopied, or if not a
      Business Day, the next succeeding Business Day; provided
      that the
      telecopy is promptly confirmed by telephone confirmation thereof, in each case
      to the Corporation at the address set forth below, or at such other address
      as
      the Corporation may thereafter notify to Covered Debtholders or post on the
      Corporation’s website as the address for notices under this
      Covenant:

     

    Citigroup
      Inc.

    399
      Park
      Avenue

    New
      York,
      New York 10043

    (212)
      599-1000

    Attention:
      Assistant Treasurer

     

    
      
         

      

      
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    IN
      WITNESS WHEREOF,
      the
      Corporation has caused this Covenant to be executed by its duly authorized
      officer, as of the day and year first above written.

     

    
      	 	 	 
	 	
              CITIGROUP
                INC.

            
	 
 	 
 	 
 
	 	By:  	/s/ Charles
              E. Wainhouse
	 	
              
Name:
              Charles E. Wainhouse
	 	Title:
              Assistant Treasurer

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    DEFINITIONS

     

    “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.

     

    “Alternative
      Payment Mechanism”
means,
      with respect to any Qualifying Capital Securities, provisions in the related
      transaction documents requiring the Corporation to issue (or use Commercially
      Reasonable Efforts to issue) one or more types of APM Qualifying Securities
      raising eligible proceeds at least equal to the deferred Distributions on such
      Qualifying Capital Securities and apply the proceeds to pay unpaid Distributions
      on such Qualifying Capital Securities, commencing on the earlier of (x) the
      first Distribution Date after commencement of a deferral period on which the
      Corporation pays current Distributions on such Qualifying Capital Securities
      and
      (y) the fifth anniversary of the commencement of such deferral period, and
      that: 

     

    (a)    define
      “eligible proceeds” to mean, for purposes of such Alternative Payment Mechanism,
      the net proceeds (after underwriters’ or placement agents’ fees, commissions or
      discounts and other expenses relating to the issuance or sale of the relevant
      securities, where applicable, and including the fair market value of property
      received by the Corporation or any of its Subsidiaries as consideration for
      such
      APM Qualifying Securities) that the Corporation has received during the 180
      days
      prior to the related Distribution Date from the issuance of APM Qualifying
      Securities, up to the Preferred Cap in the case of APM Qualifying Securities
      that are Qualifying Preferred Stock or Mandatorily Convertible Preferred
      Stock;

     

    (b)    may
      permit the Corporation to pay current Distributions on any Distribution Date
      out
      of any source of funds but (x) require the Corporation to pay deferred
      Distributions only out of eligible proceeds and (y) prohibit the
      Corporation from paying deferred Distributions out of any source of funds other
      than eligible proceeds; 

     

    (c)    if
      deferral of Distributions continues for more than one year, require the
      Corporation not to, and cause its Subsidiaries not to, redeem or purchase any
      of
      the Corporation’s securities ranking junior to or pari
      passu with
      any
      APM Qualifying Securities the proceeds of which were used to settle deferred
      interest during the relevant deferral period until at least one year after
      all
      deferred Distributions have been paid (a “Repurchase
      Restriction”);
      

     

    (d)    notwithstanding
      clause (b) of this definition, if the Federal Reserve disapproves the
      Corporation’s sale of APM Qualifying Securities or the use of the proceeds
      thereof to pay deferred Distributions, may (if the Corporation elects to so
      provide in the terms of such Qualifying Capital Securities) permit the
      Corporation to pay deferred Distributions from any source or, if the Federal
      Reserve does not disapprove the Corporation’s issuance and sale of APM
      Qualifying Securities but disapproves the use of the proceeds thereof to pay
      deferred Distributions, may (if the Corporation elects to so provide in the
      terms of such Qualifying Capital Securities) permit the Corporation to use
      such
      proceeds for other purposes and to continue to defer Distributions, without
      a
      breach of its obligations under the transaction documents related to the
      Qualifying Capital Securities; 

     

    
      
         

      

      
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    (e)    may
      include a provision that, notwithstanding the APM Maximum Obligation and the
      Preferred Cap for purposes of paying deferred interest, limits the ability
      of
      the Corporation to sell shares of Common Stock, Qualifying Warrants, or
      Mandatorily Convertible Preferred Stock above an aggregate cap specified in
      the
      transaction documents (a “Share
      Cap”),
      subject to the Corporation’s agreement to use commercially reasonable efforts to
      increase the Share Cap (i) only to the extent that it can do so and
      simultaneously satisfy its future fixed or contingent obligations under other
      securities and derivative instruments that provide for settlement or payment
      in
      shares of Common Stock or (ii) if the Corporation cannot increase the Share
      Cap
      as contemplated in the preceding clause, by requesting its Board of Directors
      to
      adopt a resolution for shareholder vote at the next annual shareholders meeting
      occurring at least 4 months after the date on which the Share Cap has been
      reached to increase the number of shares of its authorized Common Stock for
      purposes of satisfying its obligations to pay deferred Distributions;

     

    (f)    limit
      the obligation of the Corporation to issue (or use Commercially Reasonable
      Efforts to issue) APM Qualifying Securities that are Common Stock and Qualifying
      Warrants to settle deferred Distributions pursuant to the Alternative Payment
      Mechanism either (A) during the first five years of any deferral period or
      (B) before an anniversary of the commencement of any deferral period that
      is not earlier than the fifth such anniversary and not later than the ninth
      such
      anniversary (as designated in the terms of such Qualifying Capital Securities)
      with respect to deferred Distributions attributable to the first five years
      of
      such deferral period, either: 

     

    (i)    to
      an aggregate amount of such securities, the net proceeds from the issuance
      of
      which is equal to 2% of the product of the average of the Market Value of the
      Common Stock on the ten consecutive trading days ending on the fourth trading
      day immediately preceding the date of issuance multiplied by the total number
      of
      issued and outstanding shares of Common Stock as of the date of the
      Corporation’s most recent publicly available consolidated financial statements;
      or 

     

    (ii)    to
      a number of shares of Common Stock and Qualifying Warrants, in the aggregate,
      not in excess of 2% of the outstanding number of shares of Common Stock as
      of
      the date of the Corporation’s most recent publicly available consolidated
      financial statements (the “APM
      Maximum Obligation”);

     

    (g)    limit
      the right of the Corporation to issue APM Qualifying Securities that are
      Qualifying Preferred Stock and Mandatorily Convertible Preferred Stock to settle
      deferred Distributions pursuant to the Alternative Payment Mechanism to an
      aggregate amount of Qualifying Preferred Stock and still-outstanding Mandatorily
      Convertible Preferred Stock issued pursuant to the Alternative Payment
      Mechanism, the net proceeds from the issuance of which with respect to all
      deferral periods is equal to 25% of the liquidation or outstanding principal
      amount of the securities that are the subject of the related Alternative Payment
      Mechanism (the “Preferred
      Cap”);
      

     

    
      
         

      

      
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    (h)    in
      the case of Qualifying Capital Securities other than non-cumulative perpetual
      preferred stock, include a Bankruptcy Claim Limitation Provision; and

     

    (i)    may
      permit the Corporation, at its option, to provide that if it is involved in
      a
      merger, consolidation, amalgamation, binding share exchange or conveyance,
      transfer or lease of assets substantially as an entirety to any other person
      or
      a similar transaction (a “Business
      Combination”)
      where
      immediately after the consummation of the Business Combination more than 50%
      of
      the surviving or resulting entity’s voting stock is owned by the shareholders of
      the other party to the Business Combination, then clauses (a) through
      (c) of this definition will not apply to any deferral period that is
      terminated on the next Distribution Date following the date of consummation
      of
      the Business Combination (or if later, at any time within 90 days following
      the
      date of consummation of the Business Combination); 

     

    provided
      (and it
      being understood) that: 

     

    (a)    the
      Corporation shall not be obligated to issue (or use Commercially Reasonable
      Efforts to issue) APM Qualifying Securities for so long as a Market Disruption
      Event has occurred and is continuing; 

     

    (b)    if,
      due to a Market Disruption Event or otherwise, the Corporation is able to raise
      and apply some, but not all, of the eligible proceeds necessary to pay all
      deferred Distributions on any Distribution Date, the Corporation will apply
      any
      available eligible proceeds to pay accrued and unpaid Distributions on the
      applicable Distribution Date in chronological order subject to the APM Maximum
      Obligation, Share Cap and Preferred Cap, as applicable; and 

     

    (c)    if
      the Corporation has outstanding more than one class or series of securities
      under which it is obligated to sell a type of APM Qualifying Securities and
      apply some part of the proceeds to the payment of deferred Distributions, then
      on any date and for any period the amount of net proceeds received by the
      Corporation from those sales and available for payment of deferred Distributions
      on such securities shall be applied to such securities on a pro
      rata
      basis up
      to the APM Maximum Obligation, Share Cap and the Preferred Cap, as applicable,
      in proportion to the total amounts that are due on such securities, or on such
      other basis as the Federal Reserve may approve.

     

    “APM
      Maximum Obligation”
has
      the
      meaning specified in clause (f) of the definition of Alternative Payment
      Mechanism. 

     

    “APM
      Qualifying Securities”
means,
      with respect to an Alternative Payment Mechanism, any Debt Exchangeable for
      Preferred Equity or any Mandatory Trigger Provision, one or more of the
      following (as designated in the transaction documents for any Qualifying Capital
      Securities that include an Alternative Payment Mechanism or a Mandatory Trigger
      Provision or for any Debt Exchangeable for Preferred Equity, as applicable):
      

     

    (a)    Common
      Stock; 

     

    (b)    Qualifying
      Warrants; 

     

    
      
         

      

      
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    (c)    Mandatorily
      Convertible Preferred Stock; or 

     

    (d)    Qualifying
      Preferred Stock; 

     

    provided
      (and it
      being understood) that (i) if the APM Qualifying Securities for any
      Alternative Payment Mechanism or Mandatory Trigger Provision or for any Debt
      Exchangeable for Preferred Equity include both Common Stock and Qualifying
      Warrants, such Alternative Payment Mechanism, Mandatory Trigger Provision or
      Debt Exchangeable for Preferred Equity may permit, but need not require, the
      Corporation to issue Qualifying Warrants and (ii) such Alternative Payment
      Mechanism, Mandatory Trigger Provision or Debt Exchangeable for Preferred Equity
      may permit, but need not require, the Corporation to issue Mandatorily
      Convertible Preferred Stock. 

     

    “Applicable
      Percentage”
means,
      in respect of any sale of Common Stock or rights to acquire Common Stock (a)
      133% with respect to any repayment, redemption or purchase prior to June 28,
      2017 and (b) 200% with respect to any repayment, redemption or purchase on
      or
      after June 28, 2017 and prior to June 28, 2047.

     

    “Appropriate
      Federal Banking Agency”
means,
      as to a Depository Institution Subsidiary, the Federal bank regulatory agency
      or
      authority that is the “appropriate Federal banking agency” (within the meaning
      of 12 U.S.C. § 1813(q)) with respect to such Depository Institution
      Subsidiary. 

     

    “Bankruptcy
      Claim Limitation Provision”
means,
      with respect to any Qualifying Capital Securities that have an Alternative
      Payment Mechanism or a Mandatory Trigger Provision, provisions that, upon
      any liquidation, dissolution, winding up or reorganization or in connection
      with
      any insolvency, receivership or proceeding under any bankruptcy law with respect
      to the issuer, limit the claim of the holders of such securities to
      Distributions that accumulate during (A) any deferral period, in the case
      of securities that have an Alternative Payment Mechanism or (B) any period
      in which the issuer fails to satisfy one or more financial tests set forth
      in
      the terms of such securities or related transaction agreements, in the case
      of
      securities that have a Mandatory Trigger Provision, to: 

     

    (i)    in
      the case of Qualifying Capital Securities that have an Alternative Payment
      Mechanism or Mandatory Trigger Provision with respect to which the APM
      Qualifying Securities do not include Qualifying Preferred Stock or Mandatorily
      Convertible Preferred Stock, 25% of the stated or principal amount of such
      Qualifying Capital Securities then outstanding; and 

     

    (ii)    in
      the case of any other Qualifying Capital Securities, an amount not in excess
      of
      the sum of (x) two years of accumulated and unpaid Distributions and
      (y) an amount equal to the excess, if any, of the Preferred Cap over the
      aggregate amount of net proceeds from the sale of Qualifying Preferred Stock
      and
      Mandatorily Convertible Preferred Stock that is still outstanding that the
      issuer has applied to pay such Distributions pursuant to the Alternative Payment
      Mechanism or the Mandatory Trigger Provision; provided
      that the
      holders of such Qualifying Capital Securities agree in the instrument governing
      such Qualifying Capital Securities that, to the extent the remaining claim
      exceeds the amount set forth in clause (x), the amount they receive in respect
      of such excess shall not exceed the amount they would have received if the
      claim
      for such excess ranked pari
      passu with
      the
      interests of the holders, if any, of Qualifying Preferred Stock.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    “Business
      Day” means any day that is not a Saturday or Sunday and that is not day on which
      banking institutions generally in the City of New York are authorized or
      obligated by law or executive order to be closed. 

     

    “Commercially
      Reasonable Efforts”
means,
      for purposes of selling APM Qualifying Securities, commercially reasonable
      efforts to complete the offer and sale of APM Qualifying Securities to third
      parties that are not Subsidiaries of the Corporation in public offerings or
      private placements. The Corporation shall not be considered to have made
      Commercially Reasonable Efforts to effect a sale of APM Qualifying Securities
      if
      it determines not to pursue or complete such sale solely due to pricing, coupon,
      dividend rate or dilution considerations.

     

    “Commission”
means
      the United States Securities and Exchange Commission.

     

    “Common
      Stock”
      means
      common stock of the Corporation (including treasury shares of common stock
      and
      shares of common stock sold pursuant to the Corporation’s dividend reinvestment
      plan and employee benefit plans).

     

    “Corporation”
means
      the Person named as the “Corporation” in the first paragraph of this Covenant,
      until a successor corporation shall have become such, and thereafter
“Corporation” shall mean such successor corporation.

     

    “Covenant”
has
      the
      meaning specified in the introduction to this instrument.

     

    “Covered
      Debtholder”
means
      each Person (whether a Holder or a beneficial owner holding through a
      participant in a clearing agency) that buys or holds long-term indebtedness
      for
      money borrowed of the Corporation during the period that such long-term
      indebtedness for money borrowed is Covered Debt.

     

    “Covered
      Debt”
means
      (i) at the date of this Covenant and continuing to, but not including, the
      first
      Redesignation Date, the Initial Covered Debt and (ii) thereafter,
      commencing with each Redesignation Date and continuing to but not including
      the
      next succeeding Redesignation Date, the Eligible Debt identified pursuant to
      Section 3(b) as the Covered Debt for such period.

     

    “Debt
      Exchangeable for Common Equity”
means
      a
      security or combination of securities (together in this definition,
“such
      securities”)
      that:

     

    (i)    gives
      the holder a beneficial interest in (a)  a stock purchase contract, that
      obligates the holder to purchase Common Stock, that will be settled in three
      years or less, with the number of shares of Common Stock purchasable pursuant
      to
      such stock purchase contract to be within a range established at the time of
      issuance of the subordinated debt securities referred to in clause (b), subject
      to customary anti-dilution adjustments and (b) subordinated debt securities
      of the Corporation or one of its Subsidiaries that are non-callable prior to
      the
      settlement date of the stock purchase contract; 

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (ii)    provides
      that the holders directly or indirectly grant the Corporation a security
      interest in such subordinated debt securities and their proceeds (including
      any
      substitute collateral permitted under the transaction documents) to secure
      the
      holders’ direct or indirect obligation to purchase Common Stock pursuant to such
      stock purchase contracts; 

     

    (iii)    includes
      a remarketing feature pursuant to which the subordinated debt securities are
      remarketed to new investors commencing not later than the last distribution
      date
      that is at least one month prior to the settlement date of the stock purchase
      contract; and

     

    (iv)    provides
      for the proceeds raised in the remarketing to be used to purchase Common Stock
      under the stock purchase contracts and, if there has not been a successful
      remarketing of the subordinated debt securities by the settlement date of the
      stock purchase contract, provides that the stock purchase contracts will be
      settled by the Corporation exercising its remedies as a secured party with
      respect to the subordinated debt securities or other collateral directly or
      indirectly pledged by holders in the Debt Exchangeable for Common Equity.

     

    “Debt
      Exchangeable for Preferred Equity”
means
      a
      security or combination of securities (together in this definition,
“such
      securities”)
      that:

     

    (i)    gives
      the holder a beneficial interest in (a) subordinated debt securities of the
      Corporation or one of its Subsidiaries (in this definition, the “issuer”)
      permitting the issuer to defer Distributions in whole or in part on such
      securities for one or more Distribution Periods of up to at least seven years
      without any remedies other than Permitted Remedies and that are the most junior
      subordinated debt of the issuer (or rank pari
      passu
      with the
      most junior subordinated debt of the issuer) and (b) a stock purchase
      contract that obligates the holder to acquire a beneficial interest in
      Qualifying Preferred Stock; 

     

    (ii)    provides
      that the holders directly or indirectly grant to the issuer a security interest
      in such subordinated debt securities and their proceeds (including any
      substitute collateral permitted under the transaction documents) to secure
      the
      holders’ direct or indirect obligation to purchase Qualifying Preferred Stock
      pursuant to such stock purchase contract; 

     

    (iii)    includes
      a remarketing feature pursuant to which the subordinated debt of the issuer
      is
      remarketed to new investors commencing not later than the first Distribution
      Date that is at least five years after the date of issuance of such securities
      or earlier in the event of an early settlement event based on (a) the
      capital ratios of the Corporation, (b) the capital ratios of the
      Corporation as anticipated by the Federal Reserve, or (c) the dissolution
      of the issuer of such Debt Exchangeable for Preferred Equity; 

     

    (iv)    provides
      for the proceeds raised in the remarketing to be used to purchase Qualifying
      Preferred Stock under the stock purchase contracts and, if there has not been
      a
      successful remarketing by the first Distribution Date that is six years after
      the date of issuance of such securities, provides that the stock purchase
      contracts will be settled by the Corporation exercising its rights as a secured
      creditor with respect to the subordinated debt securities or other collateral
      directly or indirectly pledged by investors in the Debt Exchangeable for
      Preferred Equity; 

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (v)    includes
      a Qualifying Capital Replacement Covenant that will apply to such securities
      and
      to any Qualifying Preferred Stock issued pursuant to the stock purchase
      contracts; provided
      that
      such Qualifying Capital Replacement Covenant will not include Debt Exchangeable
      for Common Equity or Debt Exchangeable for Preferred Equity as “Replacement
      Capital Securities”; and 

     

    (vi)    after
      the issuance of such Qualifying Preferred Stock, provides the holder with a
      beneficial interest in such Qualifying Preferred Stock. 

     

    “Depository
      Institution Subsidiary”
      means
      any Subsidiary of the Corporation that is a depository institution within the
      meaning of 12 C.F.R. § 204.2(m). 

     

    “Distributions”
means,
      as to any Qualifying Capital Securities or Debt Exchangeable for Preferred
      Equity, dividends, interest or other income distributions to the holders thereof
      that are not the Corporation or Subsidiaries of the Corporation. 

     

    “Distribution
      Date”
means,
      as to any Qualifying Capital Securities or Debt Exchangeable for Preferred
      Equity, the dates on which Distributions on such securities are scheduled to
      be
      made. 

     

    “Distribution
      Period”
means,
      as to any Qualifying Capital Securities, each period from and including a
      Distribution Date for such securities to but not including the next succeeding
      Distribution Date for such securities. 

     

    “Eligible
      Debt”
means,
      at any time, Eligible Subordinated Debt or, if no Eligible Subordinated Debt
      is
      then outstanding, Eligible Senior Debt.

     

    “Eligible
      Senior Debt”
means,
      at any time in respect of any issuer, each series of outstanding unsecured
      long-term indebtedness for money borrowed of such issuer that: 

     

    (i) upon
      a
      bankruptcy, liquidation, dissolution or winding up of the issuer, ranks most
      senior among the issuer’s then outstanding classes of unsecured indebtedness for
      money borrowed;

     

    (ii) is
      then
      assigned a rating by at least one NRSRO (provided that this clause shall apply
      on a Redesignation Date only if on such date the issuer has outstanding senior
      long-term indebtedness for money borrowed that satisfies the requirements of
      clauses (i), (iii) and (iv) that is then assigned a rating by at least one
      NRSRO); 

     

    (iii) has
      an
      outstanding principal amount of not less than $100,000,000; and 

     

    (iv) was
      issued through or with the assistance of a commercial or investment banking
      firm
      or firms acting as underwriters, initial purchasers or placement or distribution
      agents. 

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    For
      purposes of this definition as applied to securities with a CUSIP number, each
      issuance of long-term indebtedness for money borrowed that has (or, if such
      indebtedness is held by a trust or other intermediate entity established
      directly or indirectly by the issuer, the securities of such intermediate entity
      that have) a separate CUSIP number shall be deemed to be a series of the
      issuer’s long-term indebtedness for money borrowed that is separate from each
      other series of such indebtedness.

     

    “Eligible
      Subordinated Debt”
means,
      at any time in respect of any issuer, each series of the issuer’s
      then-outstanding unsecured long-term indebtedness for money borrowed
      that:

     

    (i) upon
      a
      bankruptcy, liquidation, dissolution or winding up of the issuer, ranks
      subordinate to the issuer’s then-outstanding most senior series of unsecured
      indebtedness for money borrowed and ranks senior to the Notes;

     

    (ii) is
      then
      assigned a rating by at least one NRSRO (provided that this clause (ii) shall
      apply on a Redesignation Date only if on such date the issuer has outstanding
      subordinated long-term indebtedness for money borrowed that satisfies the
      requirements in clauses (i), (iii) and (iv) that is then assigned a rating
      by at
      least one NRSRO);

     

    (iii) has
      an
      outstanding principal amount of not less than $100,000,000; and

     

    (iv) was
      issued through or with the assistance of a commercial or investment banking
      firm
      or firms acting as underwriters, initial purchasers or placement or distribution
      agents.

     

    For
      purposes of this definition as applied to securities with a CUSIP number, each
      issuance of long-term indebtedness for money borrowed that has (or, if such
      indebtedness is held by a trust or other intermediate entity established
      directly or indirectly by the issuer, the securities of such intermediate entity
      that have) a separate CUSIP number shall be deemed to be a series of the
      issuer’s long-term indebtedness for money borrowed that is separate from each
      other series of such indebtedness.

     

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

     

    “Federal
      Reserve”
means
      the Board of Governors of the Federal Reserve System and any regional Federal
      Reserve Bank in which the Corporation owns stock, or their successor as the
      Corporation’s primary federal banking regulator, or the staff
      thereof.
      

     

    “Holder”
means,
      as to the Covered Debt then in effect, each holder of such Covered Debt as
      reflected on the securities register maintained by or on behalf of the
      Corporation with respect to such Covered Debt and each beneficial owner holder
      through a participant in a clearing agency.

     

    “Initial
      Covered Debt”
means
      the Corporation’s junior subordinated debt securities underlying the 6.00%
      Capital Securities (TruPS®)
      issued
      by Citigroup Capital XI (CUSIP: 17307Q205).

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    “Intent-Based
      Replacement Disclosure”
      means,
      as to any Qualifying Preferred Stock or Qualifying Capital Securities, that
      the
      issuer has publicly stated its intention, either in the prospectus or other
      offering document under which such securities were initially offered for sale
      or
      in filings with the Commission made by the issuer under the Exchange Act prior
      to or contemporaneously with the issuance of such securities, that to the extent
      that the Qualifying Preferred Stock or Qualifying Capital Securities provide
      the
      issuer with rating agency equity credit at the time of repayment at maturity
      or
      earlier redemption or defeasance, the issuer will repay, redeem or purchase,
      and
      will cause that its subsidiaries shall purchase, such securities only with
      the
      proceeds of securities that have equity-like characteristics at the time of
      repayment, redemption or purchase that are the same as or more equity-like
      than
      the securities then being redeemed or purchased, raised within 180 days prior
      to
      the applicable repayment, redemption or purchase date. Notwithstanding the
      use
      of the term “Intent-Based Replacement Disclosure” in the definitions of
“Qualifying Capital Securities” and “Qualifying Non-Cumulative Perpetual
      Preferred Stock,” the requirement in each such definition that a particular
      security or the related transaction documents include Intent-Based Replacement
      Disclosure shall be disregarded and given no force or effect for so long as
      the
      Corporation is a financial holding company or a bank holding company within
      the
      meaning of the Bank Holding Company Act of 1956, as amended.

     

    “Mandatorily
      Convertible Preferred Stock”
means
      cumulative preferred stock with (a) no prepayment obligation on the part of
      the issuer thereof, whether at the election of the holders or otherwise and
      (b) a requirement that the preferred stock convert into Common Stock of the
      Corporation within three years from the date of its issuance at a conversion
      ratio within a range established at the time of issuance of the preferred stock,
      subject to customary anti-dilution adjustments. 

     

    “Mandatory
      Trigger Provision”
means,
      as to any Qualifying Capital Securities, provisions in the terms thereof or
      of
      the related transaction agreements that: 

     

    (a)    require
      the issuer of such securities to make payment of Distributions on such
      securities only pursuant to the issue and sale of APM Qualifying Securities
      within two years of a failure of the issuer to satisfy one or more financial
      tests set forth in the terms of such securities or related transaction
      agreements, in amount such that the net proceeds of such sale are at least
      equal
      to the amount of unpaid Distributions on such securities (including without
      limitation all deferred and accumulated amounts) and require the application
      of
      the net proceeds of such sale to pay such unpaid Distributions, provided
      that
      (i) if the Mandatory Trigger Provision does not require the issuance and
      sale within one year of such failure, the amount of Common Stock and/or
      Qualifying Warrants the net proceeds of which the issuer must apply to pay
      such
      Distributions pursuant to such provision may not exceed the APM Maximum
      Obligation and (ii) the amount of Qualifying Preferred Stock and still
      outstanding Mandatorily Convertible Preferred Stock the net proceeds of which
      the issuer may apply to pay such Distributions pursuant to such provision may
      not exceed the Preferred Cap; 

     

    (b)    if
      the provisions described in clause (a) do not require such issuance and
      sale within one year of such failure, include a Repurchase Restriction;
      and

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    (c)     prohibit
      the issuer of such securities from redeeming or purchasing any of its securities
      ranking upon the liquidation, dissolution or winding up of the Corporation
      junior to or pari
      passu
      with any
      APM Qualifying Securities the proceeds of which were used to settle deferred
      interest during the relevant deferral period prior to the date six months after
      the issuer applies the net proceeds of the sales described in clause (a) above
      to pay such deferred Distributions in full; and

     

    (d)    include
      a Bankruptcy Claim Limitation Provision; and

     

    (e)    may
      permit the issuer, at its option, to provide that if it is involved in a
      Business Combination where immediately after the consummation of the Business
      Combination more than 50% of the surviving or resulting entity’s voting stock is
      owned by the shareholders of the other party to the Business Combination, then
      clauses (a) , (b) and (c) of this definition will not apply to any
      deferral period that is terminated on the next Distribution Date following
      the
      date of consummation of the Business Combination (or, if later, at any time
      within 90 days following the date of such consummation);

     

    provided
      (and it
      being understood) that: 

     

    (i)    the
      issuer will not be obligated to issue (or use Commercially Reasonable Efforts
      to
      issue) APM Qualifying Securities for so long as a Market Disruption Event has
      occurred and is continuing; 

     

    (ii)    if,
      due to a Market Disruption Event or otherwise, the issuer is able to raise
      and
      apply some, but not all, of the eligible proceeds necessary to pay all deferred
      Distributions on any Distribution Date, the issuer will apply any available
      eligible proceeds to pay accrued and unpaid Distributions on the applicable
      Distribution Date in chronological order subject to the APM Maximum Obligation
      and Preferred Cap, as applicable; and 

     

    (iii)    if
      the issuer has outstanding more than one class or series of securities under
      which it is obligated to sell a type of APM Qualifying Securities and applies
      some part of the proceeds to the payment of deferred Distributions, then on
      any
      date and for any period the amount of net proceeds received by the issuer from
      those sales and available for payment of deferred Distributions on such
      securities shall be applied to such securities on a pro
      rata
      basis up
      to the APM Maximum Obligation and the Preferred Cap, as applicable, in
      proportion to the total amounts that are due on such securities. 

     

    No
      remedy
      other than Permitted Remedies will arise by the terms of such securities or
      related transaction agreements in favor of the holders of such Qualifying
      Capital Securities as a result of the issuer’s failure to pay Distributions
      because of the Mandatory Trigger Provision until Distributions have been
      deferred for one or more Distribution Periods that total together at least
      ten
      years. 

     

    “Market
      Disruption Event” shall
      have the meaning given to it in the indenture relating to the relevant
      securities.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    “Market
      Value”
      with
      respect to Common Stock means, on any date, the closing sale price per share
      of
      Common Stock (or, if no closing sale price is reported, the average of the
      bid
      and ask prices or, if more than one in either case, the average of the average
      bid and the average ask prices) on that date as reported in composite
      transactions by the New York Stock Exchange or, if the Common Stock is not
      then
      listed on the New York Stock Exchange, as reported by the principal U.S.
      securities exchange on which the Common Stock is traded or quoted; if the Common
      Stock is not either listed or quoted on any U.S. securities exchange on the
      relevant date, the market price will be the average of the mid-point of the
      bid
      and ask prices for the Common Stock on the relevant date submitted by at least
      three nationally recognized independent investment banking firms selected by
      the
      Corporation for this purpose.

     

    “Measurement
      Date”
means,
      with respect to any repayment, redemption or purchase of junior subordinated
      debt securities or capital securities, the date six months prior to delivery
      of
      notice of such repayment or redemption or the date of such purchase.

     

    “Measurement
      Period”
      means
      the period from a Measurement Date to the related notice date or purchase date.
      Measurement Periods cannot run concurrently.

     

    “Non-Cumulative”
means,
      with respect to any Qualifying Capital Securities, that the issuer may elect
      not
      to make any number of periodic Distributions without any remedy arising under
      the terms of the securities or related agreements in favor of the holders,
      other
      than one or more Permitted Remedies. 

     

    “No
      Payment Provision”
means
      a
      provision or provisions in the transaction documents for securities (referred
      to
      in this definition as “such
      securities”)
      that
      include the following: 

     

    (a)    an
      Alternative Payment Mechanism; and 

     

    (b)    an
      Optional Deferral Provision modified and supplemented from the general
      definition of that term to provide that the issuer of such securities may,
      in
      its sole discretion, or (if the issuer elects to so provide in the terms of
      such
      securities) shall in response to a directive or order from, or memorandum of
      understanding with, the Federal Reserve, defer in whole or in part payment
      of
      Distributions on such securities for one or more consecutive Distribution
      Periods of up to five years or, if a Market Disruption Event has occurred and
      is
      continuing, ten years, without any remedy other than Permitted Remedies and
      the
      obligations (and limitations on obligations) described in the definition of
      “Alternative Payment Mechanism” applying. 

     

    “NRSRO”
means
      a
      nationally recognized statistical rating organization within the meaning of
      Rule
      15c3-1(c)(2)(vi)(F) under the Exchange Act.

     

    “Optional
      Deferral Provision”
means,
      as to any Qualifying Capital Securities, a provision in the terms thereof or
      of
      the related transaction agreements to the effect that:

     

    (a) (i) the
      issuer of such Qualifying Capital Securities may, in its sole discretion, or
      shall in response to a directive or order from, or memorandum of understanding
      with, the Federal Reserve, defer in whole or in part payment of Distributions
      on
      such securities for one or more consecutive Distribution Periods of up to five
      years or, if a Market Disruption Event is continuing, ten years, without any
      remedy other than Permitted Remedies and (ii) such securities are subject
      to an Alternative Payment Mechanism (provided that such Alternative Payment
      Mechanism need not apply during the first five years of any deferral period
      and
      need not include an APM Maximum Obligation, Preferred Cap, Bankruptcy Claims
      Limitation Provision or Repurchase Restriction); or

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (b) the
      issuer of such Qualifying Capital Securities may, in its sole discretion, or
      shall in response to a directive or order from, or memorandum of understanding
      with, the Federal Reserve, defer or skip in whole or in part payment of
      Distributions on such securities for one or more consecutive Distribution
      Periods of up to at least ten years without any remedy other than Permitted
      Remedies.

     

    “Permitted
      Remedies”
means,
      as to any security or combination of securities, one or more of the following
      remedies: 

     

    (a)    rights
      in favor of the holders of such securities permitting such holders to elect
      one
      or more directors of the issuer (including any such rights required by the
      listing requirements of any stock or securities exchange on which such
      securities may be listed or traded); and 

     

    (b)    complete
      or partial prohibitions on the issuer or its subsidiaries paying Distributions
      on or repurchasing common stock or other securities that rank as to
      Distributions
      pari passu
      with
      or
      junior to such securities for so long as distributions on such securities,
      including deferred distributions, have not been paid in full or to such lesser
      extent as may be specified in the terms of such securities.

     

    “Person”
means
      any individual, corporation, partnership, joint venture, trust, limited
      liability company or corporation, unincorporated organization or government
      or
      any agency or political subdivision thereof.

     

    “Preferred
      Cap”
has
      the
      meaning specified in clause (g) of the definition of Alternative Payment
      Mechanism. 

