Document:

Form of Supplemental Indenture

 Exhibit 4.44 
  

  
 [            ] SUPPLEMENTAL INDENTURE 
  
 between 
  
 BANK OF AMERICA CORPORATION 
  
 and 
  
 THE BANK OF NEW YORK 
  
 Dated as of
[                    ,         ] 
  

 TABLE OF CONTENTS 
  

									
	 	 	 	  	 	  	 	  	Page
	 ARTICLE 1
	 	 	  	DEFINITIONS:	  	2
				
	         SECTION 1.1
	 	 	  	Definition of Terms	  	2
				
	 ARTICLE 2
	 	 	  	GENERAL TERMS AND CONDITIONS OF THE NOTES	  	4
				
	     SECTION 2.1
	 	 	  	Designation and Principal Amount	  	4
	     SECTION 2.2
	 	 	  	Maturity	  	5
	     SECTION 2.3
	 	 	  	Form and Payment	  	5
	     SECTION 2.4
	 	 	  	Global Form	  	5
	     SECTION 2.5
	 	 	  	Interest	  	6
				
	 ARTICLE 3
	 	 	  	PREPAYMENT OF THE NOTES	  	7
				
	     SECTION 3.1
	 	 	  	Special Event Prepayment	  	7
	     SECTION 3.2
	 	 	  	Optional Prepayment by Company	  	7
	     SECTION 3.3
	 	 	  	No Sinking Fund	  	8
				
	 ARTICLE 4
	 	 	  	EXTENSION OF INTEREST PAYMENT PERIOD	  	8
				
	         SECTION 4.1
	 	 	  	Extension of Interest Payment Period	  	8
	     SECTION 4.2
	 	 	  	Notice of Extension	  	8
	     SECTION 4.3
	 	 	  	Limitation of Transactions	  	9
				
	 ARTICLE 5
	 	 	  	EXPENSES	  	9
				
	 SECTION 5.1
	 	 	  	Payment of Expenses	  	9
	 SECTION 5.2
	 	 	  	Payment Upon Resignation or Removal	  	10
				
	 ARTICLE 6
	 	 	  	COVENANT TO LIST ON EXCHANGE	  	10
				
	 SECTION 6.1
	 	 	  	Listing on an Exchange	  	10
				
	 ARTICLE 7
	 	 	  	FORM OF NOTE	  	11
				
	 SECTION 7.1
	 	 	  	Form of Note	  	11
				
	 ARTICLE 8
	 	 	  	ORIGINAL ISSUE OF NOTES	  	18
				
	 SECTION 8.1
	 	 	  	Original Issue of Notes	  	18
				
	 ARTICLE 9
	 	 	  	MISCELLANEOUS	  	19
				
	 SECTION 9.1
	 	 	  	Ratification of Indenture	  	19
	 SECTION 9.2
	 	 	  	Trustee Not Responsible for Recitals	  	19
	 SECTION 9.3
	 	 	  	Governing Law	  	19
	 SECTION 9.4
	 	 	  	Separability	  	19
	 SECTION 9.5
	 	 	  	Counterparts	  	19
				
	 ARTICLE 10
	 	 	  	MATURITY DATE EXTENSION	  	19
				
	 SECTION 10.1
	 	 	  	Extension	  	19
	 SECTION 10.2
	 	 	  	Notice of Extension	  	20

  

	 	

  

	 	

  
  
  
  
  
  
  
  

	 	

  
  

 1 

 [            ] SUPPLEMENTAL
INDENTURE 
  
 THIS
[            ] SUPPLEMENTAL INDENTURE, dated as of [            ,
            ] (the “[            ] Supplemental Indenture”), between BANK OF AMERICA CORPORATION, a
Delaware corporation (the “Company”), and THE BANK OF NEW YORK, as trustee (the “Trustee”), under a Restated Indenture dated as of November 1, 2001 between the Company and the Trustee (the “Indenture”). 

 
 WHEREAS, the Company desires to establish, under the terms of the
Indenture, a series of its securities to be known as its [        ]% Junior Subordinated Notes, due [            ] (the
“Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof, to be set forth as provided in the Indenture and this [            ]
Supplemental Indenture; and 
  
 WHEREAS, under the terms of an
Underwriting Agreement dated as of [            ,            ] (the “Underwriting Agreement”), among the
Company, BAC Capital Trust [            ] (the “Trust”) and the Underwriters named therein (the “Underwriters”), the Trust has agreed to sell to the Underwriters
$[            ] aggregate liquidation amount of its [        ]% Capital Securities (such securities being of the type referred to in
the Indenture as the “Preferred Securities” and in this [            ] Supplemental Indenture as the “Capital Securities”) [and has granted the Underwriters an
option to purchase up to an additional $[            ] aggregate liquidation amount of Capital Securities of the Trust (the “Option”) to cover over-allotments]; and

  
 WHEREAS, pursuant to that certain Subscription Agreement dated
as of [            ,             ] between the Trust and the Company (the “Subscription Agreement”), the
Company has committed to purchase all of the common securities of the Trust (the “Common Securities”), which Common Securities shall represent at least 3% of the total capital of the Trust; and 
  
 [WHEREAS, if the Underwriters elect to exercise the Option, the Trust has
agreed pursuant to the terms of the Subscription Agreement to issue up to an additional [            ] Common Securities with an aggregate liquidation amount of up to
$[            ]; and] 
  
 WHEREAS, the Trust proposes to invest the gross proceeds from such offering of Capital Securities, together with the gross proceeds from the issuance and sale by the Trust of the Common Securities, in the Notes, as a
result of which the Trust will purchase [initially] $[            ] aggregate principal amount of the Notes[, and upon exercise of the Option, will purchase up to an additional
$[            ] aggregate principal amount of the Notes]; and 
  
 WHEREAS, the Company has requested that the Trustee execute and deliver this
[            ] Supplemental Indenture; and 
  
 WHEREAS, all requirements necessary to make this [            ] Supplemental Indenture
a valid instrument in accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this
[            ] Supplemental Indenture have been duly authorized in all respects. 

 NOW THEREFORE, in consideration of the purchase and acceptance of the Notes by the Holders thereof, and
for the purpose of setting forth, as provided in the Indenture, the form and substance of the Notes and the terms, provisions and conditions thereof, the Company covenants and agrees with the Trustee as follows: 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 SECTION 1.1 Definition of Terms. 
  
 Unless the context otherwise requires: 
  
 (a) a term defined in the Indenture has the same meaning when used in this
[            ] Supplemental Indenture unless otherwise provided herein; 
  
 (b) a term defined anywhere in this [            ] Supplemental Indenture has the same
meaning throughout; 
  
 (c) the singular includes the plural and
vice versa; 
  
 (d) a reference to a Section or Article is to a
Section or Article of this [            ] Supplemental Indenture; 
  
 (e) headings are for convenience of reference only and do not affect interpretation; 
  
 (f) the following terms have the meanings given to them in the Declaration: (i) Business Day; (ii) Clearing
Agency; (iii) Delaware Trustee; (iv) Capital Security Certificate; (v) Depositary; (vi) Property Trustee; and (vii) Regular Trustee; 
  
 (g) the following terms have the meanings given to them in this Section 1.1; 
  
 “Additional Interest” shall have the meaning set forth in Section 2.5. 
  
 “Capital Treatment Event” means the reasonable determination
by the Company that, as a result of the occurrence of 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 thereof, or as a result of
any official or administrative pronouncement or action or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or such pronouncement, action or decision is announced on or after the date of
original issuance of the Capital Securities, there is more than an insubstantial risk that the Company will not be entitled to treat an amount equal to the aggregate liquidation amount of the Capital Securities as Tier 1 capital (or the then
equivalent thereof) for purposes of the capital adequacy guidelines of the Board of Governors of the Federal Reserve System, as then in effect and applicable to the Company. 
  
 “Compounded Interest” shall have the meaning set forth in Section 4.1. 
  

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 “Coupon Rate” shall have the meaning set forth in Section 2.5. 
  
 “Declaration” means the Amended and Restated Declaration of
Trust of BAC Capital Trust [            ], a Delaware statutory trust, dated as of [            ,
            ]. 
  
 “Deferred Interest” shall have the meaning set forth in Section 4.1. 
  
 “Dissolution Election” means that, as a result of the election of the Company, as Sponsor, the Trust is to be dissolved in accordance
with the Declaration, and the Notes held by the Property Trustee are to be distributed to the holders of the Trust Securities issued by the Trust pro rata or in any other manner specified in the Declaration. 
  
 “Extended Interest Payment Period” shall have the meaning
set forth in Section 4.1. 
  
 “Global Note”
shall have the meaning set forth in Section 2.4. 
  
 “Holder” means any person in whose name the Notes are registered on the register kept by the Company or the Property Trustee in accordance with the terms hereof. 
  
 “Interest Payment Date” shall have the meaning set forth in Section 2.5. 
  
 “Investment Company Event” means the receipt by the Trust of
an opinion of counsel experienced in such matters to the effect that, as a result of the occurrence of a change in law or regulation or a 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”), the Trust is or will be considered an investment company that is required to be registered under the Investment Company Act of 1940, as amended, which Change in 1940 Act Law
becomes effective on or after the date of original issuance of the Capital Securities. 
  
