Document:

EX-4.25 TRUST DECLARATION/REGIONS FIN. TRUST IV

 

Exhibit 4.25

AMENDMENT NO. 1

TO THE

DECLARATION OF TRUST

OF

REGIONS FINANCING TRUST IV

     This Amendment No. 1 to the Declaration of Trust of Regions Financing Trust IV (the “Trust”),
dated as of March 16, 2007 (this “Amendment”), is made and entered into among Regions Financing
Corporation, a Delaware corporation, as depositor (the “Depositor”), Deutsche Bank Trust Company
Americas, a New York banking corporation, and Deutsche Bank Trust Company Delaware, a Delaware
banking corporation, as trustees (the “Trustees”).

     W I T N E S S E T H

     WHEREAS, the Trust is a Delaware statutory trust that was created under Chapter 38 of Title 12
of the Delaware Code, 12 Del. C. § 3801, et seq. (the “Act”) pursuant to
(i) the Declaration of Trust of the Trust, dated as of November 20, 2001 (the “Declaration”), and
(ii) the Certificate of Trust of the Trust, dated as of November 20, 2001, as filed with the office
of the Secretary of State of the State of Delaware (the “Secretary of State”) on November 20, 2001;
and

     WHEREAS, Bankers Trust Company and Bankers Trust (Delaware), the original trustees named in
the Declaration have changed their names to Deutsche Bank Trust Company Americas and Deutsch Bank
Trust Company Delaware, respectively.

     WHEREAS, the Depositor and the Trustees desire to amend the Declaration as set forth herein
pursuant to the Declaration.

     NOW, THEREFORE, in consideration of the mutual promises and obligations contained herein, the
parties hereto, intending to be legally bound, hereby agree as follows:

	I.	 	AMENDMENTS.

	 	A.	 	The first paragraph of the Declaration is hereby deleted in its
entirety and replaced with the following:

	 	 	 	“This Declaration of Trust, dated as of November 20, 2001 (this
“Declaration”), is entered into by and among Regions Financial Corporation,
a Delaware corporation, as depositor (the “Depositor”), Deutsche Bank Trust
Company Americas, a New York banking corporation, as trustee, and Deutsche
Bank Trust Company Delaware, a Delaware banking corporation, as trustee
(collectively, the “Trustees”). The Depositor and the Trustees hereby agree
as follows:”

 

 

	 	B.	 	All references in the Declaration to the “Bankers Trust
Company” are hereby deleted and the “Deutsche Bank Trust Company Americas” is
hereby substituted in lieu thereof.
	 
	 	C.	 	All references in the Declaration to the “Bankers Trust
(Delaware)” are hereby deleted and the “Deutsche Bank Trust Company Delaware”
is hereby substituted in lieu thereof.
	 
	 	D.	 	All references in the Declaration to “Business Trust Act” are
hereby deleted and “Statutory Trust Act” is hereby substituted in lieu thereof.
	 
	 	C.	 	All references in the Declaration to “business trust” are
hereby deleted and “statutory trust” is hereby substituted in lieu thereof.

	II.	 	MISCELLANEOUS.

     A. Successors and Assigns. This Amendment shall be binding upon, and shall enure to
the benefit of, the parties hereto and their respective successors and assigns.

     B. Full Force and Effect. Except to the extent modified hereby, the Declaration shall
remain in full force and effect.

     C. Counterparts. This Amendment may be executed in counterparts, all of which
together shall constitute one agreement binding on all parties hereto, notwithstanding that all
such parties are not signatories to the original or same counterpart.

     D. Governing Law. This Amendment shall be interpreted in accordance with the laws of
the State of Delaware (without regard to conflict of laws principles), all rights and remedies
being governed by such laws.

     E. Effectiveness of Amendment. This Amendment shall be effective immediately upon
execution.

     F. Capitalized Terms. Capitalized terms used herein and not otherwise defined are
used as defined in the Declaration.

[SIGNATURE PAGE FOLLOWS]

 

 

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

	 	 	 	 	 
	 	REGIONS FINANCIAL CORPORATION, as Depositor

 	 
	 	By:  	/s/
Eric Haas	 
	 	 	Name:  	Eric Haas 	 
	 	 	Title:  	Executive Vice President	 
	 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 
a New York banking corporation, as Trustee

By:  Deutsche Bank National Trust Company

 	 
	 	By:  	/s/
Yana Kalachikova	 
	 	 	Name:  	Yana Kalachikova	 
	 	 	Title:  	Assistant Vice President	 
	 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, as Trustee

 	 
	 	By:  	/s/
Elizabeth B. Ferry	 
	 	 	Name:  	Elizabeth B. Ferry	 
	 	 	Title:  	Assistant Vice PresidentEX-4.26 AMENDED AND RESTATED DECLARATION OF TRUST

 

Exhibit 4.26

EXECUTION VERSION

AMENDED AND RESTATED DECLARATION OF TRUST

AMONG

REGIONS FINANCIAL CORPORATION

AS DEPOSITOR,

DEUTSCHE BANK TRUST COMPANY AMERICAS

AS PROPERTY TRUSTEE,

DEUTSCHE BANK TRUST COMPANY DELAWARE

AS DELAWARE TRUSTEE,

AND

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

REGIONS FINANCING TRUST II

DATED AS OF APRIL 27, 2007

 

 

REGIONS FINANCING TRUST II

     Certain Sections of this Declaration relating to Sections 310 through 318 of the Trust
Indenture Act of 1939:

Trust Indenture Declaration

	 	 	 	 	 	 	 
	Act	 	Section	 	Section
	 
	 	 	 	 	 	 
	310

	 	(a)(1)
	 	8.7
	 

	 	(a)(2)
	 	8.7
	 

	 	(a)(3)
	 	8.9
	 

	 	(a)(4)
	 	2.7(a)(ii)

	311

	 	(a)(b)
	 	8.8
	312

	 	(a)
	 	5.7
	 

	 	(b)
	 	5.7
	 

	 	(c)
	 	5.7
	313

	 	(a)
	 	8.14
	 

	 	(a)(4)
	 	8.14
	 

	 	(b)
	 	8.14
	 

	 	(c)
	 	10.8
	 

	 	(d)
	 	8.14(c)
	314

	 	(a)
	 	8.15
	 

	 	(b)
	 	Not Applicable

	 

	 	(c)(1)
	 	8.16
	 

	 	(c)(2)
	 	8.16
	 

	 	(c)(3)
	 	Not Applicable

	 

	 	(d)
	 	Not Applicable

	 

	 	(e)
	 	1.1, 8.16
	315

	 	(a)
	 	8.1(a)
	 

	 	(b)
	 	8.2, 10.8
	 

	 	(c)
	 	8.1(a)
	 

	 	(d)
	 	8.1, 8.3
	 

	 	(e)
	 	Not Applicable

	316

	 	(a)
	 	Not Applicable

	 

	 	(a)(1)(A)
	 	Not Applicable

	 

	 	(a)(1)(B)
	 	Not Applicable

	 

	 	(a)(2)
	 	Not Applicable

	 

	 	(b)
	 	5.14
	 

	 	(c)
	 	6.7
	317

	 	(a)(1)
	 	Not Applicable

	 

	 	(a)(2)
	 	Not Applicable

	 

	 	(b)
	 	5.9
	318

	 	(a)
	 	10.11

Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to be a part of the
Declaration.

-i-

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE I.
	 	INTERPRETATION AND DEFINITIONS	 	 	1	 
	SECTION 1.1.
	 	Interpretation	 	 	1	 
	SECTION 1.2.
	 	Certain Definitions	 	 	2	 
	ARTICLE II.
	 	CONTINUATION OF THE TRUST	 	 	9	 
	SECTION 2.1.
	 	Name	 	 	9	 
	SECTION 2.2.
	 	Office of the Delaware Trustee; Principal Place of Business	 	 	9	 
	SECTION 2.3.
	 	Initial Contribution of Trust Property; Organizational Expenses	 	 	9	 
	SECTION 2.4.
	 	Issuance of the Preferred Securities	 	 	9	 
	SECTION 2.5.
	 	Issuance of the Common Securities; Subscription and Purchase of Debentures	 	 	9	 
	SECTION 2.6.
	 	Declaration of Trust	 	 	10	 
	SECTION 2.7.
	 	Authorization to Enter into Certain Transactions	 	 	10	 
	SECTION 2.8.
	 	Assets of Trust	 	 	13	 
	SECTION 2.9.
	 	Title to Trust Property	 	 	13	 
	ARTICLE III.
	 	PAYMENT ACCOUNT	 	 	13	 
	SECTION 3.1.
	 	Payment Account	 	 	13	 
	ARTICLE IV.
	 	DISTRIBUTIONS; REDEMPTION	 	 	13	 
	SECTION 4.1.
	 	Distributions	 	 	13	 
	SECTION 4.2.
	 	Redemption	 	 	14	 
	SECTION 4.3.
	 	Subordination of Common Securities	 	 	16	 
	SECTION 4.4.
	 	Payment Procedures	 	 	16	 
	SECTION 4.5.
	 	Tax Returns and Reports	 	 	17	 
	SECTION 4.6.
	 	Payment of Taxes, Duties, Etc.  of the Trust	 	 	17	 
	SECTION 4.7.
	 	Payments under Indenture or Pursuant to Direct Actions	 	 	17	 
	SECTION 4.8.
	 	Liability of the Holder of Common Securities	 	 	17	 
	ARTICLE V.
	 	TRUST SECURITIES CERTIFICATES	 	 	17	 
	SECTION 5.1.
	 	Initial Ownership	 	 	17	 
	SECTION 5.2.
	 	The Trust Securities Certificates	 	 	17	 
	SECTION 5.3.
	 	Execution and Delivery of Trust Securities Certificates	 	 	18	 
	SECTION 5.4.
	 	Registration of Transfer and Exchange of Trust Securities Certificates	 	 	18	 
	SECTION 5.5.
	 	Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates	 	 	19	 
	SECTION 5.6.
	 	Persons Deemed Holders	 	 	19	 
	SECTION 5.7.
	 	Access to List of Holders’ Names and Addresses	 	 	19	 
	SECTION 5.8.
	 	Maintenance of Office or Agency	 	 	20	 
	SECTION 5.9.
	 	Appointment of Paying Agent	 	 	20	 
	SECTION 5.10.
	 	Ownership of Common Securities by Depositor	 	 	20	 
	SECTION 5.11.
	 	Global Preferred Securities Certificates; Common Securities Certificate	 	 	21	 
	SECTION 5.12.
	 	Notices to Clearing Agency	 	 	21	 
	SECTION 5.13.
	 	Definitive Preferred Securities Certificates	 	 	21	 
	SECTION 5.14.
	 	Rights of Holders	 	 	22	 
	ARTICLE VI.
	 	ACTS OF HOLDERS; MEETINGS; VOTING	 	 	23	 
	SECTION 6.1.
	 	Limitations on Voting Rights	 	 	23	 
	SECTION 6.2.
	 	Notice of Meetings	 	 	24	 
	SECTION 6.3.
	 	Meetings of Holders of Preferred Securities	 	 	24	 
	SECTION 6.4.
	 	Voting Rights	 	 	25	 
	SECTION 6.5.
	 	Proxies, etc.	 	 	25	 
	SECTION 6.6.
	 	Holder Action by Written Consent	 	 	25	 
	SECTION 6.7.
	 	Record Date for Voting and Other Purposes	 	 	25	 
	SECTION 6.8.
	 	Acts of Holders	 	 	25	 
	SECTION 6.9.
	 	Inspection of Records	 	 	26	 
	ARTICLE VII.
	 	REPRESENTATIONS AND WARRANTIES	 	 	26	 
	SECTION 7.1.
	 	Representations and Warranties of the Property Trustee and the Delaware Trustee	 	 	26	 
	SECTION 7.2.
	 	Representations and Warranties of Depositor	 	 	27	 
	ARTICLE VIII.
	 	THE TRUSTEES	 	 	27	 
	SECTION 8.1.
	 	Certain Duties and Responsibilities	 	 	27	 

-i-

 

	 	 	 	 	 	 	 
	SECTION 8.2.
	 	Certain Notices	 	 	28	 
	SECTION 8.3.
	 	Certain Rights of Property Trustee	 	 	29	 
	SECTION 8.4.
	 	Not Responsible for Recitals or Issuance of Securities	 	 	30	 
	SECTION 8.5.
	 	May Hold Securities	 	 	30	 
	SECTION 8.6.
	 	Compensation; Indemnity; Fees	 	 	31	 
	SECTION 8.7.
	 	Corporate Property Trustee Required; Eligibility of Trustees	 	 	31	 
	SECTION 8.8.
	 	Conflicting Interests	 	 	32	 
	SECTION 8.9.
	 	Co-Trustees and Separate Trustee	 	 	32	 
	SECTION 8.10.
	 	Resignation and Removal; Appointment of Successor	 	 	33	 
	SECTION 8.11.
	 	Acceptance of Appointment by Successor	 	 	34	 
	SECTION 8.12.
	 	Merger, Conversion, Consolidation or Succession to Business	 	 	34	 
	SECTION 8.13.
	 	Preferential Collection of Claims Against Depositor or Trust	 	 	35	 
	SECTION 8.14.
	 	Reports by Property Trustee	 	 	35	 
	SECTION 8.15.
	 	Reports to the Property Trustee	 	 	35	 
	SECTION 8.16.
	 	Evidence of Compliance with Conditions Precedent	 	 	35	 
	SECTION 8.17.
	 	Number of Administrative Trustees	 	 	36	 
	SECTION 8.18.
	 	Delegation of Power	 	 	36	 
	SECTION 8.19.
	 	Delaware Trustee	 	 	36	 
	ARTICLE IX.
	 	TERMINATION, LIQUIDATION AND MERGER	 	 	37	 
	SECTION 9.1.
	 	Dissolution Upon Expiration Date	 	 	37	 
	SECTION 9.2.
	 	Early Termination	 	 	37	 
	SECTION 9.3.
	 	Termination	 	 	37	 
	SECTION 9.4.
	 	Liquidation	 	 	37	 
	SECTION 9.5.
	 	Mergers, Consolidations, Amalgamations or Replacements of the Trust	 	 	39	 
	ARTICLE X.
	 	MISCELLANEOUS PROVISIONS	 	 	39	 
	SECTION 10.1.
	 	Limitation of Rights of Holders	 	 	39	 
	SECTION 10.2.
	 	Amendment	 	 	39	 
	SECTION 10.3.
	 	Separability	 	 	40	 
	SECTION 10.4.
	 	Governing Law	 	 	40	 
	SECTION 10.5.
	 	Payments Due on Non-Business Day	 	 	41	 
	SECTION 10.6.
	 	Successors	 	 	41	 
	SECTION 10.7.
	 	Headings	 	 	41	 
	SECTION 10.8.
	 	Reports, Notices and Demands	 	 	41	 
	SECTION 10.9.
	 	Agreement Not to Petition	 	 	42	 
	SECTION 10.10.
	 	Agreed Tax Treatment of Trust and Trust Securities	 	 	42	 
	SECTION 10.11.
	 	Application of Trust Indenture Act	 	 	42	 
	SECTION 10.12.
	 	Acceptance of Terms of Declaration, Guarantee and Indenture	 	 	42	 
	SECTION 10.13.
	 	Counterparts	 	 	43	 