     

    “Qualifying
      Capital Securities”
means
      securities or combinations of securities (other than securities covered by
      paragraphs (i) and (ii) of Section 2) that, in the determination
      of the Corporation’s Board of Directors, acting in its reasonable discretion and
      reasonably construing the definitions and other terms of this Covenant, meet
      one
      of the following criteria: 

     

    (i)    in
      connection with any repayment, redemption or purchase of Securities prior to
      June 28, 2017: 

     

    (A)    securities
      issued by the Corporation or its Subsidiaries that (1) rank pari
      passu
      with or
      junior to the Notes upon the liquidation, dissolution or winding up of the
      Corporation, (2) have no maturity or a maturity of at least 60 years and
      (3) either: 

     

    (x)    (I)
      have a No Payment Provision or are Non-Cumulative and (II) are subject to a
      Qualifying Capital Replacement Covenant, or 

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    (y)    have
      an Optional Deferral Provision and a Mandatory Trigger Provision and are subject
      to Intent-Based Replacement Disclosure; 

     

    (B)    securities
      issued by the Corporation or its Subsidiaries that (1) rank pari
      passu
      with or
      junior to the Notes upon the liquidation, dissolution or winding up of the
      Corporation, (2) have no maturity or a maturity of at least 40 years and
      are subject to a Qualifying Capital Replacement Covenant and (3) have an
      Optional Deferral Provision and a Mandatory Trigger Provision; or 

     

    (C)    Qualifying
      Preferred Stock; or 

     

    (ii)    in
      connection with any repayment, redemption or purchase of Securities at any
      time
      on or after June 28, 2017 and prior to June 28, 2037: 

     

    (A)    securities
      described under clause (i) of this definition; 

     

    (B)    securities
      issued by the Corporation or its Subsidiaries that (1) rank pari
      passu
      with or
      junior to the Notes upon a liquidation, dissolution or winding up of the
      Corporation, (2) have no maturity or a maturity of at least 60 years and
      (3) either: 

     

    (x)    are
      subject to a Qualifying Capital Replacement Covenant and have an Optional
      Deferral Provision, or 

     

    (y)    (I) are
      subject to Intent-Based Replacement Disclosure and (II) have a No Payment
      Provision or are Non-Cumulative; 

     

    (C)    securities
      issued by the Corporation or its Subsidiaries that (1) rank pari
      passu
      with or
      junior to the Notes upon a liquidation, dissolution or winding up of the
      Corporation, (2) have no maturity or a maturity of at least 40 years and
      (3) either: 

     

    (x)    (I) have
      a No Payment Provision or are Non-Cumulative and (II) are subject to a
      Qualifying Capital Replacement Covenant, or 

     

    (y)    have
      an Optional Deferral Provision and a Mandatory Trigger Provision and are subject
      to Intent-Based Replacement Disclosure; 

     

    (D)    securities
      issued by the Corporation or its Subsidiaries that (1) rank pari
      passu
      with or
      junior to the Notes upon a liquidation, dissolution or winding-up of the
      Corporation, (2) have no maturity or a maturity of at least 25 years and
      are subject to a Qualifying Capital Replacement Covenant (3) have an
      Optional Deferral Provision and a Mandatory Trigger Provision; or 

     

    (E)    securities
      issued by the Corporation or its Subsidiaries that rank (i) senior to the
      Notes and securities that are pari
      passu
      with the
      Notes but (ii) junior to all other debt securities of the Corporation
      (other than (x) Notes and securities that are
      pari passu
      with the
      Notes and (y) securities that are pari
      passu
      with
      such Qualifying Capital Securities) upon its liquidation, dissolution or
      winding-up, and (2) either: 

     

    (x)    have
      no maturity or a maturity of at least 60 years and either (I) are
      (a) Non-Cumulative or subject to a No Payment Provision and
      (b) subject to a Qualifying Capital Replacement Covenant or (II) have
      a Mandatory Trigger Provision and an Optional Deferral Provision and are subject
      to Intent-Based Replacement Disclosure, or 

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    (y)    have
      no maturity or a maturity of at least 40 years, are subject to a Qualifying
      Capital Replacement Covenant and have a Mandatory Trigger Provision and an
      Optional Deferral Provision; 

     

    (F)    preferred
      stock issued by the Corporation or its Subsidiaries that (1) has no
      prepayment obligation on the part of the issuer thereof, whether at the election
      of the holders or otherwise, (2) has no maturity or a maturity of at least
      60 years and (3) is subject to a Qualifying Capital Replacement Covenant;
      or 

     

    (iii)    in
      connection with any repayment, redemption or purchase of Securities at any
      time
      on or after June 28, 2037 and prior to the Termination Date: 

     

    (A)    securities
      described under clause (ii) of this definition; 

     

    (B)    securities
      issued by the Corporation or its Subsidiaries that (1) rank pari
      passu
      with or
      junior to the Notes upon a liquidation, dissolution or winding up of the
      Corporation, (2) either: 

     

    (x)    have
      no maturity or a maturity of at least 60 years and are subject to Intent-Based
      Replacement Disclosure, or 

     

    (y)    (I) have
      no maturity or a maturity at least 40 years and (II) are subject to a Qualifying
      Capital Replacement Covenant; and 

     

    (3)    have
      an Optional Deferral Provision; 

     

    (C)    securities
      issued by the Corporation or its Subsidiaries that (1) rank pari
      passu
      with or
      junior to the Notes upon a liquidation, dissolution or winding up of the
      Corporation, (2) have no maturity or a maturity at least 40 years are
      subject to Intent-Based Replacement Disclosure and (3) are Non-Cumulative
      or have a No Payment Provision; 

     

    (D)    securities
      issued by the Corporation or its Subsidiaries that rank (i) senior to the
      Notes and securities that are pari
      passu
      with the
      Notes but (ii) junior to all other debt securities of the Corporation
      (other than (x) Notes and securities that are pari
      passu
      with the
      Notes and (y) securities that are pari
      passu
      with
      such Qualifying Capital Securities) upon its liquidation, dissolution or
      winding-up, and (2) either: 

     

    (x)    have
      no maturity or a maturity of at least 60 years and either (i) have an
      Optional Deferral Provision and are subject to a Qualifying Capital Replacement
      Covenant or (ii) (a) are Non-Cumulative or have a No Payment Provision and
      (b) are subject to Intent-Based Replacement Disclosure, or 

     

    (y)    have
      no maturity or a maturity of at least 40 years and either (i) (a) are
      Non-Cumulative or have a No Payment Provision and (b) are subject to a
      Qualifying Capital Replacement Covenant or (ii) are subject to Intent-Based
      Replacement Disclosure and have a Mandatory Trigger Provision and an Optional
      Deferral Provision; or 

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    (E)    preferred
      stock issued by the Corporation or its Subsidiaries that either (1) has no
      maturity or a maturity of at least 60 years and is subject to Intent-Based
      Replacement Disclosure or (2) has a maturity of at least 40 years and is
      subject to a Qualifying Capital Replacement Covenant. 

     

    “Qualifying
      Preferred Stock”
means
      non-cumulative perpetual preferred stock of the Corporation that (a) ranks
pari
      passu
      with or
      junior to all other preferred stock of the Corporation, and (b) either
      (x) is subject to a Qualifying Capital Replacement Covenant or (y) is
      subject to Intent-Based Replacement Disclosure and has a provision that
      prohibits the Corporation from paying any dividends thereon upon its failure
      to
      satisfy one or more financial tests set forth therein, and (c) as to which
      the transaction documents provide for no remedies as a consequence of
      non-payment of dividends other than Permitted Remedies. 

     

    “Qualifying
      Capital Replacement Covenant”
means
      a
      replacement capital covenant that is substantially similar to this Covenant
      or a
      replacement capital covenant, as identified by the Corporation’s Board of
      Directors acting in its reasonable discretion and reasonably construing the
      definitions and other terms of this Covenant, (i) entered into by a company
      that at the time it enters into such replacement capital covenant is a reporting
      company under the Exchange Act and (ii) that restricts the related issuer
      from, and requires the related issuer to restrict its subsidiaries from,
      redeeming, repaying or purchasing identified securities except to the extent
      of
      the applicable percentage of the net proceeds from the issuance of specified
      replacement capital securities that have terms and provisions at the time of
      redemption, repayment or purchase that are as or more equity-like than the
      securities then being redeemed, repaid or purchased within the six-month period
      prior to the applicable redemption, repayment or purchase date. 

     

    “Qualifying
      Warrants”
has
      the
      meaning specified in the Supplemental Indenture. 

     

    “Redesignation
      Date”
means,
      as to the then-effective Covered Debt, the earliest of (i) the date that is
      two years prior to the final maturity date of such Covered Debt, (ii) if
      the Corporation elects to redeem, repurchase or defease, or a Subsidiary of
      the
      Corporation elects to purchase, such Covered Debt either in whole or in part
      with the consequence that after giving effect to such redemption, repurchase,
      defeasance or purchase the outstanding principal amount of such Covered Debt
      is
      less than $100,000,000, the applicable redemption, repurchase, defeasance or
      purchase date and (iii) if the then-effective Covered Debt is not Eligible
      Subordinated Debt, the date on which the Corporation issues long-term
      indebtedness for money borrowed that is Eligible Subordinated Debt.

     

    “REIT
      Preferred Securities”
means
      non-cumulative perpetual preferred stock of a Subsidiary of a Depository
      Institution Subsidiary, which issuer Subsidiary may or may not be a “real estate
      investment trust” (“REIT”)
      within
      the meaning of Section 856 of the Internal Revenue Code of 1986, as
      amended, that is exchangeable for non-cumulative perpetual preferred stock
      of
      the Corporation and satisfies the following requirements: 

     

    (a)    such
      non-cumulative perpetual preferred stock of a Subsidiary of the Depository
      Institution Subsidiary and the related non-cumulative perpetual preferred stock
      of the Corporation for which it may be exchanged qualifies as Tier 1 capital
      of
      a Depository Institution Subsidiary under the risk-based capital guidelines
      of
      the Appropriate Federal Banking Agency and related interpretive guidance of
      such
      Agency (for example, in the case of the Office of the Comptroller of the
      Currency, Corporate Decision 97-109) (disregarding any quantitative
      limits); 

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    (b)    such
      non-cumulative perpetual preferred stock of a Subsidiary of the Depository
      Institution Subsidiary must be exchangeable automatically into non-cumulative
      perpetual preferred stock of the Corporation in the event that the Appropriate
      Federal Banking Agency directs such Depository Institution Subsidiary in writing
      to make a conversion because such Depository Institution Subsidiary is
      (i) undercapitalized under the applicable prompt corrective action
      regulations (which, for example, in the case of the Office of the Comptroller
      of
      the Currency and applicable to national banks, are at 12 C.F.R. 6.4(b)),
      (ii) placed into conservatorship or receivership, or (iii) expected to
      become undercapitalized in the near term; 

     

    (c)    if
      such Subsidiary of the Depository Institution Subsidiary is a REIT, the
      transaction documents include provisions that would enable the REIT to stop
      paying dividends on its non-cumulative perpetual preferred stock without causing
      the REIT to fail to comply with the income distribution and other requirements
      of the Internal Revenue Code of 1986, as amended, applicable to REITs;

     

     (d)    such
      non-cumulative perpetual preferred stock of the Corporation issued upon exchange
      for the non-cumulative perpetual preferred stock of a Subsidiary of a Depository
      Institution Subsidiary issued as part of such transaction ranks pari passu
      or
      junior to other preferred stock of the Corporation; and 

     

    (e)    such
      REIT Preferred Securities and non-cumulative perpetual preferred stock of the
      Corporation for which it may be exchanged are subject to a Qualifying Capital
      Replacement Covenant.

     

    “Replacement
      Capital Securities”
means
      Common Stock, rights to acquire Common Stock, Debt Exchangeable for Common
      Equity, Debt Exchangeable for Preferred Equity, Mandatorily Convertible
      Preferred Stock, REIT Preferred Securities or Qualifying Capital Securities.
      

     

    “Repurchase
      Restriction”
has
      the
      meaning specified in clause (c) of the definition of “Alternative Payment
      Mechanism.” 

     

    “Securities”
has
      the
      meaning specified in Recital B.

     

    “Share
      Cap”
      has the
      meaning specified in clause (e) of the definition of Alternative Payment
      Mechanism.

     

    “Subsidiary”
      of the
      Corporation means, at any time, any Person the shares of stock or other
      ownership interests of which having ordinary voting power to elect a majority
      of
      the board of directors or other managers of such Person are at the time owned,
      or the management or policies of which are otherwise at the time controlled,
      directly or indirectly through one or more intermediaries (including other
      Subsidiaries) or both, by the Corporation.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    “Termination
      Date”
has
      the
      meaning specified in Section 5(a).

     

    “Trust”
      has
      the
      meaning specified in Recital A.

     

    
      
         

      

      
        17Exhibit
      4.03

     

    
      

      

    

     

    CITIGROUP
      INC.

    

    TO

    

    THE
      BANK
      OF NEW YORK

    Trustee

    

    
      
        

      

    INDENTURE

    

    Dated
      as
      of June 28, 2007

     

    
      

    

    

    Providing
      for the issuance of Junior Subordinated Deferrable Interest
      Debentures

     

    
      

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    
      	 	 	 	
              Page

            
	 	 	 	 
	
              Recitals
                of the Company

            	 	
              1

            
	 	 	 
	ARTICLE
              I Definitions and Other Provisions of General Application	 	
              1

            
	 	 	 
	
              Section
                1.1.

            	
              Definitions.

            	 	
              1

            
	
              Section
                1.2.

            	
              Compliance
                Certificates and Opinions.

            	 	
              12

            
	
              Section
                1.3.

            	
              Form
                of Documents Delivered to Trustee.

            	 	
              12

            
	
              Section
                1.4.

            	
              Acts
                of Holders; Record Dates.

            	 	
              13

            
	
              Section
                1.5.

            	
              Notices,
                Etc., to Trustee and Company.

            	 	
              14

            
	
              Section
                1.6.

            	
              Notice
                to Holders; Waiver.

            	 	
              14

            
	
              Section
                1.7.

            	
              Conflict
                with Trust Indenture Act.

            	 	
              15

            
	
              Section
                1.8.

            	
              Effect
                of Headings and Table of Contents.

            	 	
              15

            
	
              Section
                1.9.

            	
              Successors
                and Assigns.

            	 	
              15

            
	
              Section
                1.10.

            	
              Separability
                Clause.

            	 	
              15

            
	
              Section
                1.11.

            	
              Benefits
                of Indenture.

            	 	
              15

            
	
              Section
                1.12.

            	
              Governing
                Law.

            	 	
              15

            
	
              Section
                1.13.

            	
              Legal
                Holidays.

            	 	
              15

            
	
              Section
                1.14.

            	
              Tax
                Characterization.

            	 	
              15

            
	 	 	 	 
	ARTICLE
              II Security Forms	 	
              16

            
	 	 	 
	
              Section
                2.1.

            	
              Forms
                Generally.

            	 	
              16

            
	
              Section
                2.2.

            	
              Form
                of Face of Security.

            	 	
              16

            
	
              Section
                2.3.

            	
              Form
                of Reverse of Security.

            	 	
              19

            
	
              Section
                2.4.

            	
              Form
                of Trustee's Certificate of Authentication.

            	 	
              23

            
	 	 	 	 
	ARTICLE
              III The Securities	 	
              24

            
	 	 	 	 
	
              Section
                3.1.

            	
              Amount
                Unlimited; Issuable in Series.

            	 	
              24

            
	
              Section
                3.2.

            	
              Denominations.

            	 	
              25

            
	
              Section
                3.3.

            	
              Execution,
                Authentication, Delivery and Dating.

            	 	
              25

            
	
              Section
                3.4.

            	
              Temporary
                Securities.

            	 	
              25

            
	
              Section
                3.5.

            	
              Registration,
                Registration of Transfer and Exchange.

            	 	
              26

            
	
              Section
                3.6.

            	
              Mutilated,
                Destroyed, Lost and Stolen Securities.

            	 	
              28

            
	
              Section
                3.7.

            	
              Payment
                of Interest; Interest Rights Preserved.

            	 	
              29

            
	
              Section
                3.8.

            	
              Persons
                Deemed Owners.

            	 	
              30

            
	
              Section
                3.9.

            	
              Cancellation.

            	 	
              30

            
	
              Section
                3.10.

            	
              Interest.

            	 	
              30

            
	
              Section
                3.11.

            	
              Form
                and Payment.

            	 	
              32

            
	
              Section
                3.12.

            	
              Global
                Securities.

            	 	
              32

            
	 	 	 	 
	ARTICLE
              IV Satisfaction And Discharge; Defeasance	 	
              33

            
	 	 	 	 
	
              Section
                4.1.

            	
              Satisfaction
                and Discharge of Indenture.

            	 	
              33

            
	
              Section
                4.2.

            	
              Defeasance
                and Discharge.

            	 	
              35

            
	
              Section
                4.3.

            	
              Covenant
                Defeasance.

            	 	
              36

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

       

    

    
      	
              Section
                4.4.

            	
              Conditions
                to Defeasance or Covenant Defeasance.

            	 	
              36

            
	
              Section
                4.5.

            	
              Application
                of Trust Money.

            	 	
              37

            
	
              Section
                4.6.

            	
              Indemnity
                for U.S. Government Obligations.

            	 	
              37

            
	
              Section
                4.7.

            	
              Reinstatement.

            	 	
              37

            
	 	 	 	 
	ARTICLE
              V Remedies	 	
              38

            
	 	 	 	 
	
              Section
                5.1.

            	
              Events
                of Default and Acceleration.

            	 	
              38

            
	
              Section
                5.2.

            	
              Acceleration
                of Maturity.

            	 	
              38

            
	
              Section
                5.3.

            	
              Collection
                of Indebtedness and Suits for Enforcement by Trustee.

            	 	
              39

            
	
              Section
                5.4.

            	
              Trustee
                to File Claims As Attorney-In-Fact.

            	 	
              40

            
	
              Section
                5.5.

            	
              Application
                of Money Collected.

            	 	
              41

            
	
              Section
                5.6.

            	
              Control
                by Holders; Waiver of Past Default.

            	 	
              41

            
	
              Section
                5.7.

            	
              Limitation
                on Suits; Default.

            	 	
              42

            
	
              Section
                5.8.

            	
              Costs
                and Attorneys' Fees in Legal Proceedings.

            	 	
              44

            
	
              Section
                5.9.

            	
              Remedies
                Cumulative.

            	 	
              44

            
	
              Section
                5.10.

            	
              Waiver
                of Stay or Extension Laws.

            	 	
              44

            
	
              Section
                5.11.

            	
              Limitation
                on Claim for Certain Deferred Interest in Bankruptcy.

            	 	
              45

            
	 	 	 	 
	ARTICLE
              VI The Trustee	 	
              45

            
	 	 	 	 
	
              Section
                6.1.

            	
              Certain
                Duties and Responsibilities.

            	 	
              45

            
	
              Section
                6.2.

            	
              Notice
                of Defaults.

            	 	
              46

            
	
              Section
                6.3.

            	
              Certain
                Rights of Trustee.

            	 	
              46

            
	
              Section
                6.4.

            	
              Not
                Responsible for Recitals or Issuance of Securities.

            	 	
              48

            
	
              Section
                6.5.

            	
              May
                Hold Securities.

            	 	
              48

            
	
              Section
                6.6.

            	
              Money
                Held in Trust.

            	 	
              48

            
	
              Section
                6.7.

            	
              Compensation
                and Reimbursement.

            	 	
              48

            
	
              Section
                6.8.

            	
              Disqualification;
                Conflicting Interests.

            	 	
              49

            
	
              Section
                6.9.

            	
              Corporate
                Trustee Required; Eligibility.

            	 	
              49

            
	
              Section
                6.10.

            	
              Resignation
                and Removal; Appointment of Successor.

            	 	
              50

            
	
              Section
                6.11.

            	
              Acceptance
                of Appointment by Successor.

            	 	
              51

            
	
              Section
                6.12.

            	
              Merger,
                Conversion, Consolidation or Succession to Business.

            	 	
              52

            
	
              Section
                6.13.

            	
              Preferential
                Collection of Claims Against Company.

            	 	
              52

            
	
              Section
                6.14.

            	
              Appointment
                of Authenticating Agent.

            	 	
              53

            
	
               

            	 	 	 
	ARTICLE
              VII Holders Lists and Reports by Trustee and Company	 	
              55

            
	 	 	 	 
	
              Section
                7.1.

            	
              Company
                to Furnish Trustee Names and Addresses of Holders.

            	 	
              55

            
	
              Section
                7.2.

            	
              Preservation
                of Information; Communications to Holders.

            	 	
              55

            
	
              Section
                7.3.

            	
              Reports
                by Trustee.

            	 	
              55

            
	
              Section
                7.4.

            	
              Reports
                by Company.

            	 	
              56

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

       

    

    
      	ARTICLE
              VIII Consolidation, Merger, Conveyance, Transfer or Lease	 	
              57

            
	 	 	 	 
	
              Section
                8.1.

            	
              Company
                May Consolidate, Etc., Only on Certain Terms.

            	 	
              57

            
	
              Section
                8.2.

            	
              Successor
                Corporation Substituted.

            	 	
              58

            
	
              Section
                8.3.

            	
              Effect
                of Business Combination.

            	 	
              58

            
	
               

            	 	 	 
	ARTICLE
              IX Supplemental Indentures	 	
              59

            
	 	 	 	 
	
              Section
                9.1.

            	
              Supplemental
                Indentures Without Consent of Holders.

            	 	
              59

            
	
              Section
                9.2.

            	
              Supplemental
                Indentures with Consent of Holders.

            	 	
              60

            
	
              Section
                9.3.

            	
              Execution
                of Supplemental Indentures.

            	 	
              61

            
	
              Section
                9.4.

            	
              Effect
                of Supplemental Indentures.

            	 	
              61

            
	
              Section
                9.5.

            	
              Conformity
                with Trust Indenture Act.

            	 	
              61

            
	
              Section
                9.6.

            	
              Reference
                in Securities to Supplemental Indentures.

            	 	
              61

            
	 	 	 	 
	ARTICLE
              X Covenants	 	
              62

            
	 	 	 	 
	
              Section
                10.1.

            	
              Payment
                of Principal, Premium and Interest.

            	 	
              62

            
	
              Section
                10.2.

            	
              Maintenance
                of Office or Agency.

            	 	
              62

            
	
              Section
                10.3.

            	
              Money
                for Securities Payments to Be Held in Trust.

            	 	
              62

            
	
              Section
                10.4.

            	
              Statement
                by Officers as to Default.

            	 	
              64

            
	
              Section
                10.5.

            	
              Covenants
                as to Citigroup Trusts.

            	 	
              64

            
	
              Section
                10.6.

            	
              Payment
                of Expenses.

            	 	
              64

            
	
              Section
                10.7.

            	
              Listing
                on an Exchange.

            	 	
              65

            
	
              Section
                10.8.

            	
              Future
                Issuance of Securities.

            	 	
              65

            
	 	 	 	 
	ARTICLE
              XI Redemption of Securities	 	
              66

            
	 	 	 	 
	
              Section
                11.1.

            	
              Applicability
                of Article; Federal Reserve Concurrence or Approval.

            	 	
              66

            
	
              Section
                11.2.

            	
              Election
                to Redeem; Notice to Trustee.

            	 	
              66

            
	
              Section
                11.3.

            	
              Selection
                by Trustee of Securities to Be Redeemed.

            	 	
              66

            
	
              Section
                11.4.

            	
              Notice
                of Redemption.

            	 	
              67

            
	
              Section
                11.5.

            	
              Deposit
                of Redemption Price.

            	 	
              68

            
	
              Section
                11.6.

            	
              Securities
                Payable on Redemption Date.

            	 	
              68

            
	
              Section
                11.7.

            	
              Securities
                Redeemed in Part.

            	 	
              68

            
	
              Section
                11.8.

            	
              Tax
                Event Redemption.

            	 	
              69

            
	 	 	 	 
	ARTICLE
              XII [INTENTIONALLY OMITTED]	 	
              69

            
	 	 	 	 
	ARTICLE
              XIII Extension of Interest Payment Period	 	
              69

            
	 	 	 	 
	
              Section
                13.1.

            	
              Extension
                of Interest Payment Period.

            	 	
              69

            
	
              Section
                13.2.

            	
              Notice
                of Extension.

            	 	
              70

            
	
              Section
                13.3.

            	
              Limitation
                of Transactions.

            	 	
              71

            
	
              Section
                13.4.

            	
              Limitation
                on Source of Payment of Deferred Interest.

            	 	
              72

            
	
              Section
                13.5.

            	
              Obligation
                to Effect Certain Common Stock Sales.

            	 	
              72

            
	
              Section
                13.6.

            	
              Notice
                of Market Disruption Event.

            	 	
              74

            
	
              Section
                13.7.

            	
              Notice
                of Supervisory Event.

            	 	
              74

            
	
              Section
                13.8.

            	
              Notices
                to the Federal Reserve.

            	 	
              74

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

       

    

    
      	
              Section
                13.9.

            	
              Obligation
                to Notify Federal Reserve of Intent to Sell Stock.

            	 	
              75

            
	
               

            	 	 	 
	ARTICLE
              XIV Subordination of Securities	 	
              75

            
	 	 	 	 
	
              Section
                14.1.

            	
              Agreement
                to Subordinate.

            	 	
              75

            
	
              Section
                14.2.

            	
              Default
                on Senior Indebtedness.

            	 	
              75

            
	
              Section
                14.3.

            	
              Liquidation;
                Dissolution; Bankruptcy.

            	 	
              76

            
	
              Section
                14.4.

            	
              Subrogation.

            	 	
              77

            
	
              Section
                14.5.

            	
              Trustee
                to Effectuate Subordination.

            	 	
              78

            
	
              Section
                14.6.

            	
              Notice
                by the Company.

            	 	
              79

            
	
              Section
                14.7.

            	
              Rights
                of the Trustee; Holders of Senior Indebtedness.

            	 	
              79

            
	
              Section
                14.8.

            	
              Subordination
                May Not Be Impaired.

            	 	
              80

            
	
              Section
                14.9.

            	
              Trustee's
                Compensation Not Prejudiced.

            	 	
              80

            
	
              Section
                14.10.

            	
              Disclaimer
                of Right to Enforce Covenants.

            	 	
              80

            
	 	 	 	 
	ARTICLE
              XV Miscellaneous	 	
              81

            
	 	 	 	 
	
              Section
                15.1.

            	
              Acknowledgement
                of Rights.

            	 	
              81

            
	
              Section
                15.2.

            	
              Severability.

            	 	
              81

            
	
              Section
                15.3.

            	
              Counterparts.

            	 	
              81

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    INDEX
      OF
      TERMS

    

      
        	 	 	
                Page

              
	 	 	 
	
                Act

              	 	
                2,
                  13

              
	
                Additional
                  Interest

              	 	
                2,
                  31

              
	
                Affiliate

              	 	
                2

              
	
                Authenticating
                  Agent

              	 	
                2

              
	
                Board
                  of Directors

              	 	
                2

              
	
                Board
                  Resolution

              	 	
                2

              
	
                Book
                  Entry Interest

              	 	
                2

              
	
                Business
                  Day

              	 	
                2

              
	
                Citigroup
                  Standard TruPS® Trust

              	 	
                2

              
	
                Citigroup
                  Trust

              	 	
                3

              
	
                Commission

              	 	
                3

              
	
                Common
                  Securities

              	 	
                3

              
	
                Company

              	 	
                1,
                  3, 17

              
	
                Company
                  Order

              	 	
                3

              
	
                Company
                  Request

              	 	
                3

              
	
                Compounded
                  Interest

              	 	
                3,
                  68

              
	
                Corporate
                  Trust Office

              	 	
                3

              
	
                Coupon
                  Rate

              	 	
                3,
                  30

              
	
                Covenant
                  Defeasance

              	 	
                3,
                  35

              
	
                Current
                  Stock Market Price

              	 	
                3

              
	
                Declaration

              	 	
                4

              
	
                Defaulted
                  Interest

              	 	
                4,
                  29

              
	
                Defeasance

              	 	
                4,
                  35

              
	
                Deferred
                  Interest

              	 	
                4,
                  69

              
	
                Delaware
                  Trustee

              	 	
                4

              
	
                Depositary

              	 	
                4

              
	
                Direct
                  Action

              	 	
                4,
                  80

              
	
                Dissolution
                  Event

              	 	
                4

              
	
                Distributions

              	 	
                4

              
	
                Event
                  of Default and Acceleration

              	 	
                4

              
	
                Exchange
                  Act

              	 	
                4

              
	
                Extended
                  Interest Payment Period

              	 	
                4,
                  21, 68

              
	
                Federal
                  Reserve

              	 	
                4

              
	
                Fifth
                  Deferral Anniversary

              	 	
                5

              
	
                Floating
                  or Adjustable Rate Provision

              	 	
                5

              
	
                Floating
                  or Adjustable Rate Security

              	 	
                5

              
	
                generally
                  accepted accounting principles

              	 	
                1

              
	
                Global
                  Security

              	 	
                5

              
	
                Holder

              	 	
                5

              
	
                Indenture

              	 	
                5,
                  19

              
	
                Institutional
                  Trustee

              	 	
                5

              
	
                Interest
                  Payment Date

              	 	
                5,
                  17, 30

              
	
                Market
                  Disruption Event

              	 	
                5

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

         

      

      
        	
                Maturity

              	 	
                5

              
	
                Ministerial
                  Action

              	 	
                68

              
	
                New
                  Equity Amount

              	 	
                6

              
	
                No
                  Recognition Opinion

              	 	
                7

              
	
                Non
                  Book-Entry Preferred Securities

              	 	
                7,
                  32

              
	
                Officers'
                  Certificate

              	 	
                7

              
	
                Opinion
                  of Counsel

              	 	
                7

              
	
                Optional
                  Redemption

              	 	
                19

              
	
                Optional
                  Redemption Price

              	 	
                19

              
	
                Outstanding

              	 	
                7

              
	
                Paying
                  Agent

              	 	
                8

              
	
                Person

              	 	
                8

              
	
                Place
                  of Payment

              	 	
                8

              
	
                Predecessor
                  Security

              	 	
                8

              
	
                Preferred
                  Securities

              	 	
                8

              
	
                Preferred
                  Security Certificate

              	 	
                8

              
	
                Qualified
                  Warrants

              	 	
                8

              
	
                Qualifying
                  Capital Securities

              	 	
                8

              
	
                Quarterly
                  Interest Accrual Period

              	 	
                9

              
	
                Redemption
                  Date

              	 	
                9

              
	
                Redemption
                  Option Date

              	 	
                9

              
	
                Redemption
                  Price

              	 	
                9

              
	
                Redemption
                  Tax Opinion

              	 	
                9

              
	
                Regular
                  Record Date

              	 	
                9

              
	
                Regular
                  Trustees

              	 	
                9

              
	
                Responsible
                  Officer

              	 	
                9

              
	
                Securities

              	 	
                1,
                  9, 19

              
	
                Security
                  Beneficial Owner

              	 	
                9

              
	
                Security
                  Register

              	 	
                9,
                  27

              
	
                Security
                  Registrar

              	 	
                9,
                  27

              
	
                Senior
                  Indebtedness

              	 	
                9

              
	
                Special
                  Event

              	 	
                10

              
	
                Special
                  Record Date

              	 	
                10

              
	
                Stated
                  Maturity

              	 	
                11

              
	
                Supervisory
                  Event

              	 	
                11

              
	
                Tax
                  Event

              	 	
                11

              
	
                Tax
                  Event Opinion

              	 	
                11

              
	
                Tenth
                  Deferral Anniversary

              	 	
                11

              
	
                Trust
                  Indenture Act

              	 	
                11

              
	
                Trust
                  Securities

              	 	
                11

              
	
                Trustee

              	 	
                1,
                  11, 19

              
	
                U.S.
                  Government Obligations

              	 	
                11,
                  36

              
	
                Underwriting
                  Agreement

              	 	
                11

              
	
                Vice
                  President

              	 	
                12

              

      

    

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    Citigroup
      Inc.

     

    Reconciliation
      and tie between Trust Indenture Act of 1939 and

    Indenture,
      dated as of July 23, 2004

    

      
        	
                Trust
                  Indenture

              	 	 
	
                Act
                  Section

              	 	
                Indenture
                  Section

              
	
                § 310

              	
                (a)(1)
                  

              	 	
                6.9

              
	 	
                (a)(2)
                  

              	 	
                6.9

              
	 	
                (a)(3)
                  

              	 	
                Not
                  Applicable

              
	 	
                (a)(4)
                  

              	 	
                Not
                  Applicable

              
	 	
                (b)
                  :

              	 	
                6.8
                  6.10

              
	
                §
                  311

              	
                (a)
                  :

              	 	
                6.13(a)

              
	 	
                (b)

              	 	
                6.13(b)

              
	 	
                (b)(2)
                  

              	 	
                7.3(a)(2)

              
	
                7.3(b)

              	 	 	 
	
                § 312(a)

              	 	 	
                7.1
                  7.2(a)

              
	 	
                (b)
                  

              	 	
                7.2(b)

              
	 	
                (c)
                  

              	 	
                7.2(c)

              
	
                §
                  313

              	
                (a)
                  

              	 	
                7.3(a)

              
	 	
                (b)

              	 	
                7.3(b)

              
	 	
                (c)

              	 	
                7.3(a).
                  7.3(b)

              
	 	
                (d)

              	 	
                7.3(c)

              
	
                § 314
                  (a)

              	 	 	
                7.4

              
	 	
                (b)
                  

              	 	
                Not
                  Applicable

              
	 	
                (c)(1)
                  

              	 	
                1.2

              
	 	
                (c)(2)
                  

              	 	
                1.2

              
	 	
                (c)(3)
                  

              	 	
                Not
                  Applicable

              
	 	
                (d)
                  

              	 	
                Not
                  Applicable

              
	 	
                (e)
                  

              	 	
                1.2

              
	
                §
                  315

              	
                (a)
                  

              	 	
                6.1(a)

              
	 	
                (b)

              	 	
                6.2

              
	 	 	 	
                7.3(a)(6)

              
	 	
                (c)

              	 	
                6.1(b)

              
	 	
                (d)

              	 	
                6.1(c)

              
	 	
                (d)(1)
                  

              	 	
                6.1(a)(1)

              
	 	
                (d)(2)
                  

              	 	
                6.1(c)(2)

              
	 	
                (d)(3)
                  

              	 	
                6.1(c)(3)

              
	 	
                (e)

              	 	
                5.14

              
	
                §
                  316

              	
                (a)
                  

              	 	
                1.1

              
	 	
                (a)(1)(A)
                  

              	 	
                5.2

              
	 	 	 	
                5.12

              
	 	
                (a)(1)(B)
                  

              	 	
                5.13

              
	 	
                (a)(2)
                  

              	 	
                Not
                  Applicable

              
	 	
                (b)
                  

              	 	
                5.8

              

      

       

      
        
          
          

        

        
          viii

          
            

          

        

        
          
          

        

         

      

      
        	
                §
                  317

              	
                (a)(1)
                  

              	 	
                5.3

              
	 	
                (a)(2)

              	 	
                5.4

              
	 	
                (b)

              	 	
                10.3

              
	
                § 318

              	
                (a)

              	 	
                1.7

              

      

    

    
       

      
        
NOTE: This
        reconciliation and tie shall not, for any purpose, be deemed to be a part
        of the
        Indenture.

