Document:

Service Agreement

 Exhibit 10.12 
  
 SERVICE AGREEMENT 
  
 This service agreement (“Agreement”) is effective as of July 1, 2003 by and among the WORLD MONITOR TRUST—SERIES A, B AND C, WORLD MONITOR TRUST
II—SERIES D, E, AND F, DIVERSIFIED FUTURES TRUST I, DIVERSIFIED FUTURES TRUST II and PRUDENTIAL SECURITIES STRATEGIC TRUST (each a “Trust” and collectively, the “Trusts”), PRUDENTIAL SECURITIES FUTURES
MANAGEMENT INC., as the managing owner of each of the Trusts (the “Managing Owner”) and WACHOVIA SECURITIES, LLC (the “Service Provider”). 
  
 WHEREAS, each of the Trusts is a Delaware business trust organized to trade futures contracts and other investments;

  
 WHEREAS, the Managing Owner is a Delaware corporation registered
with the Commodity Futures Trading Commission (“CFTC”) as a Commodity Pool Operator (“CPO”) and Commodity Trading Advisor (“CTA”); 
  
 WHEREAS, Service Provider is registered with the CFTC and the National Futures Association (“NFA”) as a futures
commission merchant (“FCM”) and is also registered as a broker-dealer with the Securities and Exchange Commission (“SEC”) and is a member of the National Association of Securities Dealers, Inc. (“NASD”); 
  
 WHEREAS, each of the Trusts has sold interests to the public (the
“Interests”) pursuant to the terms of a prospectus (each, a “Prospectus”); and 
  
 WHEREAS, the Managing Owner wishes to engage the Service Provider as a service provider for the Trusts and the Service Provider wishes to act as a service
provider for the Trusts. 
  
 NOW, THEREFORE, in consideration of
their mutual covenants and undertakings and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows: 
  
 1.  Services to be Provided 
  
 The Service Provider agrees to perform the following services for limited owners of the Trusts that have accounts with the Service Provider (“Limited
Owners”): (a) inquiring of the Managing Owner from time to time, at the request of a Limited Owner, as to the Net Asset Value per Interest; (b) inquiring of the Managing Owner from time to time, at the request of a Limited Owner, regarding the
commodity interest markets or any Trust; (c) assisting, at the request of the Managing Owner, in the redemption, exchange and transfer of Interests; and (d) providing such other services to the Limited Owners as the Managing Owner may, from time to
time, reasonably request. To the extent that the Service Provider utilizes the services of its employees to assist it in performing the services described above, each such employee will be registered with the CFTC and will have passed either the
Series 3 National Commodity Futures Examination or the Series 31 Futures Managed Funds Examination. 
  
 In connection with the foregoing services, the Service Provider shall not give any written material other than such written material as has been approved in advance
by each of the Trusts or the Managing Owner. The Service Provider shall make no oral representation to any Limited Owner unless such representation is specifically set forth in the applicable Prospectus or properly approved written material.

  
 2.  Undertakings 
  
 The Managing Owner and the Trusts agree to cooperate with the Service Provider in the
performance of the Service Provider’s services hereunder, and to provide the Service Provider with any and all information and documentation that the Service Provider reasonably requires in order to perform the services contemplated by this
Agreement. Without limiting the generality of the foregoing, the Managing Owner agrees to provide the Service Provider with copies of (i) each Prospectus and any amendments or supplements thereto; (ii) any and all monthly and annual reports of any
Trust; and (iii) all correspondence sent by any Trust and/or the Managing Owner to the Limited Owners. 
  
 3.  Representations and Warranties of the Managing Owner 
  
 The Managing Owner represents and warrants to the Service Provider that: 
  

	 	A.	 Each of the Managing Owner and the Trusts has obtained and possesses all required governmental, regulatory and commodity exchange approvals and licenses and that each has

	 	 
effected all filings and registrations required in order to enter into and perform this Agreement, to conduct its business generally and to perform its obligations
described hereunder and as described in the Prospectus. 

  

	 	B.	Each of the Managing Owner and the Trusts will maintain such approvals, licenses, filings and registrations throughout the term of this Agreement and shall notify the Service Provider
immediately of any material change in such approvals, licenses, filings or registrations. 

  

	 	C.	Each of the Managing Owner and the Trusts has complied with all laws, rules and regulations applicable to its business, including rules and regulations promulgated by the CFTC and NFA, the
violation of which would materially and adversely affect their respective business, financial condition or earnings. 