	 	 	 
	EXHIBIT A
	 	Certificate of Trust
	EXHIBIT B
	 	Form of Common Securities Certificate
	EXHIBIT C
	 	Form of Expense Agreement
	EXHIBIT D
	 	Form of Preferred Securities Certificate

-ii-

 

     AMENDED AND RESTATED DECLARATION OF TRUST, dated as of April 27, 2007, among (i) REGIONS
FINANCIAL CORPORATION, a Delaware corporation (including any successors or assigns, the
“Depositor”), (ii) DEUTSCHE BANK TRUST COMPANY AMERICAS, a banking corporation organized under the
laws of the State of New York, as property trustee, (in each such capacity, the “Property Trustee”
and, in its separate corporate capacity and not in its capacity as Property Trustee, the “Bank”),
(iii) DEUTSCHE BANK TRUST COMPANY DELAWARE, a banking corporation organized under the laws of the
State of Delaware, as Delaware trustee (the “Delaware Trustee”), (iv) Carl L. Gorday, an
individual, and Dana W. Nolan, an individual, each of whose address is c/o REGIONS FINANCIAL
CORPORATION, 1900 Fifth Avenue North, Birmingham, Alabama 35203 (each an “Administrative Trustee”
and collectively the “Administrative Trustees”) and (v) the several HOLDERS, as hereinafter
defined.

WITNESSETH:

     WHEREAS, the Depositor, Deutsche Bank Trust Company Delaware, as Trustee, and Deutsche Bank
Trust Company Americas, as Trustee, have heretofore duly declared and established a statutory trust
pursuant to the Delaware Statutory Trust Act by the entering into that certain Declaration of
Trust, dated as of January 26, 2001, as amended by Amendment No. 1 thereto, dated as of March 16,
2007 (as so amended, the “Original Declaration”), and by the execution and filing by Deutsche Bank
Trust Company Delaware, as Trustee, and Deutsche Bank Trust Company Americas, as Trustee, with the
Secretary of State of the State of Delaware of the Certificate of Trust, filed on January 26, 2001,
attached as Exhibit A; and

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

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

ARTICLE I. INTERPRETATION AND DEFINITIONS

     SECTION 1.1. Interpretation.

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

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

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

     (c) unless the context otherwise requires, any reference to an “Article” or a “Section” refers
to an Article or a Section, as the case may be, of this Declaration;

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

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

-1-

 

     SECTION 1.2. Certain Definitions.

     For all purposes of this Declaration, the following terms shall have the meanings assigned
below:

     “Act” has the meaning specified in Section 6.8.

     “Additional Amount” means, with respect to Trust Securities of a given Liquidation Amount
and/or a given period, the amount of Additional Interest paid by the Depositor on a Like Amount of
Debentures for such period.

     “Additional Interest” has the meaning specified in Section 101 of the Indenture.

     “Additional Sums” has the meaning specified in Section 1013 of the Indenture.

     “Administrative Trustee” means each of the Persons identified as an “Administrative Trustee”
in the preamble to this Declaration, solely in such Person’s capacity as Administrative Trustee of
the Trust and not in such Person’s individual capacity, or such Administrative Trustee’s successor
in interest in such capacity, or any successor trustee appointed as herein provided.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person; provided,
however, that the Trust shall not be deemed an Affiliate of the Depositor. 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.

     “Authorized Officer” of any Person means any officer of such Person or any Person authorized
by or pursuant to a resolution of the Board of Directors of such Person.

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

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

     (a) the entry of a decree or order by a court having jurisdiction in the premises judging such
Person a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjudication or composition of or in respect of such Person under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law, or appointing a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or
of any substantial part of its property or ordering the winding up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60
consecutive days; or

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

     “Bankruptcy Laws” has the meaning specified in Section 10.9.

     “Board Resolution” means (i) a copy of a resolution certified by the Secretary or an Assistant

-2-

 

Secretary of the Depositor to have been duly adopted by the Depositor’s Board of Directors, or
such committee of the Board of Directors of the Depositor to which authority to act on behalf of
the Board of Directors has been delegated, and to be in full force and effect on the date of such
certification, or (ii) a certificate signed by the authorized officer or officers of the Depositor
to whom the Board of Directors or a committee thereof has delegated its authority and, in each
case, delivered to the Trustees.

     “Book-Entry Preferred Securities” means a Preferred Security, the ownership and transfers of
which shall be made through book entries by a Clearing Agency as described in Section 5.11.

     “Book-Entry Preferred Securities Certificates” means Preferred Securities Certificates,
ownership and transfers of which shall be made through book entries by a Clearing Agency as
described in Section 5.11.

     “Business Day” means a day other than

     (a) a Saturday or Sunday,

     (b) a day on which banking institutions in New York, New York, Birmingham, Alabama or
Wilmington, Delaware are authorized or required by law or executive order to remain closed, or on
or after May 15, 2027, a day that is not a day on which commercial banks are open for general
business (including dealings in deposits in U.S. dollars) in London, England, or

     (c) a day on which the Property Trustee’s Corporate Trust Office or the Corporate Trust Office
of the Debenture Trustee is closed for business.

     “Capital Treatment Event” means the reasonable determination by the Depositor that, as a
result of the occurrence of any amendment to, or change (including any announced proposed change)
in, the laws (or any regulations thereunder) of the United States or any political subdivision
thereof or therein or any rules, guidelines or policies of the Federal Reserve Board, or as a
result of any official or administrative pronouncement or action or judicial decision interpreting
or applying such laws, regulations, rules, guidelines or policies, which amendment or change is
effective or which proposed change, pronouncement, action or decision is announced on or after the
date of issuance of the Preferred Securities under this Declaration, there is more than an
insubstantial risk that the Depositor will not be entitled to treat an amount equal to the
liquidation amount of the Preferred Securities as “Tier I Capital” (or the then equivalent thereof)
for purposes of the risk-based capital adequacy guidelines of the Federal Reserve Board, as then in
effect and applicable to the Depositor.

     “Certificate Depository Agreement” means the Trust Blanket Issuer Letter of Representations
between the Trust and The Depository Trust Company, as the initial Clearing Agency, dated as of the
Closing Date.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section
17A of the Exchange Act. The Depository Trust Company will be the initial Clearing Agency with
respect to Trust Securities Certificates.

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

     “Closing Date” has the meaning specified in the Underwriting Agreement, which date is also the
date of execution and delivery of this Declaration.

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

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the execution of this Declaration such
Commission

-3-

 

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 Holder” means the holder of all or substantially all of the Common Securities.

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

     “Common Security” means an undivided beneficial interest in the assets of the Trust, having a
Liquidation Amount of $1,000 and having the rights provided therefor in this Declaration, including
the right to receive Distributions and a Liquidation Distribution as provided herein.

     “Corporate Trust Office” means (i) when used with respect to the Property Trustee, the
principal office of the Property Trustee located in New York, New York, and (ii) when used with
respect to the Debenture Trustee, the principal office of the Debenture Trustee located in New
York, New York.

     “Debenture Event of Default” means an “Event of Default” specified in Section 2.9(a) of the
Supplemental Indenture.

     “Debenture Redemption Date” means, with respect to any Debentures to be redeemed under the
Indenture, the date fixed for redemption under the Indenture including any date fixed for
redemption pursuant to the exercise by the Depositor of its optional right to redeem the Debentures
prior to their stated maturity either (i) in whole or in part after a certain date specified in the
applicable prospectus supplement and in any supplemental indenture or Board Resolution or (ii) in
whole but not in part after the occurrence of a Debenture Tax Event, an Investment Company Event or
a Capital Treatment Event.

     “Debenture Repayment Date” means a Repayment Date as defined in the Supplemental Indenture.

     “Debenture Tax Event” means a “Tax Event” as defined in the Indenture.

     “Debenture Trustee” means Deutsche Bank Trust Company Americas, a banking corporation
organized under the laws of the State of New York, solely in its capacity as Debenture Trustee of
the Debentures and not in its individual capacity and any successor thereto.

     “Debentures” means the aggregate principal amount of the Depositor’s 6.625% Junior
Subordinated Notes due 2077, issued pursuant to the Indenture, as supplemented by the Supplemental
Indenture.

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

     “Definitive Preferred Securities Certificates” means either or both (as the context requires)
of (a) Preferred Securities Certificates that are not Global Preferred Securities as provided in
Section 5.11(a) and (b) Preferred Securities Certificates issued in certificated, fully registered
form as provided in Section 5.13.

     “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C.
(ss.) 3801, et seq., as it may be amended from time to time.

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

-4-

 

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

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

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

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

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

     (a) the occurrence of a Debenture Event of Default; or

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

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

     (d) default in the performance, or breach, in any material respect, of any covenant or
warranty of the Administrative Trustees in this Declaration (other than those specified in clause
(b) or (c) above) and continuation of such default or breach for a period of 60 days after there
has been given, by registered or certified mail, to the defaulting Trustee or Trustees by the
Holders of at least 25% in aggregate Liquidation Amount of the Outstanding Preferred Securities a
written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; or

     (e) the occurrence of a Bankruptcy Event with respect to the Property Trustee and the failure
by the Depositor to appoint a successor Property Trustee within 90 days thereof.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time and the
rules and regulations promulgated thereunder by the Commission.

     “Expense Agreement” means the Agreement as to Expenses and Liabilities between the Depositor
and the Trust, substantially in the form attached as Exhibit C, as amended from time to time.

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

     “Final Repayment Date” means the Final Repayment Date as specified in the Supplemental
Indenture.

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

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

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

     “Indenture” means the Indenture, dated as of May 15, 2002, between the Depositor and the
Debenture Trustee, as trustee, as amended or supplemented from time to time.

-5-

 

     “Investment Company Act” or “1940 Act” means the Investment Company Act of 1940, as amended.

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

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

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

     “Liquidation Amount” means the stated amount of $1,000 per Trust Security.

     “Liquidation Date” means the date on which Debentures are to be distributed to Holders of
Trust Securities in connection with a dissolution and liquidation of the Trust pursuant to Section
9.4(a).

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

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

     “Officers’ Certificate” means a certificate signed by the President or a Vice President, and
by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the
Depositor, and delivered to the appropriate Trustee. One of the officers signing an Officers’
Certificate given pursuant to Section 8.16 shall be the principal executive, financial or
accounting officer of the Depositor. Any Officers’ Certificate delivered with respect to compliance
with a covenant or condition provided for in this Declaration shall include:

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

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

     (c) a statement by each such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether
or not

-6-

 

such covenant or condition has been complied with; and

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

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for or an employee
of the Trust or the Depositor or any Affiliate of either and who shall be reasonably acceptable to
the Property Trustee.

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

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

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

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

     (c) Trust Securities that have been paid or in exchange for or in lieu of which other
Preferred Securities have been executed and delivered pursuant to Sections 5.4, 5.5, 5.11 and 5.13;
provided, however, that in determining whether the Holders of the requisite aggregate Liquidation
Amount of Outstanding Preferred Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Preferred Securities owned by the Depositor, any
Trustee or any Affiliate of the Depositor or any Trustee shall be disregarded and deemed not to be
Outstanding, except that in determining whether any Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Preferred
Securities that a Responsible Officer of such Trustee actually knows to be so owned shall be so
disregarded; and

     (d) the foregoing shall not apply at any time when all the Outstanding Preferred Securities
are owned by the Depositor, one or more of the Trustees and/or any such Affiliate, other than any
Preferred Securities acquired by the Depositor or any of its Affiliates in connection with
transactions effected by or for the account of customers of the Depositor or any of its Affiliates
in connection with the distribution, trading or market-making in respect of Preferred Securities.
Preferred Securities so owned which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Administrative Trustees the pledgee’s right
so to act with respect to such Preferred Securities and that the pledgee is not the Depositor or
any Affiliate of the Depositor.

     “Owner” means (i) with respect to a Book-Entry Preferred Security, each Person who is the
beneficial owner of such Book-Entry Preferred Security as reflected in the records of the Clearing
Agency or, if a Clearing Agency Participant is not the Owner, then as reflected in the records of a
Person maintaining an account with such Clearing Agency (directly or indirectly, in accordance with
the rules of such Clearing Agency) and (ii) with respect to any definitive Preferred Securities
Certificate or any Common Security Certificate, the record owner reflected in the Securities
Register therefor.

     “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 5.9 and
shall initially be the Bank.

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

-7-

 

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

     “Preferred Security” means an undivided beneficial interest in the assets of the Trust, having
a Liquidation Amount of $1,000 and having the rights provided therefor in this Declaration,
including the right to receive Distributions and a Liquidation Distribution as provided herein.

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

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

     “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for
redemption thereof; provided that each Debenture Redemption Date, Debenture Repayment Date and the
stated maturity of the Debentures shall be a Redemption Date for a Like Amount of Trust Securities.

     “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount thereof,
plus accumulated and unpaid Distributions to the Redemption Date, plus the related amount of the
premium, if any, paid by the Sponsor upon the concurrent redemption or repayment of a Like Amount
of Debentures or Debentures having a principal amount equal to the Liquidation Amount of such Trust
Security.