    

    

    
      
        
        

      

      
        ix

        
          

        

      

      
        
        

      

    

    INDENTURE,
      dated as of June 28, 2007, between CITIGROUP INC., a corporation duly organized
      and existing under the laws of the State of Delaware (herein called the
      "Company"), having its principal office at 399 Park Avenue, New York, New York
      10043, and THE BANK OF NEW YORK, a New York banking corporation duly organized
      and existing under the laws of the State of New York, as Trustee (herein called
      the "Trustee").

     

    Recitals
      of the Company

     

    The
      Company has duly authorized the execution and delivery of this Indenture to
      provide
      for the
      issuance from time to time of its unsecured junior subordinated deferrable
      interest debentures, notes
      or
      other
evidences
      of indebtedness (herein called the "Securities"), to be issued in one or more
      series as
      in
this
      Indenture
      provided.

     

    All
      things necessary to make this Indenture a valid agreement of the Company, in
      accordance with its terms, have been done.

     

    NOW,
      THEREFORE,
      THIS INDENTURE WITNESSETH:

     

    For
      and
      in consideration of the premises and the purchase of the Securities by the
      Holders
      thereof, it is mutually covenanted and agreed, for the equal and proportionate
      benefit
      of all
      Holders of the Securities or of series thereof, as follows:

     

     

    ARTICLE
      I

     

    Definitions
      And Other Provisions

    of
      General Application

     

    
      	
              Section
                1.1.

            	
              Definitions.

            

    

     

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

     

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

     

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

     

    (3) all
      accounting terms not otherwise defined herein have the meanings assigned to
      them
      in accordance with generally accepted accounting principles, and, except as
      otherwise herein expressly provided, the term "generally accepted accounting
      principles" with respect to any computation required or permitted hereunder
      shall mean such accounting principles as are generally accepted at the date
      of
      such computation; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (4) the
      words
      "herein," "hereof" and "hereunder" and other words of similar import refer
      to
      this Indenture as a whole and not to any particular Article, Section or other
      subdivision.

     

    Certain
      terms, used principally in Article Six, are defined in that
      Article.

     

    "Act"
      when used with respect to any Holder, has the meaning specified in Section
      1.4.

     

    "Additional
      Interest" has the meaning specified in Section 3.10(c).

     

    "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.

     

    "Alternative
      Payment Mechanism" has the meaning specified in Section 13.5(a).

     

    "APM
      Maximum Obligation” has the meaning specified in Section 13.5(f).

     

    "Authenticating
      Agent" means any Person authorized by the Trustee to act on behalf of the
      Trustee to authenticate Securities.

     

    "Board
      of
      Directors" means either the board of directors of the Company or any duly
      authorized committee of that board.

     

    "Board
      Resolution" means a copy of a resolution certified by the Secretary or an
      Assistant Secretary of the Company to have been duly adopted by the Board of
      Directors and to be in full force and effect on the date of such certification,
      and delivered to the Trustee.

     

    "Book
      Entry Interest" means a beneficial interest in a Global Security, ownership
      of
      which shall be maintained and transfers of which shall be made through book
      entries by the Depositary.

     

    "Business
      Day" means any day other than a Saturday, Sunday or any other day on which
      banking institutions in New York, New York are authorized or obligated by any
      applicable law to close.

     

    "Citigroup
      Standard TruPS® 
      Trust"
      means each of Citigroup Capital II, Citigroup Capital VI, Citigroup Capital
      VII,
      Citigroup Capital VIII, Citigroup Capital IX, Citigroup Capital X, Citigroup
      Capital XI, Citigroup Capital XII and Citigroup Capital XIII, each a Delaware
      statutory trust, or any other similar trust created for the purpose of issuing
      preferred securities in connection with the issuance of junior subordinated
      debt
      securities under either (i) the junior subordinated debt indenture dated as
      of
      July 23, 2004, between Citigroup and JP Morgan Chase Bank, as trustee, as the
      same has been or may be amended, modified, or supplemented from time to time
      or
      (ii) the indenture, dated as of October 7, 1996, between Citigroup and JPMorgan
      Chase Bank, N.A., as trustee, as the same has been amended, modified, or
      supplemented.

     

    
      

    

    
      ®
        TRUPS®
        is a
        registered service mark of Citigroup Global Markets Inc. Citigroup Global
        Markets Inc. has applied for patent protection for the Enhanced TRUPS®
        structure. 

       

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    "Citigroup
      Trust" means Citigroup Capital XV, Citigroup Capital XVI, Citigroup Capital
      XVII
      or Citigroup Capital XVIII or any other similar trust created for the purpose
      of
      issuing preferred securities in connection with the issuance of Securities
      under
      this Indenture.

     

    "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 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" means undivided beneficial interests in the assets of a Citigroup
      Trust which rank, except upon the occurrence and continuation of an Event of
      Default, pari
      passu
      with
      Preferred Securities issued by such Citigroup Trust.

     

    "Company"
      means the Person named as the "Company" in the first paragraph of this
      instrument until a successor corporation shall have become such pursuant to
      the
      applicable provisions of this Indenture, and thereafter "Company" shall mean
      such successor corporation.

     

    "Company
      Request" or "Company Order" means a written request or order signed in the
      name
      of the Company by its Chairman or a Vice Chairman of the Board, its President,
      a
      Vice President, its Chief Financial Officer, its Chief Accounting Officer,
      its
      Treasurer, or by a Member of its Funding Committee, and by a Deputy Treasurer,
      an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered
      to the Trustee.

     

    "Compounded
      Interest" has the meaning specified in Section 13.1.

     

    "Corporate
      Trust Office" means the principal office of the Trustee in the City of New
      York,
      New York at which at any particular time its corporate trust business shall
      be
      principally administered, which at the date hereof is located at 101 Barclay
      Street-8W New York, New York 10286.

     

    "Coupon
      Rate" has the meaning specified in Section 3.10(a). 

     

    "Covenant
      Defeasance" has the meaning specified in Section 4.3.

     

    "Current
      Stock Market Price" on any date shall be the closing sale price per share of
      common stock of the Company (or if no closing sale price is reported, the
      average of the bid and ask prices or, if more than one in either case, the
      average of the average bid and the average ask prices) on that date as reported
      in composite transactions by the New York Stock Exchange or, if the Company's
      common stock is not then listed on the New York Stock Exchange, as reported
      by
      the principal U.S. securities exchange on which the Company's common stock
      is
      listed. If the Company's common stock is not either listed on any U.S.
      securities exchange on the relevant date, the Current Stock Market Price shall
      be the last quoted bid price for its common stock in the over-the-counter market
      on the relevant date as reported by the National Quotation Bureau or similar
      organization. If the Company's common stock is not so quoted, the Current Stock
      Market Price shall be the average of the mid-point of the last bid and ask
      prices for its common stock on the relevant date from each of at least three
      nationally recognized independent investment banking firms selected by the
      Company for this purpose.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    "Declaration"
      means, with respect to a Citigroup Trust, the amended and restated declaration
      of trust or any other governing instrument of such Citigroup Trust.

     

    "Default"
      has the meaning specified in Section 5.7.

     

    "Defaulted
      Interest" has the meaning specified in Section 3.7.

     

    "Defeasance"
      has the meaning specified in Section 4.2.

     

    "Deferred
      Interest" has the meaning specified in Section 13.1.

     

    "Delaware
      Trustee" has the meaning specified in the Declaration of the applicable
      Citigroup Trust.

     

    "Depositary"
      means, with respect to Securities of any series issuable in whole or in part
      in
      the form of one or more Global Securities, a clearing agency registered under
      the Exchange Act that is designated to act as Depositary for such Securities
      as
      contemplated by Section 3.1.

     

    "Direct
      Action" has the meaning specified in Section 15.1.

     

    "Dissolution
      Event" means, with respect to a Citigroup Trust, that as a result of the
      occurrence and continuation of a Special Event with respect to such Citigroup
      Trust, such Citigroup Trust is to be dissolved in accordance with its
      Declaration.

     

    "Distributions"
      on Trust Securities of a Citigroup Trust has the meaning set forth in the
      Declaration of such Citigroup Trust.

     

    "Event
      of
      Default and Acceleration " has the meaning specified in Section
      5.1.

     

    "Exchange
      Act" means the Securities Exchange Act of 1934 as amended from time to time,
      and
      any successor legislation.

     

    "Extended
      Interest Payment Period" has the meaning specified in Section 13.1.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    "Federal
      Reserve" means either or both of the Board of Governors of the Federal Reserve
      System and the Federal Reserve Bank of New York, or its successor as the
      Company's primary federal banking regulator.

     

    "Fifth
      Deferral Anniversary " means the date which is five (5) years after the date
      of
      commencement of an Extended Interest Payment Period, if on such date such
      Extended Interest Payment Period has not ended.

     

    "Floating
      or Adjustable Rate Provision" means a formula or provision, specified in a
      Board
      Resolution or an indenture supplemental hereto, providing for the determination,
      whether pursuant to objective factors or pursuant to the sole discretion of
      any
      Person (including the Company), and periodic adjustment of the interest rate
      per
      annum borne by a Floating or Adjustable Rate Security.

     

    "Floating
      or Adjustable Rate Security" means any Security which provides for interest
      to
      be payable thereon at a rate per annum that may vary from time to time over
      the
      term thereof in accordance with a Floating or Adjustable Rate
      Provision.

     

    "Global
      Security" means a Security that evidences all or part of the Securities of
      any
      series and is authenticated and delivered to, and registered in the name of,
      the
      Depositary for such Securities or a nominee thereof.

     

    "Holder"
      means a Person in whose name a Security is registered in the Security
      Register.

     

    "Indenture"
      means this instrument as originally executed or as it may from time to time
      be
      supplemented or amended by one or more indentures supplemental hereto entered
      into pursuant to the applicable provisions hereof and shall include the terms
      of
      particular series of Securities established as contemplated by Section
      3.1.

     

    "Institutional
      Trustee" has the meaning set forth in the Declaration of the applicable
      Citigroup Trust.

     

    "Interest
      Payment Date," when used with respect to any Security, means the Stated Maturity
      of an installment of interest on such Security.

     

    "Maturity,"
      when used with respect to any Security, means the date on which the principal
      of
      such Security or an installment of principal becomes due and payable as therein
      or herein provided, whether at the Stated Maturity or by declaration of
      acceleration, call for redemption or otherwise.

     

    "Market
      Disruption Event," means the occurrence or existence of any of the following
      events or circumstances:

     

    (1) the
      Company would be required to obtain the consent or approval of its shareholders
      or a regulatory body (including, without limitation, any securities exchange
      but
      excluding the Federal Reserve) or governmental authority to issue or sell shares
      of its common stock and such consent or approval has not yet been obtained
      even
      though the Company has used commercially reasonable efforts to obtain the
      required consent or approval;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (2) trading
      in securities generally on the principal exchange on which the Company's
      securities are listed and traded (as of the date hereof, the New York Stock
      Exchange) shall have been suspended or materially disrupted or minimum prices
      shall have been established on any such exchange or market by the Commission,
      by
      the relevant exchange or any other regulatory body or by governmental authority
      having jurisdiction;

     

    (3) an
      event
      occurs and is continuing as a result of which the offering document for such
      offer and sale of securities would, in the reasonable judgment of the Company,
      contain an untrue statement of a material fact or omit to state a material
      fact
      required to be stated therein or necessary to make the statements therein not
      misleading and either (1) the disclosure of that event at such time, in the
      reasonable judgment of the Company, would have a material adverse effect on
      the
      Company's business or (2) the disclosure relates to a previously undisclosed
      proposed or pending material development or business transaction, and the
      Company has a bona fide business reason for keeping the same confidential or
      the
      disclosure of which would impede the Company's ability to consummate such
      transaction, provided that no single suspension period contemplated by this
      paragraph (iii) may exceed 90 consecutive days and multiple suspension periods
      contemplated by this paragraph (iii) may not exceed an aggregate of 90 days
      in
      any 180-day period;

     

    (4) the
      Company reasonably believes that the offering document for such offer and sale
      of securities would not be in compliance with a rule or regulation of the
      Commission (for reasons other than those referred to in paragraph (iii) above)
      and the Company is unable to comply with such rule or regulation or such
      compliance is impracticable, provided that no single suspension contemplated
      by
      this paragraph (iv) may exceed 90 consecutive days and multiple suspension
      periods contemplated by this paragraph (iv) may not exceed an aggregate of
      90
      days in any 180-day period;

     

    (5) there
      is
      an adverse change in general domestic or international economic, political
      or
      financial conditions, including without limitation as a result of terrorist
      activities, or the effect of international conditions on the financial markets
      in the United States and such adverse change materially disrupts or otherwise
      has a material adverse effect on the issuance, sale or trading of the Company's
      common stock; 

     

    (6) a
      material disruption shall have occurred in commercial banking or securities
      settlement or clearing services in the United States; or

     

    (7) a
      banking
      moratorium shall have been declared by federal or state authorities of the
      United States.

     

    "New
      Equity Amount" means, at any date, (i) the net cash proceeds (after
      underwriters’ or placement agents’ fees, commissions or discounts and other
      expenses relating to the issuances), plus (ii) the fair market value of
      property, other than cash (based on the Current Stock Market Price of common
      stock issued or delivered for such property), received by the Company during
      the
      180-day period immediately prior to such date in arm's length transactions,
      from
      the issuance or sale of shares of (A) the Company's common stock, including
      treasury shares and shares of common stock sold pursuant to the Company's
      dividend reinvestment plan and employee benefit plans and (B) the Company's
      Qualified Warrants.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    "No
      Recognition Opinion," with respect to a Citigroup Trust, has the meaning
      specified in the Declaration of such Citigroup Trust.

     

    "Non
      Book-Entry Preferred Securities" has the meaning specified in Section
      3.12(a)(ii).

     

    "Officers'
      Certificate" means a certificate signed by the Chairman or Vice Chairman of
      the
      Board, the President, a Vice President, the Chief Financial Officer, the Chief
      Accounting Officer, the Treasurer, or a Member of the Funding Committee, and
      by
      a Deputy Treasurer, an Assistant Treasurer, the Secretary or an Assistant
      Secretary, of the Company, and delivered to the Trustee. The officer signing
      an
      Officer's Certificate pursuant to Section 10.4 shall be the principal executive,
      financial or accounting officer of the Issuer or the Company, as the case may
      be. 

     

    "Opinion
      of Counsel" means a written opinion of counsel, who may be counsel for the
      Company.

     

    "Outstanding,"
      when used with respect to Securities, means, as of the date of determination,
      all Securities theretofore authenticated and delivered under this Indenture,
      except:

     

    (i) Securities
      theretofore cancelled by the Trustee or delivered to the Trustee for
      cancellation;

     

    (ii) Securities
      for whose payment or redemption money in the necessary amount has been
      theretofore deposited with the Trustee or any Paying Agent (other than the
      Company) in trust or set aside and segregated in trust by the Company (if the
      Company shall act as its own Paying Agent) for the Holders of such Securities;
      provided
      that, if
      such Securities are to be redeemed, notice of such redemption has been duly
      given pursuant to this Indenture or provision therefor satisfactory to the
      Trustee has been made; and

     

    (iii) Securities
      which have been paid pursuant to Section 3.6 or in exchange for or in lieu
      of
      which other Securities have been authenticated and delivered pursuant to this
      Indenture, other than any such Securities in respect of which there shall have
      been presented to the Trustee proof satisfactory to it that such Securities
      are
      held by a protected purchaser in whose hands such Securities are valid
      obligations of the Company;

     

    provided
      that in
      determining whether the Holders of the requisite principal amount of the
      Outstanding Securities have given any request, demand, authorization, direction,
      notice, consent or waiver hereunder, Securities owned by the Company or any
      other obligor upon the Securities or any Affiliate of the Company or of such
      other obligor shall be disregarded and deemed not to be Outstanding;
provided,
      however,
      that,
      in determining whether the Trustee shall be protected in relying, upon any
      such
      request, demand, authorization, direction, notice, consent or waiver, only
      Securities which a Responsible Officer of the Trustee actually knows to be
      so
      owned shall be so disregarded and provided,
      further,
      that
      Securities held by the Institutional Trustee for the benefit of the holders
      of
      the Trust Securities shall not be so disregarded. Securities so owned which
      have
      been pledged in good faith may be regarded as Outstanding if the pledgee
      establishes to the satisfaction of the Trustee the pledgee's right so to act
      with respect to such Securities and that the pledgee is not the Company or
      any
      other obligor upon the Securities or any Affiliate of the Company or of such
      other obligor. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    "Paying
      Agent" means any Person authorized by the Company to pay the principal of (or
      premium, if any) or interest on any Securities on behalf of the
      Company.

     

    "Person"
      means any individual, corporation, partnership, limited liability company,
      joint
      venture, association, joint stock company, trust, unincorporated organization
      or
      government or any agency or political subdivision thereof.

     

    "Place
      of
      Payment," when used with respect to the Securities of any series, means the
      place or places where the principal of (and premium, if any) and interest on
      the
      Securities of that series are payable as specified as contemplated by Section
      3.1.

     

    "Predecessor
      Security" of any particular Security means every previous Security evidencing
      all or a portion of the same debt as that evidenced by such particular Security;
      and, for the purposes of this definition, any Security authenticated and
      delivered under Section 3.6 in exchange for or in lieu of a mutilated,
      destroyed, lost or stolen Security shall be deemed to evidence the same debt
      as
      the mutilated, destroyed, lost or stolen Security.

     

    "Preferred
      Securities" means undivided beneficial interests in the assets of a Citigroup
      Trust which rank, except upon the occurrence and continuation of an Event of
      Default and Acceleration, pari
      passu
      with
      Common Securities issued by such Citigroup Trust.

     

    "Preferred
      Security Certificate" has the meaning specified in the Declaration of the
      applicable Citigroup Trust.

     

    "Qualified
      Warrants" means warrants for the Company's common stock that (1) have an
      exercise price greater than the Current Stock Market Price of the Company's
      common stock on their date of issuance, and (2) the Company is not entitled
      to
      redeem for cash and the holders are not entitled to require the Company to
      repurchase for cash in any circumstances.

     

    "Qualifying
      Capital Securities" means securities (other than common stock, rights to acquire
      common stock and securities convertible into common stock) that, in the
      determination of the Board of Directors, have equity-like characteristics that
      are the same as, or more equity-like than, the applicable characteristics of
      the
      Securities at the time of redemption and repurchase. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    "Quarterly
      Interest Accrual Period" means each period commencing on an Interest Payment
      Date and continuing to but not including the next succeeding Interest Payment
      Date.

     

    "Redemption
      Date," when used with respect to any Security to be redeemed, means the date
      fixed for such redemption by or pursuant to this Indenture.

     

    "Redemption
      Option Date" means, with respect to a series of Securities, the date specified
      as contemplated by Section 3.1 on or after which, from time to time, the
      Company, at its option, may redeem such series of Securities in whole or in
      part.

     

    "Redemption
      Price," when used with respect to any Security to be redeemed, means such
      percentage of the principal amount of such Security that is specified pursuant
      to Section 3.1 plus any accrued and unpaid interest thereon to the date of
      redemption.

     

    "Redemption
      Tax Opinion," with respect to a Citigroup Trust, has the meaning set forth
      in
      the Declaration of the applicable Citigroup Trust.

     

    "Regular
      Record Date" for the interest payable on any Interest Payment Date on the
      Securities of any series means the date specified as such pursuant to Section
      3.1.

     

    "Regular
      Trustees" has the meaning set forth in the Declaration of the applicable
      Citigroup Trust.

     

    "Responsible
      Officer" means, with respect to the Trustee, any officer within the Corporate
      Trust Office of the Trustee having direct responsibility for the administration
      of this Indenture and also means, with respect to a particular corporate trust
      matter, any other officer to whom such matter is referred because of that
      officer's knowledge of and familiarity with the particular subject.

     

    "Securities"
      has the meaning stated in the first recital of this Indenture and more
      particularly means any Securities authenticated and delivered under this
      Indenture.

     

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

     

    "Security
      Register" and "Security Registrar" have the respective meanings specified in
      Section 3.5.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    "Senior
      Indebtedness" means with respect to the Company:(i) the principal, premium,
      if
      any, and interest in respect of (A) indebtedness for money borrowed and (B)
      indebtedness evidenced by securities, notes, debentures, bonds or other similar
      instruments issued by the Company, including without limitation (a) all
      indebtedness (whether now or hereafter outstanding) issued under the senior
      debt
      indenture, dated as of March 15, 1987, between Citigroup and The Bank of New
      York, as trustee, as the same has been or may be amended, modified, or
      supplemented from time to time, (b) all indebtedness (whether now or hereafter
      outstanding) issued under the subordinated debt indenture, dated as of April
      12,
      2001, between Citigroup and J.P. Morgan Trust Company, National Association,
      as
      trustee, as the same has been or may be amended, modified, or supplemented
      from
      time to time, (c) all indebtedness (whether now or hereafter outstanding) issued
      to a Citigroup Standard TruPS®
      Trust
      under the junior subordinated debt indenture dated as of July 23, 2004, between
      Citigroup and JP Morgan Chase Bank, N.A., as trustee, as the same has been
      or
      may be amended, modified, or supplemented from time to time, (d) all
      indebtedness issued to a Citigroup Standard TruPS®
      Trust
      under the indenture, dated as of October 7, 1996, between Citigroup and JPMorgan
      Chase Bank, N.A., as trustee, as the same has been or may be amended, modified,
      or supplemented from time to time, and (e) any guarantee entered into by
      Citigroup in respect of any preferred securities, capital securities or
      preference stock of a Citigroup Standard TruPS®
      Trust to
      which Citigroup issued any indebtedness under a junior subordinated debt
      indenture identified in (c) or (d) above; (ii) all capital lease obligations
      of
      the Company; (iii) all obligations of the Company issued or assumed as the
      deferred purchase price of property, all conditional sale obligations of the
      Company and all obligations of the Company under any conditional sale or title
      retention agreement (but excluding trade accounts payable in the ordinary course
      of business); (iv) all obligations, contingent or otherwise, of the Company
      in
      respect of any letters of credit, banker’s acceptance, security purchase
      facilities and similar credit transactions; (v) all obligations of the Company
      in respect of interest rate swap, cap or other agreements, interest rate future
      or option contracts, currency swap agreements, currency future or option
      contracts and other similar agreements; (vi) all obligations of the type
      referred to in clauses (i) through (v) of other Persons for the payment of
      which
      the Company is responsible or liable as obligor, guarantor or otherwise; and
      (vii) all obligations of the type referred to in clauses (i) through (vi) of
      other Persons secured by any lien on any property or asset of the Company
      (whether or not such obligation is assumed by the Company), except
      that
      Senior Indebtedness does not include obligations in respect of (1) any
      indebtedness issued under this Indenture, (2) any guarantee entered into by
      the
      Company in respect of any capital securities issued by a Citigroup Trust, (3)
      any indebtedness or any guarantee that is by its terms subordinated to, or
      ranks
      equally with, the Securities (including the indebtedness issued in connection
      with the issuance of enhanced capital securities by Citigroup Capital XIV)
      and
      the issuance of which does not at the time of issuance prevent the Securities
      from qualifying for Tier 1 capital treatment (irrespective of any limits on
      the
      amount of Citigroup’s Tier 1 capital) under applicable capital adequacy
      guidelines, regulations, policies, published interpretations, or the concurrence
      or approval of the Federal Reserve; or (4) trade accounts payable and other
      accrued liabilities arising in the ordinary course of business.

     

    "Share
      Cap Amount" has the meaning specified in Section 13.5(c).

     

    "Special
      Event," with respect to a Citigroup Trust, has the meaning specified in the
      Declaration of such Citigroup Trust.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    "Special
      Record Date" for the payment of any Defaulted Interest means a date fixed by
      the
      Trustee pursuant to Section 3.7.

     

    "Stated
      Maturity," when used with respect to any Security or any installment of
      principal thereof or interest thereon, means the date specified in such Security
      as the fixed date on which the principal of such Security or such installment
      of
      principal or interest is due and payable.

     

    "Supervisory
      Event," shall commence upon the later to occur of (i) the Fifth Deferral
      Anniversary and (ii) the date on which the Company has given notice to the
      Federal Reserve pursuant to Section 13.9 of its intention both (1) to sell
      shares of its common stock and (2) to apply the net proceeds from such sale
      to
      pay Deferred Interest. A Supervisory Event shall cease upon the Business Day
      following the earlier to occur of (A) the tenth business day after the Company
      gives notice to the Federal Reserve described in clause (ii) above so long
      as
      the Federal Reserve does not disapprove of the Company's intention both (1)
      to
      sell common stock and (2) to apply the net proceeds from such sale to pay
      Deferred Interest, (B) the Tenth Deferral Anniversary or (C) the day on which
      the Federal Reserve notifies the Company in writing that it no longer
      disapproves of the Company's intention both (1) to sell common stock and (2)
      to
      apply the net proceeds from such sale to pay Deferred Interest; provided,
      however,
      that
      after the termination of a Supervisory Event, if the Federal Reserve shall
      at
      any time disapprove of the Company (1) selling common stock and (2) applying
      the
      net proceeds from such sale to pay Deferred Interest, a Supervisory Event shall
      recommence. 

     

    "Tax
      Event," with respect to a Citigroup Trust, has the meaning set forth in the
      Declaration of the applicable Citigroup Trust.

     

    "Tax
      Event Opinion," with respect to a Citigroup Trust, has the meaning set forth
      in
      the Declaration of the applicable Citigroup Trust.

     

    "Tenth
      Deferral Anniversary " means the date which is ten (10) years after the date
      of
      commencement of an Extended Interest Payment Period, if on such date such
      Extended Interest Payment Period has not ended.

     

    "Trust
      Indenture Act" means the Trust Indenture Act of 1939, as in force at the date
      as
      of which this instrument was executed, except as provided in Section 9.5.

     

    "Trust
      Securities" means Common Securities and Preferred Securities of any Citigroup
      Trust.

     

    "Trustee"
      means the Person named as the "Trustee" in the first paragraph of this
      instrument until a successor Trustee shall have become such pursuant to the
      applicable provisions of this Indenture, and thereafter "Trustee" shall mean
      or
      include each Person who is then a Trustee hereunder, and if at any time there
      is
      more than one such Person, "Trustee" as used with respect to the Securities
      of
      any series shall mean the Trustee with respect to Securities of that
      series.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    "Underwriting
      Agreement" has the meaning set forth in the Declaration of the applicable
      Citigroup Trust.

     

    "U.S.
      Government Obligations" has the meaning specified in Section 4.4.

     

    "Vice
      President," when used with respect to the Company or the Trustee, means any
      vice
      president, whether or not designated by a number or a word or words added before
      or after the title "vice president."

     

    
      	
              Section
                1.2.

            	
              Compliance
                Certificates and Opinions.

            

    

     

    Upon
      any
      application or request by the Company to the Trustee to take any action under
      any provision of this Indenture, the Company shall furnish to the Trustee an
      Officer's Certificate stating that all conditions precedent, if any, provided
      for in this Indenture relating to the proposed action have been complied with
      and an Opinion of Counsel sating that in the opinion of such counsel all such
      conditions precedent, if any, have been complied with, except that in the case
      of any such application or request as to which the furnishing of such documents
      is specifically required by any provision of this Indenture relating to such
      particular application or request, no additional certificate or opinion need
      be
      furnished.

     

    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture shall include,

     

    (1) a
      statement that each individual signing such certificate or opinion has read
      such
      covenant or condition and the definitions herein relating thereto;

     

    (2) a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (3) a
      statement that, in the opinion of each such individual, he has made such
      examination or investigation as is necessary to enable him to express an
      informed opinion as to whether or not such covenant or condition has been
      complied with; and

     

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

     

    
      	
              Section
                1.3.

            	
              Form
                of Documents Delivered to
                Trustee.

            

    

     

    In
      any
      case where several matters are required to be certified by, or covered by an
      opinion of, any specified Person, it is not necessary that all such matters
      be
      certified by, or covered by the opinion of, only one such Person, or that they
      be so certified or covered by only one document, but one such Person may certify
      or give an opinion with respect to some matters and one or more other such
      Persons as to other matters, and any such Person may certify or give an opinion
      as to such matters in one or several documents.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    Any
      certificate or opinion of an officer of the Company may be based, insofar as
      it
      relates to legal matters, upon a certificate or opinion of, or representations
      by, counsel, unless such officer knows, or in the exercise of reasonable care
      should know, that the certificate or opinion or representations with respect
      to
      the matters upon which his certificate or opinion is based are erroneous. Any
      such certificate or Opinion of Counsel may be based, insofar as it relates
      to
      factual matters, upon a certificate or opinion of, or representations by, an
      officer or officers of the Company stating that the information with respect
      to
      such factual matters is in the possession of the Company, unless such counsel
      knows, or in the exercise of reasonable care should know, that the certificate
      or opinion or representations with respect to such matters are
      erroneous.

     

    Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    
      	
              Section
                1.4.

            	
              Acts
                of Holders; Record Dates.

            

    

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided or permitted by this Indenture to be given or taken by Holders
      shall 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 herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments are delivered to the
      Trustee and, where it is hereby expressly required, to the Company. 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 Indenture and (subject to Section 6.1) conclusive in favor
      of
      the Trustee and the Company, if made in the manner provided in this
      Section.

     

    (b) 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 his individual capacity, such certificate or
      affidavit shall also constitute sufficient proof of his 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 which the
      Trustee deems sufficient.

     

    (c) The
      ownership of Securities shall be proved by the Security Register.

     

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      Act
      of the Holder of any Security shall bind every future Holder of the same
      Security and the Holder of every 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 Trustee or the Company
      in
      reliance thereon, whether or not notation of such action is made upon such
      Security.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                1.5.

            	
              Notices,
                Etc., to Trustee and Company.

            

    

     

    Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      Holders or other document provided or permitted by this Indenture to be made
      upon, given or furnished to, or filed with,

     

    (1) the
      Trustee by any Holder or by the Company shall be sufficient for every purpose
      hereunder if made, given, furnished or filed in writing to or with the Trustee
      at its Corporate Trust Office, Attention: Institutional Trust Group;
provided,
      however,
      that
      such instrument will be considered properly given if submitted in an electronic
      format, i.e.,
      by
      facsimile, E-Mail or otherwise, or

     

    (2) the
      Company by the Trustee or by any Holder shall be sufficient for every purpose
      hereunder (unless otherwise herein expressly provided) if in writing and mailed,
      first-class postage prepaid, to the Company addressed to it at the address
      of
      its principal office specified in the first paragraph of this instrument or
      at
      any other address previously furnished in writing to the Trustee by the Company;
      provided,
      however,
      that
      such instrument will be considered properly given if submitted in an electronic
      format, i.e.,
      by
      facsimile, E-Mail or otherwise.

     

    
      	
              Section
                1.6.

            	
              Notice
                to Holders; Waiver.

            

    

     

    Where
      this Indenture provides for notice to Holders of any event, such notice shall
      be
      sufficiently given (unless otherwise herein expressly provided) if in writing
      and mailed, first-class postage prepaid, to each Holder affected by such event,
      at his address as it appears in the Security Register, not later than the latest
      date and not earlier than the earliest date, prescribed for the giving of such
      notice. In any case where notice to Holders is given by mail, neither the
      failure to mail such notice, nor any defect in any notice so mailed, to any
      particular Holder shall affect the sufficiency of such notice with respect
      to
      other Holders. Where this Indenture provides for notice in any manner, such
      notice may be waived in writing by the Person entitled to receive such notice,
      either before or after the event, and such waiver shall be the equivalent of
      such notice. Waivers of notice by Holders shall be filed with the Trustee,
      but
      such filing shall not be a condition precedent to the validity of any action
      taken-in reliance upon such waiver.

     

    In
      case
      by reason of the suspension of regular mail service or by reason of any other
      cause it shall be impracticable to give such notice by mail, then such
      notification as shall be made with the approval of the Trustee shall constitute
      a sufficient notification for every purpose hereunder.

     

    
      	
              Section
                1.7.

            	
              Conflict
                with Trust Indenture Act.

            

    

     

    If
      any
      provision hereof limits, qualifies or conflicts with another provision hereof
      which is required to be included in this Indenture by any of the provisions
      of
      the Trust Indenture Act, such required provision shall control.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                1.8.

            	
              Effect
                of Headings and Table of
                Contents.

            

    

     

    The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction hereof.

     

    
      	
              Section
                1.9.

            	
              Successors
                and Assigns.

            

    

     

    All
      covenants and agreements in this Indenture by the Company shall bind its
      successors and assigns, whether so expressed or not.

     

    
      	
              Section
                1.10.

            	
              Separability
                Clause.

            

    

     

    In
      case
      any provision in this Indenture or in the Securities 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
                1.11.

            	
              Benefits
                of Indenture.

            

    

     

    Nothing
      in this Indenture or in the Securities, express or implied, shall give to any
      Person, other than the parties hereto and their successors hereunder, the
      holders of Senior Indebtedness and the Holders, any benefit or any legal or
      equitable right, remedy or claim under this Indenture.

     

    
      	
              Section
                1.12.

            	
              Governing
                Law.

            

    

     

    This
      Indenture and the Securities shall be governed by, and construed and interpreted
      in accordance with, the laws of the State of New York, and all rights and
      remedies shall be governed by such laws without regard for the principles of
      its
      conflicts of laws.

     

    
      	
              Section
                1.13.

            	
              Legal
                Holidays.

            

    

     

    In
      any
      case where any Interest Payment Date, Redemption Date or Stated Maturity of
      any
      Security shall not be a Business Day at any Place of Payment, then
      (notwithstanding any other provision of this Indenture or of the Securities)
      payment of interest or principal (and premium, if any) need not be made at
      such
      Place of Payment on such date, but may be made on the next succeeding Business
      Day at such Place of Payment with the same force and effect as if made on the
      Interest Payment Date or Redemption Date, or at the Stated Maturity,
provided
      that no
      interest shall accrue for the period from and after such Interest Payment Date,
      Redemption Date or Stated Maturity, as the case may be, except that, if such
      Business Day is in the next succeeding calendar year, such payment shall be
      made
      on the immediately preceding Business Day, in each case with the same force
      and
      effect as if made on such date.

