Document:

Exhibit
4.1

    

     

    
       

      FOURTH SUPPLEMENTAL SENIOR INDENTURE

       

      BETWEEN 

       

      MORGAN STANLEY

       

      AND

       

       

      THE BANK OF NEW YORK
MELLON

      as successor to JPMorgan Chase Bank,
N.A. (formerly known as JPMorgan Chase Bank), Trustee

       

       

      Dated as of December 1, 2008

       

       

      SUPPLEMENTAL TO SENIOR INDENTURE DATED
NOVEMBER 1, 2004.

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      THIS FOURTH SUPPLEMENTAL SENIOR
INDENTURE dated as of December 1, 2008 between MORGAN STANLEY, a Delaware
corporation (the “Issuer”), and THE BANK OF NEW YORK MELLON as
successor to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan
Chase Bank), as trustee (the “Trustee”).

       

      W I T N E S S E T H
:

       

      WHEREAS, the Issuer and the Trustee are
parties to that certain Senior Indenture dated as of November 1, 2004 (the
“Indenture”);

       

      WHEREAS, on November 21, 2008, the Federal Deposit Insurance
Corporation (“FDIC”) issued its Final Rule, 12 C.F.R. Part
370 (the “Rule”) establishing the FDIC’s Temporary Liquidity Guarantee
Program;

       

      WHEREAS, the Issuer has entered into a
master agreement by and between the Issuer and the FDIC, dated November 26,
2008 (the “FDIC Master
Agreement”) pursuant to
which the FDIC agrees to guarantee payments with respect to certain Securities
that are eligible for such guarantee under the Rule, (the “Guaranteed Securities”) and the Issuer agrees to reimburse and make whole
the FDIC;

       

      WHEREAS, pursuant to the FDIC Master
Agreement, the Issuer agreed to incorporate into the Indenture governing any of
its Guaranteed Securities certain provisions set out in the FDIC Master
Agreement and desires to
incorporate such provisions into the Indenture by entering into this Fourth
Supplemental Senior Indenture;

       

      WHEREAS, Section 8.01 of the Indenture
provides that, without the consent of the Holders of any Securities, the Issuer,
when authorized by a
resolution of its Board of Directors, and the Trustee may enter into indentures
supplemental to the Indenture for the purpose of, among other things, making any
provision as the Issuer may deem necessary and desirable; provided
that no such action
shall adversely affect the
interests of the Holders of the Securities;

       

      WHEREAS, the entry into this Fourth
Supplemental Senior Indenture by the parties hereto is in all respects
authorized by the provisions of the Indenture; and

       

      WHEREAS, all things necessary to make
this Fourth Supplemental Senior Indenture a valid indenture and agreement
according to its terms have been done;

       

      NOW, THEREFORE:

       

      In consideration of the premises and the
purchases of the Securities by the holders thereof, the Issuer and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the
respective Holders from time to time of Guaranteed Securities, as
follows:

       

      
        
          
          

        

        
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      ARTICLE 1

       

      Section 1.01. The Indenture is hereby
amended by the insertion of
a new Article 13 which shall provide as follows:

       

      ARTICLE 13

      FDIC GUARANTEED SENIOR UNSECURED DEBT

       

      Section 13.01. Acknowledgement of
the FDIC’s Debt Guarantee
Program. The parties to
this Indenture acknowledge that the Issuer has not opted out of the debt guarantee program (the
“Debt Guarantee
Program”) established by
the Federal Deposit Insurance Corporation (“FDIC”) under its Temporary Liquidity
Guarantee Program on November 21, 2008 pursuant to the FDIC’s Final Rule, 12 C.F.R. Part 370 (as may
be amended or supplemented from time to
time, the “Rule”).  The Debt Guarantee Program
applies to any Securities issued on or after October 14, 2008 through June 30,
2009 that constitute unsecured senior debt, as defined in the Rule and as to
which the Issuer has not duly made an opt-out election
in accordance with Section 370.3(g) of the Rule (the "Guaranteed Securities")
and, with respect to each such Guaranteed Security, from the period from October
14, 2008 to the earlier of the date such Guaranteed Security matures pursuant to the terms thereof
and June 30, 2012 (the "Effective Period"). As a result, this debt is
guaranteed under the FDIC Temporary Liquidity Guarantee Program and is backed by
the full faith and credit of the United States. The details of the FDIC guarantee
are provided in the FDIC’s regulations, 12
CFR Part 370, and at the FDIC’s website,
www.fdic.gov/tlgp. The expiration date of the FDIC’s guarantee is the
earlier of the maturity date of this debt or June 30, 2012.

       

      The security certificate, note or other instrument evidencing
each Guaranteed Security shall bear a legend, upon which the Representative (as
defined below) shall be entitled to conclusively rely, to the effect that such
security certificate, note or other instrument is guaranteed by the FDIC under the Debt Guarantee
Program.

       

      Section 13.02. Trustee as
Representative of Holders.

      

      (a) The Bank of New York Mellon and its
successors are designated as the duly authorized representatives of the Holders
for purposes of making claims and taking other permitted or required
actions under the Debt Guarantee Program (the “Representative”).  Any Holder may elect not
to be represented by the Representative by providing written notice of such
election to the Representative.