 “Maturity Date” means the date on which the Notes mature and on which the principal shall be due and payable together with all accrued and unpaid interest thereon, including Compounded Interest and
Additional Interest, if any. 
  
 “Maturity Repayment
Price” means the price, at the Maturity Date, equal to the principal amount of, plus accrued interest on, the Notes. 
  
 “Non-Book-Entry Capital Securities” shall have the meaning set forth in Section 2.4. 
  
 “Optional Prepayment Price” means 100% of the outstanding
principal amount of the Notes to be redeemed, plus any accrued and unpaid interest thereon up to, but excluding the date of such prepayment. 
  
 “Optional Prepayment” means prepayment prior to the Maturity Date of the Notes at the option of the Company in whole or in part at any
time on or after [            ,             ]. 
  

 3 

 “Senior Obligations” shall have the meaning set forth in the Indenture. For the
avoidance of confusion, the term Senior Obligations does not include any indebtedness that by its terms is subordinated to or ranks equally with the Notes, including any such indebtedness that the Federal Reserve Board authorizes for inclusion in
Tier 1 capital, all limited to the extent that the classification of such indebtedness as ranking subordinated to or equally with the Notes is authorized under the capital rules of the Federal Reserve Board. 
  
 “Special Event” means a Tax Event, Capital Treatment Event
or an Investment Company Event. 
  
 “Special Event
Prepayment” means a prepayment of the Notes prior to [            ,             ], in whole but not in
part, pursuant to the occurrence of a Special Event. 
  
 “Special Event Prepayment Price” means 100% of the outstanding principal amount of the Notes, plus any accrued and unpaid interest thereon up to but excluding the date of prepayment. 
  
 “Tax Event” means that (i) the Company shall have
received an opinion of a nationally recognized independent tax counsel experienced in such matters 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 (b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is
effective or such pronouncement or decision is announced on or after the date of original issuance of the Capital Securities, there is more than an insubstantial risk that interest payable on the Notes is not, or within 90 days of the date thereof,
will not be deductible, in whole or in part, by the Company for United States federal income tax purposes or (ii) the Regular Trustees have been informed by a nationally recognized independent tax counsel that a No Recognition Opinion cannot be
delivered. “No Recognition Opinion” means an opinion of a nationally recognized independent tax counsel experienced in such matters, which opinion may rely on published revenue rulings of the Internal Revenue Service, to the effect that
the holders of the Capital Securities and Common Securities will not recognize any gain or loss for United States federal income tax purposes as a result of the dissolution of the Trust and the distribution of the Notes. 
  
 ARTICLE 2 
  
 GENERAL TERMS AND CONDITIONS OF THE NOTES 
  
 SECTION 2.1 Designation and Principal Amount. 
  
 There is hereby authorized and established under the terms of the Indenture a
series of the Company’s securities designated the “[        ]% Junior Subordinated Notes, due [            ]” limited in
aggregate principal amount to no more than $[            ] which amount shall be as set forth in one or more written orders of the Company for the authentication and delivery of the
Notes pursuant to Section 2.04 of the Indenture [including any subsequent or supplemental written order of the Company upon exercise of the Option]. 
  

 4 

 SECTION 2.2 Maturity. 
  
 The Maturity Date for the Notes is
[            ,             ]. 
  
 SECTION 2.3 Form and Payment. 
  
 Except as provided in Section 2.4, the Notes shall be issued in fully registered certificated form without interest
coupons. Principal and interest on the Notes issued in certificated form will be payable, the transfer of such Notes will be registrable and such Notes will be exchangeable for Notes bearing identical terms and provisions at the office or agency of
the Trustee; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Holder at such address as shall appear in the Security Register. Notwithstanding the foregoing, so long as the
Holder of any Notes is the Property Trustee, the payment of the principal of and interest (including Compounded Interest and Additional Interest, if any) on such Notes held by the Property Trustee will be made at such place and to such account as
may be designated by the Property Trustee. 
  
 SECTION 2.4 Global Form. 
  
 (a)
In connection with a Dissolution Election, 
  
 (i) the Notes in certificated form shall be presented to the Trustee by the Property Trustee to be exchanged for one or more fully registered securities representing the aggregate principal amount of all then outstanding Notes as a Global
Security to be registered in the name of the Depositary, or its nominee (a “Global Note”), and delivered by the Trustee to the Depositary for crediting to the accounts of its participants pursuant to the instructions of the Regular
Trustees. Upon any such presentation, the Company shall execute a Global Note in such aggregate principal amount and deliver the same to the Trustee for authentication and delivery in accordance with the Indenture and this
[            ] Supplemental Indenture. Payments on the Notes issued as a Global Note will be made to the Depositary; and 
  
 (ii) if any Capital Securities are held in certificated form and not in book-entry form, the Notes in
certificated form may be presented to the Trustee by the Property Trustee and any Capital Security Certificate which represents Capital Securities other than Capital Securities held by the Clearing Agency or its nominee (“Non-Book-Entry Capital
Securities”) will be deemed to represent beneficial interests in Notes presented to the Trustee by the Property Trustee having an aggregate principal amount equal to the aggregate liquidation amount of the Non-Book-Entry Capital Securities
until such Capital Security Certificates are presented to the Security Registrar for transfer or reissuance, at which time such Capital Security Certificates will be canceled and a Note, registered in the name of the holder of the Capital Security
Certificate or the transferee of the holder of such Capital Security Certificate, as the case may be, with an aggregate principal amount equal to the aggregate liquidation amount of the Capital Security Certificate canceled, will be executed by the
Company and delivered to the Trustee for authentication and delivery in accordance with the Indenture and this [            ] Supplemental Indenture. On issue of such Notes, Notes
with an equivalent aggregate principal amount that were presented by the Property Trustee to the Trustee will be deemed to have been canceled. 
  

 5 

 (b) A Global Note may be transferred, in whole but not in part, only to another nominee of the
Depositary, or to a successor Depositary selected or approved by the Company or to a nominee of such successor Depositary. 
  
 (c) If at any time the Depositary notifies the Company that it is unwilling or unable to continue as Depositary or if at any time the Depositary shall no
longer be registered or in good standing under the Exchange Act or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes
aware of such condition, as the case may be, the Company will execute, and, subject to Article 2 of the Indenture, the Trustee, upon written notice from the Company, will authenticate and make available for delivery the Notes in definitive
registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Note in exchange for such Global Note. In addition, the Company may at any time determine that the Notes
shall no longer be represented by a Global Note. In such event the Company will execute, and subject to Section 2.07 of the Indenture, the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, will
authenticate and deliver the Notes in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Note in exchange for such Global Note. Upon the exchange
of the Global Note for such Notes in definitive registered form without coupons, in authorized denominations, the Global Note shall be canceled by the Trustee. Such Notes in definitive registered form issued in exchange for the Global Note shall be
registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Notes to the Depositary for
delivery to the Persons in whose names such Securities are so registered. 
  
 SECTION 2.5 Interest. 
  
 (a) Each Note will bear interest at the rate of [        ]% per annum (the “Coupon Rate”) from [            ,
            ] until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law)
on any overdue installment of interest at the Coupon Rate, compounded quarterly [semi-annually], payable (subject to the provisions of Article 4) quarterly [semi-annually] in arrears on January 15, April 15, July 15 and
October 15 [January 15 and July 15] of each year (each, an “Interest Payment Date”), beginning on January 15, [            ], to the Person in whose name
such Note or any predecessor Note is registered at the close of business on the regular record date for such interest installment, which, in respect of any Notes of which the Property Trustee is the Holder of a Global Note, shall be the close of
business on the Business Day next preceding that Interest Payment Date. Notwithstanding the foregoing sentence, if the Capital Securities are no longer in book-entry only form, the relevant record dates shall be
January 1, April 1, July 1 and October 1 [January 1 and July 1] prior to the regular Interest Payment Date. 
  
 (b) The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. Except as provided in the
following sentence, the amount of interest payable for any period shorter than a full quarter [semi-annual period] for which interest is computed, will be computed on the basis of the actual number of days elapsed in such a 30-day period. In the
event that any date on which interest is payable on the Notes is 

  

 6 

 
not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which 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. 
  
 (c) If, at any time while the Property Trustee
is the Holder of any Notes, the Trust or the Property Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other domestic taxing
authority, then, in any case, the Company will pay as additional interest (“Additional Interest”) on the Notes held by the Property Trustee, such additional amounts as shall be required so that the net amounts received and retained by the
Trust and the Property Trustee after paying such taxes, duties, assessments or other governmental charges will be equal to the amounts the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other government
charges been imposed. 
  
 ARTICLE 3 
  
 PREPAYMENT OF THE NOTES 
  
 SECTION 3.1 Special Event Prepayment. 
  
 If a Special Event has occurred and is continuing prior to
[            ,             ], the Company shall have the right, upon not less than 30 days’ nor more than 60
days’ notice to the Holders of the Notes, to prepay the Notes, in whole but not in part, for cash within 90 days following the occurrence of such Special Event (the “90-Day Period”) at a prepayment price equal to the Special Event
Prepayment Price. The Special Event Prepayment Price shall be paid prior to 12:00 noon, New York time, on the date of such repayment or such earlier time as the Company determines, provided that the Company shall deposit with the Trustee an
amount sufficient to pay the Special Event Prepayment Price by 10:00 a.m., New York time, on the date such Special Event Prepayment Price is to be paid. 
  