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

     “Responsible Officer” means, with respect to the Guarantee Trustee, any officer within the
Corporate Trust Office including any vice president, any assistant vice president, managing
director, assistant treasurer, secretary, assistant secretary, associate or any other officer of
the Guarantee Trustee customarily performing functions similar to those performed by any of the
above designated officers and having direct responsibility for the administration of this Guarantee
Agreement, and also any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.

     “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 5.4.

     “Supplemental Indenture” means the Second Supplemental Indenture, dated as of April 27, 2007,
between the Depositor and the Debenture Trustee, as trustee, as amended or supplemented from time
to time.

     “Trust” means the Delaware statutory trust heretofore created, and continued hereby, and
identified on the cover page to this Declaration.

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

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

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

-8-

 

Preferred Securities Certificates.

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

     “Trustees” means, collectively, the Property Trustee, the Delaware Trustee, and the
Administrative Trustees.

     “Underwriting Agreement” means the Underwriting Agreement, dated April 24, 2007, among the
Trust, the Depositor and the several underwriters named therein.

ARTICLE II. CONTINUATION OF THE TRUST

     SECTION 2.1. Name.

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

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

     The name and address of the Delaware Trustee, with a principal place of business in the State
of Delaware, is Deutsche Bank Trust Company Delaware, 1011 Centre Road, Suite 200, Wilmington,
Delaware 19805, Attention: Corporate Trust Administration, or such other address in the State of
Delaware as the Delaware Trustee may designate by written notice to the Holders and the Depositor.
The principal executive office of the Trust is in care of Regions Financial Corporation, 1900 Fifth
Avenue North, Birmingham, Alabama 35203.

     SECTION 2.3. Initial Contribution of Trust Property; Organizational Expenses.

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

     SECTION 2.4. Issuance of the Preferred Securities.

     The Depositor, on behalf of the Trust and pursuant to the Original Declaration, executed and
delivered the Underwriting Agreement. Contemporaneously with the execution and delivery of this
Declaration, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with
Sections 5.2, 5.3 and 8.9(a) and deliver to the Underwriters named in the Underwriting Agreement
Preferred Securities Certificates, registered in the name of the nominee of the initial Clearing
Agency, representing 700,000 Preferred Securities, having an aggregate Liquidation Amount of
$700,000,000 against receipt of the aggregate purchase price of such Preferred Securities of
$699,804,000 which amount such Administrative Trustee shall promptly deliver to the Property
Trustee. On any one or more dates after the execution and delivery of this Declaration additional
Preferred Securities Certificates representing Preferred Securities may be issued in accordance
with Section 5.3, registered in the name of the nominee of the initial Clearing Agency, against
receipt by the Property Trustee of the purchase price that is determined by the Depositor.

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

     Contemporaneously with the execution and delivery of this Declaration, an Administrative
Trustee, on behalf of the Trust, shall execute in accordance with Sections 5.2, 5.3 and 8.9(a) and
deliver to

-9-

 

the Depositor a Common Securities Certificate, registered in the name of the Depositor,
representing 10 Common Securities, having an aggregate Liquidation Amount of $10,000, against
payment by the Depositor of $9,997.20, which amount such Administrative Trustee shall promptly
deliver to the Property Trustee. Contemporaneously therewith, an Administrative Trustee, on behalf
of the Trust, shall subscribe for and purchase from the Depositor Debentures, registered in the
name of the Trust and having an aggregate principal amount of $700,010,000, and, in satisfaction of
the purchase price for such Debentures, the Property Trustee, on behalf of the Trust, shall deliver
to the Depositor the sum of $699,813,997.20 (being the sum of the amounts delivered to the Property
Trustee pursuant to (i) the second sentence of Section 2.4 and (ii) the first sentence of this
Section 2.5). In connection with any subsequent issuance of Preferred Securities as set forth in
the last sentence of Section 2.4, an Administrative Trustee, on behalf of the Trust, shall
contemporaneously with any such additional issuance, subscribe to and purchase from the Depositor
Debentures, registered in the name of the Trust, having an aggregate principal amount equal to the
aggregate Liquidation Amount of Preferred Securities being issued by the Trust pursuant to the last
sentence of Section 2.4 against payment of a purchase price equal to the aggregate purchase prices
of the Preferred Securities being so issued.

     SECTION 2.6. Declaration of Trust.

     The exclusive purposes and functions of the Trust are (a) to issue and sell Trust Securities
and to use the proceeds from such sale to acquire Debentures, (b) to make distributions to the
Holders of Trust Securities, and (c) to engage in those activities necessary, convenient or
incidental thereto. The Depositor hereby appoints the Trustees as trustees of the Trust, each to
have all the rights, powers and duties of such Trustee set forth herein, and the Trustees hereby
accept such appointment. The Property Trustee hereby declares that it will hold the Trust Property
in trust upon and subject to the conditions set forth herein for the benefit of the Trust and the
Holders. The Administrative Trustees shall have all rights, powers and duties set forth herein and
in accordance with applicable law with respect to accomplishing the purposes of the Trust.
Notwithstanding anything in this Declaration to the contrary, the Delaware Trustee shall not be
entitled to exercise any powers or authority (except to the extent required under the Delaware
Statutory Trust Act), nor shall the Delaware Trustee have any of the duties and responsibilities,
of the Trustees collectively, the Property Trustee or the Administrative Trustees set forth herein.
Notwithstanding any provision to the contrary in this Declaration or elsewhere, the Delaware
Trustee shall be one of the trustees of the Trust for the sole and limited purpose of fulfilling
the requirements of Section 3807(a) of the Delaware Statutory Trust Act and (except for such duties
of the Delaware Trustee as may be expressly set forth herein) the Delaware Trustee (both as such
and in its individual capacity) shall have no duties or liabilities to any Person under this
Declaration or otherwise in respect of or in connection with the Trust, the Trust Securities, or
its serving as a trustee of the Trust.

     SECTION 2.7. Authorization to Enter into Certain Transactions.

     (a) The Trustees shall conduct the affairs of the Trust in accordance with the terms of this
Declaration. Subject to the limitations set forth in Section 2.7(b), and in accordance with the
following clauses (i) and (ii), the Trustees shall have the authority to enter into all
transactions and agreements determined by the Trustees to be appropriate in exercising the
authority, express or implied, otherwise granted to the Trustees under this Declaration, and to
perform all acts in furtherance thereof, including without limitation the following:

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

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

     (B) to cause the Trust to enter into, and to execute, deliver and perform on
behalf of the Trust, the Expense Agreement and the Certificate Depository
Agreement and such other agreements as may be necessary or desirable in connection
with the purposes and function of the Trust;

-10-

 

     (C) assisting in the registration of the Preferred Securities under the
Securities Act of 1933, as amended, and under applicable state securities or blue
sky laws, and the qualification of this Declaration as a trust indenture under the
Trust Indenture Act;

     (D) assisting in the listing of the Preferred Securities upon such securities
exchange or exchanges as shall be determined by the Depositor and with the
registration of the Preferred Securities under the Securities Exchange Act of 1934,
as amended, and with the preparation and filing of all periodic and other reports
and other documents pursuant to the foregoing;

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

     (F) the appointment of a Paying Agent and Securities Registrar in accordance
with this Declaration;

     (G) execution of the Trust Securities in accordance with this Declaration;

     (H) registering transfer of the Trust Securities in accordance with this
Declaration;

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

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

     (K) the taking of any action incidental or convenient to the foregoing as the
Trustees may from time to time determine is necessary or advisable to give effect
to the terms of this Declaration for the benefit of the Holders (without
consideration of the effect of any such action on any particular Holder).

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

     (A) the establishment of the Payment Account;

     (B) the receipt of the Debentures;

     (C) the collection of interest, principal and any other payments made in
respect of the Debentures in the Payment Account;

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

     (E) the exercise of all of the rights, powers and privileges of a holder of
the Debentures;

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

-11-

 

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

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

     (I) after an Event of Default (other than under paragraph (b), (c), (d) or (e)
of the definition of such term if such Event of Default is by or with respect to
the Property Trustee) the taking of any action incidental or convenient to the
foregoing as the Property Trustee may from time to time determine is necessary or
advisable to give effect to the terms of this Declaration and protect and conserve
the Trust Property for the benefit of the Holders (without consideration of the
effect of any such action on any particular Holder); and

     (J) except as otherwise provided in this Section 2.7(a)(ii), the Property
Trustee shall have none of the duties, liabilities, powers or the authority of the
Administrative Trustees set forth in Section 2.7(a)(i).

     (b) So long as this Declaration remains in effect, the Trust (or the Trustees acting on behalf
of the Trust) shall not undertake any business, activities or transaction except as expressly
provided herein or contemplated hereby. In particular, the Trustees shall not (i) acquire any
investments or engage in any activities not authorized by this Declaration, (ii) sell, assign,
transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or
interests therein, including to Holders, except as expressly provided herein, (iii) take any action
that would cause, or would reasonably be expected to cause, the Trust to become taxable as a
corporation or classified as other than a grantor trust for United States federal income tax
purposes, (iv) incur any indebtedness for borrowed money or issue any other debt or (v) take or
consent to any action that would (1) cause the Debentures or any security succeeding such
Debentures to be treated as other than indebtedness of the Depositor for United States federal
income tax purposes unless the Trust first obtains the consent of all Holders of Outstanding
Preferred Securities or (2) result in the granting or creation of a Lien on any of the Trust
Property. The Administrative Trustees shall defend all claims and demands of all Persons at any
time claiming any Lien on any of the Trust Property adverse to the interest of the Trust or the
Holders in their capacity as Holders.

     (c) In connection with the issue and sale of the Preferred Securities, the Depositor shall
have the right and responsibility to assist the Trust with respect to, or effect on behalf of the
Trust, the following (and any actions taken by the Depositor in furtherance of the following prior
to the date of this Declaration are hereby ratified and confirmed in all respects): (i) the
preparation and filing by the Trust with the Commission and the execution on behalf of the Trust of
a registration statement on the appropriate form in relation to the Preferred Securities, including
any amendments thereto and the taking of any action necessary or desirable to sell the Preferred
Securities in a transaction or series of transactions pursuant thereto; (ii) the determination of
the states or other jurisdictions (if any) in which to take appropriate action to qualify or
register for sale all or part of the Preferred Securities and the determination of any and all such
acts, other than actions which must be taken by or on behalf of the Trust, and the advice to the
Trustees of actions they must take on behalf of the Trust, and the preparation for execution and
filing of any documents to be executed and filed by the Trust or on behalf of the Trust, as the
Depositor deems necessary or advisable in order to comply with the applicable laws of any such
States; (iii) the preparation for filing by the Trust and execution on behalf of the Trust of an
application to the New York Stock Exchange or any other national stock exchange or the Nasdaq
National Market for listing, upon notice of issuance, of any Preferred Securities; (iv) the
preparation for filing by the Trust with the Commission and the execution on behalf of the Trust of
a registration statement on Form 8-A relating to the registration of the Preferred Securities under
Section 12(b) or 12(g) of the Exchange Act, including any amendments thereto; (v) the negotiation
of the terms of, and the execution and delivery of, the Underwriting Agreement providing for the
sale of the Preferred Securities; and (vi) the taking of any other actions necessary or desirable
to carry out any of the foregoing activities.

-12-

 

     (d) Notwithstanding anything herein to the contrary, the Administrative Trustees are
authorized and directed to conduct the affairs of the Trust and to operate the Trust so that the
Trust will not be deemed to be an “investment company” required to be registered under the 1940
Act, or to be classified other than a grantor trust for United States federal, state and local
income tax purposes and so that the Debentures will be treated as indebtedness of the Depositor for
United States federal income tax purposes. In this connection, the Depositor and the
Administrative Trustees are authorized to take any action, not inconsistent with applicable law,
the Certificate of Trust or this Declaration, that each of the Depositor and any Administrative
Trustee determines in its discretion to be necessary or desirable for such purposes, as long as
such action does not adversely affect in any material respect the interests of the Holders of the
Preferred Securities.

     SECTION 2.8. Assets of Trust.

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

     SECTION 2.9. Title to Trust Property.

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

ARTICLE III. PAYMENT ACCOUNT

     SECTION 3.1. Payment Account.

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

     (b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt, all
payments of principal of or interest on, and any other payments or proceeds in respect of, the
Debentures.

     (c) Amounts held in the Payment Account shall not be invested by the Property Trustee pending
distribution thereof.

ARTICLE IV. DISTRIBUTIONS; REDEMPTION

     SECTION 4.1. Distributions.

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

     (i) Distributions on the Trust Securities shall be cumulative, and will accumulate
whether or not there are funds of the Trust available for the payment of Distributions.
Distributions shall accumulate from April 27, 2007, and, except to the extent that the
Depositor exercises its right to defer the payment of interest on the Debentures in
accordance with the Indenture, as supplemented by the Supplemental Indenture, shall be
payable (i) semi-annually in arrears on May 15 and November 15 of each year, commencing on
November 15, 2007 until May 15, 2027, (ii) quarterly in arrears on February 15, May 15,
August 15 and November 15 of each year, commencing on August 15, 2027 until May 15, 2047,
and (iii) monthly in arrears thereafter on the 15th of each month, commencing on
June 15, 2047. If any date prior to May 15, 2027 on

-13-

 

which a Distribution would otherwise be payable on the Trust Securities is not a
Business Day, then the payment of such Distribution shall be made on the next succeeding
day that is a Business Day (and, so long as such payment is made on the next succeeding
Business Day (and, in the case of dates prior to May 15, 2027, without any interest or
other payment in respect of any such delay), with the same force and effect as if made on
the date on which such payment was originally payable (each date on which Distributions are
payable in accordance with this Section 4.1(a), a “Distribution Date”).