      

      (b) Upon an uncured failure by the Issuer
to make a timely payment of principal or interest under any Guaranteed
Securities (a “Payment
Default”), the
Representative, on behalf of all Holders of such Guaranteed Securities that are
represented by the Representative, shall submit to the FDIC a demand
for payment by the FDIC of such unpaid principal and interest, together
with proof of such claim and such other documentation as may be required by the
FDIC under the Rule (i) in the case of any payment due by the Issuer prior to the final maturity or
redemption of such Guaranteed 

      
        
          
          

        

        
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      Securities,
on the earlier of the date that the applicable cure period ends (or if such date
is not a Business Day, the immediately succeeding Business Day) and 60 days
following such Payment
Default and (ii) in the case of any payment due by the Issuer on the final
maturity date or on a redemption date for such Guaranteed Securities, on such
final maturity date or redemption date (or if such date is not a Business Day,
the immediately succeeding
Business Day).

       

      Section 13.03. Subrogation. The FDIC shall be subrogated to all of
the rights of the Holders of Guaranteed Securities and the Representative with
respect to such Guaranteed Securities under this Indenture against the Issuer in
respect of any amounts paid
to the Holders of the Guaranteed Securities, or for the benefit of the Holders
of the Guaranteed Securities, by the FDIC pursuant to the Debt Guarantee
Program.

       

      Section 13.04. Assignment upon
Guarantee Payment. The
Holders of Guaranteed
Securities hereby authorize the Representative, at such time as the FDIC shall
commence making any guarantee payments to the Representative for the benefit of
the Holders of Guaranteed Securities pursuant to the Debt Guarantee Program
(each, a “Guarantee Payment”), to execute an assignment in the form
attached as Annex A, pursuant to which the Representative shall assign to the
FDIC its right as Representative to receive any and all payments from the Issuer
under this Indenture on behalf of the Holders of Guaranteed Securities. The Issuer
hereby consents and agrees that the FDIC is an acceptable transferee for all or
any portion of the Guaranteed Securities for all purposes of this Indenture and
upon any such assignment, the FDIC shall be deemed a Holder under this Indenture for all purposes
hereof, and the Issuer hereby agrees to take such reasonable steps as are
necessary to comply with any relevant provision of this Indenture as a result of
such assignment.

       

      If a Holder of Guaranteed Securities has
exercised its right not to
be represented by the Representative, such Holder of Guaranteed Securities
hereby agrees that, at such time as the FDIC shall commence making any Guarantee
Payments to the Holder pursuant to the Debt Guarantee Program, such
Holder shall execute an assignment in the form
attached as Annex A, pursuant to which such Holder shall assign to the FDIC its
right to receive any and all payments from the Issuer under this
Indenture.

       

      Section 13.05. Surrender of
Guaranteed Securities to the FDIC. If, at any time on or prior to the
expiration of the Effective Period, payment in full hereunder shall be made
pursuant to the Debt Guarantee Program on the outstanding principal and accrued
interest to such date of payment, with respect to any Guaranteed Securities, the Holder of such
Guaranteed Securities shall, or shall cause the person or entity in possession
of such Guaranteed Securities to, promptly surrender to the FDIC the security
certificate, note or other instrument evidencing such Guaranteed Securities, if
any.

       

      Section 13.06. Notice Obligations
to the FDIC of Payment Default. If, at any time prior to the earlier
of (i) full satisfaction of the payment obligations under any Guaranteed
Securities, or (ii) expiration of the Effective Period, the Issuer is in default of any payment
obligation under any Guaranteed Securities, including timely payment of any
accrued and unpaid interest, without regard to any cure period, the

      
        
          
          

        

        
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        Representative
covenants and agrees that it shall provide written notice
to the FDIC within one (1) Business Day of such payment
default.

         

      

      Section 13.07. Rankings. Any indebtedness of the Issuer to the
FDIC arising under Section 2.03 of the Master Agreement entered into by the
Issuer and the FDIC in connection with the Debt Guarantee Program will constitute a senior
unsecured obligation of the Issuer, ranking pari
passu with any indebtedness
under the Indenture.

       

      Section 13.08. No Event of Default
During Time of Timely FDIC Guarantee Payments. There shall not be deemed to be
an Event of Default under
this Indenture, which would permit or result in the acceleration of amounts due
hereunder, if such an Event of Default is due solely to the failure of the
Issuer to make timely payment under the Guaranteed Securities, provided
that the FDIC is making timely Guarantee
Payments with respect to such Guaranteed Securities, in accordance with the
Rule.

       

      Section 13.09. No Modifications
without FDIC Consent.
Without the express written consent of the FDIC, the parties hereto agree not to
amend, modify, supplement
or waive any provision in this Indenture that is related to the principal,
interest, payment, default or ranking of the Guaranteed Securities or that is
required to be included herein pursuant to the Master Agreement executed by
the Issuer in connection with the Debt
Guarantee Program.

       

      
        Section 1.02. The Indenture is hereby
amended by the insertion of a new “Annex A” in the form attached
hereto.

      

      
        

        Section 1.03. The Indenture is hereby
amended by the insertion of the following paragraph directly after the second
paragraph of Section 5.01:

      

       

      “The foregoing paragraph shall be
inapplicable to Guaranteed Securities (as defined in Section 13.01), the
acceleration of which upon
the occurrence and continuance of an Event of Default shall be governed by this
paragraph. Subject to Section 13.08 of the Senior Indenture, if an Event of
Default with respect to the Guaranteed Securities of any series at the time
Outstanding occurs and is continuing, then
and in each and every case, unless the principal of all of the Guaranteed
Securities of such series shall have already become due and payable, either the
Trustee or the Holders of not less than 25% in aggregate principal amount of the Guaranteed
Securities of such series then Outstanding hereunder, by notice in writing to
the Issuer (and to the Trustee if given by Securityholders of such series), may
declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of such
series) of all the Guaranteed Securities of such
series, and the interest accrued thereon, if any, to be due and payable
immediately, and upon any
such declaration the same shall become and shall be immediately due and payable,
anything in this Indenture or in such Guaranteed Securities contained to the
contrary notwithstanding.”