 SECTION 3.2 Optional Prepayment by Company. 
  
 (a) Subject to the provisions of Section 3.2(b) and to the provisions of Article 14 of the Indenture, the Company shall
have the right to prepay the Notes, in whole or in part, at any time and from time to time, on or after [            ,
            ], at a redemption price equal to the Optional Prepayment Price. Any prepayment pursuant to this paragraph will be made upon not less than 30 days’ nor more than 60
days’ notice to the Holders of the Notes. If the Notes are only partially prepaid pursuant to this Section 3.2, the Notes will be prepaid pro rata or by lot or by any other method utilized by the Trustee; provided that if, at
the time of prepayment, the Notes are registered as a Global Note, the Depositary shall determine, in accordance with its procedures, the principal amount of such Notes held by each Holder of a Note to be prepaid. The Optional Prepayment Price shall
be paid prior to 12:00 noon, New York time, on the date of such prepayment or at such earlier time as the Company determines provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Prepayment Price by 10:00
a.m., New York time, on the date such Optional Prepayment Price is to be paid. 
  

 7 

 (b) If a partial prepayment of the Notes would result in the delisting of the Capital Securities issued
by the Trust from any national securities exchange or other organization on which the Capital Securities are then listed, the Company shall not be permitted to effect such partial prepayment and may only prepay the Notes in whole. 
  
 SECTION 3.3 No Sinking Fund. 
  
 The Notes are not entitled to the benefit of any sinking fund. 
  
 ARTICLE 4 
  
 EXTENSION OF INTEREST PAYMENT PERIOD 
  

SECTION 4.1 Extension of Interest Payment Period. 
  
 The Company shall have the right, at any time and from time to time during the term of the Notes, to defer payments of
interest by extending the interest payment period of such Notes for a period not exceeding 20 [10] consecutive quarters [semi-annual periods] (the “Extended Interest Payment Period”), during which Extended Interest Payment Period no
interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of
the interest payment period pursuant to this Section 4.1, will bear interest thereon at the Coupon Rate compounded quarterly [semi-annually] for each quarter [semi-annual period] of the Extended Interest Payment Period (“Compounded
Interest”). At the end of the Extended Interest Payment Period, the Company shall pay all interest accrued and unpaid on the Notes, including any Additional Interest and Compounded Interest (together, “Deferred Interest”) that shall
be payable to the Holders of the Notes in whose names the Notes are registered in the Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period,
the Company may further extend such period, provided that such period together with all such previous and further extensions thereof shall not exceed 20 [10] consecutive quarters [semi-annual periods], or extend beyond the Maturity Date of the
Notes. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be
due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period. 
  
 SECTION 4.2 Notice of Extension. 
  
 (a) If the Property Trustee is the only registered Holder of the Notes at the
time the Company selects an Extended Interest Payment Period, the Company shall give written notice to the Regular Trustees, the Property Trustee and the Trustee of its selection of such Extended Interest Payment Period at least one Business Day
before the earlier of (i) the next succeeding date on which Distributions on the Trust Securities issued by the Trust are payable, or (ii) the date on which the Trust is required to give notice of the record date, or the date on which such
Distributions are payable, to the New York Stock Exchange or any other exchange 

  

 8 

 
upon which the Notes or Trust Securities are listed or any other applicable self-regulatory organization or to holders of the Capital Securities issued by
the Trust, but in any event at least one Business Day before such record date (however, in no event shall notice be required more than 15 Business Days prior to an Interest Payment Date). 
  
 (b) If the Property Trustee is not the only Holder of the Notes at the time the Company selects an Extended Interest Payment
Period, the Company shall give the Holders of the Notes and the Trustee written notice of its selection of such Extended Interest Payment Period at least 10 Business Days before the earlier of (i) the next succeeding Interest Payment Date, or
(ii) the date the Company is required to give notice of the record or payment date of such interest payment to the New York Stock Exchange or any other exchange upon which the Notes or Trust Securities are listed or any other applicable
self-regulatory organization or to Holders of the Notes (however, in no event shall notice be required more than 15 Business Days prior to an Interest Payment Date). 
  
 (c) The quarter [semi-annual period] in which any notice is given pursuant to paragraphs (a) or (b) of this
Section 4.2 shall be counted as one of the 20 [10] quarters [semi-annual periods] permitted in computing the maximum Extended Interest Payment Period permitted under Section 4.1. 
  
 SECTION 4.3 Limitation of Transactions. 

 
 If (i) the Company shall exercise its right to defer payment of
interest as provided in Section 4.1 and such Extended Interest Payment Period is continuing, or (ii) there shall have occurred and be continuing any Event of Default or Nonpayment, as defined in the Indenture, then (a) the Company
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 (other than (i) purchases or acquisitions of shares of its
common stock in connection with the satisfaction by the Company of its obligations under any employee benefit plans, (ii) as a result of a reclassification of its capital stock or the exchange or conversion of one class or series of Company
capital stock for another class or series of its capital stock or (iii) the purchase of fractional interests in shares of its capital stock pursuant to an acquisition or the conversion or exchange provisions of such capital stock or security
being converted or exchanged) or make any guarantee payment with respect thereto and (b) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including
guarantees) issued by the Company which rank pari passu with or junior to the Notes. 
  
 ARTICLE 5 
  
 EXPENSES 

 
 SECTION 5.1 Payment of Expenses. 
  
 In connection with the offering, sale and issuance of the Notes to the
Property Trustee and in connection with the sale of the Trust Securities by the Trust, the Company, in its capacity as borrower with respect to the Notes, shall: 
  

 9 

 (a) pay all costs and expenses relating to the offering, sale and issuance of the Notes, including
commissions to the underwriters payable pursuant to the Underwriting Agreement, the compensation of the Trustee under the Indenture in accordance with the provisions of Section 6.06 of the Indenture [and the issuance of additional Notes and
Trust Securities upon exercise of the Option]; 
  
 (b) pay all
costs and expenses of the Trust (including, but not limited to, costs and expenses relating to the organization, maintenance and dissolution of the Trust, the offering, sale and issuance of the Trust Securities (including commissions to the
underwriters payable pursuant to the Underwriting Agreement), the fees and expenses of the Property Trustee and the Delaware Trustee, the costs and expenses relating to the operation of the Trust, including without limitation, costs and expenses of
accountants, attorneys, statistical or bookkeeping services, expenses for printing and engraving and computing or accounting equipment, paying agent(s), registrar(s), transfer agent(s), duplicating, travel and telephone and other telecommunications
expenses and costs and expenses incurred in connection with the acquisition, financing, and disposition of Trust assets); 
  
 (c) be primarily and fully liable for any indemnification obligations arising with respect to the Declaration; and 
  
 (d) pay any and all taxes (other than United States withholding taxes
attributable to the Trust or its assets) and all liabilities, costs and expenses with respect to such taxes of the Trust. 
  
 SECTION 5.2 Payment Upon Resignation or Removal. 
  
 Upon termination of this [            ] Supplemental
Indenture or the Indenture or the removal or resignation of the Trustee, unless otherwise stated, the Company shall pay to the Trustee all amounts accrued to the date of such termination, removal or resignation. Upon termination of the Declaration
or the removal or resignation of the Delaware Trustee or the Property Trustee, as the case may be, pursuant to Section 5.7 of the Declaration, the Company shall pay to the Delaware Trustee or the Property Trustee, as the case may be, all
amounts accrued to the date of such termination, removal or resignation. 
  
 ARTICLE 6 
  
 COVENANT TO LIST ON EXCHANGE 
  
 SECTION 6.1 Listing on an Exchange. 
  
 If the Notes are to be issued as a Global Note in connection with the
distribution of the Notes to the holders of the Capital Securities upon a Dissolution Election, the Company will use its best efforts to list such Notes on any stock exchanges on which the Capital Securities are then listed. 
  

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 ARTICLE 7 
  
 FORM OF NOTE 
  
 SECTION 7.1 Form of Note. 
  
 The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the following forms: 
  

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 (FORM OF FACE OF NOTE) 
  
 [IF THE NOTE IS TO BE A GLOBAL NOTE, INSERT—This Note is a Global Note within the meaning of the Indenture hereinafter
referred to and is registered in the name of The Bank of New York, as Property Trustee of BAC Capital Trust [        ] (the “Trust”). This Note is exchangeable for Notes registered in the name
of a person other than The Bank of New York, as Property Trustee of BAC Capital Trust [        ], or its nominee only in the limited circumstances described in the Indenture, and no transfer of this
Note may be registered except in limited circumstances.] 
  
 Unless this Note is presented by an authorized representative of The Depository Trust Company, New York (“DTC”) to the issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the
name of CEDE & CO. or such other name as requested by an authorized representative of DTC (and any payment hereon is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), 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. 
  
 THIS NOTE IS NOT A SAVINGS ACCOUNT OR A BANK DEPOSIT, IS NOT AN OBLIGATION OF OR GUARANTEED BY ANY BANKING AFFILIATE OF BANK OF AMERICA CORPORATION AND IS NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY AND INVOLVES INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL. 
  

			
		
	$                	 	CUSIP No.                     
		