     (ii) In the event (and to the extent) that the Depositor exercises its right under the
Indenture, as supplemented by the Supplemental Indenture to defer the payment of interest
on the Debentures, Distributions on the Preferred Securities shall be deferred but shall
continue to accumulate. Distributions on the Trust Securities shall be payable on the
Liquidation Amount of such Preferred Securities at the rate per annum equal to the then
applicable rate of interest on the Debentures. The amount of Distributions payable for any
period from April 27, 2007 until May 15, 2027, shall be computed on the basis of a 360-day
year comprised of twelve 30-day months. The amount of Distributions payable for any period
thereafter shall be computed on the basis of a 360-day year and the actual number of days
elapsed. The amount of Distributions payable for any period shall include any Additional
Amounts in respect of such period.

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

     (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable
to the Holders thereof as they appear on the Securities Register for the Trust Securities at the
close of business on the relevant record date for such Distribution Date, which shall be one
Business Day prior to such Distribution Date; provided, however, that in the event that the
Preferred Securities do not remain in book-entry-only form, the relevant record date for a
Distribution Date shall be the date 15 days prior to such Distribution Date. Distributions payable
on any Trust Securities that are not punctually paid on any Distribution Date as a result of the
Depositor having failed to make an interest payment under the Debentures will cease to be payable
to the Person in whose name such Trust Securities are registered on the relevant record date, and
such defaulted Distribution will instead be payable to the Person in whose name such Trust
Securities are registered on the special record date or other specified date for determining
Holders entitled to such defaulted interest established in accordance with the Indenture.

     SECTION 4.2. Redemption.

     (a) On each Debenture Redemption Date and each Debenture Repayment Date and upon the stated
maturity of the Debentures, the Trust will be required to redeem a Like Amount of Trust Securities
at the Redemption Price.

     (b) Notice of redemption shall be given by the Property Trustee by first- class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date (or, in the
case of a Debenture Repayment Date, not less than 10 nor more than 15 days prior to the Redemption
Date) to each Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the
Security Register. All notices of redemption shall state:

     (i) the Redemption Date;

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

-14-

 

     (iii) the CUSIP number or numbers of the Preferred Securities affected;

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

     (v) that on the Redemption Date the Redemption Price in respect of each such Trust
Security to be redeemed will be due and payable and that Distributions thereon will cease
to accrue on and after said date (except as provided in the last sentence of Section
4.2(d)); and

     (vi) the place or places of business where the Trust Securities are to be surrendered
for the payment of the Redemption Price.

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

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

     (d) If the Property Trustee gives a notice of redemption in respect of any Preferred
Securities, then, by 10:00 A.M., New York City time, on the Redemption Date, the Depositor shall
deposit sufficient funds with the Property Trustee to pay the Redemption Price. If such deposit
has been made by such time, then by 2:00 P.M., New York City time, on the Redemption Date, subject
to Section 4.2(c), the Property Trustee will, so long as the Preferred Securities are in
book-entry-only form, irrevocably deposit with the Clearing Agency for the Preferred Securities
funds sufficient to pay the applicable Redemption Price. If the Preferred Securities are no longer
in book- entry-only form, the Property Trustee, subject to Section 4.2(c), will irrevocably deposit
with the Paying Agent funds sufficient to pay the applicable Redemption Price and will give the
Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders
thereof upon surrender of their Preferred Securities Certificates. Notwithstanding the foregoing,
any Distribution payable on or prior to the Redemption Date for any Trust Securities called for
redemption shall be payable to the Holders of such Trust Securities as they appear on the
Securities Register on the relevant record date for such Distribution Date. If notice of redemption
shall have been given and funds deposited as required, then upon the date of such deposit, all
rights of Holders of Trust Securities so called for redemption will cease, except the right of such
Holders to receive the Redemption Price therefor and any Distribution payable in respect of the
Trust Securities on or prior to the Redemption Date, but without interest, and such Trust
Securities will cease to be outstanding. In the event that any date on which any Redemption Price
is payable is not a Business Day, then payment of the Redemption Price payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay), or, if such Business Day falls in the next calendar year, on the
immediately preceding Business Day, in each case, with the same force and effect as if made on such
date. In the event that payment of the Redemption Price for any Trust Securities called for
redemption is improperly withheld or refused and not paid either by the Trust or by the Depositor
pursuant to the Guarantee, Distributions on such Trust Securities will continue to accumulate, at
the then applicable rate, from the Redemption Date originally established by the Trust for such
Trust Securities to the date such Redemption Price is actually paid, in which case the actual
payment date will be the date fixed for redemption for purposes of calculating the Redemption
Price.

     (e) Payment of the Redemption Price for Trust Securities shall be made to the recordholders
thereof as they appear on the Securities Register on the relevant record date for the Redemption
Date, which shall be one Business Day prior to such Redemption Date; provided, however, that in the
event that

-15-

 

the Preferred Securities do not remain in book-entry-only form, the relevant record date for
a Redemption Date shall be the date 15 days prior to such Redemption Date.

     (f) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be
redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be
redeemed shall be allocated pro rata (based on Liquidation Amounts) among the Common Securities and
the Preferred Securities. The particular Preferred Securities to be redeemed shall be selected pro
rata (based upon Liquidation Amounts) not more than 60 days prior to the Redemption Date by the
Property Trustee from the Outstanding Preferred Securities not previously called for redemption, by
such method (including, without limitation, by lot) as the Property Trustee shall deem fair and
appropriate; provided, however, that so long as the Preferred Securities are in book-entry-only
form, such selection shall be made in accordance with the customary procedures for the Clearing
Agency for the Preferred Securities by such Clearing Agency. The Property Trustee shall promptly
notify the Security Registrar in writing of the Preferred Securities selected for redemption and,
in the case of any Preferred Securities selected for partial redemption, the Liquidation Amount
thereof to be redeemed. For all purposes of this Declaration, unless the context otherwise
requires, all provisions relating to the redemption of Preferred Securities shall relate, in the
case of any Preferred Securities redeemed or to be redeemed only in part, to the portion of the
Liquidation Amount of Preferred Securities that has been or is to be redeemed. The Property
Trustee shall also have the right in such a case to distribute the Debentures intended to be
redeemed to the Holders in redemption of their Preferred Securities.

     SECTION 4.3. Subordination of Common Securities.

     (a) Payment of Distributions (including Additional Amounts, if applicable) on, the Redemption
Price of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable,
shall be made, subject to Section 4.2(f), pro rata (based on Liquidation Amounts) among the Common
Securities and the Preferred Securities; provided, however, that if on any Distribution Date,
Redemption Date or Liquidation Date any Event of Default resulting from a Debenture Event of
Default specified in Section 2.9(a)(i) of the Supplemental Indenture shall have occurred and be
continuing, no payment of any Distribution (including Additional Amounts, if applicable) on,
Redemption Price of, or Liquidation Distribution in respect of, any Common Security, and no other
payment on account of the redemption, liquidation or other acquisition of Common Securities, shall
be made unless payment in full in cash of all accumulated and unpaid Distributions (including
Additional Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution
periods terminating on or prior thereto, or in the case of payment of the Redemption Price, the
full amount of such Redemption Price on all Outstanding Preferred Securities, or in the case of
payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all
Outstanding Preferred Securities then called for redemption, shall have been made or provided for,
and all funds immediately available to the Property Trustee shall first be applied to the payment
in full in cash of all Distributions (including Additional Amounts, if applicable) on, or the
Redemption Price of, Preferred Securities then due.

     (b) In the event of the occurrence of any Event of Default resulting from any Debenture Event
of Default, the Holder of Common Securities will be deemed to have waived any right to act with
respect to any such Event of Default under this Declaration until the effect of all such Events of
Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated.
Until any such Event of Default under this Declaration with respect to the Preferred Securities has
been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of
the Holders of the Preferred Securities and not on behalf of the Holder of the Common Securities,
and only the Holders of all the Preferred Securities will have the right to direct the Property
Trustee to act on their behalf.

     SECTION 4.4. Payment Procedures.

     Payments of Distributions (including Additional Amounts, if applicable) in respect of the
Preferred Securities, subject to the next succeeding sentence, shall be made by wire transfer or
check mailed to the address of the Person entitled thereto as such address shall appear on the
Securities Register or, if the Preferred Securities are held by a Clearing Agency, such
Distributions shall be made to such

-16-

 

Clearing Agency in immediately available funds. A Holder of $1,000,000 or more in aggregate
Liquidation Amount of Preferred Securities may receive payments of cash Distributions (including
any Additional Amounts) by wire transfer of immediately available funds upon written request to the
Property Trustee not later than the 15th calendar day, whether or not a Business Day,
before the relevant Distribution Date. Payments in respect of the Common Securities shall be made
in such manner as shall be mutually agreed between the Property Trustee and the Common Holder.

     SECTION 4.5. Tax Returns and Reports.

     The Administrative Trustees shall prepare (or cause to be prepared), at the Depositor’s
expense, and file all United States federal, state and local tax and information returns and
reports required to be filed by or in respect of the Trust. In this regard, the Administrative
Trustees shall (a) prepare and file (or cause to be prepared and filed) the appropriate Internal
Revenue Service forms and returns required to be filed in respect of the Trust in each taxable year
of the Trust and (b) prepare and furnish (or cause to be prepared and furnished) to each Holder the
appropriate Internal Revenue Service form required to be provided on such form. The Administrative
Trustees shall provide the Depositor and the Property Trustee with a copy of all such returns and
reports promptly after such filing or furnishing. The Trustees and the Trust shall comply with
United States federal withholding and backup withholding tax laws and information reporting
requirements with respect to any payments to Holders under the Trust Securities.

     SECTION 4.6. Payment of Taxes, Duties, Etc. of the Trust.

     Upon receipt under the Debentures of Additional Sums, the Property Trustee shall promptly pay
any taxes, duties or governmental charges of whatsoever nature (other than withholding taxes)
imposed on the Trust by the United States or any other taxing authority which were included in such
Additional Sums.

     SECTION 4.7. Payments under Indenture or Pursuant to Direct Actions.

     Any amount payable hereunder to any Holder of Preferred Securities shall be reduced by the
amount of any corresponding payment such Holder (or an Owner with respect to the Holder’s Preferred
Securities) has directly received pursuant to Section 508 of the Indenture or Section 5.14 of this
Declaration.

     SECTION 4.8. Liability of the Holder of Common Securities.

     The Holder of the Common Securities shall be liable for the debts and obligations of the Trust
in the manner and to the extent set forth in the Expense Agreement.

ARTICLE V. TRUST SECURITIES CERTIFICATES

     SECTION 5.1. Initial Ownership.

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

     SECTION 5.2. The Trust Securities Certificates.

     The Trust Securities Certificates shall be issued in minimum denominations of $1,000
Liquidation Amount and integral multiples of $1,000 in excess thereof. The Trust Securities
Certificates shall be executed on behalf of the Trust by manual or facsimile signature of at least
one Administrative Trustee. Trust Securities Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures shall have been affixed,
authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefits of
this Declaration, notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices
at the date of delivery of such Trust Securities Certificates. A transferee of a Trust

-17-

 

Securities Certificate shall become a Holder, and shall be entitled to the rights and subject
to the obligations of a Holder hereunder, upon due registration of such Trust Securities
Certificate in such transferee’s name pursuant to Sections 5.4, 5.11 and 5.13.

     SECTION 5.3. Execution and Delivery of Trust Securities Certificates.

     At the Closing Date, one or more of the Administrative Trustees shall cause Trust Securities
Certificates, in the aggregate Liquidation Amounts as provided in Sections 2.4 and 2.5 with respect
to Preferred Securities and Common Securities, respectively, to be executed on behalf of the Trust
or upon the written order of the Depositor, executed by one Authorized Officer thereof, and shall
cause the Preferred Securities Certificates to be delivered to the Property Trustee and upon such
delivery the Property Trustee shall authenticate such Preferred Securities Certificates, in each
case without further corporate action by the Depositor, in authorized denominations. After the
Closing Date, the Administrative Trustees may cause additional Preferred Securities to be executed
on behalf of the Trust and delivered to or upon the written order of the Depositor, such written
order executed by one Authorized Officer thereof, without further corporate action by the
Depositor, in authorized denominations; provided however that no such additional Preferred
Securities shall be issued unless the Administrative Trustees shall have received an Opinion of
Counsel experienced in such matters to the effect that such issuance will not cause the Trust to be
classified as other than one or more grantor trusts or agency arrangements or to be classified as
an association or partnership for U.S. federal income tax purposes or affect the Trust’s exemption
from status as an “investment company” under the Investment Company Act.

     Each Preferred Securities Certificate shall be dated the date of its authentication.

     No Preferred Securities Certificate shall be entitled to any benefit under this Declaration of
Trust or be valid or obligatory for any purpose, unless there appears on such Preferred Securities
Certificate a certificate of authentication substantially in the form provided for in the form
attached as Exhibit D executed by the Property Trustee by the manual signature of one of its
Authorized Officers, and such certificate upon any Preferred Securities Certificate shall be
conclusive evidence, and the only evidence, that such Preferred Securities Certificate has been
duly authenticated and delivered hereunder.

     SECTION 5.4. Registration of Transfer and Exchange of Trust Securities Certificates.

     The Property Trustee shall keep or cause to be kept, at its Corporate Trust Office, a register
or registers for the purpose of registering Trust Securities Certificates and transfers and
exchanges of Trust Securities Certificates (the “Securities Register”), in which the registrar and
transfer agent with respect to the Trust Securities designated by the Depositor (the “Securities
Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the
registration of Preferred Securities Certificates and Common Securities Certificates (subject to
Section 5.10 in the case of the Common Securities Certificates) and registration of transfers and
exchanges of Trust Securities Certificates as herein provided. The Property Trustee shall be the
initial Securities Registrar. The provisions of Sections 8.1, 8.3 and 8.6 shall apply to the
Property Trustee also in its role as Securities Registrar, for so long as the Property Trustee
shall act as Securities Registrar.

     Upon surrender for registration of transfer of any Trust Securities Certificate at the office
or agency maintained pursuant to Section 5.8, the Administrative Trustees or any one of them shall
execute and deliver, in the name of the designated transferee or transferees, one or more new Trust
Securities Certificates in authorized denominations of a like aggregate Liquidation Amount dated
the date of execution by such Administrative Trustee or Trustees.

