Document:

ex4-1.htm

    Exhibit
      4.1

    

    

    

    

    

    

    

    _________________

    

    AMENDED
      AND RESTATED DECLARATION

     

    OF
      TRUST

     

    CITIGROUP
      CAPITAL XX

     

    Dated
      as of  November 27, 2007

     

    

    

    

    

    

    _________________

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    

    
      	
              ARTICLE
                I INTERPRETATION AND DEFINITIONS

               

            
	
              SECTION
                1.1 Definitions.

               

            	
              1

               

            
	
              ARTICLE
                II TRUST INDENTURE ACT

               

            
	
              SECTION
                2.1 Trust Indenture Act; Application.

               

            	
              7

               

            
	
              SECTION
                2.2 Lists of Holders of Securities.

               

            	
              7

               

            
	
              SECTION
                2.3 Reports by the Institutional Trustee.

               

            	
              7

               

            
	
              SECTION
                2.4 Periodic Reports to Institutional Trustee.

               

            	
              8

               

            
	
              SECTION
                2.5 Evidence of Compliance with Conditions Precedent.

               

            	
              8

               

            
	
              SECTION
                2.6 Defaults; Waiver.

               

            	
              8

               

            
	
              SECTION
                2.7 Default; Notice.

               

            	
              9

               

            
	
              ARTICLE
                III ORGANIZATION

               

            
	
              SECTION
                3.1 Name.

               

            	
              10

               

            
	
              SECTION
                3.2 Office.

               

            	
              10

               

            
	
              SECTION
                3.3 Purpose.

               

            	
              10

               

            
	
              SECTION
                3.4 Authority.

               

            	
              10

               

            
	
              SECTION
                3.5 Title to Property of the Trust.

               

            	
              11

               

            
	
              SECTION
                3.6 Powers and Duties of the Regular Trustees.

               

            	
              11

               

            
	
              SECTION
                3.7 Prohibition of Actions by the Trust and the Trustees.

               

            	
              13

               

            
	
              SECTION
                3.8 Powers and Duties of the Institutional Trustee.

               

            	
              14

               

            
	
              SECTION
                3.9 Certain Duties and Responsibilities of the Institutional
                Trustee.

               

            	
              16

               

            
	
              SECTION
                3.10 Certain Rights of Institutional Trustee.

               

            	
              17

               

            
	
              SECTION
                3.11 Delaware Trustee.

               

            	
              19

               

            
	
              SECTION
                3.12 Execution of Documents.

               

            	
              20

               

            
	
              SECTION
                3.13 Not Responsible for Recitals or Issuance of Securities.

               

            	
              20

               

            
	
              SECTION
                3.14 Duration of Trust.

               

            	
              20

               

            
	
              SECTION
                3.15 Mergers.

               

            	
              20

               

            
	
              ARTICLE
                IV SPONSOR

               

            
	
              SECTION
                4.1 Sponsor's Purchase of Common Securities.

               

            	
              22

               

            
	
              SECTION
                4.2 Responsibilities of the Sponsor.

               

            	
              22

               

            
	
              ARTICLE
                V TRUSTEES

               

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                5.1 Number of Trustees.

               

            	
              22

               

            
	
              SECTION
                5.2 Delaware Trustee.

               

            	
              23

               

            
	
              SECTION
                5.3 Institutional Trustee; Eligibility.

               

            	
              23

               

            
	
              SECTION
                5.4 Qualifications of Regular Trustees and Delaware Trustee
                Generally.

               

            	
              24

               

            
	
              SECTION
                5.5 Initial Trustees; Additional Powers of Regular Trustees.

               

            	
              24

               

            
	
              SECTION
                5.6 Appointment, Removal and Resignation of Trustees.

               

            	
              25

               

            
	
              SECTION
                5.7 Vacancies among Trustees.

               

            	
              27

               

            
	
              SECTION
                5.8 Effect of Vacancies.

               

            	
              27

               

            
	
              SECTION
                5.9 Meetings.

               

            	
              27

               

            
	
              SECTION
                5.10 Delegation of Power.

               

            	
              27

               

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

               

            	
              28

               

            
	
              ARTICLE
                VI DISTRIBUTIONS

               

            
	
              SECTION
                6.1 Distributions.

               

            	
              28

               

            
	
              ARTICLE
                VII ISSUANCE OF SECURITIES

               

            
	
              SECTION
                7.1 General Provisions Regarding Securities.

               

            	
              28

               

            
	
              ARTICLE
                VIII TERMINATION OF TRUST

               

            
	
              SECTION
                8.1 Termination of Trust.

               

            	
              29

               

            
	
              ARTICLE
                IX TRANSFER OF INTERESTS

               

            
	
              SECTION
                9.1 Transfer of Securities.

               

            	
              30

               

            
	
              SECTION
                9.2 Transfer of Certificates.

               

            	
              30

               

            
	
              SECTION
                9.3 Deemed Security Holders.

               

            	
              31

               

            
	
              SECTION
                9.4 Book Entry Interests.

               

            	
              31

               

            
	
              SECTION
                9.5 Notices to Clearing Agency.

               

            	
              32

               

            
	
              SECTION
                9.6 Appointment of Successor Clearing Agency.

               

            	
              32

               

            
	
              SECTION
                9.7 Definitive Capital Security Certificates.

               

            	
              32

               

            
	
              SECTION
                9.8 Mutilated, Destroyed, Lost or Stolen Certificates.

               

            	
              32

               

            
	
              ARTICLE
                X LIMITATION OF LIABILITY OF HOLDERS OF  SECURITIES, TRUSTEES OR
                OTHERS

               

            
	
              SECTION
                10.1 Liability.

               

            	
              33

               

            
	
              SECTION
                10.2 Exculpation.

               

            	
              33

               

            
	
              SECTION
                10.3 Fiduciary Duty.

               

            	
              34

               

            
	
              SECTION
                10.4 Indemnification.

               

            	
              35

               

            
	
              SECTION
                10.5 Outside Businesses.

               

            	
              37

               

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                XI ACCOUNTING

               

            
	
              SECTION
                11.1 Fiscal Year.

               

            	
              38

               

            
	
              SECTION
                11.2 Certain Accounting Matters.

               

            	
              38

               

            
	
              SECTION
                11.3 Banking.

               

            	
              38

               

            
	
              SECTION
                11.4 Withholding.

               

            	
              39

               

            
	
              ARTICLE
                XII AMENDMENTS AND MEETINGS

               

            
	
              SECTION
                12.1 Amendments.

               

            	
              39

               

            
	
              SECTION
                12.2 Meetings of the Holders of Securities; Action by Written
                Consent.

               

            	
              41

               

            
	
              ARTICLE
                XIII REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE
                TRUSTEE

               

            
	
              SECTION
                13.1 Representations and Warranties of Institutional Trustee.

               

            	
              42

               

            
	
              SECTION
                13.2 Representations and Warranties of Delaware Trustee.

               

            	
              43

               

            
	
              ARTICLE
                XIV MISCELLANEOUS

               

            
	
              SECTION
                14.1 Notices.

               

            	
              43

               

            
	
              SECTION
                14.2 Governing Law.

               

            	
              45

               

            
	
              SECTION
                14.3 Intention of the Parties.

               

            	
              45

               

            
	
              SECTION
                14.4 Headings.

               

            	
              45

               

            
	
              SECTION
                14.5 Successors and Assigns.

               

            	
              45

               

            
	
              SECTION
                14.6 Partial Enforceability.

               

            	
              45

               

            
	
              SECTION
                14.7 Counterparts

               

            	
              45

               

            

    

    

    

    
      	
              ANNEX
                I

            	
              TERMS
                OF SECURITIES

            	
              I-1

            
	
              EXHIBIT
                A-1

            	
              FORM
                OF CAPITAL SECURITY CERTIFICATE

            	
              A1-1

            
	
              EXHIBIT
                A-2

            	
              FORM
                OF COMMON SECURITY CERTIFICATE

            	
              A2-1

            
	
              EXHIBIT
                B

            	
              SPECIMEN
                OF DEBENTURE

            	
              B-1

            
	
              EXHIBIT
                C

            	
              UNDERWRITING
                AGREEMENT

            	
              C-1

            

    

     

    
 

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    CROSS-REFERENCE
      TABLE*

     

    

    
      	
              Section
                of

            	 
	
              Trust
                Indenture Act

            	 
	
              of
                1939, as amended

            	
              Section
                of Declaration

            
	 	 
	 	 
	
              310(a)

            	
              5.3(a)

            
	
              310(c)

            	
              Inapplicable

            
	
              311(c)

            	
              Inapplicable

            
	
              312(a)

            	
              2.2(a)

            
	
              312(b)

            	
              2.2(b)

            
	
              313

            	
              2.3

            
	
              314(a)

            	
              2.4

            
	
              314(b)

            	
              Inapplicable

            
	
              314(c)

            	
              2.5

            
	
              314(d)

            	
              Inapplicable

            
	
              314(f)

            	
              Inapplicable

            
	
              315(a)

            	
              3.9(b)

            
	
              315(c)

            	
              3.9(a)

            
	
              315(d)

            	
              3.9(a)

            
	
              316(a)

            	
              Annex
                I

            
	
              316(c)

            	
              3.6(e)

            

    

    _______________

    

    
      	
              *

            	
              This
                Cross-Reference Table does not constitute part of the Declaration
                and
                shall not affect the interpretation of any of its terms or
                provisions.

            

    

    

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    AMENDED
      AND RESTATED

     

    DECLARATION
      OF TRUST

     

    OF

     

    CITIGROUP
      CAPITAL XX

     

    November
      27, 2007

    
 

     

    AMENDED
      AND RESTATED DECLARATION OF TRUST ("Declaration") dated and effective as of
      November 27, 2007, by the Trustees (as defined herein), the Sponsor (as defined
      herein) and by the holders, from time to time, of undivided beneficial interests
      in the assets of the Trust to be issued pursuant to this
      Declaration;

     

    WHEREAS,
      the Trustees and the Sponsor established Citigroup Capital XX (the "Trust"),
      a
      trust under the Statutory Trust Act (as defined herein) pursuant to a
      Declaration of Trust dated as of April 20, 2007 (the "Original Declaration")
      and
      a Certificate of Trust filed with the Secretary of State of the State of
      Delaware on April 20, 2007 for the sole purpose of issuing and selling certain
      securities representing undivided beneficial interests in the assets of the
      Trust and investing the proceeds thereof in certain Debentures of the Debenture
      Issuer;

     

    WHEREAS,
      as of the date hereof, no interests in the Trust have been issued;

     

    WHEREAS,
      all of the Trustees and the Sponsor, by this Declaration, amend and restate
      each
      and every term and provision of the Original Declaration.

     

    NOW,
      THEREFORE, it being the intention of the parties hereto to continue the Trust
      as
      a statutory trust under the Statutory Trust Act and that this Declaration
      constitute the governing instrument of such statutory trust, the Trustees
      declare that all assets contributed to the Trust will be held in trust for
      the
      benefit of the holders, from time to time, of the securities representing
      undivided beneficial interests in the assets of the Trust issued hereunder,
      subject to the provisions of this Declaration.

     

    ARTICLE
      I

    INTERPRETATION
      AND DEFINITIONS

     

    SECTION
      1.1  Definitions.

     

    Unless
      the context otherwise requires:

     

    (a)  Capitalized
      terms used in this
      Declaration but not defined in the preamble above have the respective meanings
      assigned to them in this Section 1.1;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)  a
      term defined anywhere in this
      Declaration has the same meaning throughout;

     

    (c)  all
      references to "the Declaration" or
      "this Declaration" are to this Declaration as modified, supplemented or amended
      from time to time;

     

    (d)  all
      references in this Declaration to
      Articles and Sections and Annexes and Exhibits are to Articles and Sections
      of
      and Annexes and Exhibits to this Declaration unless otherwise
      specified;

     

    (e)  a
      term defined in the Trust Indenture
      Act has the same meaning when used in this Declaration unless otherwise defined
      in this Declaration or unless the context otherwise requires;
      and

     

    (f)  a
      reference to the singular includes the
      plural and vice versa.

     

    "Affiliate"
      has the same meaning as given to that term in Rule 405 of the Securities Act
      or
      any successor rule thereunder.

     

    "Authorized
      Officer" of a Person means any Person that is authorized to bind such
      Person.

     

    "Book
      Entry Interest" means a beneficial interest in a Global Certificate,
      ownership and transfers of which shall be maintained and made through book
      entries by a Clearing Agency as described in Section 9.4.

     

    "Business
      Day" means any day other than a Saturday, Sunday or a day on which banking
      institutions in the City of New York, New York are permitted or required by
      any
      applicable law to close.

     

    "Capital
      Securities Guarantee" means the guarantee agreement dated as
      of  November 27, 2007, of the Sponsor in respect of the Capital
      Securities.

     

    "Capital
      Security" has the meaning specified in Section 7.1.

     

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

     

    "Capital
      Security Certificate" means a certificate representing a Capital Security
      substantially in the form of Exhibit A-1.

     

    "Certificate"
      means a Common Security Certificate or a Capital Security
      Certificate.

     

    "Citigroup"
      means Citigroup Inc., a Delaware corporation.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    "Clearing
      Agency" means an organization registered as a "Clearing Agency" pursuant to
      Section 17A of the Exchange Act that is acting as depositary for the Capital
      Securities and in whose name or in the name of a nominee of that organization
      shall be registered a Global Certificate and which shall undertake to effect
      book entry transfers and pledges of the Capital Securities.

     

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

     

    "Closing
      Date" means November 27, 2007.

     

    "Code"
      means the Internal Revenue Code of 1986, as amended from time to time, or any
      successor legislation.

     

    "Commission"
      means the Securities and Exchange Commission.

     

    "Common
      Security" has the meaning specified in Section 7.1.

     

    "Common
      Security Certificate" means a definitive certificate in fully registered
      form representing a Common Security substantially in the form of Exhibit
      A-2.

     

    "Company
      Indemnified Person" means (a) any Regular Trustee; (b) any Affiliate of any
      Regular Trustee; (c) any officers, directors, shareholders, members, partners,
      employees, representatives or agents of any Regular Trustee; or (d) any officer,
      employee or agent of the Trust or its Affiliates.

     

    "Corporate
      Trust Office" means the office of the Institutional Trustee at which the
      corporate trust business of the Institutional Trustee shall, at any particular
      time, be principally administered, which office at the date of execution of
      this
      Declaration is located at 101 Barclay Street-8W, New York, New York
      10286.

     

    "Covered
      Person" means: (a) any officer, director, shareholder, partner, member,
      representative, employee or agent of (i) the Trust or (ii) the Trust's
      Affiliates; and (b) any Holder of Securities.

     

    "Debenture
      Issuer" means Citigroup Inc. (or the Sponsor) in its capacity as issuer of
      the Debentures under the Indenture.

     

    "Debenture
      Trustee" means The Bank of New York, as trustee under the Indenture until a
      successor is appointed thereunder, and thereafter means such successor
      trustee.

     

    "Debentures"
      means the series of Debentures to be issued by the Debenture Issuer under the
      Indenture to be held by the Institutional Trustee, a specimen certificate for
      such series of Debentures being Exhibit B.

     

    "Default"
      in respect of the Securities means a Default (as defined in the Indenture)
      has
      occurred and is continuing in respect of the Debentures.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    "Definitive
      Capital Security Certificates" has the meaning set forth in
      Section 9.4.

     

    "Delaware
      Trustee" has the meaning set forth in Section 5.2.

     

    "Distribution"
      has the meaning set forth in Section 6.1.

     

    "DTC"
      means the Depository Trust Company, the initial Clearing Agency.

     

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

     

    "Fiduciary
      Indemnified Person" has the meaning set forth in Section
      10.4(b).

     

    "Global
      Certificate" has the meaning set forth in Section 9.4.

     

    "Holder"
      means a Person in whose name a Certificate representing a Security is
      registered, such Person being a beneficial owner within the meaning of the
      Statutory Trust Act.

     

    "Indemnified
      Person" means a Company Indemnified Person or a Fiduciary Indemnified
      Person.

     

    "Indenture"
      means the Indenture, dated as of June 28, 2007 (as supplemented from time to
      time), between the Debenture Issuer and the Debenture Trustee, pursuant to
      which
      the Debentures are to be issued.

     

    "Institutional
      Trustee" means the Trustee meeting the eligibility requirements set forth in
      Section 5.3.

     

    "Institutional
      Trustee Account" has the meaning set forth in Section 3.8(c).

     

    "Investment
      Company" means an investment company as defined in the Investment Company
      Act.

     

    "Investment
      Company Act" means the Investment Company Act of 1940, as amended from time
      to time, or any successor legislation.

     

    "Investment
      Company Event" has the meaning set forth in Annex I hereto.

     

    "Legal
      Action" has the meaning set forth in Section 3.6(g).

     

    "Majority
      in liquidation amount of the Securities" means, except as provided in the
      terms of the Capital Securities or by the Trust Indenture Act, Holder(s) of
      outstanding Securities voting together as a single class or, as the context
      may
      require, Holders of outstanding Capital Securities or Holders of outstanding
      Common Securities voting separately as a class, who are the record owners of
      an
      aggregate liquidation amount representing more than 50% of the aggregate
      liquidation amount (including the stated amount that would be paid on
      redemption, liquidation or otherwise, plus accrued and unpaid Distributions
      to
      the date upon which the voting percentages are determined) of all outstanding
      Securities of the relevant class.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    "Officers'
      Certificate" means, with respect to any Person, a certificate signed by two
      Authorized Officers of such Person.  Any Officers' Certificate
      delivered with respect to compliance with a condition or covenant provided
      for
      in this Declaration shall include:

     

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

     

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

     

    (c)  a
      statement that each such officer has
      made such examination or investigation as, in such officer's opinion, is
      necessary to enable such officer to express an informed opinion as to whether
      or
      not such covenant or condition has been complied with; and

     

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

     

    "Paying
      Agent" has the meaning specified in Section 3.8(h).

     

    "Payment
      Amount" has the meaning specified in Section 6.1.

     

    "Person"
      means a legal person, including any individual, corporation, estate,
      partnership, joint venture, association, joint stock company, limited liability
      company, trust, unincorporated association, or government or any agency or
      political subdivision thereof, or any other entity of whatever
      nature.

     

    "Quorum"
      means any one Regular Trustee or, if there is only one Regular Trustee, such
      Regular Trustee.

     

    "Regular
      Trustee" has the meaning specified in Section 5.1.

     

    "Regulatory
      Capital Event" has the meaning set forth in Annex I hereto.

     

    "Related
      Party" means, with respect to the Sponsor, any direct or indirect wholly
      owned subsidiary of the Sponsor or any other Person that owns, directly or
      indirectly, 100% of the outstanding voting securities of the
      Sponsor.

     

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

     

    "Rule
      3a-5" means Rule 3a-5 under the Investment Company Act.

     

    "Securities"
      means the Common Securities and the Capital Securities.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    "Securities
      Act" means the Securities Act of 1933, as amended from time to time, or any
      successor legislation.

     

    "Special
      Event" has the meaning set forth in Annex I hereto.

     

    "Sponsor"
      means Citigroup Inc. or any successor entity in a merger, consolidation or
      amalgamation, in its capacity as sponsor of the Trust.

     

    "Statutory
      Trust Act" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
§3801 et seq., as it may be amended from time to time, or any successor
      legislation.

     

    "Successor
      Delaware Trustee" has the meaning set forth in Section 5.6.

     

    "Successor
      Entity" has the meaning set forth in Section 3.15(b).

     

    "Successor
      Institutional Trustee" has the meaning set forth in Section
      5.6.

     

    "Successor
      Securities" has the meaning set forth in Section 3.15(b).

     

    "Super
      Majority" has the meaning set forth in Section 2.6(a)(ii).

     

    "Tax
      Event" has the meaning set forth in Annex I hereto.

     

    "10%
      in liquidation amount of the Securities" means, except as provided in the
      terms of the Capital Securities or by the Trust Indenture Act, Holder(s) of
      outstanding Securities voting together as a single class or, as the context
      may
      require, Holders of outstanding Capital Securities or Holders of outstanding
      Common Securities voting separately as a class, who are the record owners of
      an
      aggregate liquidation amount representing 10% or more of the aggregate
      liquidation amount (including the stated amount that would be paid on
      redemption, liquidation or otherwise, plus accrued and unpaid Distributions
      to
      the date upon which the voting percentages are determined) of all outstanding
      Securities of the relevant class.

     

    "Treasury
      Regulations" means the income tax regulations, including temporary and
      proposed regulations, promulgated under the Code by the United States Treasury,
      as such regulations may be amended from time to time (including corresponding
      provisions of succeeding regulations).

     

    "Trustee"
      or "Trustees" means each Person who has signed this Declaration as a
      trustee, so long as such Person shall continue in office in accordance with
      the
      terms hereof, and all other Persons who may from time to time be duly appointed,
      qualified and serving as Trustees in accordance with the provisions hereof,
      and
      references herein to a Trustee or the Trustees shall refer to such Person or
      Persons solely in their capacity as trustees hereunder.

     

    "Trust
      Indenture Act" means the Trust Indenture Act of 1939, as amended from time
      to time, or any successor legislation.

     

    "Underwriting
      Agreement" means the Underwriting Agreement for the offering and sale of
      Capital Securities in the form of Exhibit C.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

    TRUST
      INDENTURE ACT

     

    SECTION
      2.1  Trust
      Indenture Act;
      Application.

     

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

     

    (b)  The
      Institutional Trustee shall be the
      only Trustee that is a Trustee for the purposes of the Trust Indenture
      Act.

     

    (c)  If
      and to the extent that any provision
      of this Declaration limits, qualifies or conflicts with the duties imposed
      by §§
310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall
      control.

     

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

     

    SECTION
      2.2  Lists
      of Holders of
      Securities.

     

    (a)  Each
      of the Sponsor and the Regular
      Trustees on behalf of the Trust shall provide the Institutional Trustee (i)
      within 14 days after each record date for payment of Distributions, a list,
      in
      such form as the Institutional Trustee may reasonably require, of the names
      and
      addresses of the Holders of the Securities ("List of Holders") as of such record
      date, provided, that neither the Sponsor nor the Regular Trustees on behalf
      of
      the Trust shall be obligated to provide such List of Holders at any time the
      List of Holders does not differ from the most recent List of Holders given
      to
      the Institutional Trustee by the Sponsor and the Regular Trustees on behalf
      of
      the Trust, and (ii) at any other time, within 30 days of receipt by the Trust
      of
      a written request for a List of Holders as of a date no more than 14 days before
      such List of Holders is given to the Institutional Trustee.  The
      Institutional Trustee shall preserve, in as current a form as is reasonably
      practicable, all information contained in Lists of Holders given to it or which
      it receives in the capacity as Paying Agent (if acting in such capacity),
      provided, that the Institutional Trustee may destroy any List of Holders
      previously given to it on receipt of a new List of Holders.