     

    
      	
              Section
                1.14.

            	
              Tax
                Characterization.

            

    

     

    The
      Company, the Trustee and each Holder of a Security (by acceptance thereof)
      agrees to treat the Securities as debt instruments for United States federal,
      state and local income and franchise tax purposes and agrees not to take any
      contrary position before any taxing authority or on any tax return unless
      otherwise required by law.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

     

    Security
      Forms

     

    
      	
              Section
                2.1.

            	
              Forms
                Generally.

            

    

     

    The
      Securities of each series shall be in substantially the form set forth in this
      Article, or in such other form as shall be established by or pursuant to a
      Board
      Resolution or in one or more indentures supplemental hereto, in each case with
      such appropriate insertions, omissions, substitutions and other variations
      as
      are required or permitted by this Indenture, and may have such letters, numbers
      or other marks of identification and such legends or endorsements placed thereon
      as may be required to comply with the rules of any securities exchange or
      Depositary therefor or as may, consistently herewith, be determined by the
      officers executing such Securities, as evidenced by their execution of such
      Securities. If the form of Securities of any series is established by action
      taken pursuant to a Board Resolution, a copy of an appropriate record of such
      action shall be certified by the Secretary or an Assistant Secretary of the
      Company and delivered to the Trustee at or prior to the delivery of the Company
      Order contemplated by Section 3.3 for the authentication and delivery of such
      Securities.

     

    The
      Trustee's certificates of authentication shall be in substantially the form
      set
      forth in this Article.

     

    The
      definitive Securities may be produced in any manner as determined by the
      officers executing such Securities, as evidenced by their execution of such
      Securities.

     

    
      	
              Section
                2.2.

            	
              Form
                of Face of Security.

            

    

     

    [IF
      THE
      SECURITY IS TO BE A GLOBAL SECURITY, INSERT - This Security is a Global Security
      within the meaning of the Indenture hereinafter referred to and is registered
      in
      the name of a Depositary or a nominee of a Depositary. This Security is
      exchangeable for Securities registered in the name of a person other than the
      Depositary or its nominee only in the limited circumstances described in the
      Indenture, and no transfer of this Security (other than a transfer of this
      Security as a whole by the Depositary to a nominee of the Depositary or by
      a
      nominee of the Depositary to the Depositary or another nominee of the
      Depositary) may be registered except in limited circumstances.

     

    Unless
      this Security is presented by an authorized representative of The Depository
      Trust Company (55 Water Street, New York, New York) to the issuer or its agent
      for registration of transfer, exchange or payment, and any Security issued
      is
      registered in the name of Cede & Co. or such other name as requested by an
      authorized representative of The Depository Trust Company and any payment hereon
      is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
      OTHERWISE BY A PERSON IS WRONGFUL since the registered owner hereof, Cede &
Co., has an interest herein.]

     

    No.
      ________________

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    CITIGROUP
      INC. 

     

    [INSERT
      TITLE OF SERIES OF SECURITY]

     

    CITIGROUP
      INC., a Delaware corporation (the "Company," which term includes any successor
      corporation under the Indenture hereinafter referred to), for value received,
      hereby promises to pay to ___________or registered assigns, the principal sum
      of
      _________Dollars ($__________) on ________________, ______, and to pay interest
      on said principal sum from ______________, _____, or from the most recent
      interest payment date (each such date, an "Interest Payment Date") to which
      interest has been paid or duly provided for, [quarterly] [(subject to deferral
      as set forth herein)] in arrears on [___________, ___________, ____________
      and
      ___________] of each year commencing ______________, _____, at [If
      the Security is to bear interest at a fixed rate, insert
      -a rate
      of ___% per annum,] [If
      the Security is a Floating or Adjustable Rate Security, insert
      a rate
      of ___% per annum [computed-determined] in accordance with the [insert
      defined name of Floating or Adjustable Rate Provision]
      set
      forth below] until the principal hereof shall have become due and payable,
      and
      on any overdue principal and premium, if any, and (without duplication and
      to
      the extent that payment of such interest is enforceable under applicable law)
      on
      any overdue installment of interest at the same rate per annum compounded
      [quarterly]. The amount of interest payable on any Interest Payment Date shall
      be computed on the basis of a 360-day year of twelve 30-day months. In the
      event
      that any date on which interest is payable on this Security is not a Business
      Day, then payment of interest payable on such date will be made on the next
      succeeding day that is a Business Day (and without any interest or other payment
      in respect of any such delay), except that, if such Business Day is in the
      next
      succeeding calendar year, such payment shall be made on the immediately
      preceding Business Day, in each case with the same force and effect as if made
      on such date. The interest installment so payable, and punctually paid or duly
      provided for, on any Interest Payment Date will, as provided in the Indenture,
      be paid to the Person in whose name this Security (or one or more Predecessor
      Securities, as defined in said Indenture) is registered at the close of business
      on the regular record date for such interest installment, which shall be the
      close of business on the Business Day next preceding such Interest Payment
      Date,
      [IF PURSUANT TO THE PROVISIONS OF THE INDENTURE THE SECURITIES ARE NO LONGER
      REPRESENTED BY A GLOBAL SECURITY -- which shall be the close of business on
      the
      ___ Business Day next preceding such Interest Payment Date.] Any such interest
      installment not punctually paid or duly provided for shall forthwith cease
      to be
      payable to the registered Holders on such regular record date and may be paid
      to
      the Person in whose name this Security (or one or more Predecessor Securities)
      is registered at the close of business on a special record date to be fixed
      by
      the Trustee for the payment of such defaulted interest, notice whereof shall
      be
      given to the registered Holders of this series of Securities not less than
      10
      days prior to such special record date, or may be paid at any time in any other
      lawful manner not inconsistent with the requirements of any securities exchange
      on which the Securities may be listed, and upon such notice as may be required
      by such exchange, all as more fully provided in the Indenture. Payments on
      this
      Global Security will be made to the Depository Trust Company, or to a successor
      Depositary. [IF PURSUANT TO THE PROVISIONS OF THE INDENTURE THE SECURITIES
      ARE
      NO LONGER REPRESENTED BY A GLOBAL SECURITY --The principal of (and premium,
      if
      any) and the interest on this Security shall be payable at the office or agency
      of the Trustee maintained for that purpose in any coin or currency of the United
      States of America that at the time of payment is legal tender for payment of
      public and private debts; provided,
      however,
      that
      payment of interest may be made at the option of the Company by check mailed
      to
      the registered Holder at such address as shall appear in the Security Register.
      Notwithstanding the foregoing, so long as the Holder of this Security is the
      Institutional Trustee of a Citigroup Trust, the payment of the principal of
      (and
      premium, if any) and interest on this Security will be made at such place and
      to
      such account as may be designated by such Institutional Trustee.]

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    The
      Securities are not deposits or savings accounts. The Securities are not insured
      by the Federal Deposit Insurance Corporation or any other governmental agency
      or
      instrumentality.

     

    [At
      this point in the Security Form of any series of Floating or Adjustable Rate
      Securities, the text of the Floating or Adjustable Rate Provision relating
      thereto should be inserted.]

     

    The
      indebtedness evidenced by this Security is, to the extent provided in the
      Indenture, subordinate and junior in right of payment to the prior payment
      in
      full of all Senior Indebtedness of the Company, and this Security is issued
      subject to the provisions of the Indenture with respect thereto. Each Holder
      of
      this Security, by accepting the same, (a) agrees to and shall be bound by,
      such
      provisions, (b) authorizes and directs the Trustee on his or her behalf to
      take
      such action as may be necessary or appropriate to acknowledge or effectuate
      the
      subordination so provided and (c) appoints the Trustee his or her
      attorney-in-fact for any and all such purposes. Each Holder hereof, by his
      or
      her acceptance hereof, hereby waives all notice of the acceptance of the
      subordination provisions contained herein and in the Indenture by each holder
      of
      Senior Indebtedness of the Company, whether now outstanding or hereafter
      incurred, and waives reliance by each such holder upon said
      provisions.

     

    This
      Security shall not be entitled to any benefit under the Indenture hereinafter
      referred to, be valid or become obligatory for any purpose until the Certificate
      of Authentication hereon shall have been signed by or on behalf of the
      Trustee.

     

    The
      provisions of this Security are continued on the reverse side hereof and such
      continued provisions shall for all purposes have the same effect as though
      fully
      set forth at this place.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF, the Company has caused this instrument to be
      executed.

     

    Dated:
      ____________

    
      	 	 	 
	 	CITIGROUP INC.
	
               

               

            	By:  	
            
	 	
              
Name:
	 	Title:

    

    
      
        	 	 	 
	
                 

                 

              	By:  	
              
	 	
                
Name:
	 	Title:

      

    

     

    
      	
              Section
                2.3.

            	
              Form
                of Reverse of Security. 

            

    

     

    This
      Security is one of a duly authorized series of securities of the Company (herein
      sometimes referred to as the "Securities"), specified in the Indenture, all
      issued or to be issued in one or more series under and pursuant to an Indenture
      dated as of June 28, 2007 (the "Indenture"), duly executed and delivered between
      the Company and The Bank of New York, as Trustee (the "Trustee"), to which
      Indenture and all indentures supplemental thereto reference is hereby made
      for a
      description of the respective rights, limitations of rights, obligations, duties
      and immunities thereunder of the Trustee, the Company and the Holders of the
      Securities. By the terms of the Indenture, the Securities are issuable in series
      that may vary as to amount, date of maturity, rate of interest and in other
      respects as provided in the Indenture. This series of Securities is limited
      in
      aggregate principal amount to $ _________(, plus up to an additional $
      __________ aggregate principal amount which may be issued upon exercise of
      the
      over-allotment option contemplated by the Underwriting Agreement).

     

    The
      Company shall have the right to redeem this Security at the option of the
      Company, in whole or in part, at any time on or after ____, 20__ (an "Optional
      Redemption"), or any time in certain circumstances upon the occurrence of a
      Tax
      Event, an Investment Company Event or a Regulatory Capital Event (as defined
      in
      the Company's Prospectus dated ____, 20__) (each, a "Special Event") at a
      redemption price equal to 100% of the principal amount thereof, plus any accrued
      and unpaid interest to the date of such redemption (the "Optional Redemption
      Price"). Any redemption pursuant to this paragraph will be made upon not less
      than 30 days nor more than 60 days notice, or with respect to a redemption
      upon
      a Special Event, within 90 days following the occurrence of such Special Event,
      at the Optional Redemption Price. If the Securities are only partially redeemed
      by the Company pursuant to an Optional Redemption, the Securities will be
      redeemed pro rata or by lot or by any other method utilized by the Trustee;
      provided that if, at the time of redemption, the Securities are registered
      as a
      Global Security, the Depositary (as defined herein) shall determine the
      principal amount of such Securities held by each Security Beneficial Owner
      to be
      redeemed in accordance with its procedures. 

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    Any
      redemption of the Securities of this series, in whole or in part, prior to
      the
      stated maturity date is subject to the prior concurrence or approval of the
      Board of Governors of the Federal Reserve System, the Federal Reserve Bank
      of
      New York, or a successor to either of them, as the Company's primary federal
      banking regulator (the "Federal Reserve"), or the staff thereof, (i) if such
      approval is then required in order for securities such as the Securities to
      qualify as tier 1 capital of a bank holding company under applicable capital
      adequacy guidelines, regulations, policies, or published interpretations of
      the
      Federal Reserve, or (ii) if the Federal Reserve or its staff has informed the
      Company that it must obtain such approval before redeeming the Securities.
      

     

    In
      the
      event of redemption of this Security in part only, a new Security or Securities
      of this series for the unredeemed portion hereof will be issued in the name
      of
      the Holder hereof upon the cancellation hereof. 

     

    In
      case
      an Event of Default and Acceleration, as defined in the Indenture, shall have
      occurred and be continuing, the principal of all of the Securities may be
      declared, and upon such declaration shall become, due and payable, in the
      manner, with the effect and subject to the conditions provided in the
      Indenture.

     

    The
      Indenture contains provisions permitting the Company and the Trustee, with
      the
      consent of the Holders of not less than a majority in aggregate principal amount
      of the Securities of each series affected at the time outstanding, as defined
      in
      the Indenture, to execute supplemental indentures for the purpose of adding
      any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      the Indenture or of any supplemental indenture or of modifying in any manner
      the
      rights of the Holders of the Securities; provided,
      however,
      that no
      such supplemental indenture shall (i) extend the fixed maturity of any
      Securities of any series, or reduce the principal amount thereof, or reduce
      the
      rate or extend the time of payment of interest thereon, or reduce any premium
      payable upon the redemption thereof, without the consent of the Holder of each
      Security so affected, or (ii) reduce the aforesaid percentage of Securities,
      the
      Holders of which are required to consent to any such supplemental indenture,
      without the consent of the Holders of each Security then outstanding and
      affected thereby. The Indenture also contains provisions permitting the Holders
      of a majority in aggregate principal amount of the Securities of any series
      at
      the time outstanding affected thereby, on behalf of all of the Holders of the
      Securities of such series, to waive any past default in the performance of
      any
      of the covenants contained in the Indenture, or established pursuant to the
      Indenture with respect to such series, and its consequences, except a default
      in
      the payment of the principal of or premium, if any, or interest on any of the
      Securities of such series. Any such consent or waiver by the registered Holder
      of this Security (unless revoked as provided in the Indenture) shall be
      conclusive and binding upon such Holder and upon all future Holders and owners
      of this Security and of any Security issued in exchange herefor or in place
      hereof (whether by registration of transfer or otherwise), irrespective of
      whether or not any notation of such consent or waiver is made upon this
      Security.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    No
      reference herein to the Indenture and no provision of this Security or of the
      Indenture shall alter or impair the obligation of the Company, which is absolute
      and unconditional, to pay the principal of and premium, if any, and interest
      on
      this Security at the time and place and at the rate and in the money herein
      prescribed.

     

    The
      Company shall have the right at any time during the term of the Securities
      and
      from time to time to extend the interest payment period of such Securities
      for
      up to 40 consecutive quarters (an "Extended Interest Payment Period"), at the
      end of which period the Company shall pay all interest then accrued and unpaid
      (together with interest thereon at the rate specified for the Securities to
      the
      extent that payment of such interest is enforceable under applicable law);
      provided,
      that no
      such Extended Interest Payment Period shall extend beyond the maturity of the
      Securities; and provided
      further
      that
      during any such Extended Interest Payment Period (a) the Company and any
      subsidiary of the Company shall not declare or pay any dividend on, make any
      distributions with respect to, or redeem, purchase, acquire or make a
      liquidation payment with respect to, any of its capital stock or make any
      guarantee payment with respect thereto (other than (i) purchases, redemptions
      or
      other acquisitions of shares of capital stock of the Company in connection
      with
      any employment contract, benefit plan or other similar arrangement with or
      for
      the benefit of employees, officers, directors or consultants, (ii) purchases
      of
      shares of common stock of the Company pursuant to a contractually binding
      requirement to buy stock existing prior to the commencement of the Extended
      Interest Payment Period, including under a contractually binding stock
      repurchase plan, (iii) as a result of an exchange or conversion of any class
      or
      series of the Company's capital stock for any other class or series of the
      Company's capital stock, (iv) the purchase of fractional interests in shares
      of
      the Company's capital stock pursuant to the conversion or exchange provisions
      of
      such capital stock or the security being converted or exchanged) or (v) the
      purchase of capital stock of the Company in connection with the distribution
      thereof), and (b) the Company and any subsidiary of the Company will not make
      any payment of interest, principal or premium on, or repay, purchase or redeem,
      any debt securities or guarantees issued by the Company that rank pari passu
      with or junior to the Securities (other than (i) any payment of current or
      Deferred Interest on securities that rank pari passu with the Securities that
      is
      made pro rata to the amounts due on such securities (including the Securities),
      provided that any such payments of Deferred Interest are made in accordance
      with
      Section 13.5(d) of the Indenture, (ii) any payments of Deferred Interest on
      securities that rank pari passu with the Securities that, if not made, would
      give rise to an event of default permitting acceleration of such securities
      or
      (iii) any repayment or redemption of a security necessary to avoid a breach
      of
      the instrument governing the same). The foregoing, however, will not apply
      to
      any stock dividends paid by the Company where the dividend stock is the same
      stock as that on which the dividend is being paid. Before the termination of
      any
      such Extended Interest Payment Period, the Company may further extend such
      Extended Interest Payment Period, provided
      that
      such Extended Interest Payment Period together with all such previous and
      further extensions thereof shall not exceed 40 consecutive quarters. At the
      termination of any such Extended Interest Payment Period and upon the payment
      of
      all accrued and unpaid interest and any additional amounts then due, the Company
      may commence a new Extended Interest Payment Period. The Company may pay current
      interest at any time with cash from any source.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    Commencing
      on the earlier of (i) the Fifth Deferral Anniversary and (ii) the date of any
      payment of current interest on the Securities during an Extended Interest
      Payment Period, if any Deferred Interest is outstanding, the Company shall
      be
      subject to the Alternative Payment Mechanism, pursuant to which it will
      continuously use its commercially reasonable efforts to effect sales of shares
      of its common stock, including treasury shares, in an amount that will generate
      sufficient net proceeds to enable the Company to pay in full all Deferred
      Interest on the Securities then outstanding (subject to the APM Maximum
      Obligation, if applicable, and the Share Cap Amount); provided that the Company
      shall not be obligated to make offers for or effect sales of its common stock
      during the occurrence and continuation of a Market Disruption Event or a
      Supervisory Event. The Company's obligation to use commercially reasonable
      efforts to sell shares of its common stock to pay all Deferred Interest on
      the
      Securities shall resume at such time as no Market Disruption Event or
      Supervisory Event exists or is continuing. The Company may pay Deferred Interest
      with cash from any source (i) upon and following the Tenth Deferral Anniversary,
      (ii) upon the Maturity of the Securities, (iii) during the occurrence and
      continuation of a Supervisory Event, (iv) if the Company has previously sold
      shares of its common stock up to the Share Cap Amount and the Company has not
      increased the Share Cap Amount or (v) if an Event of Default and Acceleration
      shall have occurred and be continuing.

     

    The
      Holder of this Security, by such holder’s acceptance thereof, agrees that upon
      any payment or distribution of assets to creditors of the Company upon any
      liquidation, dissolution, winding up, reorganization, or in connection with
      any
      insolvency, receivership or proceeding under any bankruptcy law with respect
      to
      the Company, such Holder shall not have a claim for Deferred Interest, to the
      extent that the aggregate amount thereof (including Compounded Interest, and
      Additional Interest thereon) exceeds 25% of the original principal amount of
      such Security.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      this Security is transferable by the registered Holder hereof on the Security
      Register of the Company, upon surrender of this Security for registration of
      transfer at the office or agency of the Trustee in the City and State of New
      York accompanied by a written instrument or instruments of transfer in form
      satisfactory to the Company or the Trustee duly executed by the registered
      Holder hereof or his attorney duly authorized in writing, and thereupon one
      or
      more new Securities of authorized denominations and for the same aggregate
      principal amount and series will be issued to the designated transferee or
      transferees. No service charge will be made for any such transfer, but the
      Company or the Trustee may require payment of a sum sufficient to cover any
      tax
      or other governmental charge payable in relation thereto.

     

    Prior
      to
      due presentment for registration of transfer of this Security, the Company,
      the
      Trustee, any paying agent and the Security Registrar may deem and treat the
      registered holder hereof as the absolute owner hereof (whether or not this
      Security shall be overdue and notwithstanding any notice of ownership or writing
      hereon made by anyone other than the Security Registrar) for the purpose of
      receiving payment of or on account of the principal hereof and premium, if
      any,
      and interest due hereon and for all other purposes, and neither the Company
      nor
      the Trustee nor any paying agent nor any Security Registrar shall be affected
      by
      any notice to the contrary.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    No
      recourse shall be had for the payment of the principal of or the interest on
      this Security, or for any claim based hereon, or otherwise in respect hereof,
      or
      based on or in respect of the Indenture, against any incorporator, stockholder,
      officer or director, past, present or future, as such, of the Company or of
      any
      predecessor or successor corporation, whether by virtue of any constitution,
      statute or rule of law, or by the enforcement of any assessment or penalty
      or
      otherwise, all such liability being, by the acceptance hereof and as part of
      the
      consideration for the issuance hereof, expressly waived and
      released.

     

    [The
      Securities of this series are issuable only in registered form without coupons
      in denominations of $25 and any integral multiple thereof.] [This Global
      Security is exchangeable for Securities in definitive form only under certain
      limited circumstances set forth in the Indenture. Securities of this series
      so
      issued are issuable only in registered form without coupons in denominations
      of
      $25 and any integral multiple thereof.] As provided in the Indenture and subject
      to certain limitations [herein and] therein set forth. Securities of this series
      [so issued] are exchangeable for a like aggregate principal amount of Securities
      of this series of a different authorized denomination, as requested by the
      Holder surrendering the same. 

     

    All
      terms
      used in this Security that are defined in the Indenture shall have the meanings
      assigned to them in the Indenture.

     

    
      	
              Section
                2.4.

            	
              Form
                of Trustee's Certificate of
                Authentication.

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Securities of the series of Securities described in the
      within-mentioned Indenture.

     

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    By:
      

    
      
        

      

    

    Authorized
      Officer

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III

     

    The
      Securities

     

    
      	
              Section
                3.1.

            	
              Amount
                Unlimited; Issuable in Series.

            

    

     

    The
      aggregate principal amount of Securities which may be authenticated and
      delivered under this Indenture is unlimited.

     

    The
      Securities may be issued in one or more series. There shall be established in or
      pursuant to a Board Resolution, and set forth in an Officers' Certificate,
      or
      established in one or more indentures supplemental hereto, prior to the issuance
      of Securities of any series:

     

    (1) the
      title
      of the Securities of the series (which shall distinguish the Securities of
      the
      series from all Securities of any other series);

     

    (2) the
      date
      or dates on which the principal of the Securities of the series is
      payable;

     

    (3) the
      rate
      or rates at which the Securities of the series shall bear interest or the
      Floating or Adjustable Rate Provision pursuant to which such rates shall be
      determined, the date or dates from which any such interest shall accrue, the
      Interest Payment Dates on which any such interest shall be payable and the
      Regular Record Date for the interest payable on any Interest Payment Date (if
      such Interest Payment Dates or Regular Record Dates differ from those provided
      herein);

     

    (4) the
      place
      or places where the principal of (and any premium, if any) and interest on
      Securities of the series shall be payable;

     

    (5) in
      addition to the redemption rights provided herein, the period or periods within
      which (including the Redemption Option Date for the series) and the price or
      prices at which any Securities of the series may be redeemed, in whole or in
      part, at the option of the Company;

     

    (6) if
      other
      than denominations of $25 and any integral multiple thereof, the denominations
      in which Securities of the series shall be issuable;

     

    (7) any
      other
      defaults applicable with respect to the Securities of the series in addition
      to
      those provided in Section 5.7(a) through (f);

     

    (8) any
      other
      covenant or warranty included for the benefit of Securities of the series in
      addition to (and not inconsistent with) those included in this Indenture for
      the
      benefit of Securities of all series, or any other covenant or warranty included
      for the benefit of Securities of the series in lieu of any covenant or warranty
      included in this Indenture for the benefit of Securities of all series, or
      any
      provision that any covenant or warranty included in this Indenture for the
      benefit of Securities of all series shall not be for the benefit of Securities
      of the series, or any combination of such covenants, warranties or
      provisions;

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    (9) the
      subordination terms of the Securities of the series;

     

    (10) the
      provisions of this Indenture, if any, that shall not apply to the series;
      and

     

    (11) any
      other
      terms of the series (which additional terms shall not be inconsistent with
      the
      provisions of this Indenture).

     

    All
      Securities of any one series shall be substantially identical except as to
      denomination and except as may otherwise be provided in or pursuant to such
      Board Resolution and set forth, or determined in the manner provided, in the
      Officers' Certificate referred to above or in any such indenture supplemental
      hereto.

     

    If
      any of
      the terms of the Securities of a series are established by action taken pursuant
      to a Board Resolution, a copy of an appropriate record of such action shall
      be
      certified by the Secretary or an Assistant Secretary of the Company and
      delivered to the Trustee at or prior to the delivery of the Officers'
      Certificate setting forth the terms of the Securities of such
      series.

     

    
      	
              Section
                3.2.

            	
              Denominations.

            

    

     

    The
      Securities of each series shall be issuable in registered form without coupons
      and in such denominations as shall be specified as contemplated by Section
      3.1.
      In the absence of any such provisions with respect to the Securities of any
      series, the Securities of such series shall be issuable in denominations of
      $25
      and any integral multiple thereof.

     

    
      	
              Section
                3.3.

            	
              Execution,
                Authentication, Delivery and
                Dating.

            

    

     

    The
      Securities shall be executed on behalf of the Company by its Chairman or a
      Vice
      Chairman of the Board, its President, a Vice President, the Chief Financial
      Officer, the Chief Accounting Officer, the Treasurer, any Deputy Treasurer
      or
      any Assistant Treasurer, under its corporate seal reproduced thereon attested
      by
      its Secretary or one of its Assistant Secretaries. The signature of any of
      these
      officers on the Securities may be manual or facsimile.

     

    Securities
      bearing the manual or facsimile signatures of individuals who were at any time
      the proper officers of the Company shall bind the Company, notwithstanding
      that
      such individuals or any of them have ceased to hold such offices prior to the
      authentication and delivery of such Securities or did not hold such offices
      at
      the date of such Securities.

     

    At
      any
      time and from time to time after the execution and delivery of this Indenture,
      the Company may deliver Securities of any series executed by the Company to
      the
      Trustee for authentication, together with a Company Order for the authentication
      and delivery of such Securities, and the Trustee in accordance with the Company
      Order shall authenticate and deliver such Securities. If the form or terms
      of
      the Securities of the series have been established in or pursuant to one or
      more
      Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such
      Securities, and accepting the additional responsibilities under this Indenture
      in relation to such Securities, the Trustee shall be entitled to receive at
      the
      time of the initial delivery by the Company of Securities of such series to
      the
      Trustee for authentication, and (subject to Section 6.1) shall be fully
      protected in relying upon, an Opinion of Counsel stating,

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (1) if
      the
      form of such Securities has been established by or pursuant to Board Resolution
      as permitted by Section 2.1, that such form has been established in conformity
      with the provisions of this Indenture;

     

    (2) if
      the
      terms of such Securities have been established by or pursuant to Board
      Resolution as permitted by Section 3.1, that such terms have been established
      in
      conformity with the provisions of this Indenture; and

     

    (3) that
      such
      Securities, when authenticated and delivered by or on behalf of the Trustee
      and
      issued by the Company in the manner and subject to any conditions specified
      in
      such Opinion of Counsel, will constitute valid and legally binding obligations
      of the Company enforceable in accordance with their terms, subject to
      bankruptcy, insolvency, reorganization, and other laws of general applicability
      relating to or affecting the enforcement or creditors' rights and to general
      equity principles.

     

    If
      such
      form or terms have been so established, the Trustee shall not be required to
      authenticate such Securities if the issue of such Securities pursuant to this
      Indenture will affect the Trustee's own rights, duties or immunities under
      the
      Securities and this Indenture or otherwise in a manner which is not reasonably
      acceptable to the Trustee.

     

    Each
      Security shall be dated the date of its authentication.

     

    No
      Security shall be entitled to any benefit under this Indenture or be valid
      or
      obligatory for any purpose unless there appears on such Security a certificate
      of authentication substantially in the form provided for herein executed by
      the
      Trustee by manual signature, and such certificate upon any Security shall be
      conclusive evidence, and the only evidence, that such Security has been duly
      authenticated and delivered hereunder and is entitled to the benefits of this
      Indenture.

     

    
      	
              Section
                3.4.

            	
              Temporary
                Securities.

            

    

     

    Pending
      the preparation of definitive Securities of any series, the Company may execute,
      and upon receipt of a Company Order the Trustee shall authenticate and deliver,
      temporary Securities which are printed, lithographed, typewritten, mimeographed
      or otherwise produced, in any authorized denomination, substantially of the
      tenor of the definitive Securities in lieu of which they are issued and with
      such appropriate insertions, omissions, substitutions and other variations
      as
      the directors or officers executing such Securities may determine, as evidenced
      by their execution of such Securities.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    If
      temporary Securities of any series are issued, the Company will cause definitive
      Securities of that series to be prepared without unreasonable delay. After
      the
      preparation of definitive Securities of such series, the temporary Securities
      of
      such series shall be exchangeable for definitive Securities of such series
      upon
      surrender of the temporary Securities of such series at the office or agency
      of
      the Company in a Place of Payment for Securities of that series, without charge
      to the Holder. Upon surrender for cancellation of any one or more temporary
      Securities of any series the Company shall execute and the Trustee shall
      authenticate and deliver in exchange therefor a like aggregate principal amount
      of definitive Securities of the same series and of like tenor of authorized
      denominations. Until so exchanged, the temporary Securities of any series shall
      in all respects be entitled to the same benefits under this Indenture as
      definitive Securities of such series.

     

    
      	
              Section
                3.5.

            	
              Registration,
                Registration of Transfer and
                Exchange.

            

    

     

    The
      Company shall cause to be kept at the Corporate Trust Office of the Trustee
      a
      register (the register maintained in such office and in any other office or
      agency of the Company in a Place of Payment being herein sometimes collectively
      referred to as the "Security Register") in which, subject to such reasonable
      regulations as it may prescribe, the Company shall provide for the registration
      of Securities, or of Securities of a particular series, and of transfers of
      Securities or of Securities of such series. The Trustee is hereby appointed
      "Security Registrar" for the purpose of registering Securities and transfers
      of
      Securities as herein provided.

     

    Subject
      to Section 3.11, upon surrender for registration of transfer of any Security
      of
      any series at the office or agency of the Company in a Place of Payment for
      Securities of that series, the Company shall execute, and the Trustee shall
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Securities of like tenor of the same series, of
      any
      authorized denominations and of a like aggregate principal amount.

     

    Subject
      to Section 3.11, at the option of the Holder, Securities of any series may
      be
      exchanged for other Securities of like tenor of the same series, of any
      authorized denominations and of a like aggregate principal amount, upon
      surrender of the Securities to be exchanged at such office or agency. Whenever
      any Securities are so surrendered for exchange, the Company shall execute,
      and
      the Trustee shall authenticate and deliver, the Securities which the Holder
      making the exchange is entitled to receive.

     

    All
      Securities issued upon any registration of transfer or exchange of Securities
      shall be the valid obligations of the Company, evidencing the same debt, and
      entitled to the same benefits under this Indenture, as the Securities
      surrendered upon such registration of transfer or exchange.

     

    Every
      Security presented or surrendered for registration of transfer or for exchange
      shall (if so required by the Company or the Trustee) be duly endorsed, or be
      accompanied by a written instrument of transfer in form satisfactory to the
      Company and the Security Registrar, duly executed by the Holder thereof or
      his
      attorney duly authorized in writing.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    No
      service charge shall be made for any registration of transfer or exchange of
      Securities, but the Company or the Trustee may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any registration of transfer or exchange of Securities, other
      than exchanges pursuant to Section 3.4, 9.6 or 11.7 not involving any
      transfer.

     

    The
      Company shall not be required (i) to issue, register the transfer of or exchange
      any Security of any series during a period beginning at the opening of business
      15 days before the day of the mailing of a notice of redemption of Securities
      of
      such series selected for redemption under Section 11.3 and ending at the close
      of business on the day of such mailing, or (ii) to register the transfer of
      or
      exchange any Security so selected for redemption in whole or in part, except
      the
      unredeemed portion of any Security being redeemed in part.

     

    
      	
              Section
                3.6.

            	
              Mutilated,
                Destroyed, Lost and Stolen
                Securities.

            

    

     

    If
      any
      mutilated Security is surrendered to the Trustee, the Company shall execute
      and
      the Trustee shall authenticate and deliver in exchange therefor a new Security
      of the same series and of like tenor and principal amount and bearing a number
      not contemporaneously outstanding.

     

    If
      there
      shall be delivered to the Company and the Trustee (i) evidence to their
      satisfaction of the destruction, loss or theft of any Security and (ii) such
      security or indemnity as may be required by them to save each of them and any
      agent of either of them harmless, then, in the absence of notice to the Company
      or the Trustee that such Security has been acquired by a protected purchaser,
      the Company shall execute and upon its written request the Trustee shall
      authenticate and deliver, in lieu of any such destroyed, lost or stolen
      Security, a new Security of the same series and of like tenor and principal
      amount and bearing a number not contemporaneously outstanding.

     

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

     

    Upon
      the
      issuance of any new Security under this Section, the Company may require the
      payment of a sum sufficient to cover any tax or other governmental charge that
      may be imposed in relation thereto and any other expenses (including the fees
      and expenses of the Trustee) connected therewith.

     

    Every
      new
      Security of any series issued pursuant to this Section in lieu of any destroyed,
      lost or stolen Security shall constitute an original additional contractual
      obligation of the Company, whether or not the destroyed, lost or stolen Security
      shall be at any time enforceable by anyone, and shall be entitled to all the
      benefits of this Indenture equally and proportionately with any and all other
      Securities of that series duly issued hereunder.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

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

     

    
      	
              Section
                3.7.

            	
              Payment
                of Interest; Interest Rights
                Preserved.

            

    

     

    Interest
      on any Security which is payable, and is punctually paid or duly provided for,
      on any Interest Payment Date shall be paid to the Person in whose name that
      Security (or one or more Predecessor Securities) is registered at the close
      of
      business on the Regular Record Date for such interest.