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

-18-

 

Securities Certificates may be exchanged for other Preferred Securities Certificates in
authorized denominations of the same class and of a like aggregate Liquidation Amount upon
surrender of the Preferred Securities Certificates to be exchanged at the office or agency
maintained pursuant to Section 5.8.

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

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

     The Property Trustee shall not be required to ensure or verify compliance with securities
laws, including the Securities Act, the Exchange Act and 1940 Act, in connection with transfers and
exchanges of Preferred Securities Certificates.

     SECTION 5.5. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.

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

     If any such mutilated, destroyed, lost or stolen Trust Securities Certificate has become or is
about to become due and payable, the Administrative Trustees in their discretion may, instead of
issuing a new Trust Securities Certificate, pay such Trust Securities Certificate.

     The provisions of this Section 5.5 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement of mutilated, destroyed, lost or stolen
Trust Securities Certificates.

     SECTION 5.6. Persons Deemed Holders.

     The Trustees or the Securities Registrar shall treat the Person in whose name any Trust
Securities Certificate shall be registered in the Securities Register as the owner of such Trust
Securities Certificate for the purpose of receiving Distributions and for all other purposes
whatsoever, and neither the Trustees nor the Securities Registrar shall be bound by any notice to
the contrary.

     SECTION 5.7. Access to List of Holders’ Names and Addresses.

     Each Holder and each Owner shall be deemed to have agreed not to hold the Depositor, or any of
the Trustees, accountable by reason of the disclosure of its name and address, regardless of the
source from

-19-

 

which such information was derived.

     SECTION 5.8. Maintenance of Office or Agency.

     The Administrative Trustees shall maintain an office or offices or agency or agencies where
Preferred Securities Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Trustees in respect of the Trust Securities Certificates
may be served. The Administrative Trustees initially designate Deutsche Bank Trust Company
Americas, 60 Wall Street, New York, New York 10005 Attention: Trust and Securities Services, as
their principal corporate trust office for such purposes. The Administrative Trustees shall give
prompt written notice to the Depositor and to the Holders of any change in the location of the
Securities Register or any such office or agency.

     SECTION 5.9. Appointment of Paying Agent.

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

     SECTION 5.10. Ownership of Common Securities by Depositor.

     At the Closing Date, the Depositor shall acquire and retain beneficial and record ownership of
the Common Securities executed and delivered on the Closing Date. To the fullest extent permitted
by law, other than a transfer to an Affiliate of the Depositor or in connection with a transaction
permitted pursuant to Article Eight of the Indenture (and in either case only upon an effective
assignment and delegation by the Holder of all the Common Securities to its transferee of all of
its rights and obligations under the Expense Agreement), any attempted transfer of the Common
Securities shall be void provided, however, that any transfer of the Common Securities to an
Affiliate of the Depositor shall be conditioned upon satisfaction of both of the following: (a) the
Depositor shall continue to maintain, directly or indirectly, 100% ownership of the Common
Securities and (b) the Trust shall not be required to register as an investment company under the
1940 Act as a result of such transfer. The Administrative Trustees shall cause each Common
Securities Certificate issued to the Depositor to contain a legend stating “THIS CERTIFICATE IS NOT
TRANSFERABLE OTHER THAN IN ACCORDANCE WITH SECTION 5.10 OF THE DECLARATION.”

-20-

 

     SECTION 5.11. Global Preferred Securities Certificates; Common Securities Certificate.

     (a) The Preferred Securities Certificates, upon original issuance, will be issued in the form
of a Preferred Securities Certificate or Certificates representing Global Preferred Securities, to
be delivered to, or as instructed by, The Depository Trust Company, the initial Clearing Agency,
by, or on behalf of, the Trust. Such Preferred Securities Certificate or Certificates shall
initially be registered on the Securities Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no Owner will receive a Definitive Preferred Securities Certificate
representing such Owner’s interest in such Preferred Securities and no transfer of the certificate
representing the Book-Entry Preferred Security in whole or in part may be registered, in the name
of any Person other than the Clearing Agency for such Book-Entry Preferred Security or a nominee
thereof, except as provided in Section 5.13. Unless and until Definitive Preferred Securities
Certificates have been issued to Owners pursuant to Section 5.13:

     (i) the Securities Registrar and the Trustees shall be entitled to deal with the
Clearing Agency for all purposes of this Declaration relating to the Global Preferred
Securities (including the payment of the Liquidation Amount of and Distributions on the
Preferred Securities evidenced by Book-Entry Preferred Securities Certificates and the
giving of instructions or directions to Owners of Preferred Securities evidenced by
Book-Entry Preferred Securities Certificates) as the sole Holder of Preferred Securities
and shall have no obligations to the Owners thereof;

     (ii) to the extent that the provisions of this Section 5.11 conflict with any other
provisions of this Declaration, the provisions of this Section 5.11 shall control; and

     (iii) the rights of the Owners of the Book-Entry Preferred Securities Certificates
shall be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Owners and the Clearing Agency and/or the
Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless and
until Definitive Preferred Securities Certificates are issued pursuant to Section 5.13, the
initial Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments on the Preferred Securities to such Clearing
Agency Participants.

     (b) A single Common Securities Certificate representing the Common Securities shall be issued
to the Depositor in the form of a definitive Common Securities Certificate.

     SECTION 5.12. Notices to Clearing Agency.

     To the extent that a notice or other communication to the Holders or Owners is required under
this Declaration, unless and until Definitive Preferred Securities Certificates shall have been
issued to Owners pursuant to Section 5.13, the Trustees shall give all such notices and
communications specified herein to be given to Holders and Owners to the Clearing Agency, and shall
have no obligations to the Owners.

     SECTION 5.13. Definitive Preferred Securities Certificates.

     If (a) the Depositor advises the Trustees in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the Preferred Securities
Certificates, and the Depositor is unable to locate a qualified successor, (b) the Depositor at its
option advises the Trustees in writing that it elects to terminate the book-entry system through
the Clearing Agency, (c) the Clearing Agency ceases to be a clearing agency registered under the
Exchange Act and no qualified successor is appointed by the Administrative Trustees within 90 days
after its receipt of such notice or its becoming aware of such cessation, or (d) there shall have
occurred and be continuing a Debenture Event of Default, then an Administrative Trustee shall
notify the Clearing Agency and the Clearing Agency shall notify all Owners of Book-Entry Preferred
Securities Certificates and the other Trustees of the occurrence of any such event and of the
availability of the Definitive Preferred Securities Certificates to Owners of such class or
classes, as applicable, requesting the same. Upon surrender to the Property Trustee or Registrar of
the typewritten Preferred Securities Certificate or Certificates representing the Book-Entry
Preferred Securities

-21-

 

Certificates by the Clearing Agency, accompanied by registration instructions, the
Administrative Trustees, or any one of them, shall execute the Definitive Preferred Securities
Certificates in accordance with the instructions of the Clearing Agency. Neither the Securities
Registrar nor the Trustees shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the
issuance of Definitive Preferred Securities Certificates, the Trustees shall recognize the Holders
of the Definitive Preferred Securities Certificates as Holders. The Definitive Preferred Securities
Certificates shall be printed, lithographed or engraved or may be produced in any other manner as
is reasonably acceptable to the Administrative Trustees, as evidenced by the execution thereof by
the Administrative Trustees or any one of them.

     SECTION 5.14. Rights of Holders.

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

     (b) For so long as any Preferred Securities remain Outstanding, if, upon a Debenture Event of
Default, the Debenture Trustee fails or the holders of not less than 25% in aggregate principal
amount of the outstanding Debentures fail to declare the principal of all of the Debentures to be
immediately due, the Holders of at least 25% in aggregate Liquidation Amount of the Preferred
Securities then Outstanding shall have such right by a notice in writing to the Depositor, the
Property Trustee and the Debenture Trustee; and upon any such declaration such principal amount of
and the accrued interest on all of the Debentures shall become immediately due, provided that the
payment of principal and interest on such Debentures shall remain subordinated to the extent
provided in the Indenture.

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

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

     (A) all overdue installments of interest (including any Additional Interest)
on all of the Debentures,

     (B) the principal of (and premium, if any, on) any Debentures which have
become due otherwise than by such declaration of acceleration and interest thereon
at the rate borne by the Debentures, and

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

     (ii) all Events of Default with respect to the Debentures, other than the non- payment
of the principal of the Debentures which has become due solely by such acceleration, have
been cured or waived as provided in Section 513 of the Indenture.

-22-

 

     The Holders of at least a Majority in Liquidation Amount of the Preferred Securities may, on
behalf of the Holders of all the Preferred Securities, waive any past default under the Indenture
or Debenture Event of Default with respect to the Debentures, except a default in the payment of
principal or interest (unless such default has been cured and a sum sufficient to pay all matured
installments of interest and principal due otherwise than by acceleration has been deposited with
the Debenture Trustee) or a default in respect of a covenant or provision which under the Indenture
cannot be modified or amended without the consent of the holder of each outstanding Debenture. Upon
any such waiver, such default or Debenture Event of Default shall cease to exist and any default or
Debenture Event of Default arising therefrom shall be deemed to have been cured for every purpose
of the Indenture, but no such waiver shall affect any subsequent default or impair any right
consequent thereon.

     Upon receipt by the Property Trustee of written notice declaring such an acceleration, or
rescission and annulment thereof, by Holders of any part of the Preferred Securities, a record date
shall be established for determining Holders of Outstanding Preferred Securities entitled to join
in such notice, which record date shall be at the close of business on the day the Property Trustee
receives such notice. The Holders on such record date, or their duly designated proxies, and only
such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders
after such record date; provided, that, unless such declaration of acceleration, or rescission and
annulment, as the case may be, shall have become effective by virtue of the requisite percentage
having joined in such notice prior to the day which is 90 days after such record date, such notice
of declaration of acceleration, or rescission and annulment, as the case may be, shall
automatically and without further action by any Holder be canceled and of no further effect.
Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after
expiration of such 90-day period, a new written notice of declaration of acceleration, or
rescission and annulment thereof, as the case may be, that is identical to a written notice which
has been canceled pursuant to the proviso to the preceding sentence, in which event a new record
date shall be established pursuant to the provisions of this Section 5.14(b).

     (c) For so long as any Preferred Securities remain Outstanding, to the fullest extent
permitted by law and subject to the terms of this Declaration and the Indenture, upon a Debenture
Event of Default specified in Section 2.9(a) of the Supplemental Indenture, any Holder of Preferred
Securities shall have the right to institute a proceeding directly against the Depositor, pursuant
to Section 508 of the Indenture, for enforcement of payment to such Holder of any amounts payable
in respect of Debentures having an aggregate principal amount equal to the Liquidation Amount of
the Preferred Securities of such Holder (a “Direct Action”). Except as set forth in Section 5.14(b)
and this Section 5.14(c), Holders of Preferred Securities shall have no right to exercise directly
any right or remedy available to holders of, or in respect of, Debentures.

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

ARTICLE VI. ACTS OF HOLDERS; MEETINGS; VOTING

     SECTION 6.1. Limitations on Voting Rights.

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

-23-

 

     (b) So long as any Debentures are held by the Property Trustee, the Trustees shall not (i)
direct the time, method or place of conducting any proceeding for any remedy available to the
Debenture Trustee, or executing any trust or power conferred on the Debenture Trustee with respect
to such Debentures, (ii) waive any past default which is waivable under Section 513 of the
Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of all the
Debentures shall be due and payable or (iv) consent to any amendment, modification or termination
of the Indenture or the Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of at least a Majority in Liquidation Amount of the
Preferred Securities; provided, however, that where a consent under the Indenture would require the
consent of each holder of Debentures affected thereby, no such consent shall be given by the
Property Trustee without the prior written consent of each Holder of Preferred Securities. The
Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of
Preferred Securities, except by a subsequent vote of the Holders of Preferred Securities. The
Property Trustee shall notify all Holders of Preferred Securities of any notice of default received
from the Debenture Trustee with respect to the Debentures. In addition to obtaining the foregoing
approvals of Holders of Preferred Securities, prior to taking any of the foregoing actions, the
Trustees shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced in such
matters to the effect that such action shall not cause the Trust to be classified as other than a
grantor trust or taxable as a corporation for United States federal income tax purposes.

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

     SECTION 6.2. Notice of Meetings.

     Notice of all meetings of Holders of Preferred Securities, stating the time, place and purpose
of the meeting, shall be given by the Property Trustee pursuant to Section 10.8 to each such Holder
at such Holder’s address as it appears in the Securities Register as of the record date for such
meeting. Such notice shall be sent, first-class mail, at least 15 days and not more than 90 days
before the meeting. At any such meeting, any business properly before the meeting may be so
considered whether or not stated in the notice of the meeting. Any adjourned meeting may be held as
adjourned without further notice.

     SECTION 6.3. Meetings of Holders of Preferred Securities.

     No annual meeting of Holders is required to be held. The Administrative Trustees, however,
shall call a meeting of Holders of Preferred Securities to vote on any matter upon the written
request of the Holders of record of at least 25% in aggregate Liquidation Amount of Outstanding
Preferred Securities and the Administrative Trustees or the Property Trustee may, at any time in
their discretion, call a meeting of Holders of Preferred Securities to vote on any matters as to
which Holders of Preferred Securities are entitled to vote. Holders of at least a Majority in
Liquidation Amount of the Preferred Securities, present in person or by proxy, shall constitute a
quorum at any meeting of Holders of Preferred Securities.

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

-24-

 

     SECTION 6.4. Voting Rights.

     In respect of any matter as to which a Holder is entitled to vote, such Holder shall be
entitled to one vote for each $1,000 of Liquidation Amount Trust Securities held of record by such
Holder.

     SECTION 6.5. Proxies, etc.

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

     SECTION 6.6. Holder Action by Written Consent.

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

     SECTION 6.7. Record Date for Voting and Other Purposes.

     Except as provided in Section 5.14(b), for the purpose of determining the Holders who are
entitled to notice of and to vote at any meeting or to act by written consent, or to participate in
any Distribution on the Trust Securities in respect of which a record date is not otherwise
provided for in this Declaration, or for the purpose of any other action, the Administrative
Trustees or Property Trustee may from time to time fix a date, not more than 90 days prior to the
date of any meeting of Holders or the payment of a Distribution or other action, as the case may
be, as a record date for the determination of the identity of the Holders of record for such
purposes.