     

    (b)  The
      Institutional Trustee shall comply
      with its obligations under §§ 311(a), 311(b) and 312(b) of the Trust Indenture
      Act.

     

    SECTION
      2.3  Reports
      by the Institutional
      Trustee.

     

    Within
      60 days after May 15 of each year, the Institutional Trustee shall provide
      to
      the Holders of the Capital Securities such reports as are required by § 313 of
      the Trust Indenture Act, if any, in the form and in the manner provided by
§ 313
      of the Trust Indenture Act.  The Institutional Trustee shall also
      comply with the requirements of § 313(d) of the Trust Indenture
      Act.

     

    
      
        
        

      

      
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    SECTION
      2.4  Periodic
      Reports to Institutional
      Trustee.

     

    Each
      of the Sponsor and the Regular Trustees on behalf of the Trust shall provide
      to
      the Institutional Trustee such documents, reports and information as required
      by
§ 314 of the Trust Indenture Act (if any) and the compliance certificate
      required by § 314 of the Trust Indenture Act in the form, in the manner and at
      the times required by § 314 of the Trust Indenture Act.

     

    SECTION
      2.5  Evidence
      of Compliance with
      Conditions Precedent.

     

    Each
      of the Sponsor and the Regular Trustees on behalf of the Trust shall provide
      to
      the Institutional Trustee such evidence of compliance with any conditions
      precedent provided for in this Declaration that relate to any of the matters
      set
      forth in § 314(c) of the Trust Indenture Act.  Any certificate or
      opinion required to be given by an officer pursuant to § 314(c)(1) of the
      Trust Indenture Act may be given in the form of an Officers'
      Certificate.

     

    SECTION
      2.6  Defaults;
      Waiver.

     

    (a)  The
      Holders of a Majority in liquidation
      amount of Capital Securities may, by vote, on behalf of the Holders of all
      of
      the Capital Securities, waive any past Default in respect of the Capital
      Securities and its consequences, provided, that if the underlying Default under
      the Indenture:

     

    (i)  is
      not waivable under the Indenture, the
      Default under the Declaration shall also not be waivable; or

     

    (ii)  is
      waivable only with the consent of
      holders of more than a majority in principal amount of the Debentures (a "Super
      Majority") affected thereby, only the Holders of at least the proportion in
      aggregate liquidation amount of the Capital Securities that the relevant Super
      Majority represents of the aggregate principal amount of the Debentures
      outstanding may waive such Default in respect of the Capital Securities under
      the Declaration.

     

    The
      foregoing provisions of this Section 2.6(a) shall be in lieu of § 316(a)(1)(B)
      of the Trust Indenture Act and such § 316(a)(1)(B) of the Trust Indenture Act is
      hereby expressly excluded from this Declaration and the Securities, as permitted
      by the Trust Indenture Act.  Upon such waiver, any such default shall
      cease to exist, and any Default with respect to the Capital Securities arising
      therefrom shall be deemed to have been cured, for every purpose of this
      Declaration, but no such waiver shall extend to any subsequent or other default
      or a Default with respect to the Capital Securities or impair any right
      consequent thereon.  Any waiver by the Holders of the Capital
      Securities of a Default with respect to the Capital Securities shall also be
      deemed to constitute a waiver by the Holders of the Common Securities of any
      such Default with respect to the Common Securities for all purposes of this
      Declaration without any further act, vote, or consent of the Holders of the
      Common Securities.

     

    (b)  The
      Holders of a Majority in liquidation
      amount of the Common Securities may, by vote, on behalf of the Holders of all
      of
      the Common Securities, waive any

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    past
      Default with respect to the Common
      Securities and its consequences, provided, that if the underlying Default under
      the Indenture:

     

    (i)  is
      not waivable under the Indenture,
      except where the Holders of the Common Securities are deemed to have waived
      such
      Default under the Declaration as provided in this Section 2.6(b), the Default
      under the Declaration shall also not be waivable; or

     

    (ii)  is
      waivable only with the consent of a
      Super Majority, except where the Holders of the Common Securities are deemed
      to
      have waived such Default under the Declaration as provided in this Section
      2.6(b), only the Holders of at least the proportion in aggregate liquidation
      amount of the Common Securities that the relevant Super Majority represents
      of
      the aggregate principal amount of the Debentures outstanding may waive such
      Default in respect of the Common Securities under the
      Declaration;

     

    provided,
      further each Holder of Common Securities will be deemed to have waived any
      such
      Default and all Defaults with respect to the Common Securities and its
      consequences until all Defaults with respect to the Capital Securities have
      been
      cured, waived or otherwise eliminated, and until such Defaults with respect
      to
      the Capital Securities have been so cured, waived or otherwise eliminated,
      the
      Institutional Trustee will be deemed to be acting solely on behalf of the
      Holders of the Capital Securities and only the Holders of the Capital Securities
      will have the right to direct the Institutional Trustee in accordance with
      the
      terms of the Securities.  The foregoing provisions of this Section
      2.6(b) shall be in lieu of §§ 316(a)(1)(A) and 316(a)(1)(B) of the Trust
      Indenture Act and such §§ 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture
      Act are hereby expressly excluded from this Declaration and the Securities,
      as
      permitted by the Trust Indenture Act.  Subject to the foregoing
      provisions of this Section 2.6(b), upon the waiver of a Default by the Holders
      of a Majority in liquidation amount of the Common Securities, any such default
      shall cease to exist and any Default with respect to the Common Securities
      arising therefrom shall be deemed to have been cured for every purpose of this
      Declaration, but no such waiver shall extend to any subsequent or other default
      or Default with respect to the Common Securities or impair any right consequent
      thereon.

     

    (c)  A
      waiver of a Default under the
      Indenture by the Institutional Trustee at the direction of the Holders of the
      Capital Securities, constitutes a waiver of the corresponding Default under
      this
      Declaration.  The foregoing provisions of this Section 2.6(c) shall be
      in lieu of § 316(a)(1)(B) of the Trust Indenture Act and such
§ 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from
      this Declaration and the Securities, as permitted by the Trust Indenture
      Act.

     

    SECTION
      2.7  Default;
      Notice.

     

    (a)  The
      Institutional Trustee shall, within
      90 days after the occurrence of a Default, transmit by mail, first class postage
      prepaid, to the Holders of the Securities, notices of (i) all defaults with
      respect to the Securities actually known to a Responsible Officer of the
      Institutional Trustee, unless such defaults have been cured before the giving
      of
      such notice (the term "defaults" for the purposes of this Section 2.7(a) being
      hereby defined to be a Default as defined in the Indenture, not including any
      periods of grace provided for therein and irrespective

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    of
      the giving of any notice provided
      therein) and (ii) any notice of default received from the Indenture Trustee
      with
      respect to the Debentures, which notice from the Institutional Trustee to the
      Holders shall state that a Default under the Indenture also constitutes a
      Default with respect to the Securities; provided that, except for a default
      in
      the payment of principal of (or premium, if any) or interest on any of the
      Debentures or in the payment of any sinking fund installment established for
      the
      Debentures, the Institutional Trustee shall be protected in withholding such
      notice if and so long as a Responsible Officer of the Institutional Trustee
      in
      good faith determines that the withholding of such notice is in the interests
      of
      the Holders of the Securities.

     

    (b)  The
      Institutional Trustee shall not be
      deemed to have knowledge of any default except:

     

    (i)  a
      default under Sections 5.7(b) and
      5.7(c) of the Indenture; or

     

    (ii)  any
      default as to which the
      Institutional Trustee shall have received written notice or of which a
      Responsible Officer of the Institutional Trustee charged with the administration
      of the Declaration shall have actual knowledge.

     

    ARTICLE
      III

    ORGANIZATION

     

    SECTION
      3.1  Name.

     

    The
      Trust is named "Citigroup Capital
      XX," as such name may be modified from time to time by the Regular Trustees
      following written notice to the Institutional Trustee, the Delaware Trustee
      and
      the Holders of Securities.  The Trust's activities may be conducted
      under the name of the Trust or any other name deemed advisable by the Regular
      Trustees.

     

    SECTION
      3.2  Office.

     

    The
      address of the principal office of the Trust is c/o Citigroup Inc., 399 Park
      Avenue, New York, NY 10043.  On ten Business Days written notice to
      the Institutional Trustee, the Delaware Trustee and the Holders of Securities,
      the Regular Trustees may designate another principal office.

     

    SECTION
      3.3  Purpose.

     

    The
      exclusive purposes and functions of the Trust are (a) to issue and sell
      Securities and use the proceeds from such sale to acquire the Debentures, and
      (b) except as otherwise limited herein, to engage in only those other activities
      necessary, or incidental thereto.  The Trust shall not borrow money,
      issue debt or reinvest proceeds derived from investments, pledge any of its
      assets, or otherwise undertake (or permit to be undertaken) any activity that
      would cause the Trust not to be classified for United States federal income
      tax
      purposes as a grantor trust.

     

    SECTION
      3.4  Authority.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Subject
      to the limitations provided in this Declaration and to the specific duties
      of
      the Institutional Trustee, the Regular Trustees shall have exclusive and
      complete authority to carry out the purposes of the Trust.  An action
      taken by the Regular Trustees in accordance with their powers shall constitute
      the act of and serve to bind the Trust and an action taken by the Institutional
      Trustee on behalf of the Trust in accordance with its powers shall constitute
      the act of and serve to bind the Trust.  In dealing with the Trustees
      acting on behalf of the Trust, no person shall be required to inquire into
      the
      authority of the Trustees to bind the Trust.  Persons dealing with the
      Trust are entitled to rely conclusively on the power and authority of the
      Trustees as set forth in this Declaration.

     

    SECTION
      3.5  Title
      to Property of the
      Trust.

     

    Except
      as provided in Section 3.8 with respect to the Debentures and the Institutional
      Trustee Account or as otherwise provided in this Declaration, legal title to
      all
      assets of the Trust shall be vested in the Trust.  The Holders shall
      not have legal title to any part of the assets of the Trust, but shall have
      an
      undivided beneficial interest in the assets of the Trust.

     

    SECTION
      3.6  Powers
      and Duties of the Regular
      Trustees.

     

    The
      Regular Trustees shall have the exclusive power, duty and authority to cause
      the
      Trust to engage in the following activities:

     

    (a)  to
      issue and sell the Capital Securities
      and the Common Securities in accordance with this Declaration; provided, however,
      that the Trust may issue no more than
      one series of Capital Securities and no more than one series of Common
      Securities, and, provided further,
      that there shall be no interests in
      the Trust other than the Securities, and the issuance of Securities shall be
      limited to a simultaneous issuance of both Capital Securities and Common
      Securities on the Closing Date;

     

    (b)  in
      connection with the issue and sale of
      the Capital Securities, at the direction of the Sponsor, to:

     

    (i)  execute
      and file with the Commission on
      behalf of the Trust a registration statement on Form S-3 or on another
      appropriate form, or a registration statement under Rule 462(b) of the
      Securities Act, in each case prepared by the Sponsor, including any
      pre-effective or post-effective amendments thereto, relating to the registration
      under the Securities Act of the Capital Securities;

     

    (ii)  execute
      and file any documents prepared
      by the Sponsor, or take any acts as determined by the Sponsor to be necessary
      in
      order to qualify or register all or part of the Capital Securities in any State
      in which the Sponsor has determined to qualify or register such Capital
      Securities for sale;

     

    (iii)  execute
      and file an application,
      prepared by the Sponsor, to the New York Stock Exchange, Inc., any other
      national stock exchange or the Nasdaq National Market for listing upon notice
      of
      issuance of any Capital Securities;

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (iv)  execute
      and file with the Commission on
      behalf of the Trust a registration statement on Form 8-A, prepared by the
      Sponsor, including any pre-effective or post-effective amendments thereto,
      relating to the registration of the Capital Securities under Section 12(b)
      of
      the Exchange Act; and

     

    (v)  deliver
      the Underwriting Agreement
      providing for the sale of the Capital Securities;

     

    (c)  to
      acquire the Debentures with the
      proceeds of the sale of the Capital Securities and the Common Securities;
      provided, however, that the Regular Trustees shall cause legal title to the
      Debentures to be held of record in the name of the Institutional Trustee for
      the
      benefit of the Holders of the Capital Securities and the Holders of Common
      Securities;

     

    (d)  to
      give the Sponsor and the
      Institutional Trustee prompt written notice of the occurrence of a Special
      Event; provided, that the Regular Trustees shall consult with the Sponsor and
      the Institutional Trustee before taking or refraining from taking any
      ministerial action in relation to a Special Event;

     

    (e)  to
      establish a record date with respect
      to all actions to be taken hereunder that require a record date be established,
      including and with respect to, for the purposes of §316(c) of the Trust
      Indenture Act, Distributions, voting rights, redemptions and exchanges, and
      to
      issue relevant notices to the Holders of Capital Securities and Holders of
      Common Securities as to such actions and applicable record
      dates;

     

    (f)  to
      take all actions and perform such
      duties as may be required of the Regular Trustees pursuant to the terms of
      the
      Securities;

     

    (g)  to
      bring or defend, pay, collect,
      compromise, arbitrate, resort to legal action, or otherwise adjust claims or
      demands of or against the Trust ("Legal Action"), unless pursuant to Section
      3.8(e), the Institutional Trustee has the exclusive power to bring such Legal
      Action;

     

    (h)  to
      employ or otherwise engage employees
      and agents (who may be designated as officers with titles) and managers,
      contractors, advisors, and consultants and pay reasonable compensation for
      such
      services;

     

    (i)  to
      cause the Trust to comply with the
      Trust's obligations under the Trust Indenture Act;

     

    (j)  to
      give the certificate required by
§ 314(a)(4) of the Trust Indenture Act to the Institutional Trustee, which
      certificate may be executed by any Regular Trustee;

     

    (k)  to
      incur expenses that are necessary or
      incidental to carry out any of the purposes of the Trust;

     

    (l)
  to
      act as, or appoint another Person to
      act as, registrar and transfer agent for the Securities;

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (m)  to
      give prompt written notice to the
      Holders of the Securities of any notice received from the Debenture Issuer
      of
      its election to defer payments of interest on the Debentures by extending the
      interest payment period under the Indenture;

     

    (n)  to
      take all action that may be necessary
      or appropriate for the preservation and the continuation of the Trust's valid
      existence, rights, franchises and privileges as a statutory statutory trust
      under the laws of the State of Delaware and of each other jurisdiction in which
      such existence is necessary to protect the limited liability of the Holders
      of
      the Capital Securities or to enable the Trust to effect the purposes for which
      the Trust was created;

     

    (o)  to
      take any action, not inconsistent
      with this Declaration or with applicable law, that the Regular Trustees
      determine in their discretion to be necessary or desirable in carrying out
      the
      activities of the Trust as set out in this Section 3.6, including, but not
      limited to:

     

    (i)  causing
      the Trust not to be deemed to be
      an Investment Company required to be registered under the Investment Company
      Act;

     

    (ii)  causing
      the Trust to be classified for
      United States federal income tax purposes as a grantor trust;
      and

     

    (iii)  cooperating
      with the Debenture Issuer to
      ensure that the Debentures will be treated as indebtedness of the Debenture
      Issuer for United States federal income tax purposes;

     

    provided,
      that any such action does not adversely affect the interests of
      Holders;

     

    (p)  to
      take all action necessary to cause
      all applicable tax returns and tax information reports that are required to
      be
      filed with respect to the Trust to be duly prepared and filed by the Regular
      Trustees, on behalf of the Trust; and

     

    (q)  to
      execute all documents or instruments,
      perform all duties and powers, and do all things for and on behalf of the Trust
      in all matters necessary or incidental to the foregoing.

     

    The
      Regular Trustees must exercise the powers set forth in this Section 3.6 in
      a
      manner that is consistent with the purposes and functions of the Trust set
      out
      in Section 3.3, and the Regular Trustees shall not take any action that is
      inconsistent with the purposes and functions of the Trust set forth in Section
      3.3.

     

    Subject
      to this Section 3.6, the Regular Trustees shall have none of the powers or
      the
      authority of the Institutional Trustee set forth in Section 3.8.

     

    Any
      expenses incurred by the Regular Trustees pursuant to this Section 3.6 shall
      be
      reimbursed by the Debenture Issuer.

     

    SECTION
      3.7  Prohibition
      of Actions by the Trust
      and the Trustees.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (a)  The
      Trust shall not, and the Trustees
      (including the Institutional Trustee) shall not cause the Trust to, engage
      in
      any activity other than as required or authorized by this
      Declaration.  In particular, the Trust shall not:

     

    (i)  invest
      any proceeds received by the
      Trust from holding the Debentures, but shall promptly distribute all such
      proceeds to Holders of Securities pursuant to the terms of this Declaration
      and
      of the Securities;

     

    (ii)  acquire
      any assets other than as
      expressly provided herein;

     

    (iii)  possess
      Trust property for other than a
      Trust purpose;

     

    (iv)  make
      any loans or incur any
      indebtedness;

     

    (v)  possess
      any power or otherwise act in
      such a way as to vary the Trust assets or the terms of the Securities in any
      way
      whatsoever;

     

    (vi)  issue
      any securities or other evidences
      of beneficial ownership of, or beneficial interest in, the Trust other than
      the
      Securities; or

     

    (vii)  other
      than as provided in this
      Declaration or Annex I, (A) direct the time, method and place of exercising
      any
      trust or power conferred upon the Debenture Trustee with respect to the
      Debentures, (B) waive any past Default that is waivable under the Indenture,
      (C)
      exercise any right to rescind or annul any declaration that the principal of
      all
      the Debentures shall be due and payable or (D) consent to any amendment,
      modification or termination of the Indenture or the Debentures where such
      consent shall be required unless the Trust shall have obtained an opinion of
      nationally recognized independent tax counsel experienced in such matters to
      the
      effect that as a result of such action, the Trust will not fail to be classified
      as a grantor trust for United States federal income tax
      purposes.

     

    SECTION
      3.8  Powers
      and Duties of the
      Institutional Trustee.

     

    (a)  The
      legal title to the Debentures shall
      be owned by and held of record in the name of the Institutional Trustee in
      trust
      for the benefit of the Holders of the Securities.  The right, title
      and interest of the Institutional Trustee to the Debentures shall vest
      automatically in each Person who may hereafter be appointed as Institutional
      Trustee in accordance with Section 5.6.  Such vesting and cessation of
      title shall be effective whether or not conveyancing documents with regard
      to
      the Debentures have been executed and delivered.

     

    (b)  The
      Institutional Trustee shall not
      transfer its right, title and interest in the Debentures to the Regular Trustees
      or to the Delaware Trustee (if the Institutional Trustee does not also act
      as
      Delaware Trustee).

     

    (c)  The
      Institutional Trustee
      shall:

     

    (i)  establish
      and maintain a segregated
      non-interest bearing trust account (the "Institutional Trustee Account") in
      the
      name of and under the exclusive control of the

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Institutional
      Trustee on behalf of the
      Holders of the Securities and, upon the receipt of payments of funds made in
      respect of the Debentures held by the Institutional Trustee, deposit such funds
      into the Institutional Trustee Account and make payments to the Holders of
      the
      Capital Securities and Holders of the Common Securities from the Institutional
      Trustee Account in accordance with Section 6.1.  Funds in the
      Institutional Trustee Account shall be held uninvested until disbursed in
      accordance with this Declaration.  The Institutional Trustee Account
      shall be an account that is maintained with a banking institution the rating
      on
      whose long-term unsecured indebtedness assigned by a "nationally recognized
      statistical rating organization," as that term is defined for purposes of Rule
      436(g)(2) under the Securities Act, is at least equal to the rating assigned
      to
      the Capital Securities by a nationally recognized statistical rating
      organization;

     

    (ii)  engage
      in such ministerial activities as
      shall be necessary or appropriate to effect the redemption of the Capital
      Securities and the Common Securities to the extent the Debentures are redeemed
      or mature; and

     

    (iii)  upon
      written notice of distribution
      issued by the Regular Trustees in accordance with the terms of the Securities,
      engage in such ministerial activities as shall be necessary or appropriate
      to
      effect the distribution of the Debentures to Holders of Securities upon the
      occurrence of certain Special Events or other specified circumstances pursuant
      to the terms of the Securities.

     

    (d)  The
      Institutional Trustee shall take all
      actions and perform such duties as may be specifically required of the
      Institutional Trustee pursuant to the terms of the
      Securities.

     

    (e)  Subject
      to Section 2.6, the
      Institutional Trustee shall take any Legal Action which arises out of or in
      connection with a Default of which a Responsible Officer of the Institutional
      Trustee has actual knowledge or the Institutional Trustee's duties and
      obligations under this Declaration or the Trust Indenture
      Act.

     

    (f)  The
      Institutional Trustee shall not
      resign as a Trustee unless either:

     

    (i)  the
      Trust has been completely liquidated
      and the proceeds of the liquidation distributed to the Holders of Securities
      pursuant to the terms of the Securities; or

     

    (ii)  a
      Successor Institutional Trustee has
      been appointed and has accepted that appointment in accordance with Section
      5.6.

     

    (g)  The
      Institutional Trustee shall have the
      legal power to exercise all of the rights, powers and privileges of a holder
      of
      Debentures under the Indenture and, if a Default actually known to a Responsible
      Officer of the Institutional Trustee occurs and is continuing, the Institutional
      Trustee shall, for the benefit of Holders of the Securities, enforce its rights
      as holder of the Debentures subject to the rights of the Holders pursuant to
      the
      terms of such Securities, this Declaration, the Statutory Trust Act and the
      Trust Indenture Act.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (h)  The
      Institutional Trustee may authorize
      one or more Persons (each, a "Paying Agent") to pay Distributions, redemption
      payments or liquidation payments on behalf of the Trust with respect to all
      securities and any such Paying Agent shall comply with § 317(b) of the
      Trust Indenture Act.  Any Paying Agent may be removed by the
      Institutional Trustee at any time and a successor Paying Agent or additional
      Paying Agents may be appointed at any time by the Institutional
      Trustee.

     

    (i)  Subject
      to this Section 3.8, the
      Institutional Trustee shall have none of the duties, liabilities, powers or
      the
      authority of the Regular Trustees set forth in
      Section 3.6.

     

    The
      Institutional Trustee must exercise the powers set forth in this Section 3.8
      in
      a manner that is consistent with the purposes and functions of the Trust set
      out
      in Section 3.3, and the Institutional Trustee shall not take any action that
      is
      inconsistent with the purposes and functions of the Trust set out in Section
      3.3.

     

    
      	
              SECTION
                3.9  

            	
              Certain
                Duties and
                Responsibilities of the Institutional Trustee.