       

      
        
          
          

        

        
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      ARTICLE 2 

      Miscellaneous
Provisions

       

      Section 2.01. Further
Assurances. The Issuer will, upon request by the
Trustee, execute and deliver such further instruments and do such further acts
as may reasonably be necessary or proper to carry out more effectively the
purposes of this Fourth Supplemental Senior Indenture. 

       

      Section 2.02. Other Terms of
Indenture. Except insofar
as herein otherwise expressly provided, all provisions, terms and conditions of
the Indenture are in all respects ratified and confirmed and shall remain in
full force and effect.

       

      Section 2.03. Terms
Defined. All terms defined
elsewhere in the Indenture shall have the same meanings when used
herein.

       

      Section 2.04. Governing
Law. This Fourth
Supplemental Senior Indenture shall be deemed to be a contract under the laws of
the State of New York, and for all purposes shall be construed in
accordance with the laws of such State, except as may otherwise be required by
mandatory provisions of law.

       

      Section 2.05. Counterparts. This Fourth Supplemental Senior
Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same
instrument.

       

      Section 2.06. Responsibility of
the Trustee. The recitals
contained herein shall be taken as the statements of the Issuer, and the
Trustee assumes no
responsibility for the correctness of the same.  The Trustee makes no
representations as to the validity or sufficiency of this Fourth Supplemental
Senior Indenture.

       

      
        
          
          

        

        
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      IN WITNESS WHEREOF, the parties hereto
have caused this Fourth Supplemental Senior Indenture to be duly
executed, and their respective corporate seals to be hereunto affixed and
attested, all as of December 1, 2008.

       

      
         

        
          	 
      	 
      	
                  MORGAN
      STANLEY

                	 
	 	 	 	 
	 	 	 	 
	
                   

                	
                   

                	 
      	
                  By:

                	
                  /s/
      Daniel B. Park

                	 
	 
      	 
      	 
      	 
      	
                  Name:

                	
                  Daniel B. Park

                	 
      
	 
      	 
      	 
      	 
      	
                  Title:

                	
                  Assistant
      Treasurer

                	 
      

        

      

      [Corporate
Seal]

       

      
        Attest:

        
          	 	 
	
                  By:

                	/s/ W. Gary Beeson
	
                   Name:  
      W. Gary Beeson

                
	
                   Title:   
      Assistant
      Secretary

                

        

      

       

       

      
        
          
            	 
      	 
      	
                    THE
      BANK OF NEW YORK MELLON, 

                    TRUSTEE

                  	 
	 	 	 	 
	 	 	 	 
	
                     

                  	
                     

                  	 
      	
                    By:

                  	
                    /s/
      Kimberly Davidson

                  	 
	 
      	 
      	 
      	 
      	
                    Name:

                  	
                    Kimberly
      Davidson

                  	 
	 
      	 
      	 
      	 
      	
                    Title:

                  	
                    Vice
      President

                  	 

          

        

      

       

      
        
          Attest:

          
            	 	 
	
                    By:

                  	/s/ Scott I. Klein
	
                     Name: 
      Scott I. Klein

                  
	
                     Title:   
      Assistant
      Treasurer

                  

          

        

         

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

         

        
          	STATE OF NEW YORK
      )	
                  )

                	 	 
	 	
                  )

                	ss.:	 
	COUNTY OF NEW YORK
      	
                  )

                	 	 

        

      

       

      On this 1st day of December 2008 before me
personally came Daniel B.
Park to me personally known, who, being by me duly sworn, did depose
and say that he resides at
 Chatham,
New Jersey ; that he is an Assistant Treasurer of Morgan Stanley,
one of the corporations described in and which executed the above instrument;
and that [he][she] signed [his][her] name thereto by authority of the Board of Directors of said
corporation.

       

      [NOTARIAL SEAL]

       

      
        
          	 	 
	/s/
      Louis J. Denkovic	 
	
                  Notary
      Public

                	 
	 	 

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
         

        
          	STATE OF NEW YORK
      )	
                  )

                	 	 
	 	
                  )

                	ss.:	 
	COUNTY OF NEW YORK
      	
                  )

                	 	 

        

      

       

      On this 1st day of December 2008 before me
personally came Kimberly
Davidson to me personally known, who, being by me duly sworn, did depose
and say that she resides at Brooklyn, New York; that she is a
Vice President of The Bank
of New York Mellon, one of the
corporations described in and which executed the above instrument; and that
[he][she] signed [his][her] name thereto by authority of the Board of Directors
of said corporation.

       

      
         

        [NOTARIAL SEAL]

        
           

          
            	 	 
	/s/
      Carlos R. Luciano	 
	
                    Notary
      Public

                  	 
	 	 

          

           

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ANNEX A

       

      ASSIGNMENT

       

      This Assignment is made pursuant to the
terms of Section 13.04 of the Senior Indenture, dated as of November 1, 2004, as
amended from time to time (the “Indenture”), between The Bank of New York Mellon
(the “Representative”), acting on behalf of the Holders of the Guaranteed Securities
issued under the Indenture who have not opted out of representation by the
Representative (with those Holders of Guaranteed Securities who have opted out
of representation by the Representative being the “Unrepresented Holders”), and Morgan Stanley (the “Issuer”) with respect to the debt obligations
of the Issuer that are guaranteed under the Debt Guarantee Program. Capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned thereto in the Indenture.