     SECTION 6.8. Acts of Holders.

     Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Declaration to be given, made or taken by Holders or Owners may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders or Owners in person or by an agent duly appointed in writing; and, except as otherwise
expressly provided herein, such action shall become effective when such instrument or instruments
are delivered to an Administrative Trustee and the Property Trustee. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders or Owners 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 Declaration and (subject to Section 8.1) conclusive in favor of the Trustees,
if made in the manner provided in this Section 6.8.

     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 to 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

-25-

 

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 any Trustee receiving the same deems sufficient.

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

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

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

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

     SECTION 6.9. Inspection of Records.

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

ARTICLE VII. REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

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

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

-26-

 

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

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

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

     SECTION 7.2. Representations and Warranties of Depositor.

     The Depositor hereby represents and warrants for the benefit of the Holders that the Trust
Securities Certificates issued on behalf of the Trust have been duly authorized and will have been,
duly and validly executed, issued and delivered by an Administrative Trustee pursuant to the terms
and provisions of, and in accordance with the requirements of, this Declaration and the Holders
will be, as of each such date, entitled to the benefits of this Declaration.

ARTICLE VIII. THE TRUSTEES

     SECTION 8.1. Certain Duties and Responsibilities.

     (a) The duties and responsibilities of the Trustees shall be as expressly provided by this
Declaration and, in addition, in the case of the Property Trustee, by the Trust Indenture Act.
Notwithstanding the foregoing, no provision of this Declaration shall require the Trustees to
expend or risk their own funds or otherwise to incur any financial liability in the performance of
any of their duties hereunder, or in the exercise of any of their rights or powers, if they shall
have reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. Whether or not therein expressly so
provided, every provision of this Declaration relating to the conduct or affecting the liability of
or affording protection to the Trustees shall be subject to the provisions of this Section 8.1.

     (b) No provision in this Declaration shall be construed to release a Trustee from liability
for his own negligent action, his own negligent failure to act, or his own willful misconduct. To
the extent that, at law or in equity, a Trustee has duties (including fiduciary duties) to the
Trust or to the Holders, and liabilities relating thereto, such Trustee shall not be liable to the
Trust or to any Holder for such Trustee’s

-27-

 

good faith reliance on the provisions of this Declaration. The provisions of this
Declaration, to the extent that they restrict the duties and liabilities of the Trustees otherwise
existing at law or in equity, are agreed by the Depositor and the Holders to replace such other
duties and liabilities of the Trustees.

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

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

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

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

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

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

     (v) the Property Trustee shall not be responsible for monitoring the compliance by the
Administrative Trustees or the Depositor with their respective duties under this
Declaration, nor shall the Property Trustee be liable for the default or misconduct of the
Administrative Trustees or the Depositor.

     SECTION 8.2. Certain Notices.

     Within five Business Days after the occurrence of any Event of Default actually known to a
Responsible Officer of the Property Trustee, the Property Trustee shall transmit, in the manner and
to the extent provided in Section 10.8, notice of such Event of Default to the Holders, the
Administrative Trustees and the Depositor, unless such Event of Default shall have been cured or
waived.

     Within five Business Days after the receipt of notice of the Depositor’s exercise of its right
to defer the payment of interest on the Debentures pursuant to the Indenture, as supplemented by
the Supplemental Indenture, the Administrative Trustee shall transmit, in the manner and to the
extent provided in Section 10.8, written notice of such exercise to the Holders and the Property
Trustee, unless such

-28-

 

exercise shall have been revoked.

     SECTION 8.3. Certain Rights of Property Trustee.

     Subject to the provisions of Section 8.1:

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

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

     (c) any direction or act of the Depositor or the Administrative Trustees contemplated by this
Declaration shall be sufficiently evidenced by an Officers’ Certificate;

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

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

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

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

-29-

 

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

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

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

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

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

     No provision of this Declaration shall be deemed to impose any duty or obligation on the
Property Trustee to perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the
Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform
any such act or acts, or to exercise any such right, power, duty or obligation. No permissive
power or authority available to the Property Trustee shall be construed to be a duty. The Delaware
Trustee shall have the same rights and benefits as the Property Trustee under this paragraph and
paragraphs (a) through (l) of this Section 8.3.

     Whether or not therein expressly so provided, every provision of this Declaration relating to
the conduct or affecting the liability of or affording protection to the Property Trustee shall
extend to each of the Security Registrar, the Paying Agent and the Delaware Trustee and shall be
subject to the provisions of this Article VIII.

     SECTION 8.4. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Trust Securities Certificates shall be taken as the
statements of the Trust, and the Trustees do not assume any responsibility for their correctness.
The Trustees shall not be accountable for the use or application by the Depositor of the proceeds
of the Debentures.

     SECTION 8.5. May Hold Securities.

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

-30-

 

     SECTION 8.6. Compensation; Indemnity; Fees.

     The Depositor agrees:

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

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

     (c) to the fullest extent permitted by applicable law, to indemnify, defend and hold harmless
(i) each Trustee in its individual capacity, (ii) any Affiliate of any Trustee, (iii) any officer,
director, shareholder, employee, representative or agent of any Trustee, and (iv) any employee or
agent of the Trust or its Affiliates, (referred to herein as an “Indemnified Person”) from and
against any loss, damage, liability, tax (other than income, franchise or other taxes imposed on
amounts paid pursuant to (a) or (b) hereof), penalty, expense or claim of any kind or nature
whatsoever incurred by such Indemnified Person by reason of or in connection with the creation,
existence, operation or termination of the Trust or any act or omission performed or omitted by
such Indemnified Person in good faith on behalf of the Trust and in a manner such Indemnified
Person reasonably believed to be within the scope of authority conferred on such Indemnified Person
by this Declaration, except that no Indemnified Person shall be entitled to be indemnified
pursuant to this Section 8.6 in respect of any loss, damage or claim incurred by such Indemnified
Person by reason of negligence or willful misconduct with respect to such acts or omissions.

     The provisions of this Section 8.6 shall survive the termination of this Declaration. No
Trustee may claim any Lien on any Trust Property as a result of any amount due pursuant to this
Section 8.6.

     The Depositor and any Trustee (in the case of the Property Trustee, subject to Section 8.8)
may engage in or possess an interest in other business ventures of any nature or description,
independently or with others, similar or dissimilar to the business of the Trust, and the Trust and
the Holders of Trust Securities shall have no rights by virtue of this Declaration in and to such
independent ventures or the income or profits derived therefrom, and the pursuit of any such
venture, even if competitive with the business of the Trust, shall not be deemed wrongful or
improper. Neither the Depositor, nor any Trustee, shall be obligated to present any particular
investment or other opportunity to the Trust even if such opportunity is of a character that, if
presented to the Trust, could be taken by the Trust, and the Depositor or any Trustee shall have
the right to take for its own account (individually or as a partner or fiduciary) or to recommend
to others any such particular investment or other opportunity. Any Trustee may engage or be
interested in any financial or other transaction with the Depositor or any Affiliate of the
Depositor, or may act as depository for, trustee or agent for, or act on any committee or body of
holders of, securities or other obligations of the Depositor or its Affiliates.

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

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

-31-

 

securities rated in one of the three highest rating categories by a nationally recognized
statistical rating organization.

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

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

      SECTION 8.8. Conflicting Interests.

     If the Property Trustee has or shall acquire a conflicting interest within the meaning of the
Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to the
extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and
this Declaration. The Guarantee and the Indenture shall be deemed to be specifically described in
this Declaration for the purposes of clause (i) of the first proviso contained in Section 310(b) of
the Trust Indenture Act.

      SECTION 8.9. Co-Trustees and Separate Trustee.

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

     Should any written instrument from the Depositor be required by any co- trustee or separate
trustee so appointed for more fully confirming to such co- trustee or separate trustee such
property, title, right, or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Depositor.

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

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

     (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the

-32-

 

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

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

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

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

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

      SECTION 8.10. Resignation and Removal; Appointment of Successor.

     No resignation or removal of any Trustee (the “Relevant 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
8.11.

     Subject to the immediately preceding paragraph, the Relevant Trustee may resign at any time by
giving written notice thereof to the Holders, except that no such notice shall be required in the
case of resignation of an Administrative Trustee. If the instrument of acceptance by the successor
Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 30
days after the giving of such notice of resignation, the Relevant Trustee may petition, at the
expense of the Trust, any court of competent jurisdiction for the appointment of a successor
Relevant Trustee.

     Unless a Debenture Event of Default shall have occurred and be continuing, any Trustee may be
removed at any time by Act of the Common Holder. If a Debenture Event of Default shall have
occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be
removed at such time by Act of the Holders of a Majority in Liquidation Amount of the Preferred
Securities, delivered to the Relevant Trustee (in its individual capacity and on behalf of the
Trust). An Administrative Trustee may be removed by the Common Holder at any time. If any Trustee
shall resign, be removed or become incapable of acting as Trustee, or if a vacancy shall occur in
the office of any Trustee for any cause, at a time when no Debenture Event of Default shall have
occurred and be continuing, the Common Holder, by Act of the Common Holder delivered to the
retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee or Trustees, and the
retiring Relevant Trustee shall comply with the applicable requirements of Section 8.11. If the
Property Trustee or the Delaware Trustee shall resign, be removed or become incapable of continuing
to act as the Property Trustee or the Delaware Trustee, as the case may be, at a time when a
Debenture Event of Default shall have occurred and be continuing, the Preferred Holders, by Act of
the Holders of a Majority in Liquidation Amount of the Preferred Securities delivered to the
retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee or Trustees, and
such successor Relevant Trustee shall comply with the applicable requirements of Section 8.11. If
an Administrative Trustee shall resign, be removed or become incapable of acting as Administrative
Trustee, at a time when a

-33-

 

Debenture Event of Default shall have occurred and be continuing, the
Common Holder by Act of the
Common Holder delivered to the Administrative Trustee shall promptly appoint a successor
Administrative Trustee or Administrative Trustees and such successor Administrative Trustee or
Trustees shall comply with the applicable requirements of Section 8.11. If no successor Relevant
Trustee shall have been so appointed by the Common Holder or the Preferred Holders and accepted
appointment in the manner required by Section 8.11, any Holder who has been a Holder of Trust
Securities for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Relevant Trustee.

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

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

      SECTION 8.11. Acceptance of Appointment by Successor.

     In case of the appointment hereunder of a successor Relevant Trustee, the retiring Relevant
Trustee (if, in the case of a Trustee other than the Property Trustee, requested by the Depositor)
and each successor Relevant Trustee with respect to the Trust Securities shall execute and deliver
an amendment hereto wherein each successor Relevant Trustee shall accept such appointment and which
(a) shall contain such provisions as shall be necessary or desirable to transfer and confirm to,
and to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties of the
retiring Relevant Trustee with respect to the Trust Securities and the Trust and (b) shall add to
or change any of the provisions of this Declaration as shall be necessary to provide for or
facilitate the administration of the Trust by more than one Relevant Trustee, it being understood
that nothing herein or in such amendment shall constitute such Relevant Trustees co-trustees. Upon
the execution and delivery of such amendment, the resignation or removal of the retiring Relevant
Trustee shall become effective to the extent provided therein and each such successor Relevant
Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Relevant Trustee; but, on request of the Trust or any
successor Relevant Trustee and upon payment in full of all undisputed amounts then due and owing to
such retiring Relevant Trustee, such retiring Relevant Trustee shall duly assign, transfer and
deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof and money held
by such retiring Relevant Trustee hereunder with respect to the Trust Securities and the Trust.

     Upon request of any such successor Relevant Trustee, the Trust shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Relevant
Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph,
as the case may be.

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

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

     Any Person into which the Property Trustee or the Delaware Trustee may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which such Relevant Trustee shall be a party, or any Person succeeding to all or
substantially all the corporate trust business of such Relevant Trustee, shall be the successor of
such Relevant Trustee

-34-

 

hereunder, provided such Person shall be otherwise qualified and eligible
under this Article VIII, without
the execution or filing of any paper or any further act on the part of any of the parties
hereto other than the filing of an amendment to the Certificate of Trust to the extent required
under the Delaware Statutory Trust Act.

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

     If and when the Property Trustee shall be or become a creditor of the Depositor or the Trust
(or any other obligor upon the Preferred Securities), the Property Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against the Depositor or
the Trust (or any such other obligor). In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other similar
judicial proceeding relative to the Trust or any other obligor upon the Trust Securities or the
Trust Property or of such other obligor or their creditors, the Property Trustee (irrespective of
whether any Distributions on the Trust Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Property Trustee shall
have made any demand on the Trust for the payment of any past due Distributions) shall be entitled
and empowered, to the fullest extent permitted by law, by intervention in such proceeding or
otherwise:

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

     (b) to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Property Trustee any
amount due it for the reasonable compensation, expenses, disbursements and advances of the Property
Trustee, its agents and counsel, and any other amounts due the Property Trustee.

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

      SECTION 8.14. Reports by Property Trustee.

     Within 60 days after March 15 of each year commencing with the first March 15 after the first
issuance of Trust Securities pursuant to this Declaration, the Property Trustee shall transmit by
mail to all Holders of Trust Securities as provided in TIA Section 313(c) a brief report dated as
of such March 15 if and to the extent required by TIA Section 313(a).

      SECTION 8.15. Reports to the Property Trustee.

     The Depositor and the Administrative Trustees on behalf of the Trust shall provide to the
Property Trustee such documents, reports and information as required by Section 314 of the Trust
Indenture Act (if any) and the compliance certificate required by Section 314(a) of the Trust
Indenture Act in the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act.

      SECTION 8.16. Evidence of Compliance with Conditions Precedent.

     Each of the Depositor and the Administrative Trustees on behalf of the Trust shall provide to
the Property Trustee such evidence of compliance with any conditions precedent, if any, provided
for in this

-35-

 

Declaration that relate to any of the matters set forth in Section 314 (c) of the Trust
Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) of the
Trust Indenture Act shall be given in the form of an Officers’ Certificate.

      SECTION 8.17. Number of Administrative Trustees.

