Document:

Form of Amended and Restated Declaration of Trust

 Exhibit 4.1 
 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 
 DATED AS OF                 , 2008 
  
  
 REGIONS FINANCING TRUST III 
  
  

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

									
	 Trust Indenture Act Section Declaration Section
	  	 Declaration Section

	 Section
	  	310	  	(a)(1)	  		  	8.7
		  		  	(a)(2)	  		  	8.7
		  		  	(a)(3)	  		  	8.9
		  		  	(a)(4)	  		  	2.7 (a)(ii)
		  		  	(b)	  		  	8.8
	 Section
	  	311	  	(a)	  		  	8.13
		  		  	(b)	  		  	8.13
	 Section
	  	312	  	(a)	  		  	5.7
		  		  	(b)	  		  	5.7
		  		  	(c)	  		  	5.7
	 Section
	  	313	  	(a)	  		  	8.14(a)
		  		  	(a)(4)	  		  	8.14(b)
		  		  	(b)	  		  	8.14(b)
		  		  	(c)	  		  	10.8
		  		  	(d)	  		  	8.14(c)
	 Section
	  	314	  	(a)	  		  	8.16
		  		  	(b)	  		  	Not Applicable
		  		  	(c)(1)	  		  	8.17
		  		  	(c)(2)	  		  	8.17
		  		  	(c)(3)	  		  	Not Applicable
		  		  	(d)	  		  	Not Applicable
		  		  	(e)	  		  	1.1, 8.17
	 Section
	  	315	  	(a)	  		  	8.1(a), 8.3(a)
		  		  	(b)	  		  	8.2, 10.8
		  		  	(c)	  		  	8.1(a)
		  		  	(d)	  		  	8.1, 8.3
		  		  	(e)	  		  	Not Applicable
	 Section
	  	316	  	(a)	  		  	Not Applicable
		  		  	(a)(1)(A)	  		  	8.1(d)(2)
		  		  	(a)(1)(B)	  		  	5.14(b)(2)
		  		  	(a)(2)	  		  	Not Applicable
		  		  	(b)	  		  	5.14
		  		  	(c)	  		  	6.7
	 Section
	  	317	  	(a)(1)	  		  	Not Applicable
		  		  	(a)(2)	  		  	Not Applicable
		  		  	(b)	  		  	5.9
	 Section
	  	318	  	(a)	  		  	10.11

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

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 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
	  	11
			
	 SECTION 2.1.
	  	Name.	  	11
	 SECTION 2.2.
	  	Office of the Delaware Trustee; Principal Place of Business.	  	11
	 SECTION 2.3.
	  	Initial Contribution of Trust Property; Organizational Expenses.	  	11
	 SECTION 2.4.
	  	Issuance of the Preferred Securities.	  	11
	 SECTION 2.5.
	  	Issuance of the Common Securities; Subscription and Purchase of Debentures.	  	12
	 SECTION 2.6.
	  	Declaration of Trust.	  	12
	 SECTION 2.7.
	  	Authorization to Enter into Certain Transactions.	  	13
	 SECTION 2.8.
	  	Assets of Trust.	  	16
	 SECTION 2.9.
	  	Title to Trust Property.	  	16
		
	 ARTICLE III. PAYMENT ACCOUNT
	  	16
			
	 SECTION 3.1.
	  	Payment Account.	  	16
		
	 ARTICLE IV. DISTRIBUTIONS; REDEMPTION
	  	17
			
	 SECTION 4.1.
	  	Distributions.	  	17
	 SECTION 4.2.
	  	Redemption.	  	18
	 SECTION 4.3.
	  	Subordination of Common Securities.	  	20
	 SECTION 4.4.
	  	Payment Procedures.	  	20
	 SECTION 4.5.
	  	Tax Returns and Reports.	  	21
	 SECTION 4.6.
	  	Payment of Taxes, Duties, etc. of the Trust.	  	21
	 SECTION 4.7.
	  	Payments under Indenture or Pursuant to Direct Actions.	  	21
	 SECTION 4.8.
	  	Liability of the Holder of Common Securities.	  	21
		
	 ARTICLE V. TRUST SECURITIES CERTIFICATES
	  	21
			
	 SECTION 5.1.
	  	Initial Ownership.	  	21
	 SECTION 5.2.
	  	The Trust Securities Certificates.	  	22
	 SECTION 5.3.
	  	Execution and Delivery of Trust Securities Certificates.	  	22
	 SECTION 5.4.
	  	Registration of Transfer and Exchange of Trust Securities Certificates.	  	23
	 SECTION 5.5.
	  	Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.	  	24
	 SECTION 5.6.
	  	Persons Deemed Holders.	  	24

  

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	 SECTION 5.7.
	  	Access to List of Holders’ Names and Addresses.	  	24
	 SECTION 5.8.
	  	Maintenance of Office or Agency.	  	24
	 SECTION 5.9.
	  	Appointment of Paying Agent.	  	25
	 SECTION 5.10.
	  	Ownership of Common Securities by Depositor.	  	25
	 SECTION 5.11.
	  	Global Preferred Securities Certificates; Common Securities Certificate.	  	26
	 SECTION 5.12.
	  	Notices to Clearing Agency.	  	26
	 SECTION 5.13.
	  	Definitive Preferred Securities Certificates.	  	27
	 SECTION 5.14.
	  	Rights of Holders.	  	27
		
	 ARTICLE VI. ACTS OF HOLDERS; MEETINGS; VOTING
	  	30
			
	 SECTION 6.1.
	  	Limitations on Voting Rights.	  	30
	 SECTION 6.2.
	  	Notice of Meetings.	  	31
	 SECTION 6.3.
	  	Meetings of Holders of Preferred Securities.	  	31
	 SECTION 6.4.
	  	Voting Rights.	  	31
	 SECTION 6.5.
	  	Proxies, etc.	  	31
	 SECTION 6.6.
	  	Holder Action by Written Consent.	  	32
	 SECTION 6.7.
	  	Record Date for Voting and Other Purposes.	  	32
	 SECTION 6.8.
	  	Acts of Holders.	  	32
	 SECTION 6.9.
	  	Inspection of Records.	  	33
		
	 ARTICLE VII. REPRESENTATIONS AND WARRANTIES
	  	33
			
	 SECTION 7.1.
	  	Representations and Warranties of the Property Trustee and the Delaware Trustee.	  	33
	 SECTION 7.2.
	  	Representations and Warranties of Depositor.	  	34
		
	 ARTICLE VIII. THE TRUSTEES
	  	35
			
	 SECTION 8.1.
	  	Certain Duties and Responsibilities.	  	35
	 SECTION 8.2.
	  	Certain Notices.	  	36
	 SECTION 8.3.
	  	Certain Rights of Property Trustee.	  	36
	 SECTION 8.4.
	  	Not Responsible for Recitals or Issuance of Securities.	  	39
	 SECTION 8.5.
	  	May Hold Securities.	  	39
	 SECTION 8.6.
	  	Compensation; Indemnity; Fees.	  	39
	 SECTION 8.7.
	  	Corporate Property Trustee Required; Eligibility of Trustees.	  	40
	 SECTION 8.8.
	  	Conflicting Interests.	  	41
	 SECTION 8.9.
	  	Co-Trustees and Separate Trustee.	  	41
	 SECTION 8.10.
	  	Resignation and Removal; Appointment of Successor.	  	42
	 SECTION 8.11.
	  	Acceptance of Appointment by Successor.	  	43
	 SECTION 8.12.
	  	Merger, Conversion, Consolidation or Succession to Business.	  	44
	 SECTION 8.13.
	  	Preferential Collection of Claims Against Depositor or Trust.	  	44
	 SECTION 8.14.
	  	Property Trustee may File Proofs of Claim	  	44
	 SECTION 8.15.
	  	Reports by Property Trustee.	  	45
	 SECTION 8.16.
	  	Reports to the Property Trustee.	  	45
	 SECTION 8.17.
	  	Evidence of Compliance with Conditions Precedent.	  	45