       

      For value received, [the Representative,
on behalf of the Holders of Guaranteed Securities] [OR] [the Unrepresented
Holders] (the “Assignor”), hereby assigns to the Federal Deposit
Insurance Corporation (the “FDIC”), without recourse, all of the Assignor’s respective rights, title and interest
in and to: (a) the promissory note or other
instrument evidencing the Guaranteed Security (the “Note”); (b) the Indenture pursuant to which
the Note was issued; and (c) any other instrument or agreement executed by the Issuer regarding
obligations of the Issuer under the Note or the Indenture (collectively, the
“Assignment”).

       

      The Assignor hereby certifies
that:

       

      1.   Without the
FDIC’s prior written consent, the Assignor
has not:

       

      (a)   agreed to any material
amendment of the Note or the Indenture to the extent relating to the Note or to
any material deviation from the provisions thereof; or

       

      (b)   accelerated the maturity
of the Note.

       

      
        [Instructions to the
Assignor: If the Assignor
has not assigned or transferred any interest in the Note and related
documentation, such Assignor must include the following
representation.]

         

        2. The Assignor has not assigned or
otherwise transferred any interest in the Note or Indenture;

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      [Instructions to the
Assignor: If the Assignor
has assigned a partial interest in the Note and related documentation, the
Assignor must include the following representation.]

       

      2. The Assignor has assigned part of its
rights, title and interest in the Note and the Indenture to _____________
pursuant to the __________ agreement, dated as of ___________, 20__ between
___________, as assignor, and ____________, as assignee, an executed copy of
which is attached hereto.

       

      The Assignor acknowledges and agrees
that this Assignment is
subject to the Indenture and to the following:

       

      1. In the event the Assignor receives
any payment under or related to the Note or the Indenture from a party other
than the FDIC (a “Non-FDIC
Payment”):

      

      (a) after the date of demand
for a Guarantee Payment on
the FDIC pursuant to the Rule, but prior to the date of the FDIC’s first guarantee payment under the
Indenture pursuant to the Rule, the Assignor shall promptly but in no event
later than five (5) Business Days after receipt notify the FDIC of the date and the amount of
such Non-FDIC Payment and shall apply such payment as payment made by the
Issuer, and not as a Guarantee Payment made by the FDIC, and therefore, the
amount of such payment shall be excluded from this Assignment;
and

      

      (b) after the FDIC’s first guarantee payment under the
Indenture, the Assignor shall forward promptly to the FDIC such Non-FDIC Payment
in accordance with the payment instructions provided in writing by the
FDIC.

      

      2. Acceptance by the Assignor of payment
pursuant to the Debt Guarantee Program on behalf of the Holders of Guaranteed
Securities shall constitute a release by such Holders of any liability of the
FDIC under the Debt Guarantee Program with respect to such payment.

       

      The Person who is executing this
Assignment on behalf of the Assignor hereby represents and warrants to the FDIC
that he/she/it is duly authorized to do so.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN WITNESS WHEREOF, the parties hereto
have caused this Assignment to be duly executed and attested, all as of this ___day of
________, ____.

      
         

        
           

          
            	 
      	 
      	
                    [THE
      BANK OF NEW YORK

                    MELLON,
      REPRESENTATIVE]

                    [OR]
      

                    [UNREPRESENTED
      HOLDER]

                  	 
	 	 	 	 
	 	 	 	 
	
                     

                  	
                     

                  	 
      	
                    By:

                  	
                     

                  	 
	 
      	 
      	 
      	 
      	
                    Name:

                  	
                    [                                        
      ]

                  	 
	 
      	 
      	 
      	 
      	
                    Title:

                  	
                    
                      [                                        
      ]

                    

                  	 

          

        

         

        
          Attest:

          
            	
                  	 
	
                    By:

                  	 
	
                    Name: 
      [                          
      ]

                  
	
                     

                  

          

        

         

      

    

    Consented
to and acknowledged by this ____ day of _________, 20__: 

    THE
FEDERAL DEPOSIT INSURANCE CORPORATION

     

    
      
        	
              	 
	
                By:

              	 
	
                (Signature)

              

      

      
        
          
            	
                  	 
	
                    Name:

                  	 
	
                    (Print)

                  

          

        

      

    

    
      
        
          
            
              	
                    	 
	
                      Title:

                    	 
	
                      (Print)EXHIBIT
4.2

       

    

    [FORM
OF FACE OF FDIC-GUARANTEED NOTE]

     

    FIXED
RATE SENIOR NOTE

     

    

    
      	
              REGISTERED

            	
              REGISTERED
      No. FXR

            
	
              [PRINCIPAL
      AMOUNT]

            	
              CUSIP:

            
	 
      	
              ISIN:

            
	 
      	
              COMMON
      CODE:

            

    

    

    This
debt is guaranteed under the Federal Deposit Insurance Corporation’s Temporary
Liquidity Guarantee Program and is backed by the full faith and credit of the
United States. The details of the FDIC guarantee are provided in the FDIC’s
regulations, 12 CFR Part 370, and at the FDIC’s website, www.fdic.gov/tlgp. The
expiration date of the FDIC’s guarantee is the earlier of the maturity date of
the debt or June 30, 2012.