	 	 	ISIN No.                         

 No. I-R-1 
  
 BANK OF AMERICA CORPORATION 
  
 [        ]% JUNIOR SUBORDINATED NOTES, 
 DUE [            ] 
  
 BANK OF AMERICA CORPORATION, a Delaware corporation (the “Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to THE BANK OF NEW YORK, AS PROPERTY TRUSTEE OF BAC CAPITAL TRUST [            ], or registered assigns, the
principal sum of
                                        
                 DOLLARS
($                        ) on [            ,
            ], (the “Maturity Date”), and to pay interest on said principal sum from [            ,
            ] or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for, quarterly
[semi-annually] (subject to deferral as set forth herein) in arrears on January 15, April 15, July 15 and October 15 [January 15 and July 15] of each year beginning January 15,
[            ], at the rate of [        ]% per annum until the principal hereof shall have become due and payable, and on any overdue
principal and premium, if any, and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum compounded quarterly [semi-annually]. The
amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day 

  

 12 

 
months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of interest 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. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to
the person in whose name this Note (or one or more Predecessor Securities, as defined in the Indenture) is registered at the close of business on the regular record date for such interest installment, which shall be the close of business on the
business day next preceding such Interest Payment Date. [IF PURSUANT TO THE PROVISIONS OF THE INDENTURE THE NOTES ARE NO LONGER REPRESENTED BY A GLOBAL NOTE, the record date shall be the close of business on
January 1, April 1, July 1 or October 1 [January 1 or July 1] prior to such payment dates]. Any such interest installment not punctually paid or duly provided for shall forthwith cease to be payable to the
registered Holders on such regular record date and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for the payment
of such defaulted interest, notice whereof shall be given to the registered Holders of this series of Notes not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The principal of (and premium, if any) and the interest on this Note
shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts; provided,
however, that payment of interest may be made at the option of the Company by check mailed to the registered Holder at such address as shall appear in the Security Register. Notwithstanding the foregoing, so long as the Holder of this Note is
the Property Trustee, the payment of the principal of (and premium, if any) and interest on this Note will be made at such place and to such account as may be designated by the Property Trustee. As used herein, the term “Business Day”
shall mean any day other than a day on which federal or state banking institutions in New York, New York, or Charlotte, North Carolina, are authorized or obligated by law, executive order or regulation to close. 
  
 The indebtedness evidenced by this Note is, to the extent provided in the
Indenture, subordinate and junior in right of payment to the prior payment in full of all Senior Obligations (as defined in the Indenture and the [            ] Supplemental
Indenture) and this Note is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the
Trustee on his or her behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination so provided and (c) appoints the Trustee his or her attorney-in-fact for any and all such purposes. Each Holder
hereof, by his or her acceptance hereof, hereby waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Obligations, whether now outstanding or hereafter incurred, and waives
reliance by each such holder upon said provisions. 
  

 13 

 This Note shall not be entitled to any benefit under the Indenture hereinafter referred to, be valid or
become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 
  
 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though
fully set forth at this place. 
  
 IN WITNESS WHEREOF, the Company
has caused this instrument to be executed in its name by its duly authorized officers. 
  

			
		
	Date: [            ,             ]	 	BANK OF AMERICA CORPORATION
		
	 	 	By:                                      
                            
	 	 	Name:                                     
                             
	[Seal]	 	Title:                                     
                             

  
 Attest: 
  
 By:                                      
         
 Name:                                     
      
 Title:                                     
          
  

 14 

 (FORM OF CERTIFICATE OF AUTHENTICATION) 
  
 CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  
 Dated:
[            ,             ] 
  
 The Bank of New York, 
 as Trustee 
  
 By                                      
                         
                             Authorized Signatory

  

 15 

 (FORM OF REVERSE OF NOTE) 
  
 This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the
“Notes”), specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture dated as of November 1, 2001, duly executed and delivered between the Company and The Bank of New York, as
Trustee (the “Trustee”), as supplemented by the [            ] Supplemental Indenture dated as of
[            ,             ] (the
“[            ] Supplemental Indenture”), between the Company and the Trustee (the Indenture as so supplemented, the “Indenture”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. By the terms of the Indenture,
the Notes are issuable in series that may vary as to amount, date of maturity, rate of interest and in other respects as provided in the Indenture. This series of Notes is limited in aggregate principal amount as specified in the
[            ] Supplemental Indenture. 
  
 Because of the occurrence and continuation of a Special Event, as defined in the Indenture, in certain circumstances, this Note may become due and payable
at a prepayment price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest thereon up to but excluding the date of prepayment (the “Special Event Prepayment Price”). The Special Event Prepayment Price
shall be paid prior to 12:00 noon, New York time, on the date of such prepayment or at such earlier time as the Company determines. In addition, the Company shall have the right to prepay this Note at the option of the Company, in whole or in part
at any time on or after [            ,             ] (an “Optional Prepayment”), or at any time in
certain circumstances upon the occurrence of a Special Event, at a redemption price equal to 100% of the outstanding principal amount of the Junior Subordinated Notes, plus any accrued and unpaid interest thereon up to but excluding the date of
prepayment (the “Optional Prepayment Price”). Any prepayment pursuant to this paragraph will be made upon not less than 30 days’ nor more than 60 days’ notice, at the Optional Prepayment Price. If the Notes are only partially
prepaid by the Company pursuant to an Optional Prepayment, the Notes will be prepaid pro rata or by lot or by any other method utilized by the Trustee; provided that if, at the time of prepayment, the Notes are registered as a Global Note,
the Depositary shall determine the principal amount of such Notes held by each Note holder to be prepaid in accordance with its procedures. 
  
 In the event of prepayment of this Note in part only, a new Note or Notes of this series for the portion hereof not prepaid will be issued in the name of
the Holder hereof upon the cancellation hereof. 
  
 The Company
shall have the right to extend the Maturity Date of the Notes to any date up to and including [            ,
            ] upon at least 30 days notice. 
  
 In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of all of the Notes may be declared, and
upon such declaration shall become, due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
  
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate
principal amount of the Notes of 

  

 16 

 
each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture shall
(i) reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, without the consent of the Holder of each Note so affected, or
(ii) reduce the aforesaid percentage of Notes, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holders of each Note then outstanding and affected thereby. The Indenture also contains
provisions permitting the Holders of a majority in aggregate principal amount of the Notes of any series at the time outstanding affected thereby, on behalf of all of the Holders of the Notes of such series, to waive any past default in the
performance of any of the covenants contained in the Indenture, or established pursuant to the Indenture with respect to such series, and its consequences. Any such consent or waiver by the registered Holder of this Note (unless revoked as provided
in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of
whether or not any notation of such consent or waiver is made upon this Note. 
  
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if
any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 
  
 The Company shall have the right at any time during the term of the Notes and from time to time to defer payment of interest by extending the interest
payment period of such Notes for a period not exceeding 20 [10] consecutive quarters [semi-annual periods] (an “Extended Interest Payment Period”), at the end of which period the Company shall pay all interest then accrued and unpaid
(together with interest thereon at the rate specified for the Notes to the extent that payment of such interest is enforceable under applicable law); provided that no Extended Interest Payment Period may last beyond the Maturity Date of the
Notes. Before the termination of any such Extended Interest Payment Period, the Company may further extend such Extended Interest Payment Period, provided that such Extended Interest Payment Period together with all such further extensions thereof
shall not exceed 20 [10] consecutive quarters [semi-annual periods] or extend the Maturity Date of the Notes. At the termination of any such Extended Interest Payment Period and upon the payment of all accrued and unpaid interest and any additional
amounts then due, the Company may commence a new Extended Interest Payment Period, subject to the requirements contained in this paragraph. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered Holder hereof on the
Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in the City and State of New York accompanied by a written instrument or instruments of transfer in form satisfactory
to the Company or the Trustee duly executed by the registered Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be
issued to the designated transferee or transferees. No service charge will be made for any such transfer, but 

  

 17 

 
the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 
  
 Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee, any paying agent and the Security Registrar may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon
made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any
paying agent nor any Security Registrar shall be affected by any notice to the contrary. 
  
 No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any
incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
  
 This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the
Indenture. Notes of this series so issued are issuable only in registered form without coupons in denominations of $[        ] and any integral multiple thereof. As provided in the Indenture and subject
to certain limitations herein and therein set forth, Notes of this series so issued are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the
same. 
  
 All terms used in this Note that are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
  
 THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THE NOTES WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 
  
 ARTICLE 8 
  
 ORIGINAL ISSUE OF NOTES 
  
 SECTION 8.1 Original Issue of Notes. 
  
 Notes in the aggregate principal amount of up to $[            ] may, upon execution of this
[            ] Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes
to or upon the written order of the Company, signed by any Authorized Officer, as defined in the Indenture, without any further action by the Company. 
  

 18 

 ARTICLE 9 
  
 MISCELLANEOUS 
  
 SECTION 9.1 Ratification of Indenture. 
  
 The Indenture, as supplemented by this [            ] Supplemental Indenture, is in all
respects ratified and confirmed, and this [            ] Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.

  
 SECTION 9.2 Trustee Not Responsible for
Recitals. 
  
 The recitals herein contained are made by the
Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this
[            ] Supplemental Indenture. 
  