  

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	 SECTION 8.18.
	  	Number of Administrative Trustees.	  	46
	 SECTION 8.19.
	  	Delegation of Power.	  	46
	 SECTION 8.20.
	  	Delaware Trustee.	  	46
		
	 ARTICLE IX. TERMINATION, LIQUIDATION AND MERGER
	  	47
			
	 SECTION 9.1.
	  	Dissolution upon Expiration Date.	  	47
	 SECTION 9.2.
	  	Early Termination.	  	47
	 SECTION 9.3.
	  	Termination.	  	48
	 SECTION 9.4.
	  	Liquidation.	  	48
	 SECTION 9.5.
	  	Mergers, Consolidations, Amalgamations or Replacements of the Trust.	  	49
		
	 ARTICLE X. MISCELLANEOUS PROVISIONS
	  	50
			
	 SECTION 10.1.
	  	Limitation of Rights of Holders.	  	50
	 SECTION 10.2.
	  	Amendment.	  	51
	 SECTION 10.3.
	  	Separability.	  	52
	 SECTION 10.4.
	  	Governing Law.	  	52
	 SECTION 10.5.
	  	Payments Due on Non-Business Day.	  	52
	 SECTION 10.6.
	  	Successors.	  	53
	 SECTION 10.7.
	  	Headings.	  	53
	 SECTION 10.8.
	  	Reports, Notices and Demands.	  	53
	 SECTION 10.9.
	  	Agreement Not to Petition.	  	53
	 SECTION 10.10.
	  	Agreed Tax Treatment of Trust and Trust Securities	  	54
	 SECTION 10.11.
	  	Application of Trust Indenture Act.	  	54
	 SECTION 10.12.
	  	Acceptance of Terms of Declaration, Guarantee and Indenture.	  	54
	 SECTION 10.13.
	  	Counterparts.	  	55

  

					
	 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	  	

  

 -iii- 

 AMENDED AND RESTATED DECLARATION OF TRUST, dated as of •, 2008, 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) Dana W. Nolan, an individual, and Carl L. Gorday, 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”) (the Property Trustee, Delaware
Trustee and the Administrative Trustees are referred to collectively as the “Trustees”) and (v) the several Holders, as hereinafter defined. 
 WITNESSETH: 
 WHEREAS, the Depositor, Deutsche Bank Trust Company Delaware, as Delaware
Trustee, and Deutsche Bank Trust Company Americas, as Property Trustee, have heretofore duly declared and established a statutory trust pursuant to the Delaware Statutory Trust Act under the name “Regions Financing Trust III” (the
“Trust”) by entering into that certain Declaration of Trust, dated as of November 20, 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 Delaware Trustee, and Deutsche Bank Trust Company Americas, as Property Trustee, with the Secretary of State of the State of Delaware of the
Certificate of Trust, filed on November 20, 2001, attached hereto 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) capitalized terms used in this Declaration (including in the recitals) have the respective meanings assigned to them in Section 1.2; 

 

 1 

 (b) all references to “the Declaration” or “this Declaration” are to this Declaration
as modified, supplemented or amended from time to time; 
 (c) all references in this Declaration to Articles and Sections are to Articles
and Sections of this Declaration; 
 (d) a term defined in the Trust Indenture Act has the same meaning when used in this Declaration unless
otherwise defined in this Declaration or unless the context otherwise requires; 
 (e) 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; 
 (f) the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation”; 
 (g) a reference to the singular includes the plural and vice-versa; and 
 (h) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders. 
 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. 
  

 2 

 “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 as 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. 
 “Book-Entry Preferred
Securities” means Preferred Securities, 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 The City of New York, Wilmington, Delaware or Birmingham, Alabama are authorized or required by law, regulation or executive order to remain closed, or 
  

 3 

 (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” has the meaning specified in the Supplemental
Indenture. 
 “Certificate Depository Agreement” means the Blanket 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 Preferred 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. 
 “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 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 hereto as Exhibit B. 
 “Common
Security” means a common undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $25 per security 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 at 60 Wall Street, New York, New York 10005, 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” as 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 on or after June 15, 2013 or (ii) in whole but not in part after the occurrence of a Debenture Tax Event, an Investment Company Event, a Rating Agency Event or a Capital Treatment Event. 
  

 4 

 “Debenture Repayment Date” means a “Repayment Date” as defined in the
Supplemental Indenture. 
 “Debenture Tax Event” means a “Tax Event” as defined in the Supplemental
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 8.875% Junior Subordinated Notes due 2078 issued pursuant to the 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. Code § 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. 
 “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; 
  

 5 

 (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; 
 (c) default by the Trust in the payment of any Redemption Price of any Trust
Security when it becomes due and payable; 
 (d) failure to perform, or the breach, in any material respect, of any other 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 hereto as Exhibit C, as amended from time to time.

 “Expiration Date” has the meaning specified in Section 9.1. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to time constituted, or, if at any time after
the execution of this Declaration, the Federal Reserve is not existing and performing the duties now assigned to it, then the bodies performing such duties at such time, or the Federal Reserve Bank of Atlanta, or any successor Federal Reserve Bank
having primary jurisdiction over the Depositor. 
 “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, as guarantor, 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 or Trust Securities are registered in the Securities Register; any
such Person shall be deemed to be a beneficial owner within the meaning of the Delaware Statutory Trust Act. 
 “Indenture”
means the Indenture, dated as of May 15, 2002, between the Depositor and the Debenture Trustee, as trustee, as amended or supplemented from time to time. 
  

 6 

 “Investment Company Act” or “1940 Act” means the
Investment Company Act of 1940, as amended from time to time. 
 “Investment Company Event” has the meaning specified in the
Supplemental Indenture. 
 “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 aggregate principal amount of Debentures to be
contemporaneously redeemed in accordance with the 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 $25 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” means, except as provided
by the Trust Indenture Act, Preferred Securities, representing more than 50% of the aggregate Liquidation Amount of all then Outstanding Preferred Securities. 
 “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 8.17 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 such covenant or condition has been complied with; and 
  

 7 

 (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. 
 “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; and 
 (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 (i) 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 (ii) 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 Securities Certificate, the record owner reflected in the Securities Register therefor. 
  

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 “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. 
 “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 $25 per preferred
security 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 hereto 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. 
 “Prospectus Supplement” means the prospectus supplement dated •, 2008 to the prospectus dated May 11, 2007, pursuant to
which the Preferred Securities were offered to investors. 
 “Rating Agency Event” has the meaning specified in the
Supplemental Indenture. 
 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for
redemption thereof; provided that each Debenture Redemption Date, each 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 Depositor upon the concurrent redemption 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” shall mean, when used with respect to the Property Trustee, any officer within the Corporate Trust Office
including any Managing Director, Trust Officer, Principal, Vice President, Assistant Vice President, Secretary, Assistant Secretary, Treasurer or 

  

 9 

 
Assistant Treasurer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge and familiarity with the particular subject. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder by the Commission.

 “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 5.4. 
 “Supplemental Indenture” means the Fourth Supplemental Indenture, dated as of •, 2008,
between the Depositor and the Debenture Trustee, as trustee, as amended or supplemented from time to time. 
 “Trust” has
the meaning specified in the recitals 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 Preferred Securities Certificates. 
 “Trust Security” means any one of the
Common Securities or the Preferred Securities. 
 “Trustees” has the meaning specified in the preamble. 
 “Underwriters” means the underwriters named in Schedule A to the Underwriting Agreement. 
 “Underwriting Agreement” means the Underwriting Agreement, dated •, 2008, among the Trust, the Depositor and Morgan
Stanley & Co. Incorporated, Morgan Keegan & Company, Inc., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the several underwriters named therein. 
  