     

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

     

    Unless and
until it is exchanged in whole or in part for Securities in definitive
registered form, this certificate may not be transferred except as a whole by
DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC
or by DTC or any such nominee to a successor Depositary or a nominee of such
successor Depositary.]1

     

    [Insert any legend required by the
Internal Revenue Code and the Regulations thereunder]

     

    [Insert any legend required by the
Employee Retirement Income Security Act and the Regulations
thereunder]

     

    

      

    

    
      1 Modify
as appropriate if this Registered Global Security will not settle in
DTC

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    MORGAN
STANLEY

    [[__]%]
[FIXED RATE] NOTE DUE _____________

    GUARANTEED
UNDER THE FDIC’S

    TEMPORARY
LIQUIDITY GUARANTEE PROGRAM

    

     

    Morgan
Stanley, a Delaware corporation (together with its successors and assigns, the
“Issuer”), for value
received, hereby promises to pay to _______________, or registered assigns, the
principal sum of ______________, on ______________ (the “Maturity Date”), and to pay
interest thereon at the rate of ___% per annum from ______________, until the
principal hereof is paid or duly made available for payment, [weekly] [monthly]
[quarterly] [semiannually] [annually] in arrears on __________ in each year
(each such date, an “Interest
Payment Date”), commencing on ___________, and on the Maturity
Date.

     

    Reference
is hereby made to the further provisions of this certificate set forth on the
succeeding pages hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    IN WITNESS
WHEREOF, Morgan Stanley has caused this Registered Global Security to be duly
executed.

     

    
      	
              DATED:

            	
              MORGAN
      STANLEY

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	
               

            	
              Name:

            
	 
      	
               

            	
              Title:

            

    

    

    

    

    TRUSTEE’S
CERTIFICATE

    OF AUTHENTICATION

    

    This is
one of the Securities referred

    to in the
within-mentioned

    Senior Indenture.

    

    THE BANK
OF NEW YORK MELLON,

    as Trustee

    

    

    

    
      	
              By:

            	 
      
	 
      	
              Authorized
      Signatory

            

    

     

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    [Form of Reverse of
Security]

    

    Interest
on this Registered Global Security (as described below) will accrue from and
including the most recent Interest Payment Date to which interest has been paid
or duly provided for, or, if no interest has been paid or duly provided for,
from and including _____________, until, but excluding, the date the principal
hereof has been paid or duly made available for payment.  The interest
so payable, and punctually paid or duly provided for, on any Interest Payment
Date will be paid to the Person in whose name this Registered Global Security
(or one or more predecessor Registered Global Securities) is registered at the
close of business on the fifteenth calendar day prior to such Interest Payment
Date (whether or not a Business Day (as defined below)) (each such date, a
“Record Date”); provided
that the interest payment due on the Maturity Date (or any earlier redemption
date) will be payable to the Person to whom the principal is paid.  As
used herein, “Business
Day” means any day, other than a Saturday or Sunday, (a) that is neither
a legal holiday nor a day on which banking institutions are authorized or
required by law or regulation to close (x) in The City of New York or (y) if
this Registered Global Security is denominated in a currency (the “Specified Currency”) other than U.S. dollars,
euro or Australian dollars, in the principal financial center of the country of
the Specified Currency, or (z) if this Note is denominated in Australian
dollars, in Sydney and (b) if this Note is denominated in euro, that is also a
day on which the Trans-European Automated Real-time Gross Settlement Express
Transfer payment system, which utilizes a single shared platform and was
launched on November 19, 2007, is open for the settlement of payment in euro (a
“TARGET Settlement
Day”).  Interest shall be computed on the basis of a 360-day
year of twelve 30-day months.  Interest payments on this Registered
Global Security will include interest accrued to but excluding the Interest
Payment Date or the Maturity Date (or any earlier redemption date), as the case
may be.

     

    In the
case where an Interest Payment Date or the Maturity Date (or any earlier
redemption date) does not fall on a Business Day, payment of interest, premium,
if any, or principal otherwise payable on such date need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the Interest Payment Date or the Maturity Date (or any
earlier redemption date), and no interest on such payment shall accrue for the
period from and after the Interest Payment Date or the Maturity Date (or any
earlier redemption date) to such next succeeding Business Day.

     

    
      Payment of
the principal of this Registered Global Security, any premium and the interest
due on the Maturity Date or any redemption date, [unless this Registered Global
Security is denominated in a Specified Currency other than U.S. dollars and is
to be paid in such Specified Currency]1, will be made upon surrender of this Registered
Global Security at the office or agency of the Issuer maintained for that
purpose in the Borough of Manhattan, The City of New York, [at the office or
agency of the London Paying

       

       

      
        

      

    

    
      2 Insert if Notes are
to be settled in DTC.

       

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Agent,
as defined below,] or at such other paying agency as the Issuer may determine
(the “Paying
Agent”[, which term shall include the London Paying
Agent]).  Payment of the principal of, any premium and interest on
this Registered Global Security will be made in [such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts] [in [____]];
provided, however, that at the option of the Issuer, interest may be paid
by wire transfer or by mailing checks for such interest payable to or upon the
written order of the Person entitled thereto at its last address as it appears
on the registry books of the Issuer.