 SECTION 9.3 Governing Law. 
  
 This [            ] Supplemental Indenture and each Note shall be deemed to be a
contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State. 
  
 SECTION 9.4 Separability. 
  
 In case any one or more of the provisions contained in this [            ] Supplemental
Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this
[            ] Supplemental Indenture or of the Notes, but this [            ] Supplemental Indenture and the Notes
shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
  
 SECTION 9.5 Counterparts. 
  
 This [            ] Supplemental Indenture may be executed in any number of
counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
  
 ARTICLE 10 
  
 MATURITY DATE EXTENSION 
  
 SECTION 10.1 Extension. 
  
 (a) The Company shall have the right at any time and from time to time during the term of the Notes, to extend the Maturity Date of the Notes to any date up to and including
[            ,             ] (the “Extended Maturity Date”). During the extended period (i) the
Company shall continue to make quarterly [semi-annual] interest payments on the Notes in the 

  

 19 

 
same manner as prior to such extension; and (ii) shall have the same rights to prepay the Notes and to extend the interest payment periods hereunder.

  
 (b) The Company may exercise its right under this
Section 10.1 only if at the time such election is made and at the time such extension commences: 
  
 (i) no event of default under the Notes has occurred and is continuing; 
  
 (ii) the Trust is not in arrears on payments of distributions on the Capital Securities and no deferred
distributions on the Capital Securities are accumulated; and 
  
 (iii) the Notes are, and after such extension will be, rated at least BBB- by Standard & Poor’s Ratings Services, at least Baa3 by Moody’s Investors Service, Inc. or at least the equivalent by any
other nationally recognized statistical rating organization. 
  
 SECTION 10.2 Notice of Extension. 
  
 (a) If the Property Trustee is the only registered Holder of the Notes at the time the Company selects an Extended Maturity Date, the Company shall give written notice to the Regular Trustees, the Property Trustee and
the Trustee of its selection of such Extended Maturity Date at least 30 days before the original Maturity Date. 
  
 (b) If the Property Trustee is not the only Holder of the Notes at the time the Company selects an Extended Maturity Date, the Company shall give the
Holders of the Notes and the Trustee written notice of its selection of such Extended Maturity Date at least 30 days before the original Maturity Date. 
  
 (c) The delivery of the notice of selection of an Extended Maturity Date shall be deemed to automatically extend the Maturity Date of the Notes without a
requirement that any other documents be executed by the parties. 
  
 [Signature Page Follows] 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have caused this
[            ] Supplemental Indenture to be duly executed by their authorized respective officers as of the day and year first above written. 
  

			
	 	 	 BANK OF AMERICA CORPORATION

		
	 	 	 By:                                      
                        

	 	 	 Name:                                     
                         

	 	 	 Title:     Senior Vice President

		
	 	 	 THE BANK OF NEW YORK
 as Trustee

		
	 	 	 By:                                      
                        

	 	 	 Name:                                     
                         

	 	 	 Title:     Agent

  

 21Form of Guarantee

 Exhibit 4.47 
  
 CAPITAL SECURITIES GUARANTEE AGREEMENT 
  
 BAC Capital Trust [            ]
[            ]% Capital Securities 
  
 Dated as of [            ,             ] 

 TABLE OF CONTENTS 
  

					
	 	  	 ARTICLE 1
 DEFINITIONS AND INTERPRETATION
	  	 
			
	 SECTION 1.1
	  	Definitions and Interpretation	  	2
			
	 	  	 ARTICLE 2
 TRUST INDENTURE ACT
	  	 
			
	 SECTION 2.1
	  	Trust Indenture Act; Application	  	5
	 SECTION 2.2
	  	Lists of Holders of Securities	  	5
	 SECTION 2.3
	  	Reports by the Capital Securities Guarantee Trustee	  	5
	 SECTION 2.4
	  	Periodic Reports to Capital Securities Guarantee Trustee	  	6
	 SECTION 2.5
	  	Evidence of Compliance with Conditions Precedent	  	6
	 SECTION 2.6
	  	Events of Default; Waiver	  	6
	 SECTION 2.7
	  	Event of Default; Notice	  	6
	 SECTION 2.8
	  	Conflicting Interests	  	6
			
	 	  	 ARTICLE 3
 POWERS, DUTIES AND RIGHTS OF CAPITAL SECURITIES GUARANTEE TRUSTEE
	  	 
			
	 SECTION 3.1
	  	Powers and Duties of the Capital Securities Guarantee Trustee	  	7
	 SECTION 3.2
	  	Certain Rights of Capital Securities Guarantee Trustee	  	8
	 SECTION 3.3
	  	Not Responsible for Recitals or Issuance of Capital Securities Guarantee	  	10
			
	 	  	 ARTICLE 4
 CAPITAL SECURITIES GUARANTEE TRUSTEE
	  	 
			
	 SECTION 4.1
	  	Capital Securities Guarantee Trustee; Eligibility	  	10
	 SECTION 4.2
	  	Appointment, Removal and Resignation of Capital Securities Guarantee Trustee	  	11
			
	 	  	 ARTICLE 5
 GUARANTEE
	  	 
			
	 SECTION 5.1
	  	Guarantee	  	12
	 SECTION 5.2
	  	Waiver of Notice and Demand	  	12
	 SECTION 5.3
	  	Obligations Not Affected	  	12
	 SECTION 5.4
	  	Rights of Holders	  	13
	 SECTION 5.5
	  	Guarantee of Payment	  	13
	 SECTION 5.6
	  	Subrogation	  	13
	 SECTION 5.7
	  	Independent Obligations	  	14
			
	 	  	 ARTICLE 6
 LIMITATION OF TRANSACTIONS; SUBORDINATION
	  	 
			
	 SECTION 6.1
	  	Limitation of Transactions	  	14
	 SECTION 6.2
	  	Ranking	  	14

  

 i 

 TABLE OF CONTENTS 
  

					
	 	  	 ARTICLE 7
 TERMINATION
	  	 
			
	 SECTION 7.1
	  	Termination	  	15
			
	 	  	 ARTICLE 8
 INDEMNIFICATION
	  	 
			
	 SECTION 8.1
	  	Exculpation	  	15
	 SECTION 8.2
	  	Indemnification	  	15
			
	 	  	 ARTICLE 9
 MISCELLANEOUS
	  	 
			
	 SECTION 9.1
	  	Successors and Assigns	  	16
	 SECTION 9.2
	  	Amendments	  	16
	 SECTION 9.3
	  	Notices	  	16
	 SECTION 9.4
	  	Benefit	  	17
	 SECTION 9.5
	  	Governing Law	  	17

  

 ii 

 CROSS-REFERENCE TABLE* 
  

			
	 Section of
 Trust Indenture Act
 of 1939, as amended

	  	Section of
Declaration

	 310(a)
	  	4.1(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)
	  	3.1(d)
	 315(c)
	  	3.1(c)
	 315(d)
	  	3.1(d)
	
 *       This Cross-Reference Table does not constitute part of the Capital Securities Guarantee and shall not affect the interpretation of any of its terms or provisions.
	  	 

  

 iii 

 CAPITAL SECURITIES GUARANTEE AGREEMENT 
  
 This GUARANTEE AGREEMENT (the “Capital Securities Guarantee”),
dated as of [                    ,         ], is executed and delivered by BANK OF AMERICA
CORPORATION, a Delaware corporation (the “Guarantor”), and THE BANK OF NEW YORK, a New York banking corporation, as trustee (the “Capital Securities Guarantee Trustee”), for the benefit of the Holders (as defined herein) from
time to time of the Capital Securities (as defined herein) of BAC Capital Trust [            ], a Delaware statutory trust (the “Issuer”). 
  
 WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
“Declaration”), dated as of [                    ,         ], among the trustees of
the Issuer named therein, the Guarantor, as sponsor, and the holders from time to time of undivided beneficial interests in the assets of the Issuer, the Issuer is issuing on the date hereof
[                    ] Capital Securities representing undivided preferred beneficial interests in the assets of the Issuer, designated the
BAC Capital Trust [        ] [        ]% Capital Securities (the “Capital Securities”), initially in the aggregate liquidation amount of
$[                    ]; and 
  
 [WHEREAS, pursuant to the terms of an Underwriting Agreement dated as of
[                    ,         ], by and among the Guarantor, as sponsor, the Issuer and the
Underwriters named therein (the “Underwriting Agreement”), the Issuer has agreed to issue up to an additional [                    ]
Capital Securities with an aggregate liquidation amount of up to $[                    ] upon exercise of an option granted in the
Underwriting Agreement to the Underwriters (the “Option”); and] 
  
 WHEREAS, as incentive for the Holders to purchase the Capital Securities, the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth in this Capital Securities Guarantee, to pay to the
Holders of the Capital Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein; and 
  
 WHEREAS, the Guarantor also is executing and delivering a guarantee agreement (the “Common Securities Guarantee”)
for the benefit of the holders of the Common Securities (as defined herein). 
  
 NOW, THEREFORE, in consideration of the purchase by each Holder of Capital Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Capital
Securities Guarantee for the benefit of the Holders. 
  

 1 

 ARTICLE 1 
 DEFINITIONS AND INTERPRETATION 
  
 SECTION 1.1 Definitions and Interpretation. 
  