  

	 	D.	There are no actions, suits or proceedings pending or, to the best of the Managing Owner’s knowledge, threatened against the Managing Owner or any Trust at law or in equity or before or
by any Federal, state, municipal or other governmental or regulatory department, commission, board, bureau, agency or instrumentality, or by any commodity or security exchange worldwide in which an adverse decision would materially and adversely
affect the ability of the Managing Owner or any Trust to comply with and perform their respective obligations under this Agreement or any Prospectus. 

  

	 	E.	This Agreement has been duly and validly authorized, executed and delivered and is a valid and binding agreement, enforceable against the Managing Owner and each Trust in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, moratorium, insolvency or other laws now or hereafter enacted affecting the enforcement of creditors’ rights generally and by legal and equitable restrictions on the
availability of equitable remedies, including specific performance. 

  

	 	F.	Neither the Managing Owner nor any Trust will use the Service Provider’s name in any documents or correspondence in connection with any Trust without the express written consent of the
Service Provider, which consent shall not be unreasonably withheld. 

  
 The representations and warranties contained in this Section 3 shall continue during the term of this Agreement, and, if at any time any event has occurred which would make or tend to make any of the foregoing not true, the
Managing Owner will promptly notify the Service Provider in writing of such event. 
  
 4.  Representations and Warranties of the Service Provider 
  
 The Service Provider hereby represents and warrants to the Trusts and to the Managing Owner that: 
  

	 	A.	It is duly registered Futures Commission Merchant as that term is defined under Section 4d of the Commodity Exchange Act as amended and the regulations thereunder and is a registered member
of NFA. 

  

	 	B.	It is registered with the SEC as a broker-dealer and is a registered member of the NASD. 

  

	 	C.	It will maintain the foregoing registration status throughout the time it performs any services under this Agreement. 

  

	 	D.	It has complied with all laws, rules and regulations having application to its business, including rules and regulations promulgated by the CFTC and NFA, the violation of which would
materially and adversely affect the business, financial condition or earnings of the Service Provider. 

  

	 	E.	There are no actions, suits or proceedings pending or, to the best knowledge of the Service Provider, threatened at law or in equity or before or by any Federal, state, municipal or other
governmental or regulatory department, commission, board, bureau, agency or instrumentality, or by any commodity or security exchange worldwide in which an adverse decision would materially and adversely affect the ability of the Service Provider to
comply with and perform it obligations under this Agreement, except as set forth in Exhibit A attached hereto. 

  

	 	F.	 This Agreement has been duly and validly authorized, executed and delivered and is a valid and binding agreement, enforceable against it, in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, moratorium, insolvency or other laws now or hereafter 

  

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enacted affecting the enforcement of creditors’ rights generally and by legal and equitable restrictions on the availability of equitable remedies, including
specific performance. 

  

	 	G.	The Service Provider will not use the name of the Managing Owner or any Trust in any documents or correspondence, other than those necessary for the Service Provider to perform the services
enumerated in Section 1 hereof, without the express written consent of such Trust and the Managing Owner, which consent shall not be unreasonably withheld. 

  
 The representations and warranties contained in this Section 4 shall continue during the term of this Agreement, and, if at any time
any event has occurred which would make or tend to make any of the foregoing not true, the Service Provider will notify the Managing Owner and each Trust in writing of such event. 
  
 5.  Indemnification 
  

	A.	The Managing Owner and the Trust shall indemnify and hold harmless the Service Provider, and its officers, directors, employees and affiliates, from any claims, suits, controversies,
judgments, losses, awards or settlements (including, without limitation, reasonable attorneys’ fees and expenses) caused by, or related to, (i) the Managing Owner’s or the Trust’s material breach of any applicable provision of this
Agreement; or (ii) the Managing Owner’s or the Trust’s negligence, intentional misconduct or violation of applicable law in performing any of the activities contemplated under this Agreement. Notwithstanding the preceding sentence, the
Managing Owner and the Trust shall be entitled to an appropriate offset for any indemnification obligations that are caused, in part or in whole, by Service Provider’s breach of any provision of this Agreement or Service Provider’s
negligence, intentional misconduct or violation of applicable law in performing any of the activities contemplated under this Agreement. 