     

    
      
        [Insert for
non-U.S. dollar Notes settled through DTC: If this Registered Global
Security is denominated in a Specified Currency other than U.S. dollars,
payments of principal and interest will be made by wire transfer of immediately
available funds to an account maintained by the holder hereof with a bank
located outside the United States if appropriate wire transfer instructions have
been received by the Paying Agent in writing, with respect to payments of
interest, on or prior to the fifth Business Day after the applicable Record Date
and, with respect to payments of principal, at least ten Business Days prior to
the Maturity Date [or the redemption date], as the case may be; provided that, if payment of
interest or principal with regard to this Registered Global Security, is payable
in euro, the account must be a euro account in a country for which the euro is
the lawful currency, provided,
further, that if such wire transfer instructions are not received, such
payments will be made by check payable in such Specified Currency mailed to the
address of the Person entitled thereto as such address shall appear on the
registry books of the Issuer; and provided, further, that
payment of the principal of this Registered Global Security and the interest due
at maturity [or on the redemption date] will be made upon surrender of this
Registered Global Security at the office or agency referred to in the preceding
paragraph.]

         

      

      This
Registered Global Security is one of the duly authorized debt securities of the
Issuer (the “Securities”
and, individually, a “Security”) issued or to be
issued under and pursuant to the Senior Indenture dated as of November 1, 2004
(as supplemented by the First Supplemental Senior Indenture dated as of
September 4, 2007, the Second Supplemental Senior Indenture dated as of January
4, 2008, the Third Supplemental Senior Indenture dated as of September 10, 2008
and the Fourth Supplemental Senior Indenture dated as of December 1, 2008 (the
“Fourth Supplemental Senior
Indenture”), and as may be further amended or supplemented from time to
time, the “Senior
Indenture”), between the Issuer and The Bank of New York Mellon (as
successor to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank)),
as Trustee (the “Trustee,” which term includes
any successor Trustee under the Senior Indenture), to which Senior Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities of the
Issuer, the Trustee and Holders of the Securities and the terms upon which the
Securities are, and are to be, authenticated and delivered.  The terms
of the Senior Indenture are hereby incorporated by reference
herein.  The Securities may be issued in one or more series, which
different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may be
subject to different redemption or repayment provisions (if any), may
be

       

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    subject to
different sinking, purchase or analogous funds (if any) and may otherwise vary
as provided in the Senior Indenture.  This security is a Registered
Global Security of a series of Securities designated as the [Title of Security]
Guaranteed Under the FDIC’s Temporary Liquidity Guarantee Program (the “Notes”).

       

      
        [Insert for Notes
settled through Euroclear or Clearstream, Luxembourg directly: The Issuer
has appointed The Bank of New York Mellon, acting through its principal
corporate trust office in the Borough of Manhattan, The City of New York as a
paying agent for the Notes in the United States [and The Bank of New York
Mellon, London Branch, at its corporate trust office in London, as an additional
paying agent for the Notes outside the United States (the “London Paying Agent”), which
term includes any additional or successor London Paying Agent appointed by the
Issuer).]

      

    

     

    Article 13
of the Senior Indenture shall apply to the Notes. The Bank of New York Mellon
and its successors have been designated as the Representative of the Holders of
the Notes. Any Holder of this Note may elect not to be represented by the
Representative by providing written notice of such election to the
Representative.

    

    The Notes
will not be subject to any sinking fund and will not be repayable at the option
of the Holder prior to maturity.

    

    
      [Insert if Notes
are subject to payment of Additional Amounts: If the Holder of a Note
is a United States Alien, as defined below, the Issuer shall pay additional
amounts to such Holder as may be necessary in order that every Net Payment, as
defined below, of the principal of and interest on such Note will not be less
than the amount provided for in such Note to be then due and payable. A “United States Alien” shall
mean (i) a foreign corporation, (ii) a nonresident alien individual, (iii) a
nonresident alien fiduciary of a foreign estate or trust, or (iv) a foreign
partnership one or more of the members of which is a foreign corporation, a
nonresident alien individual or a nonresident alien fiduciary of a foreign
estate or trust.  “Net Payment” shall mean the
amount the Issuer or its Paying Agent pays after deducting or withholding for or
on account of any present or future tax, assessment or governmental charge
imposed with respect to such payment by the United States or any political
subdivision or taxing authority thereof or therein.

       

    

    Notwithstanding
the preceding paragraph, the Issuer shall not be required to pay any additional
amounts to a Holder of a Note for or on account of:

     

    
      	
               
      

            	
              (i)

            	
              any
      present or future tax, assessment or other governmental charge that would
      not have been so imposed but for (1) the existence of any present or
      former connection between such Holder or the beneficial owner of such
      Note, or between a fiduciary, settlor, beneficiary, member or shareholder
      of such beneficial owner, if such beneficial owner is an estate, a trust,
      a partnership or a corporation, of the United States and its possessions,
      including, without limitation, such beneficial owner, or such fiduciary,
      settlor, beneficiary, member or shareholder, being or having been a
      citizen or resident of the United States or being or having been engaged
      in the conduct of a trade or business or present in the United States or
      having, or having had, a permanent establishment in
  the

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      United
States; or (2) the presentation by such Holder or such beneficial owner of the
Note for payment on a date more than 15 days after the date on which payment
became due and payable or the date on which payment thereof is duly provided
for, whichever occurs later;

    

     

    
      	
            	
              (ii)

            	
              any
      estate, inheritance, gift, sales, excise, transfer, capital gains,
      corporation, income or personal property tax or any similar tax,
      assessment or governmental charge;