 In this Capital Securities Guarantee, unless the context otherwise requires: 
  

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

  

	 	(b)	terms defined in the Declaration as at the date of execution of this Capital Securities Guarantee have the same meaning when used in this Capital Securities Guarantee;

  

	 	(c)	a term defined anywhere in this Capital Securities Guarantee has the same meaning throughout; 

  

	 	(d)	all references to “the Capital Securities Guarantee” or “this Capital Securities Guarantee” are to this Capital Securities Guarantee as modified, supplemented or
amended from time to time; 

  

	 	(e)	all references in this Capital Securities Guarantee to Articles and Sections are to Articles and Sections of this Capital Securities Guarantee, unless otherwise specified;

  

	 	(f)	a term defined in the Trust Indenture Act has the same meaning when used in this Capital Securities Guarantee, unless otherwise defined in this Capital Securities Guarantee or
unless the context otherwise requires; and 

  

	 	(g)	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 of 1933, as amended, or any successor rule
thereunder. 
  
 “Authorized Officer” means the
Chief Executive Officer, President, Chief Financial Officer, any Vice President, Treasurer, Assistant Treasurer, Associate General Counsel or other Person authorized to bind a Person. 
  
 “Business Day” means any day other than a day on which federal or state banking institutions in New York,
New York or Charlotte, North Carolina are authorized or obligated by law, executive order or regulation to close. 
  
 “Capital Securities Guarantee Trustee” means The Bank of New York, a New York banking corporation, until a Successor Capital Securities
Guarantee Trustee has been appointed and has accepted such appointment pursuant to the terms of this Capital Securities Guarantee and thereafter means each such Successor Capital Securities Guarantee Trustee. 
  

 2 

 “Capital Securities” means the total number of BAC Capital Trust
[        ] [        ]% Capital Securities (liquidation amount $[        ] per Capital Security) issued
pursuant to the Declaration representing undivided preferred beneficial interests in the assets of the Issuer, [including any Capital Securities issued upon exercise of the Option.] 
  
 “Common Securities” means the securities representing undivided common beneficial interests in the assets
of the Issuer[, including any additional Common Securities issued in connection with the exercise of the Option]. 
  
 “Corporate Trust Office” means the office of the Capital Securities Guarantee Trustee at which the corporate trust business of the
Capital Securities Guarantee Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Agreement is located at 101 Barclay Street, 8 West, New York, New York 10286. 
  
 “Covered Person” means any Holder or beneficial owner of
Capital Securities. 
  
 “Event of Default” means
a default by the Guarantor on any of its payments or other obligations under this Capital Securities Guarantee. 
  
 “Guarantee Payments” means the following payments or distributions, without duplication, with respect to the Capital Securities, to the
extent not paid or made by the Issuer: (i) any accrued and unpaid Distributions that are required to be paid on such Capital Securities to the extent the Issuer shall have funds available therefor, (ii) the applicable Redemption Price to
the extent the Issuer has funds available therefor, with respect to any Capital Securities called for redemption by the Issuer, and (iii) upon a voluntary or involuntary dissolution, winding-up or termination of the Issuer (other than in
connection with the distribution of Notes to the Holders in exchange for Capital Securities as provided in the Declaration), the lesser of (a) the aggregate of the liquidation amount and all accrued and unpaid Distributions on the Capital
Securities to the date of payment, to the extent the Issuer shall have funds available therefor, and (b) the amount of assets of the Issuer remaining available for distribution to Holders in liquidation of the Issuer (in either case, the
“Liquidation Distribution”). If an Event of Default under, and as defined in, the Indenture has occurred and is continuing, the rights of holders of the Common Securities to receive payments under the Common Securities Guarantee are
subordinated to the rights of Holders of Capital Securities to receive Guarantee Payments under the Capital Securities Guarantee. 
  
 “Holder” shall mean any holder, as registered on the books and records of the Issuer, of any Capital Securities; provided,
however, that in determining whether the holders of the requisite percentage of Capital Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor or any Affiliate of the
Guarantor. 
  
 “Indemnified Person” means the
Capital Securities Guarantee Trustee, any Affiliate of the Capital Securities Guarantee Trustee, or any officers, directors, shareholders, members, partners, employees, representatives, nominees, custodians or agents of the Capital Securities
Guarantee Trustee. 
  
 “Indenture” means the
Restated Indenture dated as of November 1, 2001 between the Guarantor (the “Note Issuer”) and The Bank of New York, as trustee, together with any 

  

 3 

 
Board Resolution (as defined in the Indenture) or any indenture supplemental thereto, pursuant to which certain subordinated debt securities of the Note
Issuer are to be issued to the Property Trustee (as defined in the Declaration) of the Issuer. 
  
 “Majority in liquidation amount of the Securities” means, except as provided by the Trust Indenture Act, a vote by Holder(s) of Capital Securities, voting separately as a class, of more than 50% of
the liquidation amount (including the stated amount that would be paid on redemption, liquidation, dissolution or otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined) of all Capital
Securities. 
  
 “Notes” means the series of
junior subordinated debt securities of the Guarantor designated the [        ]% Junior Subordinated Notes, due [        ], held by the Property Trustee of
the Issuer on behalf of the Trust. 
  
 “Officers’
Certificate” means, with respect to any Person, a certificate signed by an Authorized Officer of such Person. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Capital
Securities Guarantee shall include: 
  
 (a) a
statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definition 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. 
  
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated
association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
  
 “Responsible Officer” means, with respect to the Capital Securities Guarantee Trustee, any officer within the Corporate Trust Office of
the Capital Securities Guarantee Trustee, including any vice president, any assistant vice president, any assistant treasurer or other officer of the Corporate Trust Office of the Capital Securities Guarantee Trustee customarily performing functions
similar to those performed by any of the above designated officers 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. 
  

 4 

 “Successor Capital Securities Guarantee Trustee” means a successor Capital Securities
Guarantee Trustee possessing the qualifications to act as Capital Securities Guarantee Trustee under Section 4.1. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 
  
 “Trust Securities” means the Common Securities and the Capital Securities. 
  
 ARTICLE 2 
 TRUST INDENTURE ACT 
  
 SECTION 2.1 Trust Indenture Act; Application. 
  
 (a) This Capital Securities Guarantee is subject to the provisions of the Trust Indenture Act that are required to be part of this Capital Securities Guarantee and shall, to the extent applicable, be governed by such
provisions; and 
  
 (b) If and to the extent that any provision of
this Capital Securities Guarantee limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
  
 SECTION 2.2 Lists of Holders of Securities. 
  
 (a) The Guarantor shall provide the Capital Securities Guarantee Trustee with
a list, in such form as the Capital Securities Guarantee Trustee may reasonably require, of the names and addresses of the Holders of the Capital Securities (“List of Holders”) as of such date, (i) within 10 days after each record
date, and (ii) at any other time within 30 days of receipt by the Guarantor of a written request for a List of Holders as of a date no more than 10 days before such List of Holders is given to the Capital Securities Guarantee Trustee;
provided that the Guarantor shall not 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 Capital Securities Guarantee Trustee by the Guarantor. The
Capital Securities Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
  
 (b) The Capital Securities Guarantee Trustee shall comply with its obligations under Sections 311(a), 311(b) and Section 312(b) of the Trust
Indenture Act. 
  
 SECTION 2.3 Reports by the
Capital Securities Guarantee Trustee. 
  
 Within 60 days after
March 31 of each year, the Capital Securities Guarantee Trustee shall provide to the Holders of the Capital Securities such reports as are required by Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided
by Section 313 of the Trust Indenture Act. The Capital Securities Guarantee Trustee also shall comply with the requirements of Section 313(d) of the Trust Indenture Act. 
  

 5 

 SECTION 2.4 Periodic Reports to Capital Securities Guarantee Trustee. 

 
 The Guarantor shall provide to the Capital Securities Guarantee Trustee
such documents, reports and information, if any, as required by Section 314 and the compliance certificate required by Section 314 of the Trust Indenture Act in the form, in the manner and at the times required by Section 314 of the
Trust Indenture Act. 
  
 SECTION 2.5 Evidence
of Compliance with Conditions Precedent. 
  
 The Guarantor
shall provide to the Capital Securities Guarantee Trustee such evidence of compliance with any conditions precedent, if any, provided for in this Capital Securities Guarantee that relate to any of the matters set forth in Section 314(c) of the
Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) may be given in the form of an Officers’ Certificate. 
  
 SECTION 2.6 Events of Default; Waiver. 
  
 The Holders of a Majority in liquidation amount of the Securities may, by vote, on behalf of the Holders of all of the
Capital Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Capital Securities Guarantee, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 
  
 SECTION 2.7 Event of Default; Notice. 
  
 (a) The Capital Securities Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage
prepaid, to the Holders of the Capital Securities, notices of all Events of Default actually known to a Responsible Officer of the Capital Securities Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided
that the Capital Securities Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Capital Securities Guarantee Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders. 
  
 (b) The Capital Securities Guarantee
Trustee shall not be deemed to have knowledge of any Event of Default unless a Responsible Officer of the Capital Securities Guarantee Trustee shall have received written notice thereof, or unless a Responsible Officer of the Capital Securities
Guarantee Trustee charged with the administration of the Declaration shall have obtained actual knowledge thereof. 
  