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 ARTICLE II. 
 CONTINUATION OF THE TRUST 
 SECTION 2.1. Name. 
 The Trust established under the Original Declaration and continued hereby shall be known as “Regions Financing Trust III,” 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 and Agency Services, or such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Holders, the other
Trustees 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 on its own behalf, and pursuant to the Original Declaration, executed and delivered the Underwriting Agreement on •, 2008. 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 • Preferred Securities, having an aggregate Liquidation Amount of $•,000,000 against receipt of the aggregate purchase price of such Preferred Securities of $•,000,000 which
amount such Administrative Trustee shall promptly deliver to the Property Trustee. [Insert if over-allotment option is not exercised in full on the closing date – In connection with the exercise of any over-allotment option set forth in
the Underwriting Agreement, at least one 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 or as otherwise requested by the underwriters named in such Underwriting Agreement, representing the Preferred Securities issuable upon exercise of such option,
against receipt of the aggregate purchase price of such Preferred Securities, which amount such Administrative Trustee(s) shall promptly delivery to the Property Trustee.] 
  

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 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 the Depositor Common Securities Certificates, registered in the name of the Depositor, representing 400 Common Securities, having an aggregate Liquidation Amount of $10,000, against payment by the
Depositor of the purchase price therefor, 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 $•,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 purchase price therefor (being the sum of the amounts delivered to the Property Trustee pursuant to (i) the second sentence of Section 2.4 and (ii) the first sentence of this Section 2.5). In 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 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. 
  

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 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), (ii) and (iii), 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 (acting jointly or singly) 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; 
 (C) assisting in the registration of the Preferred Securities under the Securities Act, and under applicable state securities or blue sky laws, and the qualification of this 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 Exchange Act and with the preparation and filing of all periodic and other reports and other documents pursuant to the foregoing; 
 (E) assisting in the sending of notices (other than notices of default) and other information regarding the Trust Securities and the
Debentures to the Holders in accordance with this Declaration; 
 (F) the consent to the appointment of a Paying Agent and
Securities Registrar in accordance with this Declaration; 
 (G) execution of the Trust Securities on behalf of the Depositor
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; 
  

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 (J) unless otherwise required by the Trust Indenture Act or the Delaware Statutory Trust
Act, executing 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; 
 (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) the
performance of the duties of the Property Trustee set forth in this Declaration; and 
 (J) 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). 
  

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 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). 
 (iii) The Property Trustee shall comply with the listing requirements of the Preferred Securities upon such securities exchange or exchanges as shall be determined by the Depositor, the registration of the Preferred Securities under the
Exchange Act, if required, and the preparation and filing of all periodic and other reports and other documents pursuant to the foregoing. 
 (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 (acting on behalf of the Trust) 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 or agency arrangement 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
(A) 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 (B) 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 securities exchange 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 

  

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execution and delivery of, the Underwriting Agreement providing for the sale of the Preferred Securities; and (vi) the taking of any other actions
necessary or desirable to carry out any of the foregoing activities. 
 (d) Notwithstanding anything herein to the contrary, the
Administrative Trustees are authorized and directed to conduct the affairs of the 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 as other than a grantor trust or agency arrangement for United States federal 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 in trust 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. 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 (or cause to be deposited) 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. 
  

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 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 accrue from
•, 2008, and, except to the extent that the Depositor exercises its right to defer the payment of interest on the Debentures in accordance with the Supplemental Indenture, shall be payable quarterly in arrears on March 15,
June 15, September 15 and December 15 of each year, commencing on June 15, 2008. If any date on 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, without any interest or other payment in respect of any such delay), with the same force and effect as if made
on such date (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 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 at a rate of 8.875% per annum of the Liquidation Amount of the Trust Securities. The amount of Distributions payable for any period shall be
computed on the basis of a 360-day year of twelve 30-day months. The amount of Distributions payable for any period shall include the Additional Amounts, if any. 
 (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 (whether or not a Business Day). 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 

  

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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 Supplemental Indenture. 
 SECTION 4.2. Redemption. 
 (a) On each Debenture Redemption Date (including upon the stated maturity
of the Debentures), and on each Debenture Repayment Date, 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 Securities Register. All notices of redemption shall state:

 (i) the Redemption Date; 
 (ii) the Redemption Price or if the Redemption Price cannot be calculated prior to the time the notice is required to be sent, 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); 
 (iii) the CUSIP number or numbers of the Trust 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. 

(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 

  

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shall deposit sufficient funds with the Property Trustee, or the Paying Agent on behalf of the Property Trustee, to pay the Redemption Price. If such deposit
has been made by such time, then by 12:00 noon, New York City time, on the Redemption Date, subject to Section 4.2(c), the Property Trustee, or the Paying Agent on behalf of 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. The Trust will also give the Clearing Agency irrevocable instructions and authority to
pay the Redemption Price in immediately available funds to the beneficial owners of the Global Preferred Security. If the Preferred Securities called for redemption 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 month, 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) 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 upon the relative 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 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. The Property Trustee shall promptly notify the Securities Registrar in writing of the Preferred Securities selected for redemption and, in the
case of any Preferred Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this 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 

  

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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. For United States federal income tax purposes, a partial redemption of Trust Securities shall be treated by the Depositor and the Trust, and in purchasing the Trust Securities, the
Holders agree to treat such partial redemption, as an in-kind distribution of the Debentures to be redeemed to the Holders of the Trust Securities in redemption of the Trust Securities chosen to be redeemed by the Property Trustee or Clearing Agency
immediately followed by a cash redemption by the Depositor of such Debentures held by such Holders. 
 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(e), pro rata (based on Liquidation Amount) 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 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 Clearing Agency in immediately available funds. Payments in respect of the Common Securities
shall be made in such manner as shall be mutually agreed between the Property Trustee and the Common Holder. 
  

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 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 2.13 of the Supplemental Indenture or Section 5.14 of this Declaration. 
 SECTION 4.8. Liability of the
Holder of Common Securities. 
 As permitted under the Delaware Statutory Trust Act, 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. 
  

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 SECTION 5.2. The Trust Securities Certificates. 
 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 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, the Administrative Trustees shall cause Trust Securities Certificates, in an aggregate Liquidation Amount as
provided in Sections 2.4 and 2.5, 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 upon the written order of the Trust executed by an Administrative Trustee thereof, 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 (other than in connection with the exercise of any over-allotment option set forth in
the Underwriting Agreement) 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 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 hereto as Exhibit D executed by the Property Trustee by the manual signature of one of its
Responsible 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. 
  

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 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 Preferred 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 to the Property Trustee, and the Property Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Preferred Securities Certificates in authorized denominations of a like aggregate
Liquidation Amount. 
 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 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.

  

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 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 5.5, 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 5.5 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 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 

  

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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: Corporate Trust and Agency 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 and the Property Trustee. 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 Property Trustee shall appoint a successor to act as Paying Agent, which will be a bank or trust company that is acceptable to the
Administrative Trustee and the Depositor. 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 (i) a transfer to an Affiliate of the Depositor or (ii) 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 

  

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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.” 
 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 typewritten 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 

  

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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 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 

  

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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 provided in the Indenture, the Holders of 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. 
 The Holders of 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 

  

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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 the failure of the Depositor to pay interest or principal on the Debentures on the date that interest or principal is
otherwise payable (except for deferrals permitted by Section 2.5 of the Supplemental Indenture and this Declaration), any Holder of Preferred Securities shall have the right to institute a proceeding directly against the Depositor 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) or Section 2.13 of the Supplemental Indenture, 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 5.14, the Holders of 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. 
 Notwithstanding anything contained herein to the contrary, the Property Trustee shall not be bound, obligated or
required to take any action at the request or direction of any of any Holder or Owner pursuant to this Declaration if such Holder or Owner shall not have made available to the Property Trustee, security or indemnity reasonably acceptable to the
Property Trustee against the costs, expenses and liabilities including fees and expenses of its agents and counsel) which might be incurred by it in compliance with the written request or direction. 
  