            

    

     

    (a)  The
      Institutional Trustee, before the
      occurrence of any Default and after the curing of all Defaults that may have
      occurred, shall undertake to perform only such duties as are specifically set
      forth in this Declaration and no implied covenants shall be read into this
      Declaration against the Institutional Trustee.  In case a Default has
      occurred (that has not been cured or waived pursuant to Section 2.6) of which
      a
      Responsible Officer of the Institutional Trustee has actual knowledge, the
      Institutional Trustee shall exercise such of the rights and powers vested in
      it
      by this Declaration, and use the same degree of care and skill in the exercise
      of such rights and powers, as a prudent person would exercise or use under
      the
      circumstances in the conduct of his or her own affairs.

     

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

     

    (i)  prior
      to the occurrence of a Default and
      after the curing or waiving of all such Defaults that may have
      occurred:

     

    (A)  the
      duties and obligations of the
      Institutional Trustee shall be determined solely by the express provisions
      of
      this Declaration and the Institutional Trustee shall not be liable except for
      the performance of such duties and obligations as are specifically set forth
      in
      this Declaration, and no implied covenants or obligations shall be read into
      this Declaration against the Institutional Trustee; and

     

    (B)  in
      the absence of bad faith on the part
      of the Institutional Trustee, the Institutional Trustee may conclusively rely,
      as to the truth of the statements and the correctness of the opinions expressed
      therein, upon any certificates or opinions furnished to the Institutional
      Trustee and conforming to the requirements of this Declaration; but in the
      case
      of any such certificates or opinions that by any provision hereof are
      specifically required to be furnished to the Institutional

     

    
      
        
        

      

      
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    Trustee,
      the Institutional Trustee shall
      be under a duty to examine the same to determine whether or not they conform
      to
      the requirements of this Declaration;

     

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

     

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

     

    (iv)  no
      provision of this Declaration shall
      require the Institutional Trustee to expend or risk its own funds or otherwise
      incur personal financial liability in the performance of any of its duties
      or in
      the exercise of any of its rights or powers, if it shall have reasonable grounds
      for believing that the repayment of such funds or liability is not reasonably
      assured to it under the terms of this Declaration or indemnity reasonably
      satisfactory to the Institutional Trustee against such risk or liability is
      not
      reasonably assured to it;

     

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

     

    (vi)  the
      Institutional Trustee shall have no
      duty or liability for or with respect to the value, genuineness, existence
      or
      sufficiency of the Debentures or the payment of any taxes or assessments levied
      thereon or in connection therewith;

     

    (vii)  the
      Institutional Trustee shall not be
      liable for any interest on any money received by it except as it may otherwise
      agree with the Sponsor.  Money held by the Institutional Trustee need
      not be segregated from other funds held by it except in relation to the
      Institutional Trustee Account maintained by the Institutional Trustee pursuant
      to Section 3.8(c)(i) and except to the extent otherwise required by law;
      and

     

    (viii)  the
      Institutional Trustee shall not be
      responsible for monitoring the compliance by the Regular Trustees or the Sponsor
      with their respective duties under this Declaration, nor shall the Institutional
      Trustee be liable for any default or misconduct of the Regular Trustees or
      the
      Sponsor.

     

    SECTION
      3.10  Certain
      Rights of Institutional
      Trustee.

     

    (a)  Subject
      to the provisions of Section
      3.9:

     

    
      
        
        

      

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

     

    (ii)  any
      direction or act of the Sponsor or
      the Regular Trustees contemplated by this Declaration shall be sufficiently
      evidenced by an Officers' Certificate;

     

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

     

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

     

    (v)  the
      Institutional Trustee may consult
      with counsel or other experts and the advice or opinion of such counsel and
      experts with respect to legal matters or advice within the scope of such
      experts' area of expertise shall be full and complete authorization and
      protection in respect of any action taken, suffered or omitted by it hereunder
      in good faith and in accordance with such advice or opinion, such counsel may
      be
      counsel to the Sponsor or any of its Affiliates, and may include any of its
      employees.  The Institutional Trustee shall have the right at any time
      to seek instructions concerning the administration of this Declaration from
      any
      court of competent jurisdiction;

     

    (vi)  the
      Institutional Trustee shall be under
      no obligation to exercise any of the rights or powers vested in it by this
      Declaration at the request or direction of any Holder, unless such Holder shall
      have provided to the Institutional Trustee security and indemnity, reasonably
      satisfactory to the Institutional Trustee, against the costs, expenses
      (including attorneys' fees and expenses and the expenses of the Institutional
      Trustee's agents, nominees or custodians) and liabilities that might be incurred
      by it in complying with such request or direction, including such reasonable
      advances as may be requested by the Institutional Trustee provided that nothing
      contained in this Section 3.10(a)(vi) shall be taken to relieve the
      Institutional Trustee, upon the occurrence of a Default, of its obligation
      to
      exercise the rights and powers vested in it by this
      Declaration;

     

    (vii)  the
      Institutional Trustee shall not be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, direction, consent, order, bond, debenture, note, other evidence of
      indebtedness or other paper or document, but the Institutional Trustee, in
      its
      discretion, may make such further inquiry or investigation into such facts
      or
      matters as it may see fit;

     

    
      
        
        

      

      
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    (viii)  the
      Institutional Trustee may execute
      any of the trusts or powers hereunder or perform any duties hereunder either
      directly or by or through agents, custodians, nominees or attorneys and the
      Institutional Trustee shall not be responsible for any misconduct or negligence
      on the part of any agent or attorney appointed with due care by it
      hereunder;

     

    (ix)  any
      action taken by the Institutional
      Trustee or its agents hereunder shall bind the Trust and the Holders of the
      Securities, and the signature of the Institutional Trustee or its agents alone
      shall be sufficient and effective to perform any such action and no third party
      shall be required to inquire as to the authority of the Institutional Trustee
      to
      so act or as to its compliance with any of the terms and provisions of this
      Declaration, both of which shall be conclusively evidenced by the Institutional
      Trustee's or its agent's taking such action;

     

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

     

    (xi)  except
      as otherwise expressly provided
      by this Declaration, the Institutional Trustee shall not be under any obligation
      to take any action that is discretionary under the provisions of this
      Declaration.

     

    (b)  No
      provision of this Declaration shall
      be deemed to impose any duty or obligation on the Institutional Trustee to
      perform any act or acts or exercise any right, power, duty or obligation
      conferred or imposed on it, in any jurisdiction in which it shall be illegal,
      or
      in which the Institutional Trustee shall be unqualified or incompetent in
      accordance with applicable law, to perform any such act or acts, or to exercise
      any such right, power, duty or obligation.  No permissive power or
      authority available to the Institutional Trustee shall be construed to be a
      duty.

     

    SECTION
      3.11  Delaware
      Trustee.

     

    The
      Delaware Trustee is appointed to serve as the trustee of the Trust in the State
      of Delaware for the sole purpose of satisfying the requirement of Section
      3807(a) of the  Statutory Trust Act that the Trust have at least one
      trustee with a principal place of business in the State of
      Delaware.  It is understood and agreed by the parties hereto that the
      Delaware Trustee shall have none of the duties or liabilities of the Regular
      Trustees or the Institutional Trustee.  The duties of the Delaware
      Trustee shall be limited to (i) accepting legal process served on the Trust
      in
      the State of Delaware and (ii) the execution of any certificates required to
      be
      filed with the Delaware Secretary of State which the Delaware Trustee is
      required to execute under Section 3811 of the Statutory Trust Act.  To
      the extent that, at law or in equity, the Delaware

     

    
      
        
        

      

      
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    Trustee
      has duties (including fiduciary duties) and liabilities relating thereto to
      the
      Trust or the Holders, it is hereby understood and agreed by the other parties
      hereto that such duties and liabilities are replaced by the duties and
      liabilities of the Delaware Trustee expressly set forth in this
      Declaration.  The Delaware trustee shall have no liability for the
      acts or omissions of the Regular Trustees or the Institutional Trustee. The
      Delaware Trustee shall be entitled to all of the same rights, protections,
      indemnities and immunities under this Declaration and with respect to the Trust
      as the Institutional Trustee.

     

    SECTION
      3.12  Execution
      of
      Documents.

     

    Unless
      otherwise determined by the Regular Trustees, and except as otherwise required
      by the Statutory Trust Act, any Regular Trustee is authorized to execute on
      behalf of the Trust any documents that the Regular Trustees have the power
      and
      authority to execute pursuant to Section 3.6; provided, that the registration
      statement referred to in Section 3.6(b)(i), including any amendments
      thereto, shall be signed by all of the Regular Trustees.

     

    SECTION
      3.13  Not
      Responsible for Recitals or
      Issuance of Securities.

     

    The
      recitals contained in this Declaration and the Securities shall be taken as
      the
      statements of the Sponsor, and the Trustees do not assume any responsibility
      for
      their correctness.  The Trustees make no representations as to the
      value or condition of the property of the Trust or any part
      thereof.  The Trustees make no representations as to the validity or
      sufficiency of this Declaration or the Securities.

     

    SECTION
      3.14  Duration
      of Trust.

     

    The
      Trust, unless dissolved and terminated pursuant to the provisions of Article
      VIII hereof, shall have existence for sixty (60) years from the Closing
      Date.

     

    SECTION
      3.15  Mergers.

     

    (a)  The
      Trust may not consolidate,
      amalgamate, merge with or into, or be replaced by, or convey, transfer or lease
      its properties and assets substantially as an entirety to any corporation or
      other body, except as described in Section 3.15(b) and (c).

     

    (b)  The
      Trust may, with the consent of the
      Regular Trustees or, if there are more than two, a majority of the Regular
      Trustees and without the consent of the Holders of the Securities, the Delaware
      Trustee or the Institutional Trustee, consolidate, amalgamate, merge with or
      into, or be replaced by a trust organized as such under the laws of any State;
      provided, that:

     

    (i)  such
      successor entity (the "Successor
      Entity") either:

     

    (A)  expressly
      assumes all of the obligations
      of the Trust under the Securities; or

     

    (B)  substitutes
      for the Securities other
      securities having substantially the same terms as the Capital Securities (the
      "Successor Securities") so long as

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    the
      Successor Securities rank the same
      as the Capital Securities rank with respect to Distributions and payments upon
      liquidation, redemption and otherwise;

     

    (ii)  the
      Debenture Issuer expressly
      acknowledges a trustee of the Successor Entity that possesses the same powers
      and duties as the Institutional Trustee in its capacity as the Holder of the
      Debentures;

     

    (iii)  the
      Capital Securities or any Successor
      Securities are listed, or any Successor Securities will be listed upon
      notification of issuance, on any national securities exchange or with any other
      organization on which the Capital Securities are then listed or
      quoted;

     

    (iv)  such
      merger, consolidation, amalgamation
      or replacement does not cause the Capital Securities (including any Successor
      Securities) to be downgraded by any nationally recognized statistical rating
      organization;

     

    (v)  such
      merger, consolidation, amalgamation
      or replacement does not adversely affect the rights, preferences and privileges
      of the Holders of the Securities (including any Successor Securities) in any
      material respect (other than with respect to any dilution of such Holders'
      interests in the new entity as a result of such merger, consolidation,
      amalgamation or replacement);

     

    (vi)  such
      Successor Entity has a purpose
      identical to that of the Trust;

     

    (vii)  prior
      to such merger, consolidation,
      amalgamation or replacement, the Trust has received an opinion of a nationally
      recognized independent counsel to the Trust experienced in such matters to
      the
      effect that:

     

    (A)  such
      merger, consolidation, amalgamation
      or replacement does not adversely affect the rights, preferences and privileges
      of the Holders of the Securities (including any Successor Securities) in any
      material respect (other than with respect to any dilution of the Holders'
      interest in the new entity); and

     

    (B)  following
      such merger, consolidation,
      amalgamation or replacement, neither the Trust nor the Successor Entity will
      be
      required to register as an Investment Company; and

     

    (C)  following
      such merger, consolidation,
      amalgamation or replacement, the Trust (or the Successor Entity) will continue
      to be classified as a grantor trust for United States federal income tax
      purposes; and

     

    (viii)  the
      Sponsor guarantees the obligations
      of such Successor Entity under the Successor Securities at least to the extent
      provided by the Capital Securities Guarantee.

     

    (c)  Notwithstanding
      Section 3.15(b), the
      Trust shall not, except with the consent of Holders of 100% in liquidation
      amount of the Securities, consolidate, amalgamate, merge with or into, or be
      replaced by any other entity or permit any other entity to consolidate,
      amalgamate, merge with or into, or replace it, if in the opinion of a nationally
      recognized

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    independent
      tax counsel experienced in
      such matters, such consolidation, amalgamation, merger or replacement would
      cause the Trust or the Successor Entity to be classified as other than a grantor
      trust for United States federal income tax purposes.

     

    ARTICLE
      IV

    SPONSOR

     

    SECTION
      4.1  Sponsor's
      Purchase of Common
      Securities.

     

    On
      the Closing Date, the Sponsor will purchase all of the Common Securities issued
      by the Trust at the same time as the Capital Securities are sold.

     

    SECTION
      4.2  Responsibilities
      of the
      Sponsor.

     

    In
      connection with the issue and sale of the Capital Securities, the Sponsor shall
      have the exclusive right and responsibility to engage in the following
      activities:

     

    (a)  to
      prepare for filing by the Trust with
      the Commission a registration statement on Form S-3 or on another appropriate
      form, or a registration statement under Rule 462(b) of the Securities Act,
      including any pre-effective or post-effective amendments thereto, relating
      to
      the registration under the Securities Act of the Capital
      Securities;

     

    (b)  to
      determine the States in which to take
      appropriate action to qualify or register for sale all or part of the Capital
      Securities and to do any and all such acts, other than actions which must be
      taken by the Trust, and advise the Trust of actions it must take, and prepare
      for execution and filing any documents to be executed and filed by the Trust,
      as
      the Sponsor deems necessary or advisable in order to comply with the applicable
      laws of any such States;

     

    (c)  to
      prepare for filing by the Trust an
      application to the New York Stock Exchange, any other national stock exchange
      or
      the Nasdaq National Market for listing upon notice of issuance of any Capital
      Securities;

     

    (d)  to
      prepare for filing by the Trust with
      the Commission a registration statement on Form 8-A, including any pre-effective
      or post-effective amendments thereto, relating to the registration of the
      Capital Securities under Section 12(b) of the Exchange Act, including any
      amendments thereto; and

     

    (e)  to
      negotiate the terms of the
      Underwriting Agreement providing for the sale of the Capital
      Securities.

     

    ARTICLE
      V

    TRUSTEES

     

    SECTION
      5.1  Number
      of Trustees.

     

    The
      number of Trustees initially shall be five (5), and:

     

    
      
        
        

      

      
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    (a)  at
      any time before the issuance of any
      Securities, the Sponsor may, by written instrument, increase or decrease the
      number of Trustees; and

     

    (b)  after
      the issuance of any Securities,
      the number of Trustees may be increased or decreased by vote of the Holders
      of a
      majority in liquidation amount of the Common Securities voting as a class at
      a
      meeting of the Holders of the Common Securities,

     

    provided,
      however, that the number of Trustees shall in no event be less than two
      (2); provided further that (1) one Trustee, in the case of a natural person,
      shall be a person who is a resident of the State of Delaware or that, if not
      a
      natural person, shall be an entity which has its principal place of business
      in
      the State of Delaware (the "Delaware Trustee"); (2) there shall be at least
      one
      Trustee who is an employee or officer of, or is affiliated with the Sponsor
      (a
      "Regular Trustee"); and (3) one Trustee shall be the Institutional Trustee
      for
      so long as this Declaration is required to qualify as an indenture under the
      Trust Indenture Act, and such Trustee may also serve as Delaware Trustee if
      it
      meets the applicable requirements.

     

    SECTION
      5.2  Delaware
      Trustee.

     

    If
      required by the Statutory Trust Act, the Delaware Trustee shall be:

     

    (a)  a
      natural person who is a resident of
      the State of Delaware; or

     

    (b)  if
      not a natural person, an entity which
      has its principal place of business in the State of Delaware, and otherwise
      meets the requirements of applicable law,

     

    provided,
      that if the Institutional Trustee has its principal place of business in the
      State of Delaware and otherwise meets the requirements of applicable law, then
      the Institutional Trustee shall also be the Delaware Trustee and Section 3.11
      shall have no application.

     

    SECTION
      5.3  Institutional
      Trustee;
      Eligibility.

     

    (a)  There
      shall at all times be one Trustee
      that shall act as Institutional Trustee which shall:

     

    (i)  not
      be an Affiliate of the
      Sponsor;

     

    (ii)  be
      a corporation organized and doing
      business under the laws of the United States of America or any State or
      Territory thereof or of the District of Columbia, or a corporation or Person
      permitted by the Commission to act as an institutional trustee under the Trust
      Indenture Act, authorized under such laws to exercise corporate trust powers,
      having a combined capital and surplus of at least 50 million U.S. dollars
      ($50,000,000), and subject to supervision or examination by Federal, State,
      Territorial or District of Columbia authority.  If such corporation
      publishes reports of condition at least annually, pursuant to law or to the
      requirements of the supervising or examining authority referred to above, then
      for the purposes of this Section 5.3(a)(ii), the combined capital and surplus
      of
      such corporation shall be deemed to be its combined capital and surplus as
      set
      forth in its most recent report of condition so published;
      and

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    (iii)  if
      the Trust is excluded from the
      definition of an Investment Company solely by means of Rule 3a-7 and to the
      extent Rule 3a-7 requires a trustee having certain qualifications to hold title
      to the "eligible assets" of the Trust, the Institutional Trustee shall possess
      those qualifications.

     

    (b)  If
      at any time the Institutional Trustee
      shall cease to be eligible to so act under Section 5.3(a), the Institutional
      Trustee shall immediately resign in the manner and with the effect set forth
      in
      Section 5.6(c).

     

    (c)  If
      the Institutional Trustee has or
      shall acquire any "conflicting interest" within the meaning of § 310(b) of the
      Trust Indenture Act, the Institutional Trustee and the Holders of the Common
      Securities (as if such Holders were the obligor referred to in § 310(b) of the
      Trust Indenture Act) shall in all respects comply with the provisions of
§ 310(b) of the Trust Indenture Act.

     

    (d)  The
      Capital Securities Guarantee shall
      be deemed to be specifically described in this Declaration for purposes of
      clause (i) of the first provision contained in Section 310(b) of the Trust
      Indenture Act.

     

    (e)  The
      initial Institutional Trustee shall
      be as set forth in Section 5.5 hereof.

     

    
      	
              SECTION
                5.4  

            	
              Qualifications
                of Regular
                Trustees and Delaware Trustee Generally.

            

    

     

    Each
      Regular Trustee and the Delaware Trustee (unless the Institutional Trustee
      also
      acts as Delaware Trustee) shall be either a natural person who is at least
      21
      years of age or a legal entity that shall act through one or more Authorized
      Officers.

     

    SECTION
      5.5  Initial
      Trustees; Additional Powers
      of Regular Trustees.

     

    (a)  The
      initial Regular Trustees shall
      be:

     

    Saul
      Rosen

    Eric
      L. Wentzel

    John
      Gerspach

    

    The
      initial Delaware Trustee shall be:

    

    The
      Bank of New York (Delaware)

    100
      White Clay Center

    Route
      273

    P.
      O. Box 6995

    Newark,
      DE 19711

    Attn:  Corporate
      Trust Department

    

    

    The
      initial Institutional Trustee shall be:

     

    
      
        
        

      

      
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    The
      Bank of New York

    101
      Barclay Street-8W

    New
      York, New York 10286

    Attn:  Global
      Trust Administration

    

    

    (b)  Except
      as expressly set forth in this
      Declaration and except if a meeting of the Regular Trustees is called with
      respect to any matter over which the Regular Trustees have power to act, any
      power of the Regular Trustees may be exercised by, or with the consent of,
      any
      one such Regular Trustee.

     

    (c)  Unless
      otherwise determined by the
      Regular Trustees, and except as otherwise required by the Statutory Trust Act
      or
      applicable law, any Regular Trustee is authorized to execute on behalf of the
      Trust any documents which the Regular Trustees have the power and authority
      to
      cause the Trust to execute pursuant to Section 3.6, provided, that the
      registration statement referred to in Section 3.6, including any amendments
      thereto, shall be signed by all of the Regular Trustees; and

     

    (d)  a
      Regular Trustee may, by power of
      attorney consistent with applicable law, delegate to any other natural person
      over the age of 21 his or her power for the purposes of signing any documents
      which the Regular Trustees have power and authority to cause the Trust to
      execute pursuant to Section 3.6.

     

    SECTION
      5.6  Appointment,
      Removal and Resignation
      of Trustees.

     

    (a)  Subject
      to Section 5.6(b), Trustees may
      be appointed or removed without cause at any time:

     

    (i)  until
      the issuance of any Securities, by
      written instrument executed by the Sponsor; and

     

    (ii)  in
      the case of the Regular Trustees,
      after the issuance of any Securities, by vote of the Holders of a Majority
      in
      liquidation amount of the Common Securities voting as a class at a meeting
      of
      the Holders of the Common Securities;

     

    (iii)  in
      the case of the Institutional Trustee
      and the Delaware Trustee, unless a Default shall have occurred and be continuing
      after the issuance of any Securities, by a vote of the Holders of a Majority
      in
      liquidation amount of the Common Securities voting as a class at a meeting
      of
      the Holders of the Common Securities; and

     

    (iv)  in
      the case of the Institutional Trustee
      and the Delaware Trustee, if a Default shall have occurred and be continuing
      after the issuance of the  Securities, by a vote of the Holders of a
      Majority in liquidation amount of the Capital Securities voting as a class
      at a
      meeting of the Holders of the Capital Securities.

     

    (b)  (i)
      The Trustee that acts as Institutional
      Trustee shall not be removed in accordance with Section 5.6(a) until a successor
      Trustee possessing the qualifications to act as Institutional Trustee under
      Section 5.3 (a "Successor Institutional Trustee") has been
      appointed

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    and
      has accepted such appointment by
      written instrument executed by such Successor Institutional Trustee and
      delivered to the Regular Trustees and the Sponsor; and

     

    (ii)  the
      Trustee that acts as Delaware
      Trustee shall not be removed in accordance with Section 5.6(a) until a successor
      Trustee possessing the qualifications to act as Delaware Trustee under Sections
      5.2 and 5.4 (a "Successor Delaware Trustee") has been appointed and has accepted
      such appointment by written instrument executed by such Successor Delaware
      Trustee and delivered to the Regular Trustees and the
      Sponsor.