            

    

     

    
      	
            	
              (iii)

            	
              any
      tax, assessment or other governmental charge imposed by reason of such
      Holder or such beneficial owner’s past or present status as a personal
      holding company or controlled foreign corporation or passive foreign
      investment company with respect to the United States or as a corporation
      that accumulates earnings to avoid United States federal income tax or as
      a private foundation or other tax-exempt organization;
  

            

    

     

    
      	
            	
              (iv)

            	
              any
      tax, assessment or other governmental charge that is payable otherwise
      than by withholding from payments on or in respect of any
      Note;

            

    

     

    
      	
            	
              (v)

            	
              any
      tax, assessment or other governmental charge imposed solely because the
      payment is to be made by a particular Paying Agent (including the Issuer)
      and would not be imposed if made by another Paying
  Agent;

            

    

     

    
      	
            	
              (vi)

            	
              any
      tax, assessment or other governmental charge imposed solely because such
      Holder or such beneficial owner (1) is a bank purchasing the Note in the
      ordinary course of its lending business or (2) is a bank that is neither
      (A) buying such Note for investment purposes nor (B) buying such Note for
      resale to a third party that either is not a bank or holding such Note for
      investment purposes only;

            

    

     

    
      	
            	
              (vii)

            	
              any
      tax, assessment or other governmental charge that would not have been
      imposed but for the failure to comply with certification, information or
      other reporting requirements concerning the nationality, residence,
      identity or connection with the United States of such Holder or beneficial
      owner of such Note, if compliance is required by statute or by regulation
      of the United States or of any political subdivision or taxing authority
      thereof or therein as a precondition to relief or exemption from the tax,
      assessment or other governmental
charge;

            

    

     

    
      	
            	
              (viii)

            	
              any
      tax, assessment or other governmental charge imposed by reason of such
      beneficial owner’s past or present status as the actual or constructive
      owner of 10% or more of the total combined voting power of all classes of
      stock entitled to vote of the Issuer or as a direct or indirect subsidiary
      of the Issuer; or

            

    

     

    
      	
            	
              (ix)

            	
              any
      combination of the items listed
above.

            

    

     

    In
addition, the Issuer shall not be required to make any payment of additional
amounts with respect to any Note presented for payment: (i) where such
withholding or deduction is required to be made pursuant to the European Union
Directive on the taxation of savings or any other directive implementing the
conclusions of the ECOFIN

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Council
meeting of 26–27 November 2000 or any law implementing or complying with, or
introduced in order to conform to, such Directive; or (ii) by or on behalf of a
Holder who would have been able to avoid such withholding or deduction by
presenting the relevant Note to another Paying Agent in a Member State of the
European Union.

     

    The Issuer
shall not pay additional amounts with respect to any payment of principal, or
interest to any United States Alien who is a fiduciary or a partnership, or who
is not the sole beneficial owner of the payment to the extent that the Issuer
would not have to pay additional amounts to any beneficiary or settlor of the
fiduciary or any member of that partnership, or to any beneficial owner of the
payment, if that person or entity were treated as the beneficial owner of such
Note for these purposes.]

     

    [Insert if Notes
are subject to Tax Redemption: The Issuer shall be
entitled, at its option, to redeem the outstanding Notes in whole but not in
part if at any time the Issuer has or will become obligated to pay additional
amounts on any Notes on the subsequent Interest Payment Date, but only if the
obligation of the Issuer results from a change in the laws or regulations of the
United States or any political subdivision or taxing authority thereof or
therein, or from a change in any official interpretation or application of those
laws or regulations, that becomes effective or is announced on or after [Insert pricing
date].  Prior to giving the notice of such redemption pursuant
the second succeeding paragraph, the Issuer shall provide the Trustee with an
Opinion of Counsel that the conditions precedent to the right of the Issuer to
redeem the Notes have occurred. Such Opinion of Counsel shall be based on the
laws and application and interpretation thereof in effect on the date of such
opinion or to become effective on or before such subsequent Interest Payment
Date.

     

    If the
Issuer redeems the Notes, it shall do so at the redemption price equal to 100%
of the principal amount of the Notes redeemed, plus accrued interest to the
redemption date.

     

    If the
Issuer becomes entitled to redeem the Notes, it may do so at any time on a
redemption date of its choice. However, the Issuer must give the Holders of the
Notes being redeemed notice of the redemption not less than 30 days or more than
60 days before the redemption date. In addition, the obligation of the Issuer to
pay additional amounts must remain in effect when the Issuer gives the notice of
redemption.]

     

    This
Registered Global Security and all obligations of the Issuer hereunder are
direct, unsecured obligations of the Issuer and rank without preference or
priority among themselves and pari passu with all other
existing and future unsecured and unsubordinated indebtedness of the Issuer,
subject to certain statutory exceptions in the event of liquidation upon
insolvency.