     

    Interest
      on any Security of any series which is payable, but is not punctually paid
      or
      duly provided for, on any Interest Payment Date (herein called "Defaulted
      Interest") shall forthwith cease to be payable to the Holder on the relevant
      Regular Record Date by virtue of having been such Holder, and such Defaulted
      Interest may be paid by the Company, at its election in each case, as provided
      in clause (1) or (2) below:

     

    (1) The
      Company may elect to make payment of any Defaulted Interest to the Persons
      in
      whose names the Securities of such series (or their respective Predecessor
      Securities) are registered at the close of business on a Special Record Date
      for
      the payment of such Defaulted Interest, which shall be fixed in the following
      manner. The Company shall notify the Trustee in writing of the amount of
      Defaulted Interest proposed to be paid on each Security of such series and
      the
      date of the proposed payment, and at the same time the Company shall deposit
      with the Trustee an amount of money equal to the aggregate amount proposed
      to be
      paid in respect of such Defaulted Interest or shall make arrangements
      satisfactory to the Trustee for such deposit prior to the date of the proposed
      payment, such money when deposited to be held in trust for the benefit of the
      Persons entitled to such Defaulted Interest as in this Clause provided.
      Thereupon the Trustee shall fix a Special Record Date for the payment of such
      Defaulted Interest which shall be not more than 15 days and not less than 10
      days prior to the date of the proposed payment and not less than 10 days after
      the receipt by the Trustee of the notice of the proposed payment. The Trustee
      shall promptly notify the Company of such Special Record Date and, in the name
      and at the expense of the Company, shall cause notice of the proposed payment
      of
      such Defaulted Interest and the Special Record Date therefor to be mailed,
      first-class postage prepaid, to each Holder of Securities of such series at
      his
      address as it appears in the Security Register, not less than 10 days prior
      to
      such Special Record Date. Notice of the proposed payment of such Defaulted
      Interest and the Special Record Date therefor having been so mailed, such
      Defaulted Interest shall be paid to the Persons in whose names the Securities
      of
      such series (or their respective Predecessor Securities) are registered at
      the
      close of business on such Special Record Date and shall no longer be payable
      pursuant to the following clause (2).

     

    (2) The
      Company may make payment of any Defaulted Interest on the Securities of any
      series in any other lawful manner not inconsistent with the requirements of
      any
      securities exchange on which such Securities may be listed, and upon such notice
      as may be required by such exchange, if, after written notice given by the
      Company to the Trustee of the proposed payment pursuant to this Clause, such
      manner of payment shall be deemed practicable by the Trustee in its sole
      discretion.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    Subject
      to the foregoing provisions of this Section, each Security delivered under
      this
      Indenture upon registration of transfer of or in exchange for or in lieu of
      any
      other Security shall carry the rights to interest accrued and unpaid, and to
      accrue, which were carried by such other Security.

     

    For
      the
      purposes of determining the Holders who are entitled to participate in any
      distribution on the Securities in respect of which a Regular Record Date or
      a
      Special Record Date is not otherwise provided for in this Indenture, or for
      the
      purpose of any other action (unless provided for pursuant to Section 3.1),
      the
      Company may from time to time fix a date, not more than 90 days prior to the
      date of the payment of 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
                3.8.

            	
              Persons
                Deemed Owners.

            

    

     

    The
      Company, the Trustee and any agent of the Company or the Trustee may treat
      the
      Person in whose name any Security is registered as the owner of such Security
      for the purpose of receiving payment of principal of (and premium, if any)
      and
      (subject to Section 3.7) interest on such Security and for all other purposes
      whatsoever, whether or not such Security be overdue, and neither the Company,
      the Trustee nor any agent of the Company or the Trustee shall be affected by
      notice to the contrary.

     

    
      	
              Section
                3.9.

            	
              Cancellation.

            

    

     

    All
      Securities surrendered for payment, redemption, registration of transfer or
      exchange shall, if surrendered to any Person other than the Trustee, be
      delivered to the Trustee and shall be promptly cancelled by it. The Company
      may
      at any time deliver to the Trustee for cancellation any Securities previously
      authenticated and delivered hereunder which the Company may have acquired in
      any
      manner whatsoever, and all Securities so delivered shall be promptly cancelled
      by the Trustee. No Securities shall be authenticated in lieu of or in exchange
      for any Securities cancelled as provided in this Section, except as expressly
      permitted by this Indenture. Unless otherwise directed by a Company Order,
      delivery of which must be delivered in a timely manner to prevent such
      destruction, all cancelled Securities held by the Trustee shall be destroyed
      by
      it, and the Trustee, upon receipt of a written request of the Company, shall
      deliver a certificate of such destruction to the Company.

     

    
      	
              Section
                3.10.

            	
              Interest.

            

    

     

    (a) Each
      Security will bear interest at the rate established for the series of Securities
      of which such Security is a part pursuant to Section 3.1 (the "Coupon
      Rate")
      from
      and including the original date of issuance of such Security until the principal
      thereof becomes due and payable, and on any overdue principal and (to the extent
      that payment of such interest is enforceable under applicable law) on any
      overdue installment of interest at the Coupon Rate, compounded quarterly,
      payable (subject to the provisions of Article Four) quarterly in arrears on
      March 31, June 30, September 30 and December 31 of each year (or in such other
      periodic installments on such other dates established as payment dates for
      the
      series of Securities of which such Security is a part pursuant to Section 3.1)
      (each, an "Interest Payment Date") commencing on the date established for the
      series of Securities of which such Security is a part pursuant to Section 3.1,
      to the Person in whose name such Security or any Predecessor Security is
      registered, at the close of business on the Regular Record Date for such
      interest installment, which, in respect of any Securities of which the
      Institutional Trustee of any Citigroup Trust is the Holder or a Global Security,
      shall be the close of business on the Business Day next preceding that Interest
      Payment Date. Notwithstanding the foregoing sentence, if the Preferred
      Securities of a Citigroup Trust are no longer in book-entry only form or, except
      if the Securities originally issued to such Citigroup Trust are held by the
      Institutional Trustee of such Citigroup Trust, the Securities of any series
      are
      not represented by a Global Security, the Company may select a Regular Record
      Date for such interest installment on such series of Securities which shall
      be
      any date more than 14 days but less than 60 days before an Interest Payment
      Date.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    (b) The
      amount of interest payable for any period will be computed on the basis of
      a
      360-day year of twelve 30-day months and will include the first day but exclude
      the last day of such period. Except as provided in the following sentence,
      the
      amount of interest payable for any period shorter than a full quarterly period
      for which interest is computed, will be computed on the basis of the actual
      number of days elapsed in each 30-day month. In the event that any date on
      which
      interest is payable on the Securities of any series is not a Business Day,
      then
      payment of interest payable on such date will be made on the next succeeding
      day
      that is a Business Day (and without any interest or other payment in respect
      of
      any such delay), except that, if such Business Day is in the next succeeding
      calendar year, such payment shall be made on the immediately preceding Business
      Day, in each case with the same force and effect as if made on such
      date.

     

    (c) If,
      at
      any time while the Institutional Trustee of a Citigroup Trust is the Holder
      of
      Securities of any series, such Citigroup Trust or such Institutional Trustee
      is
      required to pay any taxes, duties, assessments or governmental charges of
      whatever nature (other than withholding taxes) imposed by the United States,
      or
      any other taxing authority, then, in any case, the Company will pay as
      additional interest ("Additional Interest") on the Securities of such series,
      such additional amounts as shall be required so that the net amounts received
      and retained by such Citigroup Trust and/or such Institutional Trustee, as
      the
      case may be, after paying such taxes, duties, assessments or other governmental
      charges will be equal to the amounts Citigroup Trust and/or such Institutional
      Trustee, as the case may be, would have received had no such taxes, duties,
      assessments or other government charges been imposed.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                3.11.

            	
              Form
                and Payment.

            

    

     

    Except
      as
      provided in Section 3.12, the Securities of each series shall be issued in
      fully
      registered certificated form without interest coupons. Principal and interest
      on
      the Securities issued in certificated form will be payable, the transfer of
      such
      Securities will be registrable, and such Securities will be exchangeable, for
      Securities of the same series bearing identical terms and provisions at the
      office or agency of the Trustee; provided,
      however,
      that
      payment of interest may be made at the option of the Company by check mailed
      to
      the Holders of such Securities at such address as shall appear in the Security
      Register. Notwithstanding the foregoing, so long as the Holder of all Securities
      of any series is the Institutional Trustee of any Citigroup Trust, the payment
      of the principal of and interest (including Compounded Interest and Additional
      Interest, if any) on Securities of such series will be made at such place and
      to
      such account as may be designated by the Institutional Trustee.

     

    
      	
              Section
                3.12.

            	
              Global
                Securities.

            

    

     

    (a) In
      connection with Dissolution Event with respect to any Citigroup
      Trust,

     

    (i) the
      Securities in non book-entry certificated form held by such Citigroup Trust,
      or
      its Institutional Trustee, will be presented to the Trustee by the Institutional
      Trustee of such Citigroup Trust in exchange for a Global Security in an
      aggregate principal amount equal to the aggregate principal amount of all
      outstanding Securities of the series issued to such Citigroup Trust, to be
      registered in the name of the Depositary, or its nominee, and delivered by
      the
      Trustee to the Depositary for crediting to the accounts of its participants
      pursuant to the instructions of the Regular Trustees of the relevant Citigroup
      Trust. The Company upon any such presentation shall execute a Global Security
      in
      such aggregate principal amount and deliver the same to the Trustee for
      authentication and delivery in accordance with this Indenture. Payments on
      any
      Securities issued as a Global Security will be made to the Depositary;
      and

     

    (ii) if
      any
      Preferred Securities of a Citigroup Trust are held in non book-entry
      certificated form, the Securities in non book-entry certificated form held
      by
      such Citigroup Trust, or its Institutional Trustee, may be presented to the
      Trustee by the Institutional Trustee of such Citigroup Trust and any Preferred
      Security Certificate which represents Preferred Securities of such Citigroup
      Trust other than Preferred Securities held by the Depositary or its nominee
      ("Non Book-Entry Preferred Securities") will be deemed to represent Securities
      presented to the Trustee by such Institutional Trustee having an aggregate
      principal amount equal to the aggregate liquidation amount of the Non Book-Entry
      Preferred Securities until such Preferred Security Certificates are presented
      to
      the Security Registrar for transfer or reissuance at which time such Preferred
      Security Certificates will be cancelled and a Security, registered in the name
      of the holder of the Preferred Security Certificate or the transferee of the
      holder of such Preferred Security Certificate, as the case may be, with an
      aggregate principal amount equal to the aggregate liquidation amount of the
      Preferred Security Certificate cancelled, will be executed by the Company and
      delivered to the Trustee for authentication and delivery in accordance with
      this
      Indenture. On issue of such Securities, Securities with an equivalent aggregate
      principal amount that were presented by the Institutional Trustee to the Trustee
      will be deemed to have been cancelled.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    (b) A
      Global
      Security may be transferred, in whole but not in part, only to another nominee
      of the Depositary, or to a successor Depositary selected or approved by the
      Company or to a nominee of such successor Depositary.

     

    (c) If
      at any
      time the Depositary notifies the Company that it is unwilling or unable to
      continue as Depositary for any series of Securities or if at any time the
      Depositary for such series shall no longer be registered or in good standing
      under the Exchange Act, or other applicable statute or regulation, and a
      successor Depositary for such series is not appointed by the Company within
      90
      days after the Company receives such notice or becomes aware of such condition,
      as the case may be, the Company will execute, and, subject to this Article
      III,
      the Trustee, upon written notice from the Company, will authenticate and deliver
      the Securities of such series in definitive registered form without coupons,
      in
      authorized denominations, and in an aggregate principal amount equal to the
      principal amount of the Global Security in exchange for such Global Security.
      In
      addition, the Company may at any time determine that the Securities of any
      series shall no longer be represented by a Global Security. In such event the
      Company will execute, and subject to Section 3.5, the Trustee, upon receipt
      of
      an Officers Certificate evidencing such determination by the Company, will
      authenticate and deliver the Securities of such series in definitive registered
      form without coupons, in authorized denominations, and in an aggregate principal
      amount equal to the principal amount of the Global Security for such series
      in
      exchange for such Global Security. Upon the exchange of the Global Security
      for
      such Securities in definitive registered form without coupons, in authorized
      denominations, the Global Security shall be cancelled by the Trustee. Such
      Securities in definitive registered form issued in exchange for the Global
      Security shall be registered in such names and in such authorized denominations
      as the Depositary, pursuant to instructions from its direct or indirect
      participants or otherwise, shall instruct the Trustee. The Trustee shall deliver
      such Securities to the Depositary, for delivery to the Persons in whose names
      such Securities are so registered.

     

    ARTICLE
      IV

     

    Satisfaction
      and Discharge; Defeasance

     

    
      	
              Section
                4.1.

            	
              Satisfaction
                and Discharge of Indenture.

            

    

     

    This
      Indenture shall upon Company Request cease to be of further effect (except
      as to
      any surviving rights of registration of transfer or exchange of Securities
      herein expressly provided for), and the Trustee, at the expense of the Company,
      shall execute proper instruments acknowledging satisfaction and discharge of
      this Indenture, when

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    (1) either

     

    (A) all
      Securities theretofore authenticated and delivered (other than (i) Securities
      which have been destroyed, lost or stolen and which have been replaced or paid
      as provided in Section 3.6 and (ii) Securities for whose payment money has
      theretofore been deposited in trust or segregated and held in trust by the
      Company and thereafter repaid to the Company or discharged from such trust,
      as
      provided in Section 10.3) have been delivered to the Trustee for cancellation;
      or

     

    (B) all
      such
      Securities not theretofore delivered to the Trustee for cancellation

     

    (i) have
      become due and payable, or

     

    (ii) will
      become due and payable at their Stated Maturity within one year, or

     

    (iii) are
      to be
      called for redemption within one year under arrangements satisfactory to the
      Trustee for the giving of notice of redemption by the Trustee in the name,
      and
      at the expense, of the Company,

     

    and
      the
      Company, in the case of (i), (ii) or (iii) above, has deposited or caused to
      be
      deposited with the Trustee as trust funds in trust for the purpose an amount
      sufficient to pay and discharge the entire indebtedness on such Securities
      not
      theretofore delivered to the Trustee for cancellation, for principal (and
      premium, if any) and interest to the date of such deposit (in the case of
      Securities which have become due and payable) or to the Stated Maturity or
      Redemption Date, as the case may be;

     

    (2) the
      Company has paid or caused to be paid all other sums payable hereunder by the
      Company; and

     

    (3) the
      Company has delivered to the Trustee an Officers' Certificate and an Opinion
      of
      Counsel, each stating that all conditions precedent herein provided for relating
      to the satisfaction and discharge of this Indenture have been complied
      with.

     

    Notwithstanding
      the satisfaction and discharge of this Indenture, the obligations of the Company
      to the Trustee under Section 6.7, the Company's obligation to pay the expenses
      of any Citigroup Trust under Section 10.6 (except upon the application of
      subclauses 1(A) or 1(B)(i) above), the obligations of the Trustee to any
      Authenticating Agent under Section 6.14, and, if money shall have been deposited
      with the Trustee pursuant to subclause (B) of clause (1) of this Section, the
      obligations of the Trustee under Section 4.2 and the last paragraph of Section
      10.3 shall survive.

     

    
      
        
        

      

      
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              Section
                4.2.

            	
              Defeasance
                and Discharge.

            

    

     

    The
      following provisions shall apply to the Securities of each series unless
      specifically otherwise provided in a Board Resolution, Officers' Certificate
      or
      indenture supplemental hereto provided pursuant to Section 3.1. In addition
      to
      discharge of this Indenture pursuant to Sections 4.1 and 4.3, in the case of
      any
      series of Securities with respect to which an amount sufficient to pay and
      discharge the entire indebtedness on such Securities not theretofore delivered
      to the Trustee for cancellation, for principal (and premium, if any) and
      interest, as certified pursuant to subparagraph (a) of Section 4.4 can be
      determined at the time of making the deposit referred to in such subparagraph
      (a), the Company shall be deemed to have paid and discharged the entire
      indebtedness on all the Securities of such a series as provided in this Section
      on and after the date the conditions set forth in Section 4.4 are satisfied,
      and
      the provisions of this Indenture with respect to the Securities of such series
      shall no longer be in effect (except as to (i) rights of registration of
      transfer and exchange of Securities of such series, (ii) substitution of
      mutilated, defaced, destroyed, lost or stolen Securities of such series, (iii)
      rights of Holders of Securities of such series to receive, solely from the
      trust
      fund described in subparagraph (a) of Section 4.4, payments of principal thereof
      and interest, if any, thereon upon the original stated due dates therefor (but
      not upon acceleration), (iv) the rights, obligations, duties and immunities
      of
      the Trustee hereunder, (v) this Section 4.2, (vi) the rights of the Holders
      of
      Securities of such series as beneficiaries hereof with respect to the property
      so deposited with the Trustee payable to all or any of them and (vii) the
      Company's obligation to pay the expenses of any Citigroup Trust under Section
      10.6) (hereinafter called "Defeasance"), and the Trustee at the cost and expense
      of the Company, shall execute proper instruments acknowledging the
      same.

     

    
      	
              Section
                4.3.

            	
              Covenant
                Defeasance.

            

    

     

    In
      the
      case of any series of Securities with respect to which an amount sufficient
      to
      pay and discharge the entire indebtedness on such Securities not theretofore
      delivered to the Trustee for cancellation, for principal (and premium, if any)
      and interest, as certified pursuant to subparagraph (a) of Section 4.4 can
      be
      determined at the time of making the deposit referred to in such subparagraph
      (a), (i) the Company shall be released from its obligations under any covenants
      specified in or pursuant to this Indenture (except as to (A) rights of
      registration of transfer and exchange of Securities of such series, (B)
      substitution of mutilated, defaced, destroyed, lost or stolen Securities of
      such
      series, (C) rights of Holders of Securities of such series to receive, from
      the
      Company pursuant to Section 10.1, payments of principal thereof and interest,
      if
      any, thereon upon the original stated due dates therefor (but not upon
      acceleration), (D) the rights, obligations, duties and immunities of the Trustee
      hereunder, (E) the rights of the Holders of Securities of such series as
      beneficiaries hereof with respect to the property so deposited with the Trustee
      payable to all or any of them and (F) the Company's obligation to pay the
      expenses of any Citigroup Trust under Section 10.6), and (ii) the occurrence
      of
      any event specified in Sections 5.7(d) (with respect to any of the covenants
      specified in or pursuant to this Indenture) and 5.7(e) shall be deemed not
      to be
      or result in a Default, in each case with respect to the Outstanding Securities
      of such series as provided in this Section on and after the date the conditions
      set forth in Section 4.4 are satisfied (hereinafter called "Covenant
      Defeasance"), and the Trustee, at the cost and expense of the Company, shall
      execute proper instruments acknowledging the same. For this purpose, such
      Covenant Defeasance means that the Company may omit to comply with and shall
      have no liability in respect of any term, condition or limitation set forth
      in
      any such covenant (to the extent so specified in the case of Section 5.7(d)),
      whether directly or indirectly by reason of any reference elsewhere herein
      to
      any such covenant or by reason of any reference in any such covenant to any
      other provision herein or in any other document, but the remainder of this
      Indenture and the Securities of such series shall be unaffected
      thereby.

     

    
      
        
        

      

      
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              Section
                4.4.

            	
              Conditions
                to Defeasance or Covenant
                Defeasance.

            

    

     

    The
      following shall be the conditions to application of either Section 4.2 or 4.3
      to
      the Outstanding Securities:

     

    (a) with
      reference to Section 4.2 or 4.3, the Company has irrevocably deposited or caused
      to be irrevocably deposited with the Trustee as funds in trust, specifically
      pledged as security for, and dedicated solely to, the benefit of the Holders
      of
      Securities of such series (i) cash in an amount, or (ii) direct obligations
      of
      the United States of America, backed by its full faith and credit ("U.S.
      Government Obligations"),
      maturing as to principal and interest, if any, at such times and in such amounts
      as will insure the availability of cash, or (iii) a combination thereof, in
      each
      case sufficient, in the opinion of a nationally recognized firm of independent
      public accountants expressed in a written certification thereof delivered to
      the
      Trustee, to pay and discharge, the principal of and interest, if any, on all
      Securities of such series on each date that such principal or interest, if
      any,
      is due and payable;

     

    (b) in
      the
      case of Defeasance under Section 4.2, the Company has delivered to the Trustee
      an Opinion of Counsel based on the fact that (x) the Company has received from,
      or there has been published by, the Internal Revenue Service a ruling or (y),
      since the date hereof, there has been a change in the applicable United States
      federal income tax law, in either case to the effect that, and such opinion
      shall confirm that, the Holders of the Securities of such series will not
      recognize income, gain or loss for United States federal income tax purposes
      as
      a result of such deposit, Defeasance and discharge and will be subject to United
      States federal income tax on the same amount and in the same manner and at
      the
      same times, as would have been the case if such deposit, Defeasance and
      discharge had not occurred;

     

    (c) in
      the
      case of Covenant Defeasance under Section 4.3, the Company has delivered to
      the
      Trustee an Opinion of Counsel to the effect that, and such opinion shall confirm
      that, the Holders of the Securities of such series will not recognize income,
      gain or loss for United States federal income tax purposes as a result of such
      deposit and Covenant Defeasance and will be subject to United States federal
      income tax on the same amount and in the same manner and at the same times,
      as
      would have been the case if such deposit and Covenant Defeasance had not
      occurred;

     

    
      
        
        

      

      
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    (d) such
      Defeasance or Covenant Defeasance will not result in a breach or violation
      of,
      or constitute a default under, any agreement or instrument to which the Company
      is a party or by which it is bound; and

     

    (e) the
      Company shall have delivered to the Trustee an Officers' Certificate and an
      Opinion of Counsel, each stating that all conditions precedent contemplated
      by
      this provision have been complied with.

     

    
      	
              Section
                4.5.

            	
              Application
                of Trust Money.

            

    

     

    Subject
      to the provisions of the last paragraph of Section 10.3, all money and U.S.
      Government Obligations deposited with the Trustee pursuant to Section 4.4 shall
      be held in trust, and such money and all money from such U.S. Government
      Obligations shall be applied by it, in accordance with the provisions of the
      Securities and this Indenture, to the payment, either directly or through any
      Paying Agent (including the Company acting as its own Paying Agent) as the
      Trustee may determine, to the Persons entitled thereto, of the principal (and
      premium, if any) and interest for whose payment such money and U.S. Government
      Obligations has been deposited with the Trustee.

     

    
      	
              Section
                4.6.

            	
              Indemnity
                for U.S. Government
                Obligations.

            

    

     

    The
      Company shall pay and indemnify the Trustee against any tax, fee or other charge
      imposed on or assessed against the U.S. Government Obligations deposited
      pursuant to Section 4.4 or the principal or interest received in respect of
      such
      obligations other than any such tax, fee or other charge that by law is for
      the
      account of the Holders of Outstanding Securities.

     

    
      	
              Section
                4.7.

            	
              Reinstatement.

            

    

     

    If
      the
      Trustee is unable to apply any money or Government Obligations in accordance
      with Section 4.4 by reason of any legal preceding or by reason of any order
      or
      judgment of any court or governmental authority enjoining, restraining or
      otherwise prohibiting such application, the Company's obligations under this
      Indenture and the Securities shall be revived and reinstated as though no
      deposit had occurred pursuant to Section 4.4, until such time as the Trustee
      or
      Paying Agent is permitted to apply all such money or Government Obligations
      in
      accordance with Section 4.4; provided that, if the Company has made any payment
      of principal or interest on the Securities of any series because of the
      reinstatement of its obligations, the Company shall be subrogated to the rights
      of the Holders of such Securities to receive such payment from the money or
      Government Obligations held by the Trustee or Paying Agent. 

     

    
      
        
        

      

      
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    ARTICLE
      V

     

    Remedies

     

    
      	
              Section
                5.1.

            	
              Events
                of Default and Acceleration.

            

    

     

    The
      term
      "Event of Default and Acceleration" as used in this Indenture with respect
      to
      Securities of any series shall mean one of the following described events
      (whatever the reason for such Event of Default and Acceleration 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) failure
      to pay in full interest accrued upon any Security of that series upon the
      conclusion of a period consisting of 40 consecutive quarters, commencing with
      the earliest quarter for which interest (including Deferred Interest) has not
      been paid in full, and continuance of such failure to pay for a period of 30
      days;

     

    (b) the
      entry
      by a court having jurisdiction in the premises of a decree or order for relief
      in respect of the Company in an involuntary case under the Federal bankruptcy
      code, as now or hereafter constituted, or any other applicable Federal or State
      bankruptcy, insolvency or other similar law now or hereafter in effect, or
      appointing a receiver, liquidator, assignee, custodian, trustee or sequestrator
      (or similar official) of the Company or for substantially all of its property,
      or ordering the winding-up or liquidation of its affairs and such decree or
      order shall remain unstayed and in effect for a period of 90 consecutive days;
      or

     

    (c) the
      commencement by the Company of a voluntary case under the Federal bankruptcy
      code, as now or hereafter constituted, or any other applicable Federal or State
      bankruptcy, insolvency or other similar law now or hereafter in effect, or
      the
      consent by the Company to the entry of an order for relief in an involuntary
      case under any such law, or the consent by the Company to the appointment of
      or
      taking possession by a receiver, liquidator, assignee, trustee, custodian or
      sequestrator (or similar official) of the Company or for substantially all
      of
      its property, or the making by it of an assignment for the benefit of
      creditors.

     

    
      	
              Section
                5.2.

            	
              Acceleration
                of Maturity.

            

    

     

    If
      any
      one or more Event of Default and Acceleration shall occur with respect to
      Securities of any series at the time Outstanding, then, and in each and every
      such case, during the continuance of any such Event of Default and Acceleration,
      the Trustee or the Holders of 25% or more in principal amount of the Securities
      of such series then Outstanding may declare the principal amount of all the
      Securities of such series then Outstanding, if not then due and payable, to
      be
      due and payable immediately, by a notice in writing to the Company (and to
      the
      Trustee if given by such Holders), and upon any such declaration the same shall
      become and be immediately due and payable, anything in this Indenture or in
      the
      Securities of such series contained to the contrary notwithstanding. This
      provision, however, is subject to the condition that, if at any time after
      the
      principal of all the Securities of such series shall have been so declared
      to be
      due and payable, all arrears of interest, if any, upon all the Securities of
      such series (with interest, to the extent that interest thereon shall be legally
      enforceable, on any overdue installment of interest at the rate borne by the
      Securities of such series) and all amounts owing the Trustee and any predecessor
      trustee hereunder under Section 6.7 and all other sums payable under this
      Indenture (except the principal of the Securities of such series which would
      not
      be due and payable were it not for such declaration) shall be paid by the
      Company, and every other Default under this Indenture, other than the
      non-payment of the principal of Securities of that series which have become
      due
      solely by such declaration of acceleration, shall have been made good to the
      reasonable satisfaction of the Trustee or of the Holders of a majority in
      principal amount of the Securities of such series then Outstanding, or provision
      deemed by the Trustee or by such Holders to be adequate therefor shall have
      been
      made, then and in every such case the Holders of a majority in principal amount
      of the Securities of such series then Outstanding may, on behalf of the Holders
      of all the Securities of such series, waive the Event of Default and
      Acceleration by reason of which the principal of the Securities of such series
      shall have been so declared to be due and payable and may rescind and annul
      such
      declaration and its consequences; but no such waiver, rescission or annulment
      shall extend to or affect any subsequent Default or impair any right consequent
      thereon. Any declaration by the Trustee pursuant to this Section 5.2 shall
      be by
      written notice to the Company, and any declaration or waiver by the Holders
      of
      Securities of any series pursuant to this Section 5.2 shall be by written notice
      to the Company and the Trustee.

     

    
      
        
        

      

      
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              Section
                5.3.

            	
              Collection
                of Indebtedness and Suits for Enforcement by
                Trustee.

            

    

     

    If
      the
      Company shall fail for a period of 30 days to pay any installment of interest
      on
      the Securities of any series or shall fail to pay the principal of and premium,
      if any, on any of the Securities of such series when and as the same shall
      become due and payable, whether at maturity, or by call for redemption by
      declaration as authorized by this Indenture or otherwise, then, upon demand
      of
      the Trustee, the Company will pay to the Trustee for the benefit of the Holders
      of Securities of such series then Outstanding the whole amount which then shall
      have become due and payable on any such Security, with interest on the overdue
      principal and premium, if any, and (so far as the same may be legally
      enforceable) on the overdue installments of interest at the rate borne by the
      Securities of such series, and all amounts owing the Trustee and any predecessor
      trustee hereunder under Section 6.7.

     

    In
      case
      the Company shall fail forthwith to pay such amounts upon such demand, the
      Trustee, in its own name and as trustee of an express trust, shall be entitled
      and empowered to institute any action or proceeding at law or in equity for
      the
      collection of the sums so due and unpaid, and may prosecute any such action
      or
      proceeding to judgment or final decree, and may enforce any such judgment or
      final decree against the Company or any other obligor upon the Securities of
      such series, and collect the moneys adjudged or decreed to be payable out of
      the
      property of the Company or any other obligor upon the Securities of such series,
      wherever situated, in the manner provided by law. Every recovery of judgment
      in
      any such action or other proceeding, subject to the payment to the Trustee
      of
      all amounts owing the Trustee and any predecessor trustee hereunder under
      Section 6.7, shall be for the ratable benefit of the Holders of such series
      of
      Securities which shall be the subject of such action or proceeding. All rights
      of action upon or under any of the Securities or this Indenture may be enforced
      by the Trustee without the possession of any of the Securities and without
      the
      production of any thereof at any trial or any proceeding relative thereto.
      

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    If
      a
      Default, of which a Responsible Officer of the Trustee has actual knowledge,
      with respect to any series of Securities occurs and is continuing, the Trustee
      may in its discretion proceed to protect and enforce its rights and the rights
      of the Holders of Securities of such series by such appropriate judicial
      proceedings as the Trustee shall deem most effectual to protect and enforce
      any
      such rights, whether for the specific enforcement of any covenant or agreement
      in this Indenture, or in aid of the exercise of any power granted herein, or
      to
      enforce any other proper remedy.

     

    
      	
              Section
                5.4.

            	
              Trustee
                to File Claims As
                Attorney-In-Fact.

            

    

     

    The
      Trustee is hereby appointed, and each and every Holder of the Securities, by
      receiving and holding the same, shall be conclusively deemed to have appointed
      the Trustee, the true and lawful attorney-in-fact of such Holder, with authority
      to make or file (whether or not the Company shall be in default in respect
      of
      the payment of the principal of, or interest on, any of the Securities), in
      its
      own name and as trustee of an express trust or otherwise as it shall deem
      advisable, in any receivership, insolvency, liquidation, bankruptcy,
      reorganization or other judicial proceeding relative to the Company or any
      other
      obligor upon the Securities or to their respective creditors or property, any
      and all claims, proofs of claim, proofs of debt, petitions, consents, other
      papers and documents and amendments of any thereof, as may be necessary or
      advisable in order to have the claims of the Trustee and any predecessor trustee
      hereunder and of the Holders of the Securities allowed in any such proceeding
      and to collect and receive any moneys or other property payable or deliverable
      on any such claim, and to execute and deliver any and all other papers and
      documents and to do and perform any and all other acts and things, as it may
      deem necessary or advisable in order to enforce in any such proceeding any
      of
      the claims of the Trustee and any predecessor trustee hereunder and of any
      of
      such Holders in respect of any of the Securities; and any receiver, assignee,
      trustee, custodian or debtor in any such proceeding is hereby authorized, and
      each and every taker or Holder of the Securities, by receiving and holding
      the
      same, shall be conclusively deemed to have authorized any such receiver,
      assignee, trustee, custodian or debtor, to make any such payment or delivery
      only to or on the order of the Trustee, and to pay to the Trustee any amount
      due
      it and any predecessor trustee hereunder under Section 6.7; provided, however,
      that nothing herein contained shall be deemed to authorize or empower the
      Trustee to consent to or accept or adopt, on behalf of any Holder of Securities,
      any plan of reorganization or readjustment of the Company affecting the
      Securities or the rights of any Holder thereof, or to authorize or empower
      the
      Trustee to vote in respect of the claim of any Holder of any Securities in
      any
      such proceeding.

     

    
      
        
        

      

      
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              Section
                5.5.

            	
              Application
                of Money Collected.

            

    

     

    Any
      moneys collected by the Trustee with respect to a series of Securities under
      this Article Five shall be applied in the order following, at the date or dates
      fixed by the Trustee for the distribution of such moneys, upon presentation
      of
      the several Securities, and stamping thereon the payment, if only partially
      paid, and upon surrender thereof, if fully paid:

     

    First:
      To
      the payment of all amounts due to the Trustee and any predecessor trustee
      hereunder under Section 6.7.

    

    Second:
      Subject to Article Fourteen, in case the principal of the Outstanding Securities
      of such series shall not have become due and be unpaid, to the payment of
      interest on the Securities of such series, in the order of the maturity of
      the
      installments of such interest, with interest (to the extent that such interest
      has been collected by the Trustee) upon the overdue installments of interest
      at
      the rate borne by such Securities, such payments to be made ratably to the
      Persons entitled thereto.

    

    Third:
      Subject to Article Fourteen, in case the principal of the Outstanding Securities
      of such series shall have become due, by declaration or otherwise, to the
      payment of the whole amount then owing and unpaid upon the Securities of such
      series for principal and premium, if any, and interest, with interest on the
      overdue principal and premium, if any, and (to the extent that such interest
      has
      been collected by the Trustee) upon overdue installments of interest at the
      rate
      borne by the Securities of such series, and in case such moneys shall be
      insufficient to pay in full the whole amounts so due and unpaid upon the
      Securities of such series, then to the payment of such principal and premium,
      if
      any, and interest without preference or priority of principal and premium,
      if
      any, over interest, or of interest over principal and premium, if any, or of
      any
      installment of interest over any other installment of interest, or of any
      Security of such series over any other Security of such series, ratably to
      the
      aggregate of such principal and premium, if any, and accrued and unpaid
      interest.

     

    
      	
              Section
                5.6.

            	
              Control
                by Holders; Waiver of Past
                Default.