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 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. 
 (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 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 Administrative Trustees shall 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 agency
arrangement or cause the Trust to be 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 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. 
  

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 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 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 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. 
 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 Trust Security 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.

  

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 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 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 

  

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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 

  

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with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors’ rights and to general equity principles; 
 (f) the execution, delivery and performance of this 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 violate (i) the Charter or By-laws of the Property Trustee or the Delaware Trustee, (ii) 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) 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); and 
 (h) there are no proceedings pending or, to the best of each of the Property
Trustee’s and the Delaware Trustee’s knowledge, threatened against or affecting the Property Trustee or the Delaware Trustee in any court or before any governmental authority, agency or arbitration board or tribunal 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 the Closing Date and the
Trust Securities Certificates issued in connection with the exercise of any over-allotment option set forth in the Underwriting Agreement 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. 
  

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 ARTICLE VIII. 
 THE TRUSTEES 
 SECTION 8.1. Certain Duties and Responsibilities. 
 (a) Other than during the occurrence and continuance of an Event of Default, the Property Trustee undertakes to perform only the duties that are
specifically set forth in the Amended Declaration. After an Event of Default, the Property Trustee must exercise the same degree of care and skill as a prudent individual would exercise or use in the conduct of his or her own affairs. 
 (b) 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. 
 (c) 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 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. 
 (d) 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. 
 (e) 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 a Responsible Officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
  

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 (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 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 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 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, 

  

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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) None of the provisions of this Declaration shall require the Property Trustee to expend or risk its own funds or otherwise to incur any financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers and, subject to Section 8.1(c), the Property Trustee shall be under no obligation to exercise any of the rights or 

  

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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; 
 (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. 
  

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 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. 
 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 paragraph (a) or (b) of
this Section 8.6), 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. 
  

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 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 8.7, 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 VIII. At
the time of appointment, the Property Trustee must have securities rated in one of the three highest rating categories by a nationally recognized statistical rating organization. 
 (b) There shall at all times be one or more Administrative Trustees hereunder with respect to the Trust Securities. Each Administrative Trustee shall be
either a natural person who is at least 21 years of age or a legal entity that shall act through one or more persons authorized to bind that entity. An employee, officer or Affiliate 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. 
  

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 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 a Debenture Event of Default shall have occurred and be continuing, at any time or from time to time, 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 Holder of the Common Securities and the Administrative Trustees shall have power 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 act as separate trustee of any such Trust 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 such capacity, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section 8.9. 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 8.9 shall either be (i) a natural person who is at least 21 years of age and a resident of the United States or (ii) a legal entity with its principal place of business in
the United States that shall act through one or more persons authorized to bind such entity. 
 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 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. 
  

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 (c) The Property Trustee at any time, by an instrument in writing executed by it, with the written
concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section 8.9, and, in case 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 8.9. 
 (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the
Property Trustee or any other trustee hereunder. 
 (e) The Property Trustee shall not be liable by reason of any act 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 VIII
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. The Property Trustee or the Delaware Trustee, or both of them, may be removed 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, in the case of the Property Trustee, on behalf of the Trust) (i) for cause (including upon the
occurrence of an Event of Default described in subparagraphs (b) or (c) in the definition thereof with respect to the Relevant Trustee), or (ii) at any time if a Debenture Event of Default shall have occurred and be continuing. 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 

  

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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, 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. Notwithstanding the foregoing, the right to vote to appoint, remove or replace the Administrative Trustees is vested exclusively in the Holder of the Common Securities, and in no event will the Holders of the Preferred Securities
have such right. 
 The Property Trustee shall give notice of each resignation and each removal of a Trustee (other than an Administrative
Trustee) known to it and each appointment of a successor Trustee (other than an Administrative Trustee) 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 

  

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being understood that nothing herein or in such amendment shall constitute such Relevant Trustee a co-trustee, it also being understood that no successor
Relevant Trustee shall be appointed if such appointment (or amendment hereto under (a) or (b) above) would cause the Trust to be treated as other than a grantor trust or agency arrangement for United States federal income tax purposes, or
cause the Debentures to be treated as other than indebtedness of the Depositor. 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 VIII. 
 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 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. 
 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). 
 SECTION 8.14. Property Trustee may File Proofs of Claim 
 In case of any receivership,
conservatorship, 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 property of the Trust or of
such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the Trust Securities shall then be due and payable and irrespective of whether the Property Trustee shall have made any demand on the 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: 
  

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 (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
monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, conservator, assignee, trustee, liquidation, 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 contained in this Section 8.14 shall be deemed to authorize the Property Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or compensation
affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 8.15. Reports by Property Trustee. 
 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 Section 313(c) of the Trust
Indenture Act a brief report dated as of such March 15 if and to the extent required by Section 313(a) of the Trust Indenture Act. 
 SECTION
8.16. 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 8.17. 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 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. 
  

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 SECTION 8.18. 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. No Holder of the 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, an individual and Dana W. Nolan, an individual. 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 8.19. Delegation of Power. 
 (a) Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 his or her power for the purpose of executing any documents contemplated
in Section 2.7(a), including any registration statement or amendment thereto filed with the Commission, or making any other governmental filing; and 
 (b) The Administrative Trustees shall have power to delegate from time to time to such of their number or to the Depositor the doing of such things and the execution of such instruments either in the name of the 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 8.20. Delaware Trustee. 
 (a)
Notwithstanding any other provision of this Declaration, 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. 
  

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 (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 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 Declaration, 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 •, 2084 (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 and the Common
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 or repayment of all the Debentures; and 
 (d) the entry of an order for
dissolution of the Trust by a court of competent jurisdiction. 
  

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 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 Trust Securities at such Holder’s address appearing in the Securities Register. All notices of liquidation shall: 
 (i) state the CUSIP number of the Trust Securities; 
 (ii) state the Liquidation Date; 
 (iii) 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; and 
 (iv)
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. 
 (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 Preferred Securities will no longer be deemed to be
Outstanding, (ii) the Clearing Agency or its nominee, 

  

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as the record holder of the Preferred Securities, will receive a registered global certificate or certificates representing the Debentures to be delivered
upon such distribution, (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 Preferred Securities Certificates representing the Preferred Securities not held by the Clearing Agency or its nominee or so surrendered for exchange will be deemed to represent a Like Amount of Debentures,
and bearing accrued and unpaid interest in an amount equal to the accrued and unpaid Distributions on such Preferred Securities until such certificates are so surrendered for transfer or reissuance, 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 Section 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 in cash 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 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 

  

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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) a trustee of such successor entity possessing the same powers and duties as the Property Trustee is
appointed to hold the Debentures then held by or on behalf of the Property Trustee, (iii) the Successor Securities are listed or traded, or any Successor Securities will be listed upon notice of issuance, on the same national securities
exchange or other organization on which the Preferred Securities are then listed or traded, (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 any permitted successor or assignee 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 or agency arrangement 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. 
  

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 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 of Preferred Securities to,
(i) cure any ambiguity or 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, in each case to
the extent the amendment does not adversely affect the interests of any Holder of Preferred Securities in any material respect, (ii) 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 or agency arrangement 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, (iii) modify, eliminate or add to
any provisions of this Declaration to such extent as shall be necessary to ensure the treatment of the Preferred Securities as Tier 1 capital under Federal Reserve rules and regulations as then in effect and applicable to the Depositor,
(iv) require that Holders that are not United States Persons for United States federal income tax purposes irrevocably appoint a United States Person to exercise any voting rights to ensure that the Trust will not be treated as a foreign trust
for United States federal income tax purposes, or (v) conform the terms of this Declaration to the description of the Declaration, the Preferred Securities and the Common Securities in the Prospectus Supplement. 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), 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 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 other than a grantor trust or agency arrangement and
will not cause the Trust to be taxed 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 Section 10.2(c) 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 agency arrangement 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. 
  