  

	B.	The Service Provider shall indemnify and hold harmless the Managing Owner and the Trust, and their respective officers, directors, employees and affiliates, from any claims, suits,
controversies, judgments, losses, awards or settlements (including, without limitation, reasonable attorneys’ fees and expenses) caused by, or related to, (i) the Service Provider’s material breach of any applicable provision of this
Agreement; or (ii) the Service Provider’s negligence, intentional misconduct or violation of applicable law in performing any of the activities contemplated under this Agreement. Notwithstanding the preceding sentence, the Service Provider
shall be entitled to an appropriate offset for any indemnification obligations that are caused, in part or in whole, by the Managing Owner’s or the Trust’s breach of any provision of this Agreement or Service Provider’s negligence,
intentional misconduct or violation of applicable law in performing any of the activities contemplated under this Agreement. 

  
 6.  Limitation of the Service Provider’s Liability 
  
 The Service Provider shall incur no liability to any of the Trusts, the Managing Owner, any Limited Owner or any other party except to the extent caused by the
Service Provider’s negligence or willful misconduct in performing its obligations under this Agreement, or its material breach of any representation, warranty, covenant or term of this Agreement. 
  
 7.  Compensation 
  
 In consideration of the Service Provider’s services provided as specified herein, the Managing Owner will pay or cause to be paid
to the Service Provider a monthly service fee, which on an annual basis will equal 4% of the Net Asset Value of such Interests beneficially owned by Limited Owners of each Trust as of the applicable date of determination who hold such Interests
through accounts maintained with the Service Provider, provided that, as set out in Section 1, the Service Provider remains registered with the CFTC as a FCM and remains a member in good standing of the NFA in such capacity, and the registered
representatives of the Service Provider responsible for the servicing of each Interest which is the subject of the compensation paid to the Service Provider hereunder are registered with the CFTC and have passed either the Series 3 National
Commodity Futures Examination or the Series 31 Futures Managed Funds Examination. These payments should be made within a reasonable time following each month, but in no event later than 15 days following the end of each month. From the date of this
Agreement, and until further written notice from the Managing Owner, the Service Provider shall be paid such fees out of the brokerage and services fee that Prudential Equity Group, Inc., f/k/a Prudential Securities Incorporated (“PEG”)
receives from each Trust. 
  

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 8.  Miscellaneous 
  

	A.	This Agreement shall be binding upon and inure to the benefit of the parties’ respective successors and permitted assigns; provided that such successors and assigns shall be deemed to
make the same representations and warranties contained in this Agreement as their predecessors. 

  

	B.	This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to conflict of law principles. 

  

	C.	This Agreement constitutes the entire agreement among the parties hereto with respect to the matters referred to herein and supersedes any prior agreements, whether verbal or written, among
them. 

  

	D.	This Agreement may not be amended except by the express written consent of the parties hereto. No waiver of any provision of this Agreement may be implied from any course of dealing among the
parties or from any failure by any party to assert its rights under this Agreement on any occasion or series of occasions. 

  

	E.	If any provision of this Agreement, or the application of any such provision to any person or circumstance, shall be held to be inconsistent with any present or future law, ruling, or
regulation of any court or regulatory body, exchange, or board of trade having jurisdiction over the subject matter of this Agreement, such provision shall be deemed to be rescinded or modified in accordance with such law, ruling, rule or
regulation, and the remainder of this Agreement, or the application of such provisions to persons or circumstances other than those as to which it is held inconsistent, shall not be effected thereby. 

  

	F.	Any and all disputes arising out of or relating to this Agreement shall be settled by arbitration pursuant to the rules of the NFA in force at the time arbitration is demanded. Any award
rendered thereon by the arbitrators shall be final and binding on each and all the parties thereto and judgment may be entered in any court having jurisdiction thereof. 

  

	G.	This Agreement may not be assigned by any party without the prior written consent of the other parties; provided, however, each Trust and the Service Provider agree that the Managing
Owner may assign this Agreement in connection with the sale of, and to the acquiror of, all or substantially all of the business or assets of the Managing Owner, provided such acquiror expressly assumes and agrees in writing to perform this
Agreement in the same manner and to the same extent that the Managing Owner would be required to perform if no such transaction had taken place. For the avoidance of doubt, it shall not be considered an assignment of this Agreement by the Managing
Owner if the ownership of the Managing Owner is transferred to an affiliate of PEG, including, but not limited to, Prudential Financial Derivatives, LLC. 

  

	H.	This Agreement may be executed and delivered in counterparts, each of which will be deemed an original. 

  

	I.	Headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement.

  
 9.  Termination 
  
 This Agreement may be terminated by any party hereto upon 30 days’ prior written
notice to the other parties. Such notice shall have no effect on any outstanding rights, obligations or liabilities of the parties prior to the receipt of such notice and the effective date of termination of this Agreement. 
  