    

    This
Registered Global Security, and any Registered Global Security or Registered
Global Securities issued upon transfer or exchange hereof, is issuable only in
fully registered form, without coupons, and in denominations of U.S. $[_____]
and any integral multiple of U.S. $[_____] in excess thereof.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    The
Trustee has been appointed registrar for the Notes, and the Trustee will
maintain at its office in the Borough of Manhattan, The City of New York, a
register for the registration and transfer of Notes.  Subject to the
limitations, terms and conditions set forth herein and in the Senior Indenture,
this Registered Global Security may be transferred
at the aforesaid office of the Trustee by surrendering this Registered Global
Security for cancellation, and thereupon the Issuer shall execute and the
Trustee shall authenticate and deliver in the name of the transferee or
transferees, in exchange herefor, a new Registered Global Security or Registered
Global Securities having identical terms and provisions and having a like
aggregate principal amount in authorized denominations.  Upon the
occurrence of certain events specified in Section 2.08 of the Senior Indenture,
this Registered Global Security is exchangeable at the office of the Trustee for
definitive registered Notes without coupons of authorized denominations in an
equal aggregate principal amount and having identical terms and provisions as
the surrendered Registered Global Security.

     

    All
Registered Global Securities surrendered for transfer or exchange shall be duly
endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to, the Issuer and the Trustee and executed by the
registered Holder or by the Holder’s attorney duly authorized in
writing.  The Issuer may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such exchange or registration of transfer.

     

    The Senior
Indenture permits the Issuer and the Trustee, with the consent of the Holders of
not less than a majority in aggregate principal amount of the debt securities of
all series issued under the Senior Indenture then outstanding and affected
(voting as one class), to execute supplemental indentures adding any provisions
to or changing in any manner the rights of the Holders of each series so
affected; provided that
the Issuer and the Trustee may not, without the consent of the Holder of each
outstanding debt security affected thereby, (a) extend the final maturity of any
such debt security, or reduce the principal amount thereof, or reduce the rate
or extend the time of payment of interest thereon, or reduce any amount payable
on redemption thereof, or change the currency of payment thereof, or modify or
amend the provisions for conversion of any currency into any other currency, or
modify or amend the provisions for conversion or exchange of the debt security
for securities of the Issuer or other entities or for other property or the cash
value of the property (other than as provided in the antidilution provisions or
other similar adjustment provisions of the debt securities or otherwise in
accordance with the terms thereof), or impair or affect the rights of any Holder
to institute suit for the payment thereof or (b) reduce the aforesaid percentage
in principal amount of debt securities the consent of the Holders of which is
required for any such supplemental indenture.

     

    Subject to
Section 13.08 of the Senior Indenture, the Senior Indenture provides that if an
Event of Default (as defined in Section 5.01 and Section 13.08 of the Senior
Indenture) with respect to the Guaranteed Securities (as defined in Section
13.01 of the Senior Indenture) of any series at the time Outstanding occurs and
is continuing, then and in each and every case, unless the principal of all of
the Guaranteed Securities of

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    such
series shall have already become due and payable, either the Trustee or the
Holders of not less than 25% in aggregate principal amount of the Guaranteed
Securities of such series then Outstanding under the Senior Indenture, by notice
in writing to the Issuer (and to the Trustee if given by Securityholders of such
series), may declare the principal amount
(or, if the Securities of such series are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of such
series) of all the Guaranteed Securities of such series, and the interest
accrued thereon, if any, to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and payable,
anything in the Senior Indenture or in such Guaranteed Securities contained to
the contrary notwithstanding.

     

    No
provision of this Registered Global Security or of the Senior Indenture shall
alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of, premium, if any, and interest on this
Registered Global Security at the time, place and rate, and in the coin or
currency, herein prescribed unless otherwise agreed between the Issuer and the
registered Holder of this Registered Global Security.

     

    The
Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and
treat the registered Holder hereof as the absolute owner of this Registered
Global Security (whether or not this Registered Global Security shall be overdue
and notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal hereof and,
subject to the provisions on the face hereof, interest hereon, and for all other
purposes, and none of the Issuer, the Trustee or any agent of the Issuer or the
Trustee shall be affected by any notice to the contrary.

     

    No
recourse under or upon any obligation, covenant or agreement of the Issuer in
the Senior Indenture or any indenture supplemental thereto or in any Security,
or because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, stockholder, officer or director, as such, past,
present or future, of the Issuer or of any successor corporation, either
directly or through the Issuer or any successor corporation, under any rule of
law, statute or constitutional provision or by the enforcement of penalty or
assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as
part of the consideration for the issue hereof.

     

    This
Registered Global Security shall for all purposes be governed by, and construed
in accordance with, the laws of the State of New York.

     

    All terms
used in this Registered Global Security, which are defined in the Senior
Indenture and not otherwise defined herein, shall have the meanings assigned to
them in the Senior Indenture.

     

    Unless the
certificate of authentication hereon has been executed by the Trustee by manual
signature, this Registered Global Security shall not be entitled to any benefit
under the Senior Indenture or be valid or obligatory for any
purpose.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto

     

    

    
      	 
      	 
      
	
              [PLEASE
      INSERT SOCIAL SECURITY OR OTHER

            	 
      
	
              IDENTIFYING
      NUMBER OF ASSIGNEE]

            	 
      

    

    

    

    
      

    

     

     

    
      

    

     

    
 

    
      

    

    [PLEASE
PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

    

    the within
Registered Global Security, and all rights thereunder, hereby irrevocably
constituting and appointing

    

    

    
      
 

    attorney
to transfer such security on the books of the Issuer, with full power of
substitution in the premises.

    

    

    
      	
              Dated:

            	
               

            	 	
              Signature:

            	
               

            	 

    

    

    

    
      	
              NOTICE:

            	
              The
      signature to this assignment must correspond with the name as written upon
      the face of the within Registered Global Security in every particular
      without alteration or enlargement or any change
  whatsoever.

            

    

    
    

    
 

     

     

     

      12

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