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 (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 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 (except as otherwise provided in Sections 4.1(a) and 4.2(d)),
with the same force and effect as though made on the date fixed for such payment and no interest shall accrue for the period after such date. 
  

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 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. 
 Except
as otherwise provided herein, 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 III.” 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. 
 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 

  

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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 (i) to treat the Trust as a grantor trust for United
States federal, state and local tax purposes, (ii) 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 income tax purposes, and (iii) to treat the Debentures as indebtedness of the Depositor 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 

  

 54 

 
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 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. 
 [Signature Page Follows] 
  

 55 

 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:	 	  

	Name:	 	
	Title:	 	
	
	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:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity, but solely in its capacity as Delaware Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
		
		 	  

		 	Name:	 	Carl L. Gorday
		 		 	as Administrative Trustee
		
		 	  

		 	Name:	 	Dana W. Nolan
		 		 	as Administrative Trustee

  

 56 

 EXHIBIT A 
 CERTIFICATE OF TRUST 
 OF REGIONS FINANCING TRUST III 

 CERTIFICATE OF TRUST 
 OF 
 REGIONS FINANCING TRUST III 
 This Certificate of Trust of Regions Financing Trust III (the “Trust”), dated November 20, 2001, is being duly executed and filed by the
undersigned, as trustees, to form a business trust under the Delaware Business Trust Act (12 Del. C.ss.3801, et seq.) (the “Act”). 
 1. Name. The name of the business trust being formed hereby is Regions Financing Trust III. 
 2. Delaware Trustee. The name and
business address of the trustee of the Trust with a principal place of business in the State of Delaware is Bankers Trust (Delaware), a Delaware banking corporation, Montgomery Building,1011 Centre Road, Suite 200, Wilmington, Delaware 19805.

 3. Effective Date. This Certificate of Trust shall be effective upon filing with the Secretary of State of the State of Delaware.

 4. Counterparts. This Certificate of Trust may be executed in one or more counterparts. 
 [SIGNATURE PAGE FOLLOWS] 
 IN WITNESS
WHEREOF, the undersigned, being the trustees of the Trust, have executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 
  

			
	BANKERS TRUST COMPANY, a New York banking corporation, not in its individual capacity but solely as trustee
		
	By:	 	 /s/ Tracy Salzman

	Name:	 	Tracy Salzman
	Title:	 	Associate
	
	BANKERS TRUST (DELAWARE), a Delaware banking corporation, not in its individual capacity but solely as trustee
		
	By:	 	 /s/ Elizabeth B. Ferry

	Name:	 	Elizabeth B. Ferry
	Title:	 	Assistant Vice President

 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         

 CERTIFICATE EVIDENCING COMMON SECURITIES 
 OF 
 REGIONS FINANCING TRUST III 
 8.875% COMMON SECURITIES 
 (LIQUIDATION AMOUNT $25 PER COMMON SECURITY) 
 Regions Financing Trust III, 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 in the assets of the Trust and designated the 8.875% Common Securities (Liquidation Amount $25 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 Trust of the Trust, dated as of
•, 2008, 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. 
  

 B-1 

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

			
	REGIONS FINANCING TRUST III
		
	By:	 	  

	Name:	 	
	Title:	 	Administrative Trustee

  

 B-2 

 EXHIBIT C 
 [Form of Expense Agreement] 
 AGREEMENT AS TO EXPENSES AND LIABILITIES 
 AGREEMENT, dated as of •, 2008, between Regions Financial Corporation, a Delaware corporation (the “Corporation”), and Regions
Financing Trust III, 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 8.875% Trust Preferred Securities, liquidation amount $25 per preferred security (the “Preferred Securities”), with such powers, preferences and special rights and restrictions as are set forth
in the Amended and Restated Declaration of Trust of the Trust, dated as of •, 2008 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 withholding tax and 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 

  

 C-1 

 
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. 
 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 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 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. 
  

 C-2 

 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 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 III 
 c/o Regions Financial Corporation 
 1900 Fifth Avenue North 
 Birmingham, Alabama 35203 
 Facsimile No.:
(205) 581-7629 
  

 C-3 

 Attention: General Counsel 
 Regions Financial Corporation 
 1900 Fifth Avenue North 
 Birmingham, Alabama 35203 
 Facsimile No.:
(205) 581-7629 
 Attention: General Counsel 
 SECTION 2.5. Governing Law. 
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE. 
  

 C-4 

 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 III
		
	By:	 	  

	Name:	 	
	Title:	 	Administrative Trustee

  

 C-5 

 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 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 III 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.] 
  

			
	 CERTIFICATE NUMBER
 P- [
                     ]
	  	 NUMBER OF PREFERRED SECURITIES        
 CUSIP NO. •

 CERTIFICATE EVIDENCING PREFERRED SECURITIES 
 OF 
 REGIONS FINANCING TRUST III 
 8.875% TRUST PREFERRED SECURITIES, 
 (LIQUIDATION AMOUNT $25 PER PREFERRED SECURITY)

 Regions Financing Trust III, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby
certifies that Cede & Co. (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 III 8.875% Trust Preferred Securities (Liquidation Amount $25 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 

  

 D-1 

 
Securities represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated Declaration of Trust
of the Trust, dated as of •, 2008, 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 •, 2008 (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. 
 BY RECEIPT AND ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER AGREES (I) TO TREAT THE TRUST AS A GRANTOR TRUST
FOR UNITED STATES FEDERAL, STATE AND LOCAL TAX PURPOSES, (II) 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, AND (III) TO TREAT THE DEBENTURES AS INDEBTEDNESS OF THE DEPOSITOR FOR UNITED STATES FEDERAL, STATE AND LOCAL TAX PURPOSES. 
 THE PREFERRED SECURITIES ARE NOT SAVINGS ACCOUNT DEPOSITS OR OTHER OBLIGATIONS OF A BANK OR NONBANK SUBSIDIARY THEREOF, AND ARE NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY. 
 IN WITNESS WHEREOF, the undersigned
Administrative Trustee of the Trust has executed this certificate as of the          day of
                    ,             . 
  

			
	REGIONS FINANCING TRUST III
		
	By:	 	  

	Name:	 	
	Title:	 	Administrative Trustee

 (TRUSTEE’S CERTIFICATE OF AUTHENTICATION) 
  

 D-2 

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

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS AS TRUSTEE
		
	By:	 	  

		 	Authorized Officer

  

 D-3 

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

 D-4Form of Guarantee Agreement

 Exhibit 4.2 
 GUARANTEE AGREEMENT 
 BETWEEN 
 REGIONS FINANCIAL CORPORATION, 
 AS GUARANTOR, 
 AND 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 AS GUARANTEE TRUSTEE 
 RELATING TO 

REGIONS FINANCING TRUST III 
 DATED AS OF
                    , 2008 

 REGIONS FINANCING TRUST III 
 Certain Sections of this Guarantee Agreement relating 
 to Sections 310 through 318 of the 
 Trust Indenture Act of 1939: 
  

					
	 Section of
Trust Indenture
Act Agreement
	  	 Section of
 Guarantee

	310	  	(a)	  	4.1(a)
		  	(b)	  	4.1(c), 2.8
		  	(c)	  	Inapplicable
	311	  	(a)	  	2.2(b)
		  	(b)	  	2.2(b)
		  	(c)	  	Inapplicable
	312	  	(a)	  	2.2(a)
		  	(b)	  	2.2(b)
	313	  		  	2.3
	314	  	(a)	  	2.4
		  	(b)	  	Inapplicable
		  	(c)	  	2.5
		  	(d)	  	Inapplicable
		  	(e)	  	1.1, 2.5, 3.2
		  	(f)	  	2.1, 3.2
	315	  	(a)	  	3.1(d)
		  	(b)	  	2.7
		  	(c)	  	3.1
		  	(d)	  	1(d)
	316	  	(a)	  	1.1, 2.6, 5.4
		  	(b)	  	5.3
		  	(c)	  	8.2
	317	  	(a)	  	Inapplicable
		  	(b)	  	Inapplicable
	318	  	(a)	  	2.1(b)
		  	(b)	  	2.1
		  	(c)	  	2.1(a)