 10.  Notices 
  
 Any notice required to be delivered pursuant to this Agreement shall be in writing and shall be delivered by courier service, telex,
facsimile transmission, or other similar means and shall be effective upon receipt by the party to whom such notice shall be directed. 
  

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 IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned with effect as of
the date written above. 
  

					
	World Monitor Trust—Series A, B and C
			
	By:	 	Prudential Securities Futures Management Inc.	  	 
			
	 	 	 By: /s/ Brian Martin
	  	 
	 	 	
	 	 
	 	 	 Brian Martin
 President
	  	 

  

					
	World Monitor Trust II—Series D, E and F
			
	By:	 	Prudential Securities Futures Management Inc.	  	 
			
	 	 	 By: /s/ Brian Martin
	  	 
	 	 	
	 	 
	 	 	 Brian Martin
 President
	  	 

  

					
	Diversified Futures Trust
			
	By:	 	Prudential Securities Futures Management Inc.	  	 
			
	 	 	 By: /s/ Brian Martin
	  	 
	 	 	
	 	 
	 	 	 Brian Martin
 President
	  	 

  

					
	Diversified Futures Trust II
			
	By:	 	Prudential Securities Futures Management Inc.	  	 
			
	 	 	 By: /s/ Brian Martin
	  	 
	 	 	
	 	 
	 	 	 Brian Martin
 President
	  	 

  

					
	Prudential Securities Strategic Trust
			
	By:	 	Prudential Securities Futures Management Inc.	  	 
			
	 	 	 By: /s/ Brian Martin
	  	 
	 	 	
	 	 
	 	 	 Brian Martin
 President
	  	 

  

					
	Prudential Securities Futures Management Inc.
			
	 	 	 By: /s/ Brian Martin
	  	 
	 	 	
	 	 
	 	 	 Brian Martin
 President
	  	 

  

					
	Wachovia Securities, LLC
			
	 	 	 By: /s/ Leah Wehinger
	  	 
	 	 	
	 	 
	 	 	 Leah Wehinger
 Managing Director
	  	 

  

 5Form of 3 1/4% Senior Notes due 2009

 SPECIMEN 
  

Exhibit 4.25 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES OF THIS SERIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF SUCH A TRANSFEROR TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF SUCH A TRANSFEREE OR SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF SUCH A TRANSFEROR AND ANY PAYMENT IS MADE TO SUCH A TRANSFEREE, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, SUCH A TRANSFEROR, HAS AN INTEREST HEREIN. 
  

			
	 REGISTERED
	  	REGISTERED
	 No. - 1 -
	  	$300,000,000
	 CUSIP: 585515AF68
	  	x GLOBAL SECURITY

  
 MELLON FUNDING
CORPORATION 
 3 1/4% SENIOR NOTES DUE 2009 
  
 MELLON FUNDING
CORPORATION, a corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED MILLION Dollars ($300,000,000) on April 1, 2009 and to pay interest thereon from March 23, 2004 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually on April 1 and October 1 in each year, commencing on October 1, 2004, at the rate of 3 1/4% per annum, until the principal hereof is paid or made available for payment, and (to the extent that the payment of such interest shall be legally enforceable) at the rate of
3 1/4% per annum on any overdue principal and premium and on any overdue installment of interest. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is 

 SPECIMEN 
  

registered at the close of business on the Regular Record Date for such interest, which shall be the March 15 or September 15 (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of
this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture. 
  
 If this Security is a Global Security (as specified on the face hereof), this Security is exchangeable in whole for definitive Securities of this series in registered form (“Registered Securities”) of like
tenor and of an equal aggregate principal amount only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Global Security or if at any time the Depositary ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, (ii) the Company executes and delivers to the Trustee a Company Order providing that this Global Security shall be exchangeable for definitive Registered Securities or (iii) any event
shall have happened and be continuing which, after notice or lapse of time, or both, would become an Event of Default with respect to the Securities of the series of which this Global Security is a part. In the event this Global Security is
exchangeable pursuant to the preceding sentence, it shall be exchanged in whole for definitive Registered Securities of this series, of like tenor and of an equal aggregate principal amount in denominations of U.S. $1,000 and integral multiples
thereof; provided that, in the case of clauses (ii) and (iii) above, definitive Registered Securities of this series will be issued in exchange for this Global Security only if such definitive Registered Securities were requested by written
notice to the Security Registrar by or on behalf of a Person who is a beneficial owner of an interest herein given through the 
  

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 SPECIMEN 
  

Holder hereof. Any definitive Registered Securities of this series issued in exchange for this Global Security shall be registered in the name or names of such Person
or Persons as the Holder hereof shall instruct the Security Registrar. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not
be considered the Holders thereof for any purpose under the Indenture. 
  