     

    (c)  A
      Trustee appointed to office shall hold
      office until his successor shall have been appointed or until his death, removal
      or resignation.  Any Trustee may resign from office (without need for
      prior or subsequent accounting) by an instrument in writing signed by the
      Trustee and delivered to the Sponsor and the Trust, which resignation shall
      take
      effect upon such delivery or upon such later date as is specified therein;
      provided, however, that:

     

    (i)  No
      such resignation of the Trustee that
      acts as the Institutional Trustee shall be effective:

     

    (A)  until
      a Successor Institutional Trustee
      has been appointed and has accepted such appointment by instrument executed
      by
      such Successor Institutional Trustee and delivered to the Trust, the Sponsor
      and
      the resigning Institutional Trustee; or

     

    (B)  until
      the assets of the Trust have been
      completely liquidated and the proceeds thereof distributed to the holders of
      the
      Securities; and

     

    (ii)  no
      such resignation of the Trustee that
      acts as the Delaware Trustee shall be effective until a Successor Delaware
      Trustee has been appointed and has accepted such appointment by instrument
      executed by such Successor Delaware Trustee and delivered to the Trust, the
      Sponsor and the resigning Delaware Trustee.

     

    (d)  The
      Holders of the Common Securities
      shall use their best efforts to promptly appoint a Successor Delaware Trustee
      or
      Successor Institutional Trustee as the case may be if the Institutional Trustee
      or the Delaware Trustee delivers an instrument of resignation in accordance
      with
      this Section 5.6.

     

    (e)  If
      no Successor Institutional Trustee or
      Successor Delaware Trustee shall have been appointed and accepted appointment
      as
      provided in this Section 5.6 within 60 days after delivery to the Sponsor and
      the Trust of an instrument of resignation, the resigning Institutional Trustee
      or Delaware Trustee, as applicable, may petition any court of competent
      jurisdiction for appointment of a Successor Institutional Trustee or Successor
      Delaware Trustee.  Such court may thereupon, after prescribing such
      notice, if any, as it may deem proper and prescribe, appoint a Successor
      Institutional Trustee or Successor Delaware Trustee, as the case may
      be.

     

    (f)  No
      Institutional Trustee or Delaware
      Trustee shall be liable for the acts or omissions to act of any Successor
      Institutional Trustee or Successor Delaware Trustee, as the case may
      be.

     

    
      
        
        

      

      
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    SECTION
      5.7  Vacancies
      among
      Trustees.

     

    If
      a Trustee ceases to hold office for any reason and the number of Trustees is
      not
      reduced pursuant to Section 5.1, or if the number of Trustees is increased
      pursuant to Section 5.1, a vacancy shall occur.  A resolution
      certifying the existence of such vacancy by the Regular Trustees or, if there
      are more than two, a majority of the Regular Trustees shall be conclusive
      evidence of the existence of such vacancy.  The vacancy shall be
      filled with a Trustee appointed in accordance with Section 5.6.

     

    SECTION
      5.8  Effect
      of Vacancies.

     

    The
      death, resignation, retirement, removal, bankruptcy, dissolution, liquidation,
      incompetence or incapacity to perform the duties of a Trustee shall not operate
      to annul the Trust.  Whenever a vacancy in the number of Regular
      Trustees shall occur, until such vacancy is filled by the appointment of a
      Regular Trustee in accordance with Section 5.6, the Regular Trustees in office,
      regardless of their number, shall have all the powers granted to the Regular
      Trustees and shall discharge all the duties imposed upon the Regular Trustees
      by
      this Declaration.

     

    SECTION
      5.9  Meetings.

     

    If
      there is more than one Regular Trustee, meetings of the Regular Trustees shall
      be held from time to time upon the call of any Regular
      Trustee.  Regular meetings of the Regular Trustees may be held at a
      time and place fixed by resolution of the Regular Trustees.  Notice of
      any in-person meetings of the Regular Trustees shall be hand delivered or
      otherwise delivered in writing (including by facsimile, with a hard copy by
      overnight courier) not less than 48 hours before such meeting.  Notice
      of any telephonic meetings of the Regular Trustees or any committee thereof
      shall be hand delivered or otherwise delivered in writing (including by
      facsimile, with a hard copy by overnight courier) not less than 24 hours before
      a meeting.  Notices shall contain a brief statement of the time, place
      and anticipated purposes of the meeting.  The presence (whether in
      person or by telephone) of a Regular Trustee at a meeting shall constitute
      a
      waiver of notice of such meeting except where a Regular Trustee attends a
      meeting for the express purpose of objecting to the transaction of any activity
      on the ground that the meeting has not been lawfully called or
      convened.  Unless provided otherwise in this Declaration, any action
      of the Regular Trustees may be taken at a meeting by vote of a majority of
      the
      Regular Trustees present (whether in person or by telephone) and eligible to
      vote with respect to such matter, provided that a Quorum is present, or without
      a meeting by the unanimous written consent of the Regular
      Trustees.  In the event there is only one Regular Trustee, any and all
      action of such Regular Trustee shall be evidenced by a written consent of such
      Regular Trustee.

     

    SECTION
      5.10  Delegation
      of Power.

     

    (a)  Any
      Regular Trustee may, by power of
      attorney consistent with applicable law, delegate to any other natural person
      over the age of 21 his or her power for the purpose of executing any documents
      contemplated in Section 3.6, including any registration statement or amendment
      thereto filed with the Commission, or making any other governmental filing;
      and

     

    
      
        
        

      

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

     

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

     

    Any
      corporation into which the Institutional Trustee or the Delaware Trustee, as
      the
      case may be, may be merged or converted or with which either may be
      consolidated, or any corporation resulting from any merger, conversion or
      consolidation to which the Institutional Trustee or the Delaware Trustee, as
      the
      case may be, shall be a party, or any corporation succeeding to all or
      substantially all the corporate trust business of the Institutional Trustee
      or
      the Delaware Trustee, as the case may be, shall be the successor of the
      Institutional Trustee or the Delaware Trustee, as the case may be, hereunder,
      provided such corporation shall be otherwise qualified and eligible under this
      Article, without the execution or filing of any paper or any further act on
      the
      part of any of the parties hereto.

     

    ARTICLE
      VI

    DISTRIBUTIONS

     

    SECTION
      6.1  Distributions.

     

    Holders
      shall receive Distributions (as defined herein) in accordance with the
      applicable terms of the relevant Holder's Securities.  Distributions
      shall be made on the Capital Securities and the Common Securities in accordance
      with the preferences set forth in their respective terms.  If and to
      the extent that the Debenture Issuer makes a payment of interest (including
      Compounded Interest (as defined in the Indenture) and Additional Interest (as
      defined in the Indenture)), premium and/or principal on the Debentures held
      by
      the Institutional Trustee (the amount of any such payment being a "Payment
      Amount"), the Institutional Trustee shall and is directed to make a distribution
      (a "Distribution") of the Payment Amount to Holders.

     

    ARTICLE
      VII

    ISSUANCE
      OF SECURITIES

     

    SECTION
      7.1  General
      Provisions Regarding
      Securities.

     

    (a)  The
      Regular Trustees shall on behalf of
      the Trust issue one class of capital securities representing undivided
      beneficial interests in the assets of the Trust having such terms as are set
      forth in Annex I (the "Capital Securities") and one class of common securities
      representing undivided beneficial interests in the assets of the Trust having
      such terms as are set forth in Annex I (the "Common Securities").  The
      Trust shall issue no securities or other interests in the assets of the Trust
      other than the Capital Securities and the Common Securities.

     

    (b)  The
      Certificates shall be signed on
      behalf of the Trust by a Regular Trustee.  Such signature shall be the
      manual or facsimile signature of any present or any future Regular
      Trustee.  In case any Regular Trustee of the Trust who shall have
      signed any of the Securities shall cease to be such Regular Trustee before
      the
      Certificates so signed shall be

     

    
      
        
        

      

      
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    delivered
      by the Trust, such
      Certificates nevertheless may be delivered as though the person who signed
      such
      Certificates had not ceased to be such Regular Trustee; and any Certificate
      may
      be signed on behalf of the Trust by such persons who, at the actual date of
      execution of such Security, shall be the Regular Trustees of the Trust, although
      at the date of the execution and delivery of the Declaration any such person
      was
      not such a Regular Trustee.  Certificates shall be printed,
      lithographed or engraved or may be produced in any other manner as is reasonably
      acceptable to the Regular Trustees, as evidenced by their execution thereof,
      and
      may have such letters, numbers or other marks of identification or designation
      and such legends or endorsements as the Regular Trustees may deem appropriate,
      or as may be required to comply with any law or with any rule or regulation
      of
      any stock exchange on which Securities may be listed, or to conform to
      usage.

     

    (c)  The
      consideration received by the Trust
      for the issuance of the Securities shall constitute a contribution to the
      capital of the Trust and shall not constitute a loan to the
      Trust.

     

    (d)  Upon
      issuance of the Securities as
      provided in this Declaration, the Securities so issued shall be deemed to be
      validly issued, fully paid and non-assessable.

     

    (e)  Every
      Person, by virtue of having become
      a Holder or a Capital Security Beneficial Owner in accordance with the terms
      of
      this Declaration, shall be deemed to have expressly assented and agreed to
      the
      terms of, and shall be bound by, this Declaration.

     

    ARTICLE
      VIII

    TERMINATION
      OF TRUST

     

    SECTION
      8.1  Termination
      of Trust.

     

    (a)  The
      Trust shall
      terminate:

     

    (i)  upon
      the bankruptcy of any Holder of the
      Common Securities or the Sponsor;

     

    (ii)  upon
      the filing of a certificate of
      dissolution or its equivalent with respect to any Holder of the Common
      Securities or the Sponsor; the filing of a certificate of cancellation with
      respect to the Trust or the revocation of the Holder of the Common Securities
      or
      the Sponsor's charter and the expiration of 90 days after the date of revocation
      without a reinstatement thereof;

     

    (iii)  upon
      the entry of a decree of judicial
      dissolution of any Holder of the Common Securities, the Sponsor or the
      Trust;

     

    (iv)  Subject
      to obtaining any required
      regulatory approval, when all of the Securities have been called for redemption
      and the amounts necessary for redemption thereof have been paid to the Holders
      in accordance with the terms of the Securities;

     

    (v)  Subject
      to obtaining any required
      regulatory approval, when the Trust shall have been dissolved in accordance
      with
      the terms of the Securities upon election by

     

    
      
        
        

      

      
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    the
      Sponsor of its right to terminate
      the Trust and distribute all of the Debentures to the Holders of Securities
      in
      exchange for all of the Securities and all of the Debentures shall have been
      distributed to the Holders of Securities in accordance with such
      election;

     

    (vi)  before
      the issuance of any Securities,
      with the consent of all of the Regular Trustees and the Sponsor;
      or

     

    (vii)  upon
      the expiration of the term of the
      Trust set forth in Section 3.14.

     

    (b)  As
      soon as is practicable after the
      occurrence of an event referred to in Section 8.1(a), and after satisfaction
      of
      liabilities to creditors of the Trust as required by applicable law, including
      Section 3808 of the Statutory Trust Act, and subject to the terms set forth
      in
      Annex I, the Delaware Trustee, when notified in writing of the completion of
      the
      winding up of the Trust in accordance with the Statutory Trust Act, shall
      terminate the Trust by filing, at the expense of the Sponsor, a certificate
      of
      cancellation with the Secretary of State of the State of
      Delaware.

     

    (c)  The
      provisions of Section 3.9 and
      Article X shall survive the termination of the Trust.

     

    ARTICLE
      IX

    TRANSFER
      OF INTERESTS

     

    SECTION
      9.1  Transfer
      of
      Securities.

     

    (a)  Securities
      may only be transferred, in
      whole or in part, in accordance with the terms and conditions set forth in
      this
      Declaration and in the terms of the Securities.  Any transfer or
      purported transfer of any Security not made in accordance with this Declaration
      shall be null and void.

     

    (b)  Subject
      to this Article IX, Capital
      Securities shall be freely transferable.

     

    (c)  Subject
      to this Article IX, the Sponsor
      and any Related Party may only transfer Common Securities to the Sponsor or
      a
      Related Party of the Sponsor; provided, that any such transfer is subject to
      the
      condition precedent that the transferor obtain the written opinion of nationally
      recognized independent counsel experienced in such matters that such transfer
      would not cause more than an insubstantial risk that:

     

    (i)  the
      Trust would not be classified for
      United States federal income tax purposes as a grantor trust;
      and

     

    (ii)  the
      Trust would be an Investment Company
      or the transferee would become an Investment Company.

     

    SECTION
      9.2  Transfer
      of
      Certificates.

     

    The
      Regular Trustees shall provide for the registration of Certificates and of
      transfers of Certificates, which will be effected without charge but only upon
      payment (with such

     

    
      
        
        

      

      
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    indemnity
      as the Regular Trustees may require) in respect of any tax or other government
      charges that may be imposed in relation to it.  Upon surrender for
      registration of transfer of any Certificate, the Regular Trustees shall cause
      one or more new Certificates to be issued in the name of the designated
      transferee or transferees.  Every Certificate surrendered for
      registration of transfer shall be accompanied by a written instrument of
      transfer in form satisfactory to the Regular Trustees duly executed by the
      Holder or such Holder's attorney duly authorized in writing.  Each
      Certificate surrendered for registration of transfer shall be canceled by the
      Regular Trustees.  A transferee of a Certificate shall be entitled to
      the rights and subject to the obligations of a Holder hereunder upon the receipt
      by such transferee of a Certificate.  By acceptance of a Certificate,
      each transferee shall be deemed to have agreed to be bound by this
      Declaration.

     

    SECTION
      9.3  Deemed
      Security
      Holders.

     

    The
      Trustees may treat the Person in whose name any Certificate shall be registered
      on the books and records of the Trust as the sole holder of such Certificate
      and
      of the Securities represented by such Certificate for purposes of receiving
      Distributions and for all other purposes whatsoever and, accordingly, shall
      not
      be bound to recognize any equitable or other claim to or interest in such
      Certificate or in the Securities represented by such Certificate on the part
      of
      any Person, whether or not the Trust shall have actual or other notice
      thereof.

     

    SECTION
      9.4  Book
      Entry Interests.

     

    Unless
      otherwise specified in the terms of the Capital Securities, the Capital
      Securities Certificates, on original issuance, will be issued in the form of
      one
      or more, fully registered, global Capital Security Certificates (each a "Global
      Certificate"), to be delivered to DTC, the initial Clearing Agency, by, or
      on
      behalf of, the Trust.  Such Global Certificates shall initially be
      registered on the books and records of the Trust in the name of Cede & Co.,
      the nominee of DTC, and no Capital Security Beneficial Owner will receive a
      definitive Capital Security Certificate representing such Capital Security
      Beneficial Owner's interests in such Global Certificates, except as provided
      in
      Section 9.7.  Unless and until definitive, fully registered Capital
      Security Certificates (the "Definitive Capital Security Certificates") have
      been
      issued to the Capital Security Beneficial Owners pursuant to Section
      9.7:

     

    (a)  the
      provisions of this Section 9.4 shall
      be in full force and effect;

     

    (b)  the
      Trust and the Trustees shall be
      entitled to deal with the Clearing Agency for all purposes of this Declaration
      (including the payment of Distributions on the Global Certificates and receiving
      approvals, votes or consents hereunder) as the Holder of the Capital Securities
      and the sole holder of the Global Certificates and shall have no obligation
      to
      the Capital Security Beneficial Owners;

     

    (c)  to
      the extent that the provisions of
      this Section 9.4 conflict with any other provisions of this Declaration, the
      provisions of this Section 9.4 shall control; and

     

    (d)  the
      rights of the Capital Security
      Beneficial Owners shall be exercised only through the Clearing Agency and shall
      be limited to those established by law and agreements between such Capital
      Security Beneficial Owners and the Clearing Agency and/or the Clearing Agency
      Participants and receive and transmit payments of Distributions on
      the

     

    
      
        
        

      

      
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    Global
      Certificates to such Clearing
      Agency Participants.  DTC will make book entry transfers among the
      Clearing Agency Participants.

     

    SECTION
      9.5  Notices
      to Clearing
      Agency.

     

    Whenever
      a notice or other communication to the Capital Security Holders is required
      under this Declaration, unless and until Definitive Capital Security
      Certificates shall have been issued to the Capital Security Beneficial Owners
      pursuant to Section 9.7, the Regular Trustees shall give all such notices and
      communications specified herein to be given to the Capital Security Holders
      to
      the Clearing Agency, and shall have no notice obligations to the Capital
      Security Beneficial Owners.

     

    SECTION
      9.6  Appointment
      of Successor Clearing
      Agency.

     

    If
      any Clearing Agency elects to discontinue its services as a securities
      depositary with respect to the Capital Securities, the Regular Trustees may,
      in
      their sole discretion, appoint a successor Clearing Agency with respect to
      such
      Capital Securities.

     

    SECTION
      9.7  Definitive
      Capital Security
      Certificates.

     

    If:

     

    (a)  a
      Clearing Agency elects to discontinue
      its services as a securities depositary with respect to the Capital Securities
      and a successor Clearing Agency is not appointed within 90 days after such
      discontinuance pursuant to Section 9.6; or

     

    (b)  the
      Regular Trustees elect after
      consultation with the Sponsor to terminate the book entry system through the
      Clearing Agency with respect to the Capital Securities,

     

    then:

     

    (c)  Definitive
      Capital Security Certificates
      shall be prepared by the Regular Trustees on behalf of the Trust with respect
      to
      such Capital Securities; and

     

    (d)  upon
      surrender of the Global
      Certificates by the Clearing Agency, accompanied by registration instructions,
      the Regular Trustees shall cause Definitive Certificates to be delivered to
      Capital Security Beneficial Owners in accordance with the instructions of the
      Clearing Agency.  Neither the Trustees nor the Trust shall be liable
      for any delay in delivery of such instructions and each of them may conclusively
      rely on and shall be protected in relying on, said instructions of the Clearing
      Agency.  The Definitive Capital Security Certificates shall be
      printed, lithographed or engraved or may be produced in any other manner as
      is
      reasonably acceptable to the Regular Trustees, as evidenced by their execution
      thereof, and may have such letters, numbers or other marks of identification
      or
      designation and such legends or endorsements as the Regular Trustees may deem
      appropriate, or as may be required to comply with any law or with any rule
      or
      regulation made pursuant thereto or with any rule or regulation of any stock
      exchange on which Capital Securities may be listed, or to conform to
      usage.

     

    SECTION
      9.8  Mutilated,
      Destroyed, Lost or Stolen
      Certificates.

     

    
      
        
        

      

      
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    If:

     

    (a)  any
      mutilated Certificates should be
      surrendered to the Regular Trustees, or if the Regular Trustees shall receive
      evidence to their satisfaction of the destruction, loss or theft of any
      Certificate; and

     

    (b)  there
      shall be delivered to the Regular
      Trustees such security or indemnity as may be required by them to keep each
      of
      them harmless.

     

    then,
      in the absence of notice that such Certificate shall have been acquired by
      a
      bona fide purchaser, any Regular Trustee on behalf of the Trust shall execute
      and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
      or stolen Certificate, a new Certificate of like denomination.  In
      connection with the issuance of any new Certificate under this Section 9.8,
      the
      Regular Trustees may require the payment of a sum sufficient to cover any tax
      or
      other governmental charge that may be imposed in connection
      therewith.  Any duplicate Certificate issued pursuant to this Section
      shall constitute conclusive evidence of an ownership interest in the relevant
      Securities, as if originally issued, whether or not the lost, stolen or
      destroyed Certificate shall be found at any time.

     

    ARTICLE
      X

    LIMITATION
      OF LIABILITY OF HOLDERS OF

    SECURITIES,
      TRUSTEES OR OTHERS

     

    SECTION
      10.1  Liability.

     

    (a)  Except
      as expressly set forth in this
      Declaration, the Capital Securities Guarantee and the terms of the Securities,
      the Sponsor shall not be:

     

    (i)  personally
      liable for the return of any
      portion of the capital contributions (or any return thereon) of the Holders
      of
      the Securities which shall be made solely from assets of the Trust;
      and

     

    (ii)  required
      to pay to the Trust or to any
      Holder of Securities any deficit upon dissolution of the Trust or
      otherwise.

     

    (b)  The
      Holder of the Common Securities
      shall be liable for all of the debts and obligations of the Trust (other than
      with respect to the Securities) to the extent not satisfied out of the Trust's
      assets.

     

    (c)  Pursuant
      to § 3803(a) of the Statutory
      Trust Act, the Holders of the Capital Securities shall be entitled to the same
      limitation of personal liability extended to stockholders of private
      corporations for profit organized under the General Corporation Law of the
      State
      of Delaware.

     

    SECTION
      10.2  Exculpation.

     

    (a)  No
      Indemnified Person shall be liable,
      responsible or accountable in damages or otherwise to the Trust or any Covered
      Person for any loss, damage or claim incurred

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    by
      reason of any act or omission
      performed or omitted by such Indemnified Person in good faith on behalf of
      the
      Trust and in a manner such Indemnified Person reasonably believed to be within
      the scope of the authority conferred on such Indemnified Person by this
      Declaration or by law, except that an Indemnified Person shall be liable for
      any
      such loss, damage or claim incurred by reason of such Indemnified Person's
      gross
      negligence or willful misconduct with respect to such acts or
      omissions.

     

    (b)  An
      Indemnified Person shall be fully
      protected in relying in good faith upon the records of the Trust and upon such
      information, opinions, reports or statements presented to the Trust by any
      Person as to matters the Indemnified Person reasonably believes are within
      such
      other Person's professional or expert competence and who has been selected
      with
      reasonable care by or on behalf of the Trust, including information, opinions,
      reports or statements as to the value and amount of the assets, liabilities,
      profits, losses, or any other facts pertinent to the existence and amount of
      assets from which Distributions to Holders of Securities might properly be
      paid.

     

    SECTION
      10.3  Fiduciary
      Duty.

     

    (a)  To
      the extent that, at law or in equity,
      an Indemnified Person has duties (including fiduciary duties) and liabilities
      relating thereto to the Trust or to any other Covered Person, an Indemnified
      Person acting under this Declaration shall not be liable to the Trust or to
      any
      other Covered Person for its good faith reliance on the provisions of this
      Declaration.  The provisions of this Declaration, to the extent that
      they restrict the duties and liabilities of an Indemnified Person otherwise
      existing at law or in equity (other than the duties imposed on the Institutional
      Trustee under the Trust Indenture Act), are agreed by the parties hereto to
      replace such other duties and liabilities of such Indemnified
      Person.

     

    (b)  Unless
      otherwise expressly provided
      herein:

     

    (i)  whenever
      a conflict of interest exists
      or arises between any Covered Persons; or

     

    (ii)  whenever
      this Declaration or any other
      agreement contemplated herein or therein provides that an Indemnified Person
      shall act in a manner that is, or provides terms that are, fair and reasonable
      to the Trust or any Holder of Securities,

     

    the
      Indemnified Person shall resolve such conflict of interest, take such action
      or
      provide such terms, considering in each case the relative interest of each
      party
      (including its own interest) to such conflict, agreement, transaction or
      situation and the benefits and burdens relating to such interests, any customary
      or accepted industry practices, and any applicable generally accepted accounting
      practices or principles.  In the absence of bad faith by the
      Indemnified Person, the resolution, action or term so made, taken or provided
      by
      the Indemnified Person shall not constitute a breach of this Declaration or
      any
      other agreement contemplated herein or of any duty or obligation of the
      Indemnified Person at law or in equity or otherwise.