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

 -i- 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1. INTERPRETATION AND DEFINITIONS
	  	1
			
	 SECTION 1.1.
	  	Interpretation.	  	1
	 SECTION 1.2.
	  	Definitions.	  	2
		
	ARTICLE 2. TRUST INDENTURE ACT	  	5
			
	 SECTION 2.1.
	  	Trust Indenture Act; Application.	  	5
	 SECTION 2.2.
	  	List of Holders.	  	5
	 SECTION 2.3.
	  	Reports by the Guarantee Trustee.	  	5
	 SECTION 2.4.
	  	Periodic Reports to the Guarantee Trustee.	  	5
	 SECTION 2.5.
	  	Evidence of Compliance with Conditions Precedent.	  	6
	 SECTION 2.6.
	  	Events of Default; Waiver.	  	6
	 SECTION 2.7.
	  	Event of Default; Notice.	  	6
	 SECTION 2.8.
	  	Conflicting Interests.	  	6
		
	 ARTICLE 3. POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	  	7
			
	 SECTION 3.1.
	  	Powers and Duties of the Guarantee Trustee.	  	7
	 SECTION 3.2.
	  	Certain Rights of Guarantee Trustee.	  	8
	 SECTION 3.3.
	  	Indemnity.	  	10
	 SECTION 3.4.
	  	Fees and Expenses.	  	10
		
	 ARTICLE 4. GUARANTEE TRUSTEE
	  	10
			
	 SECTION 4.1.
	  	Guarantee Trustee: Eligibility.	  	10
	 SECTION 4.2.
	  	Appointment, Removal and Resignation of the Guarantee Trustee.	  	11
		
	 ARTICLE 5. GUARANTEE
	  	12
			
	 SECTION 5.1.
	  	Guarantee.	  	12
	 SECTION 5.2.
	  	Waiver of Notice and Demand.	  	12
	 SECTION 5.3.
	  	Obligations not Affected.	  	12
	 SECTION 5.4.
	  	Rights of Holders.	  	13
	 SECTION 5.5.
	  	Guarantee of Payment.	  	13
	 SECTION 5.6.
	  	Subrogation.	  	13
	 SECTION 5.7.
	  	Independent Obligations.	  	14
		
	 ARTICLE 6. SUBORDINATION
	  	14
			
	 SECTION 6.1.
	  	Subordination.	  	14

  

 -ii- 

					
	 SECTION 6.2.
	  	Pari Passu Guarantees.	  	14
		
	ARTICLE 7. TERMINATION	  	14
			
	 SECTION 7.1.
	  	Termination.	  	14
		
	ARTICLE 8. MISCELLANEOUS	  	15
			
	 SECTION 8.1.
	  	Successors and Assigns.	  	15
	 SECTION 8.2.
	  	Amendments.	  	15
	 SECTION 8.3.
	  	Notices.	  	15
	 SECTION 8.4.
	  	Benefit.	  	16
	 SECTION 8.5.
	  	Governing Law.	  	17
	 SECTION 8.6.
	  	Counterparts.	  	17

  

 -iii- 

 GUARANTEE AGREEMENT, dated as of
                    , 2008, executed and delivered by REGIONS FINANCIAL CORPORATION, a Delaware corporation (the “Guarantor”)
having its principal office at 1900 Fifth Avenue North, Birmingham, Alabama 35203, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a banking corporation organized under the laws of the State of New York, as trustee (the “Guarantee
Trustee”), having a corporate trust office at 60 Wall Street, New York, New York 10005, for the benefit of the Holders (as defined herein) from time to time of the Preferred Securities (as defined herein) of Regions Financing Trust III, a
Delaware business trust (the “Issuer”). 
 WITNESSETH: 
 WHEREAS, pursuant to an Amended and Restated Declaration of Trust, dated as of
                    , 2008 (the “Declaration”), among the Guarantor, as Depositor, the Property Trustee (as defined below),
the Delaware Trustee (as defined in the Declaration) and the Administrative Trustees named therein and the Holders from time to time of undivided beneficial interests in the assets of the Issuer, the Issuer is issuing
$             aggregate Liquidation Amount (as defined in the Declaration) of its 8.875% Trust Preferred Securities (Liquidation Amount $25 per preferred security) (the
“Preferred Securities”) representing preferred undivided beneficial interests in the assets of the Issuer and having the terms set forth in the Declaration; 
 WHEREAS, the Preferred Securities will be issued by the Issuer and the proceeds thereof, together with the proceeds from the issuance of the
Issuer’s Common Securities (as defined below), will be used to purchase the Debentures (as defined in the Declaration) of the Guarantor which will be deposited with Deutsche Bank Trust Company Americas, as Property Trustee under the Declaration
(the “Property Trustee”), as trust assets; and 
 WHEREAS, as incentive for the Holders to purchase Preferred Securities,
the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the Holders of the Preferred Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase by each Holder of Preferred Securities, which purchase the
Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement to provide as follows for the benefit of the Holders from time to time of the Preferred Securities: 
 ARTICLE 1. 
 INTERPRETATION AND
DEFINITIONS 
 SECTION 1.1. Interpretation. 
 For all purposes of this Guarantee Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a)
capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto have the respective meanings assigned to them in Section 1.2; 

 (b) all references to “the Guarantee Agreement” or “this Guarantee Agreement” are to
this Guarantee Agreement as modified, supplemented or amended from time to time; 
 (c) all references in this Guarantee Agreement to
Articles and Sections are to Articles and Sections of this Guarantee Agreement unless otherwise specified; 
 (d) a term defined in the Trust
Indenture Act has the same meaning when used in this Guarantee Agreement unless otherwise defined in this Guarantee Agreement or unless the context otherwise requires; 
 (e) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Guarantee Agreement as a whole and not to any particular Article, Section or other
subdivision; 
 (f) the words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation;” 
 (g) a reference to the singular includes the plural and vice-versa; and 
 (h) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders. 
 SECTION 1.2. Definitions. 
 As used in this Guarantee
Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings: 
 “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 Issuer shall
not be deemed to be an Affiliate of the Guarantor. 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. 
 “Board of Directors” means either the board of directors of the Guarantor or any executive or other committee duly authorized by the
board of directors of the Guarantor to act hereunder. 
 “Common Securities” means the securities representing common
undivided beneficial interests in the assets of the Issuer. 
  

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 “Event of Default” means a default by the Guarantor on any of its payment or other
obligations under this Guarantee Agreement; provided, however, that, except with respect to a default in payment of any Guarantee Payments, the Guarantor shall have received written notice of default and shall not have cured such default within 60
days after receipt of such notice. 
 “Guarantee Payments” means the following payments or distributions, without
duplication, with respect to the Preferred Securities, to the extent not paid or made by or on behalf of the Issuer: (i) any accumulated and unpaid Distributions (as defined in the Declaration) required to be paid on the Preferred Securities,
to the extent the Issuer shall have funds available therefor at such time, (ii) the redemption price, including all accumulated and unpaid Distributions to the date of redemption (the “Redemption Price”), with respect to any Preferred
Securities called for redemption by the Issuer, to the extent the Issuer shall have funds on hand available therefor at such time, and (iii) upon a voluntary or involuntary termination, winding up or liquidation of the Issuer, unless Debentures
are distributed to the Holders, the lesser of (a) the aggregate of the Liquidation Amount of $25 per Preferred Security plus accumulated and unpaid Distributions on the Preferred Securities to the date of payment to the extent that the Issuer
shall have funds available therefor at such time and (b) the amount of assets of the Issuer remaining available for distribution to Holders in liquidation of the Issuer (in either case, the “Liquidation Distribution”). 
 “Guarantee Trustee” means Deutsche Bank Trust Company Americas, until a Successor Guarantee Trustee has been appointed and has accepted
such appointment pursuant to the terms of this Guarantee Agreement, and thereafter means each such Successor Guarantee Trustee. 
 “Holder” means any holder (as defined in the Declaration) of any Preferred Securities; provided, however, that in determining whether the holders of the requisite percentage of Preferred Securities have given any request,
notice, consent or waiver hereunder, “HOLDER” shall not include the Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee. 
 “Indenture” means the Indenture dated as of May 15, 2002, as supplemented and amended between the Guarantor and Deutsche Bank Trust
Company Americas, as trustee. 
 “List of Holders” has the meaning specified in Section 2.2(a). 
 “Majority in Liquidation Amount of the Preferred Securities” means, except as provided by the Trust Indenture Act, a vote by the
Holder(s), voting separately as a class, of more than 50% of the Liquidation Amount of all then outstanding Preferred Securities issued by the Issuer. 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by the President or a Vice President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or
an Assistant Secretary of such Person, and delivered to the Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement shall include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating thereto;