     (a) The number of Administrative Trustees shall be two, provided that the Holder of all the
Outstanding Common Securities by written instrument may increase or decrease the number of
Administrative Trustees. The Property Trustee and the Delaware Trustee may be the same Person. No
Holder of Preferred Securities may remove any Administrative Trustee.

     (b) If an Administrative Trustee ceases to hold office for any reason and the number of
Administrative Trustees is not reduced pursuant to Section 8.17(a), or if the number of
Administrative Trustees is increased pursuant to Section 8.17(a), a vacancy shall occur. The
vacancy shall be filled with a Trustee appointed in accordance with Sections 8.10 and 8.11.

     (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to
perform the duties of an Administrative Trustee shall not operate to dissolve, terminate or annul
the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such
vacancy is filled by the appointment of an Administrative Trustee in accordance with Sections 8.10
and 8.11, the Administrative Trustees in office, regardless of their number (and notwithstanding
any other provision of this Agreement), shall have all the powers granted to the Administrative
Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this
Declaration.

     (d) The initial Administrative Trustees shall be Carl L. Gorday and Dana W. Nolan. Except
where a requirement for action by a specific number of Administrative Trustees is expressly set
forth in this Declaration, any act required or permitted to be taken by, and any power of the
Administrative Trustees may be exercised by, or with the consent of, any one such Administrative
Trustee.

      SECTION 8.18. Delegation of Power.

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

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

      SECTION 8.19. Delaware Trustee.

     (a) Notwithstanding any other provision of this Trust Agreement, the Delaware Trustee shall
not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and
responsibilities of the Administrative Trustees or the Property Trustee described in this
Declaration. The Delaware Trustee shall be a trustee for the sole and limited purpose of fulfilling
the requirements of Section 3807 of the Delaware Statutory Trust Act.

     (b) It is expressly understood and agreed by the parties hereto that in fulfilling its
obligations as Delaware Trustee hereunder on behalf of the Trust (i) any agreements or instruments
executed and delivered by Deutsche Bank Trust Company Delaware are executed and delivered not in
its individual capacity but solely as Delaware Trustee under this Declaration in the exercise of
the powers and authority conferred and vested in it, (ii) each of the representations, undertakings
and agreements herein made on the part of the Trust is made and intended not as representations,
warranties, covenants, undertakings and

-36-

 

agreements by Deutsche Bank Trust Company Delaware in its
individual capacity but is made and intended
for the purpose of binding only the Trust, and (iii) under no circumstances shall Deutsche
Bank Trust Company Delaware in its individual capacity be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this Trust Agreement,
except if such breach or failure is due to any gross negligence or willful misconduct of the
Delaware Trustee.

ARTICLE IX. TERMINATION, LIQUIDATION AND MERGER

      SECTION 9.1. Dissolution Upon Expiration Date.

     Unless earlier dissolved, the Trust shall automatically dissolve on the Final Repayment Date
(the “Expiration Date”), following the distribution of the Trust Property in accordance with
Section 9.4.

      SECTION 9.2. Early Termination.

     The Trust shall dissolve upon the first to occur of any of the following events (an “Early
Termination Event”):

     (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of,
the Holder of the Common Securities;

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

     (c) the redemption of all of the Preferred Securities in connection with the redemption of all
the Debentures; and

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

     If an Early Termination Event occurs, Section 9.4 shall apply.

      SECTION 9.3. Termination.

     The respective obligations and responsibilities of the Trustees and the Trust shall terminate
upon the latest to occur of the following:

     (a) the distribution by the Property Trustee to Holders upon the liquidation of the Trust
pursuant to Section 9.4, or upon the redemption of all of the Trust Securities pursuant to Section
4.2, of all amounts required to be distributed hereunder upon the final payment of the Trust
Securities;

     (b) the payment of any expenses owed by the Trust; and

     (c) the discharge of all administrative duties of the Administrative Trustees, including the
performance of any tax reporting obligations with respect to the Trust or the Holders.

      SECTION 9.4. Liquidation.

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

-37-

 

Trust Securities at such Holder’s address
appearing in the Securities Register. All notices of liquidation shall:

     (i) state the Liquidation Date;

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

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

     (iv) state the CUSIP Number of the Trust Securities.

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

     (c) Unless Section 9.2(c) or 9.4(d) applies, after the Liquidation Date (i) the Trust
Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount
of Debentures will be issued to Holders of Trust Securities Certificates, upon surrender of such
certificates to the Administrative Trustees or their agent for exchange, (iii) the Depositor shall
use its best efforts to have the Debentures listed on the New York Stock Exchange or on such other
exchange, interdealer quotation system or self- regulatory organization on which the Preferred
Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange
will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for
in the Debentures from the last Distribution Date on which a Distribution was made on such Trust
Securities Certificates until such certificates are so surrendered (and until such certificates are
so surrendered, no payments of interest or principal will be made to Holders of Trust Securities
Certificates with respect to such Debentures) and (v) all rights of Holders holding Trust
Securities will cease, except the right of such Holders to receive Debentures upon surrender of
Trust Securities Certificates.

     (d) If, notwithstanding the other provisions of this Section 9.4, whether because of an order
for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the
Debentures in the manner provided herein is determined by the Property Trustee not to be practical,
or if an Early Termination Event specified in clause (c) of Section 9.2 occurs, then the Trust
Property shall be liquidated, and the Trust shall be dissolved and wound up by the Property Trustee
in such manner as the Property Trustee determines subject to applicable law. In such event, on the
date of the dissolution of the Trust except with respect to an Early Termination Event specified in
clause (c) of 9.2, Holders will be entitled to receive out of the assets of the Trust available for
distribution to Holders, after satisfaction of liabilities to creditors of the Trust as provided by
applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and
unpaid Distributions thereon to the date of payment (such amount being the “Liquidation
Distribution”). If, upon any such winding up, the Liquidation Distribution can be paid only in part
because the Trust has insufficient assets available to pay in full the aggregate Liquidation
Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on
the Trust Securities shall be paid pro rata based upon Liquidation Amounts. The Holder of the
Outstanding Common Securities will be entitled to receive Liquidation Distributions upon any such
winding up pro rata, based upon Liquidation Amount, with Holders of Preferred Securities, except
that the Preferred Securities shall have a priority over the Common Securities under the
circumstances provided in Section 4.3.

     (e) Following the Expiration Date or an Early Termination Event and after the completion of

-38-

 

the winding up of the affairs of the Trust pursuant to this Section 9.4, one of the Trustees shall
file a certificate of cancellation with the Delaware Secretary of State.

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

     The Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, except
pursuant to this Article IX. At the request of the Holder of the Common Securities, with the
consent of the Administrative Trustees and without the consent of the Holders of the Preferred
Securities, the Property Trustee or the Delaware Trustee, the Trust may merge with or into,
consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to a trust organized as such under the laws of any State; provided,
that (i) such successor entity either (a) expressly assumes all of the obligations of the Trust
with respect to the Preferred Securities or (b) substitutes for the Preferred Securities other
securities having substantially the same terms as the Preferred Securities (“Successor Securities”)
so long as the Successor Securities rank the same as the Preferred Securities in priority with
respect to distributions and payments upon liquidation, redemption and otherwise, (ii) the
Depositor expressly appoints a trustee of such successor entity possessing the same powers and
duties as the Property Trustee as the holder of the Debentures, (iii) the Successor Securities are
listed or traded, or any Successor Securities will be listed upon notification of issuance, on any
national securities exchange or other organization on which the Preferred Securities are then
listed or traded, if any, (iv) such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease does not cause the Preferred Securities (including any Successor Securities) to
be downgraded by any nationally recognized statistical rating organization, (v) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect
the rights, preferences and privileges of the Holders of the Preferred Securities (including any
Successor Securities) in any material respect, (vi) such successor entity has a purpose
substantially identical to that of the Trust, (vii) prior to such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, the Property Trustee has received an
Opinion of Counsel to the effect that (a) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of
the Holders of the Preferred Securities (including any Successor Securities) in any material
respect, and (b) following such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease, neither the Trust nor such successor entity will be required to register as an
investment company under the 1940 Act and (viii) the Depositor or its permitted transferee owns all
of the common securities of such successor entity and guarantees the obligations of such successor
entity under the Successor Securities at least to the extent provided by the Guarantee.
Notwithstanding the foregoing, the Trust shall not, except with the consent of Holders of all
Outstanding Preferred Securities, consolidate, amalgamate, merge with or into, or be replaced by or
convey, transfer or lease its properties and assets substantially as an entirety to any other
Person or permit any other Person to consolidate, amalgamate, merge with or into, or replace it if
such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause
the Trust or the successor Person to be taxable as a corporation or classified as other than a
grantor trust for United States federal income tax purposes.

ARTICLE X. MISCELLANEOUS PROVISIONS

      SECTION 10.1. Limitation of Rights of Holders.

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

      SECTION 10.2. Amendment.

     (a) This Declaration may be amended from time to time by the Property Trustee, Administrative
Trustees and the Holder of all the Common Securities, without the consent of any Holders

-39-

 

of Preferred Securities, (i) to cure any ambiguity, 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 Declaration, which shall not be inconsistent with the other
provisions of this Declaration, or (ii) to modify, eliminate or add to any provisions of this
Declaration to such extent as shall be necessary to ensure that the Debentures are treated as
indebtedness of the Depositor for United States federal income tax purposes, or to ensure that the
Trust will not be taxable as a corporation or will be classified for United States federal income
tax purposes other than a grantor trust at any times that any Trust Securities are outstanding or
to ensure that the Trust will not be required to register as an investment company under the 1940
Act; provided, however, that in the case of clause (i), such action shall not adversely affect in
any material respect the interests of any Holder of Preferred Securities, and any such amendments
of this Declaration shall become effective when notice thereof is given to the Holders.

     (b) Except as provided in Section 10.2(c) hereof, any provision of this Declaration may be
amended by the Trustees and the Holder of all the Common Securities with (i) the consent of Holders
representing not less than a Majority in Liquidation Amount of the Preferred Securities and (ii)
receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise
of any power granted to the Trustees in accordance with such amendment will not cause the Trust to
be taxable as a corporation for United States federal income tax purposes or would require the
Trust to register as an investment company under the 1940 Act or affect the treatment of the
Debentures as indebtedness of the Depositor for United States federal income tax purposes.

     (c) In addition to and notwithstanding any other provision in this Declaration, without the
consent of each affected Holder, this Declaration may not be amended to (i) change the amount or
timing of any Distribution or otherwise adversely affect the amount of any Distribution required to
be made as of a specified date or (ii) restrict the right of a Holder to institute suit for the
enforcement of any such payment on or after such date; and notwithstanding any other provision
herein, without the unanimous consent of the Holders, this paragraph (c) of this Section 10.2 may
not be amended.

     (d) Notwithstanding any other provision of this Declaration, no Trustee shall enter into or
consent to any amendment to this Declaration which would cause the Trust to be taxable as a
corporation or classified for United States federal income tax purposes as other than a grantor
trust or require the Trust to register as an investment company under the 1940 Act or that would
cause the Debentures to fail or cease to be treated as indebtedness of the Depositor for United
States federal income tax purposes.

     (e) Notwithstanding anything in this Declaration to the contrary, without the consent of the
Depositor, this Declaration may not be amended in a manner which imposes any additional obligation
or liability on the Depositor.

     (f) If any amendment to this Declaration is made, the Administrative Trustees shall promptly
provide to the Depositor a copy of such amendment.

     (g) Neither the Property Trustee nor the Delaware Trustee shall be required to enter into any
amendment to this Declaration which affects its own rights, duties or immunities under this
Declaration. The Property Trustee shall be entitled to receive an Opinion of Counsel and an
Officers’ Certificate stating that any amendment to this Declaration is in compliance with this
Declaration and all conditions precedent herein provided for relating to such action have been met.

      SECTION 10.3. Separability.

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

      SECTION 10.4. Governing Law.

     THIS DECLARATION AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE

-40-

 

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

      SECTION 10.5. Payments Due on Non-Business Day.

     Except as otherwise expressly provided in Article IV hereof, if the date fixed for any payment
on any Trust Security shall be a day that is not a Business Day, then such payment need not be made
on such date but may be made on the next succeeding day that is a Business Day, with the same force
and effect as though made on the date fixed for such payment, and no interest shall accrue thereon
for the period after such date.

      SECTION 10.6. Successors.

     This Declaration shall be binding upon and shall inure to the benefit of any successor to the
Depositor, the Trust or the Relevant Trustee, including any successor by operation of law. Except
in connection with a transaction that is permitted under Article Eight of the Indenture and
pursuant to which the assignee agrees in writing to perform the Depositor’s obligations hereunder,
the Depositor shall not assign its obligations hereunder (any purported assignment in contravention
of this Section 10.6 being null and void).

      SECTION 10.7. Headings.

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

      SECTION 10.8. Reports, Notices and Demands.

     Any report, notice, demand or other communication which by any provision of this Declaration
is required or permitted to be given or served to or upon any Holder or the Depositor may be given
or served in writing by deposit thereof, first-class postage prepaid, in the United States mail,
hand delivery or facsimile transmission, in each case, addressed, (a) in the case of a Holder of
Preferred Securities, to such Holder as such Holder’s name and address may appear on the Securities
Register; and (b) in the case of the Common Holder or the Depositor, to Regions Financial
Corporation, 1900 Fifth Avenue North, Birmingham, Alabama 35203, Attention: General Counsel,
facsimile no.: (205) 581-7629. Such notice, demand or other communication to or upon a Holder shall
be deemed to have been sufficiently given or made, for all purposes, upon hand delivery, mailing or
transmission.