     

    (c)  Whenever
      in this Declaration an
      Indemnified Person is permitted or required to make a
      decision:

     

    
      
        
        

      

      
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    (i)  in
      its "discretion" or under a grant of
      similar authority, the Indemnified Person shall be entitled to consider such
      interests and factors as it desires, including its own interests, and shall
      have
      no duty or obligation to give any consideration to any interest of or factors
      affecting the Trust or any other Person; or

     

    (ii)  in
      its "good faith" or under another
      express standard, the Indemnified Person shall act under such express standard
      and shall not be subject to any other or different standard imposed by this
      Declaration or by applicable law.

     

    SECTION
      10.4  Indemnification.

     

    (a)  (i)           The
      Debenture Issuer shall indemnify, to
      the full extent permitted by law, any Company Indemnified Person who was or
      is a
      party or is threatened to be made a party to any threatened, pending or
      completed action, suit or proceeding, whether civil, criminal, administrative
      or
      investigative (other than an action by or in the right of the Trust) by reason
      of the fact that he is or was a Company Indemnified Person against expenses
      (including attorneys' fees), judgments, fines and amounts paid in settlement
      actually and reasonably incurred by him in connection with such action, suit
      or
      proceeding if he acted in good faith and in a manner he reasonably believed
      to
      be in or not opposed to the best interests of the Trust, and, with respect
      to
      any criminal action or proceeding, had no reasonable cause to believe his
      conduct was unlawful.  The termination of any action, suit or
      proceeding by judgment, order, settlement, conviction, or upon a plea of
nolo
      contendere or its
      equivalent, shall not, of itself, create a presumption that the Company
      Indemnified Person did not act in good faith and in a manner which he reasonably
      believed to be in or not opposed to the best interests of the Trust, and, with
      respect to any criminal action or proceeding, had reasonable cause to believe
      that his conduct was unlawful.

     

    (ii)  The
      Debenture Issuer shall indemnify, to
      the full extent permitted by law, any Company Indemnified Person who was or
      is a
      party or is threatened to be made a party to any threatened, pending or
      completed action or suit by or in the right of the Trust to procure a judgment
      in its favor by reason of the fact that he is or was a Company Indemnified
      Person against expenses (including attorneys' fees) actually and reasonably
      incurred by him in connection with the defense or settlement of such action
      or
      suit if he acted in good faith and in a manner he reasonably believed to be
      in
      or not opposed to the best interests of the Trust and except that no such
      indemnification shall be made in respect of any claim, issue or matter as to
      which such Company Indemnified Person shall have been adjudged to be liable
      to
      the Trust unless and only to the extent that the Court of Chancery of Delaware
      or the court in which such action or suit was brought shall determine upon
      application that, despite the adjudication of liability but in view of all
      the
      circumstances of the case, such person is fairly and reasonably entitled to
      indemnity for such expenses which such Court of Chancery or such other court
      shall deem proper.

     

    (iii)  To
      the extent that a Company Indemnified
      Person shall be successful on the merits or otherwise (including dismissal
      of an
      action without prejudice or the settlement of an action without admission of
      liability) in defense of any action, suit or proceeding referred to in
      paragraphs (i) and (ii) of this Section 10.4(a), or in defense of any claim,
      issue or matter therein, he shall be indemnified, to the full extent permitted
      by

     

    
      
        
        

      

      
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    law,
      against expenses (including
      attorneys' fees) actually and reasonably incurred by him in connection
      therewith.

     

    (iv)  Any
      indemnification under paragraphs (i)
      and (ii) of this Section 10.4(a) (unless ordered by a court) shall be made
      by the Debenture Issuer only as authorized in the specific case upon a
      determination that indemnification of the Company Indemnified Person is proper
      in the circumstances because he has met the applicable standard of conduct
      set
      forth in paragraphs (i) and (ii).  Such determination shall be made
      (1) by the Regular Trustees by a majority vote of a quorum consisting of such
      Regular Trustees who were not parties to such action, suit or proceeding, (2) if
      such a quorum is not obtainable, or, even if obtainable, if a quorum of
      disinterested Regular Trustees so directs, by independent legal counsel in
      a
      written opinion, or (3) by the Common Security Holder of the
      Trust.

     

    (v)  Expenses
      (including attorneys' fees)
      incurred by a Company Indemnified Person in defending a civil, criminal,
      administrative or investigative action, suit or proceeding referred to in
      paragraphs (i) and (ii) of this Section 10.4(a) shall be paid by the Debenture
      Issuer in advance of the final disposition of such action, suit or proceeding
      upon receipt of an undertaking by or on behalf of such Company Indemnified
      Person to repay such amount if it shall ultimately be determined that he is
      not
      entitled to be indemnified by the Debenture Issuer as authorized in this Section
      10.4(a).  Notwithstanding the foregoing, no advance shall be made by
      the Debenture Issuer if a determination is reasonably and promptly made (i)
      by
      the Regular Trustees by a majority vote of a quorum of disinterested Regular
      Trustees, (ii) if such a quorum is not obtainable, or, even if obtainable,
      if a
      quorum of disinterested Regular Trustees so directs, by independent legal
      counsel in a written opinion or (iii) the Common Security Holder of the Trust,
      that, based upon the facts known to the Regular Trustees, counsel or the Common
      Security Holder at the time such determination is made, such Company Indemnified
      Person acted in bad faith or in a manner that such person did not believe to
      be
      in or not opposed to the best interests of the Trust, or, with respect to any
      criminal proceeding, that such Company Indemnified Person believed or had
      reasonable cause to believe his conduct was unlawful.  In no event
      shall any advance be made in instances where the Regular Trustees, independent
      legal counsel or Common Security Holder reasonably determine that such person
      deliberately breached his duty to the Trust or its Common or Capital Security
      Holders.

     

    (vi)  The
      indemnification and advancement of
      expenses provided by, or granted pursuant to, the other paragraphs of this
      Section 10.4(a) shall not be deemed exclusive of any other rights to which
      those
      seeking indemnification and advancement of expenses may be entitled under any
      agreement, vote of stockholders or disinterested directors of the Debenture
      Issuer or Capital Security Holders of the Trust or otherwise, both as to action
      in his official capacity and as to action in another capacity while holding
      such
      office.  All rights to indemnification under this Section 10.4(a)
      shall be deemed to be provided by a contract between the Debenture Issuer and
      each Company Indemnified Person who serves in such capacity at any time while
      this Section 10.4(a) is in effect.  Any repeal or modification of this
      Section 10.4(a) shall not affect any rights or obligations then
      existing.

     

    
      
        
        

      

      
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    (vii)  The
      Debenture Issuer may purchase and
      maintain insurance on behalf of any person who is or was a Company Indemnified
      Person against any liability asserted against him and incurred by him in any
      such capacity, or arising out of his status as such, whether or not the
      Debenture Issuer would have the power to indemnify him against such liability
      under the provisions of this Section 10.4(a).

     

    (viii)  For
      purposes of this Section 10.4(a),
      references to "the Trust" shall include, in addition to the resulting or
      surviving entity, any constituent entity (including any constituent of a
      constituent) absorbed in a consolidation or merger, so that any person who
      is or
      was a director, trustee, officer or employee of such constituent entity, or
      is
      or was serving at the request of such constituent entity as a director, trustee,
      officer, employee or agent of another entity, shall stand in the same position
      under the provisions of this Section 10.4(a) with respect to the resulting
      or
      surviving entity as he would have with respect to such constituent entity if
      its
      separate existence had continued.

     

    (ix)  The
      indemnification and advancement of
      expenses provided by, or granted pursuant to, this Section 10.4(a) shall, unless
      otherwise provided when authorized or ratified, continue as to a person who
      has
      ceased to be a Company Indemnified Person and shall inure to the benefit of
      the
      heirs, executors and administrators of such a person.

     

    (b)  The
      Debenture Issuer agrees to indemnify
      the (i) Institutional Trustee, (ii) the Delaware Trustee, (iii) any Affiliate
      of
      the Institutional Trustee and the Delaware Trustee, and (iv) any officers,
      directors, shareholders, members, partners, employees, representatives,
      custodians, nominees or agents of the Institutional Trustee and the Delaware
      Trustee (each of the Persons in (i) through (iv) being referred to as a
      "Fiduciary Indemnified Person") for, and to hold each Fiduciary Indemnified
      Person harmless against, any loss, liability or expense incurred without
      negligence or bad faith on its part, arising out of or in connection with the
      acceptance or administration or the trust or trusts hereunder, including the
      costs and expenses (including reasonable legal fees and expenses) of defending
      itself against or investigating any claim or liability in connection with the
      exercise or performance of any of its powers or duties hereunder.  The
      obligation to indemnify as set forth in this Section 10.4(b) shall survive
      the
      resignation or removal of the Institutional Trustee or the Delaware Trustee,
      as
      the case may be, and the satisfaction and discharge of this
      Declaration.

     

    SECTION
      10.5  Outside
      Businesses.

     

    Any
      Covered Person, the Sponsor, the Delaware Trustee and the Institutional Trustee
      may engage in or possess an interest in other business ventures of any nature
      or
      description, independently or with others, similar or dissimilar to the business
      of the Trust, and the Trust and the Holders of Securities shall have no rights
      by virtue of this Declaration in and to such independent ventures or the income
      or profits derived therefrom, and the pursuit of any such venture, even if
      competitive with the business of the Trust, shall not be deemed wrongful or
      improper.  No Covered Person, the Sponsor, the Delaware Trustee, or
      the Institutional Trustee shall be obligated to present any particular
      investment or other opportunity to the Trust even if such opportunity is of
      a
      character that, if presented to the Trust, could be taken by the Trust, and
      any
      Covered Person, the Sponsor, the Delaware Trustee and the Institutional Trustee
      shall have the right to take for its own account (individually or as a partner
      or fiduciary) or to recommend to

     

    
      
        
        

      

      
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    others
      any such particular investment or other opportunity.  Any Covered
      Person, the Delaware Trustee and the Institutional Trustee may engage or be
      interested in any financial or other transaction with the Sponsor or any
      Affiliate of the Sponsor, or may act as depositary for, trustee or agent for,
      or
      act on any committee or body of holders of, securities or other obligations
      of
      the Sponsor or its Affiliates.

     

    ARTICLE
      XI

    ACCOUNTING

     

    SECTION
      11.1  Fiscal
      Year.

     

    The
      fiscal year ("Fiscal Year") of the Trust shall be the calendar year, or such
      other year as is required by the Code.

     

    SECTION
      11.2  Certain
      Accounting
      Matters.

     

    (a)  At
      all times during the existence of the
      Trust, the Regular Trustees shall keep, or cause to be kept, full books of
      account, records and supporting documents, which shall reflect in reasonable
      detail, each transaction of the Trust.  The books of account shall be
      maintained on the accrual method of accounting, in accordance with generally
      accepted accounting principles, consistently applied.  The Trust shall
      use the accrual method of accounting for United States federal income tax
      purposes.  The books of account and the records of the Trust shall be
      examined by and reported upon as of the end of each Fiscal Year of the Trust
      by
      a firm of independent certified public accountants selected by the Regular
      Trustees.

     

    (b)  The
      Regular Trustees shall cause to be
      prepared and delivered to each of the Holders of Securities, to the extent,
      if
      any, required by the Trust Indenture Act, within 90 days after the end of each
      Fiscal Year of the Trust, annual financial statements of the Trust, including
      a
      balance sheet of the Trust as of the end of such Fiscal Year, and the related
      statements of income or loss;

     

    (c)  The
      Regular Trustees shall cause to be
      duly prepared and delivered to each of the Holders of Securities, any annual
      United States federal income tax information statement required by the Code,
      containing such information with regard to the Securities held by each Holder
      as
      is required by the Code and the Treasury Regulations.  Notwithstanding
      any right under the Code to deliver any such statement at a later date, the
      Regular Trustees shall endeavor to deliver all such statements within 30 days
      after the end of each Fiscal Year of the Trust.

     

    (d)  The
      Regular Trustees shall cause to be
      duly prepared and filed with the appropriate taxing authority, an annual United
      States federal income tax return, on a Form 1041 or such other form required
      by
      United States federal income tax law, and any other annual income tax returns
      required to be filed by the Regular Trustees on behalf of the Trust with any
      state or local taxing authority.

     

    SECTION
      11.3  Banking.

     

    The
      Trust shall maintain one or more bank accounts in the name and for the sole
      benefit of the Trust; provided, however, that all payments of funds in respect
      of the Debentures

     

    
      
        
        

      

      
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    held
      by the Institutional Trustee shall be made directly to the Institutional Trustee
      Account and no other funds of the Trust shall be deposited in the Institutional
      Trustee Account.  The sole signatories for such accounts shall be
      designated by the Regular Trustees; provided, however, that the Institutional
      Trustee shall designate the signatories for the Institutional Trustee
      Account.

     

    SECTION
      11.4  Withholding.

     

    The
      Trust and the Regular Trustees shall comply with all withholding requirements
      under United States federal, state and local law.  The Trust shall
      request, and the Holders shall provide to the Trust, such forms or certificates
      as are necessary to establish an exemption from withholding with respect to
      each
      Holder, and any representations and forms as shall reasonably be requested
      by
      the Trust to assist it in determining the extent of, and in fulfilling, its
      withholding obligations.  The Regular Trustees shall file required
      forms with applicable jurisdictions and, unless an exemption from withholding
      is
      properly established by a Holder, shall remit amounts withheld with respect
      to
      the Holder to applicable jurisdictions.  To the extent that the Trust
      is required to withhold and pay over any amounts to any authority with respect
      to distributions or allocations to any Holder, the amount withheld shall be
      deemed to be a distribution in the amount of the withholding to the
      Holder.  In the event of any claimed overwithholding, Holders shall be
      limited to an action against the applicable jurisdiction.  If the
      amount required to be withheld was not withheld from actual Distributions made,
      the Trust may reduce subsequent Distributions by the amount of such
      withholding.

     

    ARTICLE
      XII

    AMENDMENTS
      AND MEETINGS

     

    SECTION
      12.1  Amendments.

     

    (a)  Except
      as otherwise provided in this
      Declaration or by any applicable terms of the Securities, this Declaration
      may
      only be amended by a written instrument approved and executed
      by:

     

    (i)  the
      Regular Trustees (or, if there are
      more than two Regular Trustees a majority of the Regular
      Trustees);

     

    (ii)  if
      the amendment affects the rights,
      powers, duties, obligations or immunities of the Institutional Trustee, the
      Institutional Trustee; and

     

    (iii)  if
      the amendment affects the rights,
      powers, duties, obligations or immunities of the Delaware Trustee, the Delaware
      Trustee;

     

    (b)  no
      amendment shall be made, and any such
      purported amendment shall be void and ineffective:

     

    (i)  unless,
      in the case of any proposed
      amendment, the Institutional Trustee shall have first received an Officers'
      Certificate from each of the Trust and the Sponsor that such amendment is
      permitted by, and conforms to, the terms of this Declaration (including the
      terms of the Securities);

     

    
      
        
        

      

      
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    (ii)  unless,
      in the case of any proposed
      amendment which affects the rights, powers, duties, obligations or immunities
      of
      the Institutional Trustee, the Institutional Trustee shall have first
      received:

     

    (A)  an
      Officers' Certificate from each of
      the Trust and the Sponsor that such amendment is permitted by, and conforms
      to,
      the terms of this Declaration (including the terms of the Securities);
      and

     

    (B)  an
      opinion of counsel (who may be
      counsel to the Sponsor or the Trust) that such amendment is permitted by, and
      conforms to, the terms of this Declaration (including the terms of the
      Securities); and

     

    (iii)  to
      the extent the result of such
      amendment would be to:

     

    (A)  cause
      the Trust to fail to continue to
      be classified for purposes of United States federal income taxation as a grantor
      trust;

     

    (B)  reduce
      or otherwise adversely affect the
      powers of the Institutional Trustee in contravention of the Trust Indenture
      Act;
      or

     

    (C)  cause
      the Trust to be deemed to be an
      Investment Company required to be registered under the Investment Company
      Act;

     

    (c)  at
      such time after the Trust has issued
      any Securities that remain outstanding, any amendment that would adversely
      affect the rights, privileges or preferences of any Holder of Securities may
      be
      effected only with such additional requirements as may be set forth in the
      terms
      of such Securities;

     

    (d)  Section
      9.1(c) and this Section 12.1
      shall not be amended without the consent of all of the Holders of the
      Securities;

     

    (e)  Article
      IV shall not be amended without
      the consent of the Holders of a Majority in liquidation amount of the Common
      Securities and;

     

    (f)  the
      rights of the Holders of the Common
      Securities under Article V to increase or decrease the number of, and appoint
      and remove Trustees shall not be amended without the consent of the Holders
      of a
      Majority in liquidation amount of the Common Securities; and

     

    (g)  subject
      to Section 12.1(c), this
      Declaration may be amended without the consent of the Holders of the Securities
      to:

     

    (i)  cure
      any ambiguity;

     

    (ii)  correct
      or supplement any provision in
      this Declaration that may be defective or inconsistent with any other provision
      of this Declaration;

     

    (iii)  add
      to the covenants, restrictions or
      obligations of the Sponsor;

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    (iv)  to
      conform to any change in Rule 3a-5 or
      written change in interpretation or application of Rule 3a-5 by any legislative
      body, court, government agency or regulatory authority which amendment does
      not
      have a material adverse effect on the right, preferences or privileges of the
      Holders; and

     

    (v)  to
      modify, eliminate and add to any
      provision of the Declaration to such extent as may be reasonably necessary
      to
      effectuate any of the foregoing or to otherwise comply with applicable
      law.

     

    
      SECTION
        12.2  Meetings
        of the Holders of
        Securities; Action by Written Consent.

    

     

    (a)  Meetings
      of the Holders of any class of
      Securities may be called at any time by the Regular Trustees (or as provided
      in
      the terms of the Securities) to consider and act on any matter on which Holders
      of such class of Securities are entitled to act under the terms of this
      Declaration, the terms of the Securities or the rules of any stock exchange
      on
      which the Capital Securities are listed or admitted for trading.  The
      Regular Trustees shall call a meeting of the Holders of such class if directed
      to do so by the Holders of Securities representing at least 10% in liquidation
      amount of such class of Securities.  Such direction shall be given by
      delivering to the Regular Trustees one or more calls in a writing stating that
      the signing Holders of Securities wish to call a meeting and indicating the
      general or specific purpose for which the meeting is to be
      called.  Any Holders of Securities calling a meeting shall specify in
      writing the Security Certificates held by the Holders of Securities exercising
      the right to call a meeting and only those Securities specified shall be counted
      for purposes of determining whether the required percentage set forth in the
      second sentence of this paragraph has been met.

     

    (b)  Except
      to the extent otherwise provided
      in the terms of the Securities, the following provisions shall apply to meetings
      of Holders of Securities:

     

    (i)  notice
      of any such meeting shall be
      given to all the Holders of Securities having a right to vote thereat at least
      7
      days and not more than 60 days before the date of such
      meeting.  Whenever a vote, consent or approval of the Holders of
      Securities is permitted or required under this Declaration or the rules of
      any
      stock exchange on which the Capital Securities are listed or admitted for
      trading, such vote, consent or approval may be given at a meeting of the Holders
      of Securities.  Any action that may be taken at a meeting of the
      Holders of Securities may be taken without a meeting if a consent in writing
      setting forth the action so taken is signed by the Holders of Securities owning
      not less than the minimum amount of Securities in liquidation amount that would
      be necessary to authorize or take such action at a meeting at which all Holders
      of Securities having a right to vote thereon were present and
      voting.  Prompt notice of the taking of action without a meeting shall
      be given to the Holders of Securities entitled to vote who have not consented
      in
      writing.  The Regular Trustees may specify that any written ballot
      submitted to the Security Holder for the purpose of taking any action without
      a
      meeting shall be returned to the Trust within the time specified by the Regular
      Trustees;

     

    (ii)  each
      Holder of a Security may authorize
      any Person to act for it by proxy on all matters in which a Holder of Securities
      is entitled to participate, including waiving notice of any meeting, or voting
      or participating at a meeting.  No proxy shall be
      valid

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    after
      the expiration of 11 months from
      the date thereof unless otherwise provided in the proxy.  Every proxy
      shall be revocable at the pleasure of the Holder of Securities executing
      it.  Except as otherwise provided herein, all matters relating to the
      giving, voting or validity of proxies shall be governed by the General
      Corporation Law of the State of Delaware relating to proxies, and judicial
      interpretations thereunder, as if the Trust were a Delaware corporation and
      the
      Holders of the Securities were stockholders of a Delaware
      corporation;

     

    (iii)  each
      meeting of the Holders of the
      Securities shall be conducted by the Regular Trustees or by such other Person
      that the Regular Trustees may designate; and

     

    (iv)  unless
      the Statutory Trust Act, this
      Declaration, the terms of the Securities, the Trust Indenture Act or the listing
      rules of any stock exchange on which the Capital Securities are then listed
      or
      trading, otherwise provides, the Regular Trustees, in their sole discretion,
      shall establish all other provisions relating to meetings of Holders of
      Securities, including notice of the time, place or purpose of any meeting at
      which any matter is to be voted on by any Holders of Securities, waiver of
      any
      such notice, action by consent without a meeting, the establishment of a record
      date, quorum requirements, voting in person or by proxy or any other matter
      with
      respect to the exercise of any such right to vote.

     

    ARTICLE
      XIII

    REPRESENTATIONS
      OF INSTITUTIONAL TRUSTEE

    AND
      DELAWARE TRUSTEE

     

    SECTION
      13.1  Representations
      and Warranties of
      Institutional Trustee.

     

    The
      Trustee that acts as initial Institutional Trustee represents and warrants
      to
      the Trust and to the Sponsor at the date of this Declaration, and each Successor
      Institutional Trustee represents and warrants to the Trust and the Sponsor
      at
      the time of the Successor Institutional Trustee's acceptance of its appointment
      as Institutional Trustee that:

     

    (a)  the
      Institutional Trustee is a banking
      corporation with trust powers, duly organized, validly existing and in good
      standing under the laws of the State of New York, with trust power and authority
      to execute and deliver, and to carry out and perform its obligations under
      the
      terms of, this Declaration;

     

    (b)  the
      execution, delivery and performance
      by the Institutional Trustee of the Declaration has been duly authorized by
      all
      necessary corporate action on the part of the Institutional
      Trustee.  The Declaration has been duly executed and delivered by the
      Institutional Trustee, and it constitutes a legal, valid and binding obligation
      of the Institutional Trustee, enforceable against it in accordance with its
      terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency,
      and other similar laws affecting creditors' rights generally and to general
      principles of equity and the discretion of the court (regardless of whether
      the
      enforcement of such remedies is considered in a proceeding in equity or at
      law);

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    (c)  the
      execution, delivery and performance
      of the Declaration by the Institutional Trustee does not conflict with or
      constitute a breach of the Articles of Organization or By-laws of the
      Institutional Trustee; and

     

    (d)  no
      consent, approval or authorization
      of, or registration with or notice to, any State or Federal banking authority
      is
      required for the execution, delivery or performance by the Institutional
      Trustee, of the Declaration.