  

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 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each
officer in rendering the Officers’ Certificate; 
 (c) a statement that each officer has made such examination or investigation as, in
such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each officer, such condition or covenant has been complied with. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Responsible Officer” means, with respect to the Guarantee Trustee, any Vice President, any Assistant Vice President, the Secretary, any
Assistant Secretary, any Assistant Treasurer, any Trust Officer or Assistant Trust Officer or any other officer of the Corporate Trust Department of the Guarantee Trustee and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
 “Senior Debt” has the meaning set forth in the Indenture. 
 “Successor Guarantee Trustee” means a
successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 4.1. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this Guarantee Agreement 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. 
 Capitalized or otherwise
defined terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Declaration as in effect on the date hereof. 
  

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 ARTICLE 2. 
 TRUST INDENTURE ACT 
 SECTION 2.1. Trust Indenture Act; Application. 
 (a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are or would be required to be part of this Guarantee Agreement
and shall, to the extent applicable, be governed by such provisions. 
 (b) If and to the extent that any provision of this Guarantee
Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 SECTION 2.2. List of Holders. 
 (a) The Guarantor shall furnish or cause to be furnished to the
Guarantee Trustee (if the Guarantee Trustee is not the securities registrar) (a) semi-annually, on or before June 1 and December 1 of each year, a list, in such form as the Guarantee Trustee may reasonably require, of the names and
addresses of the Holders (the “List of Holders”) as of a date not more than 15 days prior to the delivery thereof, and (b) at such other times as the Guarantee Trustee may request in writing, within 30 days after the receipt by
the Guarantor of any such request, a List of Holders as of a date not more than 15 days prior to the time such list is furnished, in each case to the extent such information is in the possession or control of the Guarantor and is not identical to a
previously supplied list of Holders or has not otherwise been received by the Guarantee Trustee in its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
 (b) The Guarantee Trustee shall comply with its obligations under Section 311(a), Section 311(b) and Section 312(b) of the Trust Indenture
Act. 
 SECTION 2.3. Reports by the Guarantee Trustee. 
 Not later than March 15 of each year, commencing March 15, 2009, the Guarantee Trustee shall provide to the Holders such reports as are required by Section 313 of the Trust Indenture Act, if any, in the
form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture Act. 
 SECTION 2.4. Periodic Reports to the Guarantee Trustee. 
 The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission and the Holders such documents, reports and information, if any, as required by Section 314 of the Trust Indenture Act 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. 
  

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 SECTION 2.5. Evidence of Compliance with Conditions Precedent. 
 The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such conditions precedent, if any, provided for in this Guarantee
Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) of the Trust Indenture Act may be given in the
form of an Officers’ Certificate. 
 SECTION 2.6. Events of Default; Waiver. 
 The Holders of not less than a Majority in Liquidation Amount of the Preferred Securities may, by vote, on behalf of the Holders of all 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 Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom. 
 SECTION 2.7. Event of Default; Notice. 
 (a) The Guarantee Trustee shall, within 90 days after the
occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of all Preferred Securities, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such Events of
Default have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of
Directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. 
 (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this
Guarantee Agreement shall have obtained written notice, of such Event of Default. 
 SECTION 2.8. Conflicting Interests. 
 The Declaration and the Indenture shall be deemed to be specifically described in this Guarantee Agreement for the purposes of clause (i) of the
first proviso contained in Section 310(b) of the Trust Indenture Act. 
  

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 ARTICLE 3. 
 POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 
 SECTION 3.1. Powers and Duties of the Guarantee Trustee. 

 (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not
transfer this Guarantee Agreement to any Person except a Holder exercising his or her rights pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as
Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and
cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee. 
 (b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the Holders.

 (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee Agreement, and no implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. If an Event of Default has occurred
(that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee Agreement, and use the same degree of care and skill in its exercise thereof, as a
prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (d) No provision of this Guarantee
Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) prior to the occurrence of any Event of Default and after the curing or waiving of all such Events of Default that may have occurred:

 (A) the duties and obligations of the Guarantee Trustee shall be determined solely by the express provisions of this
Guarantee Agreement, and the Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee Agreement; and 
 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee Agreement; 

  

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but in the case of any such certificates or opinions that by any provision hereof or of the Trust Indenture Act are specifically required to be furnished to
the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Guarantee Agreement; 
 (ii) the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee
Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made; 
 (iii) the Guarantee 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 Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee
Agreement; and 
 (iv) no provision of this Guarantee Agreement shall require the Guarantee Trustee to expend or risk its own
funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or
liability is not reasonably assured to it under the terms of this Guarantee Agreement or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 SECTION 3.2. Certain Rights of Guarantee Trustee. 
 (a) Subject to the provisions of Section 3.1: 
 (i) The Guarantee Trustee may conclusively rely and shall be
fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document reasonably believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. 
 (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed herein. 
 (iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved
or established before taking, suffering or omitting to take any action hereunder, the Guarantee 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 from the Guarantee Trustee, shall be promptly delivered by the Guarantor. 
  

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 (iv) The Guarantee Trustee may consult with legal counsel, and the advice or opinion of
such legal counsel with respect to legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion.
Such legal counsel may be legal counsel to the Guarantor or any of its Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement
from any court of competent jurisdiction. 
 (v) The Guarantee Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Guarantee Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such adequate security and indemnity satisfactory to it, against the costs, expenses
(including attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee; provided that nothing contained
in this Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Guarantee Agreement. 
 (vi) The Guarantee Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit. 
 (vii) The Guarantee 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, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent,
attorney custodians or nominees appointed with due care by it hereunder. 
 (viii) Whenever in the administration of this
Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders,
(B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (C) shall be fully protected in acting in accordance with such instructions. 
  