     Any notice, demand or other communication which by any provision of this Declaration is
required or permitted to be given or served to or upon the Trust, the Property Trustee, the
Delaware Trustee or the Administrative Trustees shall be given in writing by deposit thereof,
first-class postage prepaid, in the United States mail, or by hand delivery, in each case,
addressed (until another address is published by the Trust) as follows: (a) with respect to the
Property Trustee to Deutsche Bank Trust Company Americas, 60 Wall Street, 27th Floor,
New York, New York 10005, Attention: Trust and Securities Services; (b) with respect to the
Delaware Trustee, to Deutsche Bank Trust Company Delaware, 1011 Centre Road, Suite 200, Wilmington,
Delaware 19805, Attention: Corporate Trust Administration; and (c) with respect to the
Administrative Trustees, to them at the address above for notices to the Depositor, marked
“Attention Administrative Trustees of Regions Financing Trust II”. Such notice, demand or other
communication to or upon the Trust or the Property Trustee shall be deemed to have been
sufficiently given or made only upon actual receipt of the writing by the Trust or the Property
Trustee.

-41-

 

      SECTION 10.9. Agreement Not to Petition.

     Each of the Trustees and the Depositor agree for the benefit of the Holders that, until at
least one year and one day after the Trust has been terminated in accordance with Article IX, they
shall not file, or join in the filing of, a petition against the Trust under any bankruptcy,
insolvency, reorganization or other similar law (including, without limitation, the United States
Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise join in the commencement of any
proceeding against the Trust under any Bankruptcy Law. In the event the Depositor takes action in
violation of this Section 10.9, the Property Trustee agrees, for the benefit of Holders, that, at
the expense of the Depositor, it shall file an answer with the bankruptcy court or otherwise
properly contest the filing of such petition by the Depositor against the Trust or the commencement
of such action and raise the defense that the Depositor has agreed in writing not to take such
action and should be estopped and precluded therefrom and such other defenses, if any, as counsel
for the Trustee or the Trust may assert. The provisions of this Section 10.9 shall survive the
termination of this Declaration.

      SECTION 10.10. Agreed Tax Treatment of Trust and Trust Securities

     The parties hereto and, by its acceptance or acquisition of a Trust Security or a beneficial
interest therein the Holder of, and any Person that acquires a beneficial interest in, such Trust
Security intend and agree to treat the Trust as a grantor trust for United States federal, state
and local tax purposes, and to treat the Trust Securities (including all payments and proceeds with
respect to such Trust Securities) as undivided beneficial ownership interests in the Trust Property
(and payments and proceeds therefrom, respectively) for United States federal, state and local tax
purposes. The provisions of this Declaration shall be interpreted to further this intention and
agreement of the parties.

      SECTION 10.11. Application of Trust Indenture Act.

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

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

     (c) If any provision hereof limits, qualifies or conflicts with another provision hereof which
is required to be included in this Declaration by any of the provisions of the Trust Indenture Act,
such required provision shall control. If any provision of this Declaration modifies or excludes
any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision
shall be deemed to apply to this Declaration as so modified or excluded, as the case may be.

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

      SECTION 10.12. Acceptance of Terms of Declaration, Guarantee and Indenture.

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

-42-

 

EFFECTIVE AS BETWEEN THE TRUST AND SUCH HOLDER AND SUCH OTHERS.

      SECTION 10.13. Counterparts.

     This Declaration 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 agreement.

[Signatures on Next Page]

-43-

 

     IN WITNESS WHEREOF, the undersigned have executed this Amended and Restated Declaration as of
the date first above written.

	 	 	 	 	 
	 	REGIONS FINANCIAL CORPORATION, as Depositor

 	 
	 	By:  	/s/ Eric J. Haas	 
	 	 	Name:  	Eric J. Haas	 
	 	 	Title:  	Executive Vice President and Treasurer	 
	 
	 	DEUTSCHE BANK NATIONAL TRUST COMPANY

For: DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its
individual capacity, but solely in its capacity as
Property Trustee, Paying Agent and Securities Registrar

 	 
	 	By:  	/s/ Yana Kalachikova	 
	 	 	Name:  	Yana Kalachikova	 
	 	 	Title:  	Assistant Vice President	 
	 
	 	 	 
	 	By:  	/s/ Irina Golovashchuk	 
	 	 	Name:  	Irina Golovashchuk	 
	 	 	Title:  	Assistant Vice President	 
	 
	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its
individual capacity, but solely in its capacity as
Delaware Trustee

 	 
	 	By:  	/s/
Elizabeth B. Ferry	 
	 	 	Name:  	Elizabeth
B. Ferry	 
	 	 	Title:  	Assistant
Vice President	 
	 
	 	/s/ Dana Nolan
	 	
Name: Dana Nolan

            as Administrative Trustee

 	 
	 	/s/ Carl L. Gorday
	 	
Name: Carl L. Gorday

            as Administrative Trustee

 	 

-44-

 

EXHIBIT A

CERTIFICATE OF TRUST OF REGIONS FINANCING TRUST II

A-1

 

EXHIBIT B

THIS CERTIFICATE IS NOT TRANSFERABLE OTHER THAN IN ACCORDANCE WITH

SECTION 5.10 OF THE DECLARATION (AS DEFINED BELOW)

	 	 	 
	CERTIFICATE NUMBER

	 	NUMBER OF COMMON SECURITIES
	C-1

	 	[                                        ]

CERTIFICATE EVIDENCING COMMON SECURITIES

OF

REGIONS FINANCING TRUST II

___% COMMON SECURITIES

(LIQUIDATION AMOUNT $1,000 PER COMMON SECURITY)

     Regions Financing Trust II, a statutory trust created under the laws of the State of Delaware
(the “Trust”), hereby certifies that REGIONS FINANCIAL CORPORATION, a Delaware corporation (the
“Holder”), is the registered owner of (  ) common securities of the Trust, representing undivided
common beneficial interests of the Trust and designated the ___% Common Securities (Liquidation
Amount $1,000 per Common Security) (the “Common Securities”). Except as provided in Section 5.10 of
the Declaration (as defined below) the Common Securities are not transferable and any attempted
transfer hereof other than in accordance therewith shall be null and void. The designations,
rights, privileges, restrictions, preferences and other terms and provisions of the Common
Securities are set forth in, and this certificate and the Common Securities represented hereby are
issued and shall in all respects be subject to the terms and provisions of, the Amended and
Restated Declaration of the Trust, dated as of ______________, 2007, as the same may be amended
from time to time (the “Declaration”), including the designation of the terms of the Common
Securities as set forth therein. The Trust will furnish a copy of the Declaration to the Holder
without charge upon written request to the Trust at its principal place of business or registered
office.

     BY RECEIPT AND ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER AGREES TO BE BOUND BY THE
DECLARATION AND IS ENTITLED TO THE BENEFITS THEREUNDER.

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

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

     IN WITNESS WHEREOF, the undersigned Administrative Trustee of the Trust has executed this
certificate as of the ___ day of _____________, 2007.

	 	 	 	 	 
	 	REGIONS FINANCING TRUST II

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Administrative Trustee 	 

B-1

 

	 	 	 	 	 

EXHIBIT C

[Form of Expense Agreement]

AGREEMENT AS TO EXPENSES AND LIABILITIES

     AGREEMENT, dated as of April 27, 2007, between REGIONS FINANCIAL CORPORATION, a Delaware
corporation (the “Corporation”), and Regions Financing Trust II, a Delaware statutory trust (the
“Trust”).

WITNESSETH:

     WHEREAS, the Trust intends to issue its Common Securities (the “Common Securities”) to and
receive Debentures from the Corporation and to issue and sell 6.625% Trust Preferred Securities
(the “Preferred Securities”) with such powers, preferences and special rights and restrictions as
are set forth in the Amended and Restated Declaration of the Trust, dated as of April 27, 2007 as
the same may be amended from time to time (the “Declaration”; capitalized terms used herein and not
defined herein have the meanings ascribed to them in the Declaration); and

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

     NOW, THEREFORE, in consideration of the purchase by each holder of the Preferred Securities,
which purchase the Corporation hereby agrees shall benefit the Corporation and which purchase the
Corporation acknowledges will be made in reliance upon the execution and delivery of this
Agreement, the Corporation and Trust hereby agree as follows:

ARTICLE I

     SECTION 1.1. Guarantee by the Corporation.

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

     SECTION 1.2. Term of Agreement.

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

C-1

 

     SECTION 1.3. Subordination.

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

     This Agreement shall be continuing, irrevocable, unconditional and absolute.

     SECTION 1.4. Waiver of Notice.

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

     SECTION 1.5. No Impairment.

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

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

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

     (c) the voluntary or involuntary liquidation, dissolution, sale of any collateral,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization,
arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the
Trust or any of the assets of the Trust. There shall be no obligation of the Beneficiaries to give
notice to, or obtain the consent of, the Corporation with respect to the happening of any of the
foregoing.

     SECTION 1.6. Enforcement.

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

     SECTION 1.7. Subrogation.

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

ARTICLE II

     SECTION 2.1. Assignment.

     This Agreement may not be assigned by either party hereto without the consent of the other,
and

C-2

 

any purported assignment without such consent shall be void; provided, however, that, upon any
transfer of the Common Securities, this Agreement shall be assigned and delegated by the
Corporation to its successor with such transfer without any action by either party hereto.

     SECTION 2.2. Binding Effect.

     This Agreement shall bind the successors, assigns, receivers, trustees and representatives of
the Corporation and shall inure to the benefit of the Beneficiaries.

     SECTION 2.3. Amendment.

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

     SECTION 2.4. Notices.

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

Regions Financing Trust II

c/o Regions Financial Corporation

1900 Fifth Avenue North

Birmingham, Alabama 35203

Facsimile No.: (205) 581-7629

Attention: General Counsel

Regions Financial Corporation

1900 Fifth Avenue North

Birmingham, Alabama 35203

Facsimile No.: (205) 581-7629

Attention: General Counsel

     SECTION 2.4. Governing Law.

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

C-3

 

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	REGIONS FINANCIAL CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	REGIONS FINANCING TRUST II

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Administrative Trustee 	 

C-4

 

	 	 	 	 	 

EXHIBIT D

[Form of Preferred Securities Certificate]

     [IF THE PREFERRED SECURITY IS TO BE A GLOBAL PREFERRED SECURITIES INSERT— This Preferred
Security is a Global Preferred Security, New York within the meaning of the Declaration hereinafter
referred to and is registered in the name of The Depository Trust Company (the “Depository”) or a
nominee of the Depository. This Preferred Security is exchangeable for Preferred Securities
registered in the name of a person other than the Depository or its nominee only in the limited
circumstances described in the Declaration and no transfer of this Preferred Security (other than a
transfer of this Preferred Security as a whole by the Depository to a nominee of the Depository or
by a nominee of the Depository to the Depository or another nominee of the Depository) may be
registered except in limited circumstances.

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

NO EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR ARRANGEMENT THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY PROVISIONS OF ANY APPLICABLE FEDERAL,
STATE, LOCAL OR FOREIGN LAW THAT ARE SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY AND
PROHIBITED TRANSACTION PROVISIONS OF TITLE I OF ERISA AND SECTION 4975 OF THE CODE (“SIMILAR LAWS”,
AND EACH SUCH PLAN OR ARRANGEMENT, A “PLAN”), NO ENTITY WHOSE UNDERLYING ASSETS INCLUDE
“PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY (A “PLAN ASSET ENTITY”), AND NO
PERSON INVESTING “PLAN ASSETS” OF ANY PLAN, MAY PURCHASE OR HOLD THIS PREFERRED SECURITIES
CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASE OR HOLDING WILL NOT CONSTITUTE A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. ANY PURCHASER OR HOLDER OF THIS PREFERRED SECURITIES
CERTIFICATE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
HEREOF THAT IT EITHER (A) IS NOT A PLAN OR A PLAN ASSET ENTITY AND IS NOT PURCHASING SUCH
SECURITIES ON BEHALF OF OR WITH “PLAN ASSETS” OF ANY PLAN, OR (B) SUCH PURCHASE OR HOLDING WILL NOT
CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

D-1

 

	 	 	 
	CERTIFICATE NUMBER

	 	NUMBER OF PREFERRED SECURITIES
	P-[______]

	 	CUSIP NO.__________

CERTIFICATE EVIDENCING PREFERRED SECURITIES

OF

REGIONS FINANCING TRUST II

___% TRUST PREFERRED SECURITIES,

(LIQUIDATION AMOUNT $1,000 PER PREFERRED SECURITY)

     Regions Financing Trust II, a statutory trust created under the laws of the State of Delaware
(the “Trust”), hereby certifies that _____________________ (the “Holder”) is the registered
owner of (_____) preferred securities of the Trust representing an undivided preferred beneficial
interest in the assets of the Trust and designated the Regions
Financing Trust II ____% Trust
Preferred Securities (Liquidation Amount $1,000 per Preferred Security) (the “Preferred
Securities”). The Preferred Securities are transferable on the books and records of the Trust, in
person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer as provided in Section 5.4 of the Declaration (as defined below). The
designations, rights, privileges, restrictions, preferences and other terms and provisions of the
Preferred Securities are set forth in, and this certificate and the Preferred Securities
represented hereby are issued and shall in all respects be subject to the terms and provisions of,
the Amended and Restated Declaration of the Trust, dated as of _________________, 2007, as the same
may be amended from time to time (the “Declaration”), including the designation of the terms of
Preferred Securities as set forth therein. The Holder is entitled to the benefits of the Guarantee
Agreement entered into by Regions Financial Corporation, a Delaware corporation, and Deutsche Bank
Trust Company Americas, as guarantee trustee, dated as of _____________, 2007 (the “Guarantee”),
to the extent provided therein. The Trust will furnish a copy of the Declaration and the Guarantee
to the Holder without charge upon written request to the Trust at its principal place of business
or registered office.

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

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

     BY RECEIPT AND ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER AGREES TO BE BOUND BY THE
DECLARATION AND IS ENTITLED TO THE BENEFITS THEREUNDER.

     IN WITNESS WHEREOF, the undersigned Administrative Trustee of the Trust has executed this
certificate as of the ___day of _____________, 2007.

	 	 	 	 	 
	 	REGIONS FINANCING TRUST II

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Administrative Trustee 	 
	 

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

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Authorized officer 	 

D-2

 

	 	 	 	 	 

ASSIGNMENT

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

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

     (Insert address and zip code of assignee) and irrevocably appoints

     agent to transfer this Preferred Security on the books of the Trust.

The agent may substitute another to act for him or her.

Date: ________________

Signature: 

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

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

D-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]