            

    

     

    The
      Holders of a majority in principal amount of the Outstanding Securities of
      any
      series may direct the time, method and place of conducting any proceeding for
      any remedy available to the Trustee hereunder, or of exercising any trust or
      power hereby conferred upon the Trustee with respect to the Securities of such
      series; provided, however, that the Trustee shall have the right to decline
      to
      follow any such direction if the Trustee being advised by counsel determines
      that the action so directed may not lawfully be taken or would be unduly
      prejudicial to Holders not joining in such direction or would involve the
      Trustee in personal liability. Prior to any declaration accelerating the
      maturity of the Securities of any series, the Holders of a majority in aggregate
      principal amount of such series of Outstanding Securities may on behalf of
      the
      Holders of all of the Securities of such series waive any past default hereunder
      and its consequences except a default not theretofore cured in the payment
      of
      interest or any premium on or the principal of the Securities of such series
      or
      in respect of any covenant or provision hereof which under Article Nine cannot
      be modified or waived without the consent of the Holder of each Outstanding
      Security of each series affected thereby;
      provided, however,
      that if
      the Securities of such series are held by a Citigroup Trust or a trustee of
      such
      trust, such waiver or modification to such waiver shall not be effective until
      the holders of Trust Securities representing a majority in liquidation
      preference of Trust Securities of the applicable Citigroup Trust shall have
      consented to such waiver or modification to such waiver; provided
      further,
      that if
      the consent of the Holder of each Outstanding Security is required, such waiver
      shall not be effective until each holder of the Trust Securities of the
      applicable Citigroup Trust shall have consented to such waiver. Upon any such
      waiver the Company, the Trustee and the Holders of the Securities of such series
      shall be restored to their former positions and rights hereunder, respectively,
      but no such waiver shall extend to any subsequent or other default or impair
      any
      right consequent thereon. Whenever any default hereunder shall have been waived
      as permitted by this Section 5.6, said default shall for all purposes of the
      Securities of such series and this Indenture cease to exist, and any Default
      or
      Event of Default and Acceleration arising therefrom shall be deemed to have
      been
      cured and to be not continuing.

     

    
      
        
        

      

      
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              Section
                5.7.

            	
              Limitation
                on Suits; Default.

            

    

     

    No
      Holder
      of any Security of any series shall have any right to institute any action,
      suit
      or proceeding at law or in equity for the execution of any trust hereunder
      or
      for the appointment of a receiver or for any other remedy hereunder, in each
      case with respect to a Default with respect to such series of Securities, unless
      such Holder previously shall have given to the Trustee written notice of the
      happening of one or more of the Defaults herein specified with respect to such
      series of Securities, and unless also the Holders of 25% or more in principal
      amount of the Securities of such series then Outstanding shall have requested
      the Trustee in writing to take action in respect of the matter complained of,
      and unless also there shall have been offered to the Trustee security and
      indemnity satisfactory to it against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, for 60 days after receipt of
      such
      notification, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding; and such notification, request
      and offer of indemnity are hereby declared in every such case to be conditions
      precedent to any such action, suit or proceeding by any Holder of any Security
      of such series; it being understood and intended that no one or more of the
      Holders of Securities of such series shall have any right in any manner
      whatsoever by his or their action to enforce any right hereunder, except in
      the
      manner herein provided, and that every action, suit or proceeding at law or
      in
      equity shall be instituted, had and maintained in the manner herein provided
      and
      for the equal and ratable benefit of all Holders of the Outstanding Securities
      of such series; provided, however, that nothing contained in this Indenture
      or
      in the Securities of such series shall affect or impair the obligation of the
      Company, which is absolute and unconditional, to pay the principal of, and
      premium, if any, and interest on the Securities of such series to the respective
      Holders of such Securities at the respective due dates in such Securities
      stated, or affect or impair the right, which is also absolute and unconditional,
      of such Holders to institute suit to enforce the payment thereof.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    The
      following events shall be "Defaults" with respect to any series of Securities
      under this Indenture:

     

    
      	 	
              (a)

            	
              an
                Event of Default and Acceleration with respect to such series specified
                in
                Section 5.1; or

            

    

     

    
      	 	
              (b)

            	
              the
                failure of the Company to pay any installment of interest on any
                Security
                of such series, when and as the same shall become payable, which
                failure
                shall have continued unremedied for a period of 30 days, it being
                understood that the occurrence of an Extended Interest Payment Period
                in
                accordance with the terms of such Security will not constitute such
                a
                default; or

            

    

     

    
      	 	
              (c)

            	
              the
                failure of the Company to pay the principal of (and premium, if any,
                on)
                any Security of such series, when and as the same shall become payable,
                whether at maturity as therein expressed, by call for redemption,
                by
                declaration as authorized by this Indenture or otherwise, whether
                or not
                permitted by Article Fourteen; or

            

    

     

    
      	 	
              (d)

            	
              the
                failure of the Company, subject to the provisions of Section 8.1,
                to
                observe and perform any other of the covenants or agreements on the
                part
                of the Company contained in this Indenture (including any indenture
                supplemental hereto) (other than a covenant or agreement which has
                been
                expressly included in this Indenture solely for the benefit of a
                series of
                Securities other than that series), which failure shall not have
                been
                remedied for a period of 90 days after written notice shall have
                been
                given to the Company by the Trustee or shall have been given to the
                Company and the Trustee by Holders of 25% or more in aggregate principal
                amount of the Securities of such series then Outstanding, specifying
                such
                failure and requiring the Company to remedy the same;
                or

            

    

     

    
      	 	
              (e)

            	
              in
                the event Securities of a series are issued and sold to a Citigroup
                Trust
                or a trustee of such trust in connection with the issuance of Trust
                Securities by such Citigroup Trust, such Citigroup Trust shall have
                voluntarily or involuntarily dissolved, wound-up its business or
                otherwise
                terminated its existence except in connection with (i) the distribution
                of
                Securities to holders of Trust Securities in liquidation or redemption
                of
                their interests in such Citigroup Trust upon a Special Event with
                respect
                to such Citigroup Trust, (ii) the redemption of all of the outstanding
                Trust Securities of such Citigroup Trust or (iii) certain mergers,
                consolidations or amalgamations, each as permitted by the Declaration
                of
                such Citigroup Trust; or

            

    

     

    
      	 	
              (f)

            	
              any
                other Default provided with respect to Securities of that
                series.

            

    

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                5.8.

            	
              Costs
                and Attorneys' Fees in Legal
                Proceedings.

            

    

     

    All
      parties to this Indenture and the Holders of the Securities agree that the
      court
      may in its discretion require, in any action, suit or proceeding for the
      enforcement of any right or remedy under this Indenture, or in any action,
      suit
      or proceeding against the Trustee for any action taken or omitted by it as
      Trustee, the filing by any party litigant in such action, suit or proceeding
      of
      an undertaking to pay the costs of such action, suit or proceeding, and that
      such court may in its discretion assess reasonable costs, including reasonable
      attorneys' fees, against any party litigant in such action, suit or proceeding,
      having due regard to the merits and good faith of the claims or defenses made
      by
      such party litigant; provided, however, that the provisions of this Section
      5.8
      shall not apply to any action, suit or proceeding instituted by the Trustee,
      to
      any action, suit or proceeding instituted by any one or more Holders of
      Securities holding in the aggregate more than 10% in principal amount of the
      Outstanding Securities, or to any action, suit or proceeding instituted by
      any
      Holder of Securities for the enforcement of the payment of the principal of
      or
      premium, if any, or the interest on, any of the Securities, on or after the
      respective due dates expressed in such Securities.

     

    
      	
              Section
                5.9.

            	
              Remedies
                Cumulative.

            

    

     

    Except
      as
      provided in the last sentence of Section 3.6, no remedy herein conferred upon
      or
      reserved to the Trustee or to the Holders of Securities of any series is
      intended to be exclusive of any other remedy or remedies, and each and every
      remedy shall be cumulative and shall be in addition to every other remedy given
      hereunder or now or hereafter existing at law or in equity or by statute. No
      delay or omission of the Trustee or of any Holder of the Securities of any
      series to exercise any right or power accruing upon any Default shall impair
      any
      such right or power or shall be construed to be a waiver of any such Default
      or
      an acquiescence therein; and every power and remedy given by this Article Five
      to the Trustee and to the Holders, respectively, may be exercised from time
      to
      time and as often as may be deemed expedient by the Trustee or by the Holders,
      as the case may be. In case the Trustee or any Holder of Securities shall have
      proceeded to enforce any right under this Indenture and the proceedings for
      the
      enforcement thereof shall have been discontinued or abandoned because of waiver
      or for any other reason or shall have been adjudicated adversely to the Trustee
      or to such Holder, then and in every such case the Company, the Trustee and
      the
      Holders shall severally and respectively be restored to their former positions
      and rights hereunder and thereafter all rights, remedies and powers of the
      Trustee and the Holders shall continue as though no such proceedings had been
      instituted, except as to any matters so waived or adjudicated.

     

    
      	
              Section
                5.10.

            	
              Waiver
                of Stay or Extension Laws.

            

    

     

    The
      Company covenants (to the extent that it may lawfully do so) that it will not
      at
      any time insist upon, or plead, or in any manner whatsoever claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, which may affect the covenants or the performance
      of this Indenture; and the Company (to the extent that it may lawfully do so)
      hereby expressly waives all benefit or advantage of any such law and covenants
      that it will not hinder, delay or impede the execution of any power herein
      granted to the Trustee, but will suffer and permit the execution of every such
      power as though no law had been enacted.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                5.11.

            	
              Limitation
                on Claim for Certain Deferred Interest in
                Bankruptcy.

            

    

     

    Notwithstanding
      anything to the contrary in this Indenture, each Holder of a Security, by such
      holder’s acceptance thereof, agrees that upon any payment or distribution of
      assets to creditors of the Company upon any liquidation, dissolution, winding
      up, reorganization, or in connection with any insolvency, receivership or
      proceeding under any bankruptcy law with respect to the Company, such Holder
      shall not have a claim for Deferred Interest, to the extent that the aggregate
      amount thereof (including Compounded Interest and Additional Interest thereon)
      exceeds 25% of the original principal amount of such Security. 

     

    ARTICLE
      VI

     

    The
      Trustee

     

    
      	
              Section
                6.1.

            	
              Certain
                Duties and Responsibilities.

            

    

     

    (a) Except
      during the continuance of a Default;

     

    (1) the
      Trustee undertakes to perform such duties and only such duties as are
      specifically set forth in this Indenture, and no implied covenants or
      obligations shall be read into this Indenture against the Trustee;
      and

     

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

     

    (b) In
      case a
      Default with respect to any series of Securities, of which a Responsible Officer
      of the Trustee has actual knowledge, has occurred and is continuing, the Trustee
      shall exercise such of the rights and powers vested in it by this Indenture,
      and
      use the same degree of care and skill in their exercise, as a prudent man would
      exercise or use under the circumstances in the conduct of his own
      affairs.

     

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

     

    (1) this
      subsection shall not be construed to limit the effect of subsection (a) of
      this
      Section;

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    (2) the
      Trustee shall not be liable for any error of judgment made in good faith by
      a
      Responsible Officer, unless it shall be proved that the Trustee was negligent
      in
      ascertaining the pertinent facts;

     

    (3) the
      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
      a
      majority in principal amount of the Outstanding Securities of any series
      determined as provided in Section 5.6, relating to the time, method and place
      of
      conducting any proceeding for any remedy available to the Trustee, or exercising
      any trust or power conferred upon the Trustee, under this Indenture with respect
      to the Securities of such series; and

     

    (4) no
      provision of this Indenture shall require the Trustee 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 rights or powers, if
      it
      shall have reasonable grounds for believing that repayment of such funds or
      indemnity, reasonably satisfactory to it, against such risk or liability is
      not
      reasonably assured to it.

     

    (d) Whether
      or not therein expressly so provided, every provision of this Indenture relating
      to the conductor affecting the liability of or affording protection to the
      Trustee shall be subject to the provisions of this Section.

     

    
      	
              Section
                6.2.

            	
              Notice
                of Defaults.

            

    

     

    Within
      90
      days after the occurrence of any Default hereunder with respect to Securities
      of
      any series, the Trustee shall transmit by mail to all Holders of Securities
      of
      such series, as their names and addresses appear in the Security Register,
      notice of such Default hereunder actually known to a Responsible Officer of
      the
      Trustee, unless such Default shall have been cured or waived; provided
      that,
      except in the case of a Default in the payment of the principal of (or premium,
      if any) or interest on any Security of such series, the Trustee shall be
      protected in withholding such notice if and so long as a Responsible Officer
      of
      the Trustee in good faith determines that the withholding of such notice is
      in
      the interest of the Holders of Securities of such series; and provided,
      further,
      that in
      the case of any Default of the character specified in Section 5.7(e) with
      respect to Securities of such series, no such notice to Holders shall be given
      until at least 30 days after the occurrence thereof. 

     

    
      	
              Section
                6.3.

            	
              Certain
                Rights of Trustee.

            

    

     

    Subject
      to the provisions of Section 6.1

     

    (a) the
      Trustee may conclusively rely and shall be fully protected in acting or
      refraining from acting upon any resolution, certificate, statement, instrument,
      opinion, report, notice, request, direction, consent, order, bond, debenture,
      note, other evidence of indebtedness or other paper or document believed by
      it
      to be genuine and to have been signed or presented by the proper party or
      parties;

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    (b) any
      request or direction of the Company mentioned herein shall be sufficiently
      evidenced by a Company Request or Company Order, and any resolution of the
      Board
      of Directors may be sufficiently evidenced by a Board Resolution;

     

    (c) whenever
      in the administration of this Indenture the Trustee shall deem it desirable
      that
      a matter be proved or established prior to taking, suffering or omitting any
      action hereunder, the Trustee (unless other evidence be herein specifically
      prescribed) may, in the absence of bad faith on its part, conclusively rely
      upon
      an Officers' Certificate;

     

    (d) the
      Trustee may consult with counsel and the written advice of such counsel or
      any
      Opinion of Counsel shall be full and complete authorization and protection
      in
      respect of any action taken, suffered or omitted by it hereunder in good faith
      and in reliance thereon;

     

    (e) the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Indenture at the request or direction of any of the Holders
      pursuant to this Indenture, unless such Holders shall have offered to the
      Trustee security or indemnity, reasonably satisfactory to it, against the costs,
      expenses and liabilities which might be incurred by it in compliance with such
      request or direction;

     

    (f) the
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, direction, consent, order, bond, debenture, note, other
      evidence of indebtedness or other paper or document, but the Trustee, in its
      discretion, may make such further inquiry or investigation into such facts
      or
      matters as it may see fit, and, if the Trustee shall determine to make such
      further inquiry or investigation, it shall be entitled to examine the books,
      records and premises of the Company, personally or by agent or attorney;
      and

     

    (g) the
      Trustee may execute any of the trust or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys and the Trustee
      shall not be responsible for any misconduct or negligence on the part of any
      agent or attorney appointed with due care by it hereunder.

     

    (h) the
      Trustee shall not be charged with knowledge of any Default or Event of Default
      and Acceleration with respect to the Securities, unless either (1) a Responsible
      Officer shall have actual knowledge of such Default or Event of Default and
      Acceleration or (2) written notice of such Default or Event of Default and
      Acceleration shall have been given to the Trustee by the Company or by any
      Holder of the Securities; and

     

    (i) the
      permissive rights of the Trustee enumerated herein shall not be construed as
      duties.

     

    (j) the
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, the Trustee in each of its capacities hereunder, and
      each agent, custodian and other Person employed to act hereunder.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

    (k) the
      Trustee may request that the Company deliver an Officers’ Certificate setting
      forth the names of individuals and/or titles of officers authorized at such
      time
      to take specified actions pursuant to this Indenture, which Officers’
Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such
      certificate previously delivered and not superseded.

     

    
      	
              Section
                6.4.

            	
              Not
                Responsible for Recitals or Issuance of
                Securities.

            

    

     

    The
      recitals contained herein and in the Securities, except the Trustee's
      certificates of authentication, shall be taken as the statements of the Company,
      and the Trustee or any Authenticating Agent assumes no responsibility for their
      correctness. The Trustee makes no representations as to the validity or
      sufficiency of this Indenture or of the Securities. The Trustee or any
      Authenticating Agent shall not be accountable for the use or application by
      the
      Company of Securities or the proceeds thereof.

     

    
      	
              Section
                6.5.

            	
              May
                Hold Securities.

            

    

     

    The
      Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar
      or
      any other agent of the Company, in its individual or any other capacity, may
      become the owner or pledgee of Securities and, subject to Sections 6.8 and
      6.13,
      may otherwise deal with the Company with the same rights it would have if it
      were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or
      such
      other agent.

     

    
      	
              Section
                6.6.

            	
              Money
                Held in Trust.

            

    

     

    Money
      held by the Trustee in trust hereunder need not be segregated from other funds
      except to the extent required by law. The Trustee shall be under no liability
      for interest on any money received by it hereunder except as otherwise agreed
      with the Company.

     

    
      	
              Section
                6.7.

            	
              Compensation
                and Reimbursement.

            

    

     

    The
      Company agrees

     

    (1) to
      pay to
      the Trustee from time to time such reasonable compensation for all services
      rendered by it hereunder (which compensation shall not be limited by any
      provision of law in regard to the compensation of a trustee of an express
      trust);

     

    (2) except
      as
      otherwise expressly provided herein, to reimburse the Trustee upon its request
      for all reasonable expenses, disbursements and advances incurred or made by
      the
      Trustee in accordance with any provision of this Indenture (including the
      reasonable compensation and the expenses and disbursements of its agents,
      nominees, custodians and counsel), except any such expense, disbursement or
      advance as may be attributable to its negligence or bad faith; and

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

    (3) to
      indemnify the Trustee for, and to hold it harmless against, any loss, liability
      or expense incurred without negligence 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 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.

     

    As
      security for the performance of the obligations of the Company under this
      Section, the Trustee shall have a lien prior to the Securities upon all property
      and funds held or collected by the Trustee as such, except funds held in trust
      for the benefit of Holders of particular Securities. The obligations of the
      Company under this Section shall survive the removal or resignation of the
      Trustee and the satisfaction and discharge of this Indenture.

     

    When
      the
      Trustee incurs any expenses or renders any services after the occurrence of
      an
      Event of Default and Acceleration specified in Section 5.1(b) or Section 5.1(c),
      such expenses and the compensation for such services are intended to constitute
      expenses of administration under the United States Bankruptcy Code (Title 11
      of
      the United States Code) or any similar federal or state law for the relief
      of
      debtors. 

     

    
      	
              Section
                6.8.

            	
              Disqualification;
                Conflicting Interests.

            

    

     

    The
      Trustee shall be subject to the provisions of Section 310(b) of the Trust
      Indenture Act of 1939 during the period of time provided for therein. In
      determining whether the Trustee has a conflicting interest as defined in Section
      310(b) of the Trust Indenture Act of 1939 with respect to the Securities of
      any
      series, there shall be excluded for purposes of the conflicting interest
      provisions of such Section 310(b) the Securities of every other series issued
      under this Indenture. Nothing herein shall prevent the Trustee from filing
      with
      the Commission the application referred to in the second to last paragraph
      of
      Section 310(b) of the Trust Indenture Act of 1939.

     

    
      	
              Section
                6.9.

            	
              Corporate
                Trustee Required; Eligibility.

            

    

     

    There
      shall at all times be a Trustee hereunder which shall be a corporation organized
      and doing business under the laws of the United States of America, any State
      thereof or the District of Columbia, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of at least
      $50,000,000 and subject to supervision or examination by Federal or State
      authority. If such corporation publishes reports of condition at least annually,
      pursuant to law or to the requirements of said supervision or examining
      authority, then for the purposes of this Section, the combined capital and
      surplus of such corporation shall be deemed to be its combined capital and
      surplus as set forth in its most recent report of condition so published. If
      at
      any time the Trustee shall cease to be eligible in accordance with the
      provisions of this Section, it shall resign immediately in the manner and with
      the effect hereinafter specified in this Article.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                6.10.

            	
              Resignation
                and Removal; Appointment of
                Successor.

            

    

     

    (a) No
      resignation or removal of the Trustee and no appointment of a successor Trustee
      pursuant to this Article shall become effective until the acceptance of
      appointment by the successor Trustee in accordance with the applicable
      requirements of Section 6.11.

     

    (b) The
      Trustee may resign at any time with respect to the Securities of one or more
      series by giving written notice thereof to the Company. If the instrument of
      acceptance by a successor Trustee required by Section 6.11 shall not have been
      delivered to the Trustee within 30 days after the giving of such notice of
      resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor Trustee with respect to the
      Securities of such series.

     

    (c) The
      Trustee may be removed at any time with respect to the Securities of any series
      by Act of the Holders of a majority in principal amount of the Outstanding
      Securities of such series, delivered to the Trustee and to the
      Company.

     

    (d) If
      at any
      time:

     

    (1) the
      Trustee shall fail to comply with Section 6.8(a) after written request therefor
      by the Company or by any Holder who has been a bona fide Holder of a Security
      for at least six months, or

     

    (2) the
      Trustee shall cease to be eligible under Section 6.9 and shall fail to resign
      after written request therefor by the Company or by any such Holder,
      or

     

    (3) the
      Trustee shall become incapable of acting or shall be adjudged bankrupt or
      insolvent or a receiver of the Trustee or of its property shall be appointed
      or
      any public officer shall take charge or control of the Trustee or of its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation, then, in any such case, (i) the Company, by a Board Resolution,
      may
      remove the Trustee with respect to all Securities, or (ii) subject to Section
      5.8, any Holder who has been a bona fide Holder of a Security for at least
      six
      months may, on behalf of himself and all others similarly situated, petition
      any
      court of competent jurisdiction for the removal of the Trustee with respect
      to
      all Securities and the appointment of a successor Trustee or
      Trustees.

     

    (e) If
      the
      Trustee shall resign, be removed or become incapable of acting, or if a vacancy
      shall occur in the office of Trustee for any cause, with respect to the
      Securities of one or more series, the Company, by a Board Resolution, shall
      promptly appoint a successor Trustee or Trustees with respect to the Securities
      of that or those series (it being understood that any such successor Trustee
      may
      be appointed with respect to the Securities of one or more or all of such series
      and that at any time there shall be only one Trustee with respect to the
      Securities of any particular series) and shall comply with the applicable
      requirements of Section 6.11. If, within one year after such resignation,
      removal or incapability, or the occurrence of such vacancy, a successor Trustee
      with respect to the Securities of any series shall be appointed by Act of the
      Holders of a majority in principal amount of the Outstanding Securities of
      such
      series delivered to the Company and the retiring Trustee, the successor Trustee
      so appointed shall, forthwith upon its acceptance of such appointment in
      accordance with the applicable requirements of Section 6.11, become the
      successor Trustee with respect to the Securities of such series and to that
      extent supersede the successor Trustee appointed by the Company. If no successor
      Trustee with respect to the Securities of any series shall have been so
      appointed by the Company or the Holders and accepted appointment in the manner
      required by Section 6.11, any Holder who has been a bona fide Holder of a
      Security of such series 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 Trustee with respect to the Securities of such
      series.

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

    (f) The
      Company shall give notice of each resignation and each removal of the Trustee
      with respect to the Securities of any series and each appointment of a successor
      Trustee with respect to the Securities of any series by mailing written notice
      of such event by first-class mail, postage prepaid, to all Holders of Securities
      of such series as their names and addresses appear in the Security Register.
      Each notice shall include the name of the successor Trustee with respect to
      the
      Securities of such series and the address of its Corporate Trust
      Office.

     

    
      	
              Section
                6.11.

            	
              Acceptance
                of Appointment by Successor.

            

    

     

    (a) In
      case
      of the appointment hereunder of a successor Trustee with respect to all
      Securities, every such successor Trustee so appointed shall execute, acknowledge
      and deliver to the Company and to the retiring Trustee an instrument accepting
      such appointment, and thereupon the resignation or removal of the retiring
      Trustee shall become effective and such successor Trustee, without any further
      act, deed or conveyance, shall become vested with all the rights, powers, trusts
      and duties of the retiring Trustee; but, on the request of the Company or the
      successor Trustee, such retiring Trustee shall, upon payment of its charges,
      execute and deliver an instrument transferring to such successor Trustee all
      the
      rights, powers and trusts of the retiring Trustee and shall duly assign,
      transfer and deliver to such successor Trustee all property and money held
      by
      such retiring Trustee hereunder.

     

    (b) In
      case
      of the appointment hereunder of a successor Trustee with respect to the
      Securities of one or more (but not all) series, the Company, the retiring
      Trustee and each successor Trustee with respect to the Securities of one or
      more
      series shall execute and deliver an indenture supplemental hereto wherein each
      successor Trustee shall accept such appointment and which (1) shall contain
      such
      provisions as shall be necessary or desirable to transfer and confirm to, and
      to
      vest in, each successor Trustee all the rights, powers, trusts and duties of
      the
      retiring Trustee with respect to the Securities of that or those series to
      which
      the appointment of such successor Trustee relates, (2) if the retiring Trustee
      is not retiring with respect to the Securities of all series for which it is
      the
      Trustee hereunder, shall contain such provisions as shall be deemed necessary
      or
      desirable to confirm that all the rights, powers, trusts and duties of the
      retiring Trustee with respect to the Securities of that or those series as
      to
      which the retiring Trustee is not retiring shall continue to be vested in the
      retiring Trustee, and (3) shall add to or change any of the provisions of this
      Indenture as shall be necessary to provide for or facilitate the administration
      of the trusts hereunder by more than one Trustee, it being understood that
      nothing herein or in such supplemental indenture shall constitute such Trustees
      co-trustees of the same trust and that each such Trustee shall be trustee of
      a
      trust or trusts hereunder separate and apart from any mist or trusts hereunder
      administered by any other such Trustee; and upon the execution and delivery
      of
      such supplemental indenture the resignation or removal of the retiring Trustee
      shall become effective to the extent provided therein and each such successor
      Trustee, without any further act, deed or conveyance, shall become vested with
      all the rights, powers, trusts and duties of the retiring Trustee with respect
      to the Securities of that or those series to which the appointment of such
      successor Trustee relates; but, on request of the Company or any successor
      Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
      successor Trustee all property and money held by such retiring Trustee hereunder
      with respect to the Securities of that or those series to which the appointment
      of such successor Trustee relates.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    (c) Upon
      request of any such successor Trustee, the Company shall execute any and all
      instruments for more fully and certainly vesting in and confirming to such
      successor Trustee all such rights, powers and trusts referred to in paragraph
      (a) or (b) of this Section, as the case may be.

     

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

     

    (e) The
      Trustee shall not be liable for the acts or omissions to act of any successor
      Trustee. 

     

    
      	
              Section
                6.12.

            	
              Merger,
                Conversion, Consolidation or Succession to
                Business.

            

    

     

    Any
      corporation or association into which the Trustee may be merged or converted
      or
      with which it may be consolidated, or any corporation or association resulting
      from any merger, conversion or consolidation to which the Trustee shall be
      a
      party, or any corporation or association to which all or substantially all
      of
      the corporate trust business of the Trustee may be sold or otherwise
      transferred, shall be the successor trustee hereunder without any further act.
      In case any Securities shall have been authenticated, but not delivered, by
      the
      Trustee then in office, any successor by merger, conversion or consolidation
      to
      such authenticating Trustee may adopt such authentication and deliver the
      Securities so authenticated with the same effect as if such successor Trustee
      had itself authenticated such Securities.

     

    
      	
              Section
                6.13.

            	
              Preferential
                Collection of Claims Against
                Company.

            

    

     

    The
      Trustee shall comply with the Trust Indenture Act Section 311(a), excluding
      any
      creditor relationship listed in the Trust Indenture Act Section 311(b). A
      Trustee who has resigned or been removed shall be subject to the Trust Indenture
      Act Section 311(a) to the extent indicated therein. 

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                6.14.

            	
              Appointment
                of Authenticating Agent.

            

    

     

    At
      any
      time when any of the Securities remain Outstanding the Trustee may appoint
      an
      Authenticating Agent or Agents with respect to one or more series of Securities
      which shall be authorized to act on behalf of the Trustee to authenticate
      Securities of such series issued upon exchange, registration of transfer or
      partial redemption thereof or pursuant to Section 3.6, and Securities so
      authenticated shall be entitled to the benefits of this Indenture and shall
      be
      valid and obligatory for all purposes as if authenticated by the Trustee
      hereunder. Wherever reference is made in this Indenture to the authentication
      and delivery of Securities by the Trustee or the Trustee's certificate of
      authentication, such reference shall be deemed to include authentication and
      delivery on behalf of the Trustee by an Authenticating Agent and a certificate
      of authentication executed on behalf of the Trustee by an Authenticating Agent.
      Each Authenticating Agent shall be acceptable to the Company and shall at all
      times be a corporation organized and doing business under the laws of the United
      States of America, any State thereof or the District of Columbia, authorized
      under such laws to act as Authenticating Agent, having a combined capital and
      surplus of not less than $50,000,000 and subject to supervision or examination
      by Federal or State authority. If such Authenticating Agent publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of said
      supervising or examining authority, then for the purposes of this Section,
      the
      combined capital and surplus of such Authenticating Agent 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 an Authenticating Agent shall cease
      to be
      eligible in accordance with the provisions of this Section, such Authenticating
      Agent shall resign immediately in the manner and with the effect specified
      in
      this Section.

     

    Any
      corporation into which an Authenticating Agent may be merged or converted or
      with which it may be consolidated, or any corporation resulting from any merger,
      conversion or consolidation to which such Authenticating Agent shall be a party,
      or any corporation succeeding to the corporate agency or corporate trust
      business of an Authenticating Agent, shall continue to be an Authenticating
      Agent, provided such corporation shall be otherwise eligible under this Section,
      without the execution or filing of any paper or any further act on the part
      of
      the Trustee or the Authenticating Agent.

     

    An
      Authenticating Agent may resign at any time by giving written notice thereof
      to
      the Trustee and to the Company. The Trustee may at any time terminate the agency
      of an Authenticating Agent by giving written notice thereof to such
      Authenticating Agent and to the Company. Upon receiving such a notice of
      resignation or upon such a termination, or in case at any time such
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section, the Trustee may appoint a successor Authenticating
      Agent which shall be acceptable to the Company and shall give notice of such
      appointment by first-class mail, postage prepaid, to all Holders of Securities
      of the series with respect to which such Authenticating Agent will serve, as
      their names and addresses appear in the Security Register. Any successor
      Authenticating Agent upon acceptance of its appointment hereunder shall become
      vested with all the rights, powers and duties of its predecessor hereunder,
      with
      like effect as if originally named as an Authenticating Agent. No successor
      Authenticating Agent shall be appointed unless eligible under the provisions
      of
      this Section.

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

    The
      Company agrees to pay to each Authenticating Agent from time to time reasonable
      compensation for its services under this Section.

     

    If
      an
      appointment with respect to one or more series is made pursuant to this Section,
      the Securities of such series may have endorsed thereon an alternative
      certificate of authentication in the following form:

     

    "This
      is
      one of the Securities of the series designated herein referred to in the
      within-mentioned Indenture.

    
      	 	 	 
	 	
              THE
                BANK OF NEW YORK, 
                As
                  Trustee

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	 	
              

              As
                Authenticating Agent

            
	 	
 	
 
	 	By:	 
	 	 	
              
                
Authorized
                Officer

            

    

     

    
      
        
        

      

      
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    ARTICLE
      VII

     

    Holders
      Lists and Reports by Trustee and Company

     

    
      	
              Section
                7.1.

            	
              Company
                to Furnish Trustee Names and Addresses of
                Holders.

            

    

     

    The
      Company will furnish or cause to be furnished to the Trustee

     

    (a) semi-annually
      not more than 15 days after each Regular Record Date a list, in such form as
      the
      Trustee may reasonably require, of the names and addresses of the Holders of
      Securities of such series as of the preceding March 1 or September 1, or as
      of
      such Regular Record Date, as the case may be, and

     

    (b) at
      such
      other times as the Trustee may request in writing, within 30 days after the
      receipt by the Company of any such request, a list of similar form and content
      as of a date not more than 15 days prior to the time such list is
      furnished;

     

    provided
      that
      if
      and so long as the Trustee shall be the Security Registrar for such series,
      such
      list shall not be required to be furnished.

     

    
      	
              Section
                7.2.

            	
              Preservation
                of Information; Communications to
                Holders.

            

    

     

    Holders
      may communicate pursuant to the Trust Indenture Act Section 312(b) with other
      Holders with respect to their rights under this Indenture and the Securities.
      The Company, the Trustee, the Registrar and any other person shall have the
      protection of the Trust Indenture Act Section 312(c).

     

    
      	
              Section
                7.3.

            	
              Reports
                by Trustee.

            

    

     

    (a) Within
      60
      days after May 15 of each year commencing with the year 2007, the Trustee shall
      transmit by mail to all Holders of Securities for which it is Trustee hereunder,
      as their names and addresses appear in the Security Register, a brief report
      dated as of such May 15 with respect to:

     

    (1) its
      eligibility under Section 6.9 and its qualifications under Section 6.8, or
      in
      lieu thereof, if to the best of its knowledge it has continued to be eligible
      and qualified under said Sections, a written statement to such
      effect;

     

    (2) the
      character and amount of any advances (and if the Trustee elects so to state,
      the
      circumstances surrounding the making thereof) made by the Trustee (as such)
      which remain unpaid on the date of such report, and for the reimbursement of
      which it claims or may claim a lien or charge, prior to that of such Securities,
      on any property or funds held or collected by it as Trustee, except that the
      Trustee shall not be required (but may elect) to report such advances if such
      advances so remaining unpaid aggregate not more than 1⁄2 of 1% of the principal
      amount of such Securities Outstanding on the date of such report;

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

     

    (3) the
      amount, interest rate and maturity date of all other indebtedness owing by
      the
      Company (or by any other obligor on the Securities) to the Trustee in its
      individual capacity, on the date of such report, with a brief description of
      any
      property held as collateral security therefor, except an indebtedness based
      upon
      a creditor relationship arising in any manner described in Section 6.13(b)(2),
      (3), (4) or (6);

     

    (4) the
      property and funds, if any, physically in the possession of the Trustee as
      such
      on the date of such report;

     

    (5) any
      additional issue of Securities for which it is Trustee hereunder which the
      Trustee has not previously reported; and

     

    (6) any
      action taken by the Trustee in the performance of its duties hereunder which
      it
      has not previously reported and which in its opinion materially affects such
      Securities, except action in respect of a default, notice of which has been
      or
      is to be withheld by the Trustee in accordance with Section 6.2.