     

    SECTION
      13.2  Representations
      and Warranties of
      Delaware Trustee.

     

    The
      Trustee that acts as initial Delaware Trustee represents and warrants to the
      Trust and to the Sponsor at the date of this Declaration, and each Successor
      Delaware Trustee represents and warrants to the Trust and the Sponsor at the
      time of the Successor Delaware Trustee's acceptance of its appointment as
      Delaware Trustee that:

     

    (a)  The
      Delaware Trustee is a Delaware
      banking corporation with trust powers, duly organized, validly existing and
      in
      good standing under the laws of the State of Delaware, with trust power and
      authority to execute and deliver, and to carry out and perform its obligations
      under the terms of, the Declaration.

     

    (b)  The
      Delaware Trustee has been authorized
      to perform its obligations under the Certificate of Trust and the
      Declaration.  The Declaration under Delaware law constitutes a legal,
      valid and binding obligation of the Delaware Trustee, enforceable against it
      in
      accordance with its terms, subject to applicable bankruptcy, reorganization,
      moratorium, insolvency, and other similar laws affecting creditors' rights
      generally and to general principles of equity and the discretion of the court
      (regardless of whether the enforcement of such remedies is considered in a
      proceeding in equity or at law).

     

    (c)  No
      consent, approval or authorization
      of, or registration with or notice to, any State or Federal banking authority
      is
      required for the execution, delivery or performance by the Delaware Trustee,
      of
      the Declaration.

     

    (d)  The
      Delaware Trustee is an entity which
      maintains its principal place of business in the State of
      Delaware.

    
 

     

    ARTICLE
      XIV

    MISCELLANEOUS

     

    SECTION
      14.1  Notices.

     

    All
      notices provided for in this Declaration shall be in writing, duly signed by
      the
      party giving such notice, and shall be delivered, telecopied or mailed by
      registered or certified mail, as follows:

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    (a)  if
      given to the Trust, in care of the
      Regular Trustees at the Trust's mailing address set forth below (or such other
      address as the Trust may give notice of to the Holders of the
      Securities):

     

    Citigroup
      Capital XX

    c/o
      Citigroup Inc.

    153
      East 53rd Street

    New
      York, NY  10043

    Attention:
      Eric Wentzel

    

    (b)  if
      given to the Delaware Trustee, at the
      mailing address set forth below (or such other address as Delaware Trustee
      may
      give notice of to the Holders of the Securities):

     

    The
      Bank of New York (Delaware)

    100
      White Clay Center

    Route
      273

    P.
      O. Box 6995

    Newark,
      DE 19711

    Attention:
      Corporate Trust Department

    

    (c)  if
      given to the Institutional Trustee,
      at the mailing address set forth below (or such other address as the
      Institutional Trustee may give notice of to the Holders of the
      Securities):

     

    The
      Bank of New York

    101
      Barclay Street-8W

    New
      York, New York 10286

    Attention:
      Global Trust Administration

    

    (d)  if
      given to the Holder of the Common
      Securities, at the mailing address of the Sponsor set forth below (or such
      other
      address as the Holder of the Common Securities may give notice of to the
      Trust):

     

    Citigroup
      Inc.

    153
      East 53rd Street

    New
      York, NY  10043

    Attention:
      Charles E. Wainhouse

    

    (e)  if
      given to any other Holder, at the
      address set forth on the books and records of the Trust.

     

    All
      such notices shall be deemed to have been given when received in person,
      telecopied with receipt confirmed, or mailed by first class mail, postage
      prepaid except that if a notice or other document is refused delivery or cannot
      be delivered because of a changed address of which no notice was given, such
      notice or other document shall be deemed to have been delivered on the date
      of
      such refusal or inability to deliver.

     

    
      
        
        

      

      
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    SECTION
      14.2  Governing
      Law.

     

    This
      Declaration and the rights of the
      parties hereunder shall be governed by and interpreted in accordance with the
      laws of the State of Delaware and all rights and remedies shall be governed
      by
      such laws without regard to principles of conflict of laws.

     

    SECTION
      14.3  Intention
      of the
      Parties.

     

    It
      is the intention of the parties hereto that the Trust be classified for United
      States federal income tax purposes as a grantor trust.  The provisions
      of this Declaration shall be interpreted to further this intention of the
      parties.

     

    SECTION
      14.4  Headings.

     

    Headings
      contained in this Declaration are inserted for convenience of reference only
      and
      do not affect the interpretation of this Declaration or any provision
      hereof.

     

    SECTION
      14.5  Successors
      and
      Assigns.

     

    Whenever
      in this Declaration any of the parties hereto is named or referred to, the
      successors and assigns of such party shall be deemed to be included, and all
      covenants and agreements in this Declaration by the Sponsor and the Trustees
      shall bind and inure to the benefit of their respective successors and assigns,
      whether so expressed.

     

    SECTION
      14.6  Partial
      Enforceability.

     

    If
      any provision of this Declaration, or the application of such provision to
      any
      Person or circumstance, shall be held invalid, the remainder of this
      Declaration, or the application of such provision to Persons or circumstances
      other than those to which it is held invalid, shall not be affected
      thereby.

     

    SECTION
      14.7  Counterparts.

     

    This
      Declaration may contain more than one counterpart of the signature page and
      this
      Declaration may be executed by the affixing of the signature of each of the
      Trustees to one of such counterpart signature pages.  All of such
      counterpart signature pages shall be read as though one, and they shall have
      the
      same force and effect as though all of the signers had signed a single signature
      page.

     

    

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the undersigned have caused these presents to be executed
      as of
      the day and year first above written.

     

    

    

    
      	 	 
	 	
              By:

            	
              /s/
                John Gerspach

            
	 	
              Name:

            	
              John
                Gerspach

            
	 	
              Title:

            	
              Regular
                Trustee

            
	 	 	 
	 	 	 
	 	
              THE
                BANK OF NEW YORK (DELAWARE), as Delaware Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Kristine K. Gullo

            
	 	
              Name:

            	
              Kristine
                K. Gullo

            
	 	
              Title:

            	
              Vice
                President

            
	 	 	 
	 	 	 
	 	 	 
	 	
              THE
                BANK OF NEW YORK, as Institutional Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Robert A. Massimillo

            
	 	
              Name:

            	
              Robert
                A. Massimillo

            
	 	
              Title:

            	
              Vice
                President

            
	 	 	 
	 	 	 
	 	 	 
	 	
              CITIGROUP
                INC., as Sponsor

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Charles E. Wainhouse

            
	 	
              Name:

            	
              Charles
                E. Wainhouse

            
	 	
              Title:

            	
              Assistant
                Treasurer

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANNEX
      I

     

    TERMS
      OF

    7.875%
      CAPITAL SECURITIES

    7.875%
      COMMON SECURITIES

     

    Pursuant
      to Section 7.1 of the Amended and Restated Declaration of Trust, dated as of
      November 27, 2007 (as amended from time to time, the "Declaration"), the
      designation, rights, privileges, restrictions, preferences and other terms
      and
      provisions of the Capital Securities and the Common Securities are set out
      below
      (each capitalized term used but not defined herein has the meaning set forth
      in
      the Declaration or, if not defined in such Declaration, as defined in the
      Prospectus referred to below):

     

    1.  Designation
      and Number.

     

    (a)  Capital
      Securities. 30,000,000 Capital
      Securities of the
      Trust with an aggregate liquidation amount with respect to the assets of the
      Trust of SEVEN HUNDRED FIFTY MILLION dollars ($750,000,000) and up to an additional
      4,500,000
      Capital Securities of the Trust with an aggregate liquidation amount with
      respect to the assets of the Trust of ONE HUNDRED TWELVE MILLION FIVE HUNDRED
      THOUSAND dollars ($112,500,000), and a liquidation amount
      with respect
      to the assets of the Trust of $25 per capital security, are hereby designated
      for the purposes of identification only as "7.875% Capital Securities" (the
      "Capital Securities").  The Capital Security Certificates evidencing
      the Capital Securities shall be substantially in the form of Exhibit A-1 to
      the
      Declaration, with such changes and additions thereto or deletions therefrom
      as
      may be required by ordinary usage, custom or practice or to conform to the
      rules
      of any stock exchange on which the Capital Securities are
      listed.

     

    (b)  Common
      Securities. 20,000 Common Securities
      of the Trust
      with an aggregate liquidation amount with respect to the assets of the Trust
      of
      FIVE HUNDRED THOUSAND dollars ($500,000), and a liquidation amount with respect
      to the assets of the Trust of $25 per common security, are hereby designated
      for
      the purposes of identification only as "7.875% Common Securities" (the "Common
      Securities").  The Common Security Certificates evidencing the Common
      Securities shall be substantially in the form of Exhibit A-2 to the Declaration,
      with such changes and additions thereto or deletions therefrom as may be
      required by ordinary usage, custom or practice.

     

    2.  Distributions.

     

    (a)  Distributions
      payable on each Security
      will be fixed at a rate per annum of 7.875% (the "Coupon Rate") of the stated
      liquidation amount of $25 per Security, such rate being the rate of interest
      payable on the Debentures to be held by the Institutional
      Trustee.  Distributions in arrears beyond the first date such
      Distributions are payable (or would be payable, if not for any Extension Period
      (as defined below) or default by the Debenture Issuer on the Debentures) will
      bear interest thereon compounded quarterly at the Coupon Rate (to the extent
      permitted by applicable law).  The term "Distributions" as used herein
      includes such cash distributions and any such interest payable unless otherwise
      stated.  A Distribution is payable only to the extent that payments
      are made in respect of the Debentures held by the
      Institutional

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    Trustee
      and to the extent the
      Institutional Trustee has funds available therefor.  The amount of
      Distributions payable for any period will be computed for any full
      quarterly  Distribution period on the basis of a 360-day year of
      twelve 30-day months, and for any period shorter than a full quarterly
      Distribution period for which Distributions are computed, Distributions will
      be
      computed on the basis of the actual number of days elapsed per 90-day
      quarter.

     

    (b)  Distributions
      on the Securities will be
      cumulative, will accrue from and including November 27, 2007, and will be
      payable quarterly in arrears, on March 15, June 15, September 15 and
      December 15 of each year, commencing on March 15, 2008.  When, as and
      if available for payment, Distributions will be made by the Institutional
      Trustee, except as otherwise described below.  The Debenture Issuer
      has the right under the Indenture to defer payments of interest on the
      Debentures by extending the interest payment period from time to time on the
      Debentures for a period not exceeding 40 consecutive quarters (each an
      "Extension Period"), during which Extension Period no interest shall be due
      and
      payable on the Debentures, provided, that no Extension Period may extend beyond
      the date of maturity of the Debentures.  As a consequence of the
      Debenture Issuer's extension of the interest payment period, quarterly
      Distributions will also be deferred.  Despite such deferral, quarterly
      Distributions will continue to accrue with interest thereon (to the extent
      permitted by applicable law) at the Coupon Rate compounded
      quarterly  during any such Extension Period.  In the event
      that the Debenture Issuer exercises its right to extend the interest payment
      period, then (a) the Debenture Issuer and any subsidiary of the Debenture Issuer
      shall not declare or pay any dividend on, make any distributions with respect
      to, or redeem, purchase, acquire or make a liquidation payment with respect
      to,
      any of its capital stock or make any guarantee payment with respect thereto
      (other than (i) purchases,
      redemptions or other acquisitions of shares of capital stock of the Debenture Issuer
      in connection with any employment
      contract, benefit plan or other similar arrangement with or for the benefit
      of
      employees, officers, directors or consultants, (ii) purchases of shares of
      common stock of the
      Debenture Issuer pursuant
      to a contractually binding requirement to buy stock existing prior to the
      commencement of the extension period, including under a contractually binding
stock
      repurchase plan (iii) as a result
      of an exchange or conversion of any class or series of the Debenture Issuer's
      capital stock for any other class or
      series of the Debenture
      Issuer's capital stock,
      (iv) the purchase of fractional interests in shares of the Debenture Issuer's
      capital stock pursuant to the
      conversion or exchange provisions of such capital stock or the security being
      converted or exchanged), or (v) the
      purchase of Debenture Issuer's
      capital stock in connection with the
      distribution thereof; and
      (b) the Debenture
      Issuer and any subsidiary of
      the Debenture Issuer will
      not make any payment of interest, principal or premium on, or repay, repurchase
      or redeem, any debt securities or guarantees issued by the Debenture Issuer
      that rank pari passu
      with or junior to the Debentures
      (other than (i) any payment of current
      or deferred
interest
      on securities that rank pari
      passu with the Debentures
      that is made pro rata to the amounts
      due on such securities (including the Debentures),
      provided that any such payments of
deferred
interest
      are made in accordance with
the Alternative Payment
      Mechanism (as defined below), (ii) any payments of
deferred
interest
      on securities that rank pari
      passu with the Debentures
      that, if not made, would give rise to
      an event of default permitting acceleration of such securities or
      (iii) any repayment or redemption of
      a security necessary to avoid a breach of the instrument governing the same).
      The foregoing, however, will not apply to any stock dividends paid by the
      Debenture Issuer where
      the dividend stock is the same
      stock as that on which the dividend is being paid.  In addition, the
      Debenture Issuer may pay current interest at any time with cash from any source.
      Prior to the termination of any such Extension

     

    
      
        
        

      

      
        I-2

        
          

        

      

      
        
        

      

    

     

    Period,
      the Debenture Issuer may further
      extend such Extension Period; provided, that such Extension Period, together
      with all such previous and further extensions thereof, may not exceed 40
      consecutive quarters; provided further, that no Extension Period may extend
      beyond the maturity of the Debentures. Payments of deferred Distributions and
      accrued interest thereon will be payable to Holders as they appear on the books
      and records of the Trust on the first record date before the end of the
      Extension Period.  Upon the termination of any Extension Period and
      the payment of all amounts then due, the Debenture Issuer may commence a new
      Extension Period, subject to the above requirements.  The Regular
      Trustees will give notice to each Holder of any Extension Period upon their
      receipt of notice thereof from the Debenture Issuer.

     

    (c)  If
      the Debenture Issuer does not pay all
      accrued and unpaid interest on the Debentures for a period of 20 consecutive
      quarterly periods or if the Debenture Issuer pays current interest on the
      Debentures during an Extension Period, it will be subject to the "Alternative
      Payment Mechanism," whereby the Debenture Issuer will be obliged to continuously
      use its commercially
      reasonable efforts to sell shares of its common stock (including treasury
      shares). The Debenture Issuer will notify the Board of Governors of the Federal
      Reserve Bank and the Federal Reserve Bank of New York, or its successor as
      the
      Debenture Issuer’s primary federal banking regulator (collectively, the “Federal
      Reserve”) (1) of the commencement of any Extension Period, (2) of the fifth
      anniversary of the commencement of an Extension period or earlier payment of
      current interest on the Debentures during an Extension Period and (3) of its
      intention to sell shares of its common stock and/or Qualified Warrants (as
      defined below) and to apply the net proceeds from such sale to pay deferred
      interest on the Debentures at least 25 Business Days in advance of the relevant
      payment date (or such longer period as may be required by the Federal Reserve
      or
      by other supervisory action). The Debenture Issuer may pay accrued and unpaid
      interest on the Debentures on or prior to the next interest payment date using
      only the net proceeds (after underwriters’ or placement agents’ fees,
      commissions or discounts and other expenses relating to the issuances) of such
      sales received by the Debenture Issuer during the 180-day period prior to that
      interest payment date, except that the Debenture Issuer may pay accrued and
      unpaid interest on the Debentures with cash from any source (i) upon the
      maturity of the Debentures, (ii) during the occurrence and continuation of
      a
      Supervisory Event (as defined in the Indenture) or (iii) if an Event of Default
      and Acceleration under the Indenture shall have occurred and be continuing.
      Corresponding Distributions will be made on the Securities. If (1) a Supervisory
      Event or (2) a Market Disruption Event (as defined in the Indenture) shall
      have
      occurred and be continuing; then the Debenture Issuer will be excused from
      its
      obligation to use its commercially reasonable efforts to sell its common stock
      and apply the net proceeds of such sale to pay accrued and unpaid interest
      on
      the Debentures. During the occurrence of a Supervisory Event, the Debenture
      Issuer will, no later than 30 Business Days prior to each interest payment
      date,
      notify the Federal Reserve of its intention to both (1) issue or sell shares
      of
      common stock and (2) to apply the net proceeds from such sale to pay deferred
      interest on the Debentures, and shall only take any such actions if the Federal
      Reserve does not disapprove of any such actions within ten (10) Business Days
      after the Debenture Issuer gives such notice to the Federal
      Reserve.  The obligation of the Debenture Issuer to use commercially
      reasonable efforts to sell its common stock and apply the net proceeds of such
      sale to pay accrued and unpaid interest on the Debentures shall resume at such
      time as no Market Disruption Event or Supervisory Event exists or is continuing.
      The Debenture
      Issuer is not permitted to
      sell shares of
      common stock in excess of a number of shares of common stock which at
November 27, 2007
is
      equal to 55,000,000
      (the "Share Cap
      Amount"),

     

    
      
        
        

      

      
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    for
      the purpose of satisfying
the Alternative Payment
      Mechanism or otherwise
      paying deferred
interest
      on the Debentures
      then outstanding. If the issued and
      outstanding shares of common stock shall have been changed into a different
      number of shares or a different class by reason of any stock split, reverse
      stock split, stock dividend, reclassification, recapitalization, split-up,
      combination, exchange of shares or other similar transaction, then the Share
      Cap
      Amount shall be correspondingly adjusted. The Debenture Issuer
      shall increase the Share Cap Amount
      (including through the increase of its authorized share capital, if necessary)
      to an amount that would allow the Debenture Issuer
      to raise sufficient proceeds to satisfy
      its obligations to pay deferred
interest
      in full at the end of the first
      year of an Extension
      Period (and on each subsequent
      anniversary of the end of the first year of an Extension
      Period to the extent that an
Extension
      Period would last more than one year),
      if the then-current Share Cap Amount would not allow the Debenture Issuer
      to raise sufficient proceeds to satisfy
      its obligations to pay deferred
interest
      (including compounded
interest
      to that date) assuming a price
      per share equal to the average trading price of the Debenture Issuer's
      common shares over the ten-trading-day
      period preceding such date;  provided that the Debenture Issuer
      will not be obligated to increase the
      Share Cap Amount above 210,000,000
      shares. Until the tenth anniversary of
      the commencement of
      an Extension Period, a
      Default will occur if the Debenture Issuer
      does not increase the Share Cap Amount
      to an amount that is
      greater than 55,000,000
      shares when required to do so as described above; provided that no Default
      will
      occur if the Debenture
      Issuer has increased
      the share cap amount to
      210,000,000
      shares. The Debenture
      Issuer will not be
      obligated to issue common
      stock prior to the fifth
anniversary
of
      the commencement of an Extension
      Period if the gross
      proceeds of any issuance of common stock and Qualified Warrants applied to
      pay
deferred
interest
      on the Debentures
      pursuant to the Alternative Payment
      Mechanism, together with
      the gross proceeds of all prior issuances of common stock and Qualified Warrants
      applied since the
      commencement of the Extension Period, would exceed
      an amount equal to
      2% of the product of (1) the average of the Current Stock Market
      Prices (as defined in the
      Indenture) of the
Debenture
      Issuer's common stock on
      the 10 consecutive trading days ending on the fourth trading day immediately
      preceding the date of issuance by the Debenture Issuer
      of common stock applied to pay
deferred
interest
      on the Debentures
      pursuant to the Alternative Payment
      Mechanism and (2) the total
      number of issued and outstanding shares of the Debenture Issuer's
      common stock as of the date of the
Debenture
      Issuer's publicly available
      consolidated financial statements (the “APM Maximum Obligation”). Once the
Debenture
      Issuer reaches the APM
      Maximum Obligation for an Extension
      Period, the Debenture Issuer
      will not be obligated to issue more
      common stock or Qualified Warrants in satisfaction of the
      Alternative
      Payment Mechanism prior to
      the fifth
anniversary
of
      the commencement of an Extension
      Period even if the Current
      Stock Market Price of the Debenture Issuer's
      common stock or the number of
      outstanding shares of its common stock subsequently increase. The APM Maximum
      Obligation will cease to apply following the fifth
anniversary
of
      the commencement of an Extension
      Period, at which point the
      Debenture
      Issuer must repay any
deferred
interest,
      regardless of the time at which
      it was deferred, using proceeds from sales of the Debenture Issuer's
      common stock, including treasury
      shares, subject to any Market Disruption Event, Supervisory Event, and the
      Share
      Cap Amount.  If the APM Maximum Obligation has been reached during an
      Extension
Period and the Debenture
      Issuer subsequently repays
      all deferred
interest,
      the APM Maximum Obligation will
      cease to apply at the
      termination of such Extension Period and will not apply
      again unless
      and until the Debenture
      Issuer starts
      a new Extension Period. "Qualified
      Warrants" means warrants for
      the Debenture
      Issuer's common
      stock on their date of issuance
      that (1) have

     

    
      
        
        

      

      
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    an
      exercise price greater than the
      Current Stock Market Price of the Debenture Issuer's common
      stock, and (2) the Debenture Issuer is
      not entitled to redeem for cash and
      the holders are not entitled to require the Debenture Issuer to
      repurchase for cash in any
      circumstances.

     

    (d)  Distributions
      on the Securities will be
      payable to the Holders thereof as they appear on the books and records of the
      Trust at the close of business on the relevant record dates.  While
      the Capital Securities remain in book-entry only form, the relevant record
      dates
      shall be one Business Day prior to the relevant payment dates which payment
      dates shall correspond to the interest payment dates on the
      Debentures.  Subject to any applicable laws and regulations and the
      provisions of the Declaration, each such payment in respect of the Capital
      Securities will be made as described under the heading "Description of the
      Capital Securities -- Book-Entry Only Issuance" in the Prospectus dated November
      19, 2007 (the "Prospectus"), of the Trust included in the Registration Statement
      on Form S-3 of the Sponsor, the Trust and certain other statutory
      trusts.  The relevant record dates for the Common Securities shall be
      the same record date as for the Capital Securities.  If the Capital
      Securities shall not continue to remain in book-entry only form, the relevant
      record dates for the Capital Securities shall conform to the rules of any
      securities exchange on which the securities are listed and, if none, shall
      be
      selected by the Regular Trustees, which dates shall be more than 14 days but
      less than 60 days prior to the relevant payment dates, which payment dates
      shall
      correspond to the interest payment dates on the
      Debentures.  Distributions payable on any Securities that are not
      punctually paid on any Distribution payment date, as a result of the Debenture
      Issuer having failed to make a payment under the Debentures, will cease to
      be
      payable to the Person in whose name such Securities are registered on the
      relevant record date, and such defaulted Distribution will instead be payable
      to
      the Person in whose name such Securities are registered on the special record
      date or other specified date determined in accordance with the
      Indenture.  If any date on which Distributions are payable on the
      Securities is not a Business Day, then payment of the Distribution payable
      on
      such date will be made on the next succeeding day that is a Business Day (and
      without any interest or other payment in respect of any such delay) except
      that,
      if such Business Day is in the next succeeding calendar year, such payment
      shall
      be made on the immediately preceding Business Day, in each case with the same
      force and effect as if made on such date.