 SECTION 2.8 Conflicting Interests. 
  
 The Declaration shall be deemed to be specifically described in this Capital Securities Guarantee for the purposes of clause (i) of the first proviso
contained in Section 310(b) of the Trust Indenture Act. 
  

 6 

 ARTICLE 3 
  
 POWERS, DUTIES AND RIGHTS OF 
 CAPITAL
SECURITIES GUARANTEE TRUSTEE 
  
 SECTION 3.1
Powers and Duties of the Capital Securities Guarantee Trustee. 
  
 (a) This Capital Securities Guarantee shall be held by the Capital Securities Guarantee Trustee for the benefit of the Holders, and the Capital Securities Guarantee Trustee shall not transfer this Capital Securities Guarantee to any Person
except a Holder of Capital Securities exercising his or her rights pursuant to Section 5.4(b) or to a Successor Capital Securities Guarantee Trustee on acceptance by such Successor Capital Securities Guarantee Trustee of its appointment to act
as Successor Capital Securities Guarantee Trustee. The right, title and interest of the Capital Securities Guarantee Trustee shall automatically vest in any Successor Capital Securities Guarantee Trustee, and such vesting and cessation of title
shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Capital Securities Guarantee Trustee. 
  
 (b) If an Event of Default actually known to a Responsible Officer of the Capital Securities Guarantee Trustee has occurred
and is continuing, the Capital Securities Guarantee Trustee shall enforce this Capital Securities Guarantee for the benefit of the Holders. 
  
 (c) The Capital Securities Guarantee Trustee, before the occurrence of any Event of Default and after the curing of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set forth in this Capital Securities Guarantee, and no implied covenants shall be read into this Capital Securities Guarantee against the Capital Securities Guarantee Trustee.
In case an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6) and is actually known to a Responsible Officer of the Capital Securities Guarantee Trustee, the Capital Securities Guarantee Trustee shall
exercise such of the rights and powers vested in it by this Capital Securities Guarantee, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or
her own affairs. 
  
 (d) No provision of this Capital Securities
Guarantee shall be construed to relieve the Capital Securities Guarantee Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) prior to the occurrence of any Event of Default and after
the curing or waiving of all such Events of Default that may have occurred: 
  
 (A) the duties and obligations of the Capital Securities Guarantee Trustee shall be determined solely by the express provisions of this Capital Securities Guarantee, and the Capital Securities Guarantee Trustee shall
not be liable except for the performance of such duties and obligations as are specifically set forth in this Capital Securities Guarantee, and no implied covenants or obligations shall be read into this Capital Securities Guarantee against the
Capital Securities Guarantee Trustee; and 
  

 7 

 (B) in the absence of bad faith on the part of the Capital Securities Guarantee Trustee,
the Capital Securities Guarantee Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Capital Securities Guarantee Trustee and
conforming to the requirements of this Capital Securities Guarantee; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Capital Securities Guarantee Trustee, the Capital
Securities Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Capital Securities Guarantee; 
  
 (ii) the Capital Securities Guarantee Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer of the Capital Securities Guarantee Trustee, unless it shall be proved that the Capital Securities Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made; 
  
 (iii) the Capital Securities Guarantee Trustee shall not be
liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a Majority in liquidation amount of the Securities relating to the time, method and place of
conducting any proceeding for any remedy available to the Capital Securities Guarantee Trustee, or exercising any trust or power conferred upon the Capital Securities Guarantee Trustee under this Capital Securities Guarantee; and 
  
 (iv) no provision of this Capital Securities Guarantee shall
require the Capital Securities Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if the Capital Securities
Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Capital Securities Guarantee or indemnity, reasonably satisfactory to the Capital
Securities Guarantee Trustee, against such risk or liability is not reasonably assured to it. 
  
 SECTION 3.2 Certain Rights of Capital Securities Guarantee Trustee. 
  
 (a) Subject to the provisions of Section 3.1: 
  
 (i) The Capital Securities Guarantee Trustee may rely conclusively, 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 Guarantor contemplated by this Capital Securities Guarantee shall be sufficiently evidenced by an
Officers’ Certificate. 
  
 (iii) Whenever, in
the administration of this Capital Securities Guarantee, the Capital Securities Guarantee Trustee shall deem it desirable that a matter be proved or 

  

 8 

 
established before taking, suffering or omitting any action hereunder, the Capital Securities Guarantee 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 Guarantor. 
  
 (iv) The Capital Securities Guarantee Trustee shall have no
duty to see to any recording, filing or registration of any instrument (or any rerecording, refiling or re-registration thereof). 
  
 (v) The Capital Securities Guarantee Trustee may consult with counsel of its selection, and the advice or opinion of such counsel with
respect to legal matters 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
Guarantor or any of its Affiliates and may include any of its employees. The Capital Securities Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Capital Securities Guarantee from any court
of competent jurisdiction. 
  
 (vi) The Capital
Securities Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Capital Securities Guarantee at the request or direction of any Holder, unless such Holder shall have provided to the Capital
Securities Guarantee Trustee such security and indemnity, reasonably satisfactory to the Capital Securities Guarantee Trustee, against the costs, expenses (including attorneys’ fees and expenses and the expenses of the Capital Securities
Guarantee 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 Capital Securities Guarantee Trustee;
provided that, nothing contained in this Section 3.2(a)(vi) shall be taken to relieve the Capital Securities Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this
Capital Securities Guarantee. 
  
 (vii) The
Capital Securities Guarantee Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the Capital Securities Guarantee Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
  
 (viii) The Capital Securities Guarantee Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys, and the Capital Securities Guarantee 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 Capital Securities Guarantee Trustee or its agents hereunder shall bind the Holders of the Capital Securities, and the signature of the Capital 

  

 9 

 
Securities Guarantee Trustee or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required to inquire as
to the authority of the Capital Securities Guarantee Trustee to so act or as to its compliance with any of the terms and provisions of this Capital Securities Guarantee, both of which shall be conclusively evidenced by the Capital Securities
Guarantee Trustee’s or its agent’s taking such action. 
  
 (x) Whenever in the administration of this Capital Securities Guarantee the Capital Securities Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking
any other action hereunder, the Capital Securities Guarantee Trustee (i) may request instructions from the Holders of a Majority in liquidation amount of the Securities, (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 accordance with such instructions. 
  

(xi) The Capital Securities Guarantee Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good
faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Capital Securities Guarantee. 
  
 (b) No provision of this Capital Securities Guarantee shall be deemed to impose any duty or obligation on the Capital Securities Guarantee Trustee to
perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Capital Securities Guarantee Trustee shall be unqualified or incompetent in
accordance with applicable law, to perform any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Capital Securities Guarantee Trustee shall be construed to be a duty.

  
 SECTION 3.3 Not Responsible for Recitals
or Issuance of Capital Securities Guarantee. 
  
 The recitals
contained in this Capital Securities Guarantee shall be taken as the statements of the Guarantor, and the Capital Securities Guarantee Trustee does not assume any responsibility for their correctness. The Capital Securities Guarantee Trustee makes
no representation as to the validity or sufficiency of this Capital Securities Guarantee. 
  
 ARTICLE 4 
  
 CAPITAL SECURITIES
GUARANTEE TRUSTEE 
  
 SECTION 4.1 Capital
Securities Guarantee Trustee; Eligibility. 
  
 (a) There shall
at all times be a Capital Securities Guarantee Trustee which shall: 
  
 (i) not be an Affiliate of the Guarantor; and 
  
 (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
Securities and Exchange Commission to act 

  

 10 

 
as a trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least
$50,000,000, 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 4.1(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. 
  
 (b) If at any time the Capital
Securities Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a), the Capital Securities Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 
  
 (c) If the Capital Securities Guarantee Trustee has or shall acquire any
“conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Capital Securities Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust
Indenture Act. 
  
 SECTION 4.2 Appointment,
Removal and Resignation of Capital Securities Guarantee Trustee. 
  
 (a) Subject to Section 4.2(b), the Capital Securities Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor except during an Event of Default. 
  
 (b) The Capital Securities Guarantee Trustee shall not be removed in
accordance with Section 4.2(a) until a Successor Capital Securities Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Capital Securities Guarantee Trustee and delivered to
the Guarantor. 
  
 (c) The Capital Securities Guarantee Trustee
may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Capital Securities Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor
Capital Securities Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Capital Securities Guarantee Trustee and delivered to the Guarantor and the resigning Capital Securities
Guarantee Trustee. 
  
 (d) If no Successor Capital Securities
Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 60 days after delivery of an instrument of removal or resignation, the Capital Securities Guarantee Trustee resigning or being removed
may petition any court of competent jurisdiction for appointment of a Successor Capital Securities Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Capital Securities
Guarantee Trustee. 
  
 (e) No Capital Securities Guarantee Trustee
shall be liable for the acts or omissions to act of any Successor Capital Securities Guarantee Trustee. 
  

 11 

 (f) Upon termination of this Capital Securities Guarantee or removal or resignation of the Capital
Securities Guarantee Trustee pursuant to this Section 4.2, the Guarantor shall pay to the Capital Securities Guarantee Trustee all amounts accrued to the date of such termination, removal or resignation. 
  
 ARTICLE 5 
 GUARANTEE 
  
 SECTION 5.1 Guarantee. 
  