     

    (b) The
      Trustee shall transmit by mail to all Holders of Securities for which it is
      Trustee hereunder, as their names and addresses appear in the Security Register,
      a brief report with respect to the character and amount of any advances (and
      if
      the Trustee elects so to state, the circumstances surrounding the making
      thereof) made by the Trustee (as such) since the date of the last report
      transmitted pursuant to subsection (a) of this Section (or if no such report
      has
      yet been so transmitted, since the date of execution of this instrument) for
      the
      reimbursement of which it claims or may claim a lien or charge, prior to that
      of
      such Securities, on property or funds held or collected by it as Trustee and
      which it has not previously reported pursuant to this subsection, except that
      the Trustee shall not be required (but may elect) to report such advances if
      such advances remaining unpaid at any time aggregate 10% or less of the
      principal amount of such Securities Outstanding at such time, such report to
      be
      transmitted within 90 days after such time.

     

    (c) A
      copy of
      each such report shall, at the time of such transmission to such Holders, be
      filed by the Trustee with each securities exchange upon which any such
      Securities are listed, with the Commission and with the Company. The Company
      will notify the Trustee when any such Securities are listed on any securities
      exchange.

     

    
      	
              Section
                7.4.

            	
              Reports
                by Company.

            

    

     

    The
      Company shall:

     

    (1) file
      with
      the Trustee, within 15 days after the Company is required to file the same
      with
      the Commission, copies of the annual reports and of the information, documents
      and other reports (or copies of such portions of any of the foregoing as the
      Commission may from time to time by rules and regulations prescribe) which
      the
      Company may be required to file with the Commission pursuant to Section 13
      or
      Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is
      not
      required to file information, documents or reports pursuant to either of said
      Sections, then it shall file with the Trustee and the Commission, in accordance
      with rules and regulations prescribed from time to time by the Commission,
      such
      of the supplementary and periodic information, documents and reports which
      may
      be required pursuant to Section 13 of the Securities Exchange Act of 1934 in
      respect of a security listed and registered on a national securities exchange
      as
      may be prescribed from time to time in such rules and regulations;

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

    (2) file
      with
      the Trustee and the Commission, in accordance with rules and regulations
      prescribed from time to time by the Commission, such additional information,
      documents and reports with respect to compliance by the Company with the
      conditions and covenants of this Indenture as may be required from time to
      time
      by such rules and regulations; and

     

    (3) transmit
      by mail to all Holders, as their names and addresses appear in the Security
      Register, within 30 days after the filing thereof with the Trustee, such
      summaries of any information, documents and reports required to be filed by
      the
      Company pursuant to paragraphs (1) and (2) of this Section as may be required
      by
      rules and regulations prescribed from time to time by the
      Commission.

     

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

     

    ARTICLE
      VIII

     

    Consolidation,
      Merger, Conveyance, Transfer or Lease 

     

    
      	
              Section
                8.1.

            	
              Company
                May Consolidate, Etc., Only on Certain
                Terms.

            

    

     

    The
      Company shall not consolidate with or merge into any other corporation or
      convey, transfer or lease its properties and assets substantially as an entirety
      to any Person, unless:

     

    (1) the
      Person formed by such consolidation or into which the Company is merged or
      the
      Person which acquires by conveyance or transfer, or which leases, the properties
      and assets of the Company substantially as an entirety shall be a corporation
      organized and existing under the laws of the United States of America, any
      State
      thereof or the District of Columbia and shall expressly assume, by an indenture
      supplemental hereto, executed and delivered to the Trustee, in form satisfactory
      to the Trustee, the due and punctual payment of the principal of (and premium,
      if any) and interest on all the Securities and the performance of every covenant
      of this Indenture on the part of the Company to be performed or
      observed;

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

     

    (2) immediately
      after giving effect to such transaction, no Default, and no event which, after
      notice or lapse of time or both, would become a Default, shall have happened
      and
      be continuing; and

     

    (3) the
      Company has delivered to the Trustee an Officer's Certificate and an Opinion
      of
      Counsel, each stating that such consolidation, merger, conveyance, transfer
      or
      lease and such supplemental indenture comply with this Article and that all
      conditions precedent herein provided for relating to such transaction have
      been
      complied with.

     

    
      	
              Section
                8.2.

            	
              Successor
                Corporation Substituted.

            

    

     

    Upon
      any
      consolidation of the Company with, or merger of the Company into, any other
      corporation or any conveyance, transfer or lease of the properties and assets
      of
      the Company substantially as an entirety in accordance with Section 8.1, the
      successor corporation formed by such consolidation or into with the Company
      is
      merged or to which such conveyance, transfer or lease is made shall succeed
      to,
      and be substituted for, and may exercise every right and power of, the Company
      under this Indenture with the same effect as if such successor corporation
      had
      been named as the Company herein, and thereafter, except in the case of a lease,
      the predecessor corporation shall be relieved of all obligations and covenants
      under this Indenture and the Securities.

     

    
      	
              Section
                8.3.

            	
              Effect
                of Business Combination.

            

    

     

    If
      the
      Company is involved in a business combination where, immediately after the
      consummation of such business combination, more than 50% of the surviving
      entity’s voting stock is owned by the shareholders of the other party to the
      business combination, then:

     

    (1) any
      Deferred Interest on the Securities as of the date of consummation of the
      business combination shall not be subject to the requirements of
      Section 13.4 and Section 13.5 to the extent that the applicable
      Extended Interest Payment Period is terminated on the next Interest Payment
      Date
      following the date of consummation of the business combination (or, if later,
      at
      any time within 90 days following the date of such consummation);
      and

     

    (2) the
      Company’s covenant not to, and to not permit its subsidiaries to, purchase any
      of its common stock for a one year period following the end of an Extended
      Interest Payment Period that lasts longer than one year as described in Section
      13.3 will not apply to any Extended Interest Payment Period that is terminated
      on the next Interest Payment Date following the date of consummation of the
      business combination (or, if later, at any time within 90 days following the
      date of such consummation).

     

    
      
        
        

      

      
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    ARTICLE
      IX

     

    Supplemental
      Indentures 

     

    
      	
              Section
                9.1.

            	
              Supplemental
                Indentures Without Consent of
                Holders.

            

    

     

    Without
      the consent of any Holders, the Company, when authorized by a Board Resolution,
      and the Trustee, at any time and from time to time, may enter into one or more
      indentures supplemental hereto, in form satisfactory to the Trustee, for any
      of
      the following purposes:

     

    (1) to
      evidence the succession of another corporation to the Company and the assumption
      by any such successor of the covenants of the Company contained herein and
      in
      the Securities, pursuant to Article VIII; or

     

    (2) to
      add to
      the covenants of the Company for the benefit of the Holders of all or any series
      of Securities (and if such covenants are to be for the benefit of less than
      all
      series of Securities, stating that such covenants are expressly being included
      solely for the benefit of one or more specified series) or to surrender any
      right or power herein conferred upon the Company; or

     

    (3) to
      add
      any additional Defaults; or

     

    (4) to
      change
      or eliminate any of the provisions of this Indenture, provided
      that
      any
      such change or elimination shall become effective only when there is no Security
      Outstanding of any series created prior to the execution of such supplemental
      indenture which is entitled to the benefit of such provision; or

     

    (5) to
      secure
      the Securities; or

     

    (6) to
      establish the form or terms of Securities of any series as permitted by Sections
      2.1 and 3.1; or

     

    (7) to
      evidence and provide for the acceptance of appointment hereunder by a successor
      Trustee with respect to the Securities of one or more series and to add to
      or
      change any of the provisions of this Indenture as shall be necessary to provide
      for or facilitate the administration of the trusts hereunder by more than one
      Trustee, pursuant to the requirements of Section 6.11(b); or

     

    (8) to
      cure
      any ambiguity, to correct or supplement any provision herein which may be
      inconsistent with any other provision herein, or to make any other provisions
      with respect to matters or questions arising under this Indenture, provided
      such
      action shall not adversely affect the interests of the Holders of Securities
      of
      any series in any material respect.

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                9.2.

            	
              Supplemental
                Indentures with Consent of
                Holders.

            

    

     

    With
      the
      consent of the Holders of not less than a majority in principal amount of the
      Outstanding Securities of each series affected by such supplemental indenture,
      by Act of said Holders delivered to the Company and the Trustee, the Company,
      when authorized by a Board Resolution, and the Trustee may enter into an
      indenture or indentures supplemental hereto for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Indenture or of modifying in any manner the rights of the Holders of
      Securities of such series under this Indenture; provided
      that no
      such supplemental indenture shall, without the consent of the Holder of each
      Outstanding Security affected thereby,

     

    (1) change
      the Stated Maturity of the principal of, or any installment of principal of
      or
      interest on, any Security, or reduce the principal amount thereof or the rate
      of
      interest thereon (including any change in the Floating or Adjustable Rate
      Provision pursuant to which such rate is determined that would reduce that
      rate
      for any period) or any premium payable upon the redemption thereof, or change
      any Place of Payment where, or the coin or currency in which, any Security
      or
      any premium or the interest thereon is payable, or impair the right to institute
      suit for the enforcement of any such payment on or after the Stated Maturity
      thereof (or, in the case of redemption, on or after the Redemption Date), or
      modify the provisions of this Indenture with respect to the subordination of
      the
      Securities in a manner adverse to the Holders, or

     

    (2) reduce
      the percentage in principal amount of the Outstanding Securities of any series,
      the consent of whose Holders is required for any such supplemental indenture,
      or
      the consent of whose Holders is required for any waiver (of compliance with
      certain provisions of this Indenture or certain defaults hereunder and their
      consequences) provided for in this Indenture, or

     

    (3) modify
      any of the provisions of this Section or Section 5.6, except to increase any
      such percentage or to provide that certain other provisions of this Indenture
      cannot be modified or waived without the consent of the Holder of each
      Outstanding Security affected thereby; provided
      that
      this clause shall not be deemed to require the consent of any Holder with
      respect to changes in the references to "the Trustee" and concomitant changes
      in
      this Section or the deletion of this proviso, in accordance with the
      requirements of Sections 6.11(b) and 9.1(8), or 

     

    (4) remove
      or
      impair the rights of any Holder of Securities to bring a Direct Action in
      certain circumstances, as provided in Section 15.1;

     

    provided,
      further,
      that if
      the Securities of such series are held by a Citigroup Trust or a trustee of
      such
      trust, such supplemental indenture shall not be effective until the holders
      of a
      majority in liquidation preference of Trust Securities of the applicable
      Citigroup Trust shall have consented to such supplemental indenture;
provided,
      further,
      that if
      the consent of the Holder of each Outstanding Security is required, such
      supplemental indenture shall not be effective until each holder of the Trust
      Securities of the applicable Citigroup Trust shall have consented to such
      supplemental indenture.

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

     

    A
      supplemental indenture which changes or eliminates any covenant or other
      provision of this Indenture which has expressly been included solely for the
      benefit of one or more particular series of Securities, or which modifies the
      rights of the Holders of Securities of such series with respect to such covenant
      or other provision, shall be deemed not to affect the rights under this
      Indenture of the Holders of Securities of any other series.

     

    It
      shall
      not be necessary for any Act of Holders under this Section to approve the
      particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof.

     

    
      	
              Section
                9.3.

            	
              Execution
                of Supplemental Indentures.

            

    

     

    In
      executing, or accepting the additional trusts created by, any supplemental
      indenture permitted by this Article or the modifications thereby of the trusts
      created by this Indenture, the Trustee shall be entitled to receive, in addition
      to the documents required by Section 1.2, and (subject to Section 6.1) shall
      be
      fully protected in relying upon, an Opinion of Counsel stating that the
      execution of such supplemental indenture is authorized or permitted by this
      Indenture. The Trustee may, but shall not be obligated to, enter into any such
      supplemental indenture which affects the Trustee's own rights, duties or
      immunities under this Indenture or otherwise.

     

    
      	
              Section
                9.4.

            	
              Effect
                of Supplemental Indentures.

            

    

     

    Upon
      the
      execution of any supplemental indenture under this Article, this Indenture
      shall
      be modified in accordance therewith, and such supplemental indenture shall
      form
      a part of this Indenture for all purposes; and every Holder of Securities
      theretofore or thereafter authenticated and delivered hereunder shall be bound
      thereby to the extent provided therein.

     

    
      	
              Section
                9.5.

            	
              Conformity
                with Trust Indenture Act.

            

    

     

    Every
      supplemental indenture executed pursuant to this Article shall conform to the
      requirements of the Trust Indenture Act as then in effect.

     

    
      	
              Section
                9.6.

            	
              Reference
                in Securities to Supplemental
                Indentures.

            

    

     

    Securities
      of any series authenticated and delivered after the execution of any
      supplemental indenture pursuant to this Article may, and shall if required
      by
      the Trustee, bear a notation in form approved by the Trustee as to any matter
      provided for in such supplemental indenture. If the Company shall so determine,
      new Securities of any series so modified as to conform, in the opinion of the
      Trustee and the Company, to any such supplemental indenture may be prepared
      and
      executed by the Company and authenticated and delivered by the Trustee in
      exchange for Outstanding Securities of such series.

     

    
      
        
        

      

      
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    ARTICLE
      X

     

    Covenants

     

    
      	
              Section
                10.1.

            	
              Payment
                of Principal, Premium and
                Interest.

            

    

     

    The
      Company covenants and agrees for the benefit of each series of Securities that
      it will duly and punctually pay the principal of (and premium, if any) and
      interest on the Securities of that series in accordance with the terms of the
      Securities of such series and this Indenture, and will duly comply with all
      other terms, agreements and conditions contained in, or made in the Indenture
      for the benefit of, the Securities of such series.

     

    
      	
              Section
                10.2.

            	
              Maintenance
                of Office or Agency.

            

    

     

    The
      Company will maintain in each Place of Payment for any series of Securities
      an
      office or agency where Securities of that series may be presented or surrendered
      for payment, where Securities of that series may be surrendered for registration
      of transfer or exchange and where notices and demands to or upon the Company
      in
      respect of the Securities of that series and this Indenture may be served.
      The
      Company will give prompt written notice to the Trustee of the location, and
      any
      change in the location, of such office or agency. If at any time the Company
      shall fail to maintain any such required office or agency or shall fail to
      furnish the Trustee with the address thereof, such presentations, surrenders,
      notices and demands may be made or served at the Corporate Trust Office of
      the
      Trustee, and the Company hereby appoints the Trustee as its agent to receive
      all
      such presentations, surrenders, notices and demands.

     

    The
      Company may also from time to time designate one or more other offices or
      agencies where the Securities of one or more series may be presented or
      surrendered for any or all such purposes and may from time to time rescind
      such
      designations; provided
      that no
      such designation or rescission shall in any manner relieve the Company of its
      obligation to maintain an office or agency in each Place of Payment for
      Securities of any series for such purposes. The Company will give prompt written
      notice to the Trustee of any such designation or rescission and of any change
      in
      the location of any such other office or agency.

     

    
      	
              Section
                10.3.

            	
              Money
                for Securities Payments to Be Held in
                Trust.

            

    

     

    If
      the
      Company shall at any time act as its own Paying Agent with respect to any series
      of Securities, it will, on or before each due date of the principal of (and
      premium, if any) or interest on any of the Securities of that series, segregate
      and hold in trust for the benefit of the Persons entitled thereto a sum
      sufficient to pay the principal (and premium, if any) or interest so becoming
      due until such sums shall be paid to such Persons or otherwise disposed of
      as
      herein provided and will promptly notify the Trustee of its action or failure
      so
      to act.

     

    Whenever
      the Company shall have one or more Paying Agents for any series of Securities,
      it will, prior to each due date of the principal of (and premium, if any) or
      interest on any Securities of that series, deposit with a Paying Agent a sum
      sufficient to pay the principal (and premium, if any) or interest so becoming
      due, such sum to be held in trust for the benefit of the Persons entitled to
      such principal, premium or interest, and (unless such Paying Agent is the
      Trustee) the Company will promptly notify the Trustee of its action or failure
      so to act.

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

     

    The
      Company will cause each Paying Agent for any series of Securities other than
      the
      Trustee to execute and deliver to the Trustee an instrument in which such Paying
      Agent shall agree with the Trustee, subject to the provisions of this Section,
      that such Paying Agent will:

     

    (1) hold
      all
      sums held by it for the payment of the principal of (and premium, if any) or
      interest on Securities of that series in trust for the benefit of the Persons
      entitled thereto until such sums shall be paid to such Persons or otherwise
      disposed of as herein provided;

     

    (2) give
      the
      Trustee notice of any default by the Company (or any other obligor upon the
      Securities of that series) in the making of any payment of principal (and
      premium, if any) or interest on the Securities of that series; and

     

    (3) at
      any
      time during the continuance of any such default, upon the written request of
      the
      Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
      Agent.

     

    The
      Company may at any time, for the purpose of obtaining the satisfaction and
      discharge of this Indenture or for any other purpose, pay, or by Company Order
      direct any Paying Agent to pay, to the Trustee all sums held in trust by the
      Company or such Paying Agent, such sums to be held by the Trustee upon the
      same
      trusts as those upon which such sums were held by the Company or such Paying
      Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
      Agent shall be released from all further liability with respect to such
      money.

     

    Any
      money
      deposited with the Trustee or any Paying Agent, or then held by the Company,
      in
      trust for the payment of the principal of (and premium, if any) or interest
      on
      any Security of any series and remaining unclaimed for three years after such
      principal (and premium, if any) or interest has become due and payable shall
      be
      paid to the Company on Company Request, or (if then held by the Company) shall
      be discharged from such trust; and the Holder of such Security shall thereafter,
      as an unsecured general creditor, look only to the Company for payment thereof,
      and all liability of the Trustee or such Paying Agent with respect to such
      trust
      money, and all liability of the Company as trustee thereof, shall thereupon
      cease; provided
      that the
      Trustee or such Paying Agent, before being required to make any such repayment,
      may at the expense of the Company cause to be published once, in a newspaper
      published in the English language, customarily published on each Business Day
      and of general circulation in the Borough of Manhattan, The City of New York,
      New York, notice that such money remains unclaimed and that, after a date
      specified therein, which shall not be less than 30 days from the date of such
      publication, any unclaimed balance of such money then remaining will be repaid
      to the Company.

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                10.4.

            	
              Statement
                by Officers as to Default.

            

    

     

    The
      Company will deliver to the Trustee, within 120 days after the end of each
      fiscal year of the Company ending after the date hereof, an Officers'
      Certificate stating whether or not to the best knowledge of the signers thereof
      the Company is in default in the performance and observance of any of the terms,
      provisions and conditions of Sections 10.1 to 10.3, inclusive, and if the
      Company shall be in default, specifying all such defaults and the nature and
      status thereof of which they may have knowledge.

     

    
      	
              Section
                10.5.

            	
              Covenants
                as to Citigroup Trusts.

            

    

     

    For
      so
      long as any Trust Securities of a Citigroup Trust remain outstanding, the
      Company will (i) maintain 100% direct or indirect ownership of the Common
      Securities of such Citigroup Trust; provided,
      however,
      that
      any permitted successor of the Company hereunder may succeed to the Company's
      ownership of such Common Securities, (ii) not voluntarily dissolve, wind up
      or
      terminate such Citigroup Trust, except in connection with a distribution of
      Securities upon a Special Event, and in connection with certain mergers,
      consolidations or amalgamations permitted by the Declaration of the applicable
      Citigroup Trust, (iii) timely perform its duties as Sponsor of the applicable
      Citigroup Trust, (iv) use its reasonable efforts to cause such Citigroup Trust
      to (a) remain a business trust, except in connection with a distribution of
      Securities to the holders of Trust Securities as provided in the Declaration
      of
      such Citigroup Trust, the redemption of all of the Trust Securities and in
      connection with certain mergers, consolidations or amalgamations permitted
      by
      the Declaration of such Citigroup Trust, and (b) otherwise continue to be
      classified as a grantor trust for United States federal income tax purposes
      and
      (v) not knowingly take any action that would cause such Citigroup Trust to
      not
      be classified as a grantor trust for United States federal income tax
      purposes.

     

    
      	
              Section
                10.6.

            	
              Payment
                of Expenses.

            

    

     

    (a) In
      connection with the offering, sale and issuance of each series of Securities
      to
      the Institutional Trustee of a Citigroup Trust and in connection with the sale
      of Trust Securities by such Citigroup Trust, the Company, in its capacity as
      borrower with respect to such Securities, shall:

     

    (i) pay
      all
      costs and expenses relating to the offering, sale and issuance of such
      Securities, including commissions to the underwriters payable pursuant to the
      applicable Underwriting Agreement and compensation of the Trustee under this
      Indenture in accordance with the provisions of Section 6.7;

     

    (ii) pay
      all
      costs and expenses of such Citigroup Trust (including, but not limited to,
      costs
      and expenses relating to the organization of the trust, the offering, sale
      and
      issuance of the Trust Securities of such Citigroup Trust (including commissions
      to the underwriters in connection therewith), the fees and expenses of the
      Institutional Trustee, the Regular Trustees and the Delaware Trustee of such
      Citigroup Trust, the costs and expenses relating to the operation, maintenance
      and dissolution of such Citigroup Trust and the enforcement by such
      Institutional Trustee of the rights of the holders of the Preferred Securities
      of such Citigroup Trust, including without limitation, costs and expenses of
      accountants, attorneys, statistical or bookkeeping services, expenses for
      printing and engraving and computing or accounting equipment, paying agent(s),
      registrar(s), transfer agent(s), duplicating, travel and telephone and other
      telecommunications expenses and costs and expenses incurred in connection with
      the acquisition, financing, and disposition of assets of such Citigroup
      Trust);

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

     

    (iii) be
      primarily liable for any indemnification obligations arising with respect to
      the
      Declaration of such Citigroup Trust;

     

    (iv) pay
      any
      and all taxes (other than United States withholding taxes in respect of amounts
      paid on the Securities held by such Citigroup Trust) and all liabilities, costs
      and expenses with respect to such taxes of such Citigroup Trust.

     

    (b) Upon
      termination of this Indenture or any series of Securities or the removal or
      resignation of the Trustee pursuant to Section 6.10, the Company shall pay
      to
      the Trustee all amounts accrued and owing to the Trustee to the date of such
      termination, removal or resignation. Upon termination of the Declaration of
      any
      Citigroup Trust or the removal or resignation of the Delaware Trustee or the
      Institutional Trustee, as the case may be, pursuant to Section 5.6 of the
      Declaration of such Citigroup Trust, the Company shall pay to such Delaware
      Trustee or such Institutional Trustee, as the case may be, all amounts accrued
      and owing to such Delaware Trustee or such Institutional Trustee, as the case
      may be, to the date of such termination, removal or resignation.

     

    
      	
              Section
                10.7.

            	
              Listing
                on an Exchange.

            

    

     

    If
      Securities of any series are to be issued as a Global Security in connection
      with the distribution of such Securities to the holders of the Preferred
      Securities of a Citigroup Trust upon a Dissolution Event with respect to such
      Citigroup Trust, the Company will use its best efforts to list such series
      of
      Securities on the New York Stock Exchange, Inc. or on such other securities
      exchange as the Preferred Securities of such Citigroup Trust are then listed.
      The Company will promptly notify the Trustee in writing of any Securities that
      will be listed on any securities exchange. 

     

    
      	
              Section
                10.8.

            	
              Future
                Issuance of Securities.

            

    

     

    Any
      Securities issued under this Indenture shall (x) be issued with the concurrence
      or approval of the Federal Reserve or its staff or (y) qualify at the time
      of
      issuance for tier 1 capital treatment (irrespective of any limits on the amount
      of the Company’s tier 1 capital) under applicable capital adequacy guidelines,
      regulations, policies or published interpretations of the Federal
      Reserve.

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XI

     

    Redemption
      of Securities

     

    
      	
              Section
                11.1.

            	
              Applicability
                of Article; Federal Reserve Concurrence or
                Approval.

            

    

     

    Securities
      of each series are redeemable before their respective Stated Maturities in
      accordance with their respective terms and (except as otherwise specified as
      contemplated by Section 3.1 for Securities of any series) in accordance with
      this Article. Any redemption of any series of Securities, in whole or in part,
      prior to their respective Stated Maturities shall be subject to receipt by
      the
      Company of the prior concurrence or approval of the Federal Reserve or its
      staff, (i) if such concurrence or approval is then required in order for
      securities such as the Securities to qualify as tier 1 capital under applicable
      capital adequacy guidelines, regulations, policies, published interpretations,
      or concurrence or approval of the Federal Reserve or its staff, or (ii) if
      the
      Federal Reserve or its staff has informed the Company that it must obtain such
      approval before redeeming the Securities.

     

    
      	
              Section
                11.2.

            	
              Election
                to Redeem; Notice to Trustee.

            

    

     

    (a) Subject
      to the provisions of Section 11.2(b) and to the other provisions of this Article
      XI, except as otherwise may be specified in this Indenture or, with respect
      to
      any series of Securities, as otherwise specified as contemplated by Section
      3.1
      for the Securities of such series, the Company shall have the right to redeem
      any series of Securities, in whole or in part, from time to time, on or after
      the Redemption Option Date for such series at the Redemption Price. The election
      of the Company to redeem any Securities redeemable at the election of the
      Company shall be evidenced by a Board Resolution. In case of any redemption
      at
      the election of the Company of less than all the Securities of any series,
      the
      Company shall, at least 40 days (unless a shorter period is acceptable to the
      Trustee), but not more than 60 days, prior to the Redemption Date fixed by
      the
      Company, notify the Trustee of such Redemption Date and of the principal amount
      of Securities of such series to be redeemed. In the case of any redemption
      of
      Securities prior to the expiration of any restriction on such redemption
      provided in the terms of such Securities or elsewhere in this Indenture, the
      Company shall furnish the Trustee with an Officers' Certificate evidencing
      compliance with such restriction.

     

    (b) If
      a
      partial redemption of any series of Securities would result in the delisting
      of
      the Preferred Securities of the Citigroup Trust that purchased such Securities
      from any national securities exchange or other organization on which the
      Preferred Securities of such Citigroup Trust are then listed, the Company shall
      not be permitted to effect such partial redemption and may only redeem such
      series of Securities in whole.

     

    
      	
              Section
                11.3.

            	
              Selection
                by Trustee of Securities to Be
                Redeemed.

            

    

     

    If
      less
      than all the Securities of any series are to be redeemed, the particular
      Securities to be redeemed shall be selected not more than 60 days prior to
      the
      Redemption Date by the Trustee, from the Outstanding Securities of such series
      not previously called for redemption, by such method as the Trustee shall deem
      fair and appropriate and which may provide for the selection for redemption
      of
      portions (equal to the minimum authorized denomination for Securities of that
      series or any integral multiple thereof) of the principal amount of Securities
      of such series of a denomination larger than the minimum authorized denomination
      for Securities of that series; provided,
      that,
      if at the time of redemption such Securities are registered as a Global
      Security, the Depositary shall determine, in accordance with its procedures,
      the
      principal amount of such Securities held by each Security Beneficial Owner
      to be
      redeemed.

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

     

    The
      Trustee shall promptly notify the Company in writing of the Securities selected
      for redemption and, in case of any Securities selected for partial redemption,
      the principal amount thereof to be redeemed.

     

    For
      all
      purposes of this Indenture, unless the context otherwise requires, all
      provisions relating to the redemption of Securities shall relate, in the case
      of
      any Securities redeemed or to be redeemed only in part, to the portion of the
      principal amount of such Securities which has been or is to be
      redeemed.

     

    
      	
              Section
                11.4.

            	
              Notice
                of Redemption.

            

    

     

    Notice
      of
      redemption shall be given 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
      Securities to be redeemed, at his address appearing in the Security
      Register.

     

    All
      notices of redemption shall state:

     

    (1) the
      Redemption Date,

     

    (2) the
      Redemption Price,

     

    (3) if
      less
      than all the Outstanding Securities of any series are to be redeemed, the
      identification (and, in the case of partial redemption, the principal amounts)
      of the particular Securities of such series to be redeemed,

     

    (4) that
      on
      the Redemption Date the Redemption Price will become due and payable upon each
      such Security to be redeemed and that interest thereon will cease to accrue
      on
      and after said date, and 

     

    (5) the
      place
      or places where such Securities are to be surrendered for payment of the
      Redemption Price.

     

    Notice
      of
      redemption of Securities to be redeemed at the election of the Company shall
      be
      given by the Company or, at the Company's request, by the Trustee in the name
      and at the expense of the Company.

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                11.5.

            	
              Deposit
                of Redemption Price.

            

    

     

    Prior
      to
      10:00 a.m., New York City time, on any Redemption Date, the Company shall
      deposit with the Trustee or with a Paying Agent (or, if the Company is acting
      as
      its own Paying Agent, segregate and hold in trust as provided in Section 10.3)
      an amount of money sufficient to pay the Redemption Price of, and (except if
      the
      Redemption Date shall be an Interest Payment Date) accrued interest on, all
      the
      Securities which are to be redeemed on that date.

     

    
      	
              Section
                11.6.

            	
              Securities
                Payable on Redemption Date.

            

    

     

    Notice
      of
      redemption having been given as aforesaid, the Securities so to be redeemed
      shall, on the Redemption Date, become due and payable at the Redemption Price
      therein specified, and from and after such date (unless the Company shall
      default in the payment of the Redemption Price and accrued interest) such
      Securities shall cease to bear interest. Upon surrender of any such Security
      for
      redemption in accordance with said notice, such Security shall be paid by the
      Company at the Redemption Price, together with accrued interest to the
      Redemption Date; provided
      that
      installments of interest whose Stated Maturity is on or prior to the Redemption
      Date shall be payable to the Holders of such Securities, or one or more
      Predecessor Securities, registered as such at the close of business on the
      relevant Record Dates according to their terms and the provisions of Section
      3.7.

     

    If
      any
      Security called for redemption shall not be so paid upon surrender thereof
      for
      redemption, the principal (and premium, if any) shall, until paid, bear interest
      from the Redemption Date at the rate prescribed therefor in the
      Security.

     

    The
      Redemption Price shall be paid prior to 12:00 noon, New York City time, on
      the
      date of such redemption or such earlier time as the Company determines,
provided
      that the
      Company shall deposit with the Trustee an amount sufficient to pay the
      Redemption Price by 10:00 a.m., New York City time, on the date such Redemption
      Price is to be paid.

     

    
      	
              Section
                11.7.

            	
              Securities
                Redeemed in Part.

            

    

     

    Any
      Security which is to be redeemed only in part shall be surrendered at a Place
      of
      Payment for Securities of that series (with, if the Company or the Trustee
      so
      requires, due endorsement by, or a written instrument of transfer in form
      satisfactory to the Company duly executed by, the Holder thereof or his attorney
      duly authorized in writing), and the Company shall execute, and the Trustee
      shall authenticate and deliver to the Holder of such Security without service
      charge, a new Security or Securities of the same series, of like tenor and
      of
      any authorized denomination as requested by such Holder, in aggregate principal
      amount equal to and in exchange for the unredeemed portion of the principal
      of
      the Security so surrendered.

     

    
      
        
        

      

      
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              Section
                11.8.

            	
              Tax
                Event Redemption.

            

    

     

    If
      a Tax
      Event with respect to any Citigroup Trust has occurred and is continuing
      and:

     

    (a) the
      Company has received a Redemption Tax Opinion with respect to such Citigroup
      Trust; or

     

    (b) after
      receiving a Tax Event Opinion, the Regular Trustees of such Citigroup Trust
      shall have been informed by tax counsel rendering the Tax Event Opinion that
      a
      No Recognition Opinion cannot be delivered to such Citigroup Trust,

     

    then,
      notwithstanding Section 11.2(a) but subject to Section 11.2(b) and Section
      11.1,
      the Company shall have the right upon not less than 30 days nor more than 60
      days notice to the Holders of Securities of the series issued to such Citigroup
      Trust, or to its Institutional Trustee, to redeem such Securities, in whole
      or
      in part, for cash within 90 days following the occurrence of such Tax Event
      at
      the Redemption Price, provided
      that if
      at the time there is available to the Company or such Citigroup Trust the
      opportunity to eliminate, within such 90-day period, the Tax Event by taking
      some ministerial action ("Ministerial Action"), such as filing a form or making
      an election, or pursuing some other similar reasonable measure which has no
      adverse effect on the Company, the Trust or the holders of the Trust Securities
      of such Citigroup Trust, the Company or such Citigroup Trust shall pursue such
      Ministerial Action in lieu of redemption, and, provided
      further that
      the
      Company shall have no right to redeem such Securities while the Company or
      such
      Citigroup Trust is pursuing any Ministerial Action pursuant to its obligations
      under the Declaration of such Citigroup Trust.

     

    ARTICLE
      XII

     

    [INTENTIONALLY
      OMITTED]

     

    ARTICLE
      XIII

     

    Extension
      of Interest Payment Period

     

    
      	
              Section
                13.1.

            	
              Extension
                of Interest Payment Period.

            

    

     

    The
      Company shall have the right, at any time and from time to time during the
      term
      of the Securities of any series, to defer payments of interest by extending
      the
      interest payment period of all Securities of such series for a period not
      exceeding 40 consecutive quarters (the "Extended Interest Payment Period"),
      during which Extended Interest Payment Period no interest shall be due and
      payable on Securities of such series; provided
      that no
      Extended Interest Payment Period may extend beyond the Maturity of such
      Securities. To the extent permitted by applicable law, interest, the payment
      of
      which has been deferred because of the extension of the interest payment period
      pursuant to this Section 13.1, will bear interest thereon at the Coupon Rate
      compounded quarterly for each quarter of the Extended Interest Payment Period
      ("Compounded Interest"). At the end of any Extended Interest Payment Period
      with
      respect to any series of Securities, the Company shall pay all interest accrued
      and unpaid on such Securities, including any Additional Interest and Compounded
      Interest (together, "Deferred Interest") that shall be payable to the Holders
      of
      Securities of such Series in whose names such Securities are registered in
      the
      Security Register on the first record date after the end of such Extended
      Interest Payment Period. Before the termination of any Extended Interest Payment
      Period, the Company may further extend such period; provided
      that
      such period, together with all such further extensions thereof, shall not exceed
      40 consecutive quarters; and provided
      further that
      no
      prepayment of interest during an Extended Interest Payment Period shall allow
      the Company to extend such Extended Interest Payment Period beyond 40
      consecutive quarters. Upon the termination of any Extended Interest Payment
      Period with respect to any series of Securities and upon the payment of all
      Deferred Interest then due, the Company may commence a new Extended Interest
      Payment Period with respect to such series of Securities, subject to the
      foregoing requirements. No interest on a series of Securities shall be due
      and
      payable during an Extended Interest Payment Period with respect thereto, except
      at the end thereof, provided
      the
      Company may prepay at any time all or any portion of the interest accrued during
      any Extended Interest Payment Period.