 If this Security is a Global Security, except as provided in the next paragraph, no beneficial owner of any portion of this Global Security shall be entitled to receive payment of accrued interest hereon until this Global Security has been
exchanged for one or more definitive Registered Securities of this series, as provided herein and in the Indenture. 
  
 If this Security is a Global Security and if a definitive Registered Security or Registered Securities of this series are issued in exchange for this
Global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the related Interest Payment Date, or (ii) any Special
Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest or interest on Defaulted Interest, as the case may be, accrued interest will not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Holder hereof, and the Holder
hereof will undertake in such circumstances to credit such interest to the account or accounts of the Persons who were the beneficial owners of any portion of this Global Security on such Regular Record Date or Special Record Date, as the case may
be. 
  
 If this Security is a Global Security, payment of the
principal of and any premium or interest hereon will be made on each Interest Payment Date and at the Maturity Date, as the case may be, by the Trustee by wire transfer of immediately available funds, 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, to an account of the registered Holder hereof at the Federal Reserve Bank of New York, provided, that, payment at the 
  

 -3- 

 SPECIMEN 
  

Maturity Date hereof shall be made against presentation of this Security at the office of the Trustee, currently located at 4 New York Plaza, 15th floor, New York, New
York 10004. If this Security is not a Global Security, (i) the principal of and any interest and premium hereon payable at the Maturity Date hereof will be paid in immediately available funds, 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, against presentation of this Security at the aforementioned office of the Trustee, and (ii) all interest payments hereon other than interest due at the Maturity Date
hereof will be made by check drawn on the Trustee and mailed by the Trustee to the person entitled thereto as provided herein, provided, that Holders of $10,000,000 or more in aggregate principal amount of Securities of this series shall be
entitled to receive such payments by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trustee not less than 16 days prior to the applicable Interest Payment Date. 

 
 Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 This Security is not a deposit and is not insured by any federal agency. 
  
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, or by an
Authenticating Agent, by manual signature, neither this Security nor the Guarantee endorsed hereon shall be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 -4- 

 SPECIMEN 
  

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed, manually or in facsimile, by its duly authorized officer under its
corporate seal. 
  

					
	 MELLON FUNDING CORPORATION
	 	 
		
	 By:
	 	 /s/ MICHAEL A. BRYSON

	 Name:
	 	 Michael A. Bryson
	 	 
	 Title:
	 	 President and Chief Executive Officer
	 	 

  
 Attest: 
  

	
	 /s/ MICHAEL J. BAKER

	 Secretary

  
 Dated: March 23, 2004 
  

			
	CERTIFICATE OF AUTHENTICATION This is one of the Securities of the series designated herein referred to in the within- mentioned Indenture.
	
	 JPMORGAN CHASE BANK
 as
Trustee

		
	 By:
	 	 /s/ JAMES HEANEY

	 	 	 Authorized Officer

  

 -5- 

 SPECIMEN 
  

MELLON FUNDING CORPORATION 
 3 1/4% SENIOR NOTES DUE 2009 
  
 This Security is one of a duly authorized series of Securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of May 2, 1988, as supplemented by the First Supplemental Indenture, dated as of November 29, 1990, as supplemented by the Second Supplemental Indenture, dated as of June 12,
2000 (together herein called the “Indenture”), each among the Company, the Guarantor and JPMorgan Chase Bank (as successor to The Chase Manhattan Bank, National Association), as Trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. The Securities may be issued in different series, as in the Indenture provided. This
Security is one of the series designated on the face hereof, issued under and entitled to the benefits of the Indenture and issued in an aggregate principal amount of $300,000,000. 
  
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue
interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and interest on the Securities of this series shall terminate.

  
 The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the
Guarantor and the Trustee with the consent of the Holders of not less than 66 2/3% in aggregate principal amount
of the Securities at 
  

 -6- 

 SPECIMEN 
  

the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
  
 The Guarantor, or a Subsidiary thereof, may directly assume, by a supplemental indenture, the due and punctual payment of the principal of (and premium,
if any) and interest on all the Securities, in which case the Company shall be released from its liability as obligor on the Securities. 
  