 The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid by the Issuer), as and when due, regardless of any defense, right of set-off or
counterclaim that the Issuer may have or assert. The Guarantor’s obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to
the Holders. 
  
 SECTION 5.2 Waiver of Notice
and Demand. 
  
 The Guarantor hereby waives notice of
acceptance of this Capital Securities Guarantee and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Issuer or any other Person before proceeding against the
Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
  
 SECTION 5.3 Obligations Not Affected. 
  
 The obligations, covenants, agreements and duties of the Guarantor under this Capital Securities Guarantee shall in no way be affected or impaired by
reason of the happening from time to time of any of the following: 
  
 (a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer of any express or implied agreement, covenant, term or condition relating to the Capital Securities to be performed or observed by
the Issuer; 
  
 (b) the extension of time for the payment by the
Issuer of all or any portion of the Distributions, Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Capital Securities or the extension of time for the performance of any other obligation under, arising out
of, or in connection with, the Capital Securities (other than an extension of time for payment of Distributions, Redemption Price, Liquidation Distribution or other sum payable that results from the extension of any interest payment period on the
Notes or any extension of the maturity date of the Notes permitted by the Indenture); 
  
 (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Capital
Securities, or any action on the part of the Issuer granting indulgence or extension of any kind; 
  

 12 

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

  
 (f) any failure or omission to receive any regulatory approval
or consent required in connection with the Common Securities or Capital Securities, including the failure to receive any approval of the Board of Governors of the Federal Reserve System required in connection with the Capital Securities; 

 
 (g) the settlement or compromise of any obligation guaranteed hereby or
hereby incurred; or 
  
 (h) any other circumstance whatsoever that
might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances.

  
 There shall be no obligation of the Holders to give notice to,
or obtain consent of, the Guarantor with respect to the happening of any of the foregoing. 
  
 SECTION 5.4 Rights of Holders. 
  
 (a) The Holders of a Majority in liquidation amount of the Securities have the right to direct the time, method and place of conducting of any proceeding
for any remedy available to the Capital Securities Guarantee Trustee in respect of this Capital Securities Guarantee or exercising any trust or power conferred upon the Capital Securities Guarantee Trustee under this Capital Securities Guarantee.

  
 (b) If the Capital Securities Guarantee Trustee fails to
enforce such Capital Securities Guarantee, any Holder of Capital Securities may institute a legal proceeding directly against the Guarantor to enforce the Capital Securities Guarantee Trustee’s rights under this Capital Securities Guarantee,
without first instituting a legal proceeding against the Issuer, the Capital Securities Guarantee Trustee or any other person or entity. The Guarantor waives any right or remedy to require that any action be brought first against the Issuer or any
other person or entity before proceeding directly against the Guarantor. 
  
 SECTION 5.5 Guarantee of Payment. 
  
 This Capital Securities Guarantee creates a guarantee of payment and not of collection. 
  
 SECTION 5.6 Subrogation. 
  
 The Guarantor shall be subrogated to all (if any) rights of the Holders against the Issuer in respect of any amounts paid to such Holders by the Guarantor
under this Capital 

  

 13 

 
Securities Guarantee; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce
or exercise any right that it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Capital Securities Guarantee, if, at the time of any such payment, any amounts are due
and unpaid under this Capital Securities Guarantee. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders.

  
 SECTION 5.7 Independent Obligations.

  
 The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Capital Securities, and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Capital Securities Guarantee
notwithstanding the occurrence of any event referred to in subsections (a) through (h), inclusive, of Section 5.3 hereof. 
  
 ARTICLE 6 
 LIMITATION OF TRANSACTIONS;
SUBORDINATION 
  
 SECTION 6.1 Limitation of
Transactions. 
  
 So long as any Capital Securities remain
outstanding, if there shall have occurred and be continuing an Event of Default under this Capital Securities Guarantee, an Event of Default or a Nonpayment under the Declaration or during an Extended Interest Payment Period (as defined in the
Indenture), then (a) the Guarantor 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 (other than
(i) purchases or acquisitions of shares of its common stock in connection with the satisfaction by the Guarantor of its obligations under any employee benefit plans, (ii) as a result of a reclassification of the Guarantor’s capital
stock or the exchange or conversion of one class or series of the Guarantor’s capital stock for another class or series of the Guarantor’s capital stock, or (iii) the purchase of fractional interests in shares of the Guarantor’s
capital stock pursuant to an acquisition or the conversion or exchange provisions of such capital stock of the Guarantor or the security being converted or exchanged) or make any guarantee payments with respect to the foregoing or (b) the
Guarantor shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Guarantor which rank pari passu with or junior to the Notes. 
  
 SECTION 6.2 Ranking. 
  
 This Capital Securities Guarantee will constitute an unsecured obligation of
the Guarantor and will rank (i) subordinate and junior in right of payment to all other liabilities, including contingent liabilities, of the Guarantor, (ii) pari passu with the most senior preferred or preference stock now or hereafter
issued by the Guarantor and with any guarantee now or hereafter entered into by the Guarantor in respect of any preferred securities (including trust preferred securities) or preference stock of any Affiliate of the Guarantor, and (iii) senior
to the Guarantor’s common stock. 
  

 14 

 ARTICLE 7 
 TERMINATION 
  
 SECTION 7.1 Termination. 
  
 This Capital
Securities Guarantee shall terminate upon (i) full payment of the Redemption Price of all Capital Securities, (ii) upon the distribution of the Notes to the Holders of all of the Capital Securities, or (iii) upon full payment of the
amounts payable in accordance with the Declaration upon liquidation or dissolution of the Issuer. Notwithstanding the foregoing, this Capital Securities Guarantee will continue to be effective or will be reinstated, as the case may be, if at any
time any Holder must restore payment of any sums paid under the Capital Securities or under this Capital Securities Guarantee. 
  
 ARTICLE 8 
 INDEMNIFICATION 
  
 SECTION 8.1 Exculpation. 
  
 (a) No Indemnified Person shall be liable, responsible or accountable in
damages or otherwise to the Guarantor or any Covered Person for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Indemnified Person in good faith in accordance with this Capital Securities Guarantee
and in a manner that such Indemnified Person reasonably believed to be within the scope of the authority conferred on such Indemnified Person by this Capital Securities Guarantee 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 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 Guarantor and upon such information, opinions, reports
or statements presented to the Guarantor 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 Guarantor, 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
Capital Securities might properly be paid. 
  
 SECTION 8.2 Indemnification. 
  
 The Guarantor
agrees to indemnify each Indemnified Person for, and to hold each Indemnified Person harmless against, any and all loss, liability, damage, claim or expense incurred without negligence or bad faith on its part, arising out of or in connection with
the acceptance or administration of 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 8.2 shall survive the termination of this Capital Securities Guarantee. 
  

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 ARTICLE 9 
 MISCELLANEOUS 
  
 SECTION 9.1 Successors and Assigns. 
  
 All
guarantees and agreements contained in this Capital Securities Guarantee shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Capital Securities then
outstanding. 
  
 SECTION 9.2 Amendments.

  
 Except with respect to any changes that do not adversely
affect the rights of Holders (in which case no consent of Holders will be required), this Capital Securities Guarantee may only be amended with the prior approval of the Holders of at least a Majority in 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 the outstanding Capital Securities. The provisions of Section 12.2 of
the Declaration with respect to meetings of holders of the Securities apply to the giving of such approval. 
  
 SECTION 9.3 Notices. 
  
 All notices provided for in this Capital Securities Guarantee shall be in writing, duly signed by the party giving such notice, and shall be delivered,
telecopied or mailed by first class mail, as follows: 
  
 (a) If
given to the Capital Securities Guarantee Trustee, at the Capital Securities Guarantee Trustee’s mailing address set forth below (or such other address as the Capital Securities Guarantee Trustee may give notice of to the Holders): 

 
 The Bank of New York 
 101 Barclay Street, 8 West 
 New York, New
York 10286 
 Attention: Corporate Trust Trustee Administration 
 Facsimile: (904) 645-1921 
  
 (b) If given to the Guarantor, at the Guarantor’s mailing address set forth below (or such other address as the Guarantor may give notice of to the Holders of the Capital Securities): 
  
 Bank of America Corporation 
 Bank of America Corporate Center 
 100 North
Tryon Street 
 NC1-007-07-06 
 Charlotte, North Carolina 28255 
 Attention: Corporate Treasury—Securities Administration 
 Facsimile: (704) 386-0270 
  

 16 

 (c) If given to any Holder of Capital Securities, at the address set forth on the books and records of
the Issuer. 
  
 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. 
  
 SECTION 9.4 Benefit. 
  
 This Capital Securities Guarantee is solely for the benefit of the Holders of the Capital Securities and, subject to Section 3.1(a), is not
separately transferable from the Capital Securities. 
  
 SECTION 9.5 Governing Law. 
  
 THIS CAPITAL
SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 
  
 [Signature page follows.] 
  

 17 

 THIS CAPITAL SECURITIES GUARANTEE is executed as of the day and year first above written. 
  

			
	 BANK OF AMERICA CORPORATION, as
 Guarantor

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	Senior Vice President

  

			
	 THE BANK OF NEW YORK, as Capital Securities
 Guarantee Trustee

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	Agent

  

 18

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