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                13.2.

            	
              Notice
                of Extension.

            

    

     

    (a) If
      the
      Institutional Trustee of a Citigroup Trust is the only Holder of Securities
      of a
      series at the time the Company selects an Extended Interest Payment Period
      with
      respect thereto, the Company shall give written notice to the Regular Trustees
      and the Institutional Trustee of such Citigroup Trust and to the Trustee of
      its
      selection of such Extended Interest Payment Period at least one Business Day
      before the earlier of (i) the next succeeding date on which Distributions on
      the
      Trust Securities issued by such Citigroup Trust are payable, or (ii) the date
      such Citigroup Trust is required to give notice of the record date, or the
      date
      such Distributions would be payable if not for such Extended Interest Payment
      Period, to the New York Stock Exchange or other applicable self-regulatory
      organization or to holders of the Preferred Securities issued by such Citigroup
      Trust, but in any event at least one Business Day before such record
      date.

     

    (b) If
      the
      Institutional Trustee of a Citigroup Trust is not the only Holder of Securities
      of a series at the time the Company selects an Extended Interest Payment Period
      with respect thereto, the Company shall give written notice to the Holders
      of
      Securities of such series and the Trustee of its selection of such Extended
      Interest Payment Period at least 10 Business Days before the earlier of (i)
      the
      next succeeding Interest Payment Date, or (ii) the date the Company is required
      to give notice of the record or payment date of such interest payment to the
      New
      York Stock Exchange or other applicable self-regulatory organization or to
      Holders of Securities of such series.

     

    (c) The
      quarter in which any notice is given pursuant to paragraphs (a) or (b) of this
      Section 13.2 shall be counted as one of the 40 quarters permitted in the maximum
      Extended Interest Payment Period with respect to any series of Securities
      permitted under Section 1.3.

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

     

    (d) Notwithstanding
      anything else contained in this Indenture, the Company shall be required to
      give
      notice to any person of its selection of an Extended Interest Payment Period
      no
      more than 15 Business Days and no less than 5 Business Days before the next
      succeeding Interest Payment Date of the affected Securities.

     

    
      	
              Section
                13.3.

            	
              Limitation
                of Transactions.

            

    

     

    If
      with
      respect to any series of Securities (i) the Company shall exercise its right
      to
      defer payments of interest thereon as provided in Section 13.1 or (ii) there
      shall have occurred any Default, then (a) the Company and any subsidiary of
      the
      Company shall not declare or pay any dividend on, make any distributions with
      respect to, or redeem, purchase, acquire or make a liquidation payment with
      respect to, any of its capital stock or make any guarantee payment with respect
      thereto (other than (i) purchases, redemptions or other acquisitions of shares
      of capital stock of the Company in connection with any employment contract,
      benefit plan or other similar arrangement with or for the benefit of employees,
      officers, directors or consultants, (ii) purchases of shares of common stock
      of
      the Company pursuant to a contractually binding requirement to buy stock
      existing prior to the commencement of the extension period, including under
      a
      contractually binding stock repurchase plan, (iii) as a result of an exchange
      or
      conversion of any class or series of the Company's capital stock for any other
      class or series of the Company's capital stock, (iv) the purchase of fractional
      interests in shares of the Company's capital stock pursuant to the conversion
      or
      exchange provisions of such capital stock or the security being converted or
      exchanged, or (v) purchase of the Company's capital stock in connection with
      the
      distribution thereof); and (b) the Company and any subsidiary of the Company
      will not make any payment of interest, principal or premium on, or repay,
      purchase or redeem, any debt securities or guarantees issued by the Company
      that
      rank pari passu with or junior to the Securities (other than (i) any payment
      of
      current or Deferred Interest on securities that rank pari passu with the
      Securities that is made pro rata to the amounts due on such securities
      (including the Securities), provided that any such payments of Deferred Interest
      are made in accordance with Section 13.5(d), (ii) any payments of Deferred
      Interest on securities that rank pari passu with the Securities that, if not
      made, would give rise to an event of default permitting acceleration of such
      securities or (iii) any repayment or redemption of a security necessary to
      avoid
      a breach of the instrument governing the same), provided,
      however,
      that
      the Company may declare and pay a stock dividend where the dividend stock is
      the
      same stock as that on which the dividend is being paid. If any Extended Interest
      Payment Period lasts longer than one year, unless required to do so by the
      Federal Reserve and subject to the exceptions listed in clauses (a) and (b)
      of
      this Section 13.3, the Company will not, and will not permit any subsidiary
      to
      purchase any of its common stock for a one-year period following the payment
      of
      all Deferred Interest with the New Equity Amount. 

     

    
      
        
        

      

      
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              Section
                13.4.

            	
              Limitation
                on Source of Payment of Deferred Interest. 

            

    

     

    During
      an
      Extended Interest Payment Period, the Company may not pay Deferred Interest
      on
      the Securities on any date in an amount that exceeds the New Equity Amount
      for
      such date; provided,
      however,
      that
      (i) upon the Maturity of the Securities, (ii) during the occurrence and
      continuation of a Supervisory Event or (iii) if an Event of Default and
      Acceleration shall have occurred and be continuing, the provisions of this
      Section 13.4 shall not apply and the Company may pay Deferred Interest with
      cash
      from any source. Nothing in this Indenture will prevent the Company from paying
      current interest on the Securities at any time using cash from any source.
      

     

    
      	
              Section
                13.5.

            	
              Obligation
                to Effect Certain Common Stock
                Sales.

            

    

     

    (a) Commencing
      on the earlier of (i) the Fifth Deferral Anniversary, if on such date the
      related Extended Interest Payment Period has not ended, and (ii) the date of
      any
      payment of current interest on the Securities during an Extended Interest
      Payment Period, if any Deferred Interest is outstanding, the Company shall
      be
      subject to the "Alternative Payment Mechanism," pursuant to which it will
      continuously use its commercially reasonable efforts to effect sales of shares
      of its common stock, including treasury shares, in an amount that will generate
      sufficient net proceeds to enable the Company to pay in full all Deferred
      Interest on the Securities then outstanding; provided that the Company shall
      not
      be obligated to make offers for or effect sales of its common stock during
      the
      occurrence and continuation of a Market Disruption Event or a Supervisory Event
      and will be permitted to pay Deferred Interest using cash from any source upon
      the occurrence of a Supervisory Event. The Company's obligation to use
      commercially reasonable efforts to sell shares of its common stock to pay all
      Deferred Interest on the Securities shall resume at such time as no Market
      Disruption Event or Supervisory Event exists or is continuing.

     

    (b) As
      used
      in this Section 13.5, the term “commercially reasonable efforts” means
commercially reasonable efforts on the part of the Company to complete the
      sale
      of shares of its common stock, including treasury shares, to third parties
      that
      are not subsidiaries of the Company. The Company will not be considered to
      have
      used its commercially reasonable efforts to effect a sale of stock if it
      determines not to pursue or complete such sale solely due to pricing or dilution
      considerations.

     

    (c) The
      Company is not permitted to sell shares of common stock in excess of a number
      of
      shares of common stock to be specified pursuant to a Board Resolution, and
      set
      forth in an Officers’ Certificate for each series of Securities (in each case,
      the "Share Cap Amount"), for the purpose of satisfying Section 13.5(a) or
      otherwise paying Deferred Interest on the Securities of the relevant series
      then
      outstanding. If the issued and outstanding shares of common stock shall have
      been changed into a different number of shares or a different class by reason
      of
      any stock split, reverse stock split, stock dividend, reclassification,
      recapitalization, split-up, combination, exchange of shares or other similar
      transaction, then each affected Share Cap Amount shall be correspondingly
      adjusted. The Company shall increase a Share Cap Amount (including through
      the
      increase of its authorized share capital, if necessary) to an amount that would
      allow the Company to raise sufficient proceeds to satisfy its obligations to
      pay
      Deferred Interest in full at the end of the first year of an Extended Interest
      Payment Period (and on each subsequent anniversary of the end of the first
      year
      of an Extended Interest Payment Period to the extent that an Extended Interest
      Payment Period would last more than one year), if a then-current Share Cap
      Amount would not allow the Company to raise sufficient proceeds to satisfy
      its
      obligations to pay Deferred Interest (including Compounded Interest to that
      date) assuming a price per share equal to the average trading price of the
      Company’s common shares over the ten-trading-day period preceding such date;
provided
      that the
      Company will not be obligated to increase a Share Cap Amount above the maximum
      number of shares specified in the relevant Officers’ Certificate. Until the
      Tenth Deferral Anniversary, a Default will occur if the Company does not
      increase the relevant Share Cap Amount to an amount that is greater than the
      minimum number of shares specified in the relevant Officers’ Certificate when
      required to do so as described above; provided that no Default will occur if
      the
      Company has increased the relevant Share Cap Amount to the maximum number of
      shares specified in the relevant Officers’ Certificate.

     

    
      
        
        

      

      
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    (d) Following
      the earlier of (i) the Fifth Deferral Anniversary and (ii) the date of any
      payment of current interest during an Extended Interest Payment Period, the
      Company shall apply the net proceeds received by it from sales of shares of
      its
      common stock, including sales of treasury shares, to the payment of all amounts
      owing in respect of Deferred Interest, with net proceeds to be paid promptly
      after receipt until all amounts owing in respect of Deferred Interest have
      been
      paid in full. In the event that net proceeds received by the Company from one
      or
      more sales of shares of its common stock following such Fifth Deferral
      Anniversary are not sufficient to satisfy the full amount of Deferred Interest,
      such net proceeds will be paid to the holders of the Securities in chronological
      order; provided, that if the Company has outstanding at such time any debt
      securities ranking pari passu with the Securities under the terms of which
      the
      Company is obligated to sell shares of its common stock and apply the net
      proceeds to payment of deferred interest on such pari passu securities and
      the
      Company at such time is required to apply such proceeds to pay deferred interest
      on such pari passu securities, then on any date and for any period the amount
      of
      net proceeds received by the Company from such sales and available for payment
      of such deferred interest shall be applied on a pro rata basis to the amounts
      due on each series of such securities (including the Securities) up to any
      APM
      Maximum Obligation, Share Cap Amount or other similar limit then applicable
      to
      such series. Notwithstanding the above, the Company shall not be obligated
      to
      sell common stock or to apply such net proceeds or any portion thereof to the
      payment of Deferred Interest during the occurrence and continuation of Market
      Disruption Event or a Supervisory Event.

     

    (e) Notwithstanding
      anything to the contrary in this Indenture, under no circumstances will the
      Company be obligated to sell shares of Qualified Warrants or to apply the
      proceeds of any such sale to pay Deferred Interest on the
      Securities.

     

    (f) Notwithstanding
      anything to the contrary in this Indenture, the Company will not be obligated
      to
      issue common stock prior to the Fifth Deferral Anniversary if the gross proceeds
      of any issuance of common stock and Qualified Warrants applied to pay Deferred
      Interest on the Securities pursuant to this Section 13.5, together with the
      gross proceeds of all prior issuances of common stock and Qualified Warrants
      applied since the commencement of the Extended Interest Payment Period, would
      exceed an amount equal to 2% of the product of (1) the average of the Current
      Stock Market Prices of the Company’s common stock on the 10 consecutive trading
      days ending on the fourth trading day immediately preceding the date of issuance
      by the Company of common stock applied to pay Deferred Interest on the
      Securities pursuant to Section 13.5 and (2) the total number of issued and
      outstanding shares of the Company’s common stock as of the date of the Company’s
      publicly available consolidated financial statements (the “APM Maximum
      Obligation”). Once the Company reaches the APM Maximum Obligation for an
      Extended Interest Payment Period, the Company will not be obligated to issue
      more common stock or Qualified Warrants pursuant to this Section 13.5 prior
      to
      the Fifth Deferral Anniversary even if the Current Stock Market Price of the
      Company's common stock or the number of outstanding shares of its common stock
      subsequently increase. The APM Maximum Obligation will cease to apply following
      the Fifth Deferral Anniversary, at which point the Company must repay any
      Deferred Interest, regardless of the time at which it was deferred, using
      proceeds from sales of the Company's common stock, including treasury shares,
      subject to any Market Disruption Event, Supervisory Event, and the Share Cap
      Amount. If the APM Maximum Obligation has been reached during an Extended
      Interest Payment Period and the Company subsequently repays all Deferred
      Interest, the APM Maximum Obligation will cease to apply at the termination
      of
      such Extended Interest Payment Period and will not apply again unless and until
      the Company starts a new Extended Interest Payment Period.

     

    
      
        
        

      

      
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              Section
                13.6.

            	
              Notice
                of Market Disruption Event.

            

    

     

    Upon
      and
      after the Fifth Deferral Anniversary, if a Market Disruption Event has occurred
      and is continuing, the Company shall give, as promptly as possible after the
      Company becomes aware of such occurrence, a written notice (a "Market Disruption
      Event Notice") to the Trustee, stating the date on which such Market Disruption
      Event has occurred, the nature thereof and what action it will take in
      connection therewith.

     

    
      	
              Section
                13.7.

            	
              Notice
                of Supervisory Event.

            

    

     

    Upon
      and
      after the Fifth Deferral Anniversary, if a Supervisory Event has occurred and
      is
      continuing, the Company shall give, as promptly as possible after the Company
      becomes aware of such occurrence, a written notice (a "Supervisory Event
      Notice") to the Trustee stating that a Supervisory Event has commenced and
      the
      actions it will take in connection therewith. No later than five (5) Business
      Days following termination of a Supervisory Event, the Company shall give a
      written notice to the Trustee stating the date on which such Supervisory Event
      terminated. 

     

    
      	
              Section
                13.8.

            	
              Notices
                to the Federal Reserve.

            

    

     

    The
      Company shall give written notice to the Federal Reserve:

     

    (a) No
      later
      than five (5) Business Days following commencement of an Extended Interest
      Payment Period; and

     

    
      
        
        

      

      
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    (b) Upon
      the
      earlier to occur of (i) the Fifth Deferral Anniversary of such Extended Interest
      Payment Period or (ii) the payment of current interest during an Extended
      Interest Payment Period.

     

    
      	
              Section
                13.9.

            	
              Obligation
                to Notify Federal Reserve of Intent to Sell
                Stock.

            

    

     

    (a) At
      least
      25 Business Days in advance of the relevant payment date (or such longer period
      as may be required by the Federal Reserve or by other supervisory action) the
      Company shall give written notice to the Federal Reserve of its intent both
      (1)
      to sell shares of common stock or, at the Company's sole discretion, Qualified
      Warrants and (2) to apply the net proceeds from such sale to pay Deferred
      Interest, and shall only take any such actions if the Federal Reserve does
      not
      disapprove of any such actions within ten (10) Business Days (or such longer
      period as may be required by Federal Reserve order or by other supervisory
      action) after the Company gives such notice to the Federal Reserve or has
      withdrawn any prior disapproval. 

     

    ARTICLE
      XIV

     

    Subordination
      of Securities

     

    
      	
              Section
                14.1.

            	
              Agreement
                to Subordinate.

            

    

     

    The
      Company covenants and agrees, and each Holder of Securities issued hereunder
      by
      such Holder's acceptance thereof likewise covenants and agrees, that all
      Securities shall be issued subject to the provisions of this Article Fourteen;
      and each Holder of a Security, whether upon original issue or upon transfer
      or
      assignment thereof, accepts and agrees to be bound by such
      provisions.

     

    The
      payment by the Company of the principal of, premium, if any, and interest on
      all
      Securities issued hereunder shall, to the extent and in the manner hereinafter
      set forth, be subordinated and junior in right of payment to the prior payment
      in full of all Senior Indebtedness of the Company, whether outstanding at the
      date of this Indenture or thereafter incurred.

     

    No
      provision of this Article Fourteen shall prevent the occurrence of any Default
      hereunder.

     

    
      	
              Section
                14.2.

            	
              Default
                on Senior Indebtedness.

            

    

     

    In
      the
      event and during the continuation of any default by the Company in the payment
      of principal, premium, interest or any other payment due on any Senior
      Indebtedness of the Company, as the case may be, or in the event that the
      maturity of any Senior Indebtedness of the Company, as the case may be, has
      been
      accelerated because of a default, then, in either case, no payment shall be
      made
      by the Company with respect to the principal (including redemption payments)
      of,
      or premium, if any, or interest on, the Securities or to acquire any of the
      Securities.

     

    
      
        
        

      

      
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    In
      the
      event that, notwithstanding the foregoing, any payment shall be received by
      the
      Trustee, by any Holder or by any Paying Agent (or, if the Company is acting
      as
      its own Paying Agent, money for any such payment is segregated and held in
      trust) when such payment is prohibited by the preceding paragraph of this
      Section 14.2, before all Senior Indebtedness of the Company is paid in full,
      or
      provision is made for such payment in money in accordance with its terms, such
      payment shall be held in trust for the benefit of, and shall be paid over or
      delivered to, the holders of Senior Indebtedness of the Company or their
      respective representatives, or to the trustee or trustees under any indenture
      pursuant to which any of such Senior Indebtedness may have been issued, as
      their
      respective interests may appear, ratably according to the aggregate amount
      remaining unpaid on account of the principal, premium, interest or any other
      payment due on the Senior Indebtedness held or represented by each, for
      application to the payment of all Senior Indebtedness of the Company, as the
      case may be, remaining unpaid to the extent necessary to pay such Senior
      Indebtedness in full in money in accordance with its terms, after giving effect
      to any concurrent payment or distribution to or for the benefit of the holders
      of such Senior Indebtedness, but only to the extent that the holders of the
      Senior Indebtedness (or their representative or representatives or a trustee)
      notify the Trustee in writing within 90 days of such payment of the amounts
      then
      due and owing on the Senior Indebtedness and only the amounts specified in
      such
      notice to the Trustee shall be paid to the holders of Senior
      Indebtedness.

     

    
      	
              Section
                14.3.

            	
              Liquidation;
                Dissolution; Bankruptcy.

            

    

     

    Upon
      any
      payment by the Company or distribution of assets of the Company of any kind
      or
      character, whether in cash, property or securities, to creditors upon any
      dissolution or winding-up or liquidation or reorganization of the Company,
      whether voluntary or involuntary or in bankruptcy, insolvency, receivership
      or
      other proceedings, all amounts due upon all Senior Indebtedness of the Company
      shall first be paid in full, or payment thereof provided for in money in
      accordance with its terms, before any payment is made by the Company on account
      of the principal (and premium, if any) or interest on the Securities; and upon
      any such dissolution or winding-up or liquidation or reorganization, any payment
      by the Company, or distribution of assets of the Company of any kind or
      character, whether in cash, property or securities, to which the Holders of
      the
      Securities or the Trustee would be entitled to receive, except for the
      provisions of this Article Fourteen, shall be paid by the Company or by any
      receiver, trustee in bankruptcy, liquidating trustee, agent or other Person
      making such payment or distribution, or by the Holders of the Securities or
      by
      the Trustee under this Indenture if received by them or it, directly to the
      holders of Senior Indebtedness of the Company (pro rata
      to such
      holders on the basis of the respective amounts of Senior Indebtedness held
      by
      such holders, as calculated by the Company) or their representative or
      representatives, or to the trustee or trustees under any indenture pursuant
      to
      which any instruments evidencing such Senior Indebtedness may have been issued,
      as their respective interests may appear, to the extent necessary to pay such
      Senior Indebtedness in full, in money or money's worth, after giving effect
      to
      any concurrent payment or distribution to or for the holders of such Senior
      Indebtedness, before any payment or distribution is made to the Holders of
      Securities or to the Trustee.

     

    
      
        
        

      

      
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    In
      the
      event that, notwithstanding the foregoing, any payment or distribution of assets
      of the Company of any kind or character, whether in cash, property or
      securities, prohibited by the foregoing, shall be received by the Trustee,
      by
      any Holder or by any Paying Agent (or, if the Company is acting as its own
      Paying Agent, money for any such payment is segregated and held in trust) before
      all Senior Indebtedness of the Company is paid in full, or provision is made
      for
      such payment in money in accordance with its terms, such payment or distribution
      shall be held in trust for the benefit of and shall be paid over or delivered
      to
      the holders of such Senior Indebtedness or their representative or
      representatives, or to the trustee or trustees under any indenture pursuant
      to
      which any of such Senior Indebtedness may have been issued, as their respective
      interests may appear, ratably according to the aggregate amount remaining unpaid
      on account of the principal, premium, interest or any other payment due on
      the
      Senior Indebtedness held or represented by each, as calculated by the Company,
      for application to the payment of all Senior Indebtedness of the Company, as
      the
      case may be, remaining unpaid to the extent necessary to pay such Senior
      Indebtedness in full in money in accordance with its terms, after giving effect
      to any concurrent payment or distribution to or for the benefit of the holders
      of such Senior Indebtedness.

     

    For
      purposes of this Article Fourteen, the words "cash, property or securities"
      shall not be deemed to include shares of stock of the Company as reorganized
      or
      readjusted, or securities of the Company or any other corporation provided
      for
      by a plan of reorganization or readjustment, the payment of which is
      subordinated at least to the extent provided in this Article Fourteen with
      respect to the Securities to the payment of all Senior Indebtedness of the
      Company, as the case may be, that may at the time be outstanding, provided
      that
      (i) such Senior Indebtedness is assumed by the new corporation, if any,
      resulting from any such reorganization or readjustment, and (ii) the rights
      of
      the holders of such Senior Indebtedness are not, without the consent of such
      holders, altered by such reorganization or readjustment. The consolidation
      of
      the Company with, or the merger of the Company into, another corporation or
      the
      liquidation or dissolution of the Company following the conveyance or transfer
      of its property as an entirety, or substantially as an entirety, to another
      corporation upon the terms and conditions provided for in Article VIII shall
      not
      be deemed a dissolution, winding-up, liquidation or reorganization for the
      purposes of this Section 14.3 if such other corporation shall, as a part of
      such
      consolidation, merger, conveyance or transfer, comply with the conditions stated
      in Article VIII. Nothing in Section 14.2 or in this Section 14.3 shall apply
      to-claims of, or payments to the Trustee under or pursuant to Section
      6.7.

     

    
      	
              Section
                14.4.

            	
              Subrogation.

            

    

     

    Subject
      to the payment in full of all Senior Indebtedness of the Company, the rights
      of
      the Holders of the Securities shall be subrogated to the rights of the holders
      of such indebtedness to receive payments or distributions of cash, property
      or
      securities of the Company, as the case may be, applicable to such Senior
      Indebtedness until the principal of (and premium, if any) and interest on the
      Securities shall be paid in full; and, for the purposes of such subrogation,
      no
      payments or distributions to the holders of such Senior Indebtedness of any
      cash, property or securities to which the Holders of the Securities or the
      Trustee would be entitled except for the provisions of this Article Fourteen,
      and no payment over pursuant to the provisions of this Article Fourteen to
      or
      for the benefit of the holders of such Senior Indebtedness by Holders of the
      Securities or the Trustee, shall, as between the Company, its creditors other
      than Holders of Senior Indebtedness of the Company, and the holders of the
      Securities, be deemed to be a payment by the Company to or on account of such
      Senior Indebtedness. It is understood that the provisions of this Article
      Fourteen are and are intended solely for the purposes of defining the relative
      rights of the Holders of the Securities, on the one hand, and the holders of
      such Senior Indebtedness on the other hand.

     

    
      
        
        

      

      
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    Nothing
      contained in this Article Fourteen or elsewhere in this Indenture or in the
      Securities is intended to or shall impair, as between the Company, its creditors
      other than the holders of Senior Indebtedness of the Company, and the Holders
      of
      the Securities, the obligation of the Company, which is absolute and
      unconditional, to pay to the Holders of the Securities the principal of (and
      premium, if any) and interest on the Securities as and when the same shall
      become due and payable in accordance with their terms, or is intended to or
      shall affect the relative rights of the Holders of the Securities and creditors
      of the Company, as the case may be, other than the holders of Senior
      Indebtedness of the Company, as the case may be, nor shall anything herein
      or
      therein prevent the Trustee or the Holder of any Security from exercising all
      remedies otherwise permitted by applicable law upon default under the Indenture,
      subject to the rights, if any, under this Article Fourteen of the holders of
      such Senior Indebtedness in respect of cash, property or securities of the
      Company, as the case may be, received upon the exercise of any such
      remedy.

     

    Upon
      any
      payment or distribution of assets of the Company referred to in this Article
      Fourteen, the Trustee, subject to the provisions of Section 6.1, and the Holders
      of the Securities shall be entitled to conclusively rely upon any order or
      decree made by any court of competent jurisdiction in which such dissolution,
      winding-up, liquidation or reorganization proceedings are pending, or a
      certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent
      or other Person making such payment or distribution, delivered to the Trustee
      or
      to the Holders of the Securities, for the purposes of ascertaining the Persons
      entitled to participate in such distribution, the holders of Senior Indebtedness
      and other indebtedness of the Company, as the case may be, the amount thereof
      or
      payable thereon, the amount or amounts paid or distributed thereon and all
      other
      facts pertinent thereto or to this Article Fourteen.

     

    
      	
              Section
                14.5.

            	
              Trustee
                to Effectuate Subordination.

            

    

     

    Each
      Holder of Securities by such Holder's acceptance thereof authorizes and directs
      the Trustee on such Holder's behalf to take such action as may be necessary
      or
      appropriate to effectuate the subordination provided in this Article Fourteen
      and appoints the Trustee such Holder's attorney-in-fact for any and all such
      purposes.

     

    
      
        
        

      

      
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              Section
                14.6.

            	
              Notice
                by the Company.

            

    

     

    The
      Company shall give prompt written notice to a Responsible Officer of the Trustee
      of any fact known to the Company that would prohibit the making of any payment
      of monies to or by the Trustee in respect of the Securities pursuant to the
      provisions of this Article Fourteen. Notwithstanding the provisions of this
      Article Fourteen or any other provision of this Indenture, the Trustee shall
      not
      be charged with knowledge of the existence of any facts that would prohibit
      the
      making of any payment of monies to or by the Trustee in respect of the
      Securities pursuant to the provisions of this Article Fourteen, unless and
      until
      a Responsible Officer of the Trustee shall have received written notice thereof
      from the Company or a holder or holders of Senior Indebtedness or their
      representative or representatives or from any trustee therefor; and before
      the
      receipt of any such written notice, the Trustee, subject to the provisions
      of
      Section 6.1 shall be entitled in all respects to assume that no such facts
      exist; provided,
      however,
      that if
      the Trustee shall not have received the notice provided for in this Section
      14.6
      at least three Business Days prior to the date upon which by the terms hereof
      any money may become payable for any purpose (including, without limitation,
      the
      payment of the principal of (or premium, if any) or interest on any Security),
      then, anything herein contained to the contrary notwithstanding, the Trustee
      shall have full power and authority to receive such money and to apply the
      same
      to the purposes for which they were received, and shall not be affected by
      any
      notice to the contrary that may be received by it within three Business Days
      prior to such date.

     

    The
      Trustee, subject to the provisions of Section 6.1, shall be entitled to
      conclusively rely on the delivery to it of a written notice by a Person
      representing himself to be a holder of Senior Indebtedness of the Company,
      as
      the case may be (or a trustee on behalf of such holder), to establish that
      such
      notice has been given by a holder of such Senior Indebtedness or a trustee
      on
      behalf of any such holder or holders. In the event that the Trustee determines
      in good faith that further evidence is required with respect to the right of
      any
      Person as a holder of such Senior Indebtedness to participate in any payment
      or
      distribution pursuant to this Article Fourteen, the Trustee may request such
      Person to furnish evidence to the reasonable satisfaction of the Trustee as
      to
      the amount of such Senior Indebtedness held by such Person, the extent to which
      such Person is entitled to participate in such payment or distribution and
      any
      other facts pertinent to the rights of such Person under this Article Fourteen,
      and, if such evidence is not furnished, the Trustee may defer any payment to
      such Person pending judicial determination as to the right of such Person to
      receive such payment.

     

    
      	
              Section
                14.7.

            	
              Rights
                of the Trustee; Holders of Senior
                Indebtedness.

            

    

     

    The
      Trustee in its individual capacity shall be entitled to all the rights set
      forth
      in this Article Fourteen in respect of any Senior Indebtedness at any time
      held
      by it, to the same extent as any other holder of Senior Indebtedness, and
      nothing in this Indenture shall deprive the Trustee of any of its rights as
      such
      holder.

     

    With
      respect to the holders of Senior Indebtedness of the Company, the Trustee
      undertakes to perform or to observe only such of its covenants and obligations
      as are specifically set forth in this Article Fourteen, and no implied covenants
      or obligations with respect to the holders of such Senior Indebtedness shall
      be
      read into this Indenture against the Trustee. The Trustee shall not be deemed
      to
      owe any fiduciary duty to the holders of such Senior Indebtedness and, subject
      to the provisions of Section 6.1, the Trustee shall not be liable to any holder
      of such Senior Indebtedness if it shall pay over or deliver to Holders of
      Securities, the Company or any other Person money or assets to which any holder
      of such Senior Indebtedness shall be entitled by virtue of this Article Fourteen
      or otherwise.

     

    
      
        
        

      

      
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              Section
                14.8.

            	
              Subordination
                May Not Be Impaired.

            

    

     

    No
      right
      of any present or future holder of any Senior Indebtedness of the Company to
      enforce subordination as herein provided shall at any time in any way be
      prejudiced or impaired by any act or failure to act on the part of the Company,
      as the case may be, or by any act or failure to act, in good faith, by any
      such
      holder, or by any noncompliance by the Company, as the case may be, with the
      terms, provisions and covenants of this Indenture, regardless of any knowledge
      thereof that any such holder may have or otherwise be charged with.

     

    Without
      in any way limiting the generality of the foregoing paragraph, the holders
      of
      Senior Indebtedness of the Company may, at any time and from time to time,
      without the consent of or notice to the Trustee or the Holders of the
      Securities, without incurring responsibility to the Holders of the Securities
      and without impairing or releasing the subordination provided in this Article
      Fourteen or the obligations hereunder of the Holders of the Securities to the
      holders of such Senior Indebtedness, do any one or more of the following: (i)
      change the manner, place or terms of payment or extend the time of payment
      of,
      or renew or alter, such Senior Indebtedness, or otherwise amend or supplement
      in
      any manner such Senior Indebtedness or any instrument evidencing the same or
      any
      agreement under which such Senior Indebtedness is outstanding; (ii) sell,
      exchange, release or otherwise deal with any property pledged, mortgaged or
      otherwise securing such Senior Indebtedness; (iii) release any Person liable
      in
      any manner for the collection of such Senior Indebtedness; and (iv) exercise
      or
      refrain from exercising any rights against the Company, as the case may be,
      and
      any other Person.

     

    
      	
              Section
                14.9.

            	
              Trustee's
                Compensation Not Prejudiced.

            

    

     

    Nothing
      in this Article Fourteen shall apply to amounts due to the Trustee pursuant
      to
      Section 6.7 of this Indenture. 

     

    
      	
              Section
                14.10.

            	
              Disclaimer
                of Right to Enforce Covenants.

            

    

     

    Except
      as
      specifically provided for in this Article 14, no holder of Senior Indebtedness
      shall have any right to enforce any of the covenants in this Indenture,
      including but not limited to those contained in Sections 5.11, 13.4, 13.5,
      13.6,
      13.7 and 13.8

     

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XV

     

    Miscellaneous 

     

    
      	
              Section
                15.1.

            	
              Acknowledgement
                of Rights.

            

    

     

    The
      Company acknowledges that, with respect to any Securities held by a Citigroup
      Trust or a trustee of such Trust, if the Institutional Trustee of such Citigroup
      Trust fails to enforce its rights under this Indenture as the Holder of the
      series of Securities held as the assets of such Citigroup Trust, any holder
      of
      Preferred Securities of such Citigroup Trust may institute legal proceedings
      directly against the Company to enforce such Institutional Trustee's rights
      under this Indenture without first instituting any legal proceedings against
      such Institutional Trustee or any other person or entity.

     

    Notwithstanding
      the foregoing, if a Default has occurred and is continuing and such event is
      attributable to the failure of the Company to pay interest or principal on
      the
      applicable series of Securities on the date such interest or principal is
      otherwise payable (or in the case of redemption, on the redemption date), the
      Company acknowledges that a holder of Trust Securities issued by the Citigroup
      Trust which is, or the Institutional Trustee of which is, the Holder of such
      Securities may directly institute a proceeding for enforcement of payment to
      such holder of the principal of or interest on the applicable series of
      Securities having a principal amount equal to the aggregate liquidation amount
      of the Trust Securities of such holder (a "Direct Action") on or after the
      respective due date specified of such holder on or after the respective due
      date
      specified in the applicable series of Securities. Notwithstanding any payments
      made to such holder of Trust Securities by the Company in connection with a
      Direct Action, the Company shall remain obligated to pay the principal of or
      interest on the series of Securities held by a Citigroup Trust or the
      Institutional Trustee of a Citigroup Trust, and the Company shall be subrogated
      to the rights of the holder of such Trust Securities to the extent of any
      payments made by the Company to such holder in any Direct Action.

     

    
      	
              Section
                15.2.

            	
              Severability.

            

    

     

    In
      case
      any provision in this Indenture or in any series of Securities 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
                15.3.

            	
              Counterparts.

            

    

     

    This
      instrument may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

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

    
      	 	 	 
	 	
              CITIGROUP
                INC.

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Charles E. Wainhouse
	 	
              

              Name:
                Charles E. Wainhouse

              Title:
                Assistant Treasurer

            

    

    

    
      
        	 	 	 
	 	
                
                  THE
                    BANK OF NEW YORK,

                  As
                    Trustee

                

              
	 
 	 
 	 
 
	
              	By:  	/s/
                James D. Heaney
	 	
                

                
                  Name:
                    James D. Heaney

                  Title:
                    Vice President

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