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 (b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the
Guarantee 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 Guarantee 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 Guarantee Trustee shall be construed to be a duty to act in accordance with
such power and authority. 
 SECTION 3.3. Indemnity. 
 The Guarantor agrees to indemnify the Guarantee Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence, willful misconduct or bad faith on the part of the Guarantee
Trustee, arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of
its powers or duties hereunder. The provisions of this Section shall survive the termination of this Guarantee Agreement or the resignation or removal of the Guarantee Trustee. The Guarantee Trustee will not claim, set-off or exact any lien or
charge on any Guarantee Payments as a result of any amount due to it under this Guarantee Agreement. 
 SECTION 3.4. Fees and Expenses. 
 The Guarantor covenants and agrees to pay to the Guarantee Trustee from time to time, and the Guarantee Trustee shall be entitled to, the fees and
expenses agreed in writing between the Guarantor and the Guarantee Trustee, and will further pay or reimburse the Guarantee Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Guarantee Trustee in
accordance with any of the provisions hereof or any other documents executed in connection herewith (including the reasonable compensation and the reasonable expenses and disbursements of its counsel and of all persons not regularly in its employ).
The obligations of the Guarantor under this Section 3.4 to compensate the Guarantee Trustee and to pay or reimburse the Guarantee Trustee for reasonable expenses, disbursements and advances shall survive the satisfaction and discharge of this
Agreement or the earlier resignation or removal of the Guarantee Trustee. 
 ARTICLE 4. 
 GUARANTEE TRUSTEE 
 SECTION 4.1. Guarantee Trustee:
Eligibility. 
 (a) There shall at all times be a Guarantee Trustee which shall: 
 (i) not be an Affiliate of the Guarantor; and 
  

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 (ii) 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, and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation 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 4.1 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. 
 (b) If at any time the Guarantee Trustee
shall cease to be eligible to so act under Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 
 (c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture
Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 
 SECTION
4.2. Appointment, Removal and Resignation of the Guarantee Trustee. 
 (a) Subject to Section 4.2(b), the Guarantee Trustee may be
appointed or removed without cause at any time by the Guarantor. 
 (b) The Guarantee Trustee shall not be removed until a Successor
Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
 (c) The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee Trustee shall have been appointed in accordance with this Section 4.2 or until its removal or resignation. The Guarantee
Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee
Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 
 (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon,
after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 
  

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 ARTICLE 5. 
 GUARANTEE 
 SECTION 5.1. Guarantee. 
 The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid
by or on behalf of the Issuer), as and when due, regardless of any defense, right of set-off or counterclaim that the Issuer may have or assert, except the defense of payment. The Guarantor’s obligation to make a Guarantee Payment may be
satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders. 
 SECTION 5.2. Waiver of Notice and Demand. 
 The Guarantor hereby waives notice of acceptance of the Guarantee Agreement and
of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, Issuer or any other Person before proceeding against the Guarantor, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
 SECTION 5.3. Obligations not Affected. 
 The obligations, covenants, agreements and duties of the Guarantor under this Guarantee 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 release or waiver, by operation of law or otherwise, of the performance or
observance by the Issuer of any express or implied agreement, covenant, term or condition relating to the Preferred Securities to be performed or observed by the Issuer; 
 (b) the extension of time for the payment by the Issuer of all or any portion of the Distributions (other than an extension of time for payment of Distributions that results from the extension of any interest payment
period on the Debentures as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Preferred Securities or the extension of time for the performance of any other obligation under,
arising out of, or in connection with, the Preferred Securities; 
 (c) any failure, omission, delay or lack of diligence on the part of the
Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Preferred Securities, or any action on the part of the Issuer granting indulgence or extension of any kind;

 (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for
the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; 
  

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 (e) any invalidity of, or defect or deficiency in, the Preferred Securities; 
 (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 
 (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing. 
 SECTION 5.4. Rights of Holders. 
 The Guarantor expressly acknowledges that: (i) this Guarantee
Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority in
Liquidation Amount of the Preferred Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust or power
conferred upon the Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder may institute a legal proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement, without first instituting a legal
proceeding against the Guarantee Trustee, the Issuer or any other Person. 
 SECTION 5.5. Guarantee of Payment. 
 This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by payment of the
Guarantee Payments in full (without duplication of amounts theretofore paid by the Issuer) or upon distribution of Debentures to Holders as provided in the Declaration. 
 SECTION 5.6. Subrogation. 
 The Guarantor shall be subrogated to all rights (if any) of the Holders
against the Issuer in respect of any amounts paid to the Holders by the Guarantor under this Guarantee Agreement and shall have the right to waive payment by the Issuer pursuant to Section 5.1; provided, however, that the Guarantor 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 Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such
amount in trust for the Holders and to pay over such amount to the Holders. 
  

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 SECTION 5.7. Independent Obligations. 
 The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer with respect to the Preferred Securities and
that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a) through (g),
inclusive, of Section 5.3 hereof. 
 ARTICLE 6. 
 SUBORDINATION 
 SECTION 6.1. Subordination. 
 The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and
junior in right of payment to all Senior Debt of the Guarantor to the extent and manner set forth in the Indenture. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Debt. 
 SECTION 6.2. Pari Passu Guarantees. 
 The obligations
of the Guarantor under this Guarantee Agreement shall rank pari passu with its obligations under (i) any similar guarantee agreements issued by the Guarantor on behalf of the holders of preferred or common securities issued by any Regions Trust
(as defined in the Indenture); (ii) the Indenture and the Securities (as defined therein) issued thereunder; (iii) the Expense Agreement (as defined in the Declaration) and any similar expense agreements entered into by the Guarantor in
connection with the offering of Preferred Securities (as defined in the Indenture) by any Regions Trust (as defined in the Indenture), and (iv) any other security, guarantee or other agreement or obligation that is expressly stated to rank pari
passu with the obligations of the Guarantor under this Guarantee Agreement or with any obligation that ranks pari passu with the obligations of the Guarantor under this Guarantee Agreement. 
 ARTICLE 7. 
 TERMINATION 
 SECTION 7.1. Termination. 
 This Guarantee Agreement
shall terminate and be of no further force and effect upon (i) full payment of the Redemption Price of all Preferred Securities, (ii) the distribution of Debentures to the Holders in exchange for all of the Preferred Securities or
(iii) full payment of the amounts payable in accordance with the Declaration upon liquidation of the Issuer. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at
any time any Holder must restore payment of any sums paid with respect to Preferred Securities or this Guarantee Agreement. 
  

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 ARTICLE 8. 
 MISCELLANEOUS 
 SECTION 8.1. Successors and Assigns. 
 All guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Preferred Securities then outstanding. Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article Eight of the Indenture and
pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder. 
 SECTION 8.2. Amendments. 
 Except with respect to any changes that do not adversely affect the rights
of the Holders in any material respect (in which case no consent of the Holders will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in Liquidation Amount of the Preferred
Securities. The provisions of Article VI of the Declaration concerning meetings of the Holders shall apply to the giving of such approval. 
 SECTION
8.3. Notices. 
 Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed
by the party giving such notice, and delivered, telecopied or mailed by first class mail as follows: 
 (a) if given to the Guarantor, to the
address set forth below or such other address, facsimile number or to the attention of such other Person as the Guarantor may give notice to the Holders: 
  

	
	Regions Financial Corporation
	1900 Fifth Avenue North Birmingham, Alabama 35203
	Facsimile No.: 205-581-7629
	Attention: General Counsel

  

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 (b) if given to the Issuer at the Issuer’s address set forth below with a copy to the Guarantee
Trustee as set forth below: 
  

	
	Regions Financial Corporation
	1900 Fifth Avenue North
	Birmingham, Alabama 35203
	Facsimile No.: 205-581-7629
	Attention: General Counsel

 (c) if given to the Guarantee Trustee: 
  

	
	Deutsche Bank Trust Company Americas
	60 Wall Street, 27th Floor
	MS: NYC60-2710
	New York, New York 10005
	Facsimile No.: 732-578-4635
	Attention: Trust and Securities Services

  

	
	Deutsche Bank National Trust Company
	for Deutsche Bank Trust Company Americas
	25 DeForest Avenue
	MS: SUM01-0105
	Summit, New Jersey 07901
	Facsimile No.: 732-578-4635
	Attention: Trust and Securities Services

 (d) if given to any Holder, at the address set forth on the books and records of the Issuer.

 All notices hereunder shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first
class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the
date of such refusal or inability to deliver. 
 SECTION 8.4. Benefit. 
 This Guarantee Agreement is solely for the benefit of the Holders and is not separately transferable from the Preferred Securities. 
  

 -16- 

 SECTION 8.5. Governing Law. 
 THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 8.6. Counterparts. 
 This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 [SIGNATURES ON NEXT PAGE]

  

 -17- 

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

			
	REGIONS FINANCIAL CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS
     as Guarantee Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 -18-

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