     

    (e)  In
      the event that there is any money or
      other property held by or for the Trust that is not accounted for hereunder,
      such property shall be distributed Pro Rata (as defined herein) among the
      Holders of the Securities.

     

    3.  Liquidation
      Distribution Upon Dissolution.

     

    (a)  In
      the event of any voluntary or
      involuntary dissolution, winding-up or termination of the Trust, the Holders
      of
      the Securities on the date of the dissolution, winding-up or termination, as
      the
      case may be, will be entitled to receive out of the assets of the Trust
      available for distribution to Holders of Securities after satisfaction of
      liabilities of creditors, distributions in an amount equal to the aggregate
      of
      the stated liquidation amount of $25 per Security plus accrued and unpaid
      Distributions thereon to the date of payment (such amount being the "Liquidation
      Distribution"), unless, in connection with such dissolution, winding-up or
      termination, Debentures in an aggregate principal amount equal to the aggregate
      stated liquidation amount of, with an interest rate equal to the Coupon Rate,
      and bearing accrued

     

    
      
        
        

      

      
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    and
      unpaid interest in an amount equal
      to the accrued and unpaid Distributions on, such Securities outstanding at
      such
      time, have been distributed on a Pro Rata basis to the Holders of the Securities
      in exchange for such Securities.  Prior to any such Liquidation
      Distribution, the Debenture Issuer will obtain any required regulatory
      approval.

     

    (b)  If,
      upon any such dissolution, the
      Liquidation Distribution can be paid only in part because the Trust has
      insufficient assets available to pay in full the aggregate Liquidation
      Distribution, then the amounts payable directly by the Trust on the Securities
      shall be paid on a Pro Rata basis.

     

    4.  Redemption
      and Distribution.

     

    (a)  Upon
      the repayment of the Debentures in
      whole or in part, whether at maturity or upon redemption (either at the option
      of the Debenture Issuer or pursuant to a Special Event as described below),
      the
      proceeds from such repayment or payment shall be simultaneously applied to
      redeem Securities having an aggregate liquidation amount equal to the aggregate
      principal amount of the Debentures so repaid or redeemed at a redemption price
      of $25 per Security plus an amount equal to accrued and unpaid Distributions
      thereon at the date of the redemption, payable in cash (the "Redemption
      Price").  Holders shall be given not less than 30 nor more than 60
      days' notice of such redemption.  Prior to any such redemption, the
      Debenture Issuer will obtain any required regulatory
      approval.

     

    (b)  If
      fewer than all the outstanding
      Securities are to be so redeemed, the Securities will be redeemed Pro Rata
      and
      the Capital Securities to be redeemed will be as described in Section 4(f)(ii)
      below.

     

    (c)  Subject
      to obtaining any required
      regulatory approval, if, at any time, a Tax Event, an Investment Company Event
      or a Regulatory Capital Event (each as defined below, and each a "Special
      Event") shall occur and be continuing, Citigroup shall have the right, upon
      not
      less than 30 nor more than 60 days' notice, to redeem the Debentures, in whole
      or in part, for cash within 90 days following the occurrence of such Special
      Event, and, following such redemption, Securities with an aggregate liquidation
      amount equal to the aggregate principal amount of the Debentures so redeemed
      shall be redeemed by the Trust at the Redemption Price on a Pro Rata basis;
      provided, however, that if at the time there is available to Citigroup or the
      Trust the opportunity to eliminate, within such 90-day period, the Special
      Event
      by taking some ministerial action, such as filing a form or making an election
      or pursuing some other similar reasonable measure that will have no adverse
      effect on the Trust, Citigroup or the holders of the Securities, then Citigroup
      or the Trust will pursue such measure in lieu of redemption.

     

    "Tax
      Event" means that the Regular Trustees shall have received an opinion of a
      nationally recognized independent tax counsel experienced in such matters (a
      "Tax Event Opinion") to the effect that, as a result of (a) any amendment to,
      or
      change (including any announced prospective change) in, the laws (or any
      regulations thereunder) of the United States or any political subdivision or
      taxing authority thereof or therein or (b) any amendment to, or change in,
      an
      interpretation or application of such laws or regulations by any legislative
      body, court, governmental agency or regulatory authority (including the
      enactment of any legislation and the publication of any judicial decision,
      regulatory determination or administrative

     

    
      
        
        

      

      
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    pronouncement
      on or after the date of the Prospectus), in either case after the date of the
      Prospectus, there is more than an insubstantial risk that (i) the Trust would
      be
      subject to United States federal income tax with respect to interest accrued
      or
      received on the Debentures, (ii) the Trust would be subject to more than a
      de
      minimis amount of other taxes, duties or other governmental charges, or (iii)
      interest payable to the Trust on the Debentures would not be deductible, in
      whole or in part, by the Debenture Issuer for United States federal income
      tax
      purposes.

     

    "Investment
      Company Event" means that the Regular Trustees shall have received an opinion
      of
      a nationally recognized independent counsel experienced in practice under the
      Investment Company Act (an "Investment Company Event Opinion") to the effect
      that, as a result of the occurrence of a change in law or regulation or a
      written change in interpretation or application of law or regulation by any
      legislative body, court, governmental agency or regulatory authority (a "Change
      in 1940 Act Law"), there is a more than an insubstantial risk that the Trust
      is
      or will be considered an Investment Company which is required to be registered
      under the Investment Company Act, which Change in 1940 Act Law becomes effective
      on or after the date of the Prospectus.

     

    "Regulatory
      Capital Event" means a determination by Citigroup, based on an opinion of
      counsel experienced in such matters (who may be an employee of Citigroup or
      any
      of its affiliates), that, as a result of (a) any amendment to, clarification
      of
      or change (including any announced prospective change) in applicable laws or
      regulations or official interpretations thereof or policies with respect thereto
      or (b) any official administrative pronouncement or judicial decision
      interpreting or applying such laws or regulations, which amendment,
      clarification, change, pronouncement or decision is announced or is effective
      after the date of the Prospectus, there is more than an insubstantial risk
      that
      the Capital Securities will no longer constitute Tier I Capital of Citigroup
      or
      any bank holding company of which Citigroup is a subsidiary (or its equivalent)
      for purposes of the capital adequacy guidelines or policies of the Board of
      Governors of the Federal Reserve System or its successor as Citigroup's primary
      federal banking regulator, provided, however that the distribution of the
      Debentures in connection with the liquidation of the Trust shall not in and
      of
      itself constitute a Regulatory Capital Event unless such liquidation shall
      have
      occurred in connection with a Tax Event or an Investment Company
      Event.

     

    On
      and from the date fixed by the Regular Trustees for any distribution of
      the  Debentures and dissolution of the Trust:  (i) the
      Securities will no longer be deemed to be outstanding, (ii) DTC or its nominee
      (or any successor Clearing Agency or its nominee), as the record Holder of
      the
      Capital Securities, will receive a registered global certificate or certificates
      representing the Debentures to be delivered upon such distribution and (iii)
      any
      certificates representing Securities, except for certificates representing
      Capital Securities held by DTC or its nominee (or any successor Clearing Agency
      or its nominee), will be deemed to represent beneficial interests in the
      Debentures having an aggregate principal amount equal to the aggregate stated
      liquidation amount of, with an interest rate identical to the Coupon Rate of,
      and accrued and unpaid interest equal to accrued and unpaid Distributions on
      such Securities until such certificates are presented to the Debenture Issuer
      or
      its agent for transfer or reissue.

     

    
      
        
        

      

      
        I-7

        
          

        

      

      
        
        

      

    

     

    (d)  The
      Trust may not redeem fewer than all
      the outstanding Securities unless all accrued and unpaid Distributions have
      been
      paid on all Securities for all quarterly Distribution periods terminating on
      or
      before the date of redemption.

     

    (e)  If
      the Debentures are distributed to the
      Holders of the Securities, pursuant to the terms of the Indenture, the Debenture
      Issuer will use its best efforts to cause the Debentures to be listed on the
      New
      York Stock Exchange or on such other exchange as the Capital Securities were
      listed immediately prior to the distribution of the
      Debentures.

     

    (f)  Redemption
      or Distribution procedures
      will be as follows:

     

    (i)  Notice
      of any redemption of, or notice
      of distribution of Debentures in exchange for the Securities (a
      "Redemption/Distribution Notice") will be given by the Trust by mail to the
      Institutional Trustee and the Delaware Trustee and to each Holder of the
      Securities to be redeemed or exchanged not fewer than 30 nor more than 60 days
      before the date fixed for redemption or exchange thereof which, in the case
      of a
      redemption, will be the date fixed for redemption of the Debentures. For
      purposes of the calculation of the date of redemption or exchange and the dates
      on which notices are given pursuant to this Section 4(f)(i), a Redemption/
      Distribution Notice shall be deemed to be given on the day such notice is first
      mailed by first-class mail, postage prepaid, to the Holders of the
      Securities.  Each Redemption/Distribution Notice shall be addressed to
      the Holders of the Securities at the address of each such Holder appearing
      in
      the books and records of the Trust.  No defect in the
      Redemption/Distribution Notice or in the mailing of either thereof with respect
      to any Holder shall affect the validity of the redemption or exchange
      proceedings with respect to any other Holder.

     

    (ii)  In
      the event that fewer than all the
      outstanding Securities are to be redeemed, the Securities to be redeemed shall
      be redeemed Pro Rata from each Holder of Capital Securities, it being understood
      that, in respect of Capital Securities registered in the name of and held of
      record by DTC or its nominee (or any successor Clearing Agency or its nominee),
      the distribution of the proceeds of such redemption will be made to each
      Clearing Agency Participant (or Person on whose behalf such nominee holds such
      securities) in accordance with the procedures applied by such agency or
      nominee.

     

    (iii)  If
      Securities are to be redeemed and the
      Trust gives a Redemption/Distribution Notice, which notice may only be issued
      if
      the Debentures are redeemed as set out in this Section 4 (which notice will
      be
      irrevocable), then (A) while the Capital Securities are in book-entry only
      form,
      with respect to the Capital Securities, by 12:00 noon, New York City time,
      on
      the redemption date, provided, that the Debenture Issuer has paid to the
      Institutional Trustee a sufficient amount of cash in connection with the related
      redemption or maturity of the Debentures, the Institutional Trustee will deposit
      irrevocably with DTC or its nominee (or successor Clearing Agency or its
      nominee) funds sufficient to pay the applicable Redemption Price with respect
      to
      the Capital Securities and will give DTC (or any successor Clearing Agency)
      irrevocable instructions and authority to pay the Redemption Price to the
      Holders of the Capital Securities, and (B) with respect to Capital Securities
      issued in definitive form and Common Securities, provided, that the Debenture
      Issuer has paid the Institutional Trustee

     

    
      
        
        

      

      
        I-8

        
          

        

      

      
        
        

      

    

     

    a
      sufficient amount of cash in
      connection with the related redemption or maturity of the Debentures, the
      Institutional Trustee will pay the relevant Redemption Price to the Holders
      of
      such Securities by check mailed to the address of the relevant Holder appearing
      on the books and records of the Trust on the redemption date.  If a
      Redemption/Distribution Notice shall have been given and funds deposited as
      required, if applicable, then immediately prior to the close of business on
      the
      date of such deposit, or on the redemption date, as applicable, distributions
      will cease to accrue on the Securities so called for redemption and all rights
      of the Holders of such Securities so called for redemption will cease, except
      the right of the Holders of such Securities to receive the Redemption Price,
      but
      without interest on such Redemption Price.  Neither the Regular
      Trustees nor the Trust shall be required to register or cause to be registered
      the transfer of any Securities that have been so called for
      redemption.  If any date fixed for redemption of Securities is not a
      Business Day, then payment of the Redemption Price payable on such date will
      be
      made on the next succeeding day that is a Business Day (and without any interest
      or other payment in respect of any such delay) except that, if such Business
      Day
      falls in the next calendar year, such payment will be made on the immediately
      preceding Business Day, in each case with the same force and effect as if made
      on such date fixed for redemption.  If payment of the Redemption Price
      in respect of any Securities is improperly withheld or refused and not paid
      either by the Institutional Trustee or by the Sponsor as guarantor pursuant
      to
      the relevant Securities Guarantee, Distributions on such Securities will
      continue to accrue from the original redemption date to the actual date of
      payment, in which case the actual payment date will be considered the date
      fixed
      for redemption for purposes of calculating the Redemption
      Price.

     

    (iv)  Redemption/Distribution
      Notices shall be
      sent by the Regular Trustees on behalf of the Trust to (A) in respect of the
      Capital Securities, DTC or its nominee (or any successor Clearing Agency or
      its
      nominee) if the Global Certificates have been issued or, if Definitive Capital
      Security Certificates have been issued, to the Holder thereof and (B) in respect
      of the Common Securities to the Holder thereof.

     

    (v)  Subject
      to the foregoing and applicable
      law (including, without limitation, United States federal securities laws),
      the
      Debenture Issuer or its affiliates may at any time and from time to time
      purchase outstanding Capital Securities by tender, in the open market or by
      private agreement.

     

    5.  Voting
      Rights - Capital Securities.

     

    (a)  Except
      as provided under Sections 5(b)
      and 7 and as otherwise required by law and the Declaration, the Holders of
      the
      Capital Securities will have no voting rights.

     

    (b)  Subject
      to the requirements set forth in
      this paragraph, the Holders of a Majority in aggregate liquidation amount of
      the
      Capital Securities, voting separately as a class, may direct the time, method,
      and place of conducting any proceeding for any remedy available to the
      Institutional Trustee, or direct the exercise of any trust or power conferred
      upon the Institutional Trustee under the Declaration, including the right to
      direct the Institutional Trustee, as holder of the Debentures, to (i) direct
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Debenture Trustee, or exercise any trust or power

     

    
      
        
        

      

      
        I-9

        
          

        

      

      
        
        

      

    

     

    conferred
      on the Debenture Trustee with
      respect to the Debentures, (ii) waive any past Default (as defined in the
      Indenture) that is waivable under Section 5.6 of the Indenture, (iii) exercise
      any right to rescind or annul a declaration that the principal of all the
      Debentures shall be due and payable or (iv) consent to any amendment,
      modification or termination of the Indenture or the Debentures where such
      consent shall be required; provided, however, that, where a consent or action
      under the Indenture would require the consent or act of each holder of each
      Debenture affected thereby, such consent or action under the Indenture shall
      not
      be effective until each Holder of Capital Securities shall have consented to
      such action or provided such consent.  The Institutional Trustee shall
      not revoke any action previously authorized or approved by a vote of the Holders
      of the Capital Securities.  Except with respect to directing the time,
      method and place of conducting a proceeding for a remedy available to the
      Institutional Trustee, the Institutional Trustee, as holder of the Debentures,
      shall not take any of the actions described in clauses (i), (ii), (iii) or
      (iv)
      above unless the Institutional Trustee has obtained an opinion of a nationally
      recognized independent tax counsel experienced in such matters to the effect
      that as a result of such action, the Trust will not fail to be classified as
      a
      grantor trust for United States federal income tax purposes.  If the
      Institutional Trustee fails to enforce its rights under the Debentures, any
      Holder of Capital Securities may directly institute a legal proceeding against
      the Debenture Issuer to enforce the Institutional Trustee's rights under the
      Debentures without first instituting a legal proceeding against the
      Institutional Trustee or any other Person or entity.  If a Default
      under the Declaration has occurred and is continuing and such event is
      attributable to the failure of the Debenture Issuer to pay interest or principal
      on the Debentures on the date such interest or principal is otherwise payable
      (or in the case of redemption, on the redemption date), then a holder of Capital
      Securities may also directly institute a proceeding for enforcement of payment
      to such holder (a "Direct Action") of the principal of or interest on the
      Debentures having a principal amount equal to the aggregate liquidation amount
      of the Capital Securities of such holder on or after the respective due date
      specified in the Debentures without first (i) directing the Institutional
      Trustee to enforce the terms of the Debentures or (ii) instituting a legal
      proceeding directly against the Debenture Issuer to enforce the Institutional
      Trustee's rights under the Debentures.  Except as provided in the
      preceding sentence, the Holders of Capital Securities will not be able to
      exercise directly any other remedy available to the holders of the
      Debentures.  In connection with such Direct Action, Citigroup will be
      subrogated to the rights of such Holder of Capital Securities under the
      Declaration to the extent of any payment made by Citigroup to such holder of
      Capital Securities in such Direct Action.

     

    Any
      required approval or direction of Holders of Capital Securities may be given
      at
      a separate meeting of Holders of Capital Securities convened for such purpose,
      at a meeting of all of the Holders of Securities in the Trust or pursuant to
      written consent.  The Regular Trustees will cause a notice of any
      meeting at which Holders of Capital Securities are entitled to vote, or of
      any
      matter upon which action by written consent of such Holders is to be taken,
      to
      be mailed to each Holder of record of Capital Securities.  Each such
      notice will include a statement setting forth (i) the date of such meeting
      or
      the date by which such action is to be taken, (ii) a description of any
      resolution proposed for adoption at such meeting on which such Holders are
      entitled to vote or of such matter upon which written consent is sought and
      (iii) instructions for the delivery of proxies or consents.

     

    
      
        
        

      

      
        I-10

        
          

        

      

      
        
        

      

    

     

    No
      vote or consent of the Holders of the Capital Securities will be required for
      the Trust to redeem and cancel Capital Securities or to distribute the
      Debentures in accordance with this Declaration and the terms of the
      Securities.

     

    Notwithstanding
      that Holders of Capital Securities are entitled to vote or consent under any
      of
      the circumstances described above, any of the Capital Securities that are owned
      by the Sponsor or any Affiliate of the Sponsor shall not be entitled to vote
      or
      consent and shall, for purposes of such vote or consent, be treated as if they
      were not outstanding.

     

    6.  Voting
      Rights - Common Securities.

     

    (a)  Except
      as provided under Sections 6(b),
      (c) and 7 as otherwise required by law and the Declaration, the Holders of
      the
      Common Securities will have no voting rights.

     

    (b)  The
      Holders of the Common Securities are
      entitled, in accordance with and subject to Article V of the Declaration, to
      vote to appoint, remove or replace any Trustee or to increase or decrease the
      number of Trustees.

     

    (c)  Subject
      to Section 2.6 of the
      Declaration and only after the Default with respect to the Capital Securities
      has been cured, waived, or otherwise eliminated and subject to the requirements
      of the second to last sentence of this paragraph, the Holders of a Majority
      in
      liquidation amount of the Common Securities, voting separately as a class,
      may
      direct the time, method, and place of conducting any proceeding for any remedy
      available to the Institutional Trustee, or direct the exercise of any trust
      or
      power conferred upon the Institutional Trustee under the Declaration, including
      (i) directing the time, method, place of conducting any proceeding for any
      remedy available to the Debenture Trustee, or exercising any trust or power
      conferred on the Debenture Trustee with respect to the Debentures, (ii) waiving
      any past Default (as defined in the Indenture) that is waivable under Section
      5.6 of the Indenture, or (iii) exercising any right to rescind or annul a
      declaration that the principal of all the Debentures shall be due and payable,
      provided that, where a consent or action under the Indenture would require
      the
      consent or act of the Holders of greater than a majority in principal amount
      of
      Debentures affected thereby (a "Super Majority"), the Institutional Trustee
      may
      only give such consent or take such action at the written direction of the
      Holders of at least the proportion in liquidation amount of the Common
      Securities which the relevant Super Majority represents of the aggregate
      principal amount of the Debentures outstanding.  Pursuant to this
      Section 6(c), the Institutional Trustee shall not revoke any action previously
      authorized or approved by a vote of the Holders of the Capital
      Securities.  Other than with respect to directing the time, method and
      place of conducting any proceeding for any remedy available to the Institutional
      Trustee or the Debenture Trustee as set forth above, the Institutional Trustee
      shall not take any action in accordance with the directions of the Holders
      of
      the Common Securities under this paragraph unless the Institutional Trustee
      has
      obtained an opinion of tax counsel to the effect that for the purposes of United
      States federal income tax the Trust will not be classified as other than a
      grantor trust on account of such action.  If the Institutional Trustee
      fails to enforce its rights under the Declaration, any Holder of Common
      Securities may institute a legal proceeding directly against any Person to
      enforce the Institutional Trustee's rights under the Declaration, without first
      instituting a legal proceeding against the Institutional Trustee or any other
      Person.

     

    
      
        
        

      

      
        I-11

        
          

        

      

      
        
        

      

    

     

    Any
      approval or direction of Holders of Common Securities may be given at a separate
      meeting of Holders of Common Securities convened for such purpose, at a meeting
      of all of the Holders of Securities in the Trust or pursuant to written
      consent.  The Regular Trustees will cause a notice of any meeting at
      which Holders of Common Securities are entitled to vote, or of any matter upon
      which action by written consent of such Holders is to be taken, to be mailed
      to
      each Holder of record of Common Securities.  Each such notice will
      include a statement setting forth (i) the date of such meeting or the date
      by
      which such action is to be taken, (ii) a description of any resolution proposed
      for adoption at such meeting on which such Holders are entitled to vote or
      of
      such matter upon which written consent is sought and (iii) instructions for
      the
      delivery of proxies or consents.

     

    No
      vote or consent of the Holders of the Common Securities will be required for
      the
      Trust to redeem and cancel Common Securities or to distribute the Debentures
      in
      accordance with the Declaration and the terms of the Securities.

     

    7.  Amendments
      to Declaration and Indenture.

     

    (a)  In
      addition to any requirements under
      Section 12.1 of the Declaration, if any proposed amendment to the Declaration
      provides for, or the Regular Trustees otherwise propose to effect, (i) any
      action that would adversely affect the powers, preferences or special rights
      of
      the Securities, whether by way of amendment to the Declaration or otherwise,
      or
      (ii) the dissolution, winding-up or termination of the Trust, other than as
      described in Section 8.1 of the Declaration, then the Holders of outstanding
      Securities as a class, will be entitled to vote on such amendment or proposal
      (but not on any other amendment or proposal) and such amendment or proposal
      shall not be effective except with the approval of the Holders of at least
      a
      Majority in liquidation amount of the Securities, voting together as a single
      class; provided, however, if any amendment or proposal referred to in clause
      (i)
      above would adversely affect only the Capital Securities or only the Common
      Securities, then only the affected class will be entitled to vote on such
      amendment or proposal and such amendment or proposal shall not be effective
      except with the approval of a Majority in liquidation amount of such class
      of
      Securities.