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
  
 The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any
integral multiple thereof. As provided in the Indenture and subject to certain limitations therein 
  

 -7- 

 SPECIMEN 
  

set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. 
  
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 Prior to due presentment of this Security for registration of transfer, the
Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 
  
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  

 -8- 

 SPECIMEN 
  

ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations. 
  

	
	 TEN COM—as tenants in common

	
	 TEN ENT—as tenants by the entireties

	
	 JT TEN—as joint tenants with right of survivorship and not as tenants in common

	
	 UNIF GIFT MIN ACT—
                                 Custodian
                                

	                                        
             (Cust)                          
                  (Minor)

	
	 Under Uniform Gifts to Minors Act
                                        
                        

	                                        
                                        
 (State)

  
 Additional
abbreviations may also be used though not in the above list. 
  

 -9- 

 SPECIMEN 
  

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  
 Please Insert Social Security or Other 
 Identifying Number of Assignee: 
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS 
 INCLUDING ZIP CODE OF ASSIGNEE: 
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
 the within Security and all rights thereunder, hereby irrevocably constituting and appointing
                             attorney to transfer said Security on the Security Register of the
Company, with full power of substitution in the premises. 
  

			
	Dated:
                                	  	                                      
                                        
                          
	 	  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this Security in every particular, without alteration or enlargement or any change
whatever.

  

 -10- 

 SPECIMEN 
  

GUARANTEE 
  
 OF 
  
 MELLON
FINANCIAL CORPORATION 
  
 For value received, Mellon Financial
Corporation, a corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania (herein called the “Guarantor”), hereby unconditionally guarantees to the Holder of the Security upon which this Guarantee is
endorsed the due and punctual payment of the principal of (and premium, if any) and interest on said Security, when and as the same shall become due and payable, whether at maturity, by acceleration or redemption or otherwise, according to the terms
thereof and of the Indenture referred to therein. In case of the failure of Mellon Funding Corporation or any successor thereto (the “Company”) punctually to pay any such principal, premium or interest, the Guarantor hereby agrees to cause
any such payment to be made punctually when and as the same shall become due and payable, whether at maturity, upon acceleration or redemption or otherwise, and as if such payment were made by the Company. 
  
 The Guarantor hereby agrees that its obligations hereunder shall be as
principal and not merely as surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of said Security or said Indenture, any failure to enforce the provisions of
said Security or said Indenture, or any waiver, modification, consent or indulgence granted to the Company with respect thereto, by the Holder of said Security or the Trustee under said Indenture, the recovery of any judgment against the Company or
any action to enforce the same, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court
in the event of merger, insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to said Security or the indebtedness evidenced thereby and all demands whatsoever, and
covenants that this Guarantee will not be discharged except by payment in full of the principal of (and premium, if any) or interest on said Security and the complete performance of all other obligations contained in said Security. 
  

 -11- 

 SPECIMEN 
  

The Guarantor shall be surrogated to all rights of the Holder of said Security against the Company in respect of any amounts paid to such Holder by the
Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation until the principal of (and premium,
if any) and interest on all Securities issued under said Indenture shall have been paid in full. 
  
 Subject to the next following paragraph, the Guarantor hereby certifies and warrants that all acts, conditions and things required to be done and
performed and to have happened precedent to the creation and issuance of this Guarantee and to constitute the same the valid obligation of the Guarantor have been done and performed and have happened in due compliance with all applicable laws.

  
 This Guarantee shall not be valid or become obligatory for any
purpose until the certificate of authentication on said Security shall have been signed manually by or on behalf of the Trustee under said Indenture. 
  
 This Guarantee shall be deemed to be a contract made under the laws of the Commonwealth of Pennsylvania, and for all purposes shall be governed by and
construed in accordance with the laws of the Commonwealth of Pennsylvania, except as otherwise required by mandatory provisions of law. 
  

 -12- 

 SPECIMEN 
  

IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed, manually or in facsimile, by its duly authorized officer under its
corporate seal. 
  
 Dated: March 23, 2004 
  

			
	 MELLON FINANCIAL CORPORATION

		
	 By:
	 	 /s/ MICHAEL A. BRYSON

	 Name:
	 	 Michael A. Bryson

	 Title:
	 	 Chief Financial Officer

  
 Attest: 
  

	
	 /s/ CARL KRASIK

	 Secretary

  

 -13-

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