     

    (b)  In
      the event the consent of the
      Institutional Trustee as the holder of the Debentures is required under the
      Indenture with respect to any amendment, modification or termination on the
      Indenture or the Debentures, the Institutional Trustee shall request the written
      direction of the Holders of the Securities with respect to such amendment,
      modification or termination and shall vote with respect to such amendment,
      modification or termination as directed by a Majority in liquidation amount
      of
      the Securities voting together as a single class; provided, however, that where
      a consent under the Indenture would require the consent of the holders of
      greater than a majority in aggregate principal amount of the Debentures (a
      "Super Majority"), the Institutional Trustee may only give such consent at
      the
      direction of the Holders of at least the proportion in liquidation amount of
      the
      Securities which the relevant Super Majority represents of the aggregate
      principal amount of the Debentures outstanding; provided, further, that the
      Institutional Trustee shall not take any action in accordance with the
      directions of the Holders of the Securities under this Section 7(b) unless
      the
      Institutional Trustee has obtained an opinion of tax counsel to the effect
      that
      for the purposes of United States federal income tax the Trust will not be
      classified as other than a grantor trust on account of such
      action.

     

    
      
        
        

      

      
        I-12

        
          

        

      

      
        
        

      

    

     

    8.  Pro
      Rata.

     

    A
      reference in these terms of the Securities to any payment, distribution or
      treatment as being "Pro Rata" shall mean pro rata to each Holder of Securities
      according to the aggregate liquidation amount of the Securities held by the
      relevant Holder in relation to the aggregate liquidation amount of all
      Securities outstanding unless, in relation to a payment, an a Default under
      the
      Declaration has occurred and is continuing, in which case any funds available
      to
      make such payment shall be paid first to each Holder of the Capital Securities
      pro rata according to the aggregate liquidation amount of Capital Securities
      held by the relevant Holder relative to the aggregate liquidation amount of
      all
      Capital Securities outstanding, and only after satisfaction of all amounts
      owed
      to the Holders of the Capital Securities, to each Holder of Common Securities
      pro rata according to the aggregate liquidation amount of Common Securities
      held
      by the relevant Holder relative to the aggregate liquidation amount of all
      Common Securities outstanding.

     

    9.  Ranking.

     

    The
      Capital Securities rank pari passu and payment thereon shall be made Pro Rata
      with the Common Securities except that, where a Default (as defined in the
      Indenture) occurs and is continuing under the Indenture in respect of the
      Debentures held by the Institutional Trustee, the rights of Holders of the
      Common Securities to payment in respect of Distributions and payments upon
      liquidation, redemption and otherwise are subordinated to the rights to payment
      of the Holders of the Capital Securities.

     

    10.  Listing.

     

    The
      Regular Trustees shall use their best efforts to cause the Capital Securities
      to
      be listed on the New York Stock Exchange.

     

    11.  Acceptance
      of Securities Guarantee and Indenture.

     

    Each
      Holder of Capital Securities and Common Securities, by the acceptance thereof,
      agrees to the provisions of the Capital Securities Guarantee, including the
      subordination provisions therein and to the provisions of the
      Indenture.

     

    12.  No
      Preemptive Rights.

     

    The
      Holders of the Securities shall have no preemptive rights to subscribe for
      any
      additional securities.

     

    13.  Miscellaneous.

     

    These
      terms constitute a part of the Declaration.

     

    The
      Sponsor will provide a copy of the Declaration or the Capital Securities
      Guarantee, and the Indenture to a Holder without charge on written request
      to
      the Sponsor at its principal place of business.

     

    
      
        
        

      

      
        I-13

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-1

    FORM
      OF CAPITAL SECURITY CERTIFICATE

     

    THIS
      CAPITAL SECURITY IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE DECLARATION
      HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
      COMPANY (THE "DEPOSITARY") OR A NOMINEE OF THE DEPOSITARY.  THIS
      CAPITAL SECURITY IS EXCHANGEABLE FOR CAPITAL SECURITIES REGISTERED IN THE NAME
      OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
      CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND NO TRANSFER OF THIS CAPITAL
      SECURITY (OTHER THAN A TRANSFER OF THIS CAPITAL SECURITY AS A WHOLE BY THE
      DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
      TO
      THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT
      IN
      LIMITED CIRCUMSTANCES.

     

    UNLESS
      THIS CAPITAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITARY (55 WATER STREET, NEW YORK, NEW YORK) TO THE TRUST OR ITS AGENT
      FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CAPITAL SECURITY ISSUED
      IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY
      AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT HEREON IS MADE
      TO
      CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
      BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
      AN INTEREST HEREIN.

     

    
      	
              Certificate
                Number

            	
              Number
                of Capital Securities

            

    

    

    CUSIP
      NO. _____________

    

    Certificate
      Evidencing Capital Securities

     

    of

     

    CITIGROUP
      CAPITAL XX

     

    7.875%
      Capital Securities

     

    (Liquidation
      Amount $25 per Capital Security)

     

    CITIGROUP
      CAPITAL XX, a statutory trust formed under the laws of the State of Delaware
      (the "Trust"), hereby certifies that ___________ (the "Holder") is the
      registered owner of ________ (____) capital securities of the Trust representing
      undivided beneficial interests in the assets of the Trust designated the 7.875%
      Capital Securities (the "Capital Securities").  The Capital Securities
      are transferable on the books and records of the Trust, in person or by a duly
      authorized attorney, upon surrender of this certificate duly endorsed and in
      proper form for transfer.  The designation, rights, privileges,
      restrictions, preferences and other terms and provisions of the Capital
      Securities are set forth in, and this certificate and the Capital Securities
      represented hereby are issued and shall in all respects be subject to, the
      provisions of

     

    
      
        
        

      

      
        A1-1

        
          

        

      

      
        
        

      

    

     

    the
      Amended and Restated Declaration of Trust of the Trust dated as of November
      27,
      2007, as the same may be amended from time to time (the "Declaration"),
      including the designation of the terms of the Capital Securities as set forth
      in
      Annex I thereto.  Capitalized terms used herein but not defined shall
      have the meaning given them in the Declaration.  The Holder is
      entitled to the benefits of the Capital Securities Guarantee to the extent
      provided therein.  The Sponsor will provide a copy of the Declaration,
      the Capital Securities Guarantee and the Indenture to a Holder without charge
      upon written request to the Sponsor at its principal place of
      business.

     

    The
      Holder of this certificate, by accepting this certificate, is deemed to have
      (i)
      agreed to the terms of the Indenture and the Debentures, including that the
      Debentures are subordinate and junior in right of payment to all Senior
      Indebtedness (as defined in the Indenture) and (ii) agreed to the terms of
      the
      Capital Securities Guarantee, including that the Capital Securities Guarantee
      is
      (A) subordinate and junior in right of payment to all other liabilities of
      Citigroup, (B) pari passu with the most senior preferred or preference stock
      now
      or hereafter issued by Citigroup and with any guarantee now or hereafter issued
      by Citigroup with respect to preferred or preference stock of Citigroup's
      affiliates and (C) senior to Citigroup's common stock.

     

    Upon
      receipt of this certificate, the Holder is bound by the Declaration and is
      entitled to the benefits thereunder.

     

    By
      acceptance, the Holder agrees to treat, for United States federal income tax
      purposes, the Debentures as indebtedness and the Capital Securities as evidence
      of indirect beneficial ownership in the Debentures.

     

    
      
        
        

      

      
        A1-2

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trust has executed this certificate this ___ day of
      _______, ____.

     

    

    

    

    
      	 	 
	 	
              Name:

            	
              John
                Gerspach

            
	 	
              Title:

            	
              Regular
                Trustee

            

    

    

    

    
      
        
        

      

      
        A1-3

        
          

        

      

      
        
        

      

    

    _____________________

     

    ASSIGNMENT

     

    

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

     
      
        

      

    

    
      

    

    
      

    

    
      
        

      

    

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

    

    

    
      
        

      

      
        

      

      
        

      

      
        
          

        

      
(Insert
      address and zip code of assignee)

    

    

    and
      irrevocably appoints

    
      
        

      

      
        

      

      
        
          

        

        agent
          to transfer this Capital Security Certificate on the books of the
          Trust.  The agent may substitute another to act for him or
          her.

      

    

    

    

    Date:
      _______________________

    

    Signature:
      ____________________

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

     

     

    
      
        
        

      

      
        A1-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-2

     

    FORM
      OF COMMON SECURITY CERTIFICATE

     

    TRANSFER
      OF THIS CERTIFICATE

    IS
      SUBJECT TO THE CONDITIONS

    SET
      FORTH IN THE DECLARATION

    REFERRED
      TO BELOW

     

    
      	
              Certificate
                Number

            	
              Number
                of Common Securities

            

    

    

    

    Certificate
      Evidencing Common Securities

     

    of

     

    CITIGROUP
      CAPITAL XX

     

    7.875%
      Common Securities

    (Liquidation
      Amount $25 per Common Security)

     

    CITIGROUP
      CAPITAL XX, a statutory trust formed under the laws of the State of Delaware
      (the "Trust"), hereby certifies that Citigroup Inc., a Delaware corporation
      (the
      "Holder"), is the registered owner of __________ (________) common securities
      of
      the Trust representing undivided beneficial interests in the assets of the
      Trust
      designated the 7.875% Common Securities (the "Common
      Securities").  The Common Securities are transferable on the books and
      records of the Trust, in person or by a duly authorized attorney, upon surrender
      of this certificate duly endorsed and in proper form for transfer and
      satisfaction of the other conditions set forth in the Declaration (as defined
      below), including, without limitation, Section 9.1 thereof.  The
      designation, rights, privileges, restrictions, preferences and other terms
      and
      provisions of the Common Securities represented hereby are issued and shall
      in
      all respects be subject to the provisions of the Amended and Restated
      Declaration of Trust of the Trust dated as of  November 27, 2007, as
      the same may be amended from time to time (the "Declaration"), including the
      designation of the terms of the Common Securities as set forth in Annex I
      thereto.  Capitalized terms used herein but not defined shall have the
      meaning given them in the Declaration.  The Sponsor will provide a
      copy of the Declaration and the Indenture to a Holder without charge upon
      written request to the Sponsor at its principal place of business.

     

    Upon
      receipt of this certificate, the Holder is bound by the Declaration and is
      entitled to the benefits thereunder.

     

    The
      Holder of this certificate, by accepting this certificate, is deemed to have
      agreed to the terms of the Indenture and the Debentures, including that the
      Debentures are subordinate and junior in right of payment to all Senior
      Indebtedness (as defined in the Indenture) as and to the extent provided in
      the
      Indenture.

     

    
      
        
        

      

      
        A2-1

        
          

        

      

      
        
        

      

    

     

    By
      acceptance, the Holder agrees to treat, for United States federal income tax
      purposes, the Debentures as indebtedness and the Common Securities as evidence
      of indirect beneficial ownership in the Debentures.

     

     

     

    
      
        
        

      

      
        A2-2

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trust has
      executed this certificate this ___ day of _______, ____.

    

    

    

    
      	 	 
	 	
              Name:

            	
              John
                Gerspach

            
	 	
              Title:

            	
              Regular
                Trustee

            

    

    

    

    
      
        
        

      

      
        A2-3

        
          

        

      

      
        
        

      

    

    _____________________

    

    

    ASSIGNMENT

    

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

     
      
      
        

      

      
        

      

      
        
          

        

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

      

    

    

    
      
        

      

      
        

      

      
        
          

        

        (Insert
          address and zip code of assignee)

      

    

    

    and
      irrevocably appoints _______________________________________________
      __________________________________________________________________________________________________________
      agent to transfer this Common Security Certificate on the books of the
      Trust.  The agent may substitute another to act for him or
      her.

    

    Date:
      _______________________

    

    Signature:
      ___________________

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

     

     

     

    
      
        
        

      

      
        A2-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    SPECIMEN
      OF DEBENTURE

     

     

     

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    UNDERWRITING
      AGREEMENT

     

     

    

    
C-1ex4-2.htm

    Exhibit
      4.2

     

    Capital
      Replacement Covenant, dated as of November 27, 2007 (this
“Covenant”), by Citigroup Inc., a Delaware corporation (the
“Corporation”), in favor of, and for the benefit of, each Covered
      Debtholder (as defined below).

     

    Recitals

     

    A.           On
      the date hereof, the Corporation is issuing $750,500,000 aggregate principal
      amount of its 7.875% Junior Subordinated Deferrable Interest Debentures due
      December 15, 2067 (the “Notes”) to Citigroup Capital XX, a Delaware
      statutory trust (the “Trust”).

     

    B.           On
      the date hereof, the Trust is issuing $750,000,000 aggregate liquidation amount
      of its 7.875% Enhanced Trust Preferred Securities (the “Enhanced TRUPS”®1
      and, together with the Notes, the
“Securities”).

     

    C.           This
      Covenant is the “Capital Replacement Covenant” referred to in the Prospectus,
      dated November 19, 2007, relating to the Enhanced TRUPS (the
“Prospectus”).

     

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

     

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

     

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

     

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

     

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

    ______________

    
      
        	
                1

              	
                
                  TruPS®
                    is a
                    registered service mark of Citigroup Global Markets
                    Inc.  Citigroup Global Markets Inc. has applied for patent
                    protection for the Enhanced TruPS®
                    structure
                    described in the prospectus dated November 19, 2007 with respect
                    to the
                    Enhanced TruPS.

                

              

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    SECTION
      3.  
Covered Debt

     

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

     

     (b)     
      On the Redesignation Date or during the 30-day period immediately preceding
      the
      Redesignation Date with respect to the then-effective Covered Debt,
      the

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Corporation
      shall identify the series of Eligible Debt that will become the Covered Debt
      on
      and after such Redesignation Date in accordance with the following
      procedures:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (b)       so
      long as the Corporation is a reporting company under the Exchange Act, the
      Corporation will include in each annual report filed with the Commission on
      Form
      10-K under the Exchange Act a description of the covenant set forth in
      Section 2 and identify

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    the
      series of long-term indebtedness for borrowed money that is Covered Debt as
      of
      the date such Form 10-K is filed with the Commission;

     

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

     

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

     

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

     

    SECTION
      5. 
 Term.  (a)  The obligations of the
      Corporation pursuant to this Covenant shall remain in full force and effect
      until the earliest date (the “Termination Date”) to occur of (1) the
      date, if any, on which the Holders of a majority by principal amount of the
      then-effective Covered Debt consent or agree, as evidenced by a resolution
      of a
      meeting of the Holders or otherwise in writing, to the termination of this
      Covenant, (2) the date on which the Corporation has no outstanding Eligible
      Subordinated Debt or Eligible Senior Debt (in each case without giving effect
      to
      the rating requirement in clause (ii) of the definition of each such term),
      (3)
November 27, 2047 or, if
      earlier, when all of the Securities have been paid, redeemed or purchased in
      full in compliance with this Capital Replacement Covenant, and (4) the
      occurrence of an event of default and acceleration under the indenture relating
      to the Notes.  From and after the Termination Date, the obligations of
      the Corporation pursuant to this Covenant shall be of no further force or
      effect.

     

    (b)           For
      purposes of Section 5(a)(1) and Section 6, the Holders whose consent or
      agreement is required to terminate the covenants in Section 2 or to amend or
      supplement

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    the
      obligations of the Corporation under this Covenant shall be the Holders of
      the
      then-effective Covered Debt as of a record date established by the Corporation
      that is not more than 45 days prior to the date on which the Corporation
      proposes that such termination, amendment or supplement becomes
      effective.

     

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

     

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

     

    (b)           This
      Covenant shall be binding upon the Corporation and its successors and assigns
      and shall inure to the benefit of the Covered Debtholders as they exist from
      time to time (it being understood and agreed by the Corporation that any Person
      who is a Covered Debtholder at the time such Person acquires or holds Covered
      Debt shall retain its status as a Covered

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Debtholder
      for so long as the series of long-term indebtedness for borrowed money owned
      by
      such Person is Covered Debt and, if such Person initiates a claim or proceeding
      to enforce its rights under this Covenant after the Corporation has violated
      its
      covenants in Section 2 and before the series of long-term indebtedness for
      money borrowed held by such Person is no longer Covered Debt, such Person’s
      rights under this Covenant shall not terminate by reason of such series of
      long-term indebtedness for money borrowed no longer being Covered
      Debt).

     

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

     

    Citigroup
      Inc.

    399
      Park Avenue

    New
      York, New York 10043

    (212)
      559-1000

     Attention:  Assistant
      Treasurer

     

    
 

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	
              CITIGROUP
                INC.

            
	 	 	 	 
	 	
              By:

            	
              /s/
                Charles E. Wainhouse

            
	 	 	
              Name:

            	
              Charles
                E. Wainhouse

            
	 	 	
              Title:

            	
              Assistant
                Treasurer

            

    

    
 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

     

    DEFINITIONS

     

    “Affiliate”
      of any specified Person means any other Person directly or indirectly
      controlling or controlled by or under direct or indirect common control with
      such specified Person.  For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the
      management and policies of such Person, directly or indirectly, whether through
      the ownership of voting securities, by contract or otherwise; and the terms
      “controlling” and “controlled” have meanings correlative to the
      foregoing.

     

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

     

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

     

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

     

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

     

    (d)    notwithstanding
      clause (b) of this definition, if the Federal Reserve disapproves the
      Corporation’s sale of APM Qualifying Securities or the use of the proceeds
      thereof to pay deferred Distributions, may (if the Corporation elects to so
      provide in the terms of such Qualifying Capital Securities) permit the
      Corporation to pay deferred Distributions from any source or, if the Federal
      Reserve does not disapprove the Corporation’s issuance and sale of APM
      Qualifying Securities but disapproves the use of the proceeds thereof to pay
      deferred Distributions, may (if the Corporation elects to so provide in the
      terms of such Qualifying Capital Securities) permit the Corporation to use
      such
      proceeds for other purposes and to

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    continue
      to defer Distributions, without a breach of its obligations under the
      transaction documents related to the Qualifying Capital Securities;

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    provided
      (and it being understood) that:

     

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

     

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

     

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

     

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

     

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

     

    (a)    Common
      Stock;

     

    (b)    Qualifying
      Warrants;

     

    
      
        
        

      

      
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    (c)    Mandatorily
      Convertible Preferred Stock; or

     

    (d)    Qualifying
      Preferred Stock;

     

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

     

    “Applicable
      Percentage” means:

     

    (i),
      with respect to any sale of Common Stock or rights to acquire Common Stock
      (a)
      133% with respect to any repayment, redemption or purchase prior to November
      27,
      2017, (b) 200% with respect to any repayment, redemption or purchase on or
      after
      November 27, 2017 and prior to November 27, 2037, and (c) 400% on or after
      November 27, 2037;

     

    (ii)
      with respect to Debt Exchangeable
      for Common Equity, Debt Exchangeable for Preferred Equity, Mandatorily
      Convertible Preferred Stock, REIT Preferred Securities and Qualifying Capital
      Securities described under clause (i) of the definition of that term, 100%
      prior
      to November 27, 2017, 150%
      on or after November 27,
      2017 and prior to November
      27, 2037 and 300% on or after November 27, 2037;

     

    (iii)
      with respect to Qualifying Capital
      Securities described under clause (ii) of the definition of that term, 100%
      prior to the November 27,
      2037, and 200% on or after November 27, 2037;
      and

     

    (iv)
      with respect to Qualifying Capital
      Securities described under clause (iii) of the definition of that term,
      100%.

     

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

     

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

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    In
      the case of any cumulative preferred stock that includes a Bankruptcy Claim
      Limitation Provision, such provision shall limit the liquidation preference
      of
      such cumulative preferred stock to (a) its stated amount plus (b) an amount
      in
      respect of accumulated and unpaid dividends not in excess of the amount set
      forth in clause (i) or (ii) above, as applicable.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Covered
      Debt” means (i) at the date of this Covenant and continuing to, but not
      including, the first Redesignation Date, the Initial Covered Debt and
      (ii) thereafter, commencing with each Redesignation Date and continuing to
      but not including the next succeeding

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Redesignation
      Date, the Eligible Debt identified pursuant to Section 3(b) as the Covered
      Debt for such period.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    issuer’s
      long-term indebtedness for money borrowed that is separate from each other
      series of such indebtedness.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    (d)    include
      a Bankruptcy Claim Limitation Provision; and

     

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

     

    provided
      (and it being understood) that:

     

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

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (a)    an
      Alternative Payment Mechanism; and

     

    (b)    an
      Optional Deferral Provision modified and supplemented from the general
      definition of that term to provide that the issuer of such securities may,
      in
      its sole discretion, or

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (i)    in
      connection with any repayment, redemption or purchase of Securities prior to
      November 27,
      2017:

     

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

     

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

     

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

     

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

     

    (C)    Qualifying
      Preferred Stock; or

     

    (ii)    in
      connection with any repayment, redemption or purchase of Securities at any
      time
      on or after November 27,
      2017 and prior to November
      27, 2037:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    (iii)    in
      connection with any repayment, redemption or purchase of Securities at any
      time
      on or after November 27,
      2037 and prior to the Termination Date:

     

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

     

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

     

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

     

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

     

    (3)    have
      an Optional Deferral Provision;

     

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

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Qualifying
      Warrants” has the meaning specified in the Second Supplemental Indenture,
      dated as of March 6, 2007, between the Corporation and The Bank of New
      York, as trustee.

     

    “Redesignation
      Date” means, as to the then-effective Covered Debt, the earliest of
      (i) the date that is two years prior to the final maturity date of such
      Covered Debt, (ii) if the Corporation elects to redeem, repurchase or
      defease, or a Subsidiary of the Corporation elects to purchase,

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    such
      Covered Debt either in whole or in part with the consequence that after giving
      effect to such redemption, repurchase, defeasance or purchase the outstanding
      principal amount of such Covered Debt is less than $100,000,000, the applicable
      redemption, repurchase, defeasance or purchase date and (iii) if the
      then-effective Covered Debt is not Eligible Subordinated Debt, the date on
      which
      the Corporation issues long-term indebtedness for money borrowed that is
      Eligible Subordinated Debt.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Replacement
      Capital Securities” means Common Stock, rights to acquire Common Stock,
      Debt Exchangeable for Common Equity, Debt Exchangeable for Preferred
      Equity,

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    Mandatorily
      Convertible Preferred Stock, REIT Preferred Securities or Qualifying Capital
      Securities.

     

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

     

    “Securities”
      has the meaning specified in Recital B.

     

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

     

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

     

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

     

    “Trust”
      has the meaning specified in Recital A.

     

     

    
 